Say the fund holds large positions in illiquid assets. The fund cannot immediately sell these assets, except at a fatal loss, so it would sell its more liquid assets.

要是这个基金持有很大的非流动性资产，这个基金就没法立刻卖掉这些资产，除非在一个致命的亏损的时刻，那么它将出售更多流动性资产。

youdao

Fund managers typically keep 20% of (unrealized) trading profits. But first they must realize that 20% by selling the liquid assets.

一般的基金经理可拿到(未实现的)交易利润的20%，但首先他们须卖出流动资产，才能实现那个20%。

youdao

Oppenheimer does disclose that it charges its funds 0.08% annually to reinvest their collateral in its OFI Liquid Assets Fund.

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Split it anyway, so at least some liquid assets will be readily available to fund the trust.

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Slow to sniff trouble at Enron, retail investors suffered when fund managers sold liquid assets to finance withdrawals from better-informed institutional investors, leaving individuals stuck with mostly illiquid paper.

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