A closed-end investment company issues a limited and fixed number of shares and does not buy them back.

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A closed-end investment company issues a limited and fixed number of shares to investors and does not buy them back once they are issued. Instead, the shares are traded on stock exchanges between investors. This is different from open-end investment companies, also known as mutual funds, which continuously issue and redeem shares based on investor demand.

A Closed-End Investment Company Issues a Limited and Fixed Number