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SIE Study Prep > Chapter 4 - Investment Companies > Flashcards

Chapter 4 - Investment Companies Flashcards

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1
Q

Investment Company is?

Regulated by? Must register under?

A

A financial institution principally engaged in investing in securities

They pool investors money and invest the funds in securities to achieve stated goals

Regulated by the SEC and must register under the Investment Company Act of 1940

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2
Q

Most appealing aspects of investment companies are? (3)

Investment companies are designed for ______ not short term trading

A

Diversification
Liquidity
Professional Management with funds

Long Term Investing

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3
Q

Three Classifications of Investment Companies are?

A

Face Amount Certificate Companies
Unit Investment Trusts (UITs)
Management Companies

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4
Q

Face Amount Certificate Companies issue what?

A

Debt certificates at a discount that pay purchasers a stated face value at maturity

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5
Q

Unit Investment Trusts issue?

Meaning?

A

Only redeemable units

When you want your money back you don’t sell in the secondary market. You go back to the issuing investment trust and redeem your units to get money back

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6
Q

Unit Investment trusts generally have a fixed portfolio of diverse _____ or _____ _____

(3 words)

UITs do ____ have a portfolio manager

A

Municipal or Corporate Bonds

Not

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7
Q

UITs are ____ but not managed meaning securities in the portfolio may be sold, but the funds are not ____

UITs charge little or no ____ and a low ____

Have a ___ indenture and a Board of _____

A

Supervised
Reinvested

Management Fee, Percentage Sales Charge

Trust, Trustees

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8
Q

UITs pay investors ____ not _____

UITs are terminated once all the bonds in the trust have _____

Some UITs provide investors with payment options such as _____ ______

A

Interest, Dividends

Matured

Quantity Discounts (Break Point Discounts)

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9
Q

Types of Management Companies are?

A

Open End
Closed End
Diversified
Non-Diversified

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10
Q

Open End Management Companies description

A

Issue and redeem shares every business day

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11
Q

Closed End Management Company description

A

Issue shares once, which are then publicly traded

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12
Q

Diversified Companies description?

Most funds are this

A

Has at least 75% of assets regulated so that not more than 5% of its assets are invested in one corporation and it does not own more than 10% of the outstanding voting stock of any one company

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13
Q

Non Diversified Management Company description

A

Assets are not regulated

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14
Q

Open End Investment Company are also referred to as?

A

Mutual Funds

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15
Q

In mutual fund mutuality means?

Considered _____ liquid since shares are issued and redeemed daily

Not insured by FDIC

A

All shareholders share proportionately in the funds gains, losses, and income

Highly

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16
Q

Open End Investment Companies issue only _____ shares

Meaning?

A

Redeemable

Do not trade in a secondary market and must be redeemed by investment company

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17
Q

Open End Investment Companies can only issue ______. Not senior securities (proffered stock and bonds)

A

Voting Common Shares

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18
Q

Net Asset Value Per Share formula (NAV)

A

(Total Assets of the fund- total liabilities)/Total # of shares outstanding

Divided by Total Number of Shares outstanding

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19
Q

NAV means

A

Net Asset Value Per Share

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20
Q

NAV reflects ____ value of all securities in the funds portfolio plus any ____ or ____ income received

A

Closing Market

Interest or Dividend

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21
Q

Bid = ____ = _____

A

NAV/Redemption Price

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22
Q

Ask=____ + ______ = Offering Price

A

NAV, Max Sales Load

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23
Q

For Open End…bid and ask are calculated ____ usually at the close of NYSE trading

A

Daily

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24
Q

Forward Pricing is required when buying or selling shares of Open End companies. Meaning?

A

Investors get the NEXT calculated bid or ask price (as of the market close) after the order is entered

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25
Q

Increase in NAV is best described as?

A

Appreciation

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26
Q

No Load Fund is a mutual fund which does not charge a ______. Thus the bid and ask are _____.

A

Sales Load

The same

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27
Q

Capitalization constantly changes in a mutual fund because shares are issued and redeemed ____

A

Daily

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28
Q

Net Redemptions means

A

More investors have redeemed shares (sold) than those who have purchased new shares

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29
Q

Mutual Funds can ____ be purchased on margin

A

Not

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30
Q

Maximum sales load under the Investment Company Act of 1940 is _____

Under FINRA rules it’s ______ (NEED TO KNOW DAY TO DAY)

A

9%

8.5%

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31
Q

Redeemable Only means _____

Not Redeemable means ____

A

Not Marketable

Marketable

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32
Q

Closed End Investment Companies do not issue _____ shares. Shares trade on an _____ or ______

A

Redeemable

Exchange or OTC

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33
Q

In a Closed End Investment Company NAV does not necessarily relate to _____ &______

Prices are determined by ____

A

Bid & Ask

Supply and Demand

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34
Q

Whenever the NAV per share of a fund is GREATER than the ASK (fund shares are selling at a discount to the NAV) fund must be a _____ fund

A

Closed End

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35
Q

No sales load is charged on a closed end fund. _____ are charged.

