NO.PZ2015121801000007
问题如下：
Which of the following institutional investors is most likely to manage investments in mutual funds?
选项：
A.Insurance companies.
B.Investment companies.
C.University endowments.
解释：
B is correct.
Investment companies manage investments in mutual funds. Although endowments and insurance companies may own mutual funds, they do not issue or redeem shares of mutual funds.
解析中they do not issue or redeem shares of mutual funds，如果理解？以及这一点如何说明投资公司管理资产相对于保险公司和捐赠基金更喜欢通过投资共同基金？
