Which date is established by the Board of Directors and typically follows the Record Date for mutual funds?

The correct choice is the Ex-Date, as it is established by the Board of Directors and is significant in the context of mutual funds and securities transactions. The Ex-Date is the cutoff date which determines whether a buyer of a stock or mutual fund will receive the next distribution payment, such as a dividend.

When a mutual fund declares a distribution, various key dates are established, including the Record Date, which indicates the date by which an investor must be on the books of the fund to be eligible to receive the distribution. The Ex-Date follows the Record Date and is typically set one business day before the Record Date. If an investor purchases shares on or after the Ex-Date, they will not receive the upcoming distribution.

In contrast, the Payable Date refers to the date when the dividends are actually paid out, which comes after the Ex-Date, and the Declaration Date is the date when the fund officially announces the distribution. The Investment Date is not a standardized term used in this context. Therefore, understanding the Ex-Date is crucial for investors to effectively manage their investments and know when they are eligible for distributions.