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Which of the following is NOT an advantage of mutual funds?DiversificationDeferred TaxesEasy to get started with small amounts of moneyProfessional ManagementIn order to be considered a diversified company under theInvestment Company Act of 1940, All of these must be true except_____________.No more than 5% of the funds assets can be invested in a singlesecurityThe fund can’t own more than 10% of a securities votingstockThe fund must be at least 50% equity financedAt least 75% of the fund’s assets must be in cash orsecuritiesWhich statement is TRUE?The fund has to pay taxes on thedividends, capital gains, and interest it receivesIf you have owned shares in the fundfor a long time, then any capital gains distribution you receivewill be considered long termClosed-end funds trade at its NetAsset ValueEither all of the above of none of theabove are true