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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
|  |  |     |  |  |                                 |                            |                 |
3201.23FOFI 07/25:9.79/12.29 Ch Hi Ne Go MS CN CB Bl Ho SeFirst Opportunity Fund, IncSector Equity Funds1..7
3345.47RCG 07/25:1.53/2.35 Ch Hi Ne Go MS CN CB Bl Ho SeRENN Global Entrepreneurs Fund, IncGlobal Funds1.794
3140.50TY 07/25:21.11/24.63 Ch Hi Ne Go MS CN CB Bl Ho SeTri-Continental CorporationCore Funds.422
3191.74BIF 07/25:8.68/10.71 Ch Hi Ne Go MS CN CB Bl Ho SeBoulder Growth & Income Fund, IncValue Funds1.5.
3150.77CET 07/25:23.87/28.10 Ch Hi Ne Go MS CN CB Bl Ho SeCentral Securities CorporationStocks; leveraged.532
2150.78PEO 07/25:31.32/36.81 Ch Hi Ne Go MS CN CB Bl Ho SePetroleum & Resources CorporationNatural Resources Funds.568
2140.69ADX 07/25:13.96/16.32 Ch Hi Ne Go MS CN CB Bl Ho SeAdams Express CompanyDiversified sound-co sto.507
2192.07DNY 07/25:21.57/26.72 Ch Hi Ne Go MS CN CB Bl Ho SeDenali Fund IncCore Funds1.715
2151.10ECF 07/25:8.87/10.49 Ch Hi Ne Go MS CN CB Bl Ho SeEllsworth Fund LtdConvertible securities.781
2151.10BCV 07/25:20.22/23.77 Ch Hi Ne Go MS CN CB Bl Ho SeBancroft Fund LtdConvertible securities.769
2130.75WIW 07/25:12.2/13.97 Ch Hi Ne Go MS CN CB Bl Ho SeWestern Asset/Claymore Inflation Linked Opportunities & Income FundCorp Debt BBB Rated Fds.669
2171.91BTF 07/25:25.97/31.30 Ch Hi Ne Go MS CN CB Bl Ho SeBoulder Total Return Fund, Incfixed rate preferred stocks and adjustable rate preferred stocks; 25% utilities, 25% banks1.635
2141.27GAM 07/25:37.09/43.30 Ch Hi Ne Go MS CN CB Bl Ho SeGeneral American Investors Company, IncCore Funds1..6
2130.99TTF 07/25:11.92/13.70 Ch Hi Ne Go MS CN CB Bl Ho SeThai Fund, IncPacific Ex Japan Funds.723
2131.19SGL 07/25:9.2/10.62 Ch Hi Ne Go MS CN CB Bl Ho SeStrategic Global Income Fund, IncGlobal Income Funds.950
2131.29GHI 07/25:10.2/11.73 Ch Hi Ne Go MS CN CB Bl Ho SeGlobal High Income Fund IncEmg Mkts HC Debt Funds1..2
2131.16MSD 07/25:10.2/11.66 Ch Hi Ne Go MS CN CB Bl Ho SeMorgan Stanley Emerging Markets Debt Fund, IncEmg Mkts HC Debt Funds1..9
2121.05USA 07/25:6/6.84 Ch Hi Ne Go MS CN CB Bl Ho SeLiberty All-Star Equity FundMulti-mngd; 3 value; 2 g.911
2121.02MMT 07/25:6.57/7.46 Ch Hi Ne Go MS CN CB Bl Ho SeMFS Multimarket Income TrustGeneral Bond Funds.740
