A more thorough explanation:

A fully managed fund is a type of mutual fund that allows the fund manager to have reasonable discretion in trading securities in combination or quantity. This means that the fund manager has the authority to make investment decisions on behalf of the fund's shareholders.

For example, if a fully managed fund invests in stocks, the fund manager can decide which stocks to buy or sell based on their analysis of the market and the company's financial performance. The fund manager can also adjust the fund's investment strategy to respond to changes in the market or economic conditions.

Other types of mutual funds include:

• Bond fund: A mutual fund that invests primarily in specialized corporate bonds or municipal bonds.
• Index fund: A mutual fund that invests in the stock of companies constituting a specific market index, such as Standard & Poor's 500 stocks, and thereby tracks the stock average.
• Money-market fund: A mutual fund that invests in low-risk government securities and short-term notes.

These examples illustrate the different types of mutual funds that investors can choose from based on their investment goals and risk tolerance. A fully managed fund may be a good option for investors who want to delegate investment decisions to a professional fund manager.