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The following table shows petitioner's revenues for the
years 1982 through 1995 from management and investment advisory
fees, transfer agent and fund accounting fees, mutual fund
commissions, and "other" (principally brokerage commissions):
Revenue ($1,000)
Management and Transfer Agent andMutual Fund
Year Investment AdvisoryFund AccountingCommissions Other Total
1982 $77,900 $23,700 $20,900 $32,600 $155,100
1983 96,700 32,200 64,400 61,600 254,900
1984 123,500 39,600 57,400 41,300 261,800
1985 151,100 50,300 68,900 118,300 388,600
1986 251,853 102,228 238,546 225,161 817,788
1987 381,091 179,435 228,526 294,926 1,083,978
1988 379,195 168,455 66,983 262,080 876,713
1989 453,671 208,197 87,277 360,333 1,109,478
1990 515,218 261,402 96,377 401,496 1,274,493
1991 590,961 327,216 134,054 437,158 1,489,389
1992 716,651 412,847 162,522 551,308 1,843,328
1993 1,060,832 589,707 276,731 788,147 2,715,417
1994 1,516,212 835,761 275,628 977,026 3,604,627
1995 1,865,065 1,058,957 293,974 1,058,679 4,276,675
Adjustments at Issue
The adjustments at issue are petitioner's own estimates of
the expenditures it incurred during the years in issue in
launching 82 new RIC's. Those expenditures were incurred in a
series of activities beginning with the development of the idea
for the new RIC, and continuing with the development of the
initial marketing plan, drafting of the management contract,
formation of the RIC, obtaining the board of trustees' approval
of the contract, and registering the new RIC with the SEC and the
various States in which the RIC would be marketed. This series
of activities continues up to the point when each new RIC has
been effectively registered with the SEC but before shares in the
new RIC are actually offered to the public. These activities are
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