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Hi Michael:

"I looked all over the Fools book I have, plus the web site, and there's no mention of a "closed" fund. Any pointers?"

I believe that a closed fund is an investment company that sells only a fixed number of shares similar to common stock. Basically, it is the same as a mutual fund, except that the mutual fund is always ready to sell more shares at any time. That's why mutual funds are also refered to as open funds. As a result, in addition to mutual fund growing due to market value, it will grow as more folks invest in it as well. On the other hand, the closed market fund will grow on market value only.

I hope this helps.

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