Chapter y Investment Companies more often called closed-end funds do not stand ready to purchase their own shares whenever one of their owners decides to sell them. Their shares are traded in the organized exchange or OTO Most closed-end funds have unlimited lives Open-end investment company y Investment policyChapter 9 Investment Companies more often called closed—end funds, do not stand ready to purchase their own shares whenever one of their owners decides to sell them. Their shares are traded in the organized exchange or OTC. Most closed—end funds have unlimited lives. – Open—end investment company  Investment policy