23.14

14. What's the difference between closed-end and open-end mutual funds? (3 pts)

1. Closed-end funds charge fees to purchase, open-funds do not.
2. Closed-end funds pay a fixed return like a bond, while open-end funds have an open-ended return.
3. Open-end funds are sold by brokers. Closed-end funds are sold only to large, private investors.
4. Open-end funds are sold by the fund company. Closed-end funds are traded on exchanges.

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