2110.74WIA 07/25:12.34/13.85 Ch Hi Ne Go MS CN CB Bl Ho SeWestern Asset/Claymore Inflation Linked Securities & Income FundCorp Debt BBB Rated Fds.468
2110.66ICB 07/25:17.97/20.14 Ch Hi Ne Go MS CN CB Bl Ho SeMorgan Stanley Income Securities, IncCorp Debt BBB Rated Fds.500
2100.63ACG 07/25:7.53/8.41 Ch Hi Ne Go MS CN CB Bl Ho SeAllianceBernstein Income Fund, IncCorp Debt BBB Leveraged.518
2100.45PCF 07/25:8.58/9.54 Ch Hi Ne Go MS CN CB Bl Ho SePutnam High Income Securities FundConvertible Sec Funds.345
1131.19JOF 07/25:9.59/10.96 Ch Hi Ne Go MS CN CB Bl Ho SeJapan Smaller Capitalization Fund, IncJapanese OTC stocks.917
1121.08JEQ 07/25:7.25/8.25 Ch Hi Ne Go MS CN CB Bl Ho SeAberdeen Japan Equity Fund, IncDeveloped Market Funds.599
1110.92MCR 07/25:9.18/10.35 Ch Hi Ne Go MS CN CB Bl Ho SeMFS Charter Income TrustGeneral Bond Funds.638
1110.86PPT 07/25:5.48/6.16 Ch Hi Ne Go MS CN CB Bl Ho SePutnam Premier Income TrustGeneral Bond Funds.710
1100.84SOR 07/25:68.73/76.78 Ch Hi Ne Go MS CN CB Bl Ho SeSource Capital, IncCore Funds.688
1100.70MTS 07/25:16.56/18.36 Ch Hi Ne Go MS CN CB Bl Ho SeMontgomery Street Income Securities, IncCorp Debt BBB Leveraged.485
1100.59VBF 07/25:18.82/20.85 Ch Hi Ne Go MS CN CB Bl Ho SeInvesco Bond FundCorp Debt BBB Rated Fds.419
1152.10NRO 07/25:5.06/5.97 Ch Hi Ne Go MS CN CB Bl Ho SeNeuberger Berman Real Estate Securities Income Fund, IncReal Estate Funds1.142
1131.53RIT 07/25:11.8/13.54 Ch Hi Ne Go MS CN CB Bl Ho SeLMP Real Estate Income Fund IncReal Estate Funds1..7
1121.30SWZ 07/25:14.26/16.22 Ch Hi Ne Go MS CN CB Bl Ho SeSwiss Helvetia Fund, IncSwiss equity.827
1110.94PIM 07/25:5.06/5.66 Ch Hi Ne Go MS CN CB Bl Ho SePutnam Master Intermediate Income TrustGeneral Bond Funds.751
1100.79RVT 07/25:15.72/17.44 Ch Hi Ne Go MS CN CB Bl Ho SeRoyce Value Trust, IncCore Funds.538
1100.75TAI 07/25:21.01/23.33 Ch Hi Ne Go MS CN CB Bl Ho SeTransamerica Income Shares, IncCorp Debt BBB Rated Fds.525
1100.71FDI 07/25:14.7/16.29 Ch Hi Ne Go MS CN CB Bl Ho SeFort Dearborn Income Securities, IncCorp Debt BBB Rated Fds.467
19 0.73PAI 07/25:13.68/15.11 Ch Hi Ne Go MS CN CB Bl Ho SeWestern Asset Income FundCorp Debt BBB Rated Fds.513
1131.55ISL 07/25:17.9/20.51 Ch Hi Ne Go MS CN CB Bl Ho SeAberdeen Israel Fund, IncDeveloped Market Funds.941
1111.22TKF 07/25:12.69/14.32 Ch Hi Ne Go MS CN CB Bl Ho SeTurkish Investment Fund, Inc80% Turkish equity.856
1111.06IGR 07/25:9.13/10.23 Ch Hi Ne Go MS CN CB Bl Ho SeCBRE Clarion Global Real Estate Income FundReal Estate Funds.887
