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There are several different types of mutual funds available, each of which has a different level of risk. Even if you are a relatively conservative investor, you still may want to add one or two higher-risk funds.  A diversified basket of mutual funds that meets your overall preferred level of risk allows your portfolio to experience some growth rather than merely preserving your capital. Within your overall investment account, you want to reserve at least 5 percent of your assets in cash so you can take advantage of opportunities as they arise. Money market funds generally have the lowest risk level. Stock funds and bond funds are generally higher risk funds. Target date funds carry a mix of investments and are best if you have a specific retirement date in mind. Before you start buying shares in mutual funds, you need a good understanding of the types of funds available, the possible returns associated with those funds, and the expenses involved.   You can learn a lot about mutual funds by reading on the internet, especially at the website of the U.S. Securities and Exchange Commission (SEC), which regulates mutual funds. You also can download a complete consumer guide to mutual funds at https://investor.gov, which will walk you through all the details of the market generally and provide guidance on investing wisely. Online ratings services, such as Lipper or Morningstar, offer risk assessments for each mutual fund. Compare these to the risk tolerance you've established to decide which mutual fund is right for you.  These services also detail all fees and charges related to each mutual fund. These expenses can eat into your returns significantly, so you need to research each fund carefully before you commit any money. Look beyond the name of a fund. Just because a fund carries the name of a particular bank may not mean that bank still runs that fund. A fund called a "stock fund" may carry other investments besides corporate stock. While investing in an actively-managed fund will give you more flexibility, you likely will pay higher fees to an investment manager. Passive investment in index-based funds may be a better option for you if you are new to investing. Index-based funds typically have lower fees than actively-managed funds, but they also run the risk of underperforming once you take fees and taxes into account. Generally, investing in mutual funds will be more satisfying if you plan to hold your shares for five years or longer. The longer you hold your shares, the better your chance of a decent investment return. Some funds offer several different share classes, typically A, B, and C classes. Each class has a different fee structure. The length of time you plan to hold your shares can help you determine which share class is most appropriate for you.
Determine your risk tolerance. Research the market. Visit financial websites. Choose an active or passive investment strategy. Decide how long you plan to hold your investments.