64.33 — Activities of Closed-ended Non-money Market Funds

This class includes activities of non-money market funds, i.e., collective investment schemes that raise funds by issuing shares or units to the public, of which proceeds are invested primarily in financial assets, other than short-term assets, and in non-financial assets (usually real estate). Their units (or shares) are not substitutes for deposits. A closed-end fund is an investment fund that issues fixed numbers of shares and invests the capital in assets. Investors buy and sell the existing shares via secondary markets or directly between investors. Fund size need not respond directly to changes in investor demand. Closed-ended investment fund share prices are market-determined and may vary from net asset value of the fund.

This class excludes: - activities of money market funds, see 64.31