Mutual funds can be structured as a closed-end fund, in which a fixed number of nonredeemable shares are sold at an initial offeringand then traded in the over-the-counter market like a common stock.

The market price of a closed-end fund fluctuates in response to investor demand as well as changes in the values of itsholdings or its net asset value.

A closed-end fund is an investment with a limited number of shares that does not allow new investors.