Question of the Week

Mandy Edwards owns 100 shares in the PruRock Value Fund. She could use a little extra money and calls the mutual fund company and sells 50 shares. When will she receive her check?

a) Within 14 calendar days
b) Within seven calendar days
c) Within 14 business days
d)

Answer:

The correct answer is b).

The redemption of shares that have been issued by an open-end investment company, also known as a mutual fund, must be paid to the client within seven calendar days of the request for redemption.