Which statement is FALSE regarding REITs? A REITs are negotiable securities B R EITs issue shares of beneficial interest representing an undivided interest in a pool of real estate investments (CO REITs are similar to open-end investment companies D REITs are registered under the Securities Act of 1933 All of the following statements about investment company securities are correct EXCEPT: A ( B Open end fund shares are redeemable Closed end fund shares are negotiable (CO) Fixed unit investment trusts are redeemable DO Participating unit investment trusts are negotiable When must a mutual fund prospectus be delivered to a customer? A At, or prior to discussing the investment with the customer At, or prior to, taking a purchase order from a customer CO At, or prior to confirmation of the purchase D At, or prior to, settlement of the purchase Who would be MOST likely to invest in a BDC? A (B C D Low risk investor seeking preservation of capital Moderate risk investor seeking higher returns High net worth investor seeking dividends S ophisticated investor seeking a tax shelter An open-end management company: A continuously rebalances its portfolio to specified asset allocation percentages B continuously trades the stocks in its portfolio to generate trading profits () continuously liquidates appreciated positions with liquidations of depreciated positions Do continuously offers its own shares to investors Which of the following customers is allowed a breakpoint on mutual fund purchases? AO B CO A corporate treasurer buying for investment An investment club account buying for the club participants A partnership account where the partnership is formed to buy mutual funds D An investment adviser omnibus account