Initial Delivery

The delivery of a new issue by the issuer to the original purchaser, upon payment of the purchase price. Also called ?original delivery.

Remarks: Bond funds including mutual funds (open-end and closed-end, actively managed and indexed), exchange-traded funds and unit investment trusts offer a convenient and affordable way to invest in a diversified portfolio of bonds, but a bond fund investment can differ from a bond investment in ways that are important to understand.