We have covered many aspects of mutual fund investing in this chapter. We have seen that there are thousands of mutual funds and dozens of types. A few of the more important distinctions we made can be summarized as follows:

1. Some funds are open-end and some are closed-end. Open-end funds stand ready to buy or sell shares. Closed-end funds do not; instead, their shares trade on the stock exchanges.
2. Some open-end funds have front-end loads, meaning that there is a fee tacked on to the fund's net asset value when you buy. Other funds are no-load. Various costs and fees exist, including back-end loads and 12b-1 fees.
3. Funds have very different objectives and, as a result, very different risk and return potentials. Furthermore, funds with similar-sounding objectives can, in fact, be quite different. It is important to consider a fund's actual holdings and investment policies, not just read its stated objective.
4. Mutual fund information is widely available, but performance information should be used with caution. The best performing funds are often the ones with the greatest risks or the ones that just happened to be in the right investment at the right time.