The turnover for a mutual fund refers to:

A) the length of time an average investor holds fund shares.

B) a measure of trading activity.

C) replacing the fund's investment manager.

D) the annual change in the number of shares outstanding.

Which one of the following statements is correctconcerning mutual funds?

A) Mutual funds generally pay no taxes.

B) Mutual funds are risk-free.

C) Profits on the sale of mutual fund shares are tax-free.

D) Investments in mutual funds are guaranteed from loss by the FDIC.