information on mutual funds. The Morn- ingstar site has a section dedicated to exchange-traded funds.   http://www.vanguard.com http://www.fidelity.com   The above sites are examples of specific mutual fund organization websites.     PROBLEMS 1. Would you expect a typical open-end fixed-income mutual fund to have higher or lower operating expenses than a fixed-income unit investment trust? Why? 2. 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? 3. 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? 4. The composition of the Fingroup Fund portfolio is as follows:     Stock Shares Price   A 200,000 $35 B 300,000 $40 C 400,000 $20 D 600,000 $25   The fund has not borrowed any funds, but its accrued management fee with the portfo- lio manager currently totals $30,000. There are 4 million shares outstanding. What is the net asset value of the fund? I. Introduction 4. Mutual Funds and Other Investment Companies The McGraw−Hill Companies, 2001           128 PART I Introduction     5. Reconsider the Fingroup Fund in the previous problem. If during the year the portfolio manager sells all of the holdings of stock D and replaces it with 200,000 shares of stock E at $50 per share and 200,000 shares of stock F at $25 per share, what is the portfolio turnover rate? 6. The Closed Fund is a closed-end investment company with a portfolio currently worth $200 million. It has liabilities of $3 million and 5 million shares outstanding. a. What is the NAV of the fund?