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1) What are the benefits to small investors of investing via mutual funds? What are the disadvantages? 5) What are the advantages and disadvantages of exchange-traded funds versus mutual funds? 16) Corporate Fund started the year with an NAV of $12.50. By year-end, NAV was $12.10. The fund paid year-end distributions of income and capital gains of $1.50 per share. What was the rate of return to an investor in this fund? 18) What is wrong with the wording in this question (#18)? 19) City Street Fund has a portfolio valued at $450million with liabilities of $10million a) If there are 44 million shares outstanding, what is the NAV? b) If a large investor redeems 1 million shares, what happens to the portfolio value, to shares outstanding, and to NAV? 24) modified from the book version: You have $40,000 to invest in shares of New Fund, which has an NAV of $20 per share. It also has a front-end load of 4%. The securities in New Fund increase by 12% over the next year, and its expense ratio of 1.2% is taken from the fund's assets at the end of that year. What was your HPR for investing in New Fund over this one-year holding period? Extra) You invest $2000 in a mutual fund, which earns a rate of return of 10% over the next year and 5% the year after that. Its expense ratio is 0.50%. The fund has a CDSC on it which imposes charges according to this schedule: Sell within 1 year of purchase: 5% Sell after 1 year but within the 2nd year after purchase: 4% Sell after 2 years but within the 31 year after purchase: 3% Sell after 3 years but within the 4th year after purchase: 2% Sell after 4 years but within the 5 year after purchase: 1% How much do you have if you sell your shares on the last day of the 2 year? The CDSC is applied to "the lesser of original investment or the redemption/sale value