Which of the following statements best describes the legal organization of mutual funds?
A) Funds are organized as a single entity that handles all functions such as custody and investment decisions.
B) Funds split their basic functions such as record keeping and investment decisions among two or more companies.
C) Funds are owned by the company that manages them.
D) A distributor keeps track of investment and redemption requests from shareholders and maintains other shareholder records.
Answer: B
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