Let C be a class of modules and L = lim − → C the class of all direct limits of modules from C. The class L is well understood when C consists of finitely presented modules: L then enjoys various closure properties. Our first goal here is to study the closure properties of L in the general case when C ⊆ Mod-R is arbitrary. Then we concentrate on two important particular cases, when C = add M and C = Add M , for an arbitrary module M .In the first case, we prove that limand F S is the class of all flat right Smodules. In the second case, limwhere S is the endomorphism ring of M endowed with the finite topology, F S is the class of all right S-contramodules that are direct limits of direct systems of projective right S-contramodules, and F ⊙ S M is the contratensor product of the right S-contramodule F with the discrete left S-module M .For various classes of modules D, we show that if M ∈ D then limAdd M , but the equality for an arbitrary module M remains open. Finally, we deal with the case when M is an (infinitely generated) tilting module, and consider the problem of whether lim − → Add M = Add M where Add M is the class of all pure-epimorphic images of direct sums of copies of M . We prove that the equality holds, e.g., for all tilting modules over Dedekind domains.