Shares Traded on a Public Exchange

Shares of most closed-end funds are listed and trade throughout the day between investors on a national exchange, such as the New York Stock Exchange. The shares are not redeemed by the sponsoring company. Closed-end fund shares may trade at a discount or premium at any given time based on market sentiment. This enables investors to potentially take advantage of price movements. It also allows investors to use certain strategies for timing the purchase and sale of shares, such as the use of limit orders, whereby investors can control the timing and/or pricing of orders to purchase or sell shares.