Commodity future day trading - Others diversify less and have heavy or even controlling investments in particular companies.

Alleghany Corporation is an example of this with very large share holdings in New York Central, Missouri Pacific, and Investors Diversified Services. Closed-end shares enjoy active trading markets. Their investment results in a given year and the security portfolio at the year end are customarily given in the annual report distributed to all stockholders. Very often closed-end investment company shares will sell in the market at a discount from actual asset value per share of securities owned. Open-End Trusts Called Mutual Funds While the closed-end funds we've just described are well known to investors and have done a highly creditable job of portfolio management, they are overshadowed by their more numerous brethren"the mutual funds. A mutual fund starts out in the same way as a closed-end one with capital shares, sold on subscription, to create a fund or reservoir of capital.

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