19 0.75CSI 07/25:19.52/21.43 Ch Hi Ne Go MS CN CB Bl Ho SeCutwater Select Income FundCorp Debt BBB Rated Fds.445
1152.19RIF 07/25:20.11/23.57 Ch Hi Ne Go MS CN CB Bl Ho SeRMR Real Estate Income FundReal Estate Funds1.269
1121.43SGF 07/25:13.26/14.99 Ch Hi Ne Go MS CN CB Bl Ho SeAberdeen Singapore Fund, IncDeveloped Market Funds.920
1111.22GLU 07/25:20.5/22.99 Ch Hi Ne Go MS CN CB Bl Ho SeGabelli Global Utility & Income TrustUtility Funds.684
1111.19CEE 07/25:28.19/31.66 Ch Hi Ne Go MS CN CB Bl Ho SeCentral Europe Russia and Turkey Fund, IncCentral Europe stks;Germ.844
1111.17IFN 07/25:25.72/28.79 Ch Hi Ne Go MS CN CB Bl Ho SeIndia Fund, IncAt least 65% Indian stoc.953
1111.17FUND 07/25:8.43/9.43 Ch Hi Ne Go MS CN CB Bl Ho SeRoyce Focus Trust, IncCore Funds1..0
1111.16MRF 07/24:7.75/8.68 Ch Hi Ne Go MS CN CB Bl Ho SeAmerican Income Fund, IncUS Mortgage Funds.748
1100.99PMO 07/25:11.63/12.95 Ch Hi Ne Go MS CN CB Bl Ho SePutnam Municipal Opportunities TrustGen & Ins Leveraged.741
1100.97BKT 07/25:6.57/7.28 Ch Hi Ne Go MS CN CB Bl Ho SeBlackRock Income Trust, IncUS Mortgage Funds.798
1100.93MHY 07/25:5.68/6.28 Ch Hi Ne Go MS CN CB Bl Ho SeWestern Asset Managed High Income Fund IncHigh Yield Funds.800
19 0.99ZTR 07/25:14.37/15.88 Ch Hi Ne Go MS CN CB Bl Ho SeZweig Total Return Fund, IncIncome & Pref Stock Fds.729
19 0.93BNA 07/25:10.69/11.81 Ch Hi Ne Go MS CN CB Bl Ho SeBlackRock Income Opportunity Trust65% U.S. and Canadian mortgage-backed and government securities.699
19 0.90PMM 07/25:7.03/7.76 Ch Hi Ne Go MS CN CB Bl Ho SePutnam Managed Municipal Income TrustHi Yld Muni Debt Funds.695
19 0.87BDJ 07/25:8.41/9.27 Ch Hi Ne Go MS CN CB Bl Ho SeBlackRock Enhanced Equity Dividend TrustOpt Arbitrage/Opt Strat.807
1101.19ZF 07/25:15.8/17.64 Ch Hi Ne Go MS CN CB Bl Ho SeZweig Fund, IncCore Funds.868
1101.13CMK 07/25:8.44/9.38 Ch Hi Ne Go MS CN CB Bl Ho SeMFS InterMarket Income Trust I33% each: fixed US Government bonds, foreign governments, high yield.773
1101.12FTF 07/25:12.97/14.42 Ch Hi Ne Go MS CN CB Bl Ho SeFranklin Limited Duration Income TrustGeneral Bond Funds1..6
19 0.98MSP 07/25:12.85/14.12 Ch Hi Ne Go MS CN CB Bl Ho SeMadison Strategic Sector Premium FundOpt Arbitrage/Opt Strat.980
1111.54MYM 07/25:12.69/14.30 Ch Hi Ne Go MS CN CB Bl Ho SeBlackRock MuniYield Michigan Quality Fund II, IncOther States Muni Debt.788
