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Gold/Mining/Energy : CANADIAN CLOSED END FUNDS AND INSTALLMENT RECEIPTS -- Ignore unavailable to you. Want to Upgrade?

To: kingfisher who wrote (20)	12/7/1999 2:17:00 AM
From: Mike K	Read Replies (1) \| Respond to of 37

A closed-end fund that has done really well this year is the BPI Global Opportunities Fund II (BPI.UN). The fund is up over 60% this year. Discount to NAV is currently about 1%. Last week the fund went to all cash. Talk about protecting shareholder value!

To: kingfisher who wrote (20)	12/8/1999 2:48:00 PM
From: Sturgeon	Read Replies (1) \| Respond to of 37

I looked into buying Dundee Precious metals awhile back, but found two problems. One, they pay a lot of tax. All capital gains are considered business income and are taxed at top corporate rates (44%). Two, they have high management fees. A base fee and a performance fee. Together, these two factors make a 30% plus discount reasonable for the fund as a going concern. The only play I see here is if they convert to open ended. But thats not likely to happen given the sorry state of gold funds (they would be slammed with redemptions). Better bets are Economic Investment Trust (EVT.TSE) and especially New Altamira Value Fund (NVL.UN). NVL is by far the best closed-end fund right now.