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Closed-End Fund Weekly
CEFinsight's Weekly Review and Outlook provides actionable intelligence on what's driving price behavior and shareholder activism in closed-end funds. The weekly update offers readers objective and unique insights from the closed-end fund experts at AST Fund Solutions.
Closed-End Fund Monthly
AST's monthly update on key actions by closed-end funds and activist investors in CEFs is a widely-read resource utilized by closed-end fund executives and investors alike. We supplement this report with daily Alerts on this website and Special Reports from the closed-end fund group at AST Fund Solutions.
Special Reports
Special Reports from AST Fund Solutions cover topics ranging from studies of tender offers (and other fund actions) to institutional investment behavior in closed-end funds. Our Special Reports are designed to be concise and actionable. The research team at AST Fund Solutions also conducts special studies at the request of issuers.





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June 22, 2017 | Bulldog Investors, LLC disclosed in a new 13D/A filing that it had increased its holdings of the Pacholder High Yield Fund, Inc. (PHF) to 1,701,707 shares (7.27%) as a result of a series of purchases between 4/28 and 6/21 (+164,011 shares).
 




June 22, 2017 | Bulldog Investors, LLC disclosed in a new 13D/A filing that it had increased its holdings of the Korea Equity Fund, Inc. (KEF) to 2,028,103 shares (20.82%) as a result of a series of purchases between 6/12 and 6/21 (+100,900 shares).
 




June 22, 2017 | Bulldog Investors, LLC disclosed in a new 13D/A filing that it had decreased its holdings of the Advent/Claymore Enhanced Growth & Income Fund (LCM) to 623,363 shares (4.58%).
 




June 21, 2017 | Karpus Management Inc. (Karpus Investment Management) disclosed in a 13D/A filing that it held 1,472,058 shares (21.08%) of the Federated Premier Intermediate Municipal Income Fund (FPT) and had entered into a related Compromise and Standstill Agreement with Federated Investment Management Company. Item 4 explained that: On June 20, 2017, Federated Investment Management Company (‘FIMC’), the investment manager of the Issuer, entered into a Compromise and Standstill Agreement (the ‘Agreement’) with Karpus pursuant to which the Issuer announced a proposed reorganization of the Issuer into the Federated Premier Municipal Income Fund (‘FMN’), as well as a tender offer for up to 20% of the Issuer's outstanding common stock prior to the proposed reorganization at a price equal to 98% of the net asset value at the closing of trading on the date the tender offer expires. The specific dates for the Issuer's tender offer will be announced by the issuer separately, but pursuant to the Agreement, must be commenced as soon as practicable but no later than July 15, 2017 and FIMC has agreed to use its best efforts to complete the tender offer by August 30, 2017. Under the Agreement, FIMC Company has agreed to use its best efforts to solicit proxies from shareholders of the issuer and FMN to consummate the reorganization by November 30, 2017. Under the Agreement, Karpus agreed to support the reorganization of the issuer into FMN and has also withdrawn the shareholder proposal and nominations it had previously submitted to the Issuer. Karpus also agreed to certain customary standstill provisions until the termination of the Agreement.” See also our alert on FPT’s related announcement.
 




June 21, 2017 | Saba Capital Management L.P. disclosed in a new 13D filing that it held 820,026 shares (9.99%) of the First Trust Strategic High Income Fund II (FHY). Item 4 of the filing indicated that: “The Reporting Persons may engage in discussions with management, the Board of Directors, other shareholders of the Issuer and other relevant parties….”
 




June 20, 2017 | Federated Premier Intermediate Municipal Income Fund (FPT) announced on June 20 that its Board had approved the proposed reorganization of FPT into the Federated Premier Municipal Income Fund (NYSE: FMN), subject to shareholder approval, AND a tender offer for up to 20% of its outstanding common shares at a price equal to 98% of NAV per share at the close of trading on the date the tender offer expires (where the tender offer would be completed prior to the reorganization of FPT into FMN). The release explained that the specific dates for FPT’s tender offer will be announced separately, but commence in July 2017 and end in August 2017. The release noted that: “Federated Investment Management Company reached an agreement with FPT’s largest shareholder to support the reorganization of FPT pursuant to which that shareholder has withdrawn the shareholder proposal and nominations it had previously submitted to FPT. FPT’s largest shareholder also has agreed to certain customary standstill provisions until the termination of the agreement.” Karpus Investment Management disclosed details of the agreement in a 13D/A filing on June 21 (see also our related alert on that filing).
 




June 19, 2017 | Reaves Utility Income Fund (UTG) announced on June 19 that it filed a preliminary registration statement with the SEC regarding a rights offering. The fund’s release explained that it will be issuing transferable subscription rights to its common shareholders (on a record date still to be set by the fund’s Board of Trustees), who will be allowed to subscribe for new common shares of the fund. Record Date Shareholders will receive one right for each common share held on the record date. For every three Rights held, a holder of Rights may buy one new common share of the fund. Record date shareholders who fully exercise all Rights initially issued to them in the Primary Subscription will be entitled to buy those common shares that are not purchased by other record date shareholders. In addition, the fund, in its sole discretion, may elect to issue additional common shares in an amount of up to 25% of the common shares issued in the Primary Subscription.
 




June 15, 2017 | Tekla Life Sciences Investors (HQL) announced that at the fund’s annual meeting held on June 15, shareholders rejected a shareholder proposal, which was opposed by the Board, asking the company to take the steps necessary to reorganize the Board of Trustees into one class with each Trustee subject to election each year.
 




June 12, 2017 | Karpus Investment Management disclosed in a 13D/A filing that it held 1,472,058 shares (21.08%) of the Federated Premier Intermediate Municipal Income Fund (FPT), and had sent a letter to the fund with three trustee nominees.
 




June 9, 2017 | Karpus Management, Inc. (Karpus Investment Management) filed a 13G (adopting a passive stance) in connection with its holdings of The New Ireland Fund, Inc. (IRL). The filing indicated that Karpus held 294,350 shares (7.88%). This move follows the expiration on May 5, 2017, of a tender offer by IRL for approximately 30% of its outstanding shares at a price per share equal to 98% of NAV per share.
 




June 8, 2017 | Saba Capital Management L.P. filed a new 13D disclosing that it held 802,899 shares (9.89%) of the Invesco High Income Trust II (VLT). Item 4 of the filing indicated that “The Reporting Persons may engage in discussions with management, the Board of Directors…”
 




June 7, 2017 | Karpus Investment Management issued a press release regarding its opposition to the proposed (as announced on May 24) reorganization of the Madison Strategic Sector Premium Fund (MSP) into the Madison Covered Call & Equity Strategy Fund (MCN), subject to shareholder approvals. The reorganization is expected to be completed in the second half of 2017.
 




May 26, 2017 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 148 ARPS (7.47%) of the Putnam Managed Municipal Income Trust (PMM), and had entered a Standstill Agreement (dated May 24) with the fund and Putnam Investment Management (a copy of which was submitted with the filing).
 




May 26, 2017 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 734 ARPS (10.26%) of the Putnam Municipal Opportunities Trust (PMO), and had entered a Standstill Agreement (dated May 24) with the fund and Putnam Investment Management (a copy of which was submitted with the filing).
 




May 25, 2017 | Putnam Investments and the Board of Trustees of the Putnam Funds announced on May 25 approval in principle for cash tender offers by the Putnam Managed Municipal Income Trust (PMM) and Putnam Municipal Opportunities Trust (PMO) for up to 100% of the outstanding ARPS of each fund at a price per share equal to 89.75% of the liquidation preference. The release also noted that: “Each tender offer is subject to final approval by the Board of Trustees of each Fund and certain other conditions. It is anticipated that the tender offers will be conducted in the third quarter of 2017. The Funds expect to seek alternative financing to replace any ARPS that are tendered.”
 




May 24, 2017 | Korea Equity Fund, Inc. (KEF) announced on May 24 that its shareholders approved the dissolution and liquidation of the Fund. The fund’s release noted that it will issue further announcements once the date for cessation of trading on the New York Stock Exchange is established and record and payment dates for any dividends and distributions are determined.
 




May 18, 2017 | Delaware Investments Dividend and Income Fund, Inc. (DDF) announced on May 18 that its Board authorized a cash tender for up to 404,640 shares of its common stock (5% of its issued and outstanding shares of common stock) at a price per share equal to 98% of the fund’s NAV per share (as of the close of trading on the first business day after the expiration of the offer). The tender offer will commence on June 1, 2017, and expire, unless extended, on June 29, 2017.
 




May 18, 2017 | City of London Investment Group PLC (City of London Investment Management Co. Ltd. [CLIM]) disclosed in a new 13D filing that it held 3,546,258 shares (25.1%) of the Morgan Stanley Emerging Markets Fund, Inc. (MSF). Item 4 of the filing was similar to statements included in a number of 13D filings by CLIG/CLIM back on March 28 (targeting selected emerging market funds).
 




May 18, 2017 | Bulldog Investors, LLC disclosed in a 13D/A filing on May 18 that it had reduced its holdings of the Advent/Claymore Enhanced Growth & Income Fund (LCM) to 1,256,136 shares (9.23%) following a series of sales between 5/15 and 5/17 (-151,973 shares).
 




May 17, 2017 | Alcentra Capital Corporation (ABDC) announced on May 17 that it priced an underwritten primary offering of 808,161 shares of its common stock and an underwritten secondary offering of 1,691,839 shares of its common stock (on behalf of Alcentra NY, LLC, the Company's investment adviser, and another selling stockholder) at a public offering price of $13.68 per share. The Company also announced that it intends to grant underwriters an option to purchase up to an additional 375,000 shares of the Company's common stock.
 




May 17, 2017 | The Deutsche Global High Income Fund, Inc. (LBF) announced on May 17 that its Board had approved a Plan of Liquidation and Dissolution for the fund related to the previously approved liquidation of the fund to occur on or before September 30, 2017. Pursuant to the plan, the “Cessation Date” is expected to occur on, or about, Sept. 8, 2017, and a final liquidating distribution is expected to be made on, or about, Sept. 15, 2017. For more details, see the fund’s release.
 




May 16, 2017 | Saba Capital Management, L.P. disclosed in a 13D/A filing that it had reduced its holdings of the Deutsche High Income Opportunities Fund, Inc. (DHG) to 1,749,150 shares (11.52%), which is down from 1,895,375 shares as of 3/31 (13F).
 




May 15, 2017 | Western Investment LLC disclosed in a 13D/A filing on May 15 that it held 760,408 shares (5.6%) of the Advent/Claymore Enhanced Growth & Income Fund (LCM) and had amended (as of May 12) an agreement with LCM and its sister funds originally concluded on July 22, 2016 (related to the fund’s previously announced cash tender offer to purchase up to 32.5% of its outstanding common shares at a price equal to 98% of NAV per share).
 




May 12, 2017 | The Advent/Claymore Enhanced Growth & Income Fund (LCM) announced on May 12 that the fund’s Board had approved a modification to their previously announced tender offer for up to 32.5% of the fund’s outstanding common shares of beneficial interest at a price per share equal to 98% of the fund’s NAV per share (as of the business day immediately following the expiration of the tender offer). Under the modified terms, the fund will repurchase shares tendered and accepted in the tender offer in exchange for cash, instead of in exchange for a pro rata portion of the fund’s portfolio securities. In addition, the fund indicated that the tender offer “will commence as soon as commercially practicable, but no later than June 16, 2017.” Finally, the fund’s release noted that: “The commencement of the potential Tender Offer is pursuant to standstill agreements with certain holders of Shares, which agreements have been amended to reflect the modified terms described herein.”
 




May 11, 2017 | The JPMorgan China Region Fund, Inc. (JFC) announced on May 11 that, subject to final confirmation of the vote results, stockholders voted at the fund’s 2017 annual meeting of stockholders to approve the liquidation and dissolution of the fund. JFC’s release noted that: “The Fund currently anticipates that the liquidation and dissolution of the Fund will take place within 3 months (absent unforeseen circumstances). This date will depend upon, among other things, the time needed to establish a liquidation trust for certain assets held in the Fund….”
 




May 10, 2017 | The Pacholder High Yield Fund, Inc. (PHF) announced on May 10 that shareholders at the fund’s 2017 annual meeting approved a proposal to liquidate and dissolve the fund. The fund’s release indicated that the liquidation is expected to take place on, or before, July 31, 2017.
 




May 5, 2017 | Eagle Point Credit Company Inc. (ECC) announced on May 5 that it had completed the sale of an additional 202,500 shares of its common stock pursuant to the overallotment option granted to underwriters in connection with ECC’s public offering of 1,350,000 shares of its common stock completed on April 25, 2017.
 




May 5, 2017 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had reduced its holdings of the Neuberger Berman Real Estate Securities Income Fund Inc. (NRO) to 2,409,357 shares (5.08%) as a result of a series of sales between 3/30 and 5/4 (-462,163 shares in April and to May 4).
 




May 4, 2017 | Saba Capital Management L.P. disclosed in a 13D/A filing on May 2 (and then revised in a May 4 13D/A filing) that it held 1,340,954 shares (9.86%) of the Advent/Claymore Enhanced Growth & Income Fund (LCM), and had entered a Standstill Agreement under which the fund agreed to conduct a (previously announced) in-kind tender offer for up to 32.5% of its outstanding common shares. The fund’s May 1 press release on the agreements and tender offers noted that: “Pursuant to a separate agreement between LCM and Saba, Saba has agreed with respect to LCM, subject to LCM completing its previously announced in-kind tender offer, to (1) be bound by certain ‘standstill’ covenants through the Funds’ 2019 annual meeting of shareholders and (2) vote its Shares on all proposals submitted to shareholders in accordance with the recommendation of management through April 25, 2019.”
 




May 3, 2017 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A that it held 2,050,556 shares (10.6%) of the Madison Covered Call & Equity Strategy Fund (MCN), and sent a letter to the fund (dated April 28) regarding a non-binding shareholder proposal requesting: “that the Trustees promptly consider authorizing a self-tender offer for all outstanding common shares of the Fund at or close to net asset value ("NAV"). If more than 50% of the Fund's outstanding common shares are tendered, the tender offer should be cancelled and the Board should take the steps necessary to liquidate, merge, or convert the Fund to an open-end mutual fund or exchange traded fund.”
 




May 3, 2017 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A that it held 1,370,529 shares (23.6%) of the Madison Strategic Sector Premium Fund (MSP), and sent a letter to the fund (dated April 28) regarding a non-binding shareholder proposal requesting: “that the Trustees promptly consider authorizing a self-tender offer for all outstanding common shares of the Fund at or close to net asset value ("NAV"). If more than 50% of the Fund's outstanding common shares are tendered, the tender offer should be cancelled and the Board should take the steps necessary to liquidate, merge, or convert the Fund to an open-end mutual fund or exchange traded fund.”
 




May 2, 2017 | Saba Capital Management L.P. filed a 13G/A (adopting a passive stance) on May 2 in connection with its holdings of the First Trust High Income Long/Short Fund (FSD). Saba Capital reported holding 4,608,568 shares (13.08%). See also our prior alerts on FSD.
 




May 2, 2017 | Saba Capital Management L.P. disclosed in a 13D/A filing on May 2 that it held 5,192,780 shares (16.1%) of the Advent Claymore Convertible Securities and Income Fund II (AGC), and had entered a Standstill Agreement under which the fund agreed to commence a tender offer to purchase 15% of its outstanding common shares at a price equal to 98% of the fund’s NAV per share. Saba agreed to tender 100% of its then-owned common shares of the fund in the tender offer. The tender offer is to be completed on or before September 15, 2017, but not prior to August 1, 2017. The parties also agreed to abide by certain customary standstill provisions. AGC provided details on the agreement and tender offer in a press release on May 1.
 




May 2, 2017 | Saba Capital Management L.P. disclosed in a 13D/A filing on May 2 that it held 2,625,329 (11.1%) of the Advent Claymore Convertible Securities and Income Fund (AVK), and had entered a Standstill Agreement under which the fund agreed to commence a cash tender offer to purchase 15% of its outstanding common shares at a price equal to 98% of the fund’s NAV per share. Saba agreed to tender 100% of its then-owned common shares of the fund in the Tender Offer. The tender offer is to be completed on or before September 15, 2017, but not prior to August 1, 2017. The parties also agreed to abide by certain customary standstill provisions. In addition, the agreement in this particular case included a paragraph regarding the fund’s commitment concerning distribution payments at an increased rate. The fund’s May 1 press release on the agreements and tender offers noted that: May’s declared “distribution for AVK of $0.1116 represents an increase of 18.8% over AVK’s prior distribution amounts. As of market close on April 28, 2017, the increased AVK distribution reflects an annualized distribution rate of approximately 8.4% of market price and 7.7% of NAV….pursuant to its Agreement, AVK has agreed to declare and pay monthly distributions for the next 24 months, representing an annualized distribution rate of not less than 8% of AVK’s net asset value per Share, based on average month-end net asset value per Share over the prior 12 months, effective beginning with the May distribution as described above.”
 




April 27, 2017 | City of London Investment Group PLC (City of London Investment Management Co. Ltd. [CLIM]) filed a new 13D on April 27 disclosing that it held 3,812,930 shares (24.3%) of The China Fund, Inc. (CHN), and that CLIM had sent a letter to the fund regarding the fund’s proposed investment manager (which is subject to stockholder approval) and other matters.
 




April 25, 2017 | The First Trust Enhanced Equity Income Fund (FFA) announced on April 25 that its Board had approved a managed distribution policy in which the fund: “currently intends to pay a quarterly distribution in the amount of $0.285 per share. A portion of this quarterly distribution may include realized capital gains. This may result in a reduction of the long-term capital gain distribution necessary at year end by distributing realized capital gains throughout the year. The annual distribution rate is independent of the Fund’s performance during any particular period but is expected to correlate with the Fund’s performance over time.”
 




April 21, 2017 | City of London Investment Group PLC (City of London Investment Management Co. Ltd. [CLIM]) disclosed in a 13D/A filing that it held 3,481,208 shares (42.4%) of The Taiwan Fund, Inc. (TWN) and had sent a letter dated April 21 to the fund discussing the results of its Annual Meeting held on April 18.
 




April 20, 2017 | Saba Capital Management L.P. disclosed in a 13D/A filing that it had increased its holdings of the Clough Global Opportunities Fund (GLO) to 6,627,466 shares (12.85%) as a result of a series of purchases from 4/10 to 4/19 (+681,282 shares).
 




April 20, 2017 | NexPoint Credit Strategies Fund (NHF) announced on April 19 a non-transferable rights offering for common shareholders of record as of May 5, 2017, with a subscription period of May 8, 2017 - May 24, 2017, unless extended (see also Form 497 filed April 20). Shareholders will receive one Right for each common share held on the Record Date. Record Date shareholders may purchase one new share of common stock for every three Rights held (1 for 3). The related Form 497 (Prospectus) noted that holders of those Rights are entitled to subscribe for up to an aggregate of 5,346,306 of the Trust’s common shares of beneficial interest. The fund’s release noted that: Record Date Shareholders who fully exercise their Rights will be entitled to subscribe for additional common shares of the Fund that remain unsubscribed as a result of any unexercised Rights by Record Date Shareholders. In addition, the Fund in its sole discretion may elect to issue additional common shares in an amount up to 25% of the common shares issued in the primary subscription. The subscription price per common share will be determined based upon a formula equal to the lesser of (1) 95% of the reported net asset value on May 24, 2017 (the ‘Expiration Date’), or (2) 95% of the average of the last reported sales price of the Fund's common shares on the New York Stock Exchange (‘NYSE’) on the Expiration Date and on each of the four trading days preceding the Expiration Date. NHF also announced on April 19 that its Board approved the extension of the fund's open-market share repurchase program pursuant to which the Fund may purchase and retire up to $10 million of its stock in open-market transactions. Due to the offering, the release notes that the Repurchase Program has been extended for a period of one year from the closing of the Offering, while “No repurchases will be made during the Offering.”
 




April 18, 2017 | The Korea Fund, Inc. (KF) announced on April 18 that its Board authorized a cash tender offer for up to 10% of the fund’s issued and outstanding common stock, at a price per share equal to 98% of the NAV per share (to be determined on the date the tender offer expires). The fund expects to announce additional details, including the timing of the tender offer, as soon as practicable. The fund’s release also explained that: “The Board has authorized the Tender Offer in an attempt to provide additional support to the Fund’s existing discount management program as well as to demonstrate its commitment to continuously review alternative options for narrowing the Fund’s discount. In addition, the Board believes that the Tender Offer may help to reduce what appears to be an oversupply in shares of emerging markets closed-end funds, such as the Fund, which appears to have contributed to relatively wide and persistent trading discounts experienced by these funds.” The release also noted that: “In connection with the Tender Offer, the Fund will temporarily suspend its share repurchase program as of April 18, 2017 until ten business days after the termination of the Tender Offer.”
 




April 12, 2017 | Saba Capital Management L.P. filed a new 13G (adopting a passive stance) for its 1,488,524 shares (6.59%) of Franklin Limited Duration Income Trust (FTF). Saba Capital had filed a 13D/A just two days before showing the firm holding 1,602,916 shares (7.09%), which was down sharply from 3,591,771 shares (13.40%) as of Feb. 28 (13D/A).
 




April 12, 2017 | Karpus Management, Inc. (dba Karpus Investment Management) filed a new 13D disclosing that it holds 2,687,046 shares (23.2%) of the MFS Investment Grade Municipal Trust (CXH), and sent a letter to the fund with a shareholder proposal requesting: “that the Board of Trustees promptly consider authorizing a self-tender offer for all outstanding common shares of the Fund at or close to net asset value (‘NAV’). If more than 50% of the Fund's outstanding common shares are tendered, the tender offer should be cancelled and the Board should take the steps necessary to liquidate, merge, or convert the Fund to an open-end mutual fund or exchange traded fund.”
 




April 10, 2017 | Saba Capital Management L.P. disclosed in a 13D/A filing on April 10 that it had increased its holdings of the Clough Global Opportunities Fund (GLO) to 5,946,184 shares (11.53%) due, in part, to a series of purchases between 4/3 and 4/7 (+491,635 shares).
 




April 7, 2017 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing on April 7 that it held 1,973,917 shares (10.24%) of the Madison Covered Call & Equity Strategy Fund (MCN), which is up from 1,637,086 shares as of 12/31 (13F). The filing also disclosed that Karpus sent a letter to the fund containing a shareholder proposal.
 




March 30, 2017 | Bulldog Investors, LLC disclosed in a 13D/A filing on March 30 that it had reduced its holdings of the Neuberger Berman Real Estate Securities Income Fund Inc. (NRO) to 2,896,520 shares (6.11%) as a result of a series of sales between 1/31 and 3/29 (-268,680 shares).
 




March 29, 2017 | The Nuveen Credit Opportunities 2022 Target Term Fund (JCO) started trading on March 29, 2017, after an initial public offering that raised approximately $255 million in gross proceeds, excluding any exercise of the underwriters’ option to purchase additional shares. Nuveen’s press release explained that: “The new closed-end fund’s investment objectives are to provide a high level of current income and return the original net asset value of $9.85 per common share on or about its Termination Date of June 1, 2022. The fund seeks to achieve its investment objectives by investing at least 80% of its managed assets in corporate debt securities (including bonds and senior loans), and separately at least 80% in securities rated below investment grade at the time of investment.” Nuveen Fund Advisors, LLC is the fund’s investment adviser. Symphony Asset Management LLC, an affiliate of Nuveen, is the fund’s sub-adviser.
 




March 28, 2017 | City of London Investment Group PLC (City of London Investment Management Co. Ltd. [citlon.co.uk]) filed twelve 13Ds on March 28, 2017, and delivered a webinar presentation by Barry Olliff (the firm’s founder and CIO) in which CLIM launched a campaign targeting U.S. listed emerging market CEFs with sustained deep discounts wider than 10% and funds with directors that have more than 9 years of tenure. Mr. Olliff declared in his remarks for the webinar, titled "Emerging Markets CEFs as Legacy Products” (Pristine Advisers) that CLIM will vote against every Director who has been on a Board for in excess of nine years, and against any Director where the discount of the fund overseen has averaged wider than 10% over the past year. In cases where Directors are “held over” (unelected Directors continue to attend Board Meetings even though they were not elected by shareholders), CLIM is increasingly prepared to use what Mr. Olliff called the “nuclear option” of pressing under the ‘40 Act for termination of the Investment Management contract -- citing CLIM’s behavior towards the Korea Equity Fund, Inc. (KEF) as a case study. Mr. Olliff declared that any emerging market closed-end fund trading at over a 10% discount is now “effectively a target for liquidation,” and that “unsustainable funds should voluntarily liquidate” (according to slide 7 of CLIM’s webinar presentation). Mr. Olliff also noted that he hopes to see a “new breed” of better designed, lower cost, conflict of interest free, well-advised emerging markets closed end fund products.
 




March 28, 2017 | City of London Investment Group PLC (City of London Investment Management Co. Ltd.) filed twelve 13Ds on March 28, each of which included a similar statement in Item 4: “The Reporting Persons first published City of London Investment Management Company Limited's publicly-available Statement on Corporate Governance and Voting Policy for Closed-End Funds in 1999. The document is now in its Tenth Edition, having been most recently updated in March, 2016. As a result of an imbalance between the supply and demand for emerging markets closed-end funds ("CEFs") many such CEFs, including the Issuer, can trade at price levels which reflect a wide discount (more than 10%) relative to their published net asset value (NAV). City of London intends to engage in discussions and other communications with the Boards of Directors of these CEFs, including the Issuer, following the parameters and guidelines set forth in City of London's Statement on Corporate Governance and Voting Policy for Closed-End Funds, to the extent deemed necessary or appropriate if it believes it is in the best interests of all shareholders to do so. City of London also intends to vote against Directors as per the parameters and guidelines in the above-mentioned document.” The 12 CEFs for which CLIG filed 13Ds included (shows % O/S in the filing): The Thai Fund, Inc. (TTF [33.2%]); Templeton Dragon Fund, Inc. (TDF [30.7%]); The Taiwan Fund, Inc. (TWN [42.4%]); Morgan Stanley India Investment Fund, Inc. (IIF [30.7%]); The Mexico Equity and Income Fund, Inc. (MXE [40.8%]); The Latin American Discovery Fund, Inc. (LDF [33.6%]); The Korea Fund, Inc. (KF [37.0%]); Asia Tigers Fund, Inc. (GRR [32.4%]); Aberdeen Indonesia Fund, Inc. (IF [38.1%]); Aberdeen Latin America Equity Fund, Inc. (LAQ [41.7%]); Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc. (ABE [41.8%]); and Aberdeen Greater China Fund, Inc. (GCH [38.4%]). The selection of the 12 appears to be the next 12 on CLIM’s 12/31/16 (13F) ownership list sorted top-down by % of outstanding shares held by CLIM following the top 3, which were previously engaged by CLIM, including Asia Pacific Fund, Inc. [APB], JPMorgan China Region Fund, Inc. [JFC], and Korea Equity Fund, Inc. [KEF]). CLIM has not filed 13Ds for all of the emerging markets closed-end funds that it has invested in. See also our alert dated March 28 regarding CLIM’s campaign targeting selected emerging markets closed-end funds.
 




March 22, 2017 | The Swiss Helvetia Fund, Inc. (SWZ) announced on March 22 that its Board of Directors approved a cash tender offer for up to 10% of the fund's outstanding shares of common stock at a price equal to 98% of the fund's NAV per share (as of the close of regular trading on the NYSE on the business day immediately following the day the offer expires). The tender offer will commence on or about March 28, 2017, and is expected to expire on or about April 24, 2017. The fund’s release explained that: “In approving the Offer, the Board considered a number of factors, including, among others, expressed stockholder interest in opportunities for additional liquidity. The Board believes that the Offer will provide stockholders with an alternative source of liquidity for their investment, and that the Offer could enable stockholders to tender a portion of their shares at a price that is greater than what they could realize currently in the secondary market.”
 




