. .

CLOSED-ENDED MUTUAL FUND RANKING PER NAV DISCOUNT

asset value (NAV), annual expense ratio, and plans to reduce or eliminate discount.

All open-ended mutual funds are guaranteed to perform worse than the securities that they hold. The same applies to many closed-ended mutual funds. However, there is a small group of closed-ended funds, listed below, whose performance expectation is much better than that of the securities they hold. They are not just the best buys among closed-ended mutual funds but are some of the best buys among all stocks whose expected performance can be analyzed mathematically.

probability of high future return on investment made today. Our predictors of future returns: NAV discount and Expense Ratio. A the plans the fund has, if any, to reduce its discount in the near future.

All the funds listed below are recommended. Among them, the reader may wish chose those appearing at the top of the list. Some readers may wish to narrow down the selection further by analyzing other unquantifiable factors: investment policy, sector, dividends, and news about these funds. (We have already factored in the news that some of these funds intend to become open-ended funds or to implement another policy to expedite the reduction or elimination of their discount off NAV. A link to a list of news articles about all the funds we recommend, as well as other information, is given at the bottom of this report.)

We rank funds traded on U.S. markets; however their portfolios may be composed of stocks traded on U.S. or foreign markets. Typically, the best discounts today are obtained for U.S.-traded funds specializing in overseas markets as well as a few U.S. funds specializing in the U.S. market.

Funds with high discount off NAV are likely to reduce their discount in the future, thus offering the investor a good possibility of appreciation of the fund's stock greater than the appreciation of the fund's portfolio. However, funds with high Annual Expense Ratio reduce their investors' profits. Therefore, we balance NAV discount and expense ratio in our rating, as well as funds' intention to actively reduce their discount.

The publically-posted data is a week-old. To access daily-fresh data you may wish to

