Part One: Explain the differences between open-ended, closed-ended, unit investment, and hedge funds.

Part Two: Calculate Net Asset Value: Fund ABC has $12,500,000 worth of securities and $3,000,000 in cash and $500,000 in liabilities. If the fund has 1,000,500 shares outstanding what is the NAV: NAV = ___________________ Calculate the net rate of return: An investor purchases a mutual fund share for $100. The fund pays dividends of $4, distributes a capital gain of $5, and charges a fee of $3 when the fund is sold one year later for $114. What is the net rate of return from this investment? Rate of return = ____________