Two important classifications of shares that are commonly found in funds are:

The Management shares or voting shares enable the manager/sponsor to direct the fund without interference from investors (who own participating, non-voting shares or investment shares). Management shares holders don't participate in the profits of the fund.

The Participating or non-voting shares allow the shareholders to participate in the profits of the fund paid out in dividends/other declared distributions/liquidation. The participating shares generally have a nominal value at inception, and are redeemable for the NAV of the fund.

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