Reconsidering the Use of CEFs as a Proxy for DLOC The market pricing of publicly traded closed-end funds based on net asset values is not a reliable proxy for estimating discounts for lack of control for closely held businesses having a portfolio of marketable securities. Despite the acceptance for decades by the highest courts of this valuation method, the author, in this article, sets forth the basis for questioning this established practice. The market pricing of publicly traded closed-end funds (CEFs)1 based on net asset values (NAVs) is not a reliable proxy for estimating discounts for lack of control (DLOC)[1]…