Closed-end funds issue a set number of shares that trade like those of ordinary companies.

Under the Investment Company Act of 1940, mutual funds can issue only common stock.

But closed-end funds can issue preferred shares as well.

Closed-end funds issue a fixed number of shares that trade on stock exchanges.

Closed-end funds generally issue shares to the public only once, when they are created through an initial public offering.

The fund has issued several dividends to member credit unions, the most recent in 2007.

Unlike the more common, open-end variety, closed-end funds issue a limited number of shares.

Under the creditors' proposal, the fund would issue three types of notes, due in 18, 24 and 36 months.

By law, mutual funds can issue only one class of shares, and so they cannot engage in such leveraging.

Closed-end funds issue a fixed number of shares and trade like common stock on major exchanges.