What is a good mutual Fund to invest in with no Penalties?

What is a good Mutual Fund to invest in that will not penalize you if you cash out early?

Fidelity Select Funds

There are lots of them....but first how long do you want to invest the money, do you need it in less than 5 years? How much money are you investing. An index fund from Vanguard is a good low cost way to go. They have large company, mid size, small...no penalties and low management fee.
If money is for short term saving then go with a money market account . ING has a good interest rate right now.

YOu need to do your own research and find what fits your personality. Arthur Weisenberger's book is great at the library. Also, soak up everything you can at www.morningstar.com

Good Luck

What you are looking for is a no load fund.

many mutual funds will charge you a redemption fee of 1% or so if you redeem your shares in 30 days or 90 days depending on the fund. Closed end funds are traded like stocks. There will be no penalties when you sell them other than the brokerage fee. You can buy them in the morning and sell them in the afternoon if you want. Not only that but many of them sell at a discount to their net assets so you are actually buying them at a discount.

Among open end funds, I like PENNX. It has an excellent long term track record. Invests in small cap stocks. Minimum investment $2000. But there is a 1% redemption fee for shares held less than 6 months. Annual expenses 0.9%. This is about 30% below the average. 25 year annual return 14%.

I am enclosing a link to closed end funds. You can check them out on your own.

PCACX and TRLIX, wheck with your broker for availabilty. I saw someone answer already, if you are looking to hold for less then 6 months I would stick with a ING Money market, or Wachovia has some decent yields on their CDs and money markets also. Citibank also has an online moneymarket which pays very high yields. Check around though, www.bankrate.com can help find a lot fo the MMFs and CDs wih no penalties.