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7: 3 Mutual Funds & DPPs > 2 Open vs. Closed > Flashcards

2 Open vs. Closed Flashcards

1
Q

Open vs. Closed

  1. Capitalization
  2. Issues
  3. Shares
A
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2
Q

Open vs. Closed

Offering / Trading

A

Open

  • sold & redeemed by fund
  • continours primary offering
  • must redeem shares

Closed

  • initial primary
  • secondary trading
  • no redeem
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3
Q

Open vs. Closed

  1. Price
  2. Share holders
  3. Ex Date
A
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4
Q

Investment Co Operators

  • BOD
  • Investment Advisor
  • Custodian
  • Transfer Agent
  • UW
A

Admin matters

elected by shareholders

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5
Q

Investment Co Operators

  • BOD
  • Investment Advisor
  • Custodian
  • Transfer Agent
  • UW
A

investment decisions

paid on % assets

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6
Q

Investment Co Operators

  • BOD
  • Investment Advisor
  • Custodian
  • Transfer Agent
  • UW
A

holds assets

paid fee by fund

clerical duties

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7
Q

Investment Co Operators

  • BOD
  • Investment Advisor
  • Custodian
  • Transfer Agent
  • UW
A

issues & redeems shares

paid fee in fund

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8
Q

Investment Co Operators

  • BOD
  • Investment Advisor
  • Custodian
  • Transfer Agent
  • UW
A

distriubtes shares

paid sales

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9
Q

Ex Date

A

set by BOD

business day after record date

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10
Q

Subchapter M / Conduit Theroy

A

regulated investment co.

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11
Q

Liquidation

set by who

what order

A

IRS

FIFO

unless investor choose otherwise

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12
Q

Dollar Cost Averaging

A

investor invests same $ amt at regular intervals

makes ave price lower than mkt price

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13
Q

Prospectus infor cannot be oder than

A

16 months

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14
Q

BOD minimum term

A

1 year

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15
Q

Purchase/ Redemption Price

calculated on Nav when?

A

next computed after fund rcvs order

forward pricing

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16
Q

investment obj change

by what vote of shares?

A

majority

shares not share holders

17
Q

investor buys shares just under next bracket that would qualify for reduced sales charges is called

A

breakpoint sale

18
Q

Investment Co Act 1940

to be diversified

  1. % of corp voting stock
  2. % of portfolio in single co
  3. % own assets (opposed to securities other than those the fund owns)
A

=<

10%

5%

25%

19
Q

Open vs. Closed

Securities allowed in each

Trading

Price

Voting

EX Date

A

7: 3 Mutual Funds & DPPs (5 decks)

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