A

Commissions

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36
Q

A Closed End investment company has a ____ capitalization because a fixed number of shares are issued

A

Fixed

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37
Q

Closed End Companies may issue ____, _____, and _____.

A

Common Stock
Preferred stock
Bonds

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38
Q

When looking at a price quote for a closed end fund, the last column is the % difference. This indicates that todays closing price is X% higher or lower than the ______

A

Previous Days Closing Price

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39
Q

Business Development Company (BDC)
Is a closed end investment company that provides ______ to ______ that cannot otherwise easily raise capital

Targeted BDC investors are _____ with _____

Like REITS, BDCs are required to distribute at least ____ of their income as dividends

A

Debt Capital to Small and Medium Sized companies

Retail Clients with high risk tolerance

90%

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40
Q

BDCs provide high dividend yields but along with this comes risks like:

A

Credit = BDCs are sub-prime lenders. Companies they lend to are rated junk

Market = BDC shares are very volatile

Leverage = make money borrowing at low interest rates and lending at higher interest rates. Overleveraging can cause problems due to relatively illiquid portfolio

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41
Q

Both Open End and Closed End companies are subject to _____. The major difference between closed end and and open end funds is the ______

A

Market Risk

Capitalization

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42
Q

Voting shareholders of a fund must either attend the annual shareholders meeting or receive a proxy. And would vote to:

(3 things)

A
  1. Elect The Board of directors of the fund
  2. Change investment objectives of fund
  3. Change the investment advisory firm used by the fund
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43
Q

Diversified Common Stock Fund description

A

Invests in common stocks of many different companies in many different industries

and fluctuate with the changing value of the common shares in the portfolio

44
Q

Specialized/Special Situations/Sector Fund description

A

Invests primarily in stocks of companies in one industry or one specific geographic area (considered the riskiest type of fund) (susceptible to market risk)

45
Q

Balanced Fund description

A

The most conservative and least volatile type of fund especially when compared to a stock fund

46
Q

Income Fund description

A

Objective is to maximize current income.

Income funds buy dividend-paying stocks and bonds with high yields (equity income fund would combine income and capital appreciation)

47
Q

Growth Fund description

Invest in?

A

Objective is appreciation of capital therefore funds generally don’t pay dividends and have lower yields

An investor in a growth fund would likely reinvest dividends and capital gains for more growth

Invest in small cap common stocks and are therefore more volatile than other funds

48
Q

Blue Chip Fund description

A

Invest only in blue chip stocks

49
Q

Gold Funds description

A

Invest primarily in stocks of companies in the gold industry

Could be specialized and pay little or no dividends

50
Q

International Fund description (also called overseas funds)

A

Invests in stocks and bonds issued by foreign companies and governments

Will generally produce higher income in US dollars when foreign interest rates are high and US dollar is weak

51
Q

Global Fund Description

A

Generally invests in stocks and bonds issued by US and Foreign Companies

52
Q

Index Funds description

A

Attempt to mirror the portfolio of a particular index and do not have active portfolio managers

No manager means a lower expense ratio than other funds

53
Q

Bond Funds description

What’s a major consideration?

A

Invest in portfolios that consist of bonds (some specialize while some include multiple)

Fluctuations in interest rates. Bond prices fall when interest rates rise so you’d wanna buy at high interest rates with the expectation that they will decline. Increasing the value of the fund

54
Q

Municipal Bond Fund description

What must be kept in mind about dividend distributions and capital gains in reference to taxes?

A

Invests in a portfolio that consists of municipal bonds only

Dividend distributions which represent interest received are exempt from federal income tax

Capital gains are subject to federal income tax

55
Q

Interval Fund description

A

A type of investment company that periodically (every 3,6, or 12 months) offers to repurchase its shares from shareholders

Shareholders are not obligated to sell shares back

56
Q

Interval Funds are considered closed end funds but they operate differently in these ways:

A
  1. Do not trade in the secondary market
  2. Shares are re-purchased at Net Asset Value (NAV)
  3. Interval funds are allowed to continuously offer their shares at a price based on the funds net asset value
57
Q

Money Market Funds invest in?

They are?

