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　　Closed-End Fund–A type of investment company that has a fixed number of shares which are publicly traded. The price of a closed-end fund’s shares fluctuates based on invest or supply and demand. Closed-end funds are not required to redeem shares and have managed portfolios.
　　Exchange-Traded Fund(ETF)–An investment company with shares that trade in traday on stock exchanges at marketdeterminedprices. Investors may buy or sell ETF shares through a broker just as they would the shares of any publicly traded company.
　　Hedge Fund–Aprivate investment pool for wealthy investors that,unlike a mutualfund, is exempt from SEC regulation.
　　Hybrid Fund–Amutual fund that invests in a combination of stocks,bonds,and other securities.
　　Mutual Fund An investment company that buys a port folio of securities selected by a professional investment adviser to meet a specified financial goal. Investors buy shares in a fund,which represent owner ship in all the fund’s securities. Amutual fund stands ready to buy back its shares at their current net asset value, which is the total market value of the fund’s investment portfolio, minus its liabilities, divided by the number of shares outstanding. Most mutual funds continuously offer new shares to investors.
　　Open-End Investment Company–The legal name for a mutual fund, indicating that it stands ready to redeem(buyback) its shares from investors.
　　Prepayment Risk–The possibility that a bond owner will receive his or her principal investment back from the issuer prior to the bond’s maturity date.
　　Prospectus The official document that describes a mutual fund to prospective investors. The prospect us contains information required by the SEC, such as investment objectives and policies, risks, services, and fees.
　　Mutual Fund Investment Classifications The Investment Company Institute categorizes U.S. mutual funds according to 13 broad investment classifications.
　　Equity Funds Capital appreciation funds seek capital appreciation; dividends are not aprimary consideration.
　　Total return funds seek a combination of current income and capital appreciation.World equity funds invest primarily in stocks of foreign companies.
　　Hybrid Funds
　　Hybrid funds may invest in a mix of equity and fixed-income securities.
　　Taxable Bond Funds
　　Corporate bond funds seek current income by investing in high quality debt securities issued by U.S. corporations.
　　High-yield funds invest two-thirds or more of the irport folios in lower-rated U.S.corporate bond (Baa or lower by Moody’sand BBB or lower by Standard and Poor’s rating services. Government bond funds invest in U.S. government bonds of varying maturities. They seek high current income.