Closed-ended mutual fund ranking per NAV discount

CLOSED-ENDED MUTUAL FUND RANKING PER NAV DISCOUNT

Ranking of best closed-ended mutual funds based on discount from net 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.

Unlike other rankings that reflect past performance and are not predictors of future performance, our scientific ranking reflects probability of high future return on investment made today. Our ranking is based on two main factors that are best quantifiable predictors of future returns: NAV discount and Expense Ratio. A third criterion taken into account in our ranking is evaluations of 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
|  |  |     |  |  |                                 |                            |                 |

5	24	1.05	FOFI		06/14:8.21/10.87	Ch Hi Ne Go MS CN CB Bl Ho Se	First Opportunity Fund, Inc	Sector Equity Funds	.847
4	45	6.51	RCG		06/14:1.51/2.75	Ch Hi Ne Go MS CN CB Bl Ho Se	RENN Global Entrepreneurs Fund, Inc	Global Funds	1.763
4	22	0.79	CET		06/14:20.98/26.81	Ch Hi Ne Go MS CN CB Bl Ho Se	Central Securities Corporation	Stocks; leveraged	.543
3	21	1.90	BTF		06/14:21.69/27.59	Ch Hi Ne Go MS CN CB Bl Ho Se	Boulder Total Return Fund, Inc	fixed rate preferred stocks and adjustable rate preferred stocks; 25% utilities, 25% banks	1.715
3	17	1.10	ECF		06/14:7.62/9.19	Ch Hi Ne Go MS CN CB Bl Ho Se	Ellsworth Fund Ltd	Convertible securities	.777
3	14	0.52	TY	1r	06/14:17.94/20.83	Ch Hi Ne Go MS CN CB Bl Ho Se	Tri-Continental Corporation	Core Funds	.424
3	17	1.10	BCV		06/14:17.38/20.83	Ch Hi Ne Go MS CN CB Bl Ho Se	Bancroft Fund Ltd	Convertible securities	.790
3	13	0.65	ADX	1r	06/14:12.07/13.94	Ch Hi Ne Go MS CN CB Bl Ho Se	Adams Express Company	Diversified sound-co sto	.448
2	14	0.65	PEO		06/14:25.92/30.16	Ch Hi Ne Go MS CN CB Bl Ho Se	Petroleum & Resources Corporation	Sector Equity Funds	.417
2	15	1.16	IFN	1r	06/14:19.54/22.94	Ch Hi Ne Go MS CN CB Bl Ho Se	India Fund, Inc	At least 65% Indian stoc	.958
2	10	0.95	ZTR	5o	06/14:13.04/14.47	Ch Hi Ne Go MS CN CB Bl Ho Se	Zweig Total Return Fund, Inc	Income & Pref Stock Fds	.625
2	15	1.18	TKF		06/14:16.39/19.37	Ch Hi Ne Go MS CN CB Bl Ho Se	Turkish Investment Fund, Inc	80% Turkish equity	.875
2	13	0.69	WIW		06/14:12.19/14.02	Ch Hi Ne Go MS CN CB Bl Ho Se	Western Asset/Claymore Inflation Linked Opportunities & Income Fund	Corp Debt BBB Rated Fds	.640
2	19	2.29	DNY		06/14:19.79/24.46	Ch Hi Ne Go MS CN CB Bl Ho Se	Denali Fund Inc	Core Funds	1.822
2	12	1.31	TDF	3r	06/14:25.36/28.92	Ch Hi Ne Go MS CN CB Bl Ho Se	Templeton Dragon Fund, Inc	Fgn;Asia-Pac stks;45% Ch	1.248
2	15	1.44	SLA		06/14:10.1/11.94	Ch Hi Ne Go MS CN CB Bl Ho Se	American Select Portfolio Inc	US Mortgage Funds	.747
