Closed-end funds have lower cash requirements than open-end funds

because:

open-end funds tend to invest in less liquid assets.

open-end funds pay more taxes than closed-end funds.
open-end funds allow investors to redeem their shares at any time.
closed-end funds have limited lifetimes.

Shares of a closed-end fund are trading at a 4% premium

over NAV. If NAV is $10 per share, what is the current
market price of the funds shares?
$10.04
$10.40
$9.96
$9.60
$14.00

Which type of fund invests in debt securities with very short

maturities?
Money market mutual fund.
Growth fund.
Bond fund.
Certified fund.

Which type of fund is most likely to have the lowest

management fee?
Bond fund.

Equity growth fund.

Index fund.
Equity income fund.

Shares of closed-end funds often sell:

exactly at the net asset value.

at the net asset value, plus a load fee.

at a premium to the net asset value.
at a discount to the net asset value.

A closed-end fund owns foreign securities with a market

value of $95 million, has 5 million shares outstanding, owes
its employees $500,000, and trades at a 5% discount. The
net asset value per share is:
$18.90
$17.90
$18.05
$17.96
$19.00

Most mutual funds are members of a group of mutual funds

known as:
an investment trusts.

a dual purpose funds.

a no-load funds.
a family of funds.
a money market funds.

CHP-INSTITUTIONAL INVESTOR