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What does closed-end investment company mean?

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closed-end investment company
Noun

Any management company other than an open-end company that issues a fixed number of non-redeemable shares through a registered broker-dealer in a single underwritten public offering that then trade freely in the secondary market a premium or discount to the fund’s net asset value (NAV), depending of the supply and demand for the fund.

Synonym(s): 
  • closed-end company; closed-end fund (CEF); closed-end investment fund; closed-ended fund (CEF).
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