The New Fund had average daily assets of $3.9 billion in the past year. New Fund

ID: 2744348 • Letter: T

Question

The New Fund had average daily assets of $3.9 billion in the past year. New Fund’s expense ratio was 1.4% and the management fee was 0.7%.

What were the total fees paid to the fund’s investment managers during the year? (Enter your answer in millions rounded to 2 decimal places.)

Total fees paid

$ million

What were the other administrative expenses? (Enter your answer in millions rounded to 2 decimal places.)

Other administrative expenses

$ million

The New Fund had average daily assets of $3.9 billion in the past year. New Fund’s expense ratio was 1.4% and the management fee was 0.7%.

Management fees = 0.7% of 3.9 billion = 27.30 million

Other administrative expense = expense ratio - management fees = 1.4% - 0.7% = 0.7% of 3.9 billion = 27.30 million

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