ng shares should individual investors desire to surrender their investment interests in the company. The shares in closed-end investment trust companies are traded in the same manner as are the equity shares in a publicly-held corporation. Thus, the value of the shares in a closed-end investment company is determined by the functioning of the securities market. While the market value of the investment assets held by a closed-end investment trust company influences the share value of such a company, market perceptions related to future performance and other factors are more influential in determining the value of the shares of a closed-end investment company. The Investment Company Act of 1940 clearly distinguishes between true mutual funds, which are open-end investment companies, and closed-end diversified investment trusts.
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