Seed Words for Mutual Fund
MUTUAL FUND FROM WIKIPEDIA FREE ENCYCLOPEDIA JUMP NAVIGATION SEARCH THIS ARTICLE ABOUT MUTUAL FUNDS CANADA UNITED STATES OTHER FORMS MUTUAL INVESTMENT COLLECTIVE INVESTMENT SCHEME MUTUAL FUND PROFESSIONALLY MANAGED TYPE COLLECTIVE INVESTMENT SCHEME THAT POOLS MONEY FROM MANY INVESTORS INVESTS STOCKS BONDS SHORT-TERM MONEY MARKET INSTRUMENTS OTHER SECURITIES MUTUAL FUND WILL HAVE FUND MANAGER THAT TRADES POOLED MONEY REGULAR BASIS PROCEEDS LOSSES THEN TYPICALLY DISTRIBUTED INVESTORS ANNUALLY SINCE THERE HAVE BEEN THREE BASIC TYPES INVESTMENT COMPANIES UNITED STATES OPEN-END FUNDS ALSO KNOWN MUTUAL FUNDS UNIT INVESTMENT TRUSTS UITS CLOSED-END FUNDS SIMILAR FUNDS ALSO OPERATE CANADA HOWEVER REST WORLD MUTUAL FUND USED GENERIC TERM VARIOUS TYPES COLLECTIVE INVESTMENT VEHICLES SUCH UNIT TRUSTS OPEN-ENDED INVESTMENT COMPANIES OEICS UNITIZED INSURANCE FUNDS UNDERTAKINGS COLLECTIVE INVESTMENTS TRANSFERABLE SECURITIES UCITS CONTENTS HIDE HISTORY USAGE ASSET VALUE AVERAGE ANNUAL RETURN TURNOVER EXPENSES EXPENSE RATIOS MANAGEMENT FEES NON-MANAGEMENT EXPENSES NON- SERVICE FEES INVESTOR FEES EXPENSES BROKERAGE COMMISSIONS TYPES MUTUAL FUNDS OPEN-END FUND EXCHANGE-TRADED FUNDS EQUITY FUNDS CAPITALIZATION GROWTH VALUE INDEX FUNDS VERSUS ACTIVE MANAGEMENT BOND FUNDS MONEY MARKET FUNDS FUNDS FUNDS HEDGE FUNDS MUTUAL FUNDS OTHER INVESTMENTS SHARE CLASSES LOAD EXPENSES ALSO REFERENCES FURTHER READING EDIT HISTORY MASSACHUSETTS INVESTORS TRUST INVESTMENT MANAGEMENT FOUNDED MARCH AFTER YEAR SHAREHOLDERS ASSETS ENTIRE INDUSTRY WHICH INCLUDED CLOSED-END FUNDS REPRESENTED LESS THAN MILLION STOCK MARKET CRASH HINDERED GROWTH MUTUAL FUNDS RESPONSE STOCK MARKET CRASH CONGRESS PASSED SECURITIES SECURITIES EXCHANGE THESE LAWS REQUIRE THAT FUND REGISTERED WITH SECURITIES EXCHANGE COMMISSION PROVIDE PROSPECTIVE INVESTORS WITH PROSPECTUS THAT CONTAINS REQUIRED DISCLOSURES ABOUT FUND SECURITIES THEMSELVES FUND MANAGER INVESTMENT COMPANY SETS FORTH GUIDELINES WITH WHICH SEC-REGISTERED FUNDS TODAY MUST COMPLY WITH RENEWED CONFIDENCE STOCK MARKET MUTUAL FUNDS BEGAN BLOSSOM THERE WERE APPROXIMATELY FUNDS WITH BILLION ASSETS FIRST RETAIL INDEX FUND FIRST INDEX INVESTMENT TRUST FORMED HEADED JOHN BOGLE CONCEPTUALIZED MANY TENETS INDUSTRY SENIOR THESIS PRINCETON UNIVERSITY CALLED VANGUARD INDEX FUND WORLD'S LARGEST MUTUAL FUNDS WITH MORE THAN BILLION ASSETS FACTOR MUTUAL-FUND GROWTH CHANGE INTERNAL REVENUE CODE ALLOWING INDIVIDUALS OPEN INDIVIDUAL RETIREMENT ACCOUNTS IRAS EVEN PEOPLE ALREADY ENROLLED CORPORATE PENSION PLANS COULD CONTRIBUTE LIMITED AMOUNT TIME YEAR MUTUAL FUNDS POPULAR EMPLOYER-SPONSORED DEFINED-CONTRIBUTION RETIREMENT PLANS SUCH WELL IRAS INCLUDING ROTH IRAS OCTOBER THERE MUTUAL FUNDS THAT BELONG INVESTMENT COMPANY INSTITUTE NATIONAL TRADE ASSOCIATION INVESTMENT COMPANIES UNITED STATES WITH COMBINED ASSETS TRILLION EARLY WORLDWIDE VALUE MUTUAL FUNDS TOTALED MORE THAN TRILLION EDIT USAGE SINCE INVESTMENT