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A closed-end fund (or closed-ended fund) is a collective investment model based on issuing a fixed number of shares which are not redeemable from the fund.〔Lemke, Lins and Smith, ''Regulation of Investment Companies'', §9.05 (Matthew Bender, 2014 ed.).〕 Unlike open-end funds, new shares/units in a closed-end fund are not created by managers to meet demand from investors.〔http://www.sec.gov/answers/mfclose.htm〕 Instead, the shares can be purchased (and sold) only in the market. This is the original design of the mutual fund which predates open-end mutual funds but offers the same actively managed pooled investments. Closed-end funds sold publicly must be registered under both the Securities Act of 1933 and the Investment Company Act of 1940.〔Lemke, Lins and Smith, ''Regulation of Investment Companies'', §5.02()() (Matthew Bender, 2014 ed.).〕 Closed-end funds are usually listed on a recognized stock exchange and can be bought and sold on that exchange. The price per share is determined by the market and is usually different from the underlying value or net asset value (NAV) per share of the investments held by the fund. The price is said to be at a discount or premium to the NAV when it is below or above the NAV, respectively. A premium might be due to the market's confidence in the investment managers' ability or the underlying securities to produce above-market returns. A discount might reflect the charges to be deducted from the fund in future by the managers, uncertainty due to high amounts of leverage, concerns related to liquidity or lack of investor confidence in the underlying securities. In the United States, closed-end funds are referred to under the law as ''closed-end companies'' and they form one of three SEC recognized types of investment companies along with mutual funds and unit investment trusts.〔http://www.sec.gov/answers/mfclose.htm〕 Examples of closed-ended funds in other countries are investment trusts in the United Kingdom and listed investment companies in Australia. ==Availability== Closed end funds are typically traded on the major global stock exchanges. In the United States the New York Stock Exchange is dominant although the NASDAQ is in competition; in the United Kingdom the London Stock Exchange's ''main market'' is home to the mainstream funds although AIM supports many small funds especially the venture capital trusts; in Canada, the Toronto Stock Exchange lists many closed-end funds. Like their better-known open-ended cousins, closed-end funds are usually sponsored by a fund management company which will control how the fund is invested. They begin by soliciting money from investors in an initial offering, which may be public or limited. The investors are given shares corresponding to their initial investment. The fund managers pool the money and purchase securities or other assets. What exactly the fund manager can invest in depends on the fund's charter, prospectus and the applicable government regulations. 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). 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Closed-end fund」の詳細全文を読む スポンサード リンク
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