【正文】 rn.Openend funds are redeemable on demand at NAV so they should never sell for less than NAV. However, loads and missions can increase the price above NAV.REITs invest in real estate or loans secured by real estate and raise capital by borrowing from banks and issuing mortgages.E.REITs are similar to closedend funds.D.They usually offer checkwriting privileges.C.A.REITs may be equity trusts or mortgage trusts.B.REITs raise capital by borrowing from banks and issuing mortgages.C.less than NAV due to limited demand.D.premium, discountE.hold their shares to maturity.Closedend fund shares are sold on organized exchanges through a broker.AACSB: AnalyticBlooms: RememberDifficulty: BasicTopic: Investment Organizations9.Pools of money invested in a portfolio that is fixed for the life of the fund are called8.Most actively managed mutual funds, when pared to a market index such as the Wilshire 5000,s NAV was $, how many shares must have been held in the fund?$B.$D.All of the optionsInvestment panies are attractive to investors because they offer all of the listed services.AACSB: AnalyticBlooms: RememberDifficulty: IntermediateTopic: Mutual Funds2.Which one of the following statements regarding closedend mutual funds is false?72.Discuss the consistency of mutual fund performance results, as studied by Goetzmann and Ibbotson (1994) and Malkiel (1995).%.C.%.C.%.C.%.C.%.D.45%.E.20%.62.A mutual fund had average daily assets of $ billion in 2012. The fund sold $500 million worth of stock and purchased $600 million worth of stock during the year. The fund39。s turnover ratio is52.Of the following types of mutual funds, an investor who wishes to invest in a diversified portfolio of stocks worldwide (including the .) should choose51.Differences between hedge funds and mutual funds are thats rate of return for the year was %. Ine distributions were $ and the fund had capital gain distributions of $. Without considering taxes and transactions costs, what ending NAV would you calculate?A.$B.%C.%D.9,165,414E.9,165,414E.18,601,742D.8,601,709D.$D.$E.$38.A mutual fund had yearend assets of $250,000,000 and liabilities of $4,000,000. There were 3,750,000 shares in the fund at yearend. What was the mutual fund39。s net asset value?frontend load fee.B.I and IVB.amounts invested in equity and fixedine mutual funds.B.Equity fundsB.Jargon has always been an openend fund and will remain an openend fund.C.I and IIC.A change in the fund39。All of the options are advantages of mutual funds.E.$E. Choice Fund had NAV per share of $ on January 1, 2012. On December 31 of the same year the fund39。A.frontend loads.B.%.B.%.B.%.B.%.B.They invest in mercial paper, CDs, and repurchase agreements.B.REITs may be equity trusts or mortgage trusts.B.REITs invest in real estate or loans secured by real estate.B.less than NAV due to loads and missions.B.discount, discountB.sell their shares through a broker.B.closedend funds.B.A.A.$B.Diversification and divisibilityC.The funds redeem shares at their net asset value.C.The funds offer investors professional management.C.Multiple Choice QuestionsThe funds redeem shares at net asset value and offer investors professional management.None of the optionsAll of the options$E.$D.6,488,372C.22,930,C.exceed the return on index funds.D.REITS.E.sell their shares to the issuer for net asset value.E.premium, discountE.greater than NAV due to excess demand.E.REITs invest in real estate or loans secured by real estate and raise capital by borrowing from banks and issuing mortgages.E.REITs may be equity trusts or mortgage trusts and are usually highly leveraged.E.They invest in mercial paper, CDs, and repurchase agreements, and they usually offer checkwriting privileges.E.%.E.%.E.%.E.%.E.frontend and backend loads.E.%D.%C.s stocksI, II, III, and IVt accept additional funds from current investors.E.Money market fundsE.closedend funds that may be repurchased only once every two years at the discretion of mutual fund management.E.I, II, and IIIE.12b1 fee.E.%C.%C.%C.%C.%C.$B.A.s net asset value?41.A mutual fund had yearend assets of $465,000,000 and liabilities of $37,000,000. If the fund NAV was $, how many shares must have been held in the fund?42.A mutual fund had yearend assets of $521,000,000 and liabilities of $63,000,000. If the fund NAV was $, how many shares must have been held in the fund?s NAV was $. Ine distributions were $ and the fund had capital gain distributions of $. Without considering taxes and transactions costs, what rate of return did an investor receive on the fund last year?46.A mutual fund had NAV per share of $ on January 1, 2012. On December 31 of the same year the fund39。%$E.$D.$C.$B.hedge funds are only subject to minimal SEC regulation.B.international funds.B.global funds.C.DIA.C.DIA.C.DIA.C.DIA.C.DIA.C.EWJ.C.EWJ.C.%.B.A.s turnover ratio is65.You purchased shares of a mutual fund at a price of $20 per share at the beginning of the year and paid a frontend load of %. If the securities in which the fund invested increased in value by 11% during the year, and the f