COMPANY MUTUAL FUND THREE BASIC TYPES INVESTMENT COMPANIES AVAILABLE UNITED STATES MUTUAL FUNDS INVEST MANY KINDS SECURITIES MOST COMMON CASH INSTRUMENTS STOCK BONDS THERE HUNDREDS SUB-CATEGORIES STOCK FUNDS INSTANCE INVEST PRIMARILY SHARES PARTICULAR INDUSTRY SUCH TECHNOLOGY UTILITIES THESE KNOWN SECTOR FUNDS BOND FUNDS VARY ACCORDING RISK HIGH-YIELD JUNK BONDS INVESTMENT-GRADE CORPORATE BONDS TYPE ISSUERS GOVERNMENT AGENCIES CORPORATIONS MUNICIPALITIES MATURITY BONDS SHORT- LONG-TERM BOTH STOCK BOND FUNDS INVEST PRIMARILY SECURITIES DOMESTIC FUNDS BOTH FOREIGN SECURITIES GLOBAL FUNDS PRIMARILY FOREIGN SECURITIES INTERNATIONAL FUNDS MOST MUTUAL FUNDS' INVESTMENT PORTFOLIOS CONTINUALLY ADJUSTED UNDER SUPERVISION PROFESSIONAL MANAGER FORECASTS CASH FLOWS INTO FUND INVESTORS WELL FUTURE PERFORMANCE INVESTMENTS APPROPRIATE FUND CHOOSES THOSE WHICH BELIEVES WILL MOST CLOSELY MATCH FUND'S STATED INVESTMENT OBJECTIVE MUTUAL FUND ADMINISTERED UNDER ADVISORY CONTRACT WITH MANAGEMENT COMPANY WHICH HIRE FIRE FUND MANAGERS MUTUAL FUNDS SUBJECT SPECIAL REGULATORY ACCOUNTING RULES UNLIKE MOST OTHER TYPES BUSINESS ENTITIES THEY TAXED THEIR INCOME LONG THEY DISTRIBUTE THEIR SHAREHOLDERS FUNDS MEET CERTAIN DIVERSIFICATION REQUIREMENTS INTERNAL REVENUE CODE ALSO TYPE INCOME THEY EARN OFTEN UNCHANGED PASSES THROUGH SHAREHOLDERS MUTUAL FUND DISTRIBUTIONS TAX-FREE MUNICIPAL BOND INCOME TAX-FREE SHAREHOLDER TAXABLE DISTRIBUTIONS EITHER ORDINARY INCOME CAPITAL GAINS DEPENDING FUND EARNED THOSE DISTRIBUTIONS LOSSES DISTRIBUTED PASSED THROUGH FUND INVESTORS EDIT ASSET VALUE MAIN ARTICLE ASSET VALUE ASSET VALUE CURRENT MARKET VALUE FUND'S HOLDINGS LESS FUND'S LIABILITIES USUALLY EXPRESSED PER-SHARE AMOUNT MOST FUNDS DETERMINED DAILY AFTER CLOSE TRADING SOME SPECIFIED FINANCIAL EXCHANGE SOME FUNDS UPDATE THEIR MULTIPLE TIMES DURING TRADING PUBLIC OFFERING PRICE PLUS SALES CHARGE OPEN-END FUNDS SELL SHARES REDEEM SHARES PROCESS ORDERS ONLY AFTER DETERMINED CLOSED-END FUNDS SHARES WHICH TRADED INVESTORS TRADE HIGHER LOWER PRICE THAN THEIR THIS KNOWN PREMIUM DISCOUNT RESPECTIVELY FUND DIVIDED INTO MULTIPLE CLASSES SHARES EACH CLASS WILL TYPICALLY HAVE REFLECTING DIFFERENCES FEES EXPENSES PAID DIFFERENT CLASSES SOME MUTUAL FUNDS SECURITIES WHICH REGULARLY TRADED FORMAL EXCHANGE THESE SHARES VERY SMALL BANKRUPT COMPANIES THEY DERIVATIVES THEY PRIVATE INVESTMENTS UNREGISTERED FINANCIAL INSTRUMENTS SUCH STOCK NON-PUBLIC COMPANY ABSENCE PUBLIC MARKET THESE SECURITIES RESPONSIBILITY FUND MANAGER FORM ESTIMATE THEIR VALUE WHEN COMPUTING MUCH FUND'S ASSETS INVESTED SUCH SECURITIES STATED FUND'S PROSPECTUS EDIT AVERAGE ANNUAL RETURN MUTUAL FUNDS FORM REPORT AVERAGE ANNUAL COMPOUNDED RATES RETURN -YEAR -YEAR -YEAR PERIODS AVERAGE ANNUAL TOTAL RETURN EACH FUND FOLLOWING FORMULA USED WHERE HYPOTHETICAL INITIAL PAYMENT AVERAGE ANNUAL TOTAL RETURN NUMBER YEARS ENDING REDEEMABLE VALUE HYPOTHETICAL PAYMENT MADE BEGINNING -YEAR PERIODS -YEAR PERIODS