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Investment Terms


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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. An open-end fund can issue and redeem shares at any time. This contrasts with closed-end funds which issue a limited number of shares at their initial launch.

Ordinary dividend. A fund distribution comprising net investment income and net short-term capital gain reported to shareholders on Form 1099-DIV.

Over-the-counter market (OTC). A market in which securities transactions are conducted through a telephone and computer network directly connecting dealers in stocks and bonds, rather than on an exchange. OTC stocks are traditionally those of smaller companies that do not meet exchange listing requirements.

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