In the absence of any load charges, open-end mutual funds are priced at (or very close to) their net asset values, whereas closed-end funds rarely trade at their NAVs. Explain why one type of fund would normally trade at its NAV while the other type (CEFs) usually does not. What are price premiums and discounts and in what segment of the mutual fund market will you usually find them? Look online at WSJ.com or another source and find 5 funds that trade at a discount and 5 funds that trade at a premium. List all 10 of them, including the sizes of their respective discounts and premiums. What’s the biggest price discount you could find? How about the biggest price premium? What would cause a fund to trade at a discount? At a premium?