FRACTIONAL PORTION EDIT TURNOVER TURNOVER MEASURE FUND'S SECURITIES TRANSACTIONS USUALLY CALCULATED OVER YEAR'S TIME USUALLY EXPRESSED PERCENTAGE ASSET VALUE THIS VALUE USUALLY CALCULATED VALUE TRANSACTIONS BUYING SELLING DIVIDED DIVIDED FUND'S TOTAL HOLDINGS FUND COUNTS SECURITY SOLD ANOTHER BOUGHT TURNOVER THUS TURNOVER MEASURES REPLACEMENT HOLDINGS CANADA UNDER REQUIRED DISCLOSURE INVESTMENT FUNDS TURNOVER RATIO CALCULATED BASED LESSER PURCHASES SALES DIVIDED AVERAGE SIZE PORTFOLIO INCLUDING CASH EDIT EXPENSES EXPENSE RATIOS MUTUAL FUNDS BEAR EXPENSES SIMILAR OTHER COMPANIES STRUCTURE MUTUAL FUND DIVIDED INTO THREE MAIN COMPONENTS MANAGEMENT NON-MANAGEMENT EXPENSE NON- FEES EXPENSES EXPRESSED PERCENTAGE AVERAGE DAILY ASSETS FUND EDIT MANAGEMENT FEES MANAGEMENT FUND USUALLY SYNONYMOUS WITH CONTRACTUAL INVESTMENT ADVISORY CHARGED MANAGEMENT FUND'S INVESTMENTS HOWEVER MANY FUND COMPANIES INCLUDE ADMINISTRATIVE FEES ADVISORY COMPONENT WHEN ATTEMPTING COMPARE TOTAL MANAGEMENT EXPENSES DIFFERENT FUNDS HELPFUL DEFINE MANAGEMENT EQUAL CONTRACTUAL ADVISORY PLUS CONTRACTUAL ADMINISTRATOR THIS LEVELS PLAYING FIELD WHEN COMPARING MANAGEMENT COMPONENTS ACROSS MULTIPLE FUNDS CONTRACTUAL ADVISORY FEES STRUCTURED FLAT-RATE FEES SINGLE CHARGED FUND REGARDLESS ASSET SIZE FUND HOWEVER MANY FUNDS HAVE CONTRACTUAL FEES WHICH INCLUDE BREAKPOINTS THAT VALUE FUND'S ASSETS INCREASES ADVISORY PAID DECREASES ANOTHER WHICH ADVISORY FEES REMAIN COMPETITIVE STRUCTURING THAT BASED VALUE ASSETS GROUP COMPLEX FUNDS RATHER THAN THOSE SINGLE FUND EDIT NON-MANAGEMENT EXPENSES APART FROM MANAGEMENT THERE CERTAIN NON-MANAGEMENT EXPENSES WHICH MOST FUNDS MUST SOME MORE SIGNIFICANT TERMS AMOUNT NON-MANAGEMENT EXPENSES TRANSFER AGENT EXPENSES THIS USUALLY PERSON OTHER PHONE LINE WHEN WANT PURCHASE SELL SHARES FUND CUSTODIAN EXPENSE FUND'S ASSETS KEPT CUSTODY BANK WHICH CHARGES CUSTODY LEGAL AUDIT EXPENSE FUND ACCOUNTING EXPENSE REGISTRATION EXPENSE CHARGES REGISTRATION WHEN FUNDS FILE REGISTRATION STATEMENTS WITH BOARD DIRECTORS TRUSTEES EXPENSE MEMBERS BOARD OVERSEE FUND USUALLY PAID THEIR TIME SPENT MEETINGS PRINTING POSTAGE EXPENSE INCURRED WHEN PRINTING DELIVERING SHAREHOLDER REPORTS EDIT NON- SERVICE FEES UNITED STATES SERVICE FEES SHAREHOLDER SERVICING FEES CONTRACTUAL FEES WHICH FUND CHARGE COVER MARKETING EXPENSES FUND NON- SERVICE FEES MARKETING SHAREHOLDER SERVICING FEES WHICH FALL UNDER RULE WHILE FUNDS HAVE CHARGE FULL CONTRACTUAL THEY OFTEN WHEN INVESTING FRONT-END LOAD NO-LOAD FUND FEES FUND USUALLY BASIS POINTS FEES BACK-END LEVEL-LOAD SHARE CLASSES USUALLY BETWEEN BASIS POINTS MUCH BASIS POINTS WHILE FUNDS OFTEN MARKETED NO-LOAD FUNDS THIS DOES MEAN THEY CHARGE DISTRIBUTION EXPENSE THROUGH DIFFERENT MECHANISM EXPECTED THAT FUND LISTED ONLINE BROKERAGE SITE WILL PAYING SHELF-SPACE DIFFERENT MANNER EVEN DIRECTLY THROUGH EDIT INVESTOR FEES EXPENSES FEES EXPENSES BORNE INVESTOR VARY BASED ARRANGEMENT MADE WITH INVESTOR'S BROKER