A closed-end fund is a type of fund whose shares are listed on a stock exchange or traded on the over-the-counter market. Once issued, a closed-end fund’s common shares typically are not purchased or redeemed directly by the fund; they are instead bought and sold on the open market. Closed-end fund boards generally are subject to the same responsibilities imposed on mutual fund boards under the Investment Company Act of 1940. In addition, closed-end funds may trade on an exchange, and, in that circumstance, would be subject to the exchange’s listing standards, including possible governance provisions.
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