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Closed-end fund - Wikipedia, the free encyclopedia Closed-end funds are typically traded on the major global stock exchanges, in the US the Amex is dominant although the New York Stock Exchange is in competition; in the UK the London Stock Exchange's main market is home to the mainstream funds although AIM supports many small funds expecially the Venture Capital Trusts. The price of a share in a closed-end fund is determined partially by the value of the investments in the fund, and partially by the premium (or discount) placed on it by the market. It is easier to understand in cases where the CEF is able to pick and choose assets and arbitrageurs are not able to determine the specific assets until months later, but some funds are forced to replicate a specific index and still trade at a discount. en.wikipedia.org /wiki/Closed-End_Fund   (1485 words)

Closed-End Fund Association Assuming the fund's fiduciaries do their job in safeguarding assets, the only way a closed-end fund can go broke would be for all its portfolio holdings to become worthless-an extremely remote possibility. In some closed-end funds, this is the "default" choice, which goes into effect unless the shareholder specifically notifies the fund that dividends are to be paid in cash. Funds which hold 30 or fewer stocks are sometimes called "focus funds," because they seek to generate superior performance from their very best stock selections. www.closed-endfunds.com /faq.asp   (716 words)

Closed-End Funds Closed-end funds are subject to SEC registration and regulation, and are subject to numerous requirements imposed for the protection of investors. The investment portfolios of closed-end funds generally are managed by separate entities known as "investment advisers" that are registered with the SEC. The price of closed-end fund shares that trade on a secondary market after their initial public offering is determined by the market and may be greater or less than the shares’ net asset value (NAV). www.sec.gov /answers/mfclose.htm   (443 words)

Closed-End Fund Statistics Assets of a closed-end fund are professionally managed in accordance with the fund's investment objective and policies, and may be invested in stocks, bonds, or a combination of both. closed-end fund is an investment company that issues a fixed number of shares which trade on a stock exchange or in the over-the-counter market. Like other publicly traded securities, the market price of closed-end fund shares fluctuates and is determined by supply and demand in the marketplace. www.ici.org /stats/ce   (130 words)

Site-By-Site! Closed-End Funds Center A downward change is shown as a negative number and reflects funds who have the largest movements in their discounts widening (i.e., -5% to -15%), premiums narrowing (i.e., 15% to 5%) or moving from a premium to a discount (i.e., 5% to -5%). An upward change is shown as a positive number and reflects funds who have the largest movements in their discounts narrowing (i.e., -15% to -5%), premiums widening (i.e., 5% to 15%) or moving from a discount to a premium (i.e., -5% to 5%). Daily pricing reports by fund sponsor or trust administrator provide quick links to more information on each fund – including price and performance details. www.site-by-site.com /usa/cef/cef.htm   (672 words)

Closed-End Fund Association Nuveen AZ Div Adv Muni Fund 2 - $0.0685 Nuveen AZ Div Adv Muni Fund 3 - $0.0605 Nuveen NJ Div Adv Muni Fund 2 - $0.0730 www.closed-endfunds.com   (1541 words)

Closed-end fund investing It is typical for closed-end fund share prices to be driven to premiums during times of euphoria in the financial markets and to discounts during uncertain times. Closed-end funds are professionally managed investment companies that invest in stocks and/or bonds. By contrast, open-end mutual funds are required by law to issue and redeem shares directly with investors and always at the prevailing NAV, or the per share value of the securities owned. www.physiciansnews.com /finance/997.html   (914 words)

Closed End Fund Center Under normal market conditions, the Fund invests at least 80% of its assets in equity securities of domestic and foreign companies involved in the utilities industry and other industries that are expected to periodically pay dividends. The Fund will invest at least 25% of its assets in the equity securities of companies principally engaged in the exploration, mining, fabrication, processing, distribution or trading of gold or the financing, managing, controlling or operating of companies engaged in "gold-related" activities. The Fund’s secondary investment objective is to seek capital appreciation consistent with the Fund’s strategy and its primary objective. www.gabelli.com /closed.html   (561 words)

