This is probably the best case for mutual funds and closed-end investment companies that could be presented to the layman considering the advantages and limitations of this type of investment. In 1951 this author published The Investment Company and the Investor. In the intervening years mutual funds have proved to be the fastest growing area in the investment field, reaching a high of 20 billion last year. He examines his subject from the viewpoint of three questions:- 1) What do I get in buying the shares of an investment company? (i.e. mutual fund); 2) What do I pay for what I get ? 3) Should I put my funds into these shares? The author answers these questions-and many more- clearly, concisely, effectively. He gives the potential investor confidence in the fact that as the country prospers over the years he will- through these investments- share in that prosperity. He clarifies the difference between open-end and closed-end funds and surveys a number of the outstaznding funds in each category,-their policies, objectives, performance and results. While the reading of this text will not make an expert of an amateur, it will give an investor understanding and confidence in the how, why and when of investing in mutual funds.