* rank (9= a steal, 5=excellent, 3=very good, 1=good) 
|  * % discount off NAV 
|  |  * Annual Expense Ratio
|  |  |     * Fund Symbol 
|  |  |     |  * Plans to eliminate discount: grade (1-5) and type (Opening,
|  |  |     |  |        share Repurchasing, Tender offer, Liquidation, asset Distribution)
|  |  |     |  |  * date: recent price/NAV 
|  |  |     |  |  |                     * Fund name 
|  |  |     |  |  |                     |                            * investment policy
|  |  |     |  |  |                     |                            |
|  |  |     |  |  |                     |                            |                 * admin fee
|  |  |     |  |  |                     |                            |                 |
6475.53EQS1r2010-08-19:2.24/4.28 Ch Hi Ne Go MS CN CB Bl Ho SeEquus Total Return, Inc85% equity in leveraged buyouts of mostly private medium-caps1.454
6352.61FXBY 2010-08-27:0.95/1.47 Ch Hi Ne Go MS CN CB Bl Ho SeFoxby CorpGrowth Funds.500
3150.98TY1r2010-08-27:11.37/13.45 Ch Hi Ne Go MS CN CB Bl Ho SeTri-Continental CorporationCore Funds.421
3171.32DHFT 2010-08-27:8.31/10.06 Ch Hi Ne Go MS CN CB Bl Ho SeDiamond Hill Financial Trends Fund, IncSector Equity Funds.482
2212.42RAP 2010-08-27:16.38/20.86 Ch Hi Ne Go MS CN CB Bl Ho SeRMR Asia Pacific Real Estate FundReal Estate Funds.983
2161.52HQH2d2010-08-27:11.31/13.42 Ch Hi Ne Go MS CN CB Bl Ho SeH&Q Healthcare InvestorsHlth svc & med tech stks1.186
2181.62GIFD 2010-08-27:3.69/4.50 Ch Hi Ne Go MS CN CB Bl Ho SeGlobal Income Fund, IncGlobal Income Funds.700
2171.59RMT 2010-08-27:7.35/8.85 Ch Hi Ne Go MS CN CB Bl Ho SeRoyce Micro-Cap Trust, IncCore Funds1.381
2171.58HQL 2010-08-27:9.02/10.83 Ch Hi Ne Go MS CN CB Bl Ho SeH&Q Life Sciences InvestorsHealthcare stks; global1.187
2141.09USA1d2010-08-27:4.01/4.67 Ch Hi Ne Go MS CN CB Bl Ho SeLiberty All-Star Equity FundMulti-mngd; 3 value; 2 g.948
2182.08BIF 2010-08-27:5.82/7.11 Ch Hi Ne Go MS CN CB Bl Ho SeBoulder Growth & Income Fund, IncCore Funds1.761
2140.96PEO 2010-08-27:21.13/24.49 Ch Hi Ne Go MS CN CB Bl Ho SePetroleum & Resources CorporationSector Equity Funds.687
2192.42DCA 2010-08-27:2.73/3.37 Ch Hi Ne Go MS CN CB Bl Ho SeDCA Total Return FundReal Estate Funds1.220
2151.66GDV 2010-08-27:12.58/14.88 Ch Hi Ne Go MS CN CB Bl Ho SeGabelli Dividend & Income TrustValue Funds1.430
2131.23SWZ 2010-08-27:11.56/13.26 Ch Hi Ne Go MS CN CB Bl Ho SeSwiss Helvetia Fund, IncSwiss equity.848
2121.04SOR 2010-08-27:41.33/47.12 Ch Hi Ne Go MS CN CB Bl Ho SeSource Capital, IncCore Funds.797
2120.97BDT 2010-08-27:9.13/10.36 Ch Hi Ne Go MS CN CB Bl Ho SeBlackRock Strategic Dividend Achievers TrustCore Funds.749
1151.93GAM 2010-08-27:22.21/26.27 Ch Hi Ne Go MS CN CB Bl Ho SeGeneral American Investors Company, IncCore Funds1.573
1182.62RNP 2010-08-27:12.01/14.62 Ch Hi Ne Go MS CN CB Bl Ho SeCohen & Steers REIT & Preferred Income Fund, IncReal Estate Funds1.240
1131.30BCV 2010-08-27:15.44/17.65 Ch Hi Ne Go MS CN CB Bl Ho SeBancroft Fund LtdConvertible securities.800
1121.41JEQ 2010-08-27:5.18/5.93 Ch Hi Ne Go MS CN CB Bl Ho SeJapan Equity Fund, IncDeveloped Market Funds.655
1172.63MGU 2010-08-27:15.43/18.54 Ch Hi Ne Go MS CN CB Bl Ho SeMacquarie Global Infrastructure Total Return FundSector Equity Funds1.446
1193.30DNY 2010-08-27:14.17/17.54 Ch Hi Ne Go MS CN CB Bl Ho SeDenali Fund IncCore Funds2.669
1162.55TF 2010-08-26:12.9/15.42 Ch Hi Ne Go MS CN CB Bl Ho SeThai Capital Fund, IncPacific Ex Japan Funds1.2.
1111.20ECF 2010-08-27:6.7/7.53 Ch Hi Ne Go MS CN CB Bl Ho SeEllsworth Fund LtdConvertible securities.800
1101.08BKT 2010-08-27:6.93/7.73 Ch Hi Ne Go MS CN CB Bl Ho SeBlackRock Income Trust, IncUS Mortgage Funds.788
1101.03SPE 2010-08-27:13.1/14.56 Ch Hi Ne Go MS CN CB Bl Ho SeSpecial Opportunities Fund, IncCore Funds.397
1162.48UTF 2010-08-27:14.6/17.32 Ch Hi Ne Go MS CN CB Bl Ho SeCohen & Steers Infrastructure Fund, IncSector Equity Funds1.295
1111.43ETF 2010-08-27:17.08/19.23 Ch Hi Ne Go MS CN CB Bl Ho SeAberdeen Emerging Markets Telecommunications Fund, Inc65% equity of telecommunications in emerging countries1..4
1111.37BLU 2010-08-27:3/3.38 Ch Hi Ne Go MS CN CB Bl Ho SeBlue Chip Value Fund, IncCore Funds.747
19 1.22ZF1d2010-08-27:3/3.30 Ch Hi Ne Go MS CN CB Bl Ho SeZweig Fund, IncCore Funds.915
1101.16MAY 2010-08-27:9.96/11.03 Ch Hi Ne Go MS CN CB Bl Ho SeMalaysia Fund, IncPacific Ex Japan Funds.898
1101.13RFI 2010-08-27:11.11/12.34 Ch Hi Ne Go MS CN CB Bl Ho SeCohen & Steers Total Return Realty Fund, IncReal Estate Funds.737
19 1.13ESD 2010-08-27:18.78/20.70 Ch Hi Ne Go MS CN CB Bl Ho SeWestern Asset Emerging Markets Debt Fund IncEmerging Mkts Debt Funds.850
1162.86MFD 2010-08-27:11.98/14.32 Ch Hi Ne Go MS CN CB Bl Ho SeMacquarie/First Trust Global Infrastructure/Utilities Dividend & Income FundIncome & Pref Stock Fds1.419
1101.22GCF 2010-08-27:14.52/16.09 Ch Hi Ne Go MS CN CB Bl Ho SeGlobal Income & Currency Fund IncGlobal Funds.900
19 1.18CMK 2010-08-27:8.35/9.13 Ch Hi Ne Go MS CN CB Bl Ho SeMFS InterMarket Income Trust I33% each: fixed US Government bonds, foreign governments, high yield.777
1101.57JPC 2010-08-27:8.03/8.98 Ch Hi Ne Go MS CN CB Bl Ho SeNuveen Multi-Strategy Income & Growth FundIncome & Pref Stock Fds.947

Charts and news about the above funds: Yahoo MSN MarketWatch

Updated: 2010/08/28 08:11

Disclaimer: we do not recommend purchase or sale of any particular funds, merely present a compilation and mathematical manipulation of publicly available data; while we try to compile correct data, we cannot guarantee data correctness and are not responsible for its use.

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