Floating-rate funds come in three varieties: open-end, closed-end and a hybrid of the two.
Open-end mutual funds trade directly with investors, creating and destroying shares as needed to account for investments and withdrawals.
But Gerber can't cite any examples of investment companies going all the way from open-end status to operating company.
The idea was to first convert this small, open-end fund into a closed-end.
The SuperTrust structure had share creation and redemption characteristics of an open-end fund and the trading flexibility of a stock.
My policy on bond investing is to only use open-end no load Institutional class mutual funds to invest in bonds.
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If you drive a great deal during the year, consider instead a loan or an open-end lease (which we discuss below).
He recommends lower-cost, open-end funds when no similar closed-end looks worth buying.
That can be most severe if your broker doesn't offer free reinvestment of the monthly dividend payouts, as done by open-end funds.
That's not as cheap as Vanguard Health Care, an equally high-flying open-end fund (up an identical 35% this year) that charges just 0.4%.
Unlike open-end mutual funds that are bought and sold at Net Asset Value (NAV), ETFs are traded throughout the day at whatever price clears the market.
You can buy shares at any time at the net asset value, as with open-end funds, but you can only redeem quarterly and not necessarily all your holdings.
After all, loans remain one of the few asset classes that offer retail investors relatively wide distributions, with open-end funds paying yields of 4.5-5% and closed-end funds that use leverage paying 6-7%.
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When an open-end fund realizes a capital gain, that gain is "passed through" to fund shareholders, even if the security was bought 20 years ago and an investor bought into the fund only the week before.
But in most cases, I think I have a better chance at limiting risk (and ideally boosting returns) by sticking with open-end bond funds like DoubleLine Core Fixed Income (DLFNX), DoubleLine Total Return (DLTNX), Thompson Bond (THOPX), PIMCO Income (PONDX), and PIMCO Foreign Bond US Hedged (PFODX).
The four iShares index funds (see table below), issued by the Global Investors unit of Barclays (nyse: BCS - news - people ), sport a rock-bottom expense ratio of 0.15 versus open-end bond fund averages of around 1.00 and the 0.20 charged by low-cost leader Vanguard.
Everyone sold: Open end, closed-end, ETFs, bullet shares, you name it.
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Internet security was largely an after-thought for the early Internet, as its primary purpose was to facilitate open, end-to-end, any-to-any communications and information exchange for bridging and accelerating research efforts.
At the low-price end, open-source upstarts MySQL and Enterprisedb have hawked cheaper, nimbler databases for a few years, possibly squeezing Ingres out.
The open, end-to-end nature of the game continued after half-time and Lee Cattermole was soon booked for a reckless lunge on Nyron Nosworthy.
Although everything that matters in Milan is within walking distance, no one had ever dared open a high-end restaurant in the area in modern times.
One thing I do worry about is that the pin-point accuracy and the mouse-based directional controls could end up being too open-ended.
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Ever bargain-savvy, many students slip into the free, open-to-the-public previews of high-end contemporary art sales to take in works like the Phillips de Pury collection even if they are likely not yet in a position to purchase.
As far as sound quality goes, the bass push on these is just as smooth and open-sounding as the X10, but the high-end is noticeably harsher -- we definitely felt the need to turn on "treble reducer" in our iPhone's EQ settings.
Under the plans, Broadway, Levenshulme, Miles Platting and Withington swimming pools would all close to "avoid high ongoing maintenance and running costs", though three new facilities - at Hough End, Levenshulme and Beswick - will open as replacements by 2015.
Instead, those contractors and enterprise vendors have begun to build their own front-end interfaces to open these searches to the consumer market.
Privately, however, SIA attendees say what the merger really represents is the beginning of the end of the open-outcry auction system that makes NYSE and some other exchanges unique.
Anthony, who scored a game-high 42 points, made what turned out to be the game-winning layup with 12 seconds left, and Atlanta's Josh Smith missed a wide-open triple on the other end just before the final horn.
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