45. Shares in closed-end funds: A. can be resold to the fund at any time. B. are more popular than shares in open-end funds. C. may sell for more or less than the NAV. D. are referred to as mutual fund shares. E. cannot be resold 46. A sector fund: A tends to perform consistently from one year to the next B. is usually highly diversified. C. rarely outperforms other types of funds. D.concentrates on investing in one industry or one commodity E. is best evaluated by its past performance. 47. A hedge fund: A. may charge relatively high fees. B. must be registered if there are ten or more investors. C. is generally structured as a corporation. D. is limited to Sl million in assets. E. is fairly complicated to legally establish. 48. The difference between the price an underwriter pays an issue and the underwriter's offering price is called the A. spread B. margin C. offer differential D. firm commitment E.underwriting capital 49. An index consists of the following securities. What is the value-weighted index percentage return? Value-weighted Stock T Z Shares O/S 5.000 2,000 Beginning Ending Share Price Share Price $20 $28 $38 $40 50. An index consists of the following securities and has an index divisor of 2.0. What is the price-weighted index percentage return? Stock Shares OS Beginning Share Price Ending Share Price X Z 4.800 3.500 $50 S30 S53 S37