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A closed-end fund, also known as a closed-end mutual fund,[1][2][3][4] is an investment vehicle fund that raises capital by issuing a fixed number of shares at its inception, and then invests that capital in financial assets such as stocks and bonds. After inception it is closed to new capital, although fund managers sometimes employ leverage. Investors can buy and sell the existing shares in secondary markets.[5][6][7]
In the United States, closed-end funds sold publicly must be registered under both the Securities Act of 1933 and the Investment Company Act of 1940.[8]
U.S.-based closed-end funds are referred to under the law as closed-end companies and form one of three SEC-recognized types of investment companies along with mutual funds and unit investment trusts.[7]
Like their better-known open-ended cousins, closed-end funds are usually sponsored by a fund management company. The fund's charter, prospectus and the applicable government regulations specify the types of investments the fund manager is permitted to buy. Some funds invest in stocks, others in bonds, and some in very specific things (for instance, tax-exempt bonds issued by the state of Florida in the USA).
- ^ "An Introduction to Closed-End Mutual Funds".
- ^ "What is the difference between an open-end and a closed-end mutual fund?".
- ^ "Closed-end Mutual Funds".
- ^ "Open-end vs Closed-end Mutual Funds".
- ^ Thau, Annette (2001). The Bond Book. New York: McGraw Hill. pp. 340–341. ISBN 0-07-135862-5.
- ^ Lemke, Lins and Smith, Regulation of Investment Companies, §9.05 (Matthew Bender, 2014 ed.).
- ^ a b "Closed-End Fund Information". SEC.gov. U.S. Securities and Exchange Commission. 2013-01-16. Retrieved 2015-12-16.
- ^ Lemke, Lins and Smith, Regulation of Investment Companies, §5.02[2][b] (Matthew Bender, 2014 ed.).
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