Question 5 Hedge funds are subject to the same regulations and disclosure requirements as mutual funds. TRUE FALSE Question 6 Which of the following characteristics apply to closed-end mutual funds? 1. Unlimited number of outstanding shares II. Transactions are between shareholders III. Market prices may be higher or lower than NAV. IV. Fund will repurchase shares at any time. I, II and Ill only II and III only II, III and IV only I and IV only