MGT INV CO's: active mgmt to meet stated investment objctv; CLOSED END- offered in IPO, raise capital to invest in business, once all shares sold in IPO, fd is closed; can buy/sell shrs on xchg after IPO- ONLY ICA to tde in 2ndry mkt; Sell @ bid, Buy @ ask. May invest in CS, PS, FI.
OPEN END FDS: Mutual fds; CS only; continuous Primary offg, buy and sell to /fm MF co; redeems shrs at NAV; DONT trade in 2ndry mkt; Shr value does not fall with redemption as value declines with number shrs outstanding; purchases @ POP; sell/buy at end of day at NAV/POP by 4pm.Redeemable securities; gtd marketability; tax events flow to SH; participation based on # shrs held; Class A front end Load, Class B - Back end Load; Class C- Level load; No-Load ; Summary Prospectus, Prospectus & SAI.