Exam CIFC Topic 1 Question 70 Discussion

Actual exam question for IFSE Institute's CIFC exam
Question #: 70
Topic #: 1

Sean purchases 500 units of Penn Canadian Equity Fund when the net asset value per unit (NAVPU) is
$16.70. On December 15, the mutual fund's NAVPU is $21. On December 16, the mutual fund declares a distribution of $1.25 per unit. Sean's distribution is immediately reinvested and he purchases additional units of the mutual fund.
Which of the following statements about the effect of the distribution is correct?

A. Sean's distribution is reinvested at a NAVPU of $19.75 and he receives approximately 31.65 additional units. B. After the distribution. Sean will have J&625 in cash and JB8.350 worth of the Penn Canadian Equity Fund. C. The NAVPU of the mutual fund does not change after the distribution since Sean reinvests his distribution and purchases additional units. D. The total value of Sean's mutual fund holdings after the distribution and reinvestment is §9,875.

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