An investor contacts you somewhat puzzled over the fact that she saw a newspaper listing for the KAPLOW Fund where the net asset value per share was $10.27 and the asking price was $14.14 per share. She wants to know why the difference between the two is so great. You would respond, saying A) the KAPLOW Fund is a closed-end company whose selling price is not based upon NAV, as is the case with an open-end fund B) the KAPLOW Fund is being investigated by the SEC for being sold with a sales charge in excess of the 8.5% maximum limit C) there is probably a misprint in the paper and, more than likely, the asking price is $11.22, making the sales charge 8.5% D) that this is probably an unregistered hedge fund not subject to SEC rules