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Fund Accounting

You are the Fund Reviewer working in the Fund Accounting department. The funds under your supervision are daily priced funds that invest in a wide variety of financial instruments such as futures, equities, and bonds. Your client is based in the US and the base currency of your funds in US Dollars. Today is the 25th of April 2023 and the following accounting information is applicable for one of the funds under your supervision:

The Fund receives total subscription orders for 10,000 shares into the fund to be processed; note that all subscriptions to and redemptions from the fund are settled on a same-day basis. The subscription price is based on yesterday’s calculated NAV per share.

The fees on the fund are as follows:

Investment Manager’s fees are 1.35% per annum of the previous day’s Net Asset Value.
Custody fees of 0.25% per annum of the previous day’s Net Asset Value.
The Fund Administrator the fund earns a fee of 0.55% (per annum), calculated daily based on the fund’s prior-day NAV, subject to a minimum calculation fee of $125,000 per annum.
Fixed Audit fees are expected to be $25,000 per annum.

The Fund also holds long (buy to open) 30 FinZ Futures contracts @ $6883. The contract size is $50 per contract and the Initial margin was $5,000 per contract.


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