1. A) The XY Fund is a closed-end investment company with a portfolio currently worth $300 million. It has liabilities of $5 million and 9 million shares outstanding. If the fund sells for $30 a share, what is its premium or discount as a percent of NAV?

b) A mutual fund has total assets outstanding of $69 million. During the year the fund bought and sold assets equal to $17.25 million. What is the fund's turnover rate?

2. You pay $24,600 to the ABC Fund which has a NAV of $20.00 per share at the beginning of the year. The fund deducted a front-end load of 4%. The securities in the fund increased in value by 11% during the year. The fund's expense ratio is 1.5% and is deducted from year end asset values. What is your rate of return on the fund if you sell your shares at the end of the year?