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iv. National Municipal Bond Funds
The Lipper table lists 99 funds under the heading “National
Muni Bond Funds” and contains NAV data for 81 of those funds. As
we see no obvious outliers in the data, we include all 81 of
those funds in our sample.17
v. Domestic Equities
The Lipper table lists 24 funds under the heading “General
Equity Funds” and 21 funds under the heading “Specialized Equity
Funds”. Mr. Dankoff apparently included both types of funds in
his sample, which is comprised of 44 funds. Mr. Burns, on the
other hand, limited his sample to general equity funds. As
referenced in our findings of fact, the partnership’s domestic
stock portfolio was widely diversified on the valuation date. We
therefore follow Mr. Burns’ lead and limit our sample to general
equity funds. We further limit our sample by excluding two funds
from the Lipper table which were trading at unusually high
premiums relative to the other domestic equity funds listed in
that table.18
17 We cannot deduce from the record whether Mr. Burns
included all 81 of those funds in his sample. However, we note
that the average discount of Mr. Burns’s sample (3.3 percent) is
very close to the average discount of our sample (3.4 percent).
Mr. Dankoff did not create a separate sample of national
municipal bond funds.
18 Shares of “MFS Special Val” (MFV) and “NAIC Growth”
(GRF) were trading at premiums of 27.3 percent and 51.3 percent,
respectively. No other general equity fund listed in the Lipper
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