WORD OF THE DAY: COLLATERALIZED BOND OBLIGATION (CBO) - a derivative security collateralized by a pool of high-yield bonds. Several classes of these obligations are issued for a single pool of bonds with different classes offering different yields and a d ... More
1. ) A type of fee charged to investors in some mutual funds. In theory, the fee is supposed to reimburse the sponsor for sales, distribution, or shareholder liaison expenses. In reality, however, it is another type of administrative or management fee. See LOA.
Fund Letters
