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<<"I looked all over the Fools book I have, plus the web site, and there's no mention of a "closed" fund. Any pointers?"
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I believe that a closed fund is an investment company that sells only a fixed number of shares similar to common stock. Basically, it is the same as a mutual fund, except that the mutual fund is always ready to sell more shares at any time. That's why mutual funds are also refered to as open funds. >>

Not all mutual funds are open. Some close themselves to new investors at certain points. I think even Fidelity's big fund Magellan closed for a while (perhaps it's still closed -- not sure). Funds may close if they've gotten so big that it's beoming very hard to invest all their money. Or for other reasons.

Selena
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