Investing involves risk. Principal loss is possible. Closed-end funds (CEF) do not continuously offer shares for sale as open-end mutual funds do. The shares trade on a secondary market after the initial public offering. Investor who wish to buy or sell fund shares of a CEF need to place order through an intermediary, or broker, who will buy or sell fund shares on the stock exchange in a process identical to the purchase or sale of any other listed stock. A closed-end fund is not required to buy its shares back from investors upon request. The share price of a closed-end fund is based on the market value.