A Fund with a fixed number of shares outstanding, and one which does not Redeem shares the way a typical mutual Fund does. Closed-end investment companies behave more like stock than open-end funds: closed-end investment companies issue a fixed number of shares to the Public in an Initial Public Offering, after which time shares in the Fund are bought and sold on a stock Exchange, and they are not obligated to issue new shares or redeem Outstanding shares as open-end funds are. The price of a Share in a Closed-end investment company is determined entirely by market Demand, so shares can either Trade below their net Asset value ("at a discount") or above it ("at a premium"). also called Closed-end fund or Publicly-traded fund.
