Short 

Borrowing and then selling securities that one does not own, in anticipation of a price decline. When prices fall, the short is ?covered? by buying the securities back and returning them to the lender.

Remarks: Bond funds including mutual funds (open-end and closed-end, actively managed and indexed), exchange-traded funds and unit investment trusts offer a convenient and affordable way to invest in a diversified portfolio of bonds, but a bond fund investment can differ from a bond investment in ways that are important to understand.