QUESTION 15

1. Identify the least accurate statement regarding mutual funds.

   		a. Mutual fund managers tailor their investment strategies to meet the objectives of their shareholders.
   		b. Investors have a much higher demand for closed-end funds than for open-end funds.
   		c. Investors purchase mutual funds for the advantage of professional management.
   		d. Closed-end funds typically issue shares only one time during their investment horizon.

QUESTION 16

1. The net asset value of the Ignite Aggressive Growth Fund increased from $18.50 to $25.75 from January through December. Income distributions are $0.85 and capital gain distributions are $1.15. In the absence of taxes and transaction costs, the one-year holding period return for the fund is closest to:

   		a. 28.15%.
   		b. 28.38%.
   		c. 39.19%.
   		d. 50.00%.