SALES LOADS CONTINGENT DEFERRED SALES LOADS CDSL INCLUDED FUND'S TOTAL EXPENSE RATIO BECAUSE THEY PASS THROUGH STATEMENT OPERATIONS FUND ADDITIONALLY FUNDS CHARGE EARLY REDEMPTION FEES DISCOURAGE INVESTORS FROM SWAPPING MONEY INTO FUND QUICKLY WHICH FORCE FUND MAKE TRADES OBTAIN NECESSARY LIQUIDITY EXAMPLE FIDELITY DIVERSIFIED INTERNATIONAL FUND FDIVX CHARGES PERCENT MONEY REMOVED FROM FUND LESS THAN DAYS EDIT BROKERAGE COMMISSIONS ADDITIONAL EXPENSE WHICH DOES PASS THROUGH STATEMENT OPERATIONS CANNOT CONTROLLED INVESTOR BROKERAGE COMMISSIONS BROKERAGE COMMISSIONS INCORPORATED INTO PRICE FUND REPORTED USUALLY MONTHS AFTER FUND'S ANNUAL REPORT STATEMENT ADDITIONAL INFORMATION BROKERAGE COMMISSIONS DIRECTLY RELATED PORTFOLIO TURNOVER PORTFOLIO TURNOVER REFERS NUMBER TIMES FUND'S ASSETS BOUGHT SOLD OVER COURSE YEAR USUALLY HIGHER RATE PORTFOLIO TURNOVER RETURNS HIGHER BROKERAGE COMMISSIONS ADVISORS MUTUAL FUND COMPANIES REQUIRED ACHIEVE BEST EXECUTION THROUGH BROKERAGE ARRANGEMENTS THAT COMMISSIONS CHARGED FUND WILL EXCESSIVE EDIT TYPES MUTUAL FUNDS EDIT OPEN-END FUND TERM MUTUAL FUND COMMON NAME WHAT CLASSIFIED OPEN-END INVESTMENT COMPANY BEING OPEN-ENDED MEANS THAT EVERY FUND ISSUES SHARES INVESTORS BUYS BACK SHARES FROM INVESTORS WISHING LEAVE FUND MUTUAL FUNDS MUST STRUCTURED CORPORATIONS TRUSTS SUCH BUSINESS TRUSTS CORPORATION TRUST WILL CLASSIFIED INVESTMENT COMPANY ISSUES SECURITIES PRIMARILY INVESTS NON-GOVERNMENT SECURITIES INVESTMENT COMPANY WILL CLASSIFIED OPEN-END INVESTMENT COMPANY THEY ISSUE UNDIVIDED INTERESTS SPECIFIED SECURITIES DEFINING CHARACTERISTIC UNIT INVESTMENT TRUSTS UITS THEY ISSUE REDEEMABLE SECURITIES REGISTERED INVESTMENT COMPANIES THAT UITS OPEN-END INVESTMENT COMPANIES CLOSED-END FUNDS NEITHER UITS CLOSED-END FUNDS MUTUAL FUNDS THAT TERM USED EDIT EXCHANGE-TRADED FUNDS MAIN ARTICLE EXCHANGE-TRADED FUND RELATIVELY RECENT INNOVATION EXCHANGE-TRADED FUND OFTEN STRUCTURED OPEN-END INVESTMENT COMPANY ETFS COMBINE CHARACTERISTICS BOTH MUTUAL FUNDS CLOSED-END FUNDS ETFS TRADED THROUGHOUT STOCK EXCHANGE JUST LIKE CLOSED-END FUNDS PRICES GENERALLY APPROXIMATING ETF'S ASSET VALUE MOST ETFS INDEX FUNDS TRACK STOCK MARKET INDEXES SHARES ISSUED REDEEMED INSTITUTIONAL INVESTORS LARGE BLOCKS TYPICALLY MOST INVESTORS PURCHASE SELL SHARES THROUGH BROKERS MARKET TRANSACTIONS BECAUSE INSTITUTIONAL INVESTORS NORMALLY PURCHASE REDEEM KIND TRANSACTIONS ETFS MORE EFFICIENT THAN TRADITIONAL MUTUAL FUNDS WHICH CONTINUOUSLY ISSUING REDEEMING SECURITIES EFFECT SUCH TRANSACTIONS CONTINUALLY BUYING SELLING SECURITIES MAINTAINING LIQUIDITY POSITIONS THEREFORE TEND HAVE LOWER EXPENSES EXCHANGE-TRADED FUNDS ALSO VALUABLE FOREIGN INVESTORS OFTEN ABLE SELL SECURITIES TRADED STOCK MARKET REGULATORY REASONS LIMITED THEIR ABILITY PARTICIPATE TRADITIONAL MUTUAL FUNDS EDIT EQUITY FUNDS EQUITY FUNDS WHICH CONSIST MAINLY STOCK INVESTMENTS MOST COMMON TYPE MUTUAL FUND EQUITY FUNDS HOLD PERCENT AMOUNTS INVESTED MUTUAL