The correct answer is:
A) closed-end management investment companies.
Explanation:
1. The Investment Company Act of 1940 mandates certain types of investment companies to calculate their net asset value regularly. However, closed-end management investment companies are excluded from this requirement.
2. Closed-end management investment companies issue a fixed number of shares that are traded on the open market like stocks. Unlike open-end management investment companies, which continuously issue and redeem shares based on investor demand, closed-end funds do not have to calculate their net asset value on a daily basis.
3. Open-end management investment companies, unit investment trusts, and face-amount certificate companies are required to compute their net asset value regularly as per the Investment Company Act of 1940.
