A company or trust managed by investment professionals that invests its capital in other companies for purposes of diversification, the two principal types of which are the closed-end and open-end or mutual fund. Closed-end funds have a fixed capitalization, and are usually listed and traded on the New York Stock Exchange like any other security, and may sell at a premium or discount to net asset value. Open-end funds whose shares are not listed stand ready to sell new shares continuously to investors and to redeem them when called upon to do so.

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