Closed End Fund Information For certain periods following the ex date of dividends paid by the Fund, returns may be calculated based on the lower of the net asset value or market price of the shares on the dividend pay date rather than the true dividend reinvestment price. The Fund primarily invests in high grade municipal obligations that are insured as to principal and interest payments. The Fund’s investment objective is to provide current income exempt from federal income tax, including alternative minimum tax, and California personal income tax. www.eatonvance.com /mutual_funds/fund_info_closed.asp?fund=EVM&h=3   (609 words)

The Scott Letter: Closed-End Fund Report© Furthermore, if a closed-end fund is exposed to a foreign currency and that currency weakens, the fund may need to offset its income with currency losses, possibly resulting in a return of capital. Closed-end funds are a valuable and profitable tool for many of our clients and colleagues. RENN also announced that the Board of Directors of the fund has approved a distribution of $0.10 per share, payable on August 29, 2003 to shareholders of record as of August 15, 2003. www.site-by-site.com /usa/cef/september.htm   (2748 words)

Closed-end Fund Secrets Like regular mutual funds, closed-end funds have actively managed portfolios, benefiting from the latest research and financial analysis, and are run by some of the best portfolio managers on the face of the planet… The big investments houses may consider closed-end funds to be too small to be worth their while…but for an individual investor, the potential profits are huge… Act now and you will receive everything you need to start trading closed-end funds for huge, market-hedged profits that allow you to exploit market irrationality and asset mispricing without having to worry about how the overall market is doing. www.closed-end-fund-secrets.com   (2539 words)

Closed-end Fund (2) A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net asset value. The number of shares outstanding is limited by the company's charter and their value is determined in the open market. www.russell.com /us/glossary/funds/closed_end_fund.htm   (59 words)

Closed-End Investment The main difference with closed-end funds is that market price of the shares is determined by supply and demand and not by net-asset value (NAV). Most mutual funds are open-end funds, not closed-end. Also known as a "closed-end mutual fund" or "closed-end fund". www.investopedia.com /terms/c/closed-endinvestment.asp   (200 words)

Closed-End Fund Forum IPOs not include money raised in continuously-offered LP funds. Note: * - Count includes all Loan Participation funds; assets raised does The information herein is not an offer to buy or sell any kind of securities nor does it constitute investment advice of any kind. www.closedendfundforum.com /funds/ipos.html   (94 words)

PR Newswire: The Korean Investment Fund, Inc. Announces Schedule For Conversion From Closed-End Fund to Open-End Fund.@ HighBeam Research The Korean Investment Fund, Inc. (NYSE: KIF) (the "Fund"), a closed-end U.S.-registered management investment company advised by Alliance Capital Management L.P., with assets of $46,903,410 as of November 2, 2001, announced today the following schedule for its conversion from a closed-end fund to an open-end fund (the "Conversion"). The stock transfer records of the Fund as a closed-end fund will be closed... PR Newswire: The Korean Investment Fund, Inc. Announces Schedule For Conversion From Closed-End Fund to Open-End Fund.@ HighBeam Research www.highbeam.com /library/doc0.asp?DOCID=1G1:79905675&refid=holomed_1   (220 words)

ISS Friday Report It is important to remember that closed-end funds issue a set number of shares and are traded on exchanges or in the over-the-counter market, allowing the market price to trade at a premium or discount to net asset value of their securities. This doesn’t necessarily mean that shareholders should sell their closed-end funds, because closed-end funds usually offer more attractive yields relative to similar funds and it would be difficult to replace that income without incurring additional risk. Closed-end funds, which use leveraging as one of their investment methods, will borrow money at short-term rates to invest in higher-yield longer-term securities. www.issueatlas.com /content/free/mutualfund/mutualfund01.html   (600 words)

Curious Cat Investing Library - Encyclopedia of Investment Terms: Open and Closed End Mutual Funds, Hedge Funds An open end fund can be closed to new investments (which means investors are not allowed to buy new shares), however it is still classified as an open end fund. An open end fund has the additional difficulty of coping with purchase and sales decisions by investors. An investor invests by sending the fund company a check which then calculates the Net Asset Value at the close of business that day and credits the investor with the appropriate number of shares. www.curiouscat.com /invest/openend.cfm   (600 words)

