This category lists individual closed-end funds and CEF families. Closed-end (or "close-end") funds (CEFs) are distinguished from open-end funds (eg., mutual funds and exchange-traded funds) because they don't increase available shares as investment dollars received by the fund come in. Moreover, with open-ended funds, the quantity of shares decreases when investors withdraw money by selling shares. This is the basis of some investors preferring certain, specific kinds of well managed closed end funds. Its manager has the freedom to avoid selling illiquid, slowly traded shares they hold and further protects the closed end from massive "all at once" liquidations. However, buyers must learn the ropes, because being closed end in no way assures the quality of the managers or the investment potential of the fund. Another major difference between CEFs and mutual funds, is that the shares of the former are traded in stock exchanges, as if they were ordinary company stock.