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The Naked Truth about Naked Funds

Give them credit for full disclosure, but their returns are mixed.

Time is running out this year for the naked funds to dress up their returns.

The naked offerings, so-called because they post their holdings and trades daily on the Internet for all to see, burst on the scene late last year.'s OpenFund (OPENX) and's Community Intelligence Fund (SJCIX) boasted of revolutionizing the industry by using the Internet not only to communicate better with shareholders, but also to give them an ostensible say in running the funds.

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