It's Still Open Season On Closed End Funds

Bargains can be found, but the discounts have been growing narrower

After the spectacular gains made in the stock and bond markets over the past year, a real bargain is hard to find--unless you shop among the closed-end funds. Many of these quirky funds, which invest like mutual funds but are bought and sold like stocks, have racked up stellar investment results in the past year yet still trade at prices that are discounts to their net asset values (NAV). The closed-end fund market is the last place on Wall Street where you can buy $1 in assets for 90 cents.

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