Closed-End Funds
A closed-end fund is one of three basic types of professionally managed investment companies, along with open-end funds (more commonly known as mutual funds), and unit investment trusts.
Many investors choose closed-end funds to help broaden and diversify their portfolios. A wide variety of closed-end funds from all asset classes are available, all subject to different risks and levels of volatility. The approximately 630 U.S. listed closed-end funds have total net assets exceeding $200 billion. Among the largest issuers of closed-end funds are Nuveen, BlackRock and Morgan Stanley's Van Kampen, as well as Merrill Lynch, Legg Mason, John Hancock and PIMCO.
The NYSE trades more than 480 closed-end funds with a total market value of approximately $114 billion. In 2006, 19 closed-end funds listed on the NYSE, raising approximately $9.4 billion in capital.
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