2	22	3.17	BIF		06/14:7.58/9.68	Ch Hi Ne Go MS CN CB Bl Ho Se	Boulder Growth & Income Fund, Inc	Value Funds	1.538
2	15	1.46	TTF		06/14:21.63/25.46	Ch Hi Ne Go MS CN CB Bl Ho Se	Thai Fund, Inc	Pacific Ex Japan Funds	.812
2	15	1.40	IIF		06/14:15.9/18.66	Ch Hi Ne Go MS CN CB Bl Ho Se	Morgan Stanley India Investment Fund, Inc	At least 65% Indian stoc	1.131
2	12	0.64	ACG		06/14:7.6/8.62	Ch Hi Ne Go MS CN CB Bl Ho Se	AllianceBernstein Income Fund, Inc	Corp Debt BBB Leveraged	.504
2	11	0.45	PCF		06/14:7.84/8.84	Ch Hi Ne Go MS CN CB Bl Ho Se	Putnam High Income Securities Fund	Convertible Sec Funds	.341
2	13	1.15	ZF	1d	06/14:13.01/14.89	Ch Hi Ne Go MS CN CB Bl Ho Se	Zweig Fund, Inc	Core Funds	.747
2	12	1.07	USA	1d	06/14:5.22/5.93	Ch Hi Ne Go MS CN CB Bl Ho Se	Liberty All-Star Equity Fund	Multi-mngd; 3 value; 2 g	.917
2	11	0.63	ICB		06/14:17.17/19.38	Ch Hi Ne Go MS CN CB Bl Ho Se	Morgan Stanley Income Securities, Inc	Corp Debt BBB Rated Fds	.500
2	10	0.43	PPT		06/14:5.33/5.95	Ch Hi Ne Go MS CN CB Bl Ho Se	Putnam Premier Income Trust	Flexible Income Funds	.354
2	14	1.44	SWZ		06/14:12.56/14.61	Ch Hi Ne Go MS CN CB Bl Ho Se	Swiss Helvetia Fund, Inc	Swiss equity	.857
2	12	2.11	GRR	5r	06/14:11.28/12.79	Ch Hi Ne Go MS CN CB Bl Ho Se	Asia Tigers Fund, Inc	Asian company equities	.488
2	13	1.19	CEE		06/14:30.03/34.46	Ch Hi Ne Go MS CN CB Bl Ho Se	Central Europe Russia and Turkey Fund, Inc	Central Europe stks;Germ	.842
2	12	0.94	BNA		06/14:10.18/11.52	Ch Hi Ne Go MS CN CB Bl Ho Se	BlackRock Income Opportunity Trust	65% U.S. and Canadian mortgage-backed and government securities	.700
2	11	0.74	CSI		06/14:18.81/21.10	Ch Hi Ne Go MS CN CB Bl Ho Se	Cutwater Select Income Fund	Corp Debt BBB Rated Fds	.446
2	11	0.71	RVT		06/14:15.2/17.05	Ch Hi Ne Go MS CN CB Bl Ho Se	Royce Value Trust, Inc	Core Funds	.561
1	15	1.82	ASP		06/14:10.38/12.18	Ch Hi Ne Go MS CN CB Bl Ho Se	American Strategic Income Portfolio Inc	US Mortgage Funds	.780
1	14	1.67	GAM		06/14:32.08/37.46	Ch Hi Ne Go MS CN CB Bl Ho Se	General American Investors Company, Inc	Core Funds	1.390
1	13	1.42	IF		06/14:11.72/13.52	Ch Hi Ne Go MS CN CB Bl Ho Se	Aberdeen Indonesia Fund, Inc	Pacific Ex Japan Funds	.988
1	13	1.41	CHN		06/14:20.11/23.22	Ch Hi Ne Go MS CN CB Bl Ho Se	China Fund, Inc	Chinese secs; non divers	.788
1	12	1.17	GF		06/14:17.96/20.49	Ch Hi Ne Go MS CN CB Bl Ho Se	New Germany Fund, Inc	Germany equity	.874
1	11	0.95	BDJ		06/14:7.6/8.59	Ch Hi Ne Go MS CN CB Bl Ho Se	BlackRock Enhanced Equity Dividend Trust	Opt Arbitrage/Opt Strat	.833
1	10	0.70	WIA		06/14:12.41/13.84	Ch Hi Ne Go MS CN CB Bl Ho Se	Western Asset/Claymore Inflation Linked Securities & Income Fund	Corp Debt BBB Rated Fds	.453
1	10	0.67	FDI		06/14:14.88/16.55	Ch Hi Ne Go MS CN CB Bl Ho Se	Fort Dearborn Income Securities, Inc	Corp Debt BBB Rated Fds	.466
