Which type of investment company does NOT provide for the redemption of outstanding shares?

A closed-end company does not provide for the redemption of outstanding shares. In a closed-end company, shares are issued through an initial public offering (IPO) and subsequently trade on a stock exchange. Investors can buy or sell shares in the open market, but the company itself does not redeem shares after the IPO. This means that once shares are sold to the public, they must be traded among investors, and the company is not obligated to repurchase them.

In contrast, an open-end company, like a mutual fund, allows investors to buy and redeem shares directly with the company at the net asset value (NAV) calculated at the end of each trading day. Unit Investment Trusts (UITs) also issue shares that can be redeemed, but they operate as a fixed portfolio with a defined investment period. Therefore, the distinctive characteristic of a closed-end company is its inability to redeem shares, which is what makes it the correct answer in this context.