Offering price. See public-offering price.

Open-end fund (mutual fund). An investment company that operates and professionally manages a portfolio of securities with money raised from shareholders. The portfolio may be invested in one or more asset categories such as stocks, bonds and cash. These funds offer investors the advantages of diversification and professional management, for a management fee.

Ordinary dividend. A fund distribution comprising net investment income and net short-term capital gain reported to shareholders in box 1a of Form 1099-DIV.

Over-the-counter market (OTC). Market in which securities transactions are conducted through a telephone and computer network connecting dealers in stocks and bonds, rather than on the floor of an exchange. OTC stocks are traditionally those of smaller companies that do not meet the listing requirements of the New York Stock Exchange, though in recent years many companies that qualify for listing have chosen to remain with OTC trading.