FUNDS UNITED STATES OFTEN EQUITY FUNDS FOCUS INVESTMENTS PARTICULAR STRATEGIES CERTAIN TYPES ISSUERS EDIT CAPITALIZATION FUND MANAGERS OTHER INVESTMENT PROFESSIONALS HAVE VARYING DEFINITIONS MID-CAP LARGE-CAP RANGES FOLLOWING RANGES USED RUSSELL INDEXES RUSSELL MICROCAP INDEX MICRO-CAP MILLION RUSSELL INDEX SMALL-CAP MILLION BILLION RUSSELL MIDCAP INDEX MID-CAP BILLION RUSSELL INDEX LARGE-CAP BILLION EDIT GROWTH VALUE ANOTHER DISTINCTION MADE BETWEEN GROWTH FUNDS WHICH INVEST STOCKS COMPANIES THAT HAVE POTENTIAL LARGE CAPITAL GAINS VALUE FUNDS WHICH CONCENTRATE STOCKS THAT UNDERVALUED VALUE STOCKS HAVE HISTORICALLY PRODUCED HIGHER RETURNS HOWEVER FINANCIAL THEORY STATES THIS COMPENSATION THEIR GREATER RISK GROWTH FUNDS TEND REGULAR DIVIDENDS INCOME FUNDS TEND MORE CONSERVATIVE INVESTMENTS WITH FOCUS STOCKS THAT DIVIDENDS BALANCED FUND COMBINATION STRATEGIES TYPICALLY INCLUDING SOME LEVEL INVESTMENT BONDS STAY MORE CONSERVATIVE WHEN COMES RISK SOME GROWTH CITATION NEEDED EDIT INDEX FUNDS VERSUS ACTIVE MANAGEMENT MAIN ARTICLES INDEX FUND ACTIVE MANAGEMENT INDEX FUND MAINTAINS INVESTMENTS COMPANIES THAT PART MAJOR STOCK BOND INDEXES SUCH WHILE ACTIVELY MANAGED FUND ATTEMPTS OUTPERFORM RELEVANT INDEX THROUGH SUPERIOR STOCK-PICKING TECHNIQUES ASSETS INDEX FUND MANAGED CLOSELY APPROXIMATE PERFORMANCE PARTICULAR PUBLISHED INDEX SINCE COMPOSITION INDEX CHANGES INFREQUENTLY INDEX FUND MANAGER MAKES FEWER TRADES AVERAGE THAN DOES ACTIVE FUND MANAGER THIS REASON INDEX FUNDS GENERALLY HAVE LOWER TRADING EXPENSES THAN ACTIVELY MANAGED FUNDS TYPICALLY INCUR FEWER SHORT-TERM CAPITAL GAINS WHICH MUST PASSED SHAREHOLDERS ADDITIONALLY INDEX FUNDS INCUR EXPENSES SELECTION INDIVIDUAL STOCKS PROPRIETARY SELECTION TECHNIQUES RESEARCH DECIDING WHEN HOLD SELL INDIVIDUAL HOLDINGS INSTEAD FAIRLY SIMPLE COMPUTER MODEL IDENTIFY WHATEVER CHANGES NEEDED BRING FUND BACK INTO AGREEMENT WITH TARGET INDEX CERTAIN EMPIRICAL EVIDENCE SEEMS ILLUSTRATE THAT MUTUAL FUNDS BEAT MARKET ACTIVELY MANAGED MUTUAL FUNDS UNDER-PERFORM OTHER BROAD-BASED PORTFOLIOS WITH SIMILAR CHARACTERISTICS STUDY FOUND THAT NEARLY MUTUAL FUNDS UNDER-PERFORMED MARKET APPROXIMATELY HALF YEARS BETWEEN MOREOVER FUNDS THAT PERFORMED WELL PAST ABLE BEAT MARKET AGAIN FUTURE SHOWN JENSEN GRIMBLATT SHERIDAN TITMAN EDIT BOND FUNDS BOND FUNDS ACCOUNT MUTUAL FUND ASSETS TYPES BOND FUNDS INCLUDE TERM FUNDS WHICH HAVE FIXED TIME SHORT- MEDIUM- LONG-TERM BEFORE THEY MATURE MUNICIPAL BOND FUNDS GENERALLY HAVE LOWER RETURNS HAVE ADVANTAGES LOWER RISK HIGH-YIELD BOND FUNDS INVEST CORPORATE BONDS INCLUDING HIGH-YIELD JUNK BONDS WITH POTENTIAL HIGH YIELD THESE BONDS ALSO COME WITH GREATER RISK EDIT MONEY MARKET FUNDS MONEY MARKET FUNDS HOLD MUTUAL FUND ASSETS UNITED STATES MONEY MARKET FUNDS ENTAIL LEAST RISK WELL LOWER RATES RETURN UNLIKE CERTIFICATES DEPOSIT MONEY MARKET SHARES LIQUID REDEEMABLE TIME EDIT FUNDS FUNDS FUNDS FUNDS MUTUAL FUNDS WHICH INVEST OTHER UNDERLYING MUTUAL FUNDS