March 22, 2017 | City of London Investment Group PLC (City of London Investment Management Co. Ltd.) disclosed in a new 13D filed on March 22 that it holds 4,649,247 shares (45.0%) of The Asia Pacific Fund, Inc. (APB), and sent a letter to the fund dated March 22 (a copy of which was submitted with the filing).
 




March 21, 2017 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a new 13D filing on March 21 that it held 1,488,555 shares (21.3%) of the Federated Premier Intermediate Municipal Income Fund (FPT), and had sent a letter to the fund with a proposal requesting that the Board of Trustees consider authorizing a self-tender for all outstanding shares at or close to net asset value.
 




March 14, 2017 | Bulldog Investors, LLC disclosed in a 13D/A filing on March 14 that it held 2,104,962 shares (7.48%) of The Swiss Helvetia Fund, Inc. (SWZ), and that Phillip Goldstein had sent another letter to the fund (dated March 13) with details on 3 potential director nominees (while indicating that Full Value Partners, L.P., of which Bulldog Investors is the investment advisor, intends to “nominate one or more of the persons” so named) and commentary about a fund bylaw specifying director qualifications.
 




March 14, 2017 | Nuveen announced that the Boards of Nuveen Real Asset Income and Growth Fund (JRI) and Diversified Real Asset Income Fund (DRA) approved the reorganization of DRA into JRI, subject to shareholder approvals. The annual meetings of both funds are currently scheduled for May 31.
 




March 13, 2017 | Saba Capital Management, L.P. disclosed in a 13D/A filing on March 13 that it had increased its holdings of the Clough Global Opportunities Fund (GLO) to 5,256,814 shares (10.19%) as a result of purchases from 2/28 to 3/10 (+708,052 shares).
 




March 8, 2017 | Bulldog Investors, LLC disclosed in a 13D/A filing on March 8 that it had increased its holdings of the Korea Equity Fund, Inc. (KEF) to 1,414,107 shares (14.52%), which is up from 674,051 shares as of 12/31/16 (13F).
 




March 8, 2017 | City of London Investment Group PLC (City of London Investment Management Co. Ltd.) filed a 13G (adopting a passive stance) for its holdings of 2,048,702 shares (31.8%) of the JPMorgan China Region Fund, Inc. (JFC).
 




March 6, 2017 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 2,068,962 shares (7.34%) of the Swiss Helvetia Fund, Inc. (SWZ), and had sent a letter to the fund rescinding its Feb. 28th letter and then indicating that it intends to present three shareholder proposals. Bulldog submitted a significant variation on the common tender offer proposal: If (1) the shareholders of The Swiss Helvetia Fund (the "Fund") approve a proposal presented at this meeting requesting that the Board of Directors authorize a self-tender offer for all of the Fund's shares at or close to net asset value, and (2) within ten calendar days following the meeting, an announcement is not made stating that the Board intends to implement such proposal, then the Fund's contracts with its investment adviser (Schroder Investment Management North America Inc.) and its sub-investment adviser (Schroder Investment Management North America Ltd.) shall be terminated as soon as possible.
 




March 2, 2017 | City of London Investment Group PLC (City of London Investment Management Co. Ltd. [CLIM]) disclosed in a 13D/A filing on March 2 that it had reduced its holdings of the JPMorgan China Region Fund, Inc. (JFC) to 2,238,254 shares (34.7%) as a result of a series of sales from Jan. 3 – March 1 (-475,912 shares). CLIM also noted in Item 4 of the filing that: “In light of the Fund's announcement on February 16, 2017, that the Board of Directors of the Fund has determined to submit a proposal to liquidate the Fund to a vote of all stockholders at the Fund's next Annual Meeting of Stockholders, which is scheduled to be held on May 11, 2017, the Reporting Persons have withdrawn the stockholder proposal submitted on December 5, 2016.” See also our alert on JFC dated Dec. 5.
 




March 1, 2017 | City of London Investment Group PLC (City of London Investment Management Co. Ltd.) filed a new 13G (adopting a passive stance) regarding its holdings of 3,342,101 shares (40.6%) of The Taiwan Fund, Inc. (TWN). The position was unchanged from what was disclosed in a 13D/A filing on Feb. 14.
 




February 28, 2017 | Bulldog Investors, LLC disclosed in a new 13D/A filing on Feb. 28 that it held 2,028,443 shares (7.20%) of the Swiss Helvetia Fund, Inc. (SWZ) and had sent a letter to the fund mentioning three proposals concerning changes to the fund's bylaws.
 




February 28, 2017 | The Taiwan Fund, Inc. (TWN) announced that it made arrangements for repurchases of its shares under the fund's Discount Management Policy (announced on July 17, 2014, and supplemented on Sept. 11, 2014). The fund’s release described the policy: “The Board has authorized management to make open market purchases in an aggregate amount up to 10% of the Fund's currently outstanding shares when the Fund's shares trade at a discount of more than 9% of net asset value and management reasonably believes that such repurchases may enhance shareholder value.” The release also noted that: “Pursuant to the arrangements, repurchases will be made under circumstances where stockholder value may be enhanced as a result of the repurchases. The Fund's Share Repurchase Committee intends to monitor the effectiveness of the repurchases and may make adjustments in the repurchase arrangements from time to time. On the business day following each day on which repurchases occur, the Fund will report by press release the number of shares repurchased.”
 




February 28, 2017 | Bulldog Investors, LLC disclosed in a new 13D/A filing that it held “N/A” shares of the Aberdeen Singapore Fund, Inc. (SGF). Bulldog reported holding 305,070 shares of SGF at 12/31/16 (13F). Item 4 included remarks that: “The filing persons believe that the board of directors should consider measures to address the discount including causing the Fund to conduct a self-tender offer for its shares at or close to NAV, converting the Fund to an ETF, merging it into an open-end fund, or dissolving it. The filing persons may consider taking further action to effect such measures including communicating with management and soliciting proxies to elect directors and adopt a proposal to address the discount.”
 




February 27, 2017 | Bulldog Investors, LLC disclosed in a 13D/A filing on Feb. 27 that it holds 1,497,930 shares of the Putnam High Income Securities Fund (PCF), which is +67,110 shares since Feb. 2. The filing also includes a letter sent to the fund dated Feb. 24, 2017, mentioning Trustee nominees and two shareholder proposals.
 




February 16, 2017 | Bulldog Investors, LLC disclosed in a 13D/A filing on Feb. 16 that it had increased its holdings of the Swiss Helvetia Fund, Inc. (SWZ) to 2,017,198 shares (7.16%) following a series of purchases from 1/3 to 2/15 (+207,670 shares).
 




February 15, 2017 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A on Feb. 15 that it held 3,353,417 shares (19.42%) of the First Trust/Aberdeen Global Opportunity Income Fund (FAM), and had entered an Agreement with the fund. FAM agreed to commence a tender offer no later than June 1, 2017, for up to 25% of the then outstanding common shares of the fund at a price equal to 98% of the NAV of the fund's common shares. Karpus agreed to, among a range of commitments, withdraw its shareholder proposal for the fund’s 2017 annual meeting (that the Board promptly consider authorizing a self-tender offer for all outstanding common shares of the fund at or close to net asset value (NAV), and if more than 50% of the fund's outstanding common shares are tendered, the tender offer should be cancelled and the Board should take the steps necessary to liquidate, merge, or convert the fund to an open end mutual fund or exchange traded fund). The text of the Agreement was included in the filing. See also our alert on FAM dated Feb. 14.
 




February 14, 2017 | The First Trust/Aberdeen Global Opportunity Income Fund (FAM) announced on Feb. 14 its Board of Trustees approved a planned cash tender offer for up to 25% of the fund’s then outstanding common shares at a price per share equal to 98% of the fund’s NAV per share. The tender offer is expected to commence, subject to certain conditions, no later than June 1, 2017. The fund’s release explained that: “The commencement of the tender offer is pursuant to an agreement between the Fund and Karpus Management, Inc. (‘Karpus’). Pursuant to the agreement, Karpus has agreed to be bound by certain standstill covenants until the earlier of the conclusion of the 2019 annual meeting of shareholders of the Fund and April 30, 2019. In addition, Karpus has agreed, among other things, to withdraw its shareholder proposal for the 2017 annual meeting of shareholders of the Fund. Pursuant to the agreement, the Fund has agreed to close the tender offer on or before July 1, 2017.”
 




February 14, 2017 | Saba Capital Management L.P. disclosed in a new 13D filing on Feb. 14 that it held 5,945,208 shares (11.37%) of the Credit Suisse Asset Management Income Fund, Inc. (CIK). Item 4 indicates that the “The Reporting Persons may engage in discussions with management, the Board of Directors, other shareholders of the Issuer and other relevant parties….”
 




February 13, 2017 | Bulldog Investors, LLC disclosed in a 13G filing on Feb. 13 that it held 631,774 shares (10.44%) of the Cushing Renaissance Fund (SZC). The 13G filing marked a change in stance after Bulldog had filed a 13D regarding its position in SZC back on Jan. 24. SZC announced an open market share repurchase program on Jan. 27 (see our related alerts dated Jan. 24 and Jan. 27).
 




February 13, 2017 | Saba Capital Management L.P. disclosed in a 13D/A filing on Feb. 13 that it held 1,780,311 shares (17.13%) of the Clough Global Dividend & Income Fund (GLV), and had sent both a shareholder proposal to the fund requesting the Board’s declassification and (by SCMF, a fund of Saba Capital) a notice of intention to submit three trustee nominees.
 




February 13, 2017 | Saba Capital Management L.P. disclosed in a 13D/A filing on Feb. 13 that it held 2,409,240 shares (13.65%) of the Clough Global Equity Fund (GLQ), and had sent a notice (by SCMF, a fund of Saba Capital) of its intention to submit three trustee nominees.
 




February 13, 2017 | Saba Capital Management L.P. disclosed in a 13D/A filing on Feb. 13 that it held 4,548,762 shares (8.82%) of the Clough Global Opportunities Fund (GLO), and had sent both a shareholder proposal to the fund requesting the Board’s declassification and (by SCMF, a fund of Saba Capital) a notice of intention to submit three trustee nominees.
 




February 8, 2017 | Karpus Management, Inc. (dba Karpus Investment Management [“Karpus”]) disclosed in a new 13D filing that it held 1,758,216 shares (9.12%) of the Madison Covered Call & Equity Strategy Fund (MCN), which is +121,420 shares since 12/31/16. The filing also disclosed that Karpus had sent a letter containing a stockholder proposal to terminate the Investment Advisory Agreement between the fund and Madison Asset Management, LLC.
 




February 8, 2017 | Karpus Management, Inc. (dba Karpus Investment Management [“Karpus”]) disclosed in a new 13D filing that it held 1,371,629 shares (23.66%) of the Madison Strategic Sector Premium Fund (MSP). The filing also disclosed that Karpus had sent a letter containing a stockholder proposal to terminate the Investment Advisory Agreement between the fund and Madison Asset Management, LLC.
 




February 6, 2017 | The Virtus Total Return Fund (DCA) and The Zweig Fund, Inc. (ZF) announced on Feb. 6 that the Board of each fund had proposed the reorganization of DCA into ZF, subject to shareholder approvals. The combined fund would be named “Virtus Total Return Fund Inc.” and keep the “ZF” ticker symbol. The release explained that the proposed merger is "a result of each board’s ongoing assessment of the respective fund and its competitive positioning in the current market environment.”
 




February 3, 2017 | Bulldog Investors, LLC disclosed in a new 13D filing on Feb. 3 that it held 1,430,820 shares (10.77%) of the Putnam High Income Securities Fund (PCF) following a series of purchases over the past 2 months (+ 543,707 shares, which includes +208,534 shares from Jan. 4 to Feb. 1). Item 4 of the filing indicated that: “The filing persons have communicated with management about possible measures to enhance shareholder value and expect to have further discussions about such measures.”
 




February 3, 2017 | City of London Investment Group PLC (City of London Investment Management Co. Ltd. [CLIM]) disclosed in a 13D/A filing on Feb. 3 that CLIM had reduced its holdings of the JPMorgan China Region Fund, Inc. (JFC)to 2,457,255 shares (38.1%) as a result of a series of sales between Jan. 3 and Feb. 1 (-317,383 shares).
 




January 30, 2017 | Saba Capital Management, L.P. disclosed in a 13D/A filing on Jan. 30 that it had increased its holdings of the Clough Global Dividend & Income Fund (GLV) to 1,758,511 shares (16.92%) as a result of a series of purchases between 1/18 and 1/27 (+125,011 shares).
 




January 27, 2017 | The Cushing Renaissance Fund (SZC) and Cushing Asset Management, LP announced on Jan. 27 that the fund’s Board had authorized an open market share repurchase program under which the fund may repurchase, through Dec. 31, 2017, up to 5% of its outstanding common shares. The fund’s release indicated that: “The Board approved the Repurchase Program as part of its ongoing evaluation of options to enhance shareholder value and potentially decrease the discount between the market price and net asset value (NAV) of the Fund’s common shares.” The release also noted that the amount and timing of any repurchases will be determined at the discretion of a broker-dealer retained by the fund “pursuant to predetermined parameters and instructions subject to market conditions.” The repurchase program will “automatically terminate if the common shares trade at a discount to NAV of 5% or less for ten consecutive trading days,” and there is “no assurance that the Fund will repurchase shares in any particular amount.”
 




January 27, 2017 | The Nuveen Preferred and Income 2022 Term Fund (JPT) started trading on Jan. 27, 2017, following an initial public offering that raised approximately $162.5 million in gross proceeds (excluding any exercise of the underwriters’ option to purchase additional shares). The fund invests primarily in preferred securities and other income producing securities. Nuveen Fund Advisors, LLC is the fund’s investment adviser, while Nuveen Asset Management is the fund’s sub-adviser.
 




January 27, 2017 | Saba Capital Management, L.P. disclosed in a 13D/A filing on Jan. 27 that it had increased its holdings of the Clough Global Equity Fund (GLQ) to 2,196,384 shares (12.44%) as a result of a series of purchases between 1/18 and 1/25 (+232,185 shares).
 




January 27, 2017 | Saba Capital Management, L.P. disclosed in a 13D/A filing on Jan. 27 that it had increased its holdings of the Clough Global Opportunities Fund (GLO) to 4,208,978 shares (8.16%) as a result of a series of purchases between 1/17 and 1/26 (+890,244 shares).
 




January 25, 2017 | The Cushing Renaissance Fund (SZC) and Cushing Asset Management, LP announced on Jan. 25 that SZC’s Board had approved increasing the frequency of the fund’s distributions from quarterly to monthly, starting in the fund’s second fiscal quarter of 2017. The release also explained that: “the Board is also reviewing certain measures to address the discount of the market price of (the) Fund’s shares to the Fund’s net asset value (NAV).” The release quotes Jerry Swank, President, Chief Executive Officer and a member of the Board, as commenting that: “We appreciate the constructive suggestions made by our shareholders and share their concerns regarding the Fund’s trading discount. We are hopeful that the steps we are taking will help reduce the discount and we look forward to continuing our conversations with shareholders regarding their investment in the Fund.”
 




January 24, 2017 | Bulldog Investors, LLC disclosed in a 13D filing on Jan. 24 that it holds 631,774 shares (10.44%) of the Cushing Renaissance Fund (SZC). Item 4 of the filing noted that: “The filing persons have discussed their concerns about the Fund's trading discount with a representative of the issuer. In this regard, the Fund's representative has agreed to consider measures that may have a positive effect on the discount. The parties may have additional discussions from time to time about the Fund's performance and the discount.”
 




January 24, 2017 | Pacholder High Yield Fund, Inc. (PHF) announced on Jan. 23 that its Board approved the liquidation of the fund, subject to shareholder approval. The fund’s release mentioned that J.P. Morgan Investment Management Inc. (JPMIM), the fund’s investment adviser, had recommended the fund’s liquidation and dissolution to the Board. The release also indicated that the proposed plan of liquidation will be submitted to shareholders at the fund’s 2017 annual meeting, which is scheduled to be held in May 2017. In a related development, Bulldog Investors disclosed in a 13D/A filing on Jan. 24 that it had entered into a Standstill Agreement with JPMIM (concerning PHF) – see also our alert on the filing by Bulldog Investors.
 




January 24, 2017 | Bulldog Investors, LLC disclosed in a 13D/A filing on Jan. 24 that it held 1,429,254 shares (11.00%) of the Pacholder High Yield Fund, Inc. (PHF), and had entered into a Standstill Agreement with J.P. Morgan Investment Management Inc. (JPMIM), under which JPMIM would recommend to the Board of PHF that the fund be liquidated, in return for which Bulldog Investors would withdraw its proposal and director nominees. Bulldog Investors had previously sent letters to the fund in Oct. and Nov. 2016 regarding its intention to submit twelve nominees for election to the fund's board at the 2017 annual meeting, as well as submit a proposal requesting that the Board promptly consider authorizing a self-tender offer for all outstanding common shares of the Fund at or close to net asset value, and if more than 50% of the Fund's outstanding common shares are tendered, that the tender offer should be cancelled and the Board should take the steps necessary to liquidate, merge, or convert the Fund to an open-end mutual fund.
 




January 23, 2017 | City of London Investment Group PLC (City of London Investment Management Co. Ltd.) disclosed in a 13D/A filing on Jan. 23 that it held 2,536,568 shares (39.3%) of the JPMorgan China Region Fund, Inc. (JFC), and (Item 4) has had discussions with the fund’s Board “as a result of the Fund's proxy ballot and related stockholder proposal.” JFC announced on Dec. 30 that its Board had decided to submit to shareholders a proposal to liquidate the fund.
 




January 23, 2017 | The First Trust High Income Long/Short Fund (FSD) announced on Jan. 20 that its Board approved the commencement (subject to certain conditions) prior to or during the week of June 15, 2017, a cash tender offer for up to 15% of the fund’s outstanding common shares of beneficial interest at a price per share equal to 98% of the fund’s NAV per share. The fund also announced that, effective with the monthly distribution declared in February 2017 and continuing for all monthly distributions declared for the following eleven months, a distribution policy set at an annual minimum fixed rate of 8.5% (based on the fund’s average monthly NAV per share over the prior 12 months). The release explained that these actions came “pursuant to an agreement between the Fund and Saba Capital Management, L.P.,” under which Saba agreed to be bound by certain standstill covenants for two years from the date of the agreement and withdraw its shareholder proposal (requesting that the Board take the necessary steps to eliminate the fund’s classified board structure). The text of the agreement was disclosed by Saba Capital in a 13D/A filing on Jan. 23 (see also related alert on this filing).
 




January 23, 2017 | Saba Capital Management L.P. disclosed in a 13D/A filing on Jan. 23 that it held 4,608,556 shares (13.06%) of the First Trust High Income Long/Short Fund (FSD), and had entered into a Settlement Agreement with the fund and First Trust Advisors L.P. on Jan. 20. Item 4 of the filing noted that Saba agreed to withdraw a shareholder proposal (requesting that the Board take the necessary steps to eliminate the Fund’s classified board structure), while the fund’s Board will, prior to or during the week of June 15, 2017, commence a cash tender offer for 15% of its outstanding shares, subject to certain terms and conditions. In addition, Saba agreed to tender 100% of its then-owned common shares of the fund in the tender offer.
 




January 18, 2017 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had sharply reduced its holdings of the Neuberger Berman Real Estate Securities Income Fund Inc. (NRO) to 3,370,673 shares (7.11%) as a result of a series of sales between 12/13 and 1/17 (-2,329,570 shares), including the sale of 1,920,610 shares on 1/17).
 




January 13, 2017 | City of London Investment Group PLC (City of London Investment Management Co. Ltd.) disclosed in a 13D/A filing on Jan. 13 that it held 2,622,159 shares (40.7%) of the JPMorgan China Region Fund, Inc. (JFC), and indicated in Item 4 of the filing that it has had discussions with the Board.
 




January 12, 2017 | The American Stock Transfer & Trust Company, LLC (“AST”), AST Fund Solutions, and CEFinsight.com will be presenting a webinar on "Closed-End Funds and Business Development Companies: Key Trends for 2017." The webinar is scheduled for Wednesday, January 18th from 1:00 - 2:00 PM ET. Topics to be covered include: Key Market Trends, Shareholder Activism in Closed-End Funds and BDCs, Below NAV Proposals for BDCs, Fund Accounting Issues, and Recent Changes to Regulation S-X. Presenters include: Tom Nader (Executive Vice President, AST Fund Solutions, LLC), Frank J. Maresca (Executive Vice President, AST Fund Solutions, LLC), James F. Burke (VP, AST Fund Solutions, LLC and Editor, CEFinsight.com), and Aneika Perez (Senior Manager, Ernst & Young). To register, please go to https://attendee.gotowebinar.com/register/8720882407662768388
 




January 11, 2017 | Saba Capital Management L.P. disclosed in a 13D/A filing on Jan. 11 that it held 1,340,954 shares (9.86%) of the Advent/Claymore Enhanced Growth & Income Fund (LCM) after a series of purchases that included 174,619 shares acquired on 1/9.
 




January 6, 2017 | Saba Capital Management L.P. disclosed in a new 13D filing on Jan. 6 that it held 1,633,500 shares (15.72%) of the Clough Global Dividend & Income Fund (GLV) after a series of purchases between 11/7 and 1/5 (+1,363,961 shares). Item 4 indicated that the “Reporting Persons may engage in discussions with management, the Board of Directors, other shareholders of the Issuer and other relevant parties….”
 




January 6, 2017 | Saba Capital Management L.P. disclosed in a new 13D filing on Jan. 6 that it held 3,318,734 shares (6.43%) of the Clough Global Opportunities Fund (GLO) after a series of purchases between 12/15 and 1/5 (+3,294,466 shares, including +1,413,858 shares from 1/3 to 1/5). Item 4 indicated that the “Reporting Persons may engage in discussions with management, the Board of Directors, other shareholders of the Issuer and other relevant parties….”
 




January 6, 2017 | Saba Capital Management L.P. disclosed in a new 13D filing on Jan. 6 that it held 1,964,199 shares (11.13%) of the Clough Global Equity Fund (GLQ) after a series of purchases between 11/14 and 1/3 (+1,964,199 shares). Item 4 indicated that the “Reporting Persons may engage in discussions with management, the Board of Directors, other shareholders of the Issuer and other relevant parties….”
 




December 30, 2016 | The JPMorgan China Region Fund, Inc. (JFC) announced on Dec. 30 that its Board of Directors decided to submit a proposal to liquidate the fund to a vote of all stockholders. The fund’s release indicated that this move “follows the Board’s consideration of the Fund’s future following various discussions with stockholders.”
 




December 22, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 1,728,971 shares (6.16%) of the Swiss Helvetia Fund, Inc. (SWZ), and had sent a letter to the fund (dated Dec. 22) regarding a shareholder proposal requesting: that the Board of Directors authorize a self-tender offer for all outstanding common shares of the Fund at or close to net asset value (NAV). If more than 50% of the Fund's outstanding common shares are submitted for tender, the Board is requested to cancel the tender offer and take those steps that the Board is required to take to cause the Fund to be liquidated or converted to an exchange traded fund (ETF) or an open-end mutual fund. On Dec. 19, Bulldog Investors, LLC had disclosed in a 13D/A filing that it held 1,690,788 shares of SWZ, and had sent a letter to the fund (dated Dec. 19) regarding recent actions by the fund’s Board.
 




December 22, 2016 | First Trust Advisors L.P. announced the initial public offering of the First Trust Senior Floating Rate 2022 Target Term Fund (FIV), which started trading on the NYSE on Dec. 22, 2016. The fund’s IPO saw gross proceeds of $325 million, excluding any exercise of the underwriters’ overallotment option. The fund’s release noted that its investment objectives are to: “seek a high level of current income and to return $9.85 per common share of beneficial interest of the Fund (the original net asset value before deducting offering costs) to holders of such shares on or about February 1, 2022.” The fund’s prospectus (Form 497 filed Dec. 22) indicated that: “Under normal market conditions, the Fund will seek to achieve its investment objectives by investing at least 80% of its Managed Assets (as defined below) in senior, secured floating rate loans ("Senior Loans") of any maturity.” First Trust Advisors L.P. is the fund’s investment adviser.
 




December 20, 2016 | City of London Investment Group PLC (City of London Investment Management Co. Ltd.) disclosed in a 13D/A filing that it held 4,117,359 shares (42.3%) of the Korea Equity Fund, Inc. (KEF), and had sent a letter to the fund inquiring about the status of the fund’s 2016 Annual Meeting. Results of the voting at the fund’s 2016 Annual Meeting held on Dec. 1, 2016, were disclosed by KEF in its annual report (N-CSR filed Dec. 23).
 




December 15, 2016 | City of London Investment Group PLC (City of London Investment Management Company Ltd.) disclosed in a new 13D filing on Dec. 15 that it held 3,310,501 shares (40.3%) of The Taiwan Fund, Inc. (TWN), and that it sent a letter to the chairman of the fund (dated Dec. 15) regarding the fund’s discount levels.
 




December 14, 2016 | Clough Global Equity Fund (GLQ), Clough Global Opportunities Fund (GLO), and Clough Global Dividend and Income Fund (GLV) jointly announced on Dec. 14 that their Boards of Trustees had voted to reinstate share repurchase programs for the current FY ending Oct. 31, 2017. Under the programs, each of the funds may purchase through open-market transactions to Oct. 31, 2017, up to 5% of their outstanding common shares (% as of Dec. 9, 2016). The release explained that “the Boards have authorized the Advisor to have the Funds repurchase their respective shares of common stock at such times and in such amounts as the Advisor reasonably believes may enhance shareholder value.” The funds are advised by Clough Capital Partners L.P.
 




December 13, 2016 | The Tekla World Healthcare Fund (THW) announced on Dec. 13 that its Board of Trustees had authorized a renewal of its share repurchase program, which authorizes open market repurchases over a one year period ending December 14, 2017, of up to 12% of the fund’s outstanding shares. The release explained that: “The share repurchase program is intended to increase the Fund’s net asset value per share and could also have the benefit of providing additional liquidity in the trading of shares. The amount and timing of repurchases will be at the discretion of Tekla Capital Management LLC, the investment adviser to the Fund.”
 




December 13, 2016 | Western Asset Emerging Markets Income Fund Inc. (EMD), Western Asset Worldwide Income Fund Inc. (SBW) and Western Asset Emerging Markets Debt Fund Inc. (ESD) announced on Dec. 13 that stockholders of the funds voted at a joint special meeting held on Dec. 12 to approve both the merger of EMD with and into ESD and the merger of SBW with and into ESD. The release noted that the mergers are expected to be effective prior to the open of business on Dec. 19, and that ESD will also change its NYSE ticker symbol from ESD to EMD (with the merged fund expected to start trading under the EMD ticker symbol on Dec.19). Stockholders of ESD also voted to approve the amendment of ESD’s primary investment objective to high current income and its secondary investment objective to capital appreciation.
 




December 12, 2016 | | The Eagle Point Credit Company Inc. (ECC) announced on Dec. 8 that it had priced an underwritten public offering of 1,000,000 shares of its common stock at a public offering price of $17.35 per share, resulting in net proceeds to the company of approximately $16.6 million. In addition, the fund’s release explained that the: company granted underwriters a 30-day option to purchase up to an additional 150,000 shares of common stock to cover overallotments, if any. Then, on Dec. 12, ECC announced that it had priced an underwritten public offering of 400,000 shares of its previously designated 7.75% Series B term preferred stock (ECCB) due 2026 at a public offering price of $25.00 per share (plus any accrued but unpaid dividends), which will result in net proceeds to the company of approximately $9.4 million. In addition, as the fund’s release regarding the preferred stock offering explained, the company granted underwriters a 30-day option to purchase up to an additional 60,000 shares of preferred stock to cover overallotments, if any.
 




