Closed-end funds have been around for a very long time - some date them back to the end of the 19th century as the 'original' mutual funds. This is some 30 years before the first mutual fund was formed in the United States. But both closed-end funds ("CEFs") and open-end funds ("OEFs") are professionally managed investment companies that give investors quick and easy access to a diversified portfolio.
The differences between the open-end mutual fund and a closed-end fund are simple:
- Open-end funds have daily liquidity with continuously offered shares to investors as well as