The Fed's actions have been especially damaging because the typical fund in the category owns long-term issues, which lose value quickly as rates rise.

"There are many more moving parts under the hood than in the typical mutual fund."

That market cap is still far smaller than that of the typical small-cap fund.

The typical closed-end fund is sold by brokers who don't charge investors a commission - at least not overtly.

Still, he is not running a typical growth-and-income fund.

Some of the incubated hedge funds will provide investors with more information than the typical fund.

The typical fund must hold a significant amount of cash so that it can meet redemptions.

As is the case with ordinary companies, shareholders elect the five to 12 members of a typical fund's board.

In 1999, the typical short fund dropped 24.4 percent; Rocker rose 39 percent.

The typical fund has recently held 23 percent of its portfolio in stock, concentrating on high-yielding utility, energy and financial issues.