31.   One solution has been to suggest that a fund will take steps to reduce discounts that became very steep.

32.   Other funds have taken less-extreme steps.

33.   Over all, while stock funds took in more money than they paid out to redeeming shareholders this month, the net inflows declined from June, he said.

34.   Other funds have taken a middle-of-the-road approach.

35.   Private equity funds generally take stakes in companies they hope will become publicly traded.

36.   Several funds even took stock tips from World Wide Web message boards.

37.   Since the end of March, the fund has taken losses on its portfolio that have at least offset the money made by selling winners.

38.   Such funds can take long and short positions, use leverage and invest in derivatives, thus increasing potential risks and rewards.

39.   That is important because it means the fund can take profits on the derivatives and does not have to hold them until their expiration.

40.   That is standard hedge fund practice, though some hot funds take as much as half of the profits.