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TABLE OF CONTENTS


CHAPTER 1 CONCEPT OF INVESTMENT COMPANY


SECTION 1£®1 PRIMARY ENGAGEMENT£º MANAGING INVESTMENTS VS OPERATING BUSINESS
Topic 1 Operating Company vs Investment Company
Topic 2 Industrial Holding Company vs Spe Situation Investment Company
SECTION 1£®2 TYPES OF REGISTERED INVESTMENT COMPANIES
Topic 1 ¡°Redeemable Security¡±£º Open-End/Closed-End Dichotomy
Topic 2 Interval Funds£º Periodic Repurchasability vs Limited Redeemability
Topic 3 Exchange-Traded Fund£º Open-End/Closed-End Hybrid
Topic 4 Money Market Fund£º A Type of Open-End Investment Company




CHAPTER 2 MUTUAL FUND STRUCTURAL CONFLICTS; GOVERNANCE; OVERREACHING RISK


SECTION 2£®1 FIDUCIARY NATURE OF ADVISER-FUND INVESTORS RELATIONSHIP
Topic 1 Structure of the Investment Company Industry
Topic 2 Fiduciary Duty in Respect of Management Fees
Topic 3 Fiduciary Restrictions on Profitable Transfer of Advisory Contract
SECTION 2£®2 INDEPENDENT WATCHDOG FOR FUND INVESTORS
Topic 1 Role of Mutual Fund Board
Topic 2 Fund¡¯s Independent Directors£º Watchdogs and the Watched
SECTION 2£®3 REGULATORY STRICTURES PROTECTING FUNDS FROM AFFILIATE OVERREACHING
Topic 1 Prior Exemption Required of Affiliate ¡°Acting as Principal¡± Involving Fund
Topic 2 Remuneration Limitation on Affiliate ¡°Acting as Broker¡± for Fund
Topic 3 Prohibition of Affiliate ¡°Acting as Agent¡± Compensated by Third Party




CHAPTER 3 MUTUAL FUND DISTRIBUTION; TRADING; INVESTMENTS


SECTION 3£®1 MUTUAL FUND DISTRIBUTION
Topic 1 Structure of Mutual Fund Distribution Finance
Topic 2 Prohibited Distribution Arrangement£º IA Revenue Sharing for BD Shelf Space
SECTION 3£®2 TRADING IN MUTUAL FUND SHARES
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Topic 1 Late Trading£º Insider£¿6£¿8s Illegal Profits
Topic 2 Abusive Market Timing£º Unfair Short-Term Arbitrage Profit
SECTION 3£®3 MUTUAL FUND TRADING IN PORTFOLIO SECURITIES
Topic 1 Soft Dollar Practices
SECTION 3£®4 MUTUAL FUND INVESTMENT AND LEVERAGE RESTRICTIONS
Topic 1 Fund of Funds£º Pyramid vs Hub-and-Spokes


CHAPTER 4 INVESTMENT ADVISER REGULATION AND ENFORCEMENT UNDER ADVISERS ACT


SECTION 4£®1 INVESTMENT ADVISER CONDUCT REGULATION
Topic 1 Statutory Investment Adviser and Exclusions
Topic 2 Registration£¬ Exemption£¬ and Reporting Regime for Statutory Advisers
Topic 3 Standards of Conduct£º Investment Adviser vs Broker-Dealer
SECTION 4£®2 INVESTMENT ADVISER ANTIFRAUD ENFORCEMENT
Topic 1 Antifraud Statute of Advisers Act
Topic 2 Fraudulent ¡°Pay to Play¡± Practices
Topic 3 Misleading Investment Performance Advertising




CHAPTER 5 CERTAIN POOLED INVESTMENT VEHICLES BEYOND MUTUAL FUNDS


SECTION 5£®1 INSURANCE COMPANY£¬ SEPARATE ACCOUNTS£¬ AND VARIABLE CONTRACTS
Topic 1 Ectoplasmic Theory£º Insurance Company vs Variable Separate Account
Topic 2 Issuer of Securities£º Insurance Company vs£® Non-Unitized Separate Account
SECTION 5£®2 BANK COMMON TRUST FUND AND COLLECTIVE INVESTMENT FUND
Topic 1 Fiduciary Trust Services vs Investment Management Services
Topic 2 Trust Funds and Pension Funds Maintained by Bank
SECTION 5£®3 POOLED INVESTMENT VEHICLES FUNDING PENSION PLANS
Topic 1 Defined Benefit vs Defined Contribution
SECTION 5£®4 STRUCTURED FINANCING VEHICLES
Topic 1 Mortgage-Related Pools
SECTION 5£®5 PRIVATE INVESTMENT COMPANIES
Topic 1 Hedge Fund
Topic 2 Performance Fee