December 9, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing on Dec. 9 that it had increased its holdings of the Korea Equity Fund, Inc. (KEF) to 655,917 shares (6.73%) as a result of a series of purchases between 10/18 and 12/07 (+100,750 shares).
 




December 9, 2016 | Invesco, Ltd. announced on Dec. 9 the completion of the initial public offering of the Invesco High Income 2023 Target Term Fund (IHIT), which started trading on the NYSE on Nov. 28. The fund raised $216 million in gross proceeds (excluding any exercise of the underwriters’ overallotment option). The fund’s prospectus (Form 497) indicates that the fund’s investment objectives are to provide a high level of current income and to return $9.835 per share (the original net asset value (NAV) per common share before deducting offering costs of $0.02 per share) to holders of common shares on or about December 1, 2023 (the “Termination Date”). The fund will be primarily investing in securities collateralized by loans secured by real properties. Invesco Advisers, Inc. is the fund’s investment adviser.
 




December 9, 2016 | Invesco, Ltd. announced on Dec. 9 the completion of the initial public offering of the Invesco High Income 2023 Target Term Fund (IHIT), which started trading on the NYSE on Nov. 28. The fund raised $216 million in gross proceeds (excluding any exercise of the underwriters’ overallotment option). The fund’s prospectus (Form 497) indicates that the fund’s investment objectives are to provide a high level of current income and to return $9.835 per share (the original net asset value (NAV) per common share before deducting offering costs of $0.02 per share) to holders of common shares on or about December 1, 2023 (the “Termination Date”). The fund will be primarily investing in securities collateralized by loans secured by real properties. Invesco Advisers, Inc. is the fund’s investment adviser.
 




December 5, 2016 | City of London Investment Group Plc (City of London Investment Management Co. Ltd. [CLIM]) disclosed in a 13D/A filing on Dec. 5 that it held 2,774,638 shares (43.0%) of the JPMorgan China Region Fund, Inc. (JFC), and that it sent a letter to the fund (dated Dec. 5) regarding a shareholder proposal requesting that all investment advisory and management agreements between the fund and JF International Management Inc. be terminated by the fund at the earliest date the fund is legally permitted to do so.
 




November 25, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 1,330,837 shares (10.24%) of the Pacholder High Yield Fund, Inc. (PHF), and that Phillip Goldstein (for Full Value Partners, L.P.) had sent a letter to the fund with 12 director nominees.
 




November 23, 2016 | The Wells Fargo Multi-Sector Income Fund (ERC) announced on Nov. 23 that its Board of Trustees had approved a cash tender offer in 2017 and managed distribution plan (MDP): “pursuant to an agreement between the fund and Saba Capital Management, L.P. (Saba), and certain associated parties. Pursuant to the agreement, Saba has agreed to be bound by certain standstill covenants through the completion of the fund’s 2018 annual meeting of shareholders with respect to the fund. In addition, Saba has agreed, among other things, to withdraw its shareholder proposal for the 2017 annual meeting of shareholders of the fund. Pursuant to the agreement, the fund has agreed not to close the tender offer prior to May 1, 2017.” The release explained that the fund will commence prior to or during the week of May 1, 2017, “a cash tender offer for up to 15% of the fund’s outstanding common shares of beneficial interest at a price per share equal to 98% of the fund’s net asset value (NAV) per share.” In addition, the fund’s Board: “also approved the commencement, effective with the monthly distribution declared in January 2017, of a managed distribution plan that provides for the declaration of monthly distributions to common shareholders of the fund at an annual minimum fixed rate of 9% based on the fund’s average monthly NAV per share over the prior 12 months. Under the managed distribution plan, monthly distributions may be sourced from income, paid-in capital, and/or capital gains, if any.”
 




November 23, 2016 | Saba Capital Management, LP disclosed in a 13D/A filing on Nov. 23 that it held 6,150,507 shares (14.96%) of the Wells Fargo Multi-Sector Income Fund (ERC), and had entered into a Settlement Agreement with the fund and Wells Fargo Funds Management, LLC. That agreement is attached to the Saba Capital filing, and detailed, in part, in ERC’s press release on Nov. 23 regarding the fund’s related cash tender offer and managed distribution plan (see also our alert on ERC’s announcement dated Nov. 23).
 




November 23, 2016 | Wells Fargo Funds Management, LLC announced on Nov. 23 that the Boards of the Wells Fargo Income Opportunities Fund (EAD), Wells Fargo Utilities and High Income Fund (ERH), and Wells Fargo Global Dividend Opportunity Fund (EOD) had authorized the repurchase of an aggregate of up to 10% of each fund’s outstanding shares in open-market transactions in the period from Dec. 17, 2016 to Dec. 31, 2017 (with repurchases at the discretion of Wells Fargo Funds Management, LLC, which will “determine the amount and timing of repurchases of shares of each fund in accordance with the best interests of the fund, and subject to applicable legal limitations”). The release explained that the moves extended repurchases programs that were first authorized for a one-year period beginning December 17, 2015, of an aggregate of up to 10% of each fund’s outstanding shares in open-market transactions: “Through October 31, 2016, the funds have repurchased the following amounts of shares: EOD repurchased 3,247,402 shares (or 6.61% of outstanding shares); ERC repurchased 891,934 shares (or 2.12% of outstanding shares); and EAD repurchased 76,871 shares (or 0.11% of outstanding shares). ERH did not repurchase any shares through October 31, 2016.” These moves came concurrent with a tender offer and managed distribution plan announced by the Wells Fargo Multi-Sector Income Fund (ERC) – see our related alert on ERC dated Nov. 23. As a result, “ERC’s Board of Trustees has not authorized the extension of its open-market share repurchase program beyond the current term that ends on December 16, 2016.”
 




November 17, 2016 | Nuveen announced on Nov. 17 that the boards of the Nuveen Flexible Investment Income Fund (JPW) and Nuveen Preferred Income Opportunities Fund (JPC) approved a plan to merge JPW into JPC, subject to shareholder approval, “in order to reduce common shareholder fees and expenses and increase common net earnings.”
 




November 16, 2016 | The Korea Fund, Inc. (KF) announced on Nov. 16 that, following “input from stockholders at the time of the Annual General Meeting,” the fund’s Board reviewed the composition and policies of its Discount Management Committee (“DMC”) and management of the fund's share price discount. The Board advised (as detailed in the release): “• While the DMC has acted in accordance with consensus views of the Board, it has been expanded to include all Board members, with a quorum of any two; • The strategic intent of the DMC, acting in the best interest of all stockholders, is to purchase shares in the open market in an endeavor to maintain the discount relative to its five-year average; • Such a reduction in the Fund’s NAV discount, from the current 12-13% range, may be harder to achieve in the short term given the recent increases in discounts of Asian single country and regional funds that are listed on the NYSE to the 13-15% range; and • The DMC operates all share buy-back programs consistent with the applicable rules of the Securities and Exchange Commission and the New York Stock Exchange, as well as with cognizance of the market environment for similar closed end funds and hence, there can be no guarantee that the program will achieve its intended aim. The share repurchase program is intended to enhance shareholder value, as repurchases made at a discount have the effect of increasing the net asset value per share of the Fund’s remaining shares.”
 




November 14, 2016 | Saba Capital Management, L.P. disclosed in a 13D/A filing that it held 3,965,521 shares (11.24%) of the First Trust High Income Long/Short Fund (FSD), and had sent a letter to the fund (dated Nov. 11) regarding a shareholder proposal requesting that the Board of Trustees of the fund take all necessary steps in its power to declassify the Board so that all directors are elected on an annual basis starting at the next annual meeting of shareholders. Such declassification shall be completed in a manner that does not affect the unexpired terms of the previously elected trustees.
 




November 14, 2016 | Karpus Management Inc. (dba Karpus Investment Management) disclosed in a new 13D filing that it held 3,386,613 shares (19.6%) of the First Trust/Aberdeen Global Opportunity Income Fund (FAM), which is up 223,122 shares from 9/30/16, and had sent a letter to the fund (dated Nov. 11) regarding a shareholder proposal requesting that the Trustees promptly consider authorizing a self-tender offer for all outstanding common shares of the fund at or close to net asset value ("NAV"). If more than 50% of the fund's outstanding common shares are tendered, the tender offer should be cancelled and the Board should take the steps necessary to liquidate, merge, or convert the fund to an open-end mutual fund or exchange traded fund.
 




November 11, 2016 | The Swiss Helvetia Fund, Inc. (SWZ) announced on Nov. 11 that it will not proceed with calling a requested special meeting of its stockholders. The fund’s release explained that the move follows the fund’s previously announced decision to seek stockholder approval to declassify its Board of Directors at the fund's next Annual Meeting (scheduled for June 27, 2017) “and after discussions with certain Fund stockholders.”
 




November 9, 2016 | The Lazard Global Total Return and Income Fund, Inc. (LGI) announced on Nov. 9 that its Board of Directors had authorized a stock repurchase program involving open-market repurchases (through Nov. 30, 2017) of an aggregate of up to 5% of the fund's outstanding shares. The fund’s release explained that: “The principal purpose of the stock repurchase program is to enhance stockholder value by increasing the Fund's net asset value per share without creating a meaningful adverse effect on the Fund's expense ratio. “
 




November 9, 2016 | The Lazard World Dividend & Income Fund, Inc. (LOR) announced on Nov. 9 that its Board of Directors had authorized a stock repurchase program involving open-market repurchases (through Nov. 30, 2017) of an aggregate of up to 5% of the fund's outstanding shares. The fund’s release explained that: “The principal purpose of the stock repurchase program is to enhance stockholder value by increasing the Fund's net asset value per share without creating a meaningful adverse effect on the Fund's expense ratio. “
 




November 8, 2016 | Relative Value Partners Group, LLC (RVP) disclosed in a 13D/A filing on Nov. 8 that it held 4,614,652 shares (8.56%) of the MFS Charter Income Trust (MCR) and had sent a letter (from CIO and Founding Partner Maury Fertig) to the fund. The letter stated (excerpts): “Year after year, the fund failed to sufficiently employ the repurchase program and therefore failed to capture meaningful return and failed to put shareholders' best interests first. In fact, the fund only purchased, at most, about 2% of outstanding shares each year since 2013, yet it was allowed to purchase up to 10%, even when the fund was trading at large nominal and historic discounts. From June to December of 2015, MCR only purchased shares during two months, even though the fund averaged a discount wider than 13% and approached a 16% discount numerous times. These were some of the widest fund level discounts historically, presenting an excellent time to repurchase shares, and yet in many occurrences not a single share was purchased. In fact, in all of 2015, MCR repurchased shares in only 3 months despite trading at historically wide discount levels for nearly all 12 months!” The letter also stated: “We are asking the Board to convert MCR to an open-end fund, in which there will be no misleading repurchase policy. At a minimum, the board should issue a 25% tender at NAV to help compensate investors for the missed returns from failing to sufficiently employ the repurchase program.”
 




November 7, 2016 | The Swiss Helvetia Fund, Inc. (SWZ) announced on Nov. 7 that its Board had voted to amend the fund's charter to declassify the Board, subject to the approval of the fund's stockholders (at the fund's next annual meeting, which is scheduled for June 27, 2017). The fund’s Chairman Brian A. Berris was quoted in the release noting that: "after attributing significant weight to stockholder input at the Fund's 2016 Annual Meeting, the Board believes it is advisable to recommend its declassification to the Fund's stockholders." Mr. Berris was also quoted indicating that "the Board believes accelerating the announcement of its recommendation to declassify is important in light of recent requests the Fund has received to call a special meeting of its stockholders to consider a similar proposal."
 




November 1, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing on Nov. 1 that it held 1,735,473 shares (6.18%) of the Swiss Helvetia Fund, Inc. (SWZ), and had sent a letter to the fund regarding requests from stockholders to hold a special meeting of the fund. Bulldog Investors has been leading an initiative to hold a special meeting to vote on its proposals to declassify the Board and authorize a self-tender offer for all outstanding shares of the fund at or close to NAV. See also our alert on SWZ dated October 25.
 




November 1, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing on Nov. 1 that it held 1,298,702 shares (9.99%) of the Pacholder High Yield Fund Inc. (PHF), and that Phillip Goldstein had sent a letter to the fund (in the name of Full Value Partners L.P. [a member of the “Bulldog Investors Group of Funds”]) regarding a shareholder proposal requesting that: “the Board of Directors authorize a self-tender offer for all outstanding common shares of the Fund at or close to net asset value (NAV). If more than 50% of the Fund's outstanding common shares are submitted for tender, the Board is requested to cancel the tender offer and take those steps that the Board is required to take to cause the Fund to be liquidated or converted to (or merged with) an exchange traded fund (ETF) or an open-end mutual fund.”
 




October 31, 2016 | The Franklin Limited Duration Income Trust ( FTF) announced on Oct. 31 that its shareholders “resoundingly voted” to reelect Trustees Harris J. Ashton, Edith E. Holiday, and John B. Wilson, while also defeating nominees proposed by Saba Capital Management, L.P. The release explained that: “According to the preliminary results, and subject to certification by the independent inspector of elections, a majority of the shares voted were cast in favor of the Fund’s three nominees up for re-election, and against the shareholder proposal.” The defeated shareholder proposal from Saba Capital was a request that the Board of Trustees consider authorizing a self-tender offer for all of the outstanding shares of the fund at or close to NAV, and if more than 50% of the fund's outstanding shares are then submitted for tender, the tender offer would be cancelled and the Board would take steps necessary to liquidate or convert the fund into an open-end mutual fund.
 




October 28, 2016 | BlackRock Debt Strategies Fund, Inc. (DSU) announced on Oct. 28 that its Board had approved a 1-for-3 reverse stock split of the fund’s common stock. The record date will be November 15, 2016. Trading in DSU on a split-adjusted basis is expected to start at the open of trading on the NYSE on November 16, 2016.
 




October 28, 2016 | BlackRock Advisors, LLC announced on Oct. 28 that the Boards of Directors/Trustees of 20 BlackRock taxable and equity closed-end funds authorized open market share repurchase programs pursuant to which each fund may repurchase through open market transactions through Nov. 30, 2017, up to 5% of its outstanding common shares (based on common shares outstanding as of Oct. 28, 2016). The release noted that the programs “seek to enhance shareholder value by purchasing Fund shares trading at a discount from their net asset value per share.” Funds involved include: BlackRock Taxable Municipal Bond Trust (BBN), BlackRock Resources & Commodities Strategy Trust (BCX), BlackRock Enhanced Equity Dividend Trust (BDJ), BlackRock Energy and Resources Trust (BGR), BlackRock Floating Rate Income Trust (BGT), BlackRock International Growth and Income Trust (BGY), BlackRock Core Bond Trust (BHK), BlackRock Multi-Sector Income Trust (BIT), BlackRock Income Trust (BKT), BlackRock Limited Duration Income Trust (BLW), BlackRock Health Sciences Trust (BME), BlackRock Global Opportunities Equity Trust (BOE), BlackRock Science and Technology Trust (BST), BlackRock Credit Allocation Income Trust (BTZ), BlackRock Utility and Infrastructure Trust (BUI), BlackRock Enhanced Capital and Income Fund, Inc. (CII), BlackRock Debt Strategies Fund, Inc. (DSU), BlackRock Enhanced Government Fund, Inc. (EGF), BlackRock Floating Rate Income Strategies Fund, Inc. (FRA), BlackRock Corporate High Yield Fund, Inc. (HYT).
 




October 26, 2016 | Saba Capital Management L.P. disclosed in a 13G/A filing on Oct. 26 that it held 3,587,217 shares (10.17%) of the First Trust High Income Long/Short Fund (FSD). Saba Capital had previously disclosed in a 13D/A filing on Oct. 24 that it held 3,520,028 shares (9.98%) of FSD, which was up from Saba Capital’s initial 13D disclosure on Sept. 8, 2016, that it held 3,139,932 shares of FSD.
 




October 25, 2016 | Bulldog Investors, LCC disclosed in a 13D/A filing on Oct. 25 that it held 1,724,832 shares (6.14%) of The Swiss Helvetia Fund, Inc. (SWZ) and was going to solicit “not more than ten stockholders” (Item 4) to submit requests in writing (from stockholders holding a total of at least 25% of the fund's outstanding shares) to request that a special meeting of stockholders be held. Bulldog Investors indicated that it wants a special meeting held to vote on the following proposals: “1. To amend the Fund's bylaws to declassify the Board of Directors so that each director shall be elected annually. 2. To authorize a self-tender offer for all outstanding shares of the Fund at or close to net asset value. If more than 50% of the Fund's outstanding shares are submitted for tender, the tender offer should be cancelled and the Board should take the steps necessary to convert the Fund into an ETF or an open-end mutual fund or to liquidate it.”
 




October 24, 2016 | Bulldog Investors, LCC disclosed in a new 13D filing on Oct. 24 that it held 955,669 shares (9.95%) of the Lazard Global Total Return and Income Fund, Inc. (LGI) following a series of purchases between 8/15 and 10/19 (+287,621 shares). Item 4 of the filing indicated that Bulldog Investors intends to communicate with the fund “regarding a representation made in 2004 to investors when the Fund's shares were originally sold that ‘the Fund's Board of Directors may consider action that might be taken to reduce or eliminate any material discount from net asset value in respect of Common Stock...including the conversion of the Fund to an open-end investment company.’”
 




October 20, 2016 | General American Investors Company, Inc. (GAM) announced that its Board had authorized the repurchase of an additional 1,000,000 outstanding shares of common stock when the shares are trading at a discount to NAV of at least 8%. The authorization extends a repurchase program that started in March 1995.
 




October 19, 2016 | RENN Fund, Inc. (RCG) announced on Oct. 19 that Horizon Kinetics LLC (through one of its wholly owned subsidiary registered investment advisers) is expected to become the new investment manager for the fund, subject to shareholder approval. As the release explained: “Under an Investment Advisory Agreement to be submitted to shareholders, Horizon would waive its management fee until the Fund’s assets reach $25 million, following which it would charge only 100 basis points on assets above $25 million. Horizon has indicated to the Board that it hopes to use a significant portion of the Fund’s existing tax loss carryforwards over time. The Letter of Intent contemplates that Horizon will consider recapitalizing the Fund through a rights offering or other mechanism in order to attempt to achieve at least $10 million in Fund assets. It also contemplates that Horizon may conduct a tender offer for up to the lesser of 10% of the Fund’s outstanding shares or $1 million worth of shares from existing shareholders at the Fund’s then-prevailing net asset value. Lastly, Horizon has informed the Board it will assume all expenses related to the proxy statement and shareholders’ meeting. If the proposal is approved by the Fund’s shareholders, a new Board of Directors will be elected, except that Russell Cleveland will be nominated to continue to serve as a director…Shareholders will receive a proxy statement outlining the details of the proposal and be asked to vote on the proposal to approve the appointment of Horizon as investment manager, a slate of new directors and the terms of the proposed Investment Advisory Agreement. Shareholders will also be asked to approve the abandonment of the Plan of Liquidation of the Fund that was approved at the Fund’s annual meeting of shareholders earlier this year. The Board hopes to complete the process over the next several months. If the proposals are approved, the Fund will not pursue the delisting of the Fund’s shares from the NYSE MKT or the liquidation of the Fund’s assets as contemplated by the Plan of Liquidation.” For additional information, see www.rencapital.com.
 




October 17, 2016 | The Franklin Limited Duration Income Trust (FTF) announced that the fund’s Board approved a managed distribution plan (MDP) and a cash tender offer. Under the MDP, the fund will, starting in January 2017, make monthly distributions to common shareholders at an annual minimum fixed rate of 10% (based on the average monthly NAV of the fund's common shares). The Board also approved a cash tender offer, which will be conducted no later than 1Q’17, for up to 15% of the fund's issued and outstanding common shares at 98% of NAV per share. The fund’s announcement also explained that: “The Board will continue the open-market share repurchase program previously announced on April 20, 2016, authorizing the Fund to purchase, from time to time, up to 10% of the Fund's common shares in open-market transactions, at the discretion of management. In light of the tender offer, the Board is suspending the discount measurement period it announced on April 20, 2016. Consistent with the policy expressed by the Board in its announcement on April 20, 2016, however, the Board will continue to actively monitor the Fund's discount and evaluate strategies in the context of market conditions, and expects to take strong measures as needed, which may include one or more of the following actions: (1) authorizing additional tender offers for a portion of the Fund's outstanding shares; or (2) submitting to shareholders a proposal to reorganize the Fund with either an open-end or closed-end investment company; or (3) submitting to shareholders a proposal to convert the Fund to an open-end investment company.”
 




October 5, 2016 | RiverNorth Capital Management, LLC announced on Oct. 5 the launch of the RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (OPP), which started trading on the NYSE on Sept. 28 after an initial public offering that raised approximately $210MM in gross proceeds, excluding any exercise of the underwriters’ overallotment option. The fund described its investment strategy (Form 497, 9/28) as seeking: “to achieve its investment objective by allocating its Managed Assets (as defined below) among the two principal investment strategies described below: Tactical Closed-End Fund Income Strategy (10% - 35% of Managed Assets): This strategy will seek to (i) generate returns through investments in closed-end funds, exchange-traded funds and business development companies (collectively, the ‘Underlying Funds’) that invest primarily in income-producing securities, and (ii) derive value from the discount and premium spreads associated with closed-end funds. Opportunistic Income Strategy (65% - 90% of Managed Assets): This strategy seeks to generate attractive risk-adjusted returns through investments in fixed income instruments and other investments, including agency and non-agency residential mortgage-backed and other asset-backed securities, corporate bonds, municipal bonds, and real estate investment trusts. At least 50% of the Managed Assets allocated to this strategy will be invested in mortgage-backed securities.” The fund’s investment adviser is RiverNorth Capital Management, LLC, while the fund’s subadviser is DoubleLine Capital LP.
 




October 4, 2016 | The Deutsche Multi-Market Income Trust (KMM) and Deutsche Strategic Income Trust (KST) announced on Oct. 4 that at the 2016 Annual Meetings for each Fund (held Sept. 30), the final voting results showed that none of the trustee nominees received enough votes to be elected (while a quorum was present). The release also noted that “the final results indicate that the precatory shareholder proposal requesting that the Board take the necessary steps to declassify the Board was not approved by a majority of votes outstanding and entitled to vote on the matter.” That proposal had been advanced by Western Investment LLC.
 




October 4, 2016 | Saba Capital Management, L.P. disclosed in a 13D/A filing that it held 6,095,256 shares (14.51%) of the Wells Fargo Multi-Sector Income Fund (ERC), and had (as described in Item 4) submitted to the fund a proposal requesting that the fund’s Board “take all necessary steps in its power to declassify the Board so that all directors are elected on an annual basis starting at the next annual meeting of shareholders. Such declassification shall be completed in a manner that does not affect the unexpired terms of the previously elected trustees.”
 




October 3, 2016 | Bulldog Investors, LCC disclosed in a new 13D filing that it now holds 555,167 shares (5.7%) of the Korea Equity Fund, Inc. (KEF) following a series of purchases from 8/1 to 9/27 (including the purchase on 9/23 of 115,738 shares).
 




September 28, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 5,056,908 shares (18.41%) of the Virtus Total Return Fund (DCA), and had entered into a Standstill Agreement (effective Sept. 27) with Virtus Investment Advisers, Inc. The agreement references the commencement of a self-tender offer by DCA - see also our alert on DCA’s tender offer announcement on Sept. 27.
 




September 27, 2016 | Virtus Total Return Fund (DCA) announced on Sept. 27 that the fund’s Board had approved a tender offer for up to 40% of the fund’s outstanding shares at a price equal to 99% of NAV per share as of the close of regular trading on the NYSE on the date the tender offer expires (where the tender offer is expected to commence on or about February 15, 2017). The release noted that: “The board approved the recommendation of Virtus Investment Advisers, the investment adviser to the fund, to implement the tender offer. The board considered a number of factors, including a request by a large shareholder of the fund, the benefits to the other shareholders of the fund, including the opportunity to provide shareholders with an alternative source of liquidity for their investment, and the potential to reduce the fund’s discount to NAV.”
 




September 27, 2016 | Virtus Total Return Fund (DCA) and The Zweig Fund (ZF) announced (quoting the release): “that the proposed reorganization of ZF into DCA has been deferred to assess whether any changes to the original proposal are needed. The special shareholder meetings of DCA and ZF, scheduled for November 18, 2016, thus have been cancelled and the funds will notify shareholders about the timing of the special shareholder meetings and any proposed changes to the reorganization plan.” The announcement was included in a release regarding a DCA tender offer for up to 40% of the fund’s outstanding shares at a price equal to 99% of NAV per share (following a “request by a large shareholder of the fund,” among other factors considered by the board). See also our alert on the DCA tender offer dated Sept. 27.
 




September 27, 2016 | Pristine Advisers and CEFNetwork will be conducting the fifth annual “Global CEF, ETF, BDC, MLP, REIT Investment Community Conference” in New York City on October 13, 2016. The event is described as one offering insights from top industry professionals, and designed to: “provide current and significant content on behalf of investment professionals who use CEFs, BDCs, MLPs, REITs and ETFs as part of their strategies. Qualified Investors are welcome to participate throughout the day with presentations and discussions from Portfolio Managers, Product Specialists, Analysts, and Investors who will share their knowledge and experience on these unique investment vehicles.” For more information, please go to: http://www.cefnetwork.com/conf/2016/2016conference.php.
 




September 23, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of The Swiss Helvetia Fund, Inc. (SWZ) to 1,658,628 shares (5.91%) as a result of a series of purchases between 7/28 and 9/22 (+537,563 shares). The filing also disclosed that Phillip Goldstein sent a letter to the fund asking the Board to “eliminate the Fund's persistent double-digit discount to NAV by open-ending or liquidating it or converting it to an ETF.”
 




September 23, 2016 | The Madison Strategic Sector Premium Fund (MSP) announced on Sept. 23 corrected results from its 2016 annual shareholder meeting on Sept. 8, 2016, when shareholders voted on a proposal submitted by Merlin Partners LP, an affiliate of Ancora Advisors, LLC (see our alert on MSP dated Aug. 11), requesting that the Board of Trustees authorize a self-tender offer for all outstanding common shares of the fund at or close to NAV. The fund’s 9/23 release explained: “With respect to the shareholder proposal requesting that the Board of Trustees of the Fund authorize a self-tender offer for all outstanding common shares of the Fund, of the Fund’s total outstanding shares as of the record date, 44.618% voted on the shareholder proposal. Of the 44.618% of shares voting, 53.265% (or 23.766% of total outstanding shares) voted in favor of the proposal and 46.735% (or 20.852% of total outstanding shares) voted against or abstained. Broker non-votes were incorrectly calculated as votes against the proposal in the original tabulation and announcement, and should not have had an effect on the vote. The Fund’s Board of Trustees will consider the results of the vote on the shareholder proposal at its next quarterly meeting.”
 




September 21, 2016 | | The Special Opportunities Fund, Inc. (SPE) announced on Sept. 21 a cash tender offer for up to 1.15 million of the fund’s common shares at 97% of NAV per common share (as of the close of the regular trading session of the NYSE on the offer’s termination date). The fund’s release also indicated that it “may purchase additional shares not to exceed 2% of the outstanding shares without amending or extending the tender offer.” The tender offer will expire on October 21, unless extended.
 




