The Closed-End Fund Puzzle: One Man’s Loss, Another Man’s Gain

2. Boulder Growth & Income Fund Inc (NYSE:BIF) (Earnings, Analysts, Financials): The Fund seeks to produce both long-term capital appreciation through investment in common stocks and high current income consistent with preservation of capital through investments in income producing securities. The Fund is concentrated in real estate related companies (RERCs), which means it must invest more than 25% of its total assets in REITs and other companies in the real estate industry.

Trading at a 24% discount to net asset value

3. Boulder Total Return Fund Inc (NYSE:BTF) (Earnings, Analysts, Financials): The Fund seeks to produce both income and long-term capital appreciation by investing in a portfolio of equity and debt securities. The Fund invests primarily in common stocks, including dividend paying common stocks, such as those issued by utilities, real estate investment trusts (REITs) and regulated investment companies (RICs).

Trading at a 21% discount to net asset value

4. Denali Fund Inc. (NYSE:DNY) (Earnings, Analysts, Financials): The Fund seeks to produce income and long-term capital appreciation by investing in a portfolio of equity and fixed income securities. The Fund intends to focus on securities issued by companies in the financial services industry, including, but not be limited to, savings and banking institutions, mortgage banking institutions, real estate investment trusts (REITs), consumer finance companies, credit collection and related service companies, insurance companies, securities and commodity brokerage companies.

Trading at a 19% discount to net asset value

5. GDL FUND/THE (GDL) (Earnings, Analysts, Financials): The Fund will invest primarily in merger arbitrage transactions, and to a lesser extent, in corporate reorganizations involving stubs, spin-offs and liquidations. It will invest at least 80% of its assets in securities or hedging arrangements relating to companies involved in corporate transactions or reorganizations.

Trading at a 15% discount to net asset value