The parties of open-end funds mainly include: fund investors, fund managers, fund custodians and intermediary service agencies such as fund sales agencies, registration agencies, certified public accountants and lawyers.

Fund investors are fund investors, fund asset owners and beneficiaries of fund investment income.

Fund managers are responsible for the investment operation of fund assets, and their names are different in different fund markets, such as American investment consulting companies or asset management companies, Japanese securities investment trust companies, investment trust companies, investment consulting companies and Taiwan Province securities investment trust companies, but they are called fund management companies in China.

Fund custodians are usually professional financial institutions with certain conditions, such as commercial banks and trust companies, which are responsible for the custody of fund assets. Under the operating mode of corporate fund, the custodian is a professional service organization hired by the board of directors of the fund company. In the contractual fund operation mode, the custodian is usually the nominal holder of the fund. The main duties of a fund custodian generally include the safe custody of fund assets. This is the most important duty of the fund custodian; To execute the transfer and liquidation instructions of the fund manager; Supervise the investment operation of fund managers; Check and review the fund net asset value and fund price calculated by the fund manager.

With the continuous expansion of the fund market, the specialized division of labor within the fund industry is also deepening. In addition to direct sales by fund managers, fund sales can also be completed through intermediaries such as securities companies and commercial banks. These independent sales organizations provide sales services for fund managers and charge certain sales commissions and service fees.

The registration institution is responsible for the management and service of investors' accounts, and for specific investor services such as fund share registration and dividend distribution. Registered institutions are usually held by fund managers or commercial banks or other institutions entrusted by them.

As professional and independent intermediary service institutions, certified public accountants and lawyers provide professional and independent accounting and legal services for the Fund. Such as providing audit reports for the annual report of the CPA fund.