open-ended fund

The cost of the mostly open-ended fund may reach about $15 billion.

The conditions referred to above take account of criteria similar to those for the open-ended funds in item 9.

Open-ended funds are available in most developed countries, though terminology and operating rules vary.

They also have a moral obligation to consider repurchase or converting to an open-ended fund."

For UK open-ended funds, the manager is required by regulation to be a separate entity.

The valuation of the assets and liabilities of an open-ended fund is therefore very important to investors.

It was not until the early 2000s that fund complexes introduced open-ended funds that were redeemable each day.

"Bill ran an open-ended fund and needed to keep cash on hand for redemptions," Mr. Stewart said.

So if a stock drops irrationally, the closed-end fund may snap up a bargain, while open-ended funds might sell too early.

Open-end fund (or open-ended fund) is a collective investment scheme which can issue and redeem shares at any time.

The best ways to do this - buying back shares or converting to an open-ended fund - cut into the managers' fees or threaten their control over the fund, however.

But is it really a good idea to chase potential short-term trading gains because a closed-end fund may buy back some of its shares or convert to an open-ended fund?

President Bush has already signed measures providing $20 billion in relief for New York, $15 billion for the airlines and an open-ended fund to compensate victims of the September attacks.

Mr. Feinberg is the Bush administration's choice to run the multibillion-dollar, open-ended fund established by Congress to compensate families of people killed and physically injured in the September terrorist attacks.

The price at which shares in an open-ended fund are issued or can be redeemed will vary in proportion to the net asset value of the fund, and therefore directly reflects the fund's performance.

Interval funds would be a hybrid of open-ended funds, which are bought and sold at the value of their underlying securities, and closed-end funds, which trade as individual stocks on the nation's stock exchanges.

U.S. mutual funds, UK unit trusts and OEICs, European SICAVs, hedge funds and exchange-traded funds are all examples of open-ended funds.

For example, for US registered open-ended funds, investments are commonly valued each day the New York Stock Exchange is open, using closing prices (meant to represent fair value), typically 4:00 PM Eastern Time.

The discount for the Aim Strategic Income Fund fell to 4.5 percent from 13 percent in one day in March, for example, after it announced it would merge with an open-ended fund, pending shareholder approval.

The objective of the original UCITS Directive 85/611/EEC, adopted in 1985, was to allow for open-ended funds investing in transferable securities to be subject to the same regulation in every Member State.

There is a small controversy over which of East Capital's and Prosperity's funds are the best open-ended fund (both provide lists giving their fund as the best, citing Morningstar) as there is a difference between offshore regulated funds and onshore unregulated funds.

Japan Fund Inc., which has rejected a takeover offer of $525 million from an investment group led by T. Boone Pickens 3d, son of the corporate investor, said its board would recommend converting the fund into an open-ended fund at its stockholders meeting in April.

The BVI is also the second largest domicile for formation of offshore investment funds (behind the Cayman Islands), with 2,422 licensed open-ended funds as of 30 June 2012 (there is no official statistics for closed-ended funds which are not licensed in BVI).

Faced with a wave of sell orders and needing to raise money for redemptions, the manager of an open-ended fund may be forced to sell stocks he would rather keep, and keep stocks he would rather sell, because of liquidity concerns (selling too much of any one stock causes the price to drop disproportionately).