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The Investment Company Act of 1940 (Investment Company Act) is a federal law in the United States that regulates the operations of investment companies. The Act provides a framework for the organization, registration, and regulation of investment companies, and is intended to protect investors from fraud and other abuses in the management and operation of investment companies. Under the Investment Company Act, investment companies are required to register with the Securities and Exchange Commission (SEC) and provide periodic reports on their operations, including their portfolio holdings, management fees, and other expenses. Investment companies must also comply with various disclosure and governance requirements, such as providing investors with regular statements of their investments and ensuring...