Step 3: Based on the individual work from Step 2, all team members compare answers, and write a group report that synthesizes perspectives for each question based on their respective roles. Finally, as a group, answer questions 10 and 11. 10. Frictional Factors: Liquidity and Regulation a. For the mutual fund, explain the issues of: i. large capital ows in and out of the fund ii. the lack of intraday trading for the fund. iii. The limited transparency of holdings of the fund