received) realized capital gains and income (eg.de a) retain b) reinvest c) distribute d) distribute and retain 12. Which of the following is not an investment company? a) a money market mutual fund b) an index fund c) a commercial bank d) a growth mutual fund 13. Rates of return reported by mutual funds a) are reported after taxes b) consider the impact of loading fees c) are based on change in net asset value and the fund's distribution d) are adjusted for the fund's systematic risk 14. Empirical studies of returns eamed by investment companies indica a) no funds outperform the market consistently b) most funds are less risky than the market c) most funds outperform the market consistently d) few funds outperform the market consistently 15. Mutual funds with beta coefficients greater than 1.0 a) have outperformed the market b) have underperformed the market c) have more systematic risk than the market d) have less systematic risk than the market