The purchase was made with the following numbers after the market opened this am, and the purchase request was put in online to purchase 25,000 of the fund (25,000 is the max that can be purchased in any one year, since it is closed.)
25,000 was removed for the purchase, but since the shares purchased were rounded off, as expected, they only used 24,999.97 dollars from the MMF for that purchase but still took 25,000 out of the MMF instead of the cost of the purchase, 24,999,97. (24,999.9675 rounded up...)
Rather than replace the funds into the MMF (0.03 cents), or remove that amount that would actually be used for the purchase costs, they simply reported a short term loss of 0.03 cents.
Am I missing something or should they have put back into the MMF the 0.03 dollars that was not used in the purchase?
A small issue, but I like to understand things as much as possible, and it seems to me to be a software error on their part.
Is there anyway to avoid this in the future... since we never know the final cost of the MF at the time the order is placed?
Thank you.
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VPMCX Fund
Quatity 144.4250
Cost per share 173.10
Market value purchased 24999.97
Capital Gain/loss -0.03
Fed MMF dollars used 25000.00