Closed-End Fund Association Closed-end funds are a type of indirect security which collects assets during an initial public offering (IPO), invests them in a portfolio of mostly direct securities such as stocks and/or bonds which support the fund's investment objective, and then maintains the portfolio in accordance with policies specified in the prospectus. In short, open-end funds trade at NAV which is directly related to the asset base while closed-end funds trade at a market created price independent of the amount of assets held. Financial leverage is used by a majority of fixed-income type closed-end funds and by some equity income funds "to increase income"4, and even by some pure equity funds to increase the amount of investment assets without the need for a rights offering. www.cefa.com /researcharticles/LeverageCEFunds09_99.htm   (1568 words)

Putnam Conv. Opps. & Income Trust Class Action Complaint The firm serves as the investment manager for the funds in the Putnam family, with approximately...$5 billion in assets in 16 closed-end funds." (Prospectus at 17.) Management of the Fund is overseen by the Trustees, who "are responsible for the general oversight of the Fund's business." (Prospectus at 31.) 41. It is in the interest of the management of the Fund for the Fund to remain a closed-end fund, i.e., to not convert to open-end fund, and to avoid repurchasing shares at net asset value. Shares of a closed-end fund "frequently trade at a discount from net asset value." (Prospectus at 47.) The development of such a discount--such as the one that the Fund's shares are now saddled with--exposes an investor in the closed-end fund--here, members of the Class--to loss. securities.stanford.edu /1007/PCV96/001.html   (4241 words)

Open and close end mutual funds After the fund’s inception, if an investor would like to purchase shares of the Closed-end fund they must find a seller to buy from, and if an investor chooses to sell their shares in the fund they must find a buyer on the other side to purchase the shares from them. The main difference between closed-end mutual fund and open-end fund lies in the fact that value of closed-end fund share is determined not by current net asset value, but the ratio of demand-supply for its shares in the stock market. Open-end Mutual Fund is an open-end investment company, one of investment forms, managed by a professional manager who invests client money attracted to the fund into these or those securities. www.suite101.com /article.cfm/fixed_income_bonds/74710   (424 words)

TheStreet.com: Current Closed-End Fund Lawsuits Could Mean Big Changes Closed-end lawsuits are often launched by shareholder activists who aim to profit by forcing the funds to reduce or eradicate the discounts at which their shares trade to net asset value (see explanation of premiums and discounts at the end of this piece). Ending the management company's contract on a closed-end has not been done in the last decade, if at all, says David Schachter of Thomas J. Herzfeld Advisors, a firm that specializes in closed-end fund analysis. In theory, the quickest and cheapest way to open-end a fund is to sack the resistant management company through a shareholder meeting vote to replace them with new, friendly management. www.thestreet.com /funds/funds/14321.html   (1129 words)

ETFConnect - Home ETFConnect.com is the most comprehensive industry gateway to Exchange-Traded Closed-End and Index Funds. Nuveen Investments Enhances Industry's First Online Closed-End Fund and Index ETF Information Portal; Changes Improve Navigation, Functionality and Educational Resources at ETFConnect.com (Business Wire) Welcome to the Source for Closed-End and Index ETFs. www.etfconnect.com   (184 words)

Boston.com / Business / Canary hedge fund manager testifies Edward Stern, head of the Canary Capital Partners hedge fund, testified Friday that he happily accepted when Bank of America's brokers offered him the ability to trade after markets had officially closed, but now thinks it was unfair. NEW YORK -- Edward Stern, head of the Canary Capital Partners hedge fund, testified Friday that he happily accepted when Bank of America's brokers offered him the ability to trade after markets had officially closed, but now thinks it was unfair. The source of the group's funding, he said, was the Hartz Mountain company founded by his grandfather in 1926. www.boston.com /business/articles/2005/05/13/canary_hedge_fund_manager_testifies   (184 words)

