51.   Unlike mutual funds, closed-end funds issue a fixed number of shares, which trade on stock markets in the same way as shares of ordinary companies.

52.   Unlike open-end mutual funds, closed-end funds issue a fixed number of shares that trade like those of ordinary companies.

53.   Unlike their open-end brethren, closed-end funds issue a fixed number of shares that trade the same way as stocks.

54.   While an open-ended fund can continually take in additional money and expand, a closed-end fund has a fixed number of shares.

55.   While the funds are comprised of fixed-rate securities, they trade like stocks because there is only a fixed number of shares.

56.   First of alllicences will only be given to firms who have more than a fixed number of taxis.

57.   They have higher fees because they have fewer individual investors and an even smaller number of institutional investors, and a fixed number of shares.