You have decided to invest in an open-end mutual fund. You are currently looking at a fundWaters International Fundin your newspaper. The fund is quoted as:

Name	NAV	Net Chg	YTD %RET
WatInt	15.75	0.45	-2.30

Assume that todays opening price of Waters International Fund equals yesterdays closing price. If you wanted to make your investment first thing this morning, then you should expect to pay (15.75, 14.85, 14.96, 18.90) for each share of WatInt since it (charges a -2.30% fee, assesses a .45% fee, is a no load fund) .

Yesterday, each share of WatInt sold for ($.45 more,$ .45 less, $-2.30 more, $-2.30 less) than it did the day before, and offers a return of ( .45%, -2.30%, 15.75%) for the year.

If you had $6,000 available to invest, you could purchase (381, 635, 508.476) shares of WatInt.

Your evaluation of the Waters International Fund is made easier by the fact that:

a. your investment choices are limited.

b. mutual funds are careful to explicitly state their investment objectives.

c. a mutual fund broker will select a customized mix for you.