It seems TTO only updates it's NAV on a quarterly basis, the last being $8.67 on 2/28/09. Since then the overall oil and gas index has gone up and with the exception of EROC (9% of TTO holdings)I would think TTO's holdings would have similar performance. At the very least it's NAV is a couple bucks above yesterday's $4.52 close. So what's up? Doesn't make sense because unlike producers and service companies with lots of illiquid assets, TTO could convert it's NAV to cash in a day. $4.52 doesn't make sense to me so I'm in big. What do you think?

Joel