问题如下：
A FoF invests underlying funds with $200 million currently. The underlying funds use 2/20 fee structure, in which management fee is based on year-end market value and incentive fee is calculated independently. The FoF calculates fees net of all underlying fund fees, with 1% management fee based on year-end market value and 10% incentive fee net of management fee. The FoF and underlying fund have no hurdle rate or high-water mark conditions. One year later, the underlying funds values at $235 million. The total fee earned by all funds in the aggregate is closest to:
选项：
A.$15.28 million.
B.$16.04 million.
C.$17.32 million.
解释：
B is correct.
计算FoF总费用就要分别计算两层基金的费用：
底层基金管理费=年底AUM*对应管理费率=$235 million × 0.02 = $4.70 million
绩效奖是单独计算的，因此直接在年底AUM基础上计算绩效奖=($235 - $200) × 0.20 = $7.00 million.
所以底层总的费用=$4.70 + $7.00 = $11.70 million.
对于母基金来说，扣除完底层总费用后的年底AUM净值= $235.00 - $11.70 = $223.3 million
所以母基金管理费=$223.30 million × 0.01 = $2.23 million
母基金的绩效奖是按扣除完管理费净额计算= ($223.30–$2.23– $200) million × 0.10 = $2.11 million
所以母基金总费用= ($2.23 + $2.11) million = $4.34 million
所以两层基金的总费用=($11.70 + $4.34) million = $16.04 million
母基金的绩效奖为什么要扣除是按扣除完管理费净额？
