Practice Quiz

FINRA Series 6

Category - Series 6

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The “statement of additional information” (SAI) that mutual funds and closed-end funds are required to produce:
  1. must be provided to prospective investors whenever an offer to sell shares of these funds is made.
  2. must be sent to shareholders of the fund on at least a semiannual basis.
  3. usually contains some biographical information on the officers and directors of the fund.
  4. Both A and B are true statements.
Explanation
Answer: C - The “statement of additional information” (SAI) that mutual funds and closed-end funds are required to produce usually contains some biographical information on the officers and directors of the fund. The SAI need only be provided to prospective investors upon request, and it is not sent to shareholders of the fund. Shareholders of the fund receive annual and semiannual reports from the fund, however.
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