Rediff On The NeT: Fund Pick: Zurich India Quantum Growth Fund The fund started gaining ground from the last quarter of 1998 and with the market surge, in calendar 1999 the fund is up 69% year to date ranking #5 out of 20 closed-end funds. Zurich India Quantum Growth Fund (ZIQGF) is a six-year closed-end equity fund. The fund is due for redemption on January 31, 2000 when it is likely to be converted into an open-end fund. www.rediff.com /money/1999/oct/15mfile.htm   (184 words)

Closed-end fund - Wikipedia, the free encyclopedia Closed-end funds are typically traded on the major global stock exchanges, in the US the Amex is dominant although the New York Stock Exchange is in competition; in the UK the London Stock Exchange's main market is home to the mainstream funds although AIM supports many small funds expecially the Venture Capital Trusts. The price of a share in a closed-end fund is determined partially by the value of the investments in the fund, and partially by the premium (or discount) placed on it by the market. However, the opposing view is that the fund may not liquidate in your timeframe and you may be forced to sell at an even worse discount, or the investments in the fund may lose value. en.wikipedia.org /wiki/Closed-End_Fund   (1475 words)

Closed-End Fund Association Based on data shown in the last financial report as a closed-end fund and the first financial report as an open-end fund, the average expense ratio increased from 1.33% to 1.89% after conversion to an open-end fund. The benefits of closed-end funds are many, including professional management, no-worry currency translation for international funds, discounted purchase prices, and, unlike their open-end counterparts, a stable asset base. Because open-end funds must continually react to purchase and redemption requests by shareholders, open-end funds tend to have a fluctuating asset base. www.cefa.com /researcharticles/wiesenberger/research1.htm   (1622 words)

TheStreet.com: Closed-End Funds Try a New Twist: the 'Flipper' Provision Unlike other closed-end funds that allow trustees to consider a conversion, or permit a shareholder vote on the issue, or even allow for some sort of buyback or limited tender plan, the Dessauer fund is required to make the change to an open-end format at practically the first whiff of discount trouble. New closed-end funds that would actually do something about chronically discounted share prices are finally more than a concept. Fund executives who said they have tried that strategy, namely, launching an open-end fund through a large initial offering of shares, were rebuffed by brokerage firms. www.thestreet.com /pf/funds/syrebailey/5604.html   (702 words)

The International Encyclopedia of Mutual Funds^ Closed-End Funds and Real Estate Investment Trusts - Investor Bookstore Online Store - WallStreet Books The International Encyclopedia of Mutual Funds^ Closed-End Funds and Real Estate Investment Trusts - Investor Bookstore Online Store - WallStreet Books The International Encyclopedia of Mutual Funds^ Closed-End Funds and Real Estate Investment Trusts This site features online ordering on our secure server to ensure your privacy, protection, and peace of mind. www.wallstreetdex.com /cgi-bin/build4.cgi?key_no=12225&searchterm=   (702 words)

CNW Telbec Although the Skylon funds are closed-end funds, several allow investors to redeem their units at the net asset value on a specific date once per year. Managed assets included investment fund assets at CI Mutual Funds Inc. and Assante Wealth Management of $45.9 billion, labour-sponsored funds of $175 million and structured products and closed-end funds of $1.1 billion. In January, independent fund research firm Morningstar Canada reported that there were 59 CI funds with the top five-star rating at December 31, 2004, more than double the total of a month earlier. www.cnw.ca /fr/releases/archive/February2005/01/c9320.html   (702 words)

Open end funds - The Investor's Guide to Closed-End Funds Open and closed-end funds are both pools of investor money and they are An open-end fund issues and redeems shares on demand, whenever investors put When you buy an open-end fund, you are purchasing shares from the fund itself, Closed-end fund shares trade on the open market just like stocks. Open-end funds are those funds in which the company can always issue more shares This is the way in which it differs drastically from an open-end fund. 401k-plans.yoursuperengine.com /q/401k-plans-open-end-funds.htm   (725 words)

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