Investigate the time when closed-end funds and open-end funds appeared. The investment trust fund named "Unity is Strength" founded by the Dutchman Adrian van Katevich in 1774 is considered to be the first closed-end investment fund in the world. From 65438 to 0924, more than 200 Harvard professors invested 50,000 US dollars to set up Massachusetts Investment Trust Fund in Boston, which was the first open-end fund in the world, and the United States began to lead the development trend of modern securities investment fund industry.