In a seemingly counterintuitive move, the mutual fund industry has been raising the minimums needed to open an account, rather than lowering them to snag new investors.

Data from Morningstar of Chicago shows that the number of funds requiring minimums of $1,000 fell nearly 10% between Dec. 1999 and March 2002. And from 1997 to 2001, 719 funds raised their minimums, while only 521 lowered them.

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