Q6

Melanie is considering purchasing shares in an international bond fund. She has limited her search to one open-end and one closed-end fund. Information on the funds follows:

	Open-End		Closed-End
NAV	$14.38		$25.37
Sales price	no-load		$18.16
Annual expenses	1.43	%	1.14	%
YTD return	13.17	%	13.65	%

a. How much would Melanie pay per share for the open-end fund? How much would she pay per share for the closed-end fund?

b. Is the closed-end fund selling at a discount or a premium to its NAV?