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Many of the closed-end funds are trading at a discount to their NAVs. When these funds trade at a discount they are considered to be cheap. Closed-end funds can swing wildly during volatile markets such as the one investors are currently enduring.

The following are five cheap closed-end funds:

1. New Germany Fund (GF)
Discount to NAV: (21.57%)

2. Spain Fund (SNF)
Discount to NAV: (14.62%)

3. Malaysia Fund (MAY)
Discount to NAV: (11.45%)

4. Mexico Fund (MXF)
Discount to NAV: (9.43%)

5. Korea Fund (KF)
Discount to NAV: (5.73%)

Source: Five International CEFs Selling at Deep Discounts to Their NAVs