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...A pooled diversification professional money managers combines the funds of many people with similar investment goals receive shares stock in mutual fund common an indirect b attractions and drawbacks ownership full time management modest capital services offered automatic reinvestment dividends withdrawal plans c exchange privileges d check writing convenience easy to acquire paperwork record keeping prices nav are widely quoted lack liquidity normally must be sold back no brokerage commissions consistently average below performance essential characteristics open end trillion investors buy sell itself there is limit on number can issue net asset value defined as total market all securities held by less liabilities divided outstanding issued redeemed daily s sponsor issuer design these always traded at their actual cash also known which calculated per share basis before sales charges applied moreover while this most popular type it not necessarily best for those seeking income...