1. What is a mutual fund? In what sense is it a financial institution? 3. What are long-term mutual funds? In what assets do these funds usually invest? What factors caused the strong growth in this type of fund from 1992 through 2007, the slowdown in growth in 2007 and 2008, and the return to growth after 2008? 5. Why did the proportion of equities in long-term funds increase from 42 percent in 1990 to 77 percent by 2000 and then decrease to 65 percent in 2020? How might an investors preference for a mutual funds objective change over time? 7. What are the economic reasons for the existence of mutual funds; that is, what benefits do mutual funds provide for investors? Why do individuals rather than corporations hold most mutual funds shares? 9. What change in regulatory guidelines occurred in 2009 that had the primary purpose of giving investors a better understanding of the risks and objectives of a fund?