CLOSED-END FUND Definition

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CLOSED-END FUND is a mutual fund that sells only a fixed number of shares, which subsequently trade on exchanges like stock.

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FOB DESTINATION is where the seller retains title and control of goods until they are delivered and the contract of carriage has been completed. The seller selects the carrier and is responsible for the risk of transportation.

NONCOMPETITIVE BID, in securities, is a bid allowed to be placed on a noncompetitive basis by the U.S. Treasury at one of its securities auctions. A bidder in this case does not specify the price at which it wishes to purchase these securities. However, at the close of bidding, it is awarded all or part of the number of bonds it asked for at the average price of all the accepted competitive bids.

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