Closed-end funds that trade below the value of their assets.

FUND                                   DISCOUNT*

MERVC DRAPER FISHER FUND I              -31.8
LATIN AMERICAN DISCOVERY                -20.4
EMERGING MARKETS TELECOM                -18.1
H&Q HEALTHCARE INVESTORS                -16.7
LCM INTERNET GROWTH                     -15.9
JOHN HANCOCK BANK & THRIFT              -14.0
ROYCE MICRO CAP TRUST                   -13.9
CENTRAL SECURITIES CORP                 -13.7
JAPAN OTC EQUITY                        -12.5
SCUDDER GLOBAL HIGH INCOME              -12.2
TEMPLETON EMERGING MARKETS              -10.5
VAN KAMPEN MUNI TRUST                   -11.1
PETROLEUM & RESOURCES                   -10.4
ROYCE VALUE TRUST                       -10.0
EUROPE FUND                             -9.9
ADAMS EXPRESS COMPANY                   -9.4

* As of Jan. 26, 2001

Data: Lipper Inc.