One year ago, Super Star Closed-End Fund had a NAV of $ 10.32 and was selling at a(n) 18% discount. Today, its NAV is $11.73 and it is priced at a(n) 5% premium. During the year, Super Star paid dividends of $ 0.46 and had a capital gains distribution of $ 0.91. On the basis of the above information, calculate each of the following.

Repeat the market-based holding period return calculation, except this time assume the fund started the year at a(n) 18% premium and ended it at a(n) 5% discount. (Assume the beginning and ending NAVs remain at 10.32 and $11.73, respectively.) Is there any change in this measure of return? Why?