The closed-end fund is more expensive because it trades at about 30 percent more than its per-share value.

The fund's per-share value has fallen 5 percent during the same period.

The per-share value is $4.50 in cash and $1.75 in notes.

The per-share value is based on the average closing price of PeopleSoft stock during the five trading days leading up to July 15.

The per-share value in the Citicorp program equals stockholders' equity divided by the number of outstanding shares.

The model, run daily, creates a per-share intrinsic value for every company in each industry.

But, in a bear market, an investor might avoid these funds, since their per-share value typically drops more quickly than other funds.

As a result, the fund's reported per-share value for that day will be too low.

Investors essentially deemed the per-share value created by the separation of the two businesses to be worth less than the price of a single cigarette.

The adviser refused to give out per-share values, saying a buyout proposal that had not yet been discussed could be structured many ways.