One year ago, Super Star Closed-End Fund had a NAV of $10.39 and was selling at a(n) 15% discount. Today, its NAV is $11.66 and it is priced at a(n) 3% premium. During the year, Super Star paid dividends of $0.47 and had a capital gains distribution of $0.92. On the basis of the above information, calculate each of the following.

a. Super Star's NAV-based holding period return for the year.

b. Super Star's market-based holding period return for the year. Did the market premium/discount hurt or add value to the investor's return? Explain.

c. Repeat the market-based holding period return calculation, except this time assume the fund started the year at a(n) 15 %15% premium and ended it at a(n) 3 %3% discount. (Assume the beginning and ending NAVs remain at $10.39 and $11.66, respectively.) Is there any change in this measure of return? Why?

a. Super Star's NAV-based holding period return for the year is %. (Round to two decimal places.)

b. Super Star's market-based holding period return for the year is %. (Round to two decimal places.)

The market (premium/discount) applied to the purchase price and the market (premium/discount) applied to the sale. Therefore, the investor's return (benefited/ did not benefit) . (Select from the drop-down menus.)

c. Assuming the beginning and ending NAV remain the same and the fund started the year at a(n) 15% premium and ended it at a(n) 3% discount, the holding period return is %. (Round to two decimal places.)

Because the (premium/discount) applied to the purchase price and the (premium/discount) applied to the ending period price, the HPR is significantly (higher/ lower) . Both the premium and discount values affect the investor's HPR.(Select from the drop-down menus.)