【正文】 They are highly leveraged and risky.D.REITs may be equity trusts or mortgage trusts and are usually highly leveraged.E.A.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.REITs invest in real estate or loans secured by real estate.B.AACSB: AnalyticBlooms: UnderstandDifficulty: ChallengeTopic: Investment Organizationsgreater than NAV due to loads and missions.C.12.At issue, offering prices of openend funds will often bepremium, premiumD.sell their shares to the issuer for net asset value.E.A.redeemable trust certificates.Unit investment trusts are funds that invest in a portfolio, often fixedine securities, and hold it to maturity.closedend funds.B.AACSB: AnalyticBlooms: RememberDifficulty: BasicTopic: Investment Organizationsbeat the market return in all years.B.AACSB: AnalyticBlooms: ApplyDifficulty: IntermediateTopic: Mutual Funds21,619,B.7.Pinnacle Fund had yearend assets of $825,000,000 and liabilities of $25,000,000. If Pinnacle39。6,488,372C.s NAV was $, how many shares must have been held in the fund?$E.A.AACSB: AnalyticBlooms: ApplyDifficulty: IntermediateTopic: Mutual Funds$C.s net asset value?Lower transaction costsE.A.None of the optionsClosedend funds are sold at the prevailing market price.The funds always trade at a discount from NAV.B.AACSB: AnalyticBlooms: RememberDifficulty: IntermediateTopic: Mutual FundsThe funds offer investors professional management.C.1.Which one of the following statements regarding openend mutual funds is false?None of the options%.B.68.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 10% during the year, and the fund39。%.B.67.You purchased shares of a mutual fund at a price of $17 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 12% during the year, and the fund39。%.B.66.You purchased shares of a mutual fund at a price of $12 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 9% during the year, and the fund39。%.B.65.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 fund39。%.C.s turnover ratio is15%.D.25%.E.A.20%.%.B.61.A mutual fund had average daily assets of $ billion in 2012. The fund sold $600 million worth of stock and purchased $700 million worth of stock during the year. The fund39。EWJ.C.60.Of the following types of ETFs, an investor who wishes to invest in a diversified portfolio that tracks the MSCI France Index should chooseEWJ.C.59.Of the following types of ETFs, an investor who wishes to invest in a diversified portfolio that tracks the MSCI Japan Index should chooseDIA.C.58.Of the following types of ETFs, an investor who wishes to invest in a diversified portfolio that tracks the Wilshire 5000 should chooseDIA.C.57.Of the following types of ETFs, an investor who wishes to invest in a diversified portfolio that tracks the Russell 2000 should chooseDIA.C.56.Of the following types of ETFs, an investor who wishes to invest in a diversified portfolio that tracks the Nasdaq 100 should chooseDIA.C.55.Of the following types of ETFs, an investor who wishes to invest in a diversified portfolio that tracks the Dow Jones Industrials should chooseDIA.C.P 500 should chooseglobal funds.C.53.Of the following types of mutual funds, an investor who wishes to invest in a diversified portfolio of foreign stocks (excluding the .) should chooseinternational funds.B.All of the optionshedge funds are only subject to minimal SEC regulation.B.$$B.50.A mutual fund had NAV per share of $ on January 1, 2012. On December 31 of the same year the fund39。$C.s rate of return for the year was %. Ine distributions were $ and the fund had capital gain distributions of $. Without considering taxes and transactions costs, what ending NAV would you calculate?$D.$E.A.%%B.46.A mutual fund had NAV per share of $ on January 1, 2012. On December 31 of the same year the fund39。%C.s NAV was $. Ine distributions were $ and the fund had capital gain distributions of $. Without considering taxes and transactions costs, what rate of return did an investor receive on the fund last year?10,165,476D.10,165,476D.16,488,372C.42.A mutual fund had yearend assets of $521,000,000 and liabilities of $63,000,000. If the fund NAV was $, how many shares must have been held in the fund?6,488,372C.41.A mutual fund had yearend assets of $465,000,000 and liabilities of $37,000,000. If the fund NAV was $, how many shares must have been held in the fund?$C.s net asset value?$D.$E.A.$$B.37.A mutual fund had yearend assets of $560,000,000 and liabilities of $26,000,000. There were 23,850,000 shares in the fund at yearend. What was the mutual fund39。%C.36.Assume that you purchased shares of a mutual fund at a net asset value of $ per share. During the year you rece