1. A mutual fund has the following holdings:

Company	AAPL	FB	GOOG
Shares owned	62,000	130,000	184,000
Stock price	213	203	1,125

The fund has issued 694,000 shares to investors.

a. What is the NAV per share?

b. If the fund sells for $365.99, what is the front-end load as a fraction of the offering price?

2. A mutual fund owns the following stocks: 18,000 shares of General Electric, 29,000 shares of IBM, and 60,000 shares of Exxon Mobile. The fund has to pay back-wages of $430,000, and has issued 1 million shares to mutual fund shareholders. The fund will receive a dividend of $10 per share from its holdings of General Electric stock in two weeks, which the fund manager will reinvest by buying more shares of GE. Ignore tax effects.

The stock prices for GE, IBM, and Exxon are as follows, respectively:

Time	GE	IBM	Exxon
10am	684	115	223
End of the day	687	110	230
14 days later	693	108	221

a. What is the value of the fund's holdings of Exxon at the end of the day?

b. What is the total NAV (not per share) at the end of the day?

c. What is the NAV per share at the end of the day?

d. If you place an order to buy 100 shares in the fund at 10am, how much will you have to pay?

e. What's the return to an investor over the 14-day period? Outstanding wages are $344,000 after 2 weeks.

3. At the beginning of the year, a fund owned 200,000 shares at a price of $11 per share. After one year, the fund received a dividend of $0.83 per share, and the value of the stocks in the portfolio increased by 10%.

a. What is the rate of return for the year?

b. What would have been the net rate of return if the fund had an expense ratio of 0.75%?