mutual fund with a set number of shares available to investors. You buy and sell closed-end mutual funds on the open market, unlike open-end mutual funds, which you buy and sell through the mutual fund company or a broker. The supply and demand for a closed-end mutual fund determines its price, not its net asset value.
A Mutual Fund whose portfolios are still owned by earlier investors and that are still actively managed but do not sell shares at NAV rates to new investors. The shares are, however, actively traded on the open market.
A mutual fund with a fixed number of shares that may be bought and sold like a stock.