38 Marketing Registered Fund Shares General advertising of mutual funds is permissible (no need to navigate the JOBS Act), but highly regulated An unlimited number of shareholders can own a mutual fund (no 3(c)(1), 3(c)(7) or '34 Act limits) Investors at any income or net worth level can purchase mutual fund shares (unless the fund charges a performance fee) Registered funds enjoy a big advantage over hedge funds in terms of marketing:
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