答案和详解如下：
Session 18: Alternative Investments
Reading 76: Alternative Investments LOS a: Differentiate between an open-end and a closed-end fund, and explain how net asset value of a fund is calculated and the nature of fees charged by investment companies 1.The following table shows a mutual fund comprised of four stocks, each stock's number of shares, and the price per share. Stock
| Shares
| Price
| A | 6,200 | $10 | B | 6,000 | $34 | C | 3,900 | $8 | D | 2,600 | $52 | Total |
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| Shares = 25,000 |
Assuming no liabilities, the net asset value (NAV) of this fund is: A) $26.00. B) $23.12. C) $17.30. D) $15.80. The correct answer was C) NAV = (Total Market Value of assets - liabilities) /Total Number of Shares Outstanding) = [(6,200 * 10) + (6,000 * 34) + (3,900 * 8) + (2,600 * 52)] / 25,000 = (432,400 / 25,000) = 17.296 = 17.30 2.A closed-end fund: A) is traded in the primary market but not the secondary market. B) has its price determined by supply and demand, regardless of its net asset value (NAV). C) has its price determined by the net asset value (NAV). D) trades on the NASDAQ since it can not meet the registration requirements of the NYSE. The correct answer was B) Closed-end investment companies are initiated through a stock offering to raise funds. The investment company does not issue or redeem shares after the initial offering. Shares of a closed-end investment company are traded in public markets and are priced by supply and demand. The share price of a closed-end fund is not directly linked to the fund’s net asset value (NAV). The NAV is the prevailing market value of all the shares and assets owned by the fund. Many closed-end funds sell at a discount of 5 to 20 percent from their NAV. 3.Open-end investment companies: A) must register a maximum number of shares with the Securities and Exchange Commission (SEC). B) have become less popular over the years because of their inability to control cash inflows. C) can continue to sell and repurchase shares after their initial public offerings. D) must redeem shares at the net asset value with no fees included. The correct answer was C) The primary difference between open-end and closed-end funds is that open-end funds continue to sell and repurchase shares after their initial public offerings. Open-end investment companies can be load or no-load. 4.A mutual fund has a load of 4 percent and a net asset value (NAV) of $20 per share. What must an investor pay to purchase 250 shares? A) $5,200. B) $4,800. C) $5,208. D) $5,013. The correct answer was C) 5.Which statement about mutual funds is most accurate? A) The redemption fee for a closed-end fund is the commission charged on the sale and a portion of the bid/ask spread of the shares. B) Some open-end funds charge no fees. C) Closed-end funds trade at the net asset value. D) The liquidity of an open-end fund is provided by the open market. The correct answer was A) Since closed-end funds are traded in the secondary market for a price determined by supply and demand for shares, the spread along with the sales commission represent the redemption fee. All funds charge fees, although the fees vary widely from fund to fund. In addition, some funds charge a load in addition to fees. Closed-end fund prices are determined by the market and can trade at either a premium or a discount to the net asset value. The liquidity of an open-end fund is provided by the company that manages it, not the open market. | 
发表于 2008-4-4 09:55
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