. Mutual funds (also known as an “open-end investment companies”) have a fluctuating number of shares outstanding. Most mutual funds continuously offer their shares to the public; all mutual funds. Institute is the national association of U. S. investment companies, including mutual funds, closed-end funds, exchange-traded funds (“ETFs”), and unit investment trusts (“UITs”). ICI seeks to. receives particular scrutiny from funds, their boards, regulators, and independent auditors. Under SEC rules, all mutual funds must adopt written policies and procedures that address the circumstances...