September 20, 2016 | | City of London Investment Management Group PLC (City of London Investment Management Co. Ltd. [CLIM]) disclosed in a 13D filing that it held 4,117,359 shares (42.3%) of the Korea Equity Fund, Inc. (KEF), and (Item 4) sent a letter to the fund regarding news of the suspension of discussions regarding a possible merger between KEF and the JPMorgan China Region Fund, Inc. (JFC): “We believe that provisions of the Maryland Business Combination Act prevented what would otherwise have been a very positive transaction for all shareholders of both Funds. These provisions cast a pall over the U.S. closed-end fund industry.” CLIM also indicated in the letter that: “we are left with no alternative other than revert to our earlier plan to submit a proposal to terminate the investment management agreement.” See also our alert on CLIM and JFC dated Sept. 20.
 




September 20, 2016 | City of London Investment Management Group PLC (City of London Investment Management Co. Ltd. [CLIM]) disclosed in a 13D filing that it held 2,774,638 shares (43.0%) of the JPMorgan China Region Fund, Inc. (JFC), and that CLIM sent a letter sent to the fund regarding the suspension of discussions regarding a possible merger between JFC and the Korea Equity Fund, Inc. (KEF): “Another shareholder had initially submitted a proposal to terminate the investment management contract. In good faith, believing that the merger between the two Funds would proceed as announced, we voted against that proposal. Now, we currently intend to submit our own proposal to terminate the investment management agreement at the earliest possible opportunity.” Note: shareholders voted at the 2016 JFC Annual Meeting held on July 20, which followed the July 19 announcement of merger discussions between JFC and KEF, to reject two stockholder proposals put forth by Ancora Catalyst Fund LP and Merlin Partners LP (Ancora Advisors LLC), to terminate the investment advisory agreement between JFC and JF International Management Inc., and request that the fund’s Board authorize a self-tender offer and potential liquidation of the fund. See also our alert on CLIM and KEF dated Sept. 20, along with alerts on JFC dated July 19 and 20, 2016.
 




September 20, 2016 | JPMorgan China Region Fund, Inc. (JFC) announced on Sept. 20 that the fund’s Board, along with the Board of the Korea Equity Fund, Inc. (KEF): “had mutually agreed to suspend discussions announced on July 19, 2016 concerning a potential merger. The discussions were suspended based on the mutual conclusion that the shareholder approval and appraisal requirements of the Maryland Business Combination Act created significant uncertainties concerning the successful consummation of the contemplated transaction. The Board of JFC will continue to consider alternatives to the merger, including seeking other merger partners, that are in the best interest of the Fund and its shareholders.”
 




September 20, 2016 | Korea Equity Fund, Inc. (KEF) announced on Sept. 20 that the fund’s Board, along with the Board of the JPMorgan China Region Fund, Inc. (JFC): “had mutually agreed to suspend discussions announced on July 19, 2016 concerning a potential merger. The discussions were suspended based on the mutual conclusion that the shareholder approval and appraisal requirements of the Maryland Business Combination Act created significant uncertainties concerning the successful consummation of the contemplated transaction. The Board of KEF will continue to consider alternatives to the merger that are in the best interest of KEF and its shareholders.”
 




September 20, 2016 | Eagle Point Credit Company Inc. (ECC) announced on Sept. 20 that it had entered into a Securities Purchase Agreement to sell 201,000 shares of the fund’s common stock in a direct placement to an institutional investor at a price per share of $17.45 (resulting in net proceeds for the fund of approximately $3.4 million).
 




September 19, 2016 | Nuveen announced that shareholders of the Nuveen Global Equity Income Fund (JGV) approved the fund’s merger with and into the open-end Nuveen NWQ Global Equity Income Fund. The merger is scheduled to become effective prior to the market open on Oct. 17, 2016.
 




September 19, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Nuveen Global Equity Income Fund (JGV) to 2,683,107 shares (14.29%) as a result of a series of purchases between 8/23 and 9/16 (+196,193 shares). Also on Sept. 19, Nuveen announced that shareholders of JGV approved a plan to reorganize the fund with and into the open-end Nuveen NWQ Global Equity Income Fund. Bulldog Investors had disclosed in a 13D/A filing on May 17 that it entered into a Standstill Agreement with the fund and Nuveen Fund Advisors. For more details, see our other alerts on JGV dated Sept. 19, May 17, and May 26.
 




September 19, 2016 | The Cornerstone Total Return Fund, Inc. (CRF) publicized more details on Sept. 19 regarding the fund’s 1-for-3 non-transferable rights offering, which was announced on Sept. 13. The release indicated that the subscription period will commence shortly after the record date for the rights offering, Sept. 23, 2016, and expire at 5:00 p.m., EDT, on October 21, unless extended. The fund is issuing non-transferable rights entitling holders to subscribe for an aggregate of 2,598,120 shares of common stock (with each stockholder to be issued one right for each whole share owned on the record date, and the rights entitling stockholders to acquire one share for each three rights held). As the release explained: The actual subscription price per share, as determined on the Expiration Date, will be the greater of (i) 107% of the net asset value per share as calculated at the close of trading on the Expiration Date or (ii) 90% of the market price per share at such time.
 




September 19, 2016 | The Cornerstone Strategic Value Fund, Inc. (CLM) publicized more details on Sept. 19 regarding the fund’s 1-for-3 non-transferable rights offering, which was announced on Sept. 13. The release indicated that the subscription period will commence shortly after the record date for the rights offering, Sept. 23, 2016, and expire at 5:00 p.m., EDT, on October 21, unless extended. The fund is issuing non-transferable rights entitling holders to subscribe for an aggregate of 7,242,819 shares of common stock (with each stockholder to be issued one right for each whole share owned on the record date, and the rights entitling stockholders to acquire one share for each three rights held). As the release explained: The actual subscription price per share, as determined on the Expiration Date, will be the greater of (i) 107% of the net asset value per share as calculated at the close of trading on the Expiration Date or (ii) 90% of the market price per share at such time.
 




September 14, 2016 | Saba Capital Management , L.P. disclosed in a new 13D filing that it held 25,455,021 shares (13.62%), up from 23,746,992 shares as of 6/30 (13F), of the BlackRock Debt Strategies Fund, Inc. (DSU). Item 4 of the filing indicated that the “Reporting Persons may engage in discussions with management.”
 




September 9, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing on Sept. 9 that it held 4,946,132 shares (18.01%) of the Virtus Total Return Fund (DCA), and had sent a letter (dated 9/9) to the independent trustees of DCA indicating that, with regard to the proposed reorganization of The Zweig Fund (ZF) into DCA, Bulldog is “firmly opposed to the merger.”
 




September 9, 2016 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing on Sept. 9 that it had trimmed its holdings of The Zweig Fund, Inc. (ZF) to 1,520,943 shares (8.75%) as a result of a series of sales between 7/1 and 8/31 (-112,100 shares).
 




September 9, 2016 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing on Sept. 9 that it had trimmed its holdings of the Zweig Total Return Fund, Inc. (ZTR) to 1,554,058 shares (5.65%) as a result of a series of sales between 7/6 and 8/31 (-402,947 shares).
 




September 8, 2016 | Saba Capital Management, L.P. disclosed in a new 13D filing on Sept. 8 that it held 3,139,932 shares (8.9%) of the First Trust High Income Long/Short Fund (FSD) following a series of purchases between 7/13 and 9/7 (+1,162,144 shares), and indicated in Item 4 that the “Reporting Persons may engage in discussions with management….”
 




September 7, 2016 | The Boards of the Virtus Total Return Fund (DCA) and The Zweig Fund (ZF) announced on Sept. 7 that they are proposing, subject to shareholder approvals, that: “DCA will reorganize and effect a merger with ZF by acquiring ZF’s assets and assuming its liabilities in exchange for shares of DCA. The combined fund would retain DCA’s name, its investment strategy, and Duff & Phelps Investment Management and Newfleet Asset Management as subadvisers. The combined fund would also establish a tender offer program consistent with the previously announced ZF program, consisting of two tender offers (one unconditional and one conditional), each up to 5 percent of shares. The combined fund’s quarterly distribution would also be raised to a level that approximates 10 percent of its net asset value (NAV) upon completion of the reorganization.” DCA has a special meeting scheduled for November 18, 2016, where: “shareholders will be asked to approve the reorganization and the election of Brian T. Zino, currently a director on the ZF and ZTR boards, to serve on the DCA board.” The release went on the explain that: “If the reorganization of DCA and ZF is approved by shareholders, the first tender offer under the DCA tender offer program is expected to commence on or about November 25, 2016. The second, a conditional tender offer, would occur six months after the close of the first tender, only if the fund’s average trading discount, calculated as the percentage difference between NAV and its volume-weighted average price on each trading day, is more than 8 percent for a specified 12-week period. Each tender would involve the purchase of shares at a price equal to 98 percent of NAV per share as of the close of regular trading on the New York Stock Exchange on the date the tender offers expire.”
 




September 7, 2016 | The Zweig Fund (ZF) announced on Sept. 7 that the board of ZF named Virtus Investment Advisers to replace Zweig Advisers as adviser and appointed Duff & Phelps Investment Management and Newfleet Asset Management as subadvisers. Moreover, “ZF’s investment strategy has been changed to total return, consisting of both capital appreciation and current income, with a target allocation of 60 percent equities and 40 percent fixed income.” In addition, at a special meeting of ZF shareholders scheduled for Nov. 18, shareholders “will be asked to approve the reorganization of ZF into DCA” (Virtus Total Return Fund) – see also our separate alert on that reorganization dated Sept. 7.
 




September 7, 2016 | The Zweig Total Return Fund (ZTR) announced on Sept. 7 that the board of ZTR named Virtus Investment Advisers to replace Zweig Advisers as adviser and appointed Kayne Anderson Rudnick and Newfleet Asset Management as subadvisers. In addition, “ZTR’s investment strategy has been changed to a target allocation of 60 percent equities, using Kayne Anderson Rudnick’s global dividend yield strategy, and 40 percent fixed income, utilizing Newfleet’s multi-sector core plus strategy.” The fund will also change its name to the Virtus Global Dividend & Income Fund Inc. on September 26, 2016, but continue trading with the same ticker symbol (ZTR).
 




September 1, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing on 9/1 that it had reduced its holdings of the Deutsche High Income Opportunities Fund, Inc. (DHG) to 1,017,792 shares (6.7%) as a result of a series of sales between 7/18 and 8/31 (-168,648 shares).
 




August 30, 2016 | Gabelli Funds, LLC announced on Aug. 30 the initial public offering of The Gabelli Go Anywhere Trust (GGO). The fund’s combination (GGO.C), which includes one Series A Cumulative Puttable and Callable Preferred Share (face value of $40) and three common shares, is expected to start trading on the NYSE MKT for the first 60 days starting on Tuesday, Sept. 6, 2016. After that initial period, the common shares (GGO) and preferred shares (GGO.A) will trade separately. The Fund’s investment adviser is Gabelli Funds, LLC. The fund’s investment strategy is “to invest primarily in a broad range of equity securities consisting of common stock, preferred stock, convertible or exchangeable securities, depositary receipts and warrants and rights to purchase such securities and, to a lesser extent, in debt securities. Debt securities in which the Fund may invest include non-investment grade debt securities…The Fund may invest up to 40% of its total assets in common and preferred equity securities issued by other closed-end management investment companies…” The fund’s prospectus dated July 14 (Form 497, July 15) also includes a special provision for a tender offer for any and all of the common shares: “The Fund’s Declaration of Trust provides that not later than 30 days prior to the fifth anniversary of the closing date…the Fund will commence a cash tender offer for any and all of the common shares at a price per common share determined by the Board and expressed as a percentage (but not less than 95%) of the NAV per common share most recently determined as of the close of business on the last business day prior to the date the Fund purchases such common shares pursuant to such tender offer. The Declaration of Trust provides that this provision of the Declaration of Trust may be removed, or amended to delay the commencement of the tender offer, only upon the affirmative vote of a majority of the Fund’s Trustees then in office and the affirmative vote of the holders of a majority of the common shares and Series A Preferred Shares present at a meeting called for such purpose at which a quorum is present (i.e., a majority of a quorum).”
 




August 30, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the First Trust Dividend and Income Fund (FAV) to 1,940,113 shares (23.49%) as a result of a series of purchases between 8/9 and 8/29 (+91,129 shares). See also our alert on FAV dated March 21, 2016.
 




August 24, 2016 | The Nuveen High Income November 2021 Target Term Fund (JHB) started trading on the NYSE on August 24 after completing an initial public offering that raised $500 million in gross proceeds (excluding any exercise of the underwriters’ option to purchase additional shares). The fund’s release indicated that its investment objectives are to seek to provide a high level of current income and to return the original $9.85 net asset value (NAV) per common share on or about November 1, 2021. The fund’s investment adviser is Nuveen Fund Advisors, LLC, while Nuveen Asset Management is the fund’s subadviser.
 




August 23, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing on August 23 that it had increased its holdings of the Nuveen Global Equity Income Fund (JGV) to 2,486,577 shares (13.24%) as a result of a series of purchases between 7/21-8/22 (+187,874 shares). JGV announced on May 26 a plan to reorganize the fund with and into the open-end Nuveen NWQ Global Equity Income Fund (subject to shareholder approval). Bulldog Investors also disclosed in a 13D/A filing on May 17 that it had entered a Standstill Agreement with the fund and Nuveen Fund Advisors. For more details see our alerts on JGV dated May 17 and May 26.
 




August 22, 2016 | RiverNorth Capital Management, LLC disclosed in a new 13D filing that it held 1,796 (49.9% of the) Auction Rate Preferred Shares (Series M, W and F) of the Franklin Limited Duration Income Trust (FTF), and that (Item 4): “The Reporting Persons may, however, seek to engage in discussions with the Issuer in the future regarding liquidity solutions with respect to the outstanding ARPS.”
 




August 11, 2016 | Ancora Advisors disclosed in a filing that it had sent a letter to shareholders regarding a shareholder proposal submitted to the Madison Strategic Sector Premium Fund (MSP) by Merlin Partners (part of the “Ancora Family of Mutual Funds and/or Investment Partnerships”) requesting that the Board of the fund: “authorize a self-tender offer for all outstanding common shares of the Fund at or close to net asset value (NAV). If more than 50% of the Fund’s outstanding common shares are submitted for tender, the Board is requested to cancel the tender offer and take those steps that the Board is required to take to cause the Fund to be liquidated or converted into an exchange traded fund (ETF) or an open-end mutual fund.” The proposal was previously detailed in MSP’s DEF14A filing on July 25. Madison Asset Management, LLC and the Boards of the following funds had also previously announced on June 8 that they were (citing “feedback from shareholders” as a factor) postponing seeking shareholder approval of a reorganization of the Madison Covered Call & Equity Strategy Fund (MCN) into MSP (announced May 9). They also indicated in the release that they were doing so in order “re-evaluate the various strategies and options to support the Funds and narrow the discounts, and will provide further information if and/or when a determination is made to proceed with the reorganization or implement another option.”
 




August 9, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Virtus Total Return Fund (DCA) to 4,738,309 shares (17.25%) following a series of purchases between 7/11 and 8/9 (+305,370 shares).
 




August 9, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the First Trust Dividend and Income Fund (FAV) to 1,848,984 shares (22.39%) as a result of a series of purchases between 7/18 and 8/08 (+120,054 shares).
 




August 8, 2016 | Nuveen announced that the Board for all of Nuveen’s closed-end funds, except for the Diversified Real Asset Income Fund (DRA) which is governed by a different board, reauthorized share repurchase programs for each fund (in which the funds may repurchase up to an aggregate of approximately 10% of each fund’s outstanding common shares through open market repurchases conducted “at fund management’s discretion”).
 




August 5, 2016 | Saba Capital Management L.P. disclosed in a 13D/A filing that it had increased its holdings of the Advent Claymore Convertible Securities & Income Fund II (AGC) to 4,193,434 shares (13.01%) as a result of a series of purchases between 5/9 and 8/4 (+516,924 shares).
 




August 5, 2016 | Saba Capital Management L.P. disclosed in a 13D/A filing that it had increased its holdings of the Advent Claymore Convertible Securities & Income Fund (AVK) to 2,407,074 shares (10.21%) as a result of a series of purchases between 6/7 and 8/3 (+318,504 shares).
 




August 4, 2016 | Bulldog Investors, LCC disclosed in a 13D/a filing that it held 5,716,186 shares (10.25%) of the Neuberger Berman Real Estate Securities Income Fund Inc. (NRO), and indicated in item 4 that the “Reporting Persons will not present any proposals or nominations at the annual meeting of shareholders.” See also our alerts on NRO dated May 2 and July 25 (when NRO announced certain measures to enhance stockholder value and address the fund’s discount).
 




July 27, 2016 | Special Opportunities Fund, Inc. (SPE) announced on July 27 that the last date for exercising transferable rights issued to its common stockholders of record as of July 21 has been extended from August 19, 2016 to August 26, 2016. Special Opportunities Fund, Inc. (SPE) announced on July 15 a rights offering in which it has issued to its common stockholders of record as of July 21 one transferable right for every five shares of common stock held (rounded up for fractional rights) - entitling the holders of such rights to purchase shares of a newly issued class of Convertible Preferred Stock. The rights will entitle the holder to purchase one share of a Convertible Preferred Stock at a price of $25.00 per share for each right held. For additional details, see the fund’s release.
 




July 27, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had reduced its holdings of the Pacholder High Yield Fund, Inc. (PHF) to 1,382,622 shares (10.64%) as a result of a series of sales between 6/20 and 7/26 (-134,570 shares).
 




July 25, 2016 | The Central Europe, Russia and Turkey Fund, Inc. (CEE), The European Equity Fund, Inc. (EEA), and The New Germany Fund, Inc. (GF) announced on July 25 that their Boards had approved extensions of current repurchase authorizations permitting EEA, GF and CEE to repurchase up to 847,000, 1,596,000, and 796,000 shares, respectively (representing approximately 10% of each Fund’s current shares outstanding), for the twelve month period from August 1, 2016, through July 31, 2017. The release explained that: “Repurchases will be made from time to time when they are believed to be in the best interests of a Fund.”
 




July 25, 2016 | The Delaware Enhanced Global Dividend and Income Fund (DEX) announced that its Board approved an open-market share repurchase program that authorizes the fund (“at the discretion of management”) to purchase, from time to time, up to 10% of the fund’s common shares through open-market transactions “in an effort to reduce the Fund’s market price discount to net asset value.” The release explained that the program is “intended to benefit shareholders by enabling the Fund to repurchase shares at a discount to net asset value, thereby increasing the proportionate interest of each remaining shareholder in the Fund.”
 




July 25, 2016 | Western Investment LLC disclosed in a 13D/A filing on July 25 that it held 764,976 shares (5.6%) of the Advent/Claymore Enhanced Growth & Income Fund (LCM), and that on July 22 Arthur D. Lipson, Robert Ferguson, Western Investment LLC, Western Investment Hedged Partners L.P., Western Investment Total Return Partners L.P., Benchmark Plus Institutional Partners L.L.C. and Benchmark Plus Management, L.L.C. had entered into an agreement with LCM, along with the Advent Claymore Convertible Securities and Income Fund (AVK) and Advent Claymore Convertible Securities and Income Fund II (AGC). See the filing for more details on the agreement. See also our alerts on AGC and LCM dated July 22 for a summary overview of related developments based on announcements by the funds.
 




July 25, 2016 | The Neuberger Berman Real Estate Securities Income Fund Inc. (NRO) announced certain measures to enhance stockholder value and address the fund’s discount, including a 33.3% increase in its monthly distribution rate to $0.04 per share of common stock, along with a conditional tender offer and a tender offer program. As the release described: “In the near term, if the Fund’s common stock trades at an average daily discount to NAV of greater than 10% during the measurement period from December 31, 2015 through September 30, 2016, the Fund will conduct a tender offer for up to 15% of its outstanding shares of common stock at a price equal to 98% of the Fund’s NAV determined on the day the tender offer expires… Additionally, the Fund is announcing the adoption of a tender offer program that will commence on January 1, 2017 and consists of up to two tender offers (the ‘Tender Offer Program’). Under the Tender Offer Program, the Fund will conduct two 12-week measurement periods (each a ‘Measurement Period’). If the Fund’s common stock trades at an average daily discount to NAV of greater than 10% during a Measurement Period, the Fund will conduct a tender offer for at least 8% of its outstanding shares of common stock at a price equal to 98% of the Fund’s NAV determined on the day the tender offer expires. In determining the maximum size of the tender offers under the Tender Offer Program, the Board may consider, among other things, the then-current market conditions and outlook for the Fund, the size of the average daily discount during the Measurement Period, the potential impact of a tender offer at different levels on the Fund’s expense ratio, the potential tax consequences of the tender offer on the Fund and non-tendering common stockholders and the potential impact on the Fund as a whole. By maintaining discretion over the maximum size of the tender offers, the Board can more appropriately exercise its fiduciary duties and consider the best interests of the Fund and its stockholders in light of the then-current market conditions.” The release also noted that among the Board’s considerations for these actions were: ““concerns that certain common stockholders have voiced to NBIA about the Fund’s discount and inquiries from other investors as to whether the Fund would conduct tender offers, or had in place currently a tender offer program, in order to address the discount.”
 




July 22, 2016 | The Advent Claymore Convertible Securities and Income Fund II (AGC) announced on July 22 that its Board of Trustees had authorized a share repurchase program under which the fund will purchase, in the open market, up to 7.5% of its outstanding common shares. Repurchases will occur when its common shares are trading on the NYSE at a discount to NAV of 13% or greater. The fund’s release explained that it: “intends to commence the Repurchase Program as soon as reasonably practicable, and in no event later than September 1, 2016. The Repurchase Program will terminate on September 30, 2018, provided that following the commencement of the Repurchase Program, if the closing price on the NYSE of the Fund’s common shares represents a discount to NAV of less than 13% on five consecutive trading days, the Repurchase Program will immediately terminate. Under no circumstances will the Fund repurchase in a given calendar month a number of common shares greater than 2% of the Fund’s outstanding common shares as of the beginning of such month.” AGC also indicated that the repurchase program is pursuant to an agreement between the fund and Western Investment LLC, under which: “Western has agreed to be bound by certain ‘standstill’ covenants through July 22, 2021 with respect to the Fund and Advent Claymore Convertible Securities and Income Fund (NYSE: AVK) and Advent Claymore Enhanced Growth & Income Fund (NYSE: LCM) (the ‘Other Advent Closed-End Funds’). In addition, Western has agreed, among other things, to withdraw its shareholder proposal and trustee nominations for the 2016 annual meeting of shareholders of the Fund and the Other Advent Closed-End Funds.”
 




July 22, 2016 | The Advent/Claymore Enhanced Growth & Income Fund (LCM) announced on July 22 that its Board of Trustees had approved an in-kind tender offer for up to 32.5% of the fund’s outstanding common shares at a price per share equal to 98% of the fund’s NAV. The release explained that: “commencement of the potential Tender Offer is pursuant to an Agreement between the Fund and Western Investment LLC and certain associated parties (‘Western’), and a separate Standstill Agreement between Advent Capital Management, LLC, as investment manager of the Fund, and Bulldog Investors, LLC and certain associated parties (‘Bulldog’). Pursuant to the Agreement between the Fund and Western, Western has agreed to tender all Shares of the Fund owned by it in the Tender Offer and to be bound by certain ‘standstill’ covenants through July 22, 2021 with respect to the Fund and Advent Claymore Convertible Securities and Income Fund (NYSE: AVK) and Advent Claymore Convertible Securities and Income Fund II (NYSE: AGC) (the ‘Other Advent Closed-End Funds’). In addition, Western has agreed, among other things, to withdraw its shareholder proposal and trustee nominations for the 2016 annual meeting of shareholders of the Fund and the Other Advent Closed-End Funds…Pursuant to the Standstill Agreement between the Fund and Bulldog, Bulldog has agreed to tender all Shares of the Fund owned by it in the Tender Offer and to be bound by certain ‘standstill’ covenants through July 22, 2021 with respect to the Fund and the Other Advent Closed-End Funds.”
 




July 21, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing on July 21 that it had increased its holdings of the Nuveen Global Equity Income Fund (JGV) to 2,298,703 shares (12.24%) following a series of purchases between 6/17 and 7/20 (+198,329 shares).
 




July 20, 2016 | The JPMorgan China Region Fund, Inc. (JFC) announced on July 20 that, based on a preliminary vote count for the fund’s 2016 annual meeting, shareholders rejected two stockholder proposals advanced by Ancora Advisors LLC (Ancora Catalyst Fund LP and Merlin Partners LP). The proposals were to: terminate the investment advisory agreement between JFC and JF International Management Inc. and request that the Board authorize a self-tender offer for all of the outstanding shares at or close to NAV, and if more than 50% of the fund’s outstanding shares were submitted for tender then the tender offer would be cancelled and the fund liquidated or converted into an exchange traded fund or an open-end mutual fund.
 




July 19, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had reduced its holdings of the Deutsche High Income Opportunities Fund, Inc. (DHG) to 1,176,292 shares (7.75%) as a result of a series of sales between 6/6 and 7/18 (-230,290 shares).
 




July 19, 2016 | The JPMorgan China Region Fund, Inc. (JFC) announced on July 19 that it had entered into negotiations with the Korea Equity Fund, Inc. (KEF) “concerning a possible merger of the two funds.” See the fund‘s release for details on certain potential terms of the proposed merger. The JFC release also noted that: “The Board of JFC will make a further announcement concerning the terms of the proposed transaction in due course. There is, however, no guarantee that any merger or reorganization transaction will proceed and any transaction proposed may materially differ from the terms outlined above. The proposal and these negotiations are non-binding. The terms described…are only potential terms and, as such, the final terms of any merger of the funds may vary from those outlined above. Further, any merger between the funds would be subject to due diligence review and all necessary and appropriate approvals by the Board and stockholders of each fund, as appropriate and the satisfaction of applicable regulatory requirements.”
 




July 15, 2016 | City of London Investment Group PLC (City of London Investment Management Co. Ltd.) disclosed in a 13D filing on July 15 that it held 2,774,638 shares (43.0%) of the JPMorgan China Region Fund, Inc. (JFC) and (Item 4) had “discussions” with the Board of JFC “as a result of the Fund’s proxy ballot and related stockholder proposal.”
 




July 15, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the First Trust Dividend & Income Fund (FAV) to 1,728,930 shares (20.93%) as a result of a series of purchases between 6/08 and 7/14 (+84,379 shares).
 




July 14, 2016 | Gabelli Funds, LLC announced the initial public offering of The Gabelli Go Anywhere Trust. The offering is for a “combination” consisting of 3 common shares and 1 Series A Cumulative Puttable and Callable Preferred Share. For more details on the offering, see the fund’s release at gabelli.com, which also noted that: “The Fund must sell at least 500,000 Combinations in order to close its initial public offering; the maximum number of Combinations the Fund may sell is 2,000,000. The Fund’s offering period expires on August 23, 2016 and is subject to up to two extensions of up to ten days each. The Fund’s Declaration of Trust provides that not later than 30 days prior to the fifth anniversary of the closing date of its initial public offering, the Fund will commence a cash tender offer for any and all of the common shares at a price per common share not less than 95% of the net asset value per common share.”
 




July 13, 2016 | Deutsche Multi-Market Income Trust (KMM) and Deutsche Strategic Income Trust (KST) announced on July 13 that the Boards of each fund had approved the termination of each fund, pursuant to which each fund will make a liquidating distribution to shareholders no later than December 31, 2018. Both funds also announced that the upcoming annual shareholder meetings for each fund, which are scheduled for Sept. 30, 2016, will see shareholders considering the election of Trustees and a proposal submitted by a shareholder requesting that the Board take the necessary steps to declassify the Board. See also our alerts on KMM and KST dated April 19, 2016.
 




