You work for a Mutual Fund investing in Mortgage Bonds, and you charge your clients on a traditional $40$bps per Assets Under Management fee structure.

As you should know there has been a large increase of interest rates this year

Which is the MOST PROBABLE situation as of $10/31$ of an investor that had $$100$M in your fund in January:

Her investment in your Fund is probably worth more than in January, and she has paid you somewhere around $$350$k in fees so far this year

Her investment in your Fund is probably worth more than in January, and she has paid you somewhere around $$3\mathrm{.}50$M in fees so far this year

Her investment in your Fund is probably worth less than in January, and she has paid you somewhere around $$350$k in fees so far this year

Her investment in your Fund is probably worth less than in January, and she has paid you somewhere around $$3\mathrm{.}5$M in fees so far this year