Description of table F.123 - Closed-End Funds

A closed-end fund is a type of investment company that is registered with the Securities and Exchange Commission and regulated under the Investment Company Act of 1940. Unlike mutual funds, closed-end funds generally do not issue additional shares after an initial public offering and are not required by law to redeem outstanding shares. Instead, a closed-end fund's shares are listed on a stock exchange or traded in the over-the-counter market. The market price of closed-end fund shares fluctuates like that of other publicly traded securities and is determined by supply and demand in the marketplace. The assets of a closed-end fund are professionally managed in accordance with the fund's investment objectives and policies, and the assets may be invested in stocks, bonds, and other securities. Holdings of debt securities (beginning 1995:Q1), corporate equities, and mutual fund shares are recorded at market value.



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