July 13, 2016 | The Deutsche High Income Trust (KHI) announced on July 13 that its Board of Trustees had approved a Plan of Liquidation and Termination of the fund, under which the “cessation date” is expected to occur on or about Nov. 4, 2016. For additional details on the plan, see the fund’s release. For background on the fund’s move to liquidate, see also our alerts on KHI dated Feb. 26, 2016 and March 3, 2016.
 




July 13, 2016 | General American Investors Company, Inc. (GAM) announced on July 13 that its Board had authorized the repurchase of an additional 1,000,000 outstanding shares of common stock “when the shares are trading at a discount from the underlying net asset value by at least 8%.” The action continued a repurchase program that started in March 1995.
 




July 5, 2016 | Western Investment LLC disclosed in a 13D/A filing that it held 764,976 shares (5.6%) of the Advent/Claymore Enhanced Growth & Income Fund (LCM) and delivered a letter to the fund (dated June 30) containing three trustee nominees. Western Investment also disclosed that it had delivered similar nomination letters to the Advent Claymore Convertible Securities and Income Fund (AVK) and Advent Claymore Convertible Securities & Income Fund II (AGC).
 




June 30, 2016 | The European Equity Fund, Inc. (EEA) announced that at its annual meeting held on June 30 stockholders did not approve a proposal to adopt Articles of Amendment to the fund’s charter to eliminate the classification of the Board of Directors of EEA. EEA’s proxy statement (DEF 14A filed May 23) explained that: At the Fund’s 2015 annual meeting of stockholders, stockholders approved a stockholder proposal requesting the Fund to take the steps necessary to declassify its Board…the Board, giving significant weight to the 2015 vote by stockholders, determined that it was advisable to amend the Charter to eliminate the classification of the Board. In April 2016, the Board deemed advisable and approved an amendment to Article SEVENTH of the Charter that would eliminate the classification of the Board over a three-year period and directed that this amendment be submitted for consideration and to be voted upon by the Fund’s stockholders at the Meeting.
 




June 29, 2016 | The New Ireland Fund, Inc. (IRL) announced on June 28 that its Board had approved a modified “Dutch auction” in-kind tender offer: “for up to 25% of the Fund's outstanding shares of common stock (‘Shares’) at a price per Share within a range of 95% to 97% of the Fund's net asset value (‘NAV’) per Share in increments of 0.5% (the ‘Range’), as of the business day immediately following the day the In-Kind Offer expires (the ‘Expiration Date’). The Fund will determine the lowest per Share price within the Range (the ‘Determined Share Price’) that would enable it to purchase 25% of the Shares outstanding as of the business day immediately following the Expiration Date (the ‘Maximum Amount’), or such lesser number of Shares that are properly tendered and not withdrawn, based on the number of Shares tendered and the prices specified by tendering shareholders. The Fund will repurchase Shares tendered and accepted in the In-Kind Offer in exchange for a pro rata portion of the Fund's portfolio securities, subject to certain adjustments. The In-Kind Offer is subject to the Fund's receipt of an exemptive order from the Securities and Exchange Commission (the ‘SEC’) to permit affiliated persons of the Fund to participate in the In-Kind Offer. If the exemptive order is not obtained by March 28, 2017, the Fund will make a tender offer for cash (the ‘Cash Offer’ and together with the In-Kind Offer, the ‘Offers’) for up to 30% of the outstanding Shares at a price per Share equal to 98% of the NAV per Share as of the business day immediately following the day the Cash Offer expires.” The fund’s release also explained that the “commencement of the potential Offers are pursuant to a Compromise and Standstill Agreement between the Fund and Karpus Management, Inc. d/b/a Karpus Investment Management (including certain affiliates thereof).” Karpus disclosed in a 13D filing on June 29 that it held 916,434 shares (17.2%) of IRL, and had entered an agreement with the fund, in which IRL committed to commence the “modified Dutch auction" in-kind tender offer detailed above, while Karpus committed to vote for the approval of a new Advisory Agreement and certain standstill provisions (a copy of the agreement is included in the Karpus filing).
 




June 15, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Nuveen Global Equity Income Fund (JGV) to 2,100,374 shares (11.19%) following a series of purchases between 5/18 and 6/14 (+196,852 shares).
 




June 14, 2016 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that it had reduced its holdings of the Zweig Total Return Fund, Inc. (ZTR) to 2,030,846 shares (7.38%) as a result of a series of transactions between 4/18 and 6/10 (-1,055,319 shares).
 




June 14, 2016 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that it had reduced its holdings of The Zweig Fund, Inc. (ZF) to 1,702,547 shares (9.79%) as a result of a series of transactions between 4/14 and 6/10 (-1,503,287 shares).
 




June 13, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had reduced its holdings of the Deutsche Global High Income Fund, Inc. (LBF) to 317,082 shares (4.89%) following a series of sales between 6/8 and 6/10 (-33,150 shares).
 




June 8, 2016 | Bulldog Investors, LLC disclosed in a new 13D filing on June 8 that it holds 1,517,193 shares (11.67%) of the Pacholder High Yield Fund, Inc. (PHF) following a series of purchases in April-June (including 687,500 shares on June 6). Item 4 of the filing noted that the filers “may communicate with management about measures to enhance shareholder value.”
 




June 8, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing on June 8 that it had reduced its holdings of the Deutsche Global High Income Fund, Inc. (LBF) to 350,232 shares (5.4%) as a result of a series of sales between 5/31 and 6/7 (-72,453 shares).
 




June 7, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the LMP Real Estate Income Fund Inc. (RIT) to 2,732,834 shares (23.89%) as a result of a series of purchases between 5/6 and 6/6 (+132,083 shares).
 




June 6, 2016 | The Virtus Total Return Fund (DCA) announced on June 6 that a shareholder proposal regarding “a non-binding vote recommending that the Board approve and submit to shareholders for a vote a proposal to liquidate the fund” was approved at the fund’s annual meeting of shareholders on June 2. The proposal (#2) was submitted by Bulldog Investors, which had conceded in a letter (DEFC14A 5/19) that DCA's discount had “narrowed significantly” to less than 8%. In addition, the fund noted in a letter (DEFA14A 5/20) that Institutional Shareholder Services (ISS) had recommended voting against Proposal 2. Bulldog Investors also submitted a director nominee, who was defeated by the Board’s nominee Thomas F. Mann.
 




June 6, 2016 | Saba Capital Management, LP (Boaz R. Weinstein) disclosed in a 13D/A filing that it had increased its holdings of the Advent Claymore Convertible Securities and Income Fund (AVK) to 2,088,570 shares (8.86%) following a series of purchases between 5/18 and 6/6 (+415,590 shares).
 




May 26, 2016 | The Eaton Vance High Income 2021 Target Term Trust (NYSE: EHT) started trading on May 26 after an initial public offering that raised $190 million in gross proceeds (excluding any exercise of the underwriters’ overallotment option). The fund, which has a 5 year term (unless extended for one period of up to six months by a vote of the Trust’s Board of Trustees), will invest, under normal circumstances, at least 80% of its managed assets in corporate debt obligations and, separately, at least 80% of its managed assets in high yield corporate debt obligations up to a wind-up period of three to twelve months before the termination date (on, or about, July 1, 2021). Eaton Vance Management is the Trust’s investment adviser.
 




May 26, 2016 | Nuveen Investments announced that the Boards of the Nuveen California Dividend Advantage Municipal Fund 2 (NVX), Nuveen California Dividend Advantage Municipal Fund 3 (NZH), and Nuveen California Dividend Advantage Municipal Fund (NAC) had approved a proposed merger (subject to shareholder approvals) of NVX and NZH into NAC, which would also then be renamed the Nuveen California Enhanced Quality Municipal Fund.
 




May 26, 2016 | Nuveen Investments announced that the Board of the Nuveen Global Equity Income Fund (JGV) approved a plan, subject to shareholder approval, to reorganize the fund into the open-end Nuveen NWQ Global Equity Income Fund. The release also noted that the fund’s Board approved the termination of the sub-advisory agreement between Nuveen Fund Advisors, LLC (NFAL) and Tradewinds Global Investors, LLC (Tradewinds) for JGV, effective August 1, 2016, and approved an interim sub-advisory agreement between NFAL and its affiliate, NWQ Investment Management Company, LLC (NWQ), which will go into effect on the same date. For more details on related portfolio management changes, see the fund’s release.
 




May 23, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Virtus Total Return Fund (DCA) to 4,432,839 shares (16.14%) as a result of purchases between 5/18 and 5/20 (+60,500 shares).
 




May 19, 2016 | Delaware Investments Dividend and Income Fund, Inc. (DDF) announced a cash tender offer for up to 5% of its outstanding shares of common stock at a price per share equal to 98% of the fund’s NAV per share (as of the close of trading on the first business day after the expiration of the offer). The tender offer will commence on June 1, and expire on June 28, unless extended.
 




May 18, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Virtus Total Return Fund (DCA) to 4,372,339 shares (15.92%) as a result of a series of purchases between 5/4 and 5/17 (+302,082 shares). See also our alert on DCA dated March 7, 2016.
 




May 18, 2016 | Saba Capital Management, L.P. disclosed in a 13D/A filing that it held 4,032,405 shares (15.03%) of the Franklin Limited Duration Income Trust (FTF), and that SCMF, a fund of Saba Capital, had submitted a notice of its intention to nominate 3 persons for election as trustees.
 




May 17, 2016 | Saba Capital Management, L.P. disclosed in a 13D/A filing that it had increased its holdings of the Advent Claymore Convertible Securities and Income Fund (AVK) to 1,672,980 shares (7.09%) as a result of a series of purchases between 5/9 and 5/16 (+246,101 shares).
 




May 17, 2016 | Relative Value Partners Group, LLC disclosed in a new 13D filing that it held 4,792,323 shares (est. 8.89%) of the MFS Charter Income Trust (MCR), and noted that the “Schedule 13D filing was triggered not by an acquisition of Shares, but by a change of intent on behalf of the Reporting Person from holding the Shares only for investment purposes to one of intending to influence and/or control the Issuer.”
 




May 17, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 1,903,522 shares (10.14%) of the Nuveen Global Equity Income Fund (JGV), and had entered a Standstill Agreement with the fund and Nuveen Fund Advisors, LLC (NFA). The text of the agreement is included with the Bulldog Investors’ filing, and notes that NFA is expected to present to the fund’s Board a proposed reorganization of the fund with and into the open-end Nuveen NWQ Global Equity Income Fund (a series of Nuveen Investment Trust). If approved by the Board, Bulldog Investors and Full Value Partners L.P. (a fund managed by Bulldog Investors) committed to withdraw a letter sent by Phillip Goldstein (on behalf of Full Value Partners L.P.) to the fund regarding 4 nominees for election as trustees of the fund and a shareholder proposal ("The board of trustees should consider adopting a plan to afford stockholders an opportunity to realize net asset value“). Certain standstill provisions in the agreement are also contingent upon the reorganization closing on or prior to Nov. 30, 2016. For more details on the agreement, see the related filing by Bulldog Investors. See also our alert on JGV dated May 16.
 




May 16, 2016 | The Nuveen Global Equity Income Fund (JGV) announced that Nuveen Investments intends to propose to the fund’s Board (at a meeting in late May) a plan to reorganize the fund with and into the open-end Nuveen NWQ Global Equity Income Fund (subject to shareholder approval). The Nuveen release framed the move as part of a larger group of fund reorganizations intended to “accelerate the growth of its global product platform at NWQ Investment Management Company.”
 




May 16, 2016 | Brookfield Investment Management Inc. announced on May 16 that the Board of Directors of each of the following funds -- Brookfield Mortgage Opportunity Income Fund Inc. (BOI), Brookfield Total Return Fund Inc. (HTR) and Brookfield High Income Fund Inc. (HHY) -- had approved the proposed reorganization of each fund into the newly organized Brookfield Real Assets Income Fund Inc. (“RA Fund”). The RA Fund is a closed-end management investment company that is expected to have shares of its common stock listed on the NYSE. The proposed reorganizations are subject to the approval of each fund’s shareholders. The release provided details on the rationale for the reorganizations, including: investment strategy flexibility; the potential for greater income, income growth, and capital appreciation; the potential for improved secondary market trading; potential operational cost savings; that Brookfield will bear direct costs of the reorganizations; and that the RA Fund will have a 2 year expense cap. In addition, it was announced that the Boards of BOI and HTR approved the proposed appointment of Schroder Investment Management North America Inc. (SIMNA) as sub-adviser for BOI and HTR. The release explained that Brookfield recently agreed to sell its Securitized Products Investment Team to SIMNA, which is anticipated to close sometime in the second half of 2016, and that the approval of SIMNA as the new sub-adviser is contingent upon BOI’s and HTR’s shareholder approval and subject to certain other conditions outlined in the funds’ proxy materials. A joint special meeting of shareholders has been scheduled for August 5, 2016. For more details on the initiative, including the RA Fund’s investment strategy, see the release at brookfieldim.com.
 




May 13, 2016 | Eagle Point Credit Company, Inc. (ECC) announced that it had priced a public offering of 1,250,000 shares of common stock at $17.65 per share (resulting in net proceeds of approximately $20.9 million, excluding the underwriters’ overallotment option). The offering is expected to close on May 18.
 




May 11, 2016 | The Nuveen High Income December 2019 Target Term Fund (JHD) started trading on the NYSE on May 11 after completing an initial public offering that raised $245 million in gross proceeds (excluding any exercise of the underwriters’ option to purchase additional shares). This target term fund has investment objectives that: “are to seek to provide a high level of current income and to return the original $9.86 net asset value (NAV) per common share on or about December 1, 2019. The fund will seek to achieve its investment objectives by investing primarily in shorter maturity, high-yield corporate bonds.” Nuveen Fund Advisors, LLC is the fund’s investment adviser, while Nuveen Asset Management is the fund’s sub-adviser.
 




May 4, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Virtus Total Return Fund (DCA) to 4,070,257 shares (14.82%) as a result of a series of purchases between 4/5 and 5/3 (+294,010 shares). See also our alert on DCA dated March 7, 2016.
 




May 2, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the Neuberger Berman Real Estate Securities Income Fund Inc. (NRO) had increased to 5,527,380 shares (9.91%) as a result of a series of purchases between 4/8 and 4/29 (+185,019 shares). In addition, the filing disclosed letters sent to the fund (dated April 29) regarding 4 director nominees and 2 shareholder proposals (including one recommending that the Board approve the liquidation of the fund).
 




April 28, 2016 | Western Investment LLC disclosed in a 13D/A filing that it held 737,098 shares (5.4%) of the Advent/Claymore Enhanced Growth & Income Fund (LCM), while co-filer Benchmark Plus Management LLC held 112,686 shares of the fund. Item 4 of the filing explained that Western Investment LLC (WILLC) had delivered a letter submitting a proposal: “to declassify the Board so that all trustees are elected on an annual basis. Such declassification shall be completed in a manner that does not affect the unexpired terms of the previously elected trustees. On April 27, 2016, WILLC also delivered substantially the same proposal under Rule 14a-8 to the Issuer’s two sister funds: Advent Claymore Convertible Securities and Income Fund (AVK) and Advent Claymore Convertible Securities & Income Fund II (AGC).”
 




April 27, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had reduced its holdings of the Deutsche Global High Income Fund, Inc. (LBF) to 711,412 shares (10.97%) as a result of transactions on 4/25 and 4/26 (-66,032 shares).
 




April 26, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the LMP Real Estate Income Fund (RIT) to 2,600,751 shares (22.73%) following a series of purchases between 2/25 and 4/25 (+97,402 shares).
 




April 26, 2016 | Saba Capital Management, L.P. (Boaz R. Weinstein) disclosed in a new 13D filing that it holds 1,037,774 shares (7.63%) of the Advent/Claymore Enhanced Growth & Income Fund (LCM). Item 4 of the filing noted that the reporting persons “may engage in discussions with management, the Board of Directors, other shareholders of the Issuer and other relevant parties” regarding a range of issues.
 




April 26, 2016 | Saba Capital Management, L.P. (Boaz R. Weinstein) disclosed in a new 13D filing that it holds 1,426,879 shares (6.05%) of the Advent Claymore Convertible Securities and Income Fund (AVK). Item 4 of the filing noted that the reporting persons “may engage in discussions with management, the Board of Directors, other shareholders of the Issuer and other relevant parties” regarding a range of issues.
 




April 26, 2016 | Saba Capital Management, L.P. (Boaz R. Weinstein) disclosed in a new 13D filing that it holds 3,676,510 shares (11.40%) of the Advent Claymore Convertible Securities and Income Fund II (AGC). Item 4 of the filing noted that the reporting persons “may engage in discussions with management, the Board of Directors, other shareholders of the Issuer and other relevant parties” regarding a range of issues.
 




April 25, 2016 | Saba Capital Management, L.P. (Boaz R. Weinstein) disclosed in a new 13D filing that it holds 5,732,425 shares (13.63%) of the Wells Fargo Multi-Sector Income Fund (ERC), which is up from 3,644,198 shares as of 12/31/15 (13F). Item 4 of the filing noted that the reporting persons “may engage in discussions with management” regarding a range of potential issues.
 




April 21, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the First Trust Dividend and Income Fund (FAV) to 1,644,551 shares (19.91%) as a result of a series of purchases between 3/28 and 4/20 (+91,734 shares).
 




April 20, 2016 | Saba Capital Management, L.P. disclosed in a 13D/A filing that it held 4,032,405 shares (15.03%) of the Franklin Limited Duration Income Trust (FTF), and on April 20 sent a letter to the fund containing a stockholder proposal requesting that the Board: consider authorizing a self-tender offer for all outstanding common shares of the Fund at or close to net asset value (‘NAV’). If more than 50% of the Fund's outstanding shares are submitted for tender, the tender offer should be cancelled and the Fund should be liquidated or converted into an open-end mutual fund.
 




April 20, 2016 | Franklin Limited Duration Income Trust (FTF) announced that its Board had approved a number of measures to address the fund's discount, including: 1) an open-market share repurchase program that authorizes the Fund to purchase up to 10% of the fund’s common shares (from time to time at the discretion of management); and 2) a series of potential actions contingent upon the results of a 9-month discount measurement period (from June 1, 2016 to March 31, 2017). In the second program, if the fund's shares trade at an average market price discount to NAV of 10% or more during the last 90 days of the measurement period, the Board would: (1) authorize a tender offer for a portion of the fund's outstanding shares; or (2) submit to shareholders a proposal to reorganize the fund with either an open-end or closed-end investment company; or (3) submit to shareholders a proposal to convert the Fund to an open-end investment company. The fund’s release indicated that the Board may take more than one of these actions. For more detail on the above, see the fund’s release, which is currently available under “News Wire” on the homepage of CEFinsight.com.
 




April 19, 2016 | Western Investment, LLC (Arthur D. Lipson) disclosed in a 13D/A filing that it held 236,490 shares (5.4%) of the Deutsche Strategic Income Trust (KST), and had sent two letters to the fund (dated April 18) containing 4 director nominees and a proposal (as described in Item 4): “that the Board take the necessary steps to declassify the Board so that all directors are elected on an annual basis. Such declassification shall be completed in a manner that does not affect the unexpired terms of the previously elected directors.” The joint 13D/A filing also included Benchmark Plus Management, LLC, which held 73,788 shares (1.7%) of KST.
 




April 19, 2016 | Western Investment, LLC (Arthur D. Lipson) disclosed in a 13D/A filing that it held 1,038,712 shares (4.6%) of the Deutsche Multi-Market Income Trust (KMM), and had sent two letters to the fund (dated April 18) containing 4 director nominees and a proposal (as described in Item 4): “that the Board take the necessary steps to declassify the Board so that all directors are elected on an annual basis. Such declassification shall be completed in a manner that does not affect the unexpired terms of the previously elected directors.” The joint 13D/A filing also included Benchmark Plus Management, LLC, which held 272,020 shares (1.2%) of KMM.
 




April 8, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Neuberger Berman Real Estate Securities Income Fund Inc. (NRO) to 5,342,361 shares (9.58%) following a series of transactions between 2/12 and 4/7 (+ 451,310 shares).
 




April 6, 2016 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that it held 3,201,669 shares (15.9%) of The Zweig Fund, Inc. (ZF), and had entered into an agreement (dated April 5) with Zweig Advisers pursuant to which the fund announced a tender offer program for up to 25% of its outstanding shares (including an initial tender offer for up to 15% of its shares and two conditional offers for up to 5% of the outstanding shares in each instance). Item 4 of the filing disclosed that: “In connection with entering into the Agreement, Karpus withdrew its proposal it submitted to the Issuer as well as its nominees for election to the Board of the Issuer (the ‘Board’). In addition, Karpus agreed to certain customary standstill provisions, including to vote all shares of the Issuer over which Karpus has beneficial ownership of, in accordance with the Board's recommendations, other than matters relating to a change in a fundamental investment policy.” A copy of the agreement was included as an attachment to the filing.
 




April 6, 2016 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that it held 3,089,661 shares (9.7%) of The Zweig Total Return Fund, Inc. (ZTR), and had entered into an agreement (dated April 5) with Zweig Advisers pursuant to which the fund announced a tender offer program for up to 25% of its outstanding shares (including an initial tender offer for up to 15% of its shares and two conditional offers for up to 5% of the outstanding shares in each instance). Item 4 of the filing disclosed that: “In connection with entering into the Agreement, Karpus withdrew its proposal it submitted to the Issuer as well as its nominees for election to the Board of the Issuer (the ‘Board’). In addition, Karpus agreed to certain customary standstill provisions, including to vote all shares of the Issuer over which Karpus has beneficial ownership of, in accordance with the Board's recommendations, other than matters relating to a change in a fundamental investment policy.” A copy of the agreement was included as an attachment to the filing.
 




April 5, 2016 | Bulldog Investors, LLC disclosed in a 13D/a filing that it had increased its holdings of the Virtus Total Return Fund (DCA) to 3,776,247 shares (13.75%) as a result of a series of purchases between 3/23 and 4/4 (+349,643 shares).
 




April 5, 2016 | The Boards of The Zweig Fund, Inc. (ZF) and The Zweig Total Return Fund, Inc. (ZTR) announced on April 5 that they had approved a program of tender offers for up to 25% of each fund’s outstanding shares. The release explained that each fund’s Board had considered a number of factors in approving the recommendation to implement a tender offer program made by the investment adviser to the funds (Zweig Advisers), including “that the adviser had reached an agreement with certain shareholders to recommend a tender offer program.” The programs involve initial non-conditional tender offers for up to 15% of each fund’s currently outstanding shares followed by two conditional tender offers for up to 5% of the outstanding shares of each fund (all of which are to be conducted at prices equal to 98% of each fund’s NAV per share as of the close of regular trading on the New York Stock Exchange on the date the tender offers expire). The initial tender offers will commence on, or before, April 29, 2016. As for the follow-on conditional tender offers, the fund’s release explained that: “The first conditional tender offer, for an additional 5 percent of each fund’s shares, would occur six months after the close of the non-conditional tender if the fund’s average trading discount, calculated as the percentage difference between NAV and the volume-weighted average price on each trading day, is more than 8 percent for a specified 12-week period. A second conditional tender offer, for another 5 percent of each fund’s shares, would occur approximately six months later if the fund’s average trading discount (described above) is more than 8 percent for a specified 12-week period.”
 




April 1, 2016 | The Zweig Fund, Inc. (ZF) and The Zweig Total Return Fund, Inc. (ZTR) announced that each fund’s Board had approved an increase in the annualized distribution rate to 10% of NAV (a 67% increase for ZF and a 43% increase for ZTR). The release noted that the funds will implement enhancements to their investment strategies “intended to increase the amount of income available for distribution to shareholders.” In particular, Zweig Advisers, the investment adviser to the funds, will: “introduce an options overlay strategy to each fund's existing investment strategy. The overlay strategy involves purchasing and selling put and call options with the objective of generating additional income from option premiums while seeking to limit potential losses. The adviser also intends to increase the opportunistic use of leverage that each fund is permitted to incur, consistent with its investment restrictions.”
 




March 29, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Nuveen Global Equity Income Fund (JGV) to 1,875,968 shares (9.99%) as a result of a series of purchases between 2/25 and 3/28 (+167,308 shares).
 




March 24, 2016 | Tekla Healthcare Investors (HQH), Tekla Life Sciences Investors (HQL), and Tekla Healthcare Opportunities Fund (THQ) announced that each fund’s Board had renewed their share repurchase programs, which currently allow each fund to purchase in the open market up to 12% of its outstanding common shares for a one-year period ending July 10, 2016. The fund actions mean that each fund will be authorized to purchase in the open market up to 12% of its outstanding common shares for a one year period ending July 10, 2017. The releases indicated that the Boards authorized the programs as a result of periodic reviews of options available to enhance shareholder value and potentially reduce discounts to NAV.
 




March 23, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Virtus Total Return Fund (DCA) to 3,426,604 shares (12.48%) as a result of a series of purchases between 3/17 and 3/22 (+297,774 shares).
 




March 21, 2016 | Bulldog Investors, LLC disclosed in a 13D/A that it held 1,558,262 shares (18.87%) of the First Trust Dividend & Income Fund (FAV) and had entered a Standstill Agreement (as of March 18, 2016) with the fund and its adviser First Trust Advisors L.P. FAV announced on Friday, March 18, that its Board had approved the merger of FAV into the First Trust High Income ETF (FTHI), an actively managed ETF managed by First Trust Advisors L.P. As part of the agreement (disclosed in the filing), Phillip Goldstein withdrew his letter to FAV dated January 15, 2016, regarding two trustee nominees and a shareholder proposal. The fund agreed that it would convene a meeting of shareholders for the purpose of approving the reorganization of the fund into the First Trust High Income ETF (FTHI). Bulldog Investors also agreed to vote all shares of the Fund and FTHI that it has the power to vote, direct the vote of, or shares the power to vote, in accordance with the recommendations of the Board regarding the proposed reorganization and Trustee nominees at the 2016 annual meeting of fund shareholders.
 




March 18, 2016 | The First Trust Dividend & Income Fund (FAV) announced that its Board had approved the merger, subject to shareholder approvals, of FAV into the First Trust High Income ETF (FTHI), an actively managed ETF managed by First Trust Advisors L.P. The transaction is expected to close no later than October 31, 2016. The fund’s release indicated that: “Bulldog Investors, LLC (‘Bulldog’), the representative of the largest group of shareholders of FAV, has agreed to vote the shares of FAV for which it has the power to vote or direct the vote in favor of the proposed transaction subject to applicable law. Bulldog has also agreed to be bound by certain ‘standstill’ covenants with respect to FAV and FTHI and the other First Trust closed-end funds.”
 




March 17, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Virtus Total Return Fund (DCA) to 3,128,830 shares (11.39%) as a result of a series of purchases between 3/7 and 3/16 (+318,283 shares).
 




March 15, 2016 | First Trust Advisors L.P. publicized that previously announced share repurchase programs for the First Trust High Income Long/Short Fund (FSD), First Trust/Aberdeen Emerging Opportunity Fund (FEO), and First Trust Strategic High Income Fund II (FHY) had been continued to the earlier of: the repurchase of remaining shares available for repurchase under each fund’s program from Feb. 29 through Sept. 15, 2016 (FSD 1,019,256 shares, FEO 198,093 shares, and FHY 224,537 shares); or Sept. 15, 2016. The fund’s release explained that the repurchases are conducted: “from time to time and at the direction of management personnel, in secondary market transactions in accordance with applicable law…There is no assurance that any Fund will purchase shares at any specific levels or in any specific amounts.”
 




