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Closed End Fund
See mutual fund. A closed-end fund is not required to purchase its shareholder's shares at NAV each day. Instead, the fund issues a fixed amount of shares as an IPO. Those shares then trade on an exchange. The price of a closed end fund share depends on supply and demand, so it is possible (and often happens) that the price could be at a premium or discount to the Net Asset Value ("NAV") of the fund's holdings.