Alt Investement Mock Exam understand, copyright, question, because, entire

brk1yn

Hi guys,

I'm struggling one question in the CFAI MOCK 2011 in the Morning session :

Q - 113 : how do funds calculate their NAVs?

(I'm not sure to be able to post the entire question because of the copyright)

I don't understand why only closed-end mutual fund calculate their NAV as follows :

Assets - Liabilities / Number of shares Outstanding.

Thank you by advance for your help...