March 9, 2016 | The Clough Global Equity Fund (GLQ), Clough Global Opportunities Fund (GLO), and Clough Global Allocation Fund (GLV) announced that their Boards had extended previously announced share repurchase programs for the current fiscal year ending October 31, 2016. As the release explained: “Under the share repurchase program, each of the Funds may purchase up to 5% of their outstanding common shares as of April 9, 2015, in the open market, between now and the Fund's fiscal year end of October 31, 2016…the Boards have authorized the Advisor to repurchase shares of the Fund's common stock at such times and in such amounts as the Advisor reasonably believes may enhance stockholder value.” The Boards and Advisor believe “that the share repurchase programs may further these goals because the program allows the Funds to acquire their shares in the open market at a discount to NAV, which will increase the NAV and thereby benefit remaining shareholders while potentially providing additional liquidity in the trading of the fund shares.”
 




March 7, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 2,810,547 shares (10.2%) of the Virtus Total Return Fund (DCA) and had sent a letter to the fund regarding a trustee nominee and a proposal “recommending that the Board of Trustees promptly approve and submit to shareholders for a vote a proposal to liquidate the Fund.”
 




March 4, 2016 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that it had increased its ownership of The Zweig Fund, Inc. (ZF) to 3,124,537 shares (15.4%) as a result of a series of transactions between 2/10 and 2/26 (+258,433 shares).
 




March 4, 2016 | Saba Capital Management, L.P. (Boaz R. Weinstein) disclosed in a new 13D filing that it held 3,885,814 shares (14.48%) of the Franklin Limited Duration Income Trust (FTF) following a series of purchases between Jan. 4 and March 3 (+1,305,863 shares). Item 4 of the filing noted that: “The Reporting Persons may engage in discussions with management, the Board of Directors….”
 




March 3, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the First Trust Dividend & Income Fund (FAV) to 1,493,003 shares (18.08%) as a result of purchases between 2/26 and 3/2 (+84,194 shares).
 




March 3, 2016 | The India Fund, Inc. (IFN) announced that its Board had renewed the fund’s targeted discount policy. As the fund’s release explained, the: “Fund intends to buy back shares of common stock in the open market at times when the Fund’s shares trade at a discount of 10% or more to their net asset value (NAV) and then review the targeted discount of a 10% volume-weighted average for a two-year period commencing on April 4, 2016. If a 10% volume-weighted average discount is not attained over the two-year period, the Board may, but is not obligated to, consider other actions that, in its judgment, may be effective to address the discount.”
 




March 3, 2016 | Western Asset/Claymore Inflation-Linked Securities & Income Fund (WIA) and Western Asset/Claymore Inflation-Linked Opportunities & Income Fund (WIW) announced that the Board of each fund had authorized the open-market repurchase of: “up to approximately 10 percent of the Funds’ outstanding common shares when the shares are trading at a discount to net asset value and when such purchases could enhance shareholder value. The Funds are under no obligation to purchase shares at any specific discount levels or in any specific amounts.”
 




March 3, 2016 | Western Asset/Claymore Inflation-Linked Securities & Income Fund (WIA) and Western Asset/Claymore Inflation-Linked Opportunities & Income Fund (WIW) announced that the Board of each fund had “approved changes to the Funds’ investment guidelines…The changes broaden the range of securities in which the Funds can invest, while maintaining the overall strategies of investing at least 80 percent of total managed assets in inflation-linked securities.” For more details, see the release at guggenheiminvestments.com.
 




March 3, 2016 | Saba Capital Management, L.P. disclosed in a 13D/A filing that it held 2,226,209 shares (14.62%) of the Deutsche High Income Trust (KHI). The filing also provided details regarding a Standstill Agreement (dated Feb. 26, 2016) between Saba Capital and the fund and Deutsche Investment Management Americas Inc. (DIMA), which provides that the: “Board of Trustees of the Issuer…will approve the termination of the Issuer and make a liquidating distribution to its shareholders by no later than November 30, 2016. Under the terms of the Standstill Agreement, Saba agreed, among other things, to vote in accordance with the Board's recommendation on various matters affecting the Issuer, including any proposal to convert the Issuer to an open-end investment company.” See also our alert on KHI dated Feb. 26, 2016.
 




March 2, 2016 | Nuveen announced that shareholders of four funds, the Nuveen Dividend Advantage Municipal Income Fund (NVG), Nuveen Municipal Opportunity Fund, Inc. (NIO), Nuveen Quality Municipal Fund, Inc. (NQI), and Nuveen Quality Income Municipal Fund, Inc. (NQU), had approved a plan in which NVG will acquire NIO, NQI, and NQU and be renamed the Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund. The reorganization is expected to close prior to the opening of the NYSE on April 11, 2016.
 




March 2, 2016 | Nuveen had previously announced on Feb. 11 that shareholders of the Nuveen Dividend Advantage Municipal Fund 3 (NZF), Nuveen Dividend Advantage Municipal Fund 2 (NXZ), Nuveen Premium Income Municipal Fund 4, Inc. (NPT), and Nuveen Municipal Advantage Fund Inc. (NMA) had approved a merger plan in which NPT, NXZ, and NMA will be acquired by NZF, which in turn will also be renamed the Nuveen Enhanced Municipal Credit Opportunities Fund. The reorganization is now expected to close prior to the opening of the NYSE on April 11, 2016 (PR March 2, 2016).
 




March 1, 2016 | The AllianceBernstein Income Fund, Inc. (ACG) announced on March 1 that shareholders approved the conversion of the fund into an open-end fund through the acquisition of the assets (and assumption of the liabilities) of the fund by AB Income Fund - a series of AB Bond Fund, Inc. The release indicated that 67.70% of the outstanding shares voted in favor of the acquisition, while only 4.31% of the outstanding shares voted against and 1.98% of the outstanding shares abstained. The acquisition is scheduled to close, on or about, April 22, 2016, subject to the satisfaction of certain closing conditions. The fund's shares are to cease trading on the NYSE after the close of trading on April 18, 2016.
 




March 1, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Virtus Total Return Fund (DCA) to 2,675,546 shares (9.74%) as a result of a series of purchases between 2/19 and 2/29 (+273,225 shares).
 




February 29, 2016 | Western Investment LLC disclosed in a new 13D filing that it held 1,019,585 shares (4.5%), and joint filer Benchmark Plus Management, LLC held 272,020 shares (1.2%), of the Deutsche Multi-Market Income Trust (KMM). Item 4 of the filing indicated that the: “Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in additional communications with management and the Board of the Issuer….”
 




February 26, 2016 | Deutsche High Income Trust (KHI) announced that its Board had approved the termination of the fund and a liquidating distribution to shareholders no later than Nov. 30, 2016. The fund also announced a special meeting scheduled for June 30 to consider a proposal to convert the fund to an open-end investment company (a proposal intended to meet a requirement of the fund’s Agreement and Declaration of Trust). The Board, which has approved the fund’s termination, is recommending that shareholders vote against the proposal to convert the fund. The fund’s release disclosed that Deutsche Investment Management Americas (DIMA) proposed to the Board the termination and liquidation of the fund “pursuant to” a Standstill Agreement that DIMA and the Fund had entered into with Saba Capital Management L.P.
 




February 26, 2016 | Deutsche Multi-Market Income Trust (KMM) and Deutsche Strategic Income Trust (KST) each announced that their Boards had increased previously announced authorizations for share repurchases (when a fund’s shares trade at a discount to NAV) from a total of 5% of the outstanding shares for each fund to 10% (during the period from Dec. 1, 2015 to Nov. 30, 2016).
 




February 26, 2016 | The Board of Trustees for three Nuveen funds approved plans for each fund to redeem a portion of its outstanding Variable Rate Term Preferred (VRTP) shares. The release explained that the “VRTP shares will be redeemed at their $100,000 liquidation preference per share, plus an additional amount representing the final accumulated dividend amounts owed.” Funds involved include the Nuveen Floating Rate Income Fund (JFR), Nuveen Floating Rate Income Opportunity Fund (JRO), and Nuveen Senior Income Fund (NSL).
 




February 25, 2016 | Bulldog Investors, LLC disclosed in a 13D/A that it had increased its holdings of the First Trust Dividend & Income Fund (FAV) to 1,407,999 shares (17.05%) as a result of a series of purchases from 2/12 to 2/24 (+105,734 shares).
 




February 23, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Nuveen Global Equity Income Fund (JGV) to 1,708,660 shares (8.98%) following a series of purchases between 1/25 and 2/22 (+190,292 shares).
 




February 23, 2016 | Oxford Lane Capital Corp. (OXLC) publicized that as a result of the shares repurchased to date under a Preferred Stock Repurchase Program (announced on Dec. 2, 2015) the fund “has cured its prior non-compliance as of December 31, 2015 with the asset coverage requirement in the Preferred Stock governing documents, in accordance with the cure provisions therein.” See the fund’s release for more details on the program and amounts repurchased.
 




February 19, 2016 | Ancora Advisors LLC issued a press release and filed a DFAN14A on Feb. 19 in which it indicated that it owns approximately 4.6% of the outstanding common stock of the JPMorgan China Region Fund, Inc. (JFC) and was engaging the fund to take actions to address its discount to NAV. The release indicated that Ancora was pressing the fund to consider either merging with an open-end fund or liquidating. The release and filing indicated that Ancora is submitting two director nominees and a non-binding proposal requesting that the fund’s board authorize a self-tender for all of the fund’s outstanding shares.
 




February 19, 2016 | City of London Investment Management Group PLC (City of London Investment Management Company Limited [CLIM]) disclosed in a new 13D filing that it held 4,117,359 shares (42.3%) of the Korea Equity Fund, Inc. (KEF), and had sent letters to the fund (dated Nov. 25 and Feb. 16) discussing the fund’s discount to NAV and potential fund actions to address that discount.
 




February 19, 2016 | Bulldog Investors, LLC disclosed in a new 13D filing that it held 2,398,675 shares (8.73%) of the Virtus Total Return Fund (DCA) following a series of purchases between 12/21 and 2/18 (+1,505,014 shares). Item 4 of the filing indicated that Bulldog Investors “may communicate with management about measures to enhance shareholder value.”
 




February 18, 2016 | Western Investment LLC (filing with Benchmark Plus Management, LLC) disclosed in a new 13D filing that it held 227, 432 shares (5.2%) of the Deutsche Strategic Income Trust (KST) and (as indicated in Item 4): “may take certain actions to express their opinions regarding the Board, the Issuer and the Issuer’s Manager, including but not limited to, publishing press releases, interviews and/or articles on the Internet or elsewhere” and “may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in additional communications with management and the Board of the Issuer….”
 




February 16, 2016 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that it had increased its holdings of The Zweig Total Return Fund, Inc. (ZTR) to 3,105,201 shares (9.7%) as a result of a series of transactions between 12/30/15 and 2/1/16 (+307,813 shares), and had sent a letter to the fund with two director nominees.
 




February 16, 2016 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that it had increased its holdings of The Zweig Fund, Inc. (ZF) to 2,871,159 shares (14.2%) as a result of a series of transactions between 12/18/15 and 2/9/16 (+173,359 shares), and had sent a letter to the fund with two director nominees.
 




February 16, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the First Trust Dividend & Income Fund (FAV) to 1,302,265 shares (15.77%) as a result of a series of transactions between 2/4 and 2/11 (+101,979 shares).
 




February 16, 2016 | Western Asset Emerging Markets Income Fund Inc. (EMD), Western Asset Worldwide Income Fund Inc. (SBW), and Western Asset Emerging Markets Debt Fund Inc. (ESD) announced that each fund’s Board had approved proposals to merge EMD with and into ESD and SBW with and into ESD -- subject to approvals by the stockholders of each fund. The release indicated that the approval of each merger is not contingent upon the approval of the other merger.
 




February 16, 2016 | Western Asset Emerging Markets Debt Fund Inc. (ESD) announced that its Board had approved a change to the fund’s primary and secondary investment objectives, subject to stockholder approval. ESD’s primary investment objective would become high current income and its secondary investment objective would become capital appreciation. ESD’s current primary investment objective is total return, while high current income is a secondary investment objective.
 




February 16, 2016 | LMP Corporate Loan Fund Inc. (TLI) announced that the Western Asset Management Company has been appointed subadviser to the Fund effective April 1, 2016. The fund will also change its name to Western Asset Corporate Loan Fund Inc.
 




February 12, 2016 | Pacholder High Yield Fund, Inc. (PHF) announced that its Board had authorized a cash tender offer for up to 100% of its outstanding Auction Rate Cumulative Preferred Stock (ARPS), Series W at 95.5% of the liquidation preference (or $23,875 per share), plus any unpaid accrued dividends. The fund’s release also explained that: “In addition to the Financing Condition, the tender offer is conditioned upon at least 80% of the outstanding Preferred Shares being validly tendered and not withdrawn (the ‘Minimum Condition’). Two substantial Preferred Shareholders, RiverNorth Capital Management, LLC and its affiliates and Morgan Stanley & Co. LLC, have provided commitments to the Fund that they will participate in the tender offer. These commitments, if honored, will satisfy the Minimum Condition. In connection with these commitments, the Fund has agreed to commence the tender offer no later than March 11, 2016, and the tender offer will remain open for at least twenty business days following the date of the commencement of the offer.”
 




February 10, 2016 | The MFS Municipal Income Trust (MFM), MFS Investment Grade Municipal Trust (CXH), MFS California Municipal Fund (CCA), MFS High Income Municipal Trust (CXE), and MFS High Yield Municipal Trust (CMU) announced that their boards had approved refinancing plans that are “expected to result in the outstanding leverage remaining unchanged for each fund.” Each fund plans to redeem all of their currently outstanding Variable Rate Municipal Term Preferred Shares, Series 2016/9, while MFM, CXH, CXE and CMU plan to redeem all of their currently outstanding auction rate municipal preferred shares (ARPS) - subject for each fund to the receipt of financing in the form of new preferred leverage. The release explained that the “Series 2016/9 VMTPS and ARPS will be redeemed at their respective liquidation preferences per share plus additional amounts representing any dividend amounts owed.”
 




February 5, 2016 | Nuveen Investments announced that the Board of Trustees of 9 Nuveen closed-end funds had approved non-fundamental investment policy changes to: “achieve and consistently maintain a higher allocation to municipal securities rated BBB and below to enhance the funds’ competitiveness and investor appeal and thereby improve the market price at which the common shares trade relative to net asset value. Effective immediately, each fund may, under its revised investment policy, invest up to 35 percent of its portfolio in municipal securities rated BBB and below. However, the funds each have agreements related to outstanding preferred shares. These agreements currently have covenants aligned with the funds’ prior investment policy. Consequently, the funds will not be able to immediately take full advantage of the enhanced flexibility of the new investment policy. Those agreements may be amended in the future.” The funds involved include the: Nuveen Premier Municipal Income Fund, Inc. (NPF), Nuveen Premium Income Municipal Fund, Inc. (NPI), Nuveen Select Quality Municipal Fund, Inc. (NQS), Nuveen Investment Quality Municipal Fund, Inc. (NQM), Nuveen Dividend Advantage Municipal Fund (NAD), Nuveen Municipal Market Opportunity Fund, Inc. (NMO), Nuveen Premium Income Municipal Fund 2, Inc. (NPM), Nuveen Performance Plus Municipal Fund, Inc. (NPP), and Nuveen AMT-Free Municipal Income Fund (NEA).
 




February 5, 2016 | Nuveen Investments announced that the Board of Trustees of 9 Nuveen closed-end funds had approved two sets of fund mergers, subject to shareholder approval. The first set would see the Nuveen Premier Municipal Income Fund, Inc. (NPF), Nuveen Premium Income Municipal Fund, Inc. (NPI), Nuveen Select Quality Municipal Fund, Inc. (NQS), and Nuveen Investment Quality Municipal Fund, Inc. (NQM) acquired by the Nuveen Dividend Advantage Municipal Fund (NAD) - which would also be renamed the Nuveen Enhanced Quality Municipal Fund. The second set would see the Nuveen Municipal Market Opportunity Fund, Inc. (NMO), Nuveen Premium Income Municipal Fund 2, Inc. (NPM), and Nuveen Performance Plus Municipal Fund, Inc. (NPP) acquired by the Nuveen AMT-Free Municipal Income Fund (NEA) – which would also be renamed the Nuveen Enhanced AMT-Free Quality Municipal Fund.
 




February 4, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the LMP Real Estate Income Fund Inc. (RIT) to 2,442,176 shares (21.35%) as a result of a series of purchases between 12/3 and 2/3 (+165,427 shares). On Oct. 23, 2015, RIT announced that the fund’s Board of Directors had approved the conversion of the Fund, subject to shareholder approval, from a closed-end fund to an open-end fund through a merger with and into the ClearBridge Real Estate Opportunities Fund, a series of the newly organized Legg Mason Funds Trust.
 




February 4, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the First Trust Dividend and Income Fund (FAV) to 1,199,286 shares (14.52%) as a result of a series of purchases between 1/28 and 2/3 (+97,477 shares).
 




February 1, 2016 | Western Investment LLC (filing with Benchmark Plus Management, LLC) disclosed in a new 13D filing that it held 735,098 shares (5.4%) of the Advent/Claymore Enhanced Growth & Income Fund (LCM) and (as indicated in Item 4): “may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in additional communications with management and the Board of the Issuer…”
 




January 28, 2016 | AST Fund Solutions will conduct a webinar on “Closed-End Funds and Business Development Companies: Key Trends for 2016” on Wednesday (Feb. 3) from 1:00PM to 2:00PM ET. Subjects that will be covered include: "Recent Developments Impacting Closed- End Funds and BDCs-Key Trends for 2016;" "Strategic Transactions;" "Shareholder Activism in Closed-End Funds and BDCs;" and "SEC - Hot Topics for Closed-End Funds and BDCs." The webinar will be presented by Paul Torre (Executive Vice President, AST Fund Solutions, LLC), Frank J. Maresca (Executive Vice President, AST Fund Solutions, LLC), James Burke (Vice President and Editor of CEFinsight.com, AST Fund Solutions, LLC), and Eyal Seinfeld (Partner, Ernst & Young). To register for this webinar, please go to: https://attendee.gotowebinar.com/register/1978589137616346625
 




January 28, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing on Jan. 28 that it had increased its holdings of the First Trust Dividend and Income Fund (FAV) to 1,101,809 shares (13.34%) as a result of a series of purchases between 1/19 and 1/27 (+103,038 shares).
 




January 27, 2016 | The Nuveen Municipal 2021 Target Term Fund (NHA) started trading on the NYSE on January 27 after an initial public offering (IPO) that raised $81 million in gross proceeds (excluding any exercise of the underwriters’ option to purchase additional shares). Nuveen Fund Advisors, LLC is the fund’s investment adviser.
 




January 25, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Nuveen Global Equity Income Fund (JGV) to 1,517,868 shares (7.97%) as a result of a series of transactions between Jan. 4 and Jan. 22 (+198,924 shares).
 




January 21, 2016 | First Trust High Income Long/Short Fund (FSD) was rebounding on Jan. 21 after the fund announced late on the 20th that the portfolio manager had taken “defensive measures in the Fund to reduce both the proportion of higher yielding/high risk positions as well as to reduce the portfolio’s corporate credit exposure, which has resulted in a marginal reduction in the current yield of the Fund.” The reduction in its regularly scheduled monthly common share distribution was to $0.09 per share from $0.10 per share.
 




January 19, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the First Trust Dividend and Income Fund (FAV) to 998,771 shares (12.09%) as a result of a series of purchases between 12/16 and 1/15 (+118,623 shares). The filing also disclosed that Phillip Goldstein, writing on behalf of Full Value Partners L.P. (a member of the Bulldog Investors group), had sent a letter to the fund (dated Jan. 15) indicating that Full Value Partners intends to submit certain nominees for election as trustees of the fund and a proposal that: "The board of trustees should consider adopting a plan to afford stockholders an opportunity to realize net asset value."
 




January 15, 2016 | Capital Link Inc. (capitallink.com) will be holding the “15th Annual Capital Link Closed-End Funds and Global ETFs Forum” on Thursday, April 21, 2016. The event will be held at The Metropolitan Club, One East 60th St., New York, NY. For more information, see www.capitallink.com.
 




January 8, 2016 | ALPS Advisors, Inc. and RiverNorth Capital Management, LLC announced the recent launch of the RiverNorth Opportunities Fund, Inc. (NYSE: RIV), which raised $75 million in gross proceeds through its initial public offering (excluding any exercise of the underwriters’ option to purchase additional shares of common stock). ALPS is the fund’s adviser and RiverNorth is the subadviser. A related Form 497 filing on 12/24/15, when the fund started trading, indicated that the fund will pursue a tactical asset allocation strategy and opportunistically invest: “under normal circumstances in closed-end funds and exchange-traded funds (‘ETFs’ and collectively, ‘Underlying Funds’). Underlying Funds also may include business development companies (‘BDCs’)…Under normal market conditions, the Fund will invest at least 65% of its Managed Assets in closed-end funds and at least 80% of its Managed Assets in Underlying Funds.”
 




January 5, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the Global High Income Fund Inc. (GHI) had increased to 1,950,723 shares (9.03%) following a series of transactions between 11/30 and 12/31 (+25,512 shares).
 




January 4, 2016 | Bulldog Investors, LLC disclosed in a 13D/A filing on 1/14/16 that it had increased its holdings of the Nuveen Global Equity Income Fund (JGV) to 1,322,064 shares (6.94%) as a result of a series of purchases between 12/14 and 12/31 (+150,364 shares). The filing also disclosed a letter (dated 1/4/16) sent by Phillip Goldstein on behalf of Full Value Partners L.P. (a member of the Bulldog Investors group) to the fund regarding a shareholder proposal ("The board of trustees should consider adopting a plan to afford stockholders an opportunity to realize net asset value”) and an intent to nominate four persons for election as trustees of the Fund.
 




January 4, 2016 | The Deutsche High Income Trust (KHI) announced that a proposal to convert the fund from a closed-end investment company to an open-end investment company is to be presented at a meeting of shareholders to be held during the first half of 2016. As the fund’s release explained:“The Fund’s Agreement and Declaration of Trust requires the submission of such a proposal to shareholders if the average discount of the Fund’s share price to net asset value exceeds 10% based on the last trading day in each week during the 12 calendar weeks preceding the beginning of each year. The requirement has been triggered for the year ending December 31, 2015.”
 




December 30, 2015 | Ancora Advisors LLC, an investment manager with a significant history of shareholder activism targeting issuers that are not closed-end funds, issued a press release publicizing that it had sent a letter to The Zweig Total Return Fund, Inc. (ZTR) indicating that it held approximately 3.9% of the fund’s outstanding common shares and was pressing the fund to let shareholders decide again on whether to open-end or liquidate the fund.
 




December 29, 2015 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D filing that it held 2,697,800 shares (13.3%) of The Zweig Fund, Inc. (ZF), which is +568,602 shares as a result of a series of transactions between 10/22 and 12/14. The filing also disclosed that on Dec. 21, 2015, Karpus had sent a letter to the fund containing a stockholder proposal requesting that the fund’s Board of Directors consider authorizing a self-tender offer for all outstanding common shares of the fund at or close to net asset value.
 




December 29, 2015 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that it held 2,797,388 shares (8.7%) of The Zweig Total Return Fund, Inc. (ZTR). The filing also disclosed that on Dec. 21, 2015, Karpus had sent a letter to the fund containing a stockholder proposal requesting that the fund’s Board of Directors consider authorizing a self-tender offer for all outstanding common shares of the fund at or close to net asset value.
 




December 18, 2015 | BlackRock Advisors, LLC announced that the Boards of Trustees of the BlackRock Municipal Bond Investment Trust (BIE) and BlackRock Municipal Income Investment Trust (BBF) had each approved the proposed reorganization, subject to shareholder approvals, of BIE into BBF.
 




December 17, 2015 | Four closed-end funds managed by Wells Fargo Funds Management, LLC announced open-market share repurchase programs. Those funds are: Wells Fargo Income Opportunities Fund (EAD), Wells Fargo Multi-Sector Income Fund (ERC), Wells Fargo Utilities and High Income Fund (ERH), and Wells Fargo Global Dividend Opportunity Fund (EOD). Each fund’s Board of Trustees authorized the repurchase over a one-year period starting December 17 of an aggregate of up to 10% of each fund’s outstanding shares.
 




December 16, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the First Trust Dividend and Income Fund (FAV) to 880,148 shares (10.66%) following a series of purchases between 12/10 and 12/15 (+142,548 shares).
 




December 14, 2015 | Bulldog Investors, LLC disclosed in a new 13D filing that it held 1,166,700 shares (6.13%) of the Nuveen Global Equity Income Fund (JGV), which follows a series of purchases between 10/14 and 12/11 (+693,818 shares). Item 4 of the filing noted that the filing persons “may communicate with management about measures to enhance shareholder value.”
 




December 14, 2015 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that it had increased its holdings of The Zweig Total Return Fund, Inc. (ZTR) to 2,773,083 shares (8.59%) after a series of transactions between 10/6 and 12/4 (+1,316,978 shares).
 




December 14, 2015 | RiverNorth Capital Management, LLC disclosed in a 13D/A filing that it had increased its holdings of Fifth Street Finance Corp. (FSC) to 9,384,375 shares (6.2%), which is up from 8,987,510 shares shown in RiverNorth’s 13D on Nov. 16. The new filing also noted that RiverNorth had filed on Dec. 11 a preliminary proxy statement in connection with FSC’s 2016 Annual Meeting of Stockholders.
 




December 10, 2015 | John Hancock Investors Trust (JHI) announced that its Board of Trustees had approved a share repurchase plan, under which the fund may conduct open market purchases at a discount to NAV (between 12/11/15 and 12/31/16) of up to 10% of its outstanding common shares. In another release, the John Hancock Financial Opportunities Fund (BTO), John Hancock Hedged Equity & Income Fund (HEQ), John Hancock Income Securities Trust (JHS), John Hancock Premium Dividend Fund (PDT), and John Hancock Tax-Advantaged Dividend Income Fund (HTD) announced that the Board of Trustees had renewed each fund’s share repurchase plan, under which each fund may conduct open market purchases (between Jan. 1 and Dec. 31, 2016) of up to 10% of the fund’s outstanding common shares. The share repurchase plans allow the repurchase of common shares in the open market at a discount to NAV.
 




December 3, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had reduced its holdings of the Firsthand Technology Value Fund, Inc. (SVVC) to 566,703 shares (7.36%) following a series of sales between 10/16 and 12/01 (-82,597 shares).
 




December 3, 2015 | The Tekla World Healthcare Fund (THW) announced a share repurchase program that allows the fund to purchase in the open market up to 12% of its outstanding shares over a one year period starting Dec. 4, 2015. The fund’s release indicated that the program is “intended to increase the Fund’s net asset value per share” and also provide additional trading liquidity.
 




November 24, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the LMP Real Estate Income Fund Inc. (RIT) to 2,285,113 shares (19.97%) following a series of purchases from 11/16 to 11/23 (+235,805 shares). Note that RIT had announced on Sept. 30 that its Board of Directors “intends to pursue a conversion of the Fund from a closed-end fund to an open-end fund.”
 




November 20, 2015 | The Western Asset Premier Bond Fund (WEA) and Western Asset Income Fund (PAI) announced that the Board of Directors of each fund had authorized open market repurchases of up to approximately 10% of each fund’s outstanding common stock when a fund’s shares are trading at a discount to NAV.
 




