喇牛煙将多大是 高级商务英语阅读 investment-grade corporate bonds),type of issuers (government agencies,corporations,or municipalities),or maturity of the bonds(short or long term).Both stock and bond funds can invest in primarily US securities (domestic funds),both US and foreign securities (global funds),or primarily foreign securities(international funds).By law,mutual funds cannot invest in commodities and their derivatives or in real estate.(However,there do exist real estate investment trusts,or REITs,which invest solely in real estate or mortgages,and mutual funds are allowed to hold shares in REITs.)A mutual fund may restrict itself in other ways.3) Most mutual funds'investment portfolios are continually adjusted under the supervision of a professional manager,who forecasts the future performance of investments appropriate for the fund and chooses the ones which he or she believes will most closely match the fund's stated investment objective.This is called active management,in contrast to indexing,in which a fund's assets are managed to closely approximate the performance of a particular published index. Because the composition of an index changes less frequently than the condition of the market,an index fund manager makes fewer trades,on average,than does an active fund manager.4) Mutual funds are corporations under US law,but they are subject to a special set of regulatory. accounting,and tax rules.Unlike most other types of corporations,they are not taxed on their income as long as they distribute substantially all of it to their shareholders.5) Mutual fund distributions of tax-free municipal bond income are also tax-free to the shareholder.Taxable distributions can either be ordinary income or capital gains,depending on how the fund earned it. You can buy many mutual funds directly from the fund sponsor.6)_ Some discount brokers will sell no-load funds,some for a flat transaction fee,some for no fee at all.Load funds are sold through intermediaries such as brokers,financial planners,and other types of registered representatives who charge a commission for their services. A.Also,the type of income they earn is often unchanged as it passes through to the shareholders. B.These are called "no-load"funds,because the issuer does not charge a sales commission. 第2页共4页高级商务英语阅读 investment-grade corporate bonds), type of issuers (government agencies, corporations, or municipalities), or maturity of the bonds (short or long term). Both stock and bond funds can invest in primarily US securities (domestic funds), both US and foreign securities (global funds), or primarily foreign securities (international funds). By law, mutual funds cannot invest in commodities and their derivatives or in real estate. (However, there do exist real estate investment trusts, or REITs, which invest solely in real estate or mortgages, and mutual funds are allowed to hold shares in REITs.) A mutual fund may restrict itself in other ways. 3) ________ Most mutual funds' investment portfolios are continually adjusted under the supervision of a professional manager, who forecasts the future performance of investments appropriate for the fund and chooses the ones which he or she believes will most closely match the fund's stated investment objective. This is called active management, in contrast to indexing, in which a fund's assets are managed to closely approximate the performance of a particular published index. Because the composition of an index changes less frequently than the condition of the market, an index fund manager makes fewer trades, on average, than does an active fund manager. 4) ________ Mutual funds are corporations under US law, but they are subject to a special set of regulatory, accounting, and tax rules. Unlike most other types of corporations, they are not taxed on their income as long as they distribute substantially all of it to their shareholders. 5) ________ Mutual fund distributions of tax-free municipal bond income are also tax-free to the shareholder. Taxable distributions can either be ordinary income or capital gains, depending on how the fund earned it. You can buy many mutual funds directly from the fund sponsor. 6) ________ Some discount brokers will sell no-load funds, some for a flat transaction fee, some for no fee at all. Load funds are sold through intermediaries such as brokers, financial planners, and other types of registered representatives who charge a commission for their services. A. Also, the type of income they earn is often unchanged as it passes through to the shareholders. B. These are called "no-load" funds, because the issuer does not charge a sales commission. 第 2 页 共 4 页