A fund that issues a fixed number of shares in an initial public offering (IPO) which are then traded like a security on the stock market. The price of a closed-end fund is determined by market demand and net asset value (NEV). Contrary to common belief, a closed-end fund is not a type of mutual fund which the Securities and Exchange Commission (SEC) defines as an open-end company. See open-end fund.
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Institute of Financial Accountants
chose in possession
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