Question: In problem 2, if New Pioneer converted to an open-end fund and traded at $51.50, would it be a load or no-load fund? 2. The

In problem 2, if New Pioneer converted to an open-end fund and traded at $51.50, would it be a load or no-load fund?
2. The New Pioneer closed-end fund has $520 million in securities, $5 million in liabilities, and 10 million shares outstanding. It trades at a 5 percent premium above its net asset value (NAV).
a. What is the net asset value of the fund?
b. What is the current price of the fund?
c. Why might a fund trade at a premium above its net asset value?

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