TheStreet.com Ratings initiated coverage of eight closed-end funds that accrued a track record of at least one year of risk and performance data by the end of June.

None of the closed-end funds that opened for business in June of 2007 received our top rating level of Excellent. Not even one managed a rating of Good or even Fair. All of the newly rated closed-end funds performed poorly in relation to all the other exchange-traded and closed-end funds we rate.

The highest-ranked fund of the bunch is the D-rated

Van Kampen Dynamic Credit Opportunities Fund

(VTA) - Get Report

. Capital appreciation is a secondary goal to generating current income. To that end, the fund is paying out monthly installments at current 12-month yield of 11.66% that has mitigated some of the loss over the last year from investing in loans and other debt instruments.

Ranked slightly worse, at D-minus, is the

Nuveen Tax-Advantage Dividend Growth Fund

(JTD) - Get Report

. This fund pays income quarterly, currently yielding 11.55%. Top holdings include

Equitable Resources

(EQT) - Get Report

,

Yum! Brands

(YUM) - Get Report

,

AT&T

(T) - Get Report

and

Chevron

(CVX) - Get Report

.

Research Methodology

TheStreet.com Ratings condenses the available fund performance and risk data into a single composite opinion of each fund's risk-adjusted performance. This allows the unbiased identification of those funds that have historically done well and those that have underperformed the market. While there is no guarantee of future performance, these investment ratings provide a solid framework for making informed, timely investment decisions.

The funds listed below have all reached their one-year anniversary.

Funds rated A or B are considered buy-rated on the basis of a track record of higher-than-average risk-adjusted performance. Funds at the C level are rated as hold, while underperformers at the D and E levels our model ranks are ranked as sell.

For an explanation of our ratings,

click here

.

Kevin Baker became the senior financial analyst for TSC Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, 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.