1	10	0.56	VBF		06/14:18.37/20.42	Ch Hi Ne Go MS CN CB Bl Ho Se	Invesco Bond Fund	Corp Debt BBB Rated Fds	.419
1	10	0.47	PMO		06/14:11.73/12.97	Ch Hi Ne Go MS CN CB Bl Ho Se	Putnam Municipal Opportunities Trust	Gen & Ins Leveraged	.361
1	15	1.99	DCA		06/14:3.91/4.61	Ch Hi Ne Go MS CN CB Bl Ho Se	Virtus Total Return Fund	Global Funds	1.247
1	12	1.13	MSD		06/14:10.8/12.22	Ch Hi Ne Go MS CN CB Bl Ho Se	Morgan Stanley Emerging Markets Debt Fund, Inc	Emerging Mkts Debt Funds	1..6
1	12	1.10	BOE		06/14:13.69/15.48	Ch Hi Ne Go MS CN CB Bl Ho Se	BlackRock Global Opportunities Equity Trust	Opt Arbitrage/Opt Strat	.997
1	10	0.72	MTS		06/14:16.34/18.18	Ch Hi Ne Go MS CN CB Bl Ho Se	Montgomery Street Income Securities, Inc	Corp Debt BBB Rated Fds	.477
1	13	1.62	ISL		06/14:14.94/17.22	Ch Hi Ne Go MS CN CB Bl Ho Se	Aberdeen Israel Fund, Inc	Developed Market Funds	.925
1	13	1.43	GRF		06/14:7.54/8.64	Ch Hi Ne Go MS CN CB Bl Ho Se	Eagle Capital Growth Fund, Inc	P/E ratios <= average for companies in the same industry	.750
1	12	1.16	JGG		06/14:12.76/14.43	Ch Hi Ne Go MS CN CB Bl Ho Se	Nuveen Global Income Oppportunities Fund	Global Income Funds	.915
1	11	1.15	EOI		06/14:11.75/13.27	Ch Hi Ne Go MS CN CB Bl Ho Se	Eaton Vance Enhanced Equity Income Fund	Opt Arbitrage/Opt Strat	1..0
1	10	1.17	SGL	1d	06/14:9.89/11.04	Ch Hi Ne Go MS CN CB Bl Ho Se	Strategic Global Income Fund, Inc	Global Income Funds	.950
1	10	0.80	IMF		06/14:16.97/18.85	Ch Hi Ne Go MS CN CB Bl Ho Se	Western Asset Inflation Management Fund Inc	Corp Debt BBB Rated Fds	.600
1	10	0.78	TAI		06/14:20.8/23.13	Ch Hi Ne Go MS CN CB Bl Ho Se	Transamerica Income Shares, Inc	Corp Debt BBB Rated Fds	.521
1	10	0.70	PAI		06/14:13.21/14.61	Ch Hi Ne Go MS CN CB Bl Ho Se	Western Asset Income Fund	Corp Debt BBB Rated Fds	.514
1	11	1.36	GHI	1d	06/14:11.19/12.56	Ch Hi Ne Go MS CN CB Bl Ho Se	Global High Income Fund Inc	Emerging Mkts Debt Funds	1.125
1	11	1.18	CMK		06/14:8.27/9.32	Ch Hi Ne Go MS CN CB Bl Ho Se	MFS InterMarket Income Trust I	33% each: fixed US Government bonds, foreign governments, high yield	.774
1	11	1.12	KF		06/14:35.22/39.45	Ch Hi Ne Go MS CN CB Bl Ho Se	Korea Fund, Inc	Korean stocks	.739
1	10	1.46	ASG	2d	06/14:4.46/4.97	Ch Hi Ne Go MS CN CB Bl Ho Se	Liberty All-Star Growth Fund, Inc	Multi-mgd:2/3 grth;1/3 v	.949
1	10	0.99	VFL		06/14:12.88/14.39	Ch Hi Ne Go MS CN CB Bl Ho Se	Delaware Investments National Municipal Income Fund	Gen & Ins Leveraged	.409
1	10	0.96	PIM		06/14:4.98/5.56	Ch Hi Ne Go MS CN CB Bl Ho Se	Putnam Master Intermediate Income Trust	Flexible Income Funds	.750
1	10	0.94	CII		06/14:12.91/14.34	Ch Hi Ne Go MS CN CB Bl Ho Se	BlackRock Enhanced Capital & Income Fund, Inc	Opt Arbitrage/Opt Strat	.848