1111.53MPA 07/25:14.05/15.81 Ch Hi Ne Go MS CN CB Bl Ho SeBlackRock MuniYield Pennsylvania Quality FundPA Muni Debt Funds.817
1111.31TDF 07/25:27.18/30.38 Ch Hi Ne Go MS CN CB Bl Ho SeTempleton Dragon Fund, IncFgn;Asia-Pac stks;45% Ch1.239
1101.24ERC 07/25:14.91/16.59 Ch Hi Ne Go MS CN CB Bl Ho SeWells Fargo Advantage Multi-Sector Income FundGeneral Bond Funds.795
1101.18BQY 07/25:13.43/14.91 Ch Hi Ne Go MS CN CB Bl Ho SeBlackRock Dividend Income TrustGlobal Funds.747
1101.14KF 07/25:43.09/47.72 Ch Hi Ne Go MS CN CB Bl Ho SeKorea Fund, IncKorean stocks.741
1101.12LAQ 07/25:31.04/34.43 Ch Hi Ne Go MS CN CB Bl Ho SeAberdeen Latin America Equity Fund, IncArgentina, Brazil, Chile and Mexico.856
19 1.11IQI 07/25:12.26/13.48 Ch Hi Ne Go MS CN CB Bl Ho SeInvesco Quality Municipal Income TrustGen & Ins Leveraged.419
19 1.11GF 07/25:17.99/19.83 Ch Hi Ne Go MS CN CB Bl Ho SeNew Germany Fund, IncGermany equity.860
19 1.08GFY 07/25:17.26/19.03 Ch Hi Ne Go MS CN CB Bl Ho SeWestern Asset Variable Rate Strategic Fund IncGlobal Income Funds.774
19 0.94RFI 07/25:12.59/13.79 Ch Hi Ne Go MS CN CB Bl Ho SeCohen & Steers Total Return Realty Fund, IncReal Estate Funds.727
1132.05IRL 07/25:13.32/15.34 Ch Hi Ne Go MS CN CB Bl Ho SeNew Ireland Fund, IncIrish stocks.854
1131.91EMI 07/25:12.41/14.20 Ch Hi Ne Go MS CN CB Bl Ho SeEaton Vance Michigan Municipal Income TrustOther States Muni Debt1.354
1111.61NQJ 07/25:13.59/15.28 Ch Hi Ne Go MS CN CB Bl Ho SeNuveen New Jersey Investment Quality Municipal Fund, IncNJ Muni Debt Funds.887
1111.54TRF 07/25:14.18/15.91 Ch Hi Ne Go MS CN CB Bl Ho SeTempleton Russia & East European Fund, IncEmerging Markets Funds1.293
1111.43IIF 07/25:23.7/26.55 Ch Hi Ne Go MS CN CB Bl Ho SeMorgan Stanley India Investment Fund, IncAt least 65% Indian stoc1.141
1101.37GRF 07/25:7.91/8.84 Ch Hi Ne Go MS CN CB Bl Ho SeEagle Capital Growth Fund, IncP/E ratios <= average for companies in the same industry.750
1101.28APF 07/25:17.08/18.95 Ch Hi Ne Go MS CN CB Bl Ho SeMorgan Stanley Asia-Pacific Fund, IncAsia-Pac eqty;0-50% Japa1..0
1101.26EMD 07/25:12.91/14.34 Ch Hi Ne Go MS CN CB Bl Ho SeWestern Asset Emerging Markets Income Fund IncEmg Mkts HC Debt Funds1..0
1121.82RNP 07/25:18.43/20.89 Ch Hi Ne Go MS CN CB Bl Ho SeCohen & Steers REIT & Preferred Income Fund, IncReal Estate Funds.998
1121.77JHP 07/25:8.57/9.70 Ch Hi Ne Go MS CN CB Bl Ho SeNuveen Quality Preferred Income Fund 3Income & Pref Stock Fds1.2.
