You are evaluating a closed$-$end mutual fund and see that its price is different from its net asset

value $($NAV$).$ The fund has an expense ratio $()$ of $3\mathrm{.}23\%$ and a dividend yield $()$ of $4\mathrm{.}00\%.$ The

fund has experienced a risk$-$adjusted abnormal return $($a$)$ of $2\mathrm{.}81\%.$