Closed-end fund

Definition

A type of investment fund that raises a fixed amount of capital through an initial offering and then trades on stock exchanges. Unlike open-end mutual funds, shareholders cannot redeem shares at net asset value, which can lead to shares trading at a discount.

Examples

• •The underlying dispute involves closed-end funds managed by FS Credit and BlackRock that adopted bylaws limiting voting rights, which Saba challenges as violating the ICA's equal voting requirement.

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