1. Discuss the various risks of international investing.

2. What is the basic difference between a closed-end fund and an open-end fund?

3. The Closed Fund is a closed-end investment company with a portfolio currently worth $325 million. It has liabilities of $80 million and 5 million shares outstanding.

a. What is the NAV of the fund?

b. If the fund sells for $45 per share, what is its premium or discount as a percent of net asset value?