THEY FUNDS COMPOSED OTHER FUNDS FUNDS UNDERLYING LEVEL TYPICALLY FUNDS WHICH INVESTOR INVEST INDIVIDUALLY FUND FUNDS WILL TYPICALLY CHARGE MANAGEMENT WHICH SMALLER THAN THAT NORMAL FUND BECAUSE CONSIDERED CHARGED ASSET ALLOCATION SERVICES FEES CHARGED UNDERLYING FUND LEVEL PASS THROUGH STATEMENT OPERATIONS USUALLY DISCLOSED FUND'S ANNUAL REPORT PROSPECTUS STATEMENT ADDITIONAL INFORMATION FUND SHOULD EVALUATED COMBINATION FUND-LEVEL EXPENSES UNDERLYING FUND EXPENSES THESE BOTH REDUCE RETURN INVESTOR MOST FOFS INVEST AFFILIATED FUNDS MUTUAL FUNDS MANAGED SAME ADVISOR ALTHOUGH SOME INVEST FUNDS MANAGED OTHER UNAFFILIATED ADVISORS COST ASSOCIATED WITH INVESTING UNAFFILIATED UNDERLYING FUND MOST OFTEN HIGHER THAN INVESTING AFFILIATED UNDERLYING BECAUSE INVESTMENT MANAGEMENT RESEARCH INVOLVED INVESTING FUND ADVISED DIFFERENT ADVISOR RECENTLY FOFS HAVE BEEN CLASSIFIED INTO THOSE THAT ACTIVELY MANAGED WHICH INVESTMENT ADVISOR REALLOCATES FREQUENTLY AMONG UNDERLYING FUNDS ORDER ADJUST CHANGING MARKET CONDITIONS THOSE THAT PASSIVELY MANAGED INVESTMENT ADVISOR ALLOCATES ASSETS BASIS ALLOCATION MODEL WHICH REBALANCED REGULAR BASIS DESIGN FOFS STRUCTURED SUCH PROVIDE READY MUTUAL FUNDS INVESTORS UNABLE UNWILLING DETERMINE THEIR ASSET ALLOCATION MODEL FUND COMPANIES SUCH TIAA-CREF AMERICAN CENTURY INVESTMENTS VANGUARD FIDELITY HAVE ALSO ENTERED THIS MARKET PROVIDE INVESTORS WITH THESE OPTIONS TAKE GUESS WORK SELECTING FUNDS ALLOCATION MIXES USUALLY VARY TIME INVESTOR WOULD LIKE RETIRE MORE DISTANT TARGET RETIREMENT DATE MORE AGGRESSIVE ASSET EDIT HEDGE FUNDS MAIN ARTICLE HEDGE FUND HEDGE FUNDS UNITED STATES POOLED INVESTMENT FUNDS WITH LOOSE REGULATION UNLIKE MUTUAL FUNDS SOME HEDGE FUND MANAGERS REQUIRED REGISTER WITH INVESTMENT ADVISERS UNDER INVESTMENT ADVISERS DOES REQUIRE ADVISER FOLLOW AVOID PARTICULAR INVESTMENT STRATEGIES DOES REQUIRE PROHIBIT SPECIFIC INVESTMENTS HEDGE FUNDS TYPICALLY CHARGE MANAGEMENT MORE PLUS “PERFORMANCE FEE” HEDGE FUND'S PROFIT THERE LOCK-UP PERIOD DURING WHICH INVESTOR CANNOT CASH SHARES VARIATION HEDGE STRATEGY FUND INDIVIDUAL INVESTORS EDIT MUTUAL FUNDS OTHER INVESTMENTS MUTUAL FUNDS OFFER SEVERAL ADVANTAGES OVER INVESTING INDIVIDUAL STOCKS EXAMPLE TRANSACTION COSTS DIVIDED AMONG MUTUAL FUND SHAREHOLDERS WHICH ALLOWS COST-EFFECTIVE DIVERSIFICATION INVESTORS ALSO BENEFIT HAVING THIRD PARTY PROFESSIONAL FUND MANAGERS APPLY EXPERTISE DEDICATE TIME MANAGE RESEARCH INVESTMENT OPTIONS ALTHOUGH THERE DISPUTE OVER WHETHER PROFESSIONAL FUND MANAGERS AVERAGE OUTPERFORM SIMPLE INDEX FUNDS THAT MIMIC PUBLIC INDEXES WALL STREET JOURNAL REPORTED THAT SEPARATELY MANAGED ACCOUNTS SMAS PERFORMED BETTER THAN MUTUAL FUNDS CATEGORIES FROM THIS INCLUDED BEATING MUTUAL FUNDS PERFORMANCE TOUGH YEAR WHICH GLOBAL STOCK MARKET LOST TRILLION VALUE STORY MORNINGSTAR SAID SMAS OUTPERFORMED MUTUAL FUNDS STOCK BOND MARKET CATEGORIES WHETHER ACTIVELY MANAGED PASSIVELY INDEXED MUTUAL FUNDS IMMUNE RISKS THEY SHARE SAME