1	9	0.73	OIA		06/14:6.68/7.34	Ch Hi Ne Go MS CN CB Bl Ho Se	Invesco Municipal Income Opportunities Trust	Hi Yld Muni Debt Funds	.506
1	9	0.70	VMM		06/14:13.46/14.74	Ch Hi Ne Go MS CN CB Bl Ho Se	Delaware Investments Minnesota Municipal Income Fund II, Inc	Other States Muni Debt	.468
1	12	1.57	MXE		06/14:15.18/17.30	Ch Hi Ne Go MS CN CB Bl Ho Se	Mexico Equity & Income Fund, Inc	Mex: 50% cnv; 50% stks&b	.922
1	11	1.24	APF		06/14:15.8/17.79	Ch Hi Ne Go MS CN CB Bl Ho Se	Morgan Stanley Asia-Pacific Fund, Inc	Asia-Pac eqty;0-50% Japa	1..8
1	11	1.19	JOF		06/14:8.3/9.28	Ch Hi Ne Go MS CN CB Bl Ho Se	Japan Smaller Capitalization Fund, Inc	Japanese OTC stocks	.937
1	8	0.73	VCF		06/14:13.63/14.89	Ch Hi Ne Go MS CN CB Bl Ho Se	Delaware Investments Colorado Municipal Income Fund, Inc	Other States Muni Debt	.465
1	13	1.91	CSP		06/14:6.95/8.02	Ch Hi Ne Go MS CN CB Bl Ho Se	American Strategic Income Portfolio Inc III	US Mortgage Funds	.766
1	11	2.15	APB	3t	06/14:10.15/11.45	Ch Hi Ne Go MS CN CB Bl Ho Se	Asia Pacific Fund, Inc	80% Asian markets	1.193
1	11	1.39	MCN		06/14:7.97/8.98	Ch Hi Ne Go MS CN CB Bl Ho Se	Madison Covered Call & Equity Strategy Fund	Opt Arbitrage/Opt Strat	.962
1	11	1.30	RMT		06/14:10.89/12.21	Ch Hi Ne Go MS CN CB Bl Ho Se	Royce Micro-Cap Trust, Inc	Core Funds	1.113
1	10	1.22	BGR		06/14:25.16/28.05	Ch Hi Ne Go MS CN CB Bl Ho Se	BlackRock Energy & Resources Trust	Sector Equity Funds	1.139
1	10	1.21	FFA		06/14:12.93/14.44	Ch Hi Ne Go MS CN CB Bl Ho Se	First Trust Enhanced Equity Income Fund	Opt Arbitrage/Opt Strat	1..6
1	10	1.12	EOS		06/14:11.52/12.81	Ch Hi Ne Go MS CN CB Bl Ho Se	Eaton Vance Enhanced Equity Income Fund II	Opt Arbitrage/Opt Strat	1..0
1	10	1.00	BHK		06/14:13.35/14.76	Ch Hi Ne Go MS CN CB Bl Ho Se	BlackRock Core Bond Trust	Corp Debt BBB Leveraged	.764
1	9	0.99	JLA		06/14:12.39/13.62	Ch Hi Ne Go MS CN CB Bl Ho Se	Nuveen Equity Premium Advantage Fund	Opt Arbitrage/Opt Strat	.872
1	15	2.66	IRL	1d	06/14:10.58/12.45	Ch Hi Ne Go MS CN CB Bl Ho Se	New Ireland Fund, Inc	Irish stocks	.859
1	12	1.76	BSP		06/14:8.37/9.53	Ch Hi Ne Go MS CN CB Bl Ho Se	American Strategic Income Portfolio Inc II	US Mortgage Funds	.769
1	11	1.43	ETF		06/14:20.25/22.70	Ch Hi Ne Go MS CN CB Bl Ho Se	Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc	65% equity of telecommunications in emerging countries	1..3
1	10	1.20	JGV		06/14:13/14.45	Ch Hi Ne Go MS CN CB Bl Ho Se	Nuveen Global Value Opportunities Fund	Global Funds	.972
1	10	1.18	BQY		06/14:12.54/13.91	Ch Hi Ne Go MS CN CB Bl Ho Se	BlackRock S&P Quality Rankings Global Equity Managed Trust	Global Funds	.746
1	9	1.16	LAQ		06/14:32.67/36.01	Ch Hi Ne Go MS CN CB Bl Ho Se	Aberdeen Latin America Equity Fund, Inc	Argentina, Brazil, Chile and Mexico	.849
