Open-end equity mutual funds find it necessary to keep a significant percentage of total investments, typically around 5% of the portfolio, in very liquid money market assets. Closed-end funds do not have to maintain such a position in cash-equivalent securities. What difference between open-end and closed-end funds might account for their differing policies?

An open-end fund has a net asset value of $10.70 per share. It is sold with a front-end load of 6%. What is the offering price?

If the offering price of an open-end fund is $12.30 per share and the fund is sold with a front-end load of 5%, what is its net asset value?

The composition of the Fingroup Fund portfolio is as follows:

The fund has not borrowed any funds, but its accrued management fee with the portfolio manager currently totals $30,000. There are 4 million shares outstanding. What is the net asset value of the fund?