RISKS ASSOCIATED WITH INVESTMENTS MADE FUND INVESTS PRIMARILY STOCKS USUALLY SUBJECT SAME DOWNS RISKS STOCK MARKET EDIT SHARE CLASSES MANY MUTUAL FUNDS OFFER MORE THAN CLASS SHARES EXAMPLE HAVE SEEN FUND THAT OFFERS CLASS CLASS SHARES EACH CLASS WILL INVEST SAME POOL INVESTMENT PORTFOLIO SECURITIES WILL HAVE SAME INVESTMENT OBJECTIVES POLICIES EACH CLASS WILL HAVE DIFFERENT SHAREHOLDER SERVICES DISTRIBUTION ARRANGEMENTS WITH DIFFERENT FEES EXPENSES THESE DIFFERENCES SUPPOSED REFLECT DIFFERENT COSTS INVOLVED SERVICING INVESTORS VARIOUS CLASSES EXAMPLE CLASS SOLD THROUGH BROKERS WITH FRONT-END LOAD ANOTHER CLASS SOLD DIRECT PUBLIC WITH LOAD INCLUDED CLASS'S EXPENSES SOMETIMES REFERRED CLASS SHARES STILL THIRD CLASS MIGHT HAVE MINIMUM INVESTMENT AVAILABLE ONLY FINANCIAL INSTITUTIONS SO-CALLED INSTITUTIONAL SHARE CLASS SOME CASES AGGREGATING REGULAR INVESTMENTS MADE MANY INDIVIDUALS RETIREMENT PLAN SUCH PLAN QUALIFY PURCHASE INSTITUTIONAL SHARES GAIN BENEFIT THEIR TYPICALLY LOWER EXPENSE RATIOS EVEN THOUGH MEMBERS PLAN WOULD QUALIFY INDIVIDUALLY RESULT EACH CLASS WILL LIKELY HAVE DIFFERENT PERFORMANCE RESULTS MULTI-CLASS STRUCTURE OFFERS INVESTORS ABILITY SELECT EXPENSE STRUCTURE THAT MOST APPROPRIATE THEIR INVESTMENT GOALS INCLUDING LENGTH TIME THAT THEY EXPECT REMAIN INVESTED FUND EDIT LOAD EXPENSES MAIN ARTICLE MUTUAL FUND FEES EXPENSES FRONT-END LOAD SALES CHARGE COMMISSION PAID BROKER MUTUAL FUND WHEN SHARES PURCHASED TAKEN PERCENTAGE FUNDS INVESTED VALUE INVESTMENT REDUCED AMOUNT LOAD SOME FUNDS HAVE DEFERRED SALES CHARGE BACK-END LOAD THIS TYPE FUND INVESTOR PAYS SALES CHARGE WHEN PURCHASING SHARES WILL COMMISSION PROCEEDS WHEN SHARES REDEEMED DEPENDING LONG THEY HELD ANOTHER DERIVATIVE STRUCTURE LEVEL-LOAD FUND WHICH SALES CHARGE PAID WHEN BUYING FUND BACK-END LOAD CHARGED SHARES PURCHASED SOLD WITHIN YEAR LOAD FUNDS SOLD THROUGH FINANCIAL INTERMEDIARIES SUCH BROKERS FINANCIAL PLANNERS OTHER TYPES REGISTERED REPRESENTATIVES CHARGE COMMISSION THEIR SERVICES SHARES FRONT-END LOAD FUNDS FREQUENTLY ELIGIBLE BREAKPOINTS REDUCTION COMMISSION PAID BASED NUMBER VARIABLES THESE INCLUDE OTHER EDIT ALSO CLOSED-END FUND OPEN-END FUND EXCHANGE-TRADED FUND FUND DERIVATIVE INDEX FUND MONEY FUND INVESTMENT MANAGEMENT GLOBAL ASSETS UNDER MANAGEMENT LIST MUTUAL FUNDS ASSETS UNDER MANAGEMENT LIST MUTUAL-FUND FAMILIES UNITED STATES LIST MUTUAL FUND COMPANIES CANADA MUTUAL-FUND SCANDAL SEPARATELY MANAGED ACCOUNT SMAS SOCIALLY RESPONSIBLE INVESTING SUPERANNUATION FUND UNIT TRUST VALUE INVESTING VENTURE CAPITAL ACTIVE MANAGEMENT EDIT REFERENCES ANSWERS MUTUAL FUNDS SECURITIES EXCHANGE COMMISSION HTTP ANSWERS MUTFUND RETRIEVED PRINCETON ALUMNI WEEKLY ARTICLE PIONEERING WORK JOHN BOGLE HTTP PRINCETON EXCLUSIVES FEATURES FEATURES HTML ABOUT INVESTMENT COMPANY INSTITUTE HTTP STATS TRENDS HTML RETRIEVED WORLDWIDE MUTUAL FUND ASSETS FLOWS FOURTH QUARTER INVESTMENT COMPANIES SECURITIES EXCHANGE COMMISSION HTTP ANSWERS MFINVCO