Mutual fund investing tutorials
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The performance data contained herein represents past performance which does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance information current to the most recent month end, please contact us. Market price returns are based on the prior-day closing market price, which is the average of the midpoint bid-ask prices at 4 p.
Market price returns do not represent the returns an investor would receive if shares were traded at other times. Returns include fees and applicable loads. Since Inception returns are provided for funds with less than 10 years of history and are as of the fund's inception date.
Before investing consider carefully the investment objectives, risks, and charges and expenses of the fund, including management fees, other expenses and special risks. This and other information may be found in each fund's prospectus or summary prospectus, if available.
Always read the prospectus or summary prospectus carefully before you invest or send money. Prospectuses can be obtained by contacting us. Expense Ratio — Gross Expense Ratio is the total annual operating expense before waivers or reimbursements from the fund's most recent prospectus. Basics of mutual fund trading Mutual funds are professionally managed portfolios that pool money from multiple investors to buy shares of stocks, bonds, or other securities.
Most mutual funds require a minimum initial investment, although there is an increasing proliferation of no minimum required investment funds. When you buy or redeem a mutual fund, you are transacting directly with the fund, whereas with ETFs and stocks, you are trading on the secondary market.
Unlike stocks and ETFs, mutual funds trade only once per day, after the markets close at 4 p. If you enter a trade to buy or sell shares of a mutual fund, your trade will be executed at the next available net asset value, which is calculated after the market closes and typically posted by 6 p. This price may be higher or lower than the previous day's closing NAV.
Some equity and bond funds settle on the next business day, while other funds may take up to 3 business days to settle. If you exchange shares of one fund for another fund within the same fund family, the trade will usually settle on the next business day. Mutual fund sales charges and fees Mutual fund trades may be subject to a variety of charges and fees.
Some funds carry a sales charge or load, which are fees you pay to buy or sell shares in the fund, similar to paying a commission on a stock trade. These can be in the form of upfront payments front-end load or fees you pay when you sell shares contingent deferred sales charge. In addition to loads, you need to know what, if any, fees may apply to the funds you are trading.
These may include: Short-term redemption fees: Some, but not all, funds charge short-term redemption fees to defray costs associated with short-term trading of a fund's shares. These fees typically range from 0. Short-term trading fees: You may be subject to a short-term trading fee if you sell or exchange shares of certain non-transaction fee funds within 60 days of purchase.
Transaction fees: Transaction fees are similar to the brokerage commission you pay when you buy or sell a stock. For some no-load funds, you will be charged a transaction fee on purchases, but not on sales. Purchase fees: This fee differs from a front-end sales load because the fee is paid to the fund, not to a broker, and is typically imposed to defray some of the fund's costs associated with the purchase.
Exchange fees: Some funds charge a fee when you exchange transfer to another fund within the same fund family. Account fees: Some funds charge a separate account fee to cover expenses related to maintaining their accounts.
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