An Investor's Guide to Closed-End Muni Funds
by Annette Thau
Technically, ordinary mutual funds are known as open-end funds. That is because, when they are launched, the number of shares is open-ended, and the fund can continuously issue new shares as capital comes in.
A second type of fund exists, not as well known, called closed-end funds: These are launched with a fixed number of shares outstanding.
Either type of fund can serve as a vehicle for investing in a managed portfolio of bonds. Like their open-end cousins, closed-end bond funds cover the entire bond universe, including:
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