【正文】 REITs are similar to closedend funds.D.REITs may be equity trusts or mortgage trusts.B.All of the options are true.REITs are similar to openend funds, with shares redeemable at NAV.D.REITs invest in real estate or loans secured by real estate.B.less than or greater than NAV with no apparent pattern.less than NAV due to limited demand.D.less than NAV due to loads and missions.B.No consistent relationship has been observed.premium, premiumD.discount, discountB.hold their shares to maturity.sell their shares to the issuer at a premium to net asset value.D.sell their shares through a broker.B.redeemable trust certificates.unit investment trusts.D.closedend funds.B.do not outperform the market.beat the market return in most years.C.A.8.Most actively managed mutual funds, when pared to a market index such as the Wilshire 5000,24,860,D.21,619,B.7.Pinnacle Fund had yearend assets of $825,000,000 and liabilities of $25,000,000. If Pinnacle39。5,601,709D.43,000,000B.6.Diversified Portfolios had yearend assets of $279,000,000 and liabilities of $43,000,000. If Diversified39。$E.$C.A.s net asset value?$$D.$B.4.Multiple Mutual Funds had yearend assets of $457,000,000 and liabilities of $17,000,000. There were 24,300,000 shares in the fund at yearend. What was Multiple Mutual39。Lower transaction costsE.Diversification and divisibilityC.A.3.Which of the following functions do investment panies perform for their investors?The funds always trade at a discount from NAV and redeem shares at their net asset value.E.The funds redeem shares at their net asset value.C.A.2.Which one of the following statements regarding closedend mutual funds is false?The funds offer investors professional management and a guaranteed rate of return.E.The funds offer investors professional management.C.A.1.Which one of the following statements regarding openend mutual funds is false?Chapter 04Mutual Funds and Other Investment CompaniesMultiple Choice QuestionsThe funds redeem shares at net asset value.B.The funds offer investors a guaranteed rate of return.D.The funds redeem shares at net asset value and offer investors professional management.The funds always trade at a discount from NAV.B.The funds offer investors professional management.D.None of the optionsRecord keeping and administrationB.Professional managementD.All of the optionss net asset value?A.$C.$E.5.Growth Fund had yearend assets of $862,000,000 and liabilities of $12,000,000. There were 32,675,254 shares in the fund at yearend. What was Growth Fund39。$B.$D.$s NAV was $, how many shares must have been held in the fund?A.6,488,372C.1,182,203s NAV was $, how many shares must have been held in the fund?A.22,930,C.25,693,beat the market return in all years.B.exceed the return on index funds.D.9.Pools of money invested in a portfolio that is fixed for the life of the fund are calledA.openend funds.C.REITS.E.10.Investors in closedend funds who wish to liquidate their positions mustA.sell their shares to the issuer at a discount to net asset value.C.sell their shares to the issuer for net asset value.E.11.Closed end funds are frequently issued at a ______ to NAV and subsequently trade at a __________ to NAV.A.discount, premiumC.premium, discountE.12.At issue, offering prices of openend funds will often beA.greater than NAV due to loads and missions.C.greater than NAV due to excess demand.E.13.Which of the following statements about real estate investment trusts is true?A.REITs raise capital by borrowing from banks and issuing mortgages.C.REITs invest in real estate or loans secured by real estate and raise capital by borrowing from banks and issuing mortgages.E.14.Which of the following statements about real estate investment trusts is true?A.REITs are usually highly leveraged.C.REITs may be equity trusts or mortgage trusts and are usually highly leveraged.E.15.Which of the following statements about money market mutual funds is true?A.They usually offer checkwriting privileges.C.They invest in mercial paper, CDs, and repurchase agreements, and they usually offer checkwriting privileges.E.16.In 2012 the proportion of mutual funds (based on total assets) specializing in mon stocks wasA.%.C.%.E.17.In 2012 the proportion of mutual funds (based on total assets) specializing in bonds wasA.%.C.%.E.18.In 2012 the proportion of mutual funds (based on total assets) specializing in money market securities wasA.%.C.%.E.19.In 2012 the proportion of hybrid (bond and stock) mutual funds (based on total assets) wasA.%.C.%.E.20.Management fees and other expenses of mutual funds may includeA.backend loads.C.frontend and backend loads.E.21.The Profitability Fund had NAV per share of $ on January 1, 2012. On December 31 of the same year, the fund39。%B.%D.%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 Yachtsman Fund last year?A.%C.%E.23.Investors39。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,