Chamois16

Understanding Closed-End Funds

Closed end funds,,as you say, are like mutual funds in many ways, but they are not mutual funds. Here's one clip from sec.gov

Mutual Funds

A mutual fund is a company that pools money from many investors and invests the money in stocks, bonds, short-term money-market instruments, or other securities. Legally known as an "open-end company," a mutual fund is one of three basic types of investment company. The two other basic types are closed-end funds and Unit Investment Trusts (UITs).

There are enough differences within the ICA 1940, to mse the distinction worthwhile.