They are at a 9% discount to NAV. They pay a 5.45% dividend rate. Both Karpus and activist fund, Chapman Capital, are shareholders, which makes me think that at some point the activists are going to press them to open up the fund in order to close the discount to NAV.

The Seligman Select Municipal Fund is trading at a 10% discount to NAV and gives out a tax free dividend of 4.44%. The discount has narrowed a little off of its lows but not so much.

Insured Municipal Income Fund trades at an 11.65% discount to its net asset value and has a 4.49% tax free yield. There is extremely litter risk of default since the underlying loans are insured.

Black Rock Corporate High Yield Fund III, 8% discount to NAV, 8.28% dividend. The thing I like about this corporate bond fund is that they have not reduced their dividend.

Western Asset High Income Opportunity Fund, 8% dividend, 8% discount to net asset value. Interestingly, they've actually increased their dividend over the past 12 months.

This is an interesting arbitrage opportunity. On April 13, shareholders of AWG will receive shares of AWH equal to the net asset value of AWG dividend by the number of shares. In other words, the discount to NAV, which is currently 10%, will close.

REIT Closed End Fund. Owned by Western Investments and is on Thestreet.com's Ratings Top Rated Discounted CEF List.

Their discount to NAV has widened recently due to the real estate fallout. And yet they own many healthcare REITs and office REITs which are not affected as much by the housing bust. They pay a 7% dividend and are at a 13% discount to NAV. They have not lowered their dividend since they went public.