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Glass-Steagall Act of 1933

Legislation passed by Congress to prevent another bank collapse, like the one after the Great Depression. Under Glass-Steagall, banks were prohibited from investment banking activities; the law was designed to protect bank depositors from the risk involved when banks deal with securities. The Financial Modernization Act of 1999 overturned Glass-Steagall.

A mutual fund that primarily invests in both U.S. and foreign securities.

A mutual fund whose main objective is long-term growth in capital from common stock. Also known as a capital appreciation fund.

Stocks that have experienced rapid growth in revenue or earnings and are expected to grow dramatically over time.

A mutual fund that strives to provide long-term growth of principal and income and current dividend income from stocks.

An average for all major money market mutual fund yields.

The money derived from an investment, through interest, dividends, or capital gains.

Regular payments from mutual funds to their shareholders, composed of dividends, interest, and short-term capital gains earned from the fund’s portfolio of securities. May be distributed annually, biannually, quarterly, or monthly, with operating expenses deducted.

A mutual fund that seeks current income rather than growth of capital. Income funds typically invest in bonds and/or high-yielding stocks.

The possibility that the income provided by a fund will fluctuate due to changing interest rates.

A mutual fund that seeks to parallel the performance of a particular stock or bond index, for example the S&P 500. To achieve this goal, such funds may actually invest in many of the individual securities which compose the index.

A rise in the prices of goods and services which occurs when economic demand exceeds supply. When an economy is growing there is a demand for products and services greater than what is available. This situation causes costs to rise. Over time, even with a relatively low inflation rate, the purchasing power of a dollar is reduced. Things cost more; your dollar buys less.

The risk that the real value of your investments, as expressed in constant dollars, will decline because of inflation. Generally, the most conservative investments provide the lowest returns over time and are more prone to inflation risk.

Regular payments from a mutual fund to its shareholders made up of any dividends, interest and short-term capital gains earned from the fund's portfolio of securities.

International mutual funds invest primarily in securities issued by corporations, governments, and banks outside the U.S., in developed and emerging markets. International funds may be more volatile than domestic funds because of conditions not usually associated with investing in the United States.

An individual or organization that manages a portfolio and makes day-to-day investment decisions regarding the purchase or sales of securities. Also called a portfolio manager.

The length of time an investor expects to keep a sum of money invested.

Interest and dividends paid to investors.

The financial goal that an investor or a mutual fund pursues.

This index is a market-cap weighted bond index consisting of government issues that are readily available to both domestic and foreign investors.