Final answer:
A closed-end fund with a share repurchase program has the right to periodically buy back outstanding shares to manage discounts to net asset value and provide shareholder liquidity.
Step-by-step explanation:
The type of closed-end fund that has the right to periodically buy back their outstanding shares is known as a closed-end fund with a share repurchase or buyback program. These programs allow the fund to purchase shares from investors and retire them, typically with the goal of managing discounts to net asset value (NAV). When a closed-end fund offers to buy back its shares, it helps to provide liquidity to shareholders and can also support the share price by reducing the number of outstanding shares in the market.