RETRIEVED FINAL RULE REGISTRATION FORM USED OPEN-END MANAGEMENT INVESTMENT COMPANIES SAMPLE FORM INSTRUCTIONS SECURITIES EXCHANGE COMMISSION HTTP RULES FINAL RETRIEVED FREQUENTLY ASKED QUESTIONS ABOUT BOND MUTUAL FUNDS INVESTMENT COMPANY INSTITUTE HTTP FUNDS FAQS BOND FUNDS HTML RETRIEVED INDEXES CONSTRUCTION METHODOLOGY HTTP RUSSELL INDEXES METHODOLOGY RETRIEVED MARK CARHART MARCH PERSISTENCE MUTUAL FUND PERFORMANCE JOURNAL FINANCE GRIMBLATT TITMAN MUTUAL FUND PERFORMANCE ANALYSIS QUARTERLY PORTFOLIO HOLDINGS JOURNAL BUSINESS FREQUENTLY ASKED QUESTIONS ABOUT BOND MUTUAL FUNDS INVESTMENT COMPANY INSTITUTE HTTP FUNDS FAQS BOND FUNDS HTML RETRIEVED FREQUENTLY ASKED QUESTIONS ABOUT MONEY MARKET MUTUAL FUNDS INVESTMENT COMPANY INSTITUTE HTTP FUNDS FAQS MONEY FUNDS HTML RETRIEVED HEDGING YOUR BETS HEADS HEDGE FUNDS FUNDS HEDGE FUNDS SECURITIES EXCHANGE COMMISSION HTTP ANSWERS HEDGE RETRIEVED SMAS BEAT FUNDS WALL STREET TIMES HTTP ONLINE ARTICLE HTML GLOBAL STOCK MARKET LOSSES TOTAL TRILLION TIMES ONLINE HTTP BUSINESS TIMESONLINE BUSINESS MARKETS ARTICLE CHRISTINE BENZ WHICH RIGHT FUND SHARE CLASS MORNINGSTAR REGISTRATION REQUIRED HTTP NEWS MORNINGSTAR ARTICLE ARTICLE RETRIEVED SOURCES INFORMATION INVEST WISELY INTRODUCTION MUTUAL FUNDS SECURITIES EXCHANGE COMMISSION HTTP INVESTOR PUBS INWSMF SOURCES INFORMATION RETRIEVED EDIT FURTHER READING TAMAR FRANKEL LAWRENCE CUNNINGHAM MYSTERIOUS WAYS MUTUAL FUNDS MARKET TIMING ANNUAL REVIEW FINANCIAL BANKING HIDE EINVESTMENT MANAGEMENT COLLECTIVE INVESTMENT SCHEME STRUCTURES COMMON CONTRACTUAL FUND FOND COMMUN PLACEMENT INVESTMENT TRUST UNIT TRUST MUTUAL FUND ICVC SICAV UNIT INVESTMENT TRUST EXCHANGE-TRADED FUND OFFSHORE FUND UNITISED INSURANCE FUND INVESTMENT STYLES ACTIVE PASSIVE MANAGEMENT VALUE GROWTH INVESTING HEDGE FUND SOCIALLY RESPONSIBLE INVESTING FUND FUNDS MANAGER MANAGERS INDEX FUND THEORY TERMINOLOGY EFFICIENT-MARKET HYPOTHESIS ASSET VALUE OPEN-END FUND CLOSED-END FUND RELATED TOPICS LIST ASSET MANAGEMENT FIRMS UMBRELLA FUND UCITS RETRIEVED FROM HTTP WIKIPEDIA WIKI MUTUAL FUND CATEGORIES FINANCIAL SERVICES FUNDS INVESTMENT INSTITUTIONAL INVESTORS HIDDEN CATEGORIES ARTICLES WITH UNSOURCED STATEMENTS ARTICLES WITH UNSOURCED STATEMENTS FROM NOVEMBER VIEWSARTICLE DISCUSSION EDIT THIS PAGE HISTORY PERSONAL TOOLSTRY BETA CREATE ACCOUNT NAVIGATION MAIN PAGE CONTENTS FEATURED CONTENT CURRENT EVENTS RANDOM ARTICLE SEARCH INTERACTION ABOUT WIKIPEDIA COMMUNITY PORTAL RECENT CHANGES CONTACT WIKIPEDIA DONATE WIKIPEDIA HELP TOOLBOX WHAT LINKS HERE RELATED CHANGES UPLOAD FILE SPECIAL PAGES PRINTABLE VERSION PERMANENT LINK CITE THIS PAGE LANGUAGES ESKY DANSK TAGALOG THIS PAGE LAST MODIFIED MARCH TEXT AVAILABLE UNDER CREATIVE COMMONS ATTRIBUTION-SHAREALIKE LICENSE ADDITIONAL TERMS APPLY TERMS DETAILS WIKIPEDIA® REGISTERED TRADEMARK WIKIMEDIA FOUNDATION NON-PROFIT ORGANIZATION CONTACT PRIVACY POLICY ABOUT WIKIPEDIA DISCLAIMERS
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