Closed-end investment companies are also known as closed-end funds or closed-end mutual funds. These types of investment companies issue a fixed number of shares that are then traded on an exchange. Unlike open-end funds, which issue new shares as demand increases, closed-end funds have a fixed number of shares that are traded among investors. Other synonyms for closed-end investment companies include closed-end portfolios, closed-end investments, and closed-end vehicles. These types of funds can offer investors a diversified portfolio with a manager's expertise, and their stock-like trading can often provide liquidity for investors looking to buy or sell shares.