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Meaning of closed-end investment company

closed'-end invest'ment com"pany

Pronunciation: [key]
  1. an investment company that issues its shares in large blocks at infrequent intervals and is not obligated to redeem or repurchase them. Cf. open-end investment company.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.