Investment Companies Generally, an "investment company" is a company (corporation, business trust, partnership, or Limited Liability Company) that issues securities and is primarily engaged in the business of investing in securities. An investment company invests the money it receives from investors on a collective Mutual funds (legally known as open-end companies); Closed-end funds (legally known as closed-end companies); UITs (legally known as unit investment trusts). A UIT typically will make a one-time "public offering" of only a specific, fixed number of units (like closed-end funds). Many UIT sponsors, however, will maintain a secondary market, which allows owners of UIT units to sell them back to the sponsors and allows other investors to buy UIT units from the sponsors. A UIT will have a termination date (a date when the UIT will terminate and dissolve) that is established when the
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