NO.PZ2015122802000009
问题如下：
A friend has asked you to explain the differences between open-end and closed-end funds. Which of the following will you most likely include in your explanation?
选项：
A. Closed-end funds are unavailable to new investors.
B. When investors sell the shares of an open-end fund, they can receive a discount or a premium to the fund’s net asset value.
C. When selling shares, investors in an open-end fund sell the shares back to the fund whereas investors in a closed-end fund sell the shares to others in the secondary market.
解释：
C is correct.
When investors want to sell their shares, investors of an open-end fund sell the shares back to the fund whereas investors of a closed-end fund sell the shares to others in the secondary market. Closed-end funds are available to new investors but they must purchase shares in the fund in the secondary market. The shares of a closed-end fund trade at a premium or discount to net asset value.
考点：金融资产的分类
这道题就是问下列哪个选项关于开放式基金和封闭式基金的区别说法正确的是。
A封闭式基金的封闭期开始后其他投资者就买不到了。错误。封闭式基金大门在锁定期时，其份额可以在二级市场上转让，所以并不是“unavailable to new investors”.
B当投资者想赎回开放式基金份额时可以以折价或溢价来交易。说反了，B说的是封闭式基金的特点，只有封闭式基金才能在二级市场买卖基金份额（以折价或溢价买卖）。而投资者申购赎回开放式基金都是和基金公司进行的。
C如果投资者不想再持有基金（赎回），开放式基金的投资者需要把它卖回给基金公司，而封闭式基金只能卖给其他投资者。正确。
关于封闭式基金请看如下原版书的原文：
Once issued, investors cannot sell their shares of the fund back to the fund by demanding redemption. Instead, investors in closed-end funds must sell their shares to other investors in the secondary market.
Closed-end funds may also trade at a discount or a premium to net asset value when investors believe that the portfolio securities are overvalued or undervalued.
如题。。。。。。。。