November 19, 2015 | The Bancroft Fund Ltd. (BCV), in a press release covering its year-end distribution and reaffirmation of its 5% minimum distribution policy, also announced that the fund’s Board of Trustees had authorized open market repurchases of the fund’s shares when the they are trading at a discount of 10% or more from net asset value.
 




November 16, 2015 | Western Asset Managed High Income Fund Inc. (MHY) and Western Asset High Income Opportunity Fund Inc. (HIO) announced the approval by each fund’s Board of Directors of a proposal, which is also subject to approval by the stockholders of each fund, to merge MHY with and into HIO.
 




November 16, 2015 | Western Asset Global Partners Income Fund Inc. (GDF) and Western Asset Global High Income Fund Inc. (EHI) announced the approval by each fund’s Board of Directors of a proposal, which is also subject to approval by the stockholders of each fund, to merge GDF with and into EHI.
 




November 16, 2015 | A number of closed-end funds managed by Legg Mason Partners Fund Advisor announced that the Board of Directors of each fund had authorized the funds “to repurchase in the open market up to approximately 10% of each Fund’s outstanding common stock when the Fund’s shares are trading at a discount to net asset value.” The funds involved include: ClearBridge American Energy MLP Fund Inc. (CBA), ClearBridge Energy MLP Fund Inc. (CEM), ClearBridge Energy MLP Opportunity Fund Inc. (EMO), ClearBridge Energy MLP Total Return Fund Inc. (CTR), Legg Mason BW Global Income Opportunities Fund Inc. (BWG), LMP Capital and Income Fund Inc. (SCD), LMP Corporate Loan Fund Inc. (TLI), Western Asset Emerging Markets Debt Fund Inc. (ESD), Western Asset Emerging Markets Income Fund Inc. (EMD), Western Asset Global High Income Fund Inc. (EHI), Western Asset Global Partners Income Fund Inc. (GDF), Western Asset High Income Fund II Inc. (HIX), Western Asset High Income Opportunity Fund Inc. (HIO), Western Asset High Yield Defined Opportunity Fund Inc. (HYI), Western Asset Intermediate Muni Fund Inc. (SBI), Western Asset Investment Grade Defined Opportunity Trust Inc. (IGI), Western Asset Managed High Income Fund Inc. (MHY), Western Asset Managed Municipals Fund Inc. (MMU), Western Asset Mortgage Defined Opportunity Fund Inc. (DMO), Western Asset Municipal Defined Opportunity Trust Inc. (MTT), Western Asset Municipal High Income Fund Inc. (MHF), Western Asset Municipal Partners Fund Inc. (MNP), Western Asset Variable Rate Strategic Fund Inc. (GFY), and Western Asset Worldwide Income Fund Inc. (SBW).
 




November 16, 2015 | The Western Asset High Yield Defined Opportunity Fund Inc. (HYI) announced that its Board of Directors had approved, as the release explained, a modification to a: “non-fundamental investment policy to permit purchases of equity securities (including but not limited to common stock, preferred stock, convertible securities, warrants of U.S. and non-U.S. issuers) directly. Under the previous investment policy, the Fund could hold common stocks which result from a corporate restructuring or stock conversion, and could acquire warrants and other equity securities as part of a unit combining a senior loan and equity securities of a borrower or its affiliates.”
 




November 13, 2015 | The Nuveen High Income December 2018 Target Term Fund (JHA) started trading on the New York Stock Exchange on November 13 after an initial public offering that raised $261 million in gross proceeds (excluding any exercise of the underwriters’ option to purchase additional shares). The fund is expected to invest primarily in high-yield corporate bonds. The fund’s investment adviser is Nuveen Fund Advisors, LLC, and its subadviser is Nuveen Asset Management, an affiliate of Nuveen Investments.
 




November 10, 2015 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that its holdings of the Zweig Total Return Fund Inc. (ZTR) had increased to 2,108,905 shares (6.53%) following a series of transactions between 9/11 and 10/28 (+652,819 shares, with the bulk of the purchases occurring on 10/13-10/27).
 




November 5, 2015 | Bulldog Investors LLC disclosed in a 13D/A filing that it had increased its holdings of the LMP Real Estate Income Fund Inc. (RIT) to 2,049,305 shares (17.91%) as a result of a series of purchases between 10/01 and 11/04 (+115,863 shares). Note that RIT had announced on Sept. 30 that its Board of Directors “intends to pursue a conversion of the Fund from a closed-end fund to an open-end fund.”
 




November 5, 2015 | Bulldog Investors LLC disclosed in a 13D/A filing that it had reduced its holdings of the First Trust Dividend and Income Fund (FAV) to 637,343 shares (7.72%) as a result of a series of transactions between 10/12 and 11/04 (-89,953 shares).
 




November 3, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of Full Circle Capital Corporation (FULL) to 1,760,015 shares (7.77%), which is up from 1,561,657 shares as of July 22, 2015 (13D/A).
 




October 30, 2015 | Bulldog Investors, LLC disclosed in a new 13G filing that it was the beneficial owner of 281,277 shares (5.43%) of the Templeton Russia and East European Fund, Inc. (TRF) as of Oct. 29, 2015. On Oct. 29, TRF announced that shareholders had approved the liquidation and dissolution of the fund. See also our alert on TRF dated July 17, 2015.
 




October 27, 2015 | Ares Management, L.P. and Kayne Anderson Capital Advisors, L.P. announced that they had mutually agreed to terminate their definitive merger agreement.
 




October 23, 2015 | The LMP Real Estate Income Fund Inc. (RIT) announced that its board had approved the conversion, subject to stockholder approval, of the fund to an open-end fund through a merger into the “ClearBridge Real Estate Opportunities Fund,” a series of the newly organized Legg Mason Funds Trust. The fund’s release also noted that: “As previously announced, Bulldog Investors, LLC (‘Bulldog’) and the Fund have entered into a Settlement Agreement following a protracted proxy contest pursuant to which Bulldog has agreed vote in favor of (i) the Merger, (ii) any routine management proposal, including a proposal relating to the election of directors or selection of auditors and (iii) the Board of Director’s recommendation on any proposal submitted by a stockholder.”
 




October 22, 2015 | The Western Asset Variable Rate Strategic Fund Inc. (GFY) announced a cash tender offer for up to 30% of its issued and outstanding shares of common shares at 98% of net asset value per share. The tender offer is expected to expire on November 20, 2015, unless extended. The fund’s SC TO-I filing indicated that: “The Fund is making the Offer in connection with its entry into a Tender Offer and Standstill Agreement (the ‘Tender Offer and Standstill Agreement’) between the Fund and Relative Value Partners LLC, its managers, officers and all of its respective Affiliates (as defined therein) (together, ‘RVP’). The Fund entered into the Tender Offer and Standstill Agreement following discussions initiated by RVP, a holder of approximately 26% of the Fund’s common stock."
 




October 21, 2015 | GAMCO Investors, Inc. announced that the shareholders of Bancroft Fund Ltd. (BCV) and Ellsworth Growth and Income Fund Ltd. (ECF) had approved Gabelli Funds, LLC as the new investment adviser to the funds. The new investment advisory agreements, which followed a strategic alliance agreement between the Gabelli Funds, LLC and Dinsmore Capital Management Co., are expected to become effective on Nov. 1, 2015 (as noted in a separate release by Dinsmore Capital Management Co.).
 




October 21, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the Clough Global Equity Fund (GLQ) had dropped to 886,136 shares (4.97%) following sales on 10/16 and 10/20 (-37,561 shares).
 




October 19, 2015 | Nuveen Investments announced that the Board of Trustees of the Nuveen Quality Preferred Income Fund (JTP), Nuveen Quality Preferred Income Fund 2 (JPS), and Nuveen Quality Preferred Income Fund 3 (JHP) had approved a plan, subject to shareholder approval, to merge JTP and JHP into JPS (which would also be renamed the Nuveen Preferred Securities Income Fund).
 




October 19, 2015 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that it had increased its holdings of the AllianceBernstein Income Fund, Inc. (ACG) to 19,630,328 shares (8.61%), which is up from 16,824,591 shares as of 8/31/15 (13D/A). In August, ACG announced that the fund’s Board of Directors had approved a plan to convert the fund into a new open-end fund, subject to shareholder approval (see our alert on ACG dated 8/7/15).
 




October 16, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had reduced its holdings of the Clough Global Equity Fund (GLQ) down to 923,697 shares (5.18%) as a result of a series of transactions between 8/26 and 10/15 (-201,421 shares). See also our alert on GLQ dated Aug. 26, 2015.
 




October 14, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the Global High Income Fund Inc. (GHI) stood at 1,711,463 shares (7.93%), and mentioned in Item 6 of that filing that it had entered into a Standstill Agreement with respect to GHI (a copy of which was included in the filing). The disclosed text of that agreement (effective as of Oct. 12, 2015) between UBS Global Asset Management (Americas) Inc. and Bulldog Investors LLC detailed the latter’s 13D filing in late August (see our related alert on GHI dated Aug. 31, 2015) and that UBS Global AM would “recommend that the Board: (i) approve the liquidation of the Fund.” GHI announced on Oct. 13 that its Board of Directors had approved a proposal to liquidate the fund in 2016, subject to shareholder approval.
 




October 13, 2015 | Fort Dearborn Income Securities, Inc. (FDI) announced that its Board of Directors had decided to pursue a conversion of the fund to an open-end fund through a reorganization into a new open-end fund. A reorganization proposal is expected to be submitted to shareholders for approval at a special meeting in the “first half of 2016.” The move came as part of a series of announcements from closed-end funds managed by UBS Global Asset Management (Americas) Inc. regarding either their proposed liquidation (of 3 funds) or conversion (of 1 fund) into an open-end fund.
 




October 13, 2015 | Strategic Global Income Fund, Inc. (SGL) announced that its Board of Directors had approved a proposal to liquidate the fund in 2016, subject to shareholder approval. A proposed plan of liquidation is expected to be submitted to shareholders at the fund’s 2016 annual meeting (scheduled for March 2016). The move came as part of a series of announcements from closed-end funds managed by UBS Global Asset Management (Americas) Inc. regarding either their proposed liquidation (of 3 funds) or conversion (of 1 fund) into an open-end fund.
 




October 13, 2015 | Global High Income Fund Inc. (GHI) announced that its Board of Directors had approved a proposal to liquidate the fund in 2016, subject to shareholder approval. A proposed plan of liquidation is expected to be submitted to shareholders at the fund’s 2016 annual meeting (scheduled for Feb. 2016). The move came as part of a series of announcements from closed-end funds managed by UBS Global Asset Management (Americas) Inc. regarding either their proposed liquidation (of 3 funds) or conversion (of 1 fund) into an open-end fund.
 




October 13, 2015 | Managed High Yield Plus Fund Inc. (HYF) announced that its Board of Directors had approved a proposal to liquidate the fund in 2016, subject to shareholder approval. A proposed plan of liquidation is expected to be submitted to shareholders at a special meeting to be held in April 2016. The move came as part of a series of announcements from closed-end funds managed by UBS Global Asset Management (Americas) Inc. regarding either their proposed liquidation (of 3 funds) or conversion (of 1 fund) into an open-end fund.
 




October 9, 2015 | Nuveen Investments announced that the Diversified Real Asset Income Fund (DRA) will conduct a tender offer for up to 10% of its outstanding common shares of beneficial interest at a price equal to 99% of NAV. After the fund traded at an average daily discount to NAV of -10.91% during a measurement period between July 10-Oct. 7, the fund will conduct the tender offer during 4Q’15 (with relevant dates to be announced).
 




October 9, 2015 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) disclosed in a 13D/A filing that it had trimmed its holdings of the Cutwater Select Income Fund (CSI) to 684,896 shares (6.40%) following a series of transactions between 8/3 and 9/30 (-69,661 shares).
 




October 9, 2015 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) disclosed in a 13D/A filing that it had trimmed its holdings of the Federated Enhanced Treasury Income Fund (FTT) to 1,729,236 shares (20.13%), which is down from 1,821,681 shares as of Aug. 31 (13D/A).
 




October 8, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Neuberger Berman Real Estate Securities Income Fund Inc. (NRO) to 4,752,349 shares (8.52%) following a series of purchases between 10/5 and 10/7 (+853,657 shares). See also our alert on NRO dated Oct. 5, 2015.
 




October 6, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the First Trust Dividend and Income Fund (FAV) to 727,296 shares (8.81%) following a series of purchases between 9/25 and 10/5 (+84,678 shares). See also our alert on FAV dated Sept. 25, 2015.
 




October 5, 2015 | Bulldog Investors, LLC disclosed in a new 13D filing that it holds 3,902,692 shares (7.00%) of the Neuberger Berman Real Estate Securities Income Fund Inc.(NRO) following a series of purchases between 8/6 and 10/2 (+2,613,765 shares). Item 4 of the filing noted that the filing persons “may communicate with management about measures to enhance shareholder value.”
 




October 5, 2015 | A number of Eaton Vance municipal income closed-end funds announced that their Boards of Trustees had authorized tender offers for up to 100% of their outstanding auction preferred shares (APS). Funds involved include the Eaton Vance California Municipal Bond Fund II (EIA), Eaton Vance California Municipal Income Trust (CEV), Eaton Vance Massachusetts Municipal Bond Fund (MAB), Eaton Vance Massachusetts Municipal Income Trust (MMV), Eaton Vance Michigan Municipal Bond Fund (MIW), Eaton Vance Michigan Municipal Income Trust (EMI), Eaton Vance Municipal Bond Fund II (EIV), Eaton Vance Municipal Income Trust (EVN), Eaton Vance New Jersey Municipal Bond Fund (EMJ), Eaton Vance New Jersey Municipal Income Trust (EVJ), Eaton Vance New York Municipal Bond Fund II (NYH), Eaton Vance New York Municipal Income Trust (EVY), Eaton Vance Ohio Municipal Bond Fund (EIO), Eaton Vance Ohio Municipal Income Trust (EVO), Eaton Vance Pennsylvania Municipal Bond Fund (EIP), and Eaton Vance Pennsylvania Municipal Income Trust (EVP). For more details on the offerings, see the related press release.
 




October 5, 2015 | Maury Fertig, co-founder and Chief Investment Officer of Relative Value Partners, had an article published in Forbes on Oct. 5 titled “Activism Rising in Closed-End Funds.” In the article, he noted that a “proactive step” for fund boards can be conditional tender offers in case a fund trades at a certain discount (“often 10%”) over a defined measurement period.
 




October 1, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the LMP Real Estate Income Fund Inc. (RIT) to 1,933,442 shares (16.90%) following a series of purchases between 9/18 and 9/24 (+64,763 shares). The filing also indicated in Item 6 that: “Bulldog Investors, LLC (‘Bulldog’) has entered into a Settlement Agreement with RIT pursuant to which Bulldog has agreed to vote in favor of: (i) the conversion of RIT into an open-end investment company, (ii) any routine management proposal, and (iii) the Board's recommendation on any proposal submitted by a Stockholder.”
 




September 30, 2015 | The LMP Real Estate Income Fund Inc. (RIT) announced that the fund’s Board of Directors intends to pursue the conversion of the fund to an open-end fund. The initiative, which is subject to stockholder approval, would see the open-end fund having, according to the fund’s release, an investment objective of total return rather than high current income and investing in a broader universe of real estate and real estate-related companies. The fund also announced that it had entered into a settlement agreement with Bulldog Investors, LLC “pursuant to which Bulldog has agreed vote in favor of (i) the Conversion, (ii) any routine management proposal, including a proposal relating to the election of directors or selection of auditors and (iii) the Board’s recommendation on any proposal submitted by a stockholder.”
 




September 25, 2015 | The First Trust Dynamic Europe Equity Income Fund (FDEU) started trading on the NYSE after raising $330 million in an initial public offering (excluding the overallotment option). First Trust Advisors L.P. is the fund’s investment adviser, while Henderson Global Investors (North America) Inc. is the fund’s investment sub-adviser. Henderson Investment Management Limited (the "Sub-Sub-Advisor") will be responsible for the day-to-day investment decisions of the fund other than its option overlay strategy.
 




September 25, 2015 | Bulldog Investors, LLC filed a new 13D disclosing that it held 642,618 shares (7.78%) of the First Trust Dividend and Income Fund (FAV) following a series of purchases between 8/17 and 9/24 (+641,618 shares). Item 4 of the filing indicated that the filing persons “may communicate with management about measures to enhance shareholder value.”
 




September 18, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the LMP Real Estate Income Fund Inc. (RIT) had increased to 1,868,679 shares (16.33%) following a series of purchases between 7/22 and 9/17 (+108,792 shares).
 




September 17, 2015 | The Dividend and Income Fund (DNI) announced that its Board of Trustees had approved the terms of a non-transferable rights offering for up to 2,900,000 shares of beneficial interest. The fund’s release indicated that for “every three rights received, shareholders can buy one new share of the Fund, plus in certain circumstances additional new shares pursuant to an over-subscription privilege.” The record date of the rights offering is Sept. 28, 2015. The offering is expected to expire on Oct. 30, 2015, unless extended. For additional details on the offering, see the fund’s related press release.
 




September 10, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the Advent/Claymore Enhanced Growth & Income Fund (LCM) had increased to 1,452,170 shares (10.68%) following a series of purchases between 7/29/15 and 9/9/15 (+472,722 shares). See also our alert on LCM dated July 10, 2015.
 




September 10, 2015 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) disclosed in a 13G filing that its holdings of the Federated Premier Intermediate Municipal Income Fund (FPT) had increased to 968,191 shares (13.87%), which is up from 497,352 shares as of 6/30/15 (13F).
 




September 10, 2015 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) disclosed in a 13D/A filing that its holdings of the AllianceBernstein Income Fund, Inc. (ACG) had increased to 16,824,591 shares (7.38%) as of 8/31/15, which is up from 11,734,882 shares as of 6/30/15 (13F).
 




September 10, 2015 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) disclosed in a 13D/A filing that its holdings of the Federated Enhanced Treasury Income Fund (FTT) had been trimmed to 1,821,681 shares (21.20%), which is down from 2,117,885 shares as of 6/30/15 (13F).
 




September 9, 2015 | A filing by the Federated Income Securities Trust (N-14/A [“prospectus/proxy statement”]) provided more details on the proposed reorganization of the Federated Enhanced Treasury Income Fund (FTT) into a newly created open-end fund. The plan, which is subject to shareholder approval, would see a new open-end fund, also called the Federated Enhanced Treasury Income Fund (a newly created series of the Federated Income Securities Trust), acquire all, or substantially all, of the assets of FTT. Among the reasons given for the proposed reorganization, it was noted that the “reorganization, in conjunction with the support of two of FTT's largest shareholders, also helps FTT avoid expenses and disruptions that would be associated with a proxy fight with an activist and/or a contested solicitation.” Specifically, the filing indicated that the fund’s adviser Federated Investment Management Company (FIMC) had entered into agreements: “with two of FTT's largest shareholders, representing more than a majority of FTT outstanding shares…FIMC has entered into Agreements with two of FTT's largest shareholders under which the shareholders agreed to vote in favor of the Reorganization and one agreed (to) withdraw its shareholder proposal and nominations while the other agreed to remain a passive investor for a period of time.”
 




September 3, 2015 | Montgomery Street Income Securities, Inc. (MTS) announced that its Board of Directors had approved the liquidation of the fund, subject to shareholder approval at a special meeting expected to be held before the end of the year.
 




August 31, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Global High Income Fund Inc. (GHI) to 1,694,907 shares (7.85%) as a result of a series of purchases between 8/17 and 8/28 (+156,045 shares). The filing also disclosed a letter sent by Phillip Goldstein to GHI regarding the intent of Full Value Partners L.P., which is a member of the Bulldog Investors group of funds, to nominate two persons for election as directors of GHI and to submit a proposal to eliminate the fund’s discount to NAV by converting it to (or merging it into) an open-end fund or ETF, or by liquidating it.
 




August 26, 2015 | Nuveen Investments announced that the Board of Trustees of the Nuveen closed-end funds had approved a plan to merge 8 national municipal closed-end funds, while the “funds will hold special shareholder meetings later this year to seek approval for those aspects of the plan that require shareholder approval.” Nuveen explained in its release that: “The goal of the proposals is to enhance the funds’ competitiveness and investor appeal and thereby improve the market price at which the common shares trade relative to net asset value.” The proposed mergers are to have: 1) the Nuveen Premium Income Municipal Fund 4, Inc. (NPT), Nuveen Dividend Advantage Municipal Fund 2 (NXZ), and Nuveen Municipal Advantage Fund Inc. (NMA) acquired by the Nuveen Dividend Advantage Municipal Fund 3 (NZF), which would also be renamed the Nuveen Enhanced Municipal Credit Opportunities Fund; and 2) the Nuveen Municipal Opportunity Fund, Inc. (NIO), Nuveen Quality Municipal Fund, Inc. (NQI), and Nuveen Quality Income Municipal Fund, Inc. (NQU) acquired by the Nuveen Dividend Advantage Municipal Income Fund (NVG), which would also be renamed the Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund.
 




August 26, 2015 | Bulldog Investors, LLC disclosed in a new 13D/A filing that it had reduced its holdings of the Clough Global Equity Fund (GLQ) to 1,125,118 shares (6.31%) as a result of a series of sales between July 29 and Aug. 25 (-185,917 shares). Note: GLQ had held its 2015 annual shareholder meeting on July 28, and subsequently announced that “the shareholder proposal requesting that the Board of Trustees of the Fund authorize a self-tender offer for all outstanding common shares of (the) Fund was defeated. Of the shares present and entitled to vote on the shareholder proposal, 21.7% voted for the proposal.” The fund’s proxy statement (DEF 14A, 6/29/15) indicated that the shareholder proposal, which was opposed by the fund’s Board of Trustees, had been submitted by Opportunity Partners L.P, an entity over which Phillip Goldstein, Andrew Dakos and Steven Samuels, owners of Bulldog Investors, LLC, exercise control.
 




August 11, 2015 | The Gabelli Go Anywhere Trust announced that it will revise its initial public offering, and expects to file a revised registration statement. The revised offering, as the fund’s release described, is “expected to be similar to the terms of the existing offering, with the added benefit to holders, that the Fund would offer to repurchase up to 100% of the Fund’s common shares at the end of the Fund’s fifth year of operation at a price not less than 95% of net asset value.”
 




August 10, 2015 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that its holdings of the MFS InterMarket Income Trust I (CMK) had dropped to 1,485,576 shares (13.86%), which is down from 2,577,358 shares as of 4/23/15 (13D). The 13D/A filing disclosed that most of the reduction occurred between 7/17 and 7/22. See also our alert on CMK dated 7/16/15 regarding the announcement by MFS Investment Management that the Board of Trustees of CMK had approved a plan of liquidation and termination for the fund.
 




August 7, 2015 | The AllianceBernstein Income Fund, Inc. (ACG) traded sharply higher following the announcement late on Aug. 6 that the fund’s Board of Directors had approved a plan to convert ACG into a new open-end fund -- the AB Income Fund (a newly formed series of AB Bond Fund, Inc.). The plan, which is subject to shareholder approval, involves the proposed acquisition of the assets of ACG, and the assumption of its liabilities, by AB Income Fund. A Special Meeting of Shareholders of ACG has been scheduled for February 1, 2016 (with a record date of October 28, 2015).
 




July 30, 2015 | Bulldog Investors, LLC disclosed in a new 13D filing that it held 1,493,512 shares (6.92%) of the Global High Income Fund Inc. (GHI). Item 4 of the filing noted that the filing persons “may communicate with management about measures to enhance shareholder value.”
 




July 23, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of MFS InterMarket Income Trust I (CMK) to 1,831,604 shares (17.09%) following a series of purchases between 7/17 and 7/22 (+595,300 shares). See also our alert on CMK dated July 16.
 




July 21, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the LMP Real Estate Income Fund Inc. (RIT) to 1,752,934 shares (15.32%) following a series of purchases between 7/7 and 7/21 (+135,205 shares).
 




July 17, 2015 | The Templeton Russia and East European Fund, Inc. (TRF) announced that its Board of Directors had approved the liquidation and dissolution of the Fund, subject to shareholder approval. The plan of liquidation and dissolution is expected to be submitted to shareholders for approval at the fund’s Annual Meeting scheduled for September 24, 2015. Earlier this year, the Morgan Stanley Eastern Europe Fund was liquidated (see our related alert dated February 23, 2015).
 




July 17, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Alliance New York Municipal Income Fund, Inc. (AYN) to 723,198 shares (14.95%) following a series of purchases between 7/7 and 7/16 (+129,383 shares).
 




July 16, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Advent/Claymore Enhanced Growth & Income Fund (LCM) to 979,448 shares (7.20%) after a series of purchases between 7/10 and 7/15 (+240,725 shares). See also our alert on LCM dated July 10, 2015.
 




July 16, 2015 | MFS Investment Management announced that the Board of Trustees of the MFS InterMarket Income Trust I (CMK) had approved a plan of liquidation and termination for the fund. The fund’s release indicated that the plan is expected to take effect on or about September 9, 2015. The release also explained that the fund’s Board considered a number of factors, including: “the submission to the fund of proposals for the 2015 annual meeting of shareholders of the fund made by certain shareholders holding large blocks of the fund's shares and the potential costs and other consequences to the Fund and its shareholders of contesting those proposals or of implementing them if approved by shareholders; the relatively small size of the fund; and the fund's trading discount.”
 




July 16, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the MFS InterMarket Income Trust I (CMK) to 1,236,304 shares (11.53%) after a series of purchases between 7/7 and 7/15 (+125,762 shares). See also our alert on CMK dated July 7, 2015.
 




July 15, 2015 | The Ares Multi-Strategy Credit Fund, Inc. (ARMF) and Ares Dynamic Credit Allocation Fund, Inc. (ARDC) announced that the stockholders of each fund had approved (at a joint special meeting of stockholders of the funds held on July 14) proposals related to the reorganization of ARMF into ARDC.
 




July 10, 2015 | The Deutsche Global High Income Fund, Inc. (LBF) and Deutsche High Income Opportunities Fund, Inc. (DHG) each announced that their Board of Directors had approved, subject to stockholder approval, an amendment to each fund's Articles of Incorporation requiring the liquidation and dissolution of each fund within a specific time frame. The press release indicated that Deutsche Investment Management Americas Inc. (the investment adviser for each fund), had proposed the amendments to each fund's Board pursuant to the terms of a Standstill Agreement that the adviser and the funds had entered into with Bulldog Investors, LLC.
 




July 10, 2015 | Bulldog Investors, LLC disclosed in a new 13D filing that it held 738,723 shares (5.43%) of the Advent/Claymore Enhanced Growth & Income Fund (LCM). Item 4 of the filing indicated that Bulldog Investors “may communicate with management about measures to enhance shareholder value.”
 




July 9, 2015 | Transamerica Income Shares, Inc. (TAI) announced (see the fund’s Form 425 filed on 7/9/15) that its board had approved a plan, subject to shareholder approval, to have TAI reorganized into the open-end fund Transamerica Flexible Income (Transamerica Funds).
 




July 7, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 1,110,542 shares (10.36%) of the MFS InterMarket Income Trust I (CMK). The filing also disclosed a letter to the fund sent by Phillip Goldstein and Full Value Partners L.P. (a member of the Bulldog Investors group) regarding their intent to nominate three persons for election as Trustees of the fund.
 




