1. A closed-end fund has total assets of $315 million and liabilities of $160,000. Currently, 16 million shares are outstanding. What is the NAV of the fund? If the shares currently sell for $17.80, what is the premium or discount on the fund?
2. Discuss the different types of firms in the securities industry; compare and contrast their roles and structure.
3. The Argentina Fund has $430 million in assets and sells at a discount of 6.7 percent to NAV. If the quoted share price for this closed-end fund is $18.48, how many shares are outstanding?