TAILIEUCHUNG - STRUCTURING ISRAEL’S SOVEREIGN INVESTMENT FUND: Financing the Nation’s Future

Mutual funds charge two kinds of fees: expenses and loads. Expenses comprise the management fee (typically a fixed percentage of assets under management) and other recurring operating costs—such as custodian, administration, accounting, registration, and transfer agent fees. Rather than charging explicit fees for these expenses, funds deduct them on a daily basis from the fund's net assets. Expenses are expressed as a percentage of assets under management (the expense ratio). Loads are one-time fees used to compensate distributors. They are paid either at the time of purchasing (front-end load) or redeeming fund shares (back-end load) and computed as a fraction. | STRUCTURING ISRAEL S SOVEREIGN INVESTMENT FUND Financing the Nation s Future Financial Innovations Lab Report DI Milken Institute Financial Innovations Lab Report STRUCTURING ISRAEL S SOVEREIGN investment fund Financing the Nation s Future December 2011 Financial innovations Labtm Report Financial Innovations Labs bring together researchers policymakers and business financial and professional practitioners to create market-based solutions to business and public policy challenges. Using real and simulated case studies participants consider and design alternative capital structures and then apply appropriate financial technologies to them. Acknowledgments This Financial Innovation Lab report was prepared by Glenn Yago senior research fellow at the Milken Institute and senior director of its Israel Center and by Yuan-Hsin Rita Chiang senior research analyst. We are grateful to those who participated in the Financial Innovations Lab for their contributions to the ideas and recommendations summarized in this report. We wish to express our appreciation to our Milken Institute colleagues especially Financial Innovations Lab Manager Caitlin MacLean Senior Economist Cindy Li Israel Center Director Alma Gadot-Perez Executive Assistant Karen Giles and Editor Dinah McNichols for their tremendous effort. We are honored to be able to contribute to this important assignment and appreciate the cooperation of Professor Eugene Kandel and Morris Dorfman of the National Economic Council of the Prime Minister s Office Dr. Karnit Flug of the Bank of Israel Eran Heimer Haim Shani and Yoav Oron of the Ministry of Finance on the Lab and other work focusing on Israel s economic development. About the Milken institute A nonprofit nonpartisan economic think tank the Milken Institute works to improve lives around the world by advancing innovative economic and policy solutions that create jobs widen access to capital and enhance health. We produce rigorous independent economic research and .

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