| The Key Parties in a Mutual Fund and Their Roles | |||||
| Board of Directors | Fund Manager | Principal Underwriter | Fund Administrator | Fund Transfer Agent | Fund Custodian |
| Oversees fund management, operations and performance on behalf of shareholders | Manages the portfolio according to fund objectives and investment policy | Issues new fund shares to the investing public either directly or through brokers | Oversees fund operations and 3rd-party services provided to the fund | Executes and records shareholder transactions and account statements | Holds fund assets in safekeeping and provides the securities administration services |