1	9	1.08	ETW		06/14:11.29/12.45	Ch Hi Ne Go MS CN CB Bl Ho Se	Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund	Opt Arbitrage/Opt Strat	1..0
1	8	0.95	DVM		06/14:14.71/16.08	Ch Hi Ne Go MS CN CB Bl Ho Se	Cohen & Steers Dividend Majors Fund, Inc	Core Funds	.810
1	12	1.86	NRO		06/14:4.88/5.57	Ch Hi Ne Go MS CN CB Bl Ho Se	Neuberger Berman Real Estate Securities Income Fund, Inc	Real Estate Funds	1..9
1	12	1.79	EEA		06/14:7.33/8.35	Ch Hi Ne Go MS CN CB Bl Ho Se	European Equity Fund Inc	Developed Market Funds	.969
1	10	1.38	SBW		06/14:13.46/15.04	Ch Hi Ne Go MS CN CB Bl Ho Se	Western Asset Worldwide Income Fund Inc	Emerging Mkts Debt Funds	1..0
1	10	1.36	EMF		06/14:18.05/20.10	Ch Hi Ne Go MS CN CB Bl Ho Se	Templeton Emerging Markets Fund	Emerging Markets Funds	1.250
1	9	1.24	ERC		06/14:15.1/16.66	Ch Hi Ne Go MS CN CB Bl Ho Se	Wells Fargo Advantage Multi-Sector Income Fund	Flexible Income Funds	.801
1	9	1.15	IQI		06/14:12.18/13.36	Ch Hi Ne Go MS CN CB Bl Ho Se	Invesco Quality Municipal Income Trust	Gen & Ins Leveraged	.424
1	8	0.99	IGR		06/14:8.8/9.62	Ch Hi Ne Go MS CN CB Bl Ho Se	CBRE Clarion Global Real Estate Income Fund	Real Estate Funds	.825
1	8	0.98	IIM		06/14:14.48/15.80	Ch Hi Ne Go MS CN CB Bl Ho Se	Invesco Value Municipal Income Trust	Gen & Ins Leveraged	.401
1	8	0.91	JPZ		06/14:12.34/13.44	Ch Hi Ne Go MS CN CB Bl Ho Se	Nuveen Equity Premium Income Fund	Opt Arbitrage/Opt Strat	.813
1	14	2.36	LBF		06/14:8.1/9.43	Ch Hi Ne Go MS CN CB Bl Ho Se	DWS Global High Income Fund, Inc	Emerging Mkts Debt Funds	1..0
1	12	1.81	KEF		06/14:7.92/8.96	Ch Hi Ne Go MS CN CB Bl Ho Se	Korea Equity Fund, Inc	Korean equity securities	.845
1	11	1.65	SGF		06/14:13.36/14.98	Ch Hi Ne Go MS CN CB Bl Ho Se	Singapore Fund, Inc	Developed Market Funds	1..8
1	11	1.57	MSF		06/14:14.67/16.45	Ch Hi Ne Go MS CN CB Bl Ho Se	Morgan Stanley Emerging Markets Fund, Inc	Emerging market stks & c	1.273
1	11	1.54	MYM		06/14:12.83/14.35	Ch Hi Ne Go MS CN CB Bl Ho Se	BlackRock MuniYield Michigan Quality Fund II, Inc	MI Muni Debt Funds	.782
1	10	1.41	GDV		06/14:19.47/21.61	Ch Hi Ne Go MS CN CB Bl Ho Se	Gabelli Dividend & Income Trust	Value Funds	1.3.
1	9	1.33	FUND		06/14:7.13/7.87	Ch Hi Ne Go MS CN CB Bl Ho Se	Royce Focus Trust, Inc	Core Funds	1.134
1	8	1.10	MMT		06/14:6.89/7.53	Ch Hi Ne Go MS CN CB Bl Ho Se	MFS Multimarket Income Trust	General Bond Funds	.786
1	10	1.59	TRF		06/14:14.1/15.73	Ch Hi Ne Go MS CN CB Bl Ho Se	Templeton Russia & East European Fund, Inc	Emerging Markets Funds	1.3.
1	10	1.53	MPA		06/14:14.03/15.65	Ch Hi Ne Go MS CN CB Bl Ho Se	BlackRock MuniYield Pennsylvania Quality Fund	PA Muni Debt Funds	.806

Charts and news about the above funds: Yahoo MSN MarketWatch

Updated: 2013/06/15 07:38

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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