Mutual Funds

By Mario Ritter

Broadcast: October 24, 2003

This is Bob Doughty¹ with the VOA Special English Economics Report.
People invest money in the hope their wealth will grow over time. Some have financial advisers² make their investments for them. But even people without very much money can invest. Of course, there are no guarantees. So one way investors³ try to limit their risk is to buy shares in a 1)mutual⁴ fund. A mutual fund is a collection of different 2)financial securities.
Securities include stocks and 3)bonds. Stock in a company gives the buyer a chance to vote on company issues. 4)Stockholders have a financial share in the company. They may receive a small payment, a dividend⁵, from time to time for each share owned. But the value of stocks can change greatly in a short time.
Bonds represent a loan. Companies or governments sell bonds as a way to borrow money. Buyers earn interest as they wait for the bonds to reach full value over a period of years.
Mutual funds gather money from many investors and buy many different securities. A mutual fund can spread money over hundreds of investments.
In the United States, the mutual fund industry controls seven-million-million dollars of investments. The oldest fund is 5)Massachusetts Investors Trust, begun in nineteen-twenty-four.
The biggest fund is the Vanguard Five-hundred Index Fund of the Vanguard Group. This fund is valued at eighty-two-thousand-million dollars. It invests in companies listed on the Standard and Poor's Five-hundred Index. The S-and-P Five-hundred is often used as a measure of the stock market in the United States.
There is risk in mutual funds. They may lose value. And, recently, some activity in the mutual fund industry has been under investigation⁶. In September, New York State Attorney General Eliot Spitzer brought charges against a top officer of a mutual fund company.
Mister Spitzer said the former vice⁷ chairman of Fred Alger Management permitted some big investors to trade in ways that other investors could not. Last week James Connelly pleaded guilty to interfering⁸ with an investigation.
Federal officials are also investigating illegal trading activities. The chairman of the Securities and Exchange Commission, William Donaldson, has called for new rules for mutual funds. Government lawyers are expected to make proposals next month.
This VOA Special English Economics Report was written by Mario Ritter. This is Bob Doughty.

注释：
1) mutual fund  （美）共有基金(一种投资公司形式)
2) financial securities n.金融有价证券
3) bond [ bCnd ] n.公债, 债券
4) stockholder [5stRkhEJldE(r)] n.股东
5) Massachusetts [ 7mAsE5tFu:sits ] n.麻萨诸塞州

1 doughty   

adj.勇猛的，坚强的

参考例句：

• Most of successful men have the characteristics of contumacy and doughty.绝大多数成功人士都有共同的特质：脾气倔强，性格刚强。
• The doughty old man battled his illness with fierce determination.坚强的老人用巨大毅力与疾病作斗争。

2 advisers   

顾问，劝告者( adviser的名词复数 )； （指导大学新生学科问题等的）指导教授

参考例句：

• a member of the President's favoured circle of advisers 总统宠爱的顾问班子中的一员
• She withdrew to confer with her advisers before announcing a decision. 她先去请教顾问然后再宣布决定。

3 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

4 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。

5 dividend   

n.红利，股息；回报，效益

参考例句：

• The company was forced to pass its dividend.该公司被迫到期不分红。
• The first quarter dividend has been increased by nearly 4 per cent.第一季度的股息增长了近 4%。

6 investigation   

n.调查，调查研究

参考例句：

• In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
• He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。

7 vice   

n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的

参考例句：

• He guarded himself against vice.他避免染上坏习惯。
• They are sunk in the depth of vice.他们堕入了罪恶的深渊。

8 interfering   

adj. 妨碍的 动词interfere的现在分词

参考例句：

• He's an interfering old busybody! 他老爱管闲事！
• I wish my mother would stop interfering and let me make my own decisions. 我希望我母亲不再干预，让我自己拿主意。