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Closed End Fund Quiz

Which one of the following statements concerning mutual funds is correct?

A closed-end fund

12(b)-1 fees

The Securities Exchange Act of 1934

A fund had an NAV of $8.64 at the beginning of the year and an NAV of $9.02 at the end of the year. During the year the fund distributed $0.30 in dividends and $1.03 in capital gains. What is the holding period return for the year?

A fund that has an unlimited number of shares and sells its shares at NAV directly to investors is called a(n):

What is the average annual rate of return for a fund with the following values?Fund price, beginning of year 1: $13.33
Fund price, end of year 2: $12.68
Annual distribution, year 1: $ 0.89
Annual distribution, year 2: $ 2.21

An exchange-traded fund
I. is a type of closed-end fund.
II. trades as a listed security on a stock exchange.
III. is generally an index fund.
IV. offers less liquidity than a mutual fund.

Hedge funds

A mutual fund that seeks undervalued stocks with low P/E multiples is referred to as a ______ fund.

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