1111.67NQI 07/25:13.13/14.75 Ch Hi Ne Go MS CN CB Bl Ho SeNuveen Quality Municipal Fund, IncGen & Ins Leveraged.887
1111.67JPC 07/25:9.56/10.75 Ch Hi Ne Go MS CN CB Bl Ho SeNuveen Preferred Income Opportunities FundIncome & Pref Stock Fds1.148
1111.59HTD 07/25:20.91/23.40 Ch Hi Ne Go MS CN CB Bl Ho SeJohn Hancock Tax-Advantaged Dividend Income FundValue Funds1.141
1101.48MCA 07/25:14.49/16.16 Ch Hi Ne Go MS CN CB Bl Ho SeBlackRock MuniYield California Quality Fund, IncCA Muni Debt Funds.823
1101.39EVT 07/25:20.63/22.87 Ch Hi Ne Go MS CN CB Bl Ho SeEaton Vance Tax-Advantaged Dividend Income FundValue Funds1..4
1101.34CHN 07/25:22.08/24.52 Ch Hi Ne Go MS CN CB Bl Ho SeChina Fund, IncChinese secs; non divers.806
19 1.21ASA 07/25:14.74/16.21 Ch Hi Ne Go MS CN CB Bl Ho SeASA Gold & Precious Metals LimitedSouth African gold stock
19 1.19FFA 07/25:14.57/15.99 Ch Hi Ne Go MS CN CB Bl Ho SeFirst Trust Enhanced Equity Income FundOpt Arbitrage/Opt Strat1..7
18 1.07VCV 07/25:12.27/13.39 Ch Hi Ne Go MS CN CB Bl Ho SeInvesco California Value Municipal Income TrustCA Muni Debt Funds.411
18 1.06MCN 07/25:8.73/9.51 Ch Hi Ne Go MS CN CB Bl Ho SeMadison Covered Call & Equity Strategy FundOpt Arbitrage/Opt Strat1..0
18 0.98BHK 07/25:13.89/15.11 Ch Hi Ne Go MS CN CB Bl Ho SeBlackRock Core Bond TrustCorp Debt BBB Leveraged.755
1111.77JQC 07/25:9.19/10.33 Ch Hi Ne Go MS CN CB Bl Ho SeNuveen Credit Strategies Income FundLoan Participation Funds1.142
1101.62MXE 07/25:16.52/18.42 Ch Hi Ne Go MS CN CB Bl Ho SeMexico Equity & Income Fund, IncMex: 50% cnv; 50% stks&b1.135
1101.58VFL 07/25:12.94/14.41 Ch Hi Ne Go MS CN CB Bl Ho SeDelaware Investments National Municipal Income FundGen & Ins Leveraged.593
1101.56MUC 07/25:14.18/15.84 Ch Hi Ne Go MS CN CB Bl Ho SeBlackRock MuniHoldings California Quality Fund, IncCA Muni Debt Funds.844
1101.53NXZ 07/25:13.82/15.38 Ch Hi Ne Go MS CN CB Bl Ho SeNuveen Dividend Advantage Municipal Fund 2Gen & Ins Leveraged.852
1101.51CSP 07/25:7.36/8.19 Ch Hi Ne Go MS CN CB Bl Ho SeAmerican Strategic Income Portfolio Inc IIIUS Mortgage Funds.819
1101.50MIY 07/25:13.73/15.28 Ch Hi Ne Go MS CN CB Bl Ho SeBlackRock MuniYield Michigan Quality Fund, IncOther States Muni Debt.799
1101.49BSP 07/25:8.81/9.80 Ch Hi Ne Go MS CN CB Bl Ho SeAmerican Strategic Income Portfolio Inc IIUS Mortgage Funds.789
1101.47SLA 07/25:10.68/11.86 Ch Hi Ne Go MS CN CB Bl Ho SeAmerican Select Portfolio IncUS Mortgage Funds.747
1101.47ETF 07/25:14.76/16.36 Ch Hi Ne Go MS CN CB Bl Ho SeAberdeen Emerging Markets Smaller Company Opportunities Fund, Inc65% equity of telecommunications in emerging countries1..0
1101.47AGD 07/25:10.51/11.66 Ch Hi Ne Go MS CN CB Bl Ho SeAlpine Global Dynamic Dividend FundGlobal Funds1..0
1101.43IF 07/25:10.14/11.24 Ch Hi Ne Go MS CN CB Bl Ho SeAberdeen Indonesia Fund, IncPacific Ex Japan Funds.987
1101.39LDF 07/25:14.53/16.07 Ch Hi Ne Go MS CN CB Bl Ho SeLatin American Discovery Fund, Inc80% Latin American eqtys1.148

Charts and news about the above funds: Yahoo MSN MarketWatch

Updated: %Y?/07/26 07:37

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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