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Even amateur investors today are aware of the several different kinds of mutual funds that one can invest in. What is more important, though, is to be able to accurately distinguish between different types of mutual funds in respect to one’s own financial needs, means and investment objectives. Once you have this much figured out, you will be able to narrow down your list to a handful of options, and make your final pick thereon. An important decision many investors find themselves having to make is whether to invest in an equity fund or an index fund. Here’s the lowdown on both.