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Weak openings for closed-ends.(Brief Article)(Statistical Data Included)

By Polyak, Ilana
Publication: Investment News
Date: Monday, September 6 1999

* New muni funds selling on the cheap

More new closed-end municipal bond funds have come to market this year than in the past five years combined. In fact, munis represent almost the only sign of life in the new-issue arena.

But since they've started trading, more than half have seen their stock price drop and are trading at a steeper-than-usual discount to net asset value.

Eaton Vance Management's Pennsylvania fund, which opened at $15 is now trading at a discount of around 6%. Merrill Lynch Asset Management's Michigan fund has a 14% discount. It

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