From the beginning, emphasis was placed on the fact that the portfolio represented a "composite investment in American industry." Merrill Griswold, of the Boston law firm of Gaston, Snow, Saltonstall, and Hunt, became a trustee in 1925 and was chairman of the board of trustees from 1932 to the date of his retirement as a trustee at the close of 1953. Mr. Griswold made a number of important contributions to the open-end concept in its formative period. He took an active part in tax legislation and in laying the groundwork for the Investment Company Act of 1940. Others who pioneered in the establishment and growth of MIT were L.

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