Here are lists of the five most-improved and five most-deteriorated closed-end fund ratings from Feb. 29 to March 31, according to Ratings data.

The most-improved closed-end fund this month is the

ING Global Equity Dividend & Premium Opportunity Fund

(IGD) - Get Report

. The fund was upgraded to a rating of C, or hold, from a rating of E+, or sell.

Positive returns for March of 11.68% from

General Electric

(GE) - Get Report

, 11.53% from

Fording Canadian Coal Trust

( FDG) and 11.02% from

HSBC Holdings PLC


helped this fund rebound, landing in the middle of the fund-rating pack over the long run.

In second place among closed-end funds on our most-improved rating list is the

Cohen & Steers Quality Income Realty Fund

(RQI) - Get Report

, also moving up five notches to a rating of C from E+. This fund is 97% invested in REITs, with nearly 96% of its assets in U.S. securities.

The top three performing holdings:


(HCP) - Get Report

, up 15.87%;

Senior Housing Properties Trust

(SNH) - Get Report

, up 11.43%; and

Nationwide Health Properties

( NHP), up 11.28% are all health-care REITs less affected by the overall economy.

The most-deteriorated list includes funds being downgraded to hold from buy, as well as funds sliding to sell from hold. The two largest falls in March closed-end ratings were both four notches down.

Dropping to a sell rating of D-, the

Clough Global Equity Fund

(GLQ) - Get Report

lost 3.12% in March. Its worst-performing holding in March,

Nine Dragons Paper Holdings


plunged 54.79%. The company's first-half profit margin shrank as recycled-paper costs, needed to make their containerboard, rose.

Other sore spots included March declines of 35.58% from

Delta Air Lines

(DAL) - Get Report

, 35.41% from

Anworth Mortgage Asset

(ANH) - Get Report

and 34.88% from

Uranium One


Another fund being severely downgraded for underperforming on risk-adjusted return is the

Nuveen Connecticut Dividend Advantage Municipal Fund 3

( NGO). Being exempt from regular federal and Connecticut income tax is of no benefit if the fund loses money in the long run.

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Kevin Baker became the senior financial analyst for TSC Ratings upon the August 2006 acquisition of Weiss Ratings by, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.