Fund assets The total value of a portfolio'ssecurities, cash, and other holdings, minus any outstandingdebts. Fund family Set of funds with different investment objectives offered by one managementcompany. In many cases, investors may move their assets from one fund to another within the family at little or no cost. Fund of funds A mutual fund or hedge fund that invests in other funds. Fund manager The person whose responsibility it is to oversee the allocation of the pool of moneyinvested in a particular mutual fund. The fund manager is charged with investing the money to attain the returns and level of risk of the mutual fundinvestors. Fund switching Moving money within a mutual fund family from one mutual fund to another. Fun money Money that can be used to invest in riskyinvestments with high potential return. Fundamental analysis Security analysis that seeks to detect misvalued securities through an analysis of the firm's business prospects. Research often focuses on earnings, dividend prospects, expectations for future interest rates, and risk evaluation of the firm. Antithesis of technical analysis. In macroeconomic analysis, information such as interest rates, GNP, inflation, unemployment, and inventories is used to predict the direction of the economy, and therefore the stock market. In microeconomic analysis, information such as balance sheet, income statement, products, management, and other market items is used to forecast a company's imminent success or failure, and hence the future price action of the stock. Fundamental beta The product of a statistical model to predict the fundamental risk of a security using not only price data but also other market-related and financial data. Fundamental descriptors In the model for calculating fundamental beta, ratios in risk indexes other than market variability, which rely on financial data other than price data. Fundamental forecasting Analyzing the future on the basis of fundamental relationships between economic variables and exchange rates. Fundamental Information Information relating to the economic state of a company or economy. In market analysis, fundamental information is related to the earnings prospects of the firm only. Funded debt Debtmaturing after more than one year. Funded Liability A source of funds that a firm must take overt action to arrange and that carries an interest cost. Funded pension plan A pension plan in which all liabilities, including payments to be made to pensioners in the immediate future, are completely funded. Funding Used to describe the refinancing of a debt prior to its maturity (the same as refunding). In corporate finance refers to the floating of bonds to raise finance and levels of capital. See also: refunding. Funding ratio The ratio of a pension plan'sassets to its liabilities. Funding risk The risk associated with the impact on a project's cash flow from higher funding costs or lack of availability of funds. See: interest rate risk. Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. A similar term increasingly used is funds available for distribution (FAD), which is FFO less capital investments in trust property and