【正文】 ransaction costsE.All of the optionsInvestment panies are attractive to investors because they offer all of the listed services.AACSB: AnalyticBlooms: RememberDifficulty: BasicTopic: Investment Organizations4.Multiple Mutual Funds had yearend assets of $457,000,000 and liabilities of $17,000,000. There were 24,300,000 shares in the fund at yearend. What was Multiple Mutual39。s net asset value?A.$B.$C.$D.$E.$($457,000,000 17,000,000)/24,300,000 = $.AACSB: AnalyticBlooms: ApplyDifficulty: IntermediateTopic: Mutual Funds5.Growth Fund had yearend assets of $862,000,000 and liabilities of $12,000,000. There were 32,675,254 shares in the fund at yearend. What was Growth Fund39。s net asset value?A.$B.$C.$D.$E.$($862,000,000 12,000,000)/32,675,254 = $.AACSB: AnalyticBlooms: ApplyDifficulty: IntermediateTopic: Mutual Funds6.Diversified Portfolios had yearend assets of $279,000,000 and liabilities of $43,000,000. If Diversified39。s NAV was $, how many shares must have been held in the fund?A.43,000,000B.6,488,372C.5,601,709D.1,182,203($279,000,000 43,000,000)/$ = 5,601,.AACSB: AnalyticBlooms: ApplyDifficulty: IntermediateTopic: Mutual Funds7.Pinnacle Fund had yearend assets of $825,000,000 and liabilities of $25,000,000. If Pinnacle39。s NAV was $, how many shares must have been held in the fund?A.21,619,B.22,930,C.24,860,D.25,693,($825,000,000 25,000,000)/$ = 24,860,.AACSB: AnalyticBlooms: ApplyDifficulty: IntermediateTopic: Mutual Funds8.Most actively managed mutual funds, when pared to a market index such as the Wilshire 5000,A.beat the market return in all years.B.beat the market return in most years.C.exceed the return on index funds.D.do not outperform the market.Most actively managed mutual funds fail to equal the return earned by index funds, possibly due to higher transactions costs.AACSB: AnalyticBlooms: RememberDifficulty: BasicTopic: Investment Organizations9.Pools of money invested in a portfolio that is fixed for the life of the fund are calledA.closedend funds.B.openend funds.C.unit investment trusts.D.REITS.E.redeemable trust certificates.Unit investment trusts are funds that invest in a portfolio, often fixedine securities, and hold it to maturity.AACSB: AnalyticBlooms: RememberDifficulty: BasicTopic: Investment Organizations10.Investors in closedend funds who wish to liquidate their positions mustA.sell their shares through a broker.B.sell their shares to the issuer at a discount to net asset value.C.sell their shares to the issuer at a premium to net asset value.D.sell their shares to the issuer for net asset value.E.hold their shares to maturity.Closedend fund shares are sold on organized exchanges through a broker.AACSB: AnalyticBlooms: UnderstandDifficulty: IntermediateTopic: Investment Organizations11.Closed end funds are frequently issued at a ______ to NAV and subsequently trade at a __________ to NAV.A.discount, discountB.discount, premiumC.premium, premiumD.premium, discountE.No consistent relationship has been observed.Closedend funds are typically issued at a premium to net asset value and subsequently trade at a discount.AACSB: AnalyticBlooms: UnderstandDifficulty: IntermediateTopic: Investment Organizations12.At issue, offering prices of openend funds will often beA.less than NAV due to loads and missions.B.greater than NAV due to loads and missions.C.less than NAV due to limited demand.D.greater than NAV due to excess demand.E.less than or greater than NAV with no apparent pattern.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.AACSB: AnalyticBlooms: UnderstandDifficulty: ChallengeTopic: Investment Organizations13.Which of the following statements about real estate investment trusts is true?A.REITs invest in real estate or loans secured by real estate.B.REITs raise capital by borrowing from banks and issuing mortgages.C.REITs are similar to openend funds, with shares redeemable at NAV.D.REITs invest in real estate or loans secured by real estate and raise capital by borrowing from banks and issuing mortgages.E.All of the options are true.Real estate investment trusts invest in real estate or realestatesecured loans. They may raise capital from banks and by issuing mortgages. They are similar to closedend funds, and shares are typically exchange traded.AACSB: AnalyticBlooms: UnderstandDifficulty: IntermediateTopic: Investment Organizations14.Which of the following statements about real estate investment trusts is true?A.REITs may be equity trusts or mortgage trusts.B.REITs are usually highly leveraged.C.REITs are similar to closedend funds.D.REITs may be equity trusts or mortgage trusts and are usually highly leveraged.E.All of the options are true.Real estate investment trusts invest in real estate or realestatesecured loans. They may raise capital from banks and by issuing mortgages. They are similar to closedend funds and shares are typically exchange traded.AACSB: AnalyticBlooms: UnderstandDifficulty: IntermediateTopic: Investment Organizations15.Which of the following statements about money market mutual funds is true?A.They invest in mercial paper, CDs, and repurchase agreements.B.They usually offer checkwriting privileges.C.They are highly leveraged and risky.D.They invest in mercial paper, CDs, and repurchase agreements, and they usually offer