Institute, 2000.     industry such as biotechnology, utilities, precious metals, or telecommunications. Other funds specialize in securities of particular countries. Table 4.1 breaks down the number of mutual funds by investment orientation as of the end of 1999. Figure 4.2 is part of the listings for mutual funds from The Wall Street Jour- nal. Notice that the funds are organized by the fund family. For example, the Vanguard Group funds are listed beginning at the bottom of the first column. The first two columns after the name of each fund present the net asset value of the fund and the change in NAV from the previous day. The last column is the year-to-date return on the fund. Often the fund name describes its investment policy. For example, Vanguards GNMA fund invests in mortgage-backed securities, the municipal intermediate fund (MuInt) in- vests in intermediate-term municipal bonds, and the high-yield corporate bond fund (HYCor) invests in large part in speculative grade, or "junk," bonds with high yields. You can see that Vanguard offers about 25 index funds, including portfolios indexed to the bond market (TotBd), the Wilshire 5000 index (TotSt), the Russell 2000 Index of small firms (SmCap), as well as European- and Pacific Basin-indexed portfolios (Europe and Pacific). I. Introduction 4. Mutual Funds and Other Investment Companies The McGraw−Hill Companies, 2001           CHAPTER 4 Mutual Funds and Other Investment Companies 111     Figure 4.2 Listing of mutual fund quotations.