A

Low risk debt securities with short term maturities of 12 months or less

T-Bills
CDs
Commercial Paper
Bankers Acceptance 
Eurodollars
58
Q

Largest operating expense of a Money Market fund is ____ and _____ fees.

Which impact the ____ of the money market fund.

A

Management, Advisory

Yield

59
Q

Money market funds are the _____ form of a mutual fund because they offer ____ and _____

A

Most Liquid

Liquidity (investor can make deposits and withdrawals at any time without penalty)

Safety (securities are all short term)

60
Q

Money Market funds credit dividends to customer accounts _____ and pays them out ____

IRS rules state that investors must report amounts received from money market funds as _____ which is ____ even if reinvested

Unlikely that a money market investment generates ____

A

Daily/Monthly

Dividend Income/Fully Taxable

Capital Gains

61
Q

Money Market Fund Portfolios must:

(3 things)

No requirement for a % of income which must be earned from ____ and _____

A
  1. Have an average weighted maturity of 90 days or less
  2. Offer Minimal Credit Risk
  3. At least 95% of the funds total assets invested in securities rates in the top two categories by a Nationally Recognized Statistical Rating Organization (NRSRO)

Dividends/Interest

62
Q

Money Market Funds do not charge a _____

Most minimum withdrawals are set at _____

The Net asset value of money market fund shares normally remains priced at ____ per share

Mutual funds are permitted to invest in ____ in the portfolios they manage (as long as that’s within the objectives of the fund)

A

Sales Load

$500

$1.00 per share

Warrants

63
Q

Hedge Funds are an investment vehicle established for ____ and semi ____ investors

Not considered _____ and are not as heavily regulated (sometimes referred to as unregulated)

A

Affluent/Affluent

Investment Companies

64
Q

Hedge Funds are normally established in the form of a ______

They take on long and short positions, use leverage and derivatives, as well as private equities and currencies but in allowing these investments they subject investors to a larger ______

A

Limited Partnership

Degree of Risk

65
Q

Hedge funds are not usually as ____ as other securities. Most allow for the sale or redemption of hedge fund shares ____, _____, or ______.

Daily training/ pricing is generally ____ offered

A

Liquid

Monthly, Quarterly, Annually

Not

66
Q

Hedge Fund investments are generally limited to ____ and _____ investors and have a high ______ investment which varies with each hedge fund

A

Accredited, and Qualified

Minimum

67
Q

Exchange Traded Funds (ETFs) are similar to normal index funds with a portfolio that mirrors a _____ or _______

Main difference between ETF and index fund is ETFs have ___ that trade like _____

ETFs can be _____ or _____

A

Specific Index/Industry Sector basket of securities

Shares, Common Stock Shares

Passive, Active

68
Q

Passive ETFs are?

Active ETFs are?

Key Difference is?

A

Typically created to mimic the components of the index or benchmark they track

Intend to outperform their index by using the services of a portfolio manager

Active ETFs conduct far more trading than Passives and consequently are more expensive and volatile (management costs and transaction costs)

69
Q

ETFs trade like a ____ and can be bought and sold anytime during normal market hours

Mutual funds are only priced at the ____ of the market. Therefore a ____ pricing structure

ETFs can be purchased on ____ and can be sold ____

A

Stock

Close/Forward

Margin/Short

70
Q

With ETFs _____ are charged on transactions just like with common stock and ETFs have no ____

ETF settlement is ____ business days

_____ are available on most ETFs

Industry Sector ETF would be ___ affected by overall changes in the market and offers less ____ when compared to a broad-based ETF but would prove _____ within a particular sector

A

Commissions/Sales Load

T+2

Options

Less, Diversification, Diversification

71
Q

Examples of common ETFs (4)

A

SPDR - Standard and Poors Depository Receipts

DIAMONDS - represents the Dow Jones industrial average

QQQ - represents NASDAQ 100 Index

HOLDERS -represents 16 trusts related to largest European companies traded on NYSE, Amex, and Nasdaq

72
Q

Exchange Traded Notes (ETN) are?

