11.   But what is the investor buying with these funds?

12.   Investors buy units in the portfolio.

13.   Investors buy a general claim on the investment trust, rather than buy the assets as in a unit trust.

14.   Already casting for investments beyond Latin America, investors have bought dollar-denominated bonds originating in Eastern European countries such as Poland and Hungary.

15.   Also troubling to some is the lack of analyst coverage and the ease with which investors can buy or sell an infrequently traded stock -- known as liquidity.

16.   America Online Inc. plans to introduce a service that will allow investors to buy and sell mutual fund shares through personal computers later this year, the company said.

17.   Amazon.com shares were not ones that many institutional investors bought to hold for the long term, said Dick Smith, syndicate manager of Montgomery Securities.

18.   An investor buys securities that turn out to be worthless.

19.   An investor may buy a whole policy or a share in a policy or in a pool of policies.