A fund of funds is a mutual fund that invests in other mutual funds. In this way,

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A fund of funds is a mutual fund that invests in other mutual funds. In this way, the investors in the original fund get better diversification and a better asset allocation among investment categories. Assume that you are an investor in the original fund and that fund charges you expenses just like any other fund (as we saw in the text). What danger are you possibly running by being an investor in the fund? (Hint: look at expense ratios.)

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