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.