64.32 — Activities of Open-ended Non-money Market Funds

This class includes activities of non-money market funds, i.e., collective investment schemes that raise funds by issuing shares or units to the public, of which proceeds are invested primarily in financial assets, other than short-term assets, and in non-financial assets (usually real estate). Their units (or shares) are not substitutes for deposits. An open-ended fund allows for issuance and redemption of shares or units on a flexible basis, making the investment liquid. Investors typically purchase shares or units in the fund directly from the fund itself, rather than from existing shareholders. The fund issues or redeems shares or units in response to investor demand. Share or unit prices bear a close relationship with net assets in the fund.

This class excludes: - activities of money market funds, see 64.31