July 7, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 1,311,035 shares (7.35%) of the Clough Global Equity Fund (GLQ). The filing also contained a copy of a letter from Phillip Goldstein (Principal, Bulldog Investors, LLC) regarding a shareholder proposal. GLQ’s recent proxy statement (DEF 14A, 6/29/15) indicates that Opportunity Partners L.P (“an entity over which Phillip Goldstein, Andrew Dakos and Steven Samuels, owners of Bulldog Investors, LLC, exercise control”) intends to submit a proposal at the fund’s upcoming annual meeting of shareholders requesting: “that the Board of Trustees authorize a self-tender offer for all outstanding common shares of the Fund at or close to net asset value (NAV). If more than 50% of the Fund’s outstanding common shares are submitted for tender, the Board is requested to cancel the tender offer and take those steps that the Board is required to take to cause the Fund to be liquidated or converted to an exchange traded fund (ETF) or an open-end mutual fund.” The proxy statement indicates that GLQ’s Board of Trustees unanimously recommended voting against the proposal.
 




July 6, 2015 | Cornerstone Total Return Fund, Inc. (CRF) announced that July 17, 2015 will be the record date for the fund’s 1-for-3 non-transferable rights offering. For additional details on this rights offering see the fund’s related press release at www.cornerstonetotalreturnfund.com.
 




July 1, 2015 | The Eaton Vance Tax-Advantaged Dividend Income Fund (EVT) announced that its Board of Trustees had approved a managed distribution plan for the fund. As the fund’s release explained, the fund will, pursuant to the plan, make monthly cash distributions to common shareholders stated in terms of a fixed amount per common share.
 




June 30, 2015 | Tekla Capital Management LLC announced the launch of the Tekla World Healthcare Fund (THW), which raised $580 million in gross proceeds from its initial public offering (excluding any exercise by underwriters of their over-allotment option). The fund started trading on the NYSE on June 26, 2015.
 




June 30, 2015 | The Board of Trustees of the Deutsche High Income Trust (KHI) announced that at a Special Meeting of Shareholders held on June 30 a proposal to convert KHI from a closed-end investment company to an open-end investment company was not approved. The fund’s board had recommended voting against the proposal (DEF 14A, 5/26/15). The fund’s proxy explained that its: “Declaration of Trust provides that, commencing on January 1, 1993, and in each year thereafter, if the shares of the Fund have traded on the NYSE at an average discount from net asset value of more than 10%, determined on the basis of the discount as of the end of the last trading day in each week during the period of 12 calendar weeks preceding the beginning of each such year, the Board will submit a proposal to convert the Fund from a closed-end management investment company to an open-end management investment company, including the authorization of certain related amendments to the Declaration of Trust, to the vote of shareholders at the next succeeding meeting of shareholders or within six months after the beginning of the year, if sooner. From October 10, 2014 to December 26, 2014 (the ‘Measurement Period’), the Fund’s shares traded on the NYSE at prices ranging from 8.90% below net asset value to 11.44% below net asset value, with an average discount from net asset value during the Measurement Period of 10.16%. Therefore, a proposal to convert the Fund from a closed-end fund to an open-end fund and to authorize certain related amendments to the Declaration of Trust” was submitted at the meeting.
 




June 29, 2015 | The business development company BDCA Venture, Inc. (BDCV) announced that the proxy advisory firm Institutional Shareholder Services (ISS) had issued a report recommending in favor of all 4 of the company’s director nominees. The company’s press release indicated that ISS had rejected the nomination by stockholder Bulldog Investors, LLC of three individuals for election to the company’s Board of Directors.
 




June 26, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the LMP Real Estate Income Fund Inc. (RIT) to 1,617,729 shares (14.14%) following a series of purchases between 5/6 and 6/16 (+112,954 shares).
 




June 25, 2015 | Four Wood Capital Partners, LLC announced the launch of the Eagle Growth and Income Opportunities Fund (EGIF), which started trading on the NYSE on June 19, 2015 (after raising approximately $127.5 million in gross proceeds from the IPO, excluding any exercise of the underwriters’ option to purchase additional shares). Four Wood Capital Advisors LLC is the fund’s investment adviser, while Eagle Asset Management, Inc. and Recon Capital Partners, LLC serve as sub-advisers to the fund.
 




June 19, 2015 | Cornerstone Progressive Return Fund (CFP) and Cornerstone Strategic Value Fund, Inc. (CLM) announced on 05-29-2015 that stockholders approved the merger of CFP with and into CLM. The merger is anticipated to close prior to June 30, 2015.
 




June 5, 2015 | Karpus Management, Inc. (dba Karpus Investment Management [“Karpus”]) disclosed in a 13D/A filing that it held 2,128,953 shares (24.53%) of the Federated Enhanced Treasury Income Fund (FTT). The filing contained a series of letters (with the most recent dated June 4) regarding 3 shareholder director nominees and a shareholder proposal that Karpus intends to present at the fund’s 2015 annual meeting of shareholders.
 




June 4, 2015 | Oxford Lane Capital Corp. (OXLC) announced that it had priced an underwritten public offering of 1,800,000 shares of its common stock at $15.65 per share (raising approximately $28.2 million in gross proceeds).
 




June 1, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the Deutsche Global High Income Fund, Inc. (LBF) had risen to 735,928 shares (11.23%) following a series of purchases between 5/28 and 5/29 (+69,573 shares).
 




May 28, 2015 | The AllianzGI Diversified Income & Convertible Fund (NYSE: ACV) announced that it had completed the closing of its initial public offering, and raised $280 million in gross proceeds (excluding any exercise of the underwriters’ option to purchase additional common shares). ACV has a term limit provision -- where the fund will terminate on its 15th anniversary in 2030, unless the term is extended by the fund's Board of Trustees for up to one year or shareholders elect to extend the term. The release also indicated that the fund’s Board of Trustees had approved a Repurchase Plan: “with respect to the Fund's common shares for a defined period following the Fund's initial public offering in an attempt to provide additional liquidity in the marketplace for the Fund's common shares. Pursuant to the Repurchase Plan, the Fund may repurchase its common shares in the open market on any trading day when the Fund's common shares are trading at a discount of 2% or more from the common shares' closing net asset value (‘NAV’) on the prior trading day.” Allianz Global Investors Fund Management LLC is the fund’s investment manager.
 




May 27, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 666,355 shares (10.17%) of the Deutsche Global High Income Fund, Inc. (LBF). The filing also contained a copy of a release by Bulldog Investors General Partnership (“BIGP”) announcing that, subject to several conditions (which are detailed in the release), it intends to commence, approximately thirty days after the annual stockholder meeting of LBF, a cash tender offer to purchase common shares of LBF. The announcement explained that: “The terms of BIGP's conditional tender offer have not been determined although the price is expected to be higher than the market price of the Fund's shares at the expiration of the tender offer.”
 




May 27, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 1,369,434 shares (8.86%) of the Deutsche High Income Opportunities Fund, Inc. (DHG). The filing also contained a copy of a release by Bulldog Investors General Partnership (“BIGP”) announcing that, subject to several conditions (which are detailed in the release), it intends to commence, approximately thirty days after the annual stockholder meeting of DHG, a cash tender offer to purchase common shares of DHG. The announcement explained that: “The terms of BIGP's conditional tender offer have not been determined although the price is expected to be higher than the market price of the Fund's shares at the expiration of the tender offer.”
 




May 21, 2015 | Relative Value Partners, LLC filed a 13D in connection with its holdings of the Western Asset Variable Rate Strategic Fund Inc. (GFY). Relative Value Partners disclosed that it held 1,667,495 shares (25.0%) of GFY. Item 4 of the filing noted that: “The Reporting Person has previously filed Schedule 13G related to its holdings of the Issuer, and is filing this Schedule 13D to reflect a change in intent of holding the Shares from investment purposes only to one with an intent to influence and/or control the Issuer.”
 




May 21, 2015 | Delaware Investments Dividend and Income Fund, Inc. (DDF) announced a cash tender offer for up to 5% of the fund’s issued and outstanding shares of common stock at a price per share equal to 98% of the fund’s NAV per share (as of the close of trading on the first business day after the expiration of the offer). The tender offer is expected to commence on June 1, and expire on June 26, 2015, unless extended.
 




May 20, 2015 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) disclosed in 13D filings its holdings of preferred shares issued by five Eaton Vance closed-end funds, including the: Eaton Vance California Municipal Income Trust (CEV), Eaton Vance Pennsylvania Municipal Income Trust (EVP), Eaton Vance New York Municipal Bond Fund II (NYH), Eaton Vance New Jersey Municipal Income Trust (EVJ), and Eaton Vance New Jersey Municipal Bond Fund (EMJ). The filings indicated that most of the preferred shares held were obtained through transactions on 5/6/2015.
 




May 18, 2015 | LMP Corporate Loan Fund Inc. (TLI) announced that the fund’s board had approved a tender offer for up to 100% of the fund’s outstanding Auction Rate Cumulative Preferred Stock (Series A and B) at a price equal to 90% of the liquidation preference of $25,000 per share (or $22,500 per share), plus any unpaid dividends accrued through the termination date of the offer. The tender offer is expected to commence on, or about, May 26, and expire on June 23, 2015.
 




May 11, 2015 | The boards of three closed-end funds advised by Clough Capital Partners L.P., the Clough Global Equity Fund (GLQ), Clough Global Opportunities Fund (GLO), and Clough Global Allocation Fund (GLV), announced that they had approved: “a participation agreement between the Funds and the RiverNorth Funds, on behalf of its series. Pursuant to the participation agreement, the RiverNorth Funds may purchase shares of each Fund in excess of certain investment limitations set forth by the Investment Company Act of 1940, provided certain requirements are fulfilled. Each Board approved the participation agreement on behalf of its Fund as part of the Board’s evaluation of options intended to enhance shareholder value and to provide liquidity.”
 




May 8, 2015 | A preliminary proxy statement filed on May 8 provided additional details on the proposed reorganization of the BlackRock MuniYield Michigan Quality Fund II, Inc. (MYM) into the BlackRock MuniYield Michigan Quality Fund, Inc. (MIY). The proposed reorganization, which was first announced by BlackRock Advisors on May 1, will be considered by the shareholders of each fund at a joint special shareholder meeting of MYM and MIY scheduled for August 6, 2015.
 




May 7, 2015 | The PIMCO Dynamic Credit Income Fund (PCI) announced that the fund’s shareholders, voting at PCI’s annual shareholder meeting on April 30, “overwhelmingly elected current Trustees Craig A. Dawson, Bradford K. Gallagher and James A. Jacobson, as Trustees to the Fund’s Board, defeating the nominees proposed by hedge fund Ironsides Partners by over 41.5 million votes.”
 




May 5, 2015 | The American Stock Transfer & Trust Company, LLC (AST) announced that it has been appointed as transfer agent to seven closed-end funds advised by Franklin Templeton Investments. For more details, please see the press release posted on amstock.com at https://www.amstock.com/new/news/news050515.pdf.
 




May 5, 2015 | The Alliance New York Municipal Income Fund, Inc. (AYN) announced that its board of directors had approved the liquidation and dissolution of the fund, subject to stockholder approval. The fund’s release indicated that a Plan of Liquidation and Dissolution will be submitted to stockholders at a special meeting scheduled for August 3, 2015. The record date for that special meeting is May 21, 2015.
 




May 5, 2015 | The Adams Diversified Equity Fund, Inc. (ADX) announced that at the fund’s annual meeting of stockholders, which was held on April 30, 2015, a stockholder proposal requesting that the fund’s board authorize a self-tender offer for all outstanding common shares of the fund at or close to net asset value (NAV) had been “overwhelmingly defeated.” ADX noted in its release that of the votes cast on the proposal, 74% voted against it, while 23% (representing 13% of the outstanding shares) had voted for it.
 




April 29, 2015 | Special Opportunities Fund, Inc. (SPE), a closed-end fund that has Bulldog Investors, LLC serving as its investment adviser, announced that it will seek instructions from stockholders regarding the voting of proxies for certain closed-end funds whose shares SPE owns. The fund’s release indicated that the specific closed-end funds for which SPE seeks such instructions will be posted on SPE’s website.
 




April 27, 2015 | Saba Capital Management, L.P. (Boaz R. Weinstein) disclosed in a 13D filing that it held 1,257,607 shares (8.1%) of the Deutsche High Income Opportunities Fund, Inc. (DHG). Item 4 of the filing noted that: “The Reporting Persons may engage in discussions with management, the Board of Directors, other shareholders of the Issuer and other relevant parties, including representatives of any of the foregoing, concerning the Reporting Persons' investment in the Shares and the Issuer, including, without limitation, matters concerning the Issuer’s business, operations, governance, management, capitalization and strategic plans.”
 




April 27, 2015 | Saba Capital Management, L.P. (Boaz R. Weinstein) disclosed in a 13D filing that it held 1,491,434 shares (9.4%) of the Deutsche High Income Trust (KHI). Item 4 of the filing noted that: “The Reporting Persons may engage in discussions with management, the Board of Directors, other shareholders of the Issuer and other relevant parties, including representatives of any of the foregoing, concerning the Reporting Persons' investment in the Shares and the Issuer, including, without limitation, matters concerning the Issuer’s business, operations, governance, management, capitalization and strategic plans.”
 




April 27, 2015 | The Central Europe, Russia and Turkey Fund, Inc. (CEE) announced that after a 15-week measurement period, in which the fund’s common stock had traded at an average discount to NAV of -10.01%, the fund will (in accordance with its Discount Management Program) conduct a tender offer for up to 5% of its outstanding shares at a price equal to 98% of its NAV per share. The fund’s release indicated that details on the tender offer will be forthcoming “in the upcoming weeks.” The fund also announced that its Board of Directors had approved an increase of 100,000 shares in its share repurchase authorization (to a new total of 1,110,000 shares) for the period from 8/1/14 through 7/31/15.
 




April 24, 2015 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) filed a 13D disclosing that it held 2,577,358 shares (24.04%) of the MFS InterMarket Income Trust I (CMK), which is up from 2,211,119 shares as of 12/31/14 (13G/A on 2/13/15). Item 4 of the 13D filing noted that: “KIM reserves the right to contact management with regard to concerns that they have with respect to the Fund. This may include letters to the Board and/or other communications with Fund management.”
 




April 24, 2015 | Bulldog Investors, LLC disclosed in a 13D filing that it held 1,060,568 shares (9.90%) of the MFS Intermarket Income Trust I (CMK), which is up from 599,223 shares as of 12/31/14 (13F). The filing also included a copy of a letter (dated April 23) from Phillip Goldstein and the Special Opportunities Fund, Inc., which has Bulldog Investors serving as its investment adviser, regarding a shareholder proposal requesting that CMK’s board authorize a self-tender offer for all outstanding common shares of the Fund at NAV.
 




April 20, 2015 | The Clough Global Equity Fund (GLQ), Clough Global Opportunities Fund (GLO), and Clough Global Allocation Fund (GLV) announced that the Board of Trustees of each fund had approved a share repurchase program. The release noted that: “Under the share repurchase program, each of the Funds may purchase up to 5% of its outstanding common shares as of April 9, 2015, in the open market, between now and the Fund's fiscal year end of October 31, 2015.” The release also explained that: “the program allows the Funds to acquire their shares in the open market at a discount to NAV, which will increase the NAV and thereby benefit remaining shareholders while potentially providing additional liquidity in the trading of the fund shares.”
 




April 20, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 1,171,843 shares (6.57%) of the Clough Global Equity Fund (GLQ), and that Phillip Goldstein had sent a letter to the fund (dated April 20) regarding a revised shareholder proposal.
 




April 20, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 1,503,275 shares (13.14%) of the LMP Real Estate Income Fund Inc. (RIT), which is + 41,339 shares as a result of purchases on 4/6 and 4/10. The filing also disclosed a letter from Phillip Goldstein dated April 20.
 




April 16, 2015 | The AllianceBernstein Income Fund, Inc. (ACG) announced that stockholders had approved, at the fund’s Annual Meeting of Stockholders held on April 16, 2015, a non-binding stockholder proposal requesting, as the fund’s release described: “that the Board of Directors of the Fund (the ‘Board’) consider authorizing a self-tender offer for all outstanding common shares of the Fund at or close to net asset value, and, if more than 50% of the Fund’s outstanding common shares are tendered, to cancel the tender offer and take the steps necessary to liquidate, merge or convert the Fund to an open-end mutual fund. The Board will consider the results of the vote on the stockholder proposal at a future time.”
 




April 13, 2015 | Bulldog Investors, LLC disclosed in separate 13D/A filings that its holdings of the Deutsche High Income Opportunities Fund, Inc. (DHG) stood at 1,363,333 shares (8.82%), and that it held 620,722 shares (9.47%) of the Deutsche Global High Income Fund, Inc. (LBF). Each filing also disclosed that Phillip Goldstein had sent a letter (dated 4/13/15) to counsel for each of those funds regarding certain issues related to: shareholder proposals previously submitted by the Special Opportunities Fund, Inc. (which has Bulldog Investors serving as the fund’s investment adviser); and notices of intent to present certain director nominations submitted by Full Value Partners, L.P. (one of the “Bulldog Investors Group of Funds”).
 




April 9, 2015 | The Brookfield Global Listed Infrastructure Income Fund Inc. (INF) announced that its Board of Directors had approved the terms of a transferable rights offering, which has a record date of April 21, 2015, and is expected to expire on May 22, 2015 (unless extended). The fund’s release noted that: “Subject to the registration statement for the offer becoming effective under the Securities Act of 1933, the Fund will distribute to common shareholders of record one right for each common share held on the record date. This will allow common shareholders to purchase one new common share for every three rights held (1-for-3).” For additional details on the offering, including the formula that will be used to determine the subscription price, see the fund’s release at www.brookfieldim.com
 




April 6, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the LMP Real Estate Income Fund Inc. (RIT) to 1,461,936 shares (12.78%), which follows a series of purchases between 3/30 and 4/2 (+129,041 shares).
 




April 6, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Alliance New York Municipal Income Fund, Inc. (AYN) to 588,927 shares (12.18%), which follows a series of purchases between 2/27 and 4/2 (+49,832 shares).
 




March 30, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the LMP Real Estate Income Fund Inc. (RIT) had increased to 1,332,895 shares (11.65%) following additional purchases on 3/26 and 3/27 (+ 31,300 shares). The filing also included a copy of a letter sent by Phillip Goldstein to the fund dated March 30.
 




March 27, 2015 | Calamos Investments announced that the initial public offering of the Calamos Dynamic Convertible and Income Fund (NASDAQ: CCD) had raised $555 million (with 22,200,000 common shares priced at $25.00 per share, excluding any exercise of the underwriters’ option to purchase additional shares). CCD has a term limit provision (where the fund will terminate on its 15th anniversary in 2030, absent shareholder approval to amend the limited term provision).
 




March 26, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the LMP Real Estate Income Fund Inc. (RIT) had increased to 1,301,595 shares (11.38%) following a series of purchases between 3/13 and 3/25/15 (+157,056 shares).
 




March 25, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the Deutsche Global High Income Fund, Inc. (LBF) had increased to 620,722 shares (9.47%) following the purchase of 128,786 shares on 3/24/15. See also our alert dated March 16 detailing disclosures by Bulldog Investors in a 13D filing regarding its position in LBF.
 




March 25, 2015 | Karpus Management, Inc. (dba Karpus Investment Management [“KIM”]) disclosed in a 13D/A filing that it held 11,901,133 shares (4.90%) of the AllianceBernstein Income Fund, Inc. (ACG). The filing included copies of letters sent by KIM to the fund in October and November 2014, along with a press release by KIM dated March 23, 2015.
 




March 24, 2015 | Nuveen Investments announced that the Diversified Real Asset Income Fund (DRA) will conduct a cash tender offer for up to 10 percent of the fund’s outstanding common shares at a price per share equal to 99 percent of the NAV per share (as determined on the date the offer expires). The tender offer is expected to commence on April 6 and expire on May 8, 2015 (unless extended).
 




March 23, 2015 | The Financial Times service Ignites (www.ignites.com [Money-Media]) published an article titled “Closed-End Activist Sends Shot Across Federated’s Bow,” which cited data from CEFinsight and comments from our own Warren Antler (Sr. VP, AST Fund Solutions [heading up our Closed-End Fund Division]). The article examines developments regarding Karpus Investment Management and the Federated Enhanced Treasury Income Fund (FTT).
 




March 19, 2015 | Tekla Healthcare Opportunities Fund (THQ) announced that its Board of Trustees had authorized a share repurchase program, which will allow the fund to purchase in the open market up to 12% of its outstanding common shares for a one year period starting July 11, 2015. The fund’s release explained that the “share repurchase program is intended to increase the Fund’s net asset value per share and could also have the benefit of providing additional liquidity in the trading of shares.”
 




March 19, 2015 | Karpus Management, Inc. (dba Karpus Investment Management [“Karpus”]) disclosed in a 13D filing that it held 2,138,244 shares (24.64%) of the Federated Enhanced Treasury Income Fund (FTT). The filing included materials (dated March 13) regarding a shareholder proposal to be presented by Karpus at the fund’s 2015 annual meeting of shareholders.
 




March 17, 2015 | The Swiss Helvetia Fund, Inc. (SWZ) announced the resumption of a stock repurchase program, in which the fund may purchase up to 500,000 shares of its common stock through open market transactions during 2015.
 




March 16, 2015 | Bulldog Investors, LLC disclosed in a 13D filing that it beneficially owned 491,936 shares (7.5%) of the Deutsche Global High Income Fund, Inc. (LBF). Item 4 of the filing indicated that the “filing persons intend to nominate four persons for election as directors and to present a proposal at the annual meeting.”
 




March 16, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it beneficially owned 1,348,966 shares (8.73%) of the Deutsche High Income Opportunities Fund, Inc. (DHG). Item 4 of the filing indicated that the “filing persons intend to nominate four persons for election as directors and to present a proposal at the annual meeting.”
 




March 13, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the LMP Real Estate Income Fund Inc. (RIT) to 1,144,539 shares (10.00%) following a series of purchases between 2/24 and 3/12 (+154,402 shares).
 




March 12, 2015 | John Hancock Income Securities Trust (JHS) announced that its Board of Trustees had approved a share repurchase program, in which the fund may purchase in the open market (between March 13 and Dec. 31, 2015) up to 10% of its outstanding common shares (as of Feb. 28, 2015).
 




March 11, 2015 | NexPoint Credit Strategies Fund (NHF) announced that its Board of Trustees approved the separation of its business into two separate and independent publicly-traded companies, including: NHF, which will continue as a closed-end fund, and NexPoint Residential Trust, Inc. (“NXRT”). The spin-off of NXRT will see the distribution of all of the outstanding shares of NXRT common stock to NHF’s shareholders of record as of the close of business on March 23, 2015. For additional details on the spin-off, see the fund’s release.
 




March 9, 2015 | Center Coast MLP & Infrastructure Fund (CEN) announced that its Board of Trustees had approved the terms of a transferable rights offering. The fund’s release noted that: “The record date for the Offer is currently expected to be March 20, 2015…The Fund will distribute to Common Shareholders on the Record Date…one Right for each Common Share held on the Record Date. Common Shareholders will be entitled to purchase one new Common Share for every three Rights held (1 for 3); however any Common Shareholder who is issued fewer than three Rights will be entitled to subscribe for one Common Share. Fractional Common Shares will not be issued. The proposed subscription period will commence on the Record Date and is currently anticipated to expire on April 17, 2015, unless extended by the Fund….” For additional details on this rights offering, see the fund’s press release at www.centercoastcap.com.
 




March 6, 2015 | The City of London Investment Management Company Limited (CLIM), which is one of the largest holders of a number of closed-end country funds, announced on March 3 a new program to promote "Environmental, Social and Governance (ESG)" awareness among closed-end funds focused on investments in emerging markets. The firm’s press release indicated that “CLIM cannot screen out” securities according to ESG variables: “but it can encourage greater transparency from CEF investment managers…This project will involve no change to CLIM’s investment process which has continued to develop over the years. CLIM’s intention is to encourage CEF investment managers to be more explicit about how ESG considerations are integrated into their investment processes...At the beginning of March CLIM will start presentations with investment consultants and clients to update them on this initiative.”
 




February 27, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that its ownership of the Alliance New York Municipal Income Fund, Inc. (AYN) had increased to 539,095 shares (11.15%) following a series of purchases from 1/13/15-2/26/15 (+ 48,581 shares).
 




February 27, 2015 | The Cornerstone Strategic Value Fund, Inc. (CLM) and Cornerstone Progressive Return Fund (CFP) announced that the Board of Directors/Trustees of each fund had approved (subject to shareholder approval) a proposed merger of the two funds -- with CLM the acquiring fund.
 




February 24, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that Phillip Goldstein had sent a letter (dated Feb. 23, 2015) to the LMP Real Estate Income Fund Inc. (RIT) indicating that Opportunity Partners L.P. (part of the “Bulldog Investors Group of Funds”) intends to submit a shareholder proposal (requesting the Board of Directors authorize a self-tender offer for the fund’s common shares at or close to NAV) and nominate three persons for election as Directors. Bulldog Investors also disclosed that it owned 990,137 shares (8.65%) of RIT, which is +158,988 shares after a series of purchases between 2/4/15 and 2/23/15.
 




February 23, 2015 | The Morgan Stanley Eastern Europe Fund, Inc. (RNE) announced that stockholders, at a special meeting held on Feb. 23, 2015, had approved a plan of liquidation and dissolution recommended by the Board of Directors (with liquidation of the fund expected to be completed by the end of the first quarter of 2015). The fund’s definitive proxy statement (DEF 14A filed 1/15/2015) had previously explained that: “Considering the diminishing asset size of the relatively small Fund and the persistent discount at which the Fund's Shares have traded, the Board of the Fund unanimously declared advisable and approved the liquidation and dissolution of the Fund pursuant to the Plan of Liquidation after considering various other alternatives.” The fund’s largest shareholder is City of London Investment Group PLC (City of London Investment Management Co. Ltd.), which disclosed in a 13G/A filing that it held 1,271,244 shares (38.3%) of RNE as of 12/31/14.
 




February 20, 2015 | RiverNorth Capital Management, LLC disclosed in a 13D filing that it held 985 (or 57.3% of the) Auction Rate Cumulative Preferred Shares (Series W) of the Pacholder High Yield Fund, Inc. (PHF). Item 4 of the filing noted that the reporting persons may “seek to engage in discussions with the Issuer in the future regarding liquidity solutions with respect to the outstanding ARPS.”
 




February 20, 2015 | Karpus Management, Inc. (dba Karpus Investment Management [“KIM”]) disclosed in a 13D/A filing that its holdings of the Cutwater Select Income Fund (CSI) had fallen to 808,402 shares (7.55%) after a series of transactions (mostly sales) between 12/15/2014 and 2/12/2015 (-80,483 shares).
 




February 17, 2015 | Saba Capital Management, L.P. (Boaz R. Weinstein) filed a series of amended 13Gs disclosing that the firm held more than 5% of the outstanding common stock of the following funds (showing the ticker of each fund and, in brackets, the disclosed % of O/S held by the hedge fund as of Dec. 31, 2014): BlackRock Corporate High Yield Fund, Inc. (HYT [5.51%]), BlackRock Debt Strategies Fund, Inc. (DSU [8.46%]), BlackRock Multi-Sector Income Trust (BIT [5.22%]), Deutsche High Income Trust (KHI [8.41%]), Deutsche Strategic Income Trust (KST [6.95%]), Managed High Yield Plus Fund Inc. (HYF [9.38%]), Western Asset Managed High Income Fund Inc. (MHY [9.14%]), Western Asset Emerging Markets Income Fund Inc. (EMD [5.76%]), Western Asset High Yield Defined Opportunity Fund Inc. (HYI [7.20%]), Western Asset Global Corporate Defined Opportunity Fund Inc. (GDO [5.57%]), MFS Intermediate High Income Fund (CIF [7.66%]), Global High Income Fund Inc. (GHI [9.20%]), Neuberger Berman High Yield Strategies Fund