? * * * Mutual Fund (English: Mutual Fund), also called investment company in the United States, is generally translated into mutual fund in Hongkong and Taiwan Province Province. In Chinese mainland, ordinary investors do not use the word * * * and fund, but use terms such as investment fund and securities investment fund instead, but the above terms are quite different from the connotation of * * * and fund. The early British investment trust was a closed-end fund, which was characterized by the inability to issue new fund units or fund shares at will. After the completion of closed-end fund raising, investors no longer buy directly or indirectly from fund companies, but buy and sell each other in the stock market, so the fund size will not increase or decrease due to transactions. Modern investment funds are no longer limited to closed-end funds, but an open-end fund has emerged, that is, fund units or fund shares can be continuously issued according to the needs of investors. Investors buy and sell funds directly from fund companies or their consignment agencies, and the fund scale will increase with investors' buying and selling. Massachusetts Investment Trust Company, 65438-0926, founded in Boston, is the first modern mutual fund in the United States. This kind of open-end fund is called * * * mutual fund in America and unit trust in Britain.