FTN unit nav to Nov 24 = approx: $16.51 before dist. So after distributions of 19 cents, the FTN common shares would have a value of about $6.32 .. still lots of safety after a very strong November. I am not convinced that its all up from here, and FTN ' s NAV gain since Nov 15 is not anywhere near the biggest in the split fund space. I do believe that the biggest gains % wise and monetary since NOV 15th belongs to LCS.. which now has a unit NAV of about $16.59.