Letter : C

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This is a type of investment company which offers a fixed number of shares through an initial public offering, and does not have any obligation to issue new shares or redeem outstanding ones. "Closed-end funds" are listed and traded on a stock exchange in a similar way to stocks, meaning the price of the fund’s shares is entirely determined by the market rather than the net asset value.
Mark Wightman
Partner, Wealth & Asset Management Advisory
Ernst & Young
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