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High Yield Management Investment Companies (MICs)High Yield Management Investment Companies (MICs) are publicly traded investment companies that are regulated by the Securities Acts of 1933 and 1934. Although similar to open-end mutual funds and Exchange Traded Funds (ETF), a MIC is launched through an initial public offering (IPO). The MIC raises a fixed amount of capital and issues a fixed number of shares that are traded on the major U.S. stock exchanges just as equity shares of common stock are traded. The MIC’s manager(s) then proceed to invest the capital according to the mandate and objectives of the fund. Unlike open-end funds and ETFs, MICs are actively managed by the investment managers to provide value-added above that expected of an “indexed” investment fund. Some MICs invest in higher-risk, illiquid securities that provide opportunity for higher yields and investment returns. High Yield Management Investment Companies provide professional management, diversification, liquidity of publicly traded shares, and the opportunity for “above market” yields and total returns. Investors who seek this investment profile should discuss carefully selected MICs that your APS Financial Representative has identified. Contact your APS Financial Representative for ideas on High Yield Management Investment Companies at 1-888-422-0633.
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