21.   Investment trusts are closed end funds, while as stated earlier, unit trusts are open ended.

22.   Investors buy a general claim on the investment trust, rather than buy the assets as in a unit trust.

23.   Shares in investment trusts are often priced below their net-asset value.

24.   Pension funds, in particular, are interested in buying investment trusts that have a wide discount to net asset value in order to build up their portfolios.

25.   The intention of a predator is to buy the shares of the investment trust at a premium to market prices but still at a discount to NAV.

26.   Units in collective investment schemes, which includes unit trust schemes and shares in investment trusts.

27.   Although the deals at issue are tailored to individual circumstances, they essentially rest on a special benefit enjoyed by real estate investment trusts, or REITs.

28.   Although unit trusts can be renamed by the fund manager, investment trusts are independent companies that make their own decisions.

29.   American General Hospitality is an Irvine, Texas-based real estate investment trust that owns hotels.

30.   American General Hospitality is an Irvine, Texas-based real estate investment trust.