The bank promises to repay the principal amount less ____ at final maturity

Performance of ETN is linked to a specific ___ or a particular strategy of investing

A

Debt instruments issued by banks

Investor Fees

Index

73
Q

ETNs are ____ debt securities that are not _____ but do participate in the performance of a specific index or investment strategy for which it was issued

If the index or strategy appreciates in value, the unit holders work participate in the appreciation less ____ which normally accumulate annually

If the index or strategy depreciates in value unit holders see ____ associated with their ETN holdings and would still be subject to ____ so return of all principal is not guaranteed

A

Unsecured, Principal Protected

Investor fees

Losses, Investor Fees

74
Q

ETN units trade like a ____ and can be sold ____

However they do have a ____ and can be ____

Primary benefit of an ETN for individual investors is they allow the investor to participate and access markers and sectors which were previously ____ or may have been ____

A

Stock, short

Final Maturity, Callable

Unavailable, Unsuitable

75
Q

ETNs are issued on four basic sectors

A

Commodities
Currencies
Emerging Markets
Strategy/Index (like the S&P 500 index)

76
Q

Some companies will allow investors to exchange shares of one fund for those of another fund under the same management family at ____

May involve a nominal charge for conversion but does not require ______

Switch may also result in a ____ or _____ to the investor because the IRS classified it as a sale and a purchase

A

NAV

Additional Sales Charges

Tax gain or loss

77
Q

What’s the most cost effective move for the client when reallocating fund investments?

A

Stay within the same fund family

78
Q

Class A Shares description (3-4 things)

A

Charge investors an upfront sales charge which can not exceed 8.5%

Offer lowest expense charges and have lower 12b-1 fees

Generally best choice for long term investors

(Investors investing large amounts at one time benefit from the sales charge breakpoint discounts)

79
Q

Class B Shares description

A

Back end loaded funds that have a contingent deferred sales load

Expense charges are higher for B than for A

Sales load is charged on a declining scale
(Redeem in one year= 5%, Redeem in two = 4%)

Sales charge is based either on % if the NAV at the time of purchase or the NAV at the time of redemption whichever is less

(Higher 12b-1 fees than class A shares)

80
Q

Class C Shares description

A

No upfront sales load and no back end load

Highest annual expense charges

(Best choice for short term investors)

81
Q

Funds objectives just be stated in the ____

Prospectus is the ____ reliable source of all information for mutual funds including performance statistics

Management May change objectives if a ____ of the holders of the outstanding voting shares authorize the change

Success of fund is measured by the degree it’s ___

A

Prospectus

Most

Majority

Met stated objectives

82
Q

Funds Standard deviation is?

A

Numerical measure of how the return on a fund has varied from its historical average

83
Q

R Squared is?

A

The measure on a scale of 1-100 the % of the funds movement that can be explained by the movement of its benchmark index

84
Q

____ purchase amounts and ___ discounts must be disclosed in the ____

During a sales presentation, the funds ____ must be stated

A

Minimum/Quantity/Prospectus

Objectives

85
Q

Mutual funds generally provide customers with _____, _______, and ______

A

Account statements

Dividend Reinvestment Plans

Withdrawal Fees

86
Q

A mutual fund 12b-1 charge is?

Under FINRA rules 12b-1 fees can not exceed _____ (75 basis points) of the funds average net assets per year

For a No Load Fund 12b-1 fees of separate shareholder fees can not exceed ____ (25 basis points) of the funds average net assets per year

A

An annual charge against the funds assets covering the mutual funds costs of advertising and marketing

.75%

.25%

87
Q

An investor purchasing a mutual fund will generally submit a completed and signed _____ not an order ticket

Breakpoint occurs when an investor receives a ____ based on a ____ investment

A

Fund Application

Reduced Sales Charge/Quantity Investment

88
Q

Letter of Intent (LOI) is a means in which an investor can receive a _____

Allows an investor a ___ month period to reach the breakpoint amount

Can be backdated ____ days

Investor must be advised about breakpoint discount or the broker is in violation of ____ rules

A

Reduced Sales Charge

13 month

90 days

FINRA

89
Q

Investment clubs and advisers purchasing for their clients are not eligible for quantity discounts

However the following can be with either lump sum purchase or signing a letter of intent (7):

A

Individual

Married couple as joint tenants

A parent for a mint child

Corporation

Pension Fund

Fiduciaries (Trustees)

An escrow established in case the investor does not invest the amount needed the meet the discount level

90
Q

Breakpoint sales are prohibited

Breakpoint sales occur when an investor is ___ properly informed about how to achieve the breakpoint discount amount

Some funds give the investor “Rights of Accumulation” (ROA) permitting a reduced sales charge on new purchases when the _____ of already held shares plus _____ exceeds the sales charge breakpoint

Family accounts can be ____ when determining breakpoint discount levels including UGMAs

A

Not

Total Value/additional amount to be invested

Combined

91
Q

If the value of the fund share goes down the shares can not be valued ____ than the original purchase price when determining ____

Under ____ work from the original amount the client invested

Under ____ work from the ____ market value if appreciated. If value has decreased work from the _____ invested

A

Lower/ Rights of Accumulation

Letter of intent

Rights of accumulation/Current/original amount invested

92
Q

Rights of Reinstatement (ROR) is?

