GU International Bond Funds Open End and Closed End Fund Discussion

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GU International Bond Funds Open End and Closed End Fund Discussion

Business Finance, Grantham University

GU International Bond Funds Open End and Closed End Fund Discussion

Question Description

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	$ 13.63		$ 26.19
Sales price	no-load		$ 22.96
Annual expenses	1.17	%	0.94	%
YTD return	11.35	%	11.79	%

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?

c. Given both funds’ similar returns and expense ratios, would you recommend that Melanie purchase the closed-end fund? Why or why not?

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