The term "mutual funds" is normally used to represent open-end funds, and does not include closed end funds.

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This statement is true. The term "mutual funds" generally refers to open-end funds, which are the most common type of investment fund. Closed-end funds, on the other hand, have a fixed number of shares and do not continually issue new shares or redeem existing ones like open-end funds do. While both types of funds are traded on stock exchanges, they have some notable differences in terms of fees, pricing, and liquidity.

The Term "Mutual Funds" Is Normally Used to Represent Open-End