One year ago, the Waco Wildcat closed-end fund has a NAV of $47.92 and was selling at a 8.2% premium. Today, the fund has a NAV of $49.67 and is selling at a 1.3% premium. During the year, the fund distributed dividends of $.39 per share and capital gains of $.48 per share.

A. Calculate the NAV-based HPR for the fund for the year.

B. Calculate the market-based HPR for the fund for the year.

C. Recalculate the market-based HPR for the fund for the year, assuming the fund was selling at 6.9% discount at the beginning of the year and a 16.4% discount at the end of the year.