Open-end equity mutual funds find it necessary to keep a significant percentage of total investments, typically around 5% of the portfolio, in very liquid money market assets. Closed-end funds do not have to maintain such a position in cash equivalent securities. What difference between open-end and closed-end funds might account for their differing policies?

Balanced funds, life-cycle funds, and asset allocation funds all invest in both the stock and bond markets. What are the differences among these types of funds?

Why can closed-end funds sell at prices that differ from net asset value while open-end funds do not?

What are the advantages and disadvantages of exchange-traded funds versus mutual funds?