1. There are many forms of * * * mutual funds in the world, but they can be divided into contractual and corporate types according to their legal status. Contract type is an agency investment behavior organized based on certain contract principles.

2. It consists of three parties: the client, the beneficiary and the trustee. The trustor is the setter of fund investment, that is, setting up and organizing various funds, issuing beneficiary securities, handing over the raised funds to the trustee for management, and at the same time making specific investment use of the raised funds.

3. The beneficiary, that is, the holder of the beneficiary securities, is an ordinary investor who buys the beneficiary securities, participates in the fund investment, becomes one of the parties to the contract and enjoys the right to distribute the investment income. Generally, the trustee is a trust company or bank, which handles securities, cash management and other related agency business and accounting business according to the regulations of trust deed.

1. Contractual funds are established by fund contracts signed between fund investors, fund managers and fund custodians. The rights of fund investors are mainly embodied in the terms of fund contracts, and the main aspects of fund contract terms are usually regulated by fund law.

2. Compared with contractual funds, corporate funds have the advantages of clear legal relationship and perfect supervision and restraint mechanism, but contractual funds are easier to set up. Because the difference between the two is mainly manifested in the difference of organizational structure and legal relationship, there is actually no difference between good and bad. Therefore, in order to make the securities investment fund system more flexible, many countries allow corporate funds and contractual funds to coexist. Corporate funds are the most common in the United States, while contract funds are more common in Britain.

3. In fact, the funds stipulated in the Securities Investment Fund Law promulgated in 2003 are contractual funds. Therefore, today, both closed-end funds and open-end funds initiated by fund management companies belong to contractual funds.