A

A fund family may allow customers to redeem or sell shares in a fund and reinvest all or some of the proceeds without paying a sales charge

Or recoup some or all of the contingent deferred sales charge (CDSC)

93
Q

To be eligible for ROR:

A
  1. Reinvestment must be made within a specified period of time
  2. Redemption and reinvestment must occur in the same account
  3. The redeemed shares must have been subject to a front-end or deferred sales charge
  4. Redemption and investment must comply with any other terms and conditions required by the investment company
94
Q

Net Asset Value Transfers description

Most fund families that allow for NAV transfers require the customer to invest proceeds from the sale within ____ to ___ days

A

Some fund families allow customers to purchase class A shares without paying the front-end sales charge if the customer purchase such shares using proceeds from the sale of shares in a different fund family for which the investor paid a front end or back end sales charge

30-90 days

95
Q

Redemptions and Redemption Fees are?

Redemption fees are based on the ___ and are usually charged by ____

Closed end companies do not issue redeemable shares and therefore would not have ____

Registered Representatives can not offer to buy back fund shares from a customer if the value does not ____

Any redemption fees and penalties must be disclosed in the ______

A

Fees charged on the redemption/liquidation of mutual fund shares

NAV/No Load Funds

Redemption fees

Increase

Funds Prospectus

96
Q

If an investor tenders a mutual fund or variable annuity for redemption within 7 business days of the purchase date what happens?

A

All parties give up their compensation

(Broker dealer refunds the underwriter

Underwriter refunds the fund or variable annuity)

97
Q

When shares of stock or mutual funds are being sold that were inherited: (2 things)

A
  1. The holding period is automatically long term
  2. IRS allows for a step up in the cost basis from the original cost to the market value of the securities (or NAV for fund shares) at the date of the death of the decedent

If you inherit them when priced at 25 the cost basis for the inheritor is 25 not whatever the initial buyer paid for the

98
Q

Securities Act of 1933

A

The Prospectus

99
Q

Summary Prospectus

A

Just a few pages long and contains key information about the fund including

investment objectives, fee table, investments,risks and performance, management, purchase and sales of fund shares, tax info, financial intermediary compensation

100
Q

Summary Prospectus Cover page (or beginning of summary must include) (4 things)

A

The funds name and class or classes of the funds shares

Identify that the document is a summary and that statutory is available and where it can be found

Date of first use of the summary prospectus

Legend (provide website address and email address that can be used to obtain statutory and other info)

101
Q

Statutory Prospectus

Fund prospectus would not include ____

A

Long form prospectus which contains all items the summary does buy in detail such as

Minimum purchase requirements
Quantity discount amounts
Fund management fees
Fund financial statements

NAV as it changes based on daily fluctuations

102
Q

A mutual fund may satisfy its prospectus delivery obligations by sending or giving directly to investors the _____ and posting the _____ and other info on the internet

Both of the above plus the _____ just be required accessible free of charge at a website specified on the prospectus cover page and must remain on site for ____ days

Statement of Additional information includes information about an open or closed end fund that some investors may find useful. Must be provided for free upon investors _____

A

Summary Prospectus/Statutory Prospectus

Statement of additional information/90 days

Request

103
Q

How long after receiving request must funds supply the prospectus, SAI, and most recent annual and semi annual reports?

How long must the info remain available?

A

3 business days

6 months

104
Q

Prospectus Delivery requirements apply to new issues of?

A 
Variable Annuities 
Face Amount Certificate Companies 
Unit Investment Trusts 
Closed-End Investment Companies 
Contractual plans
105
Q

Closed end funds satisfy delivery when the final prospectus is filed with the ___ and the fund provides investors with access to the prospectus via the ___

Hard copy must be provided if investor _____

A

SEC/Internet

Requests it

106
Q

Investment Company Act of 1940 does?

Investment companies must file complete financial statements with the ___ when requested to do so by the SEC(minimum annually) and must send financial information to shareholders at least ______

Funds current prospectus is the ____ reliable source of information on the fund

Mutual funds must update prospectus at least ____. No prospectus may be used if the information contained on it is more than ____ months old

A

Ensures investors are provided with full and fair disclosure of all information needed to make an informed decision

SEC/Semi Annually

Most

Annually/16 months

107
Q

When ____ fund shares a customer must pay in ____ business days after purchase. After redemption or shares customers must be paid within ___ calendar days

A

Purchasing/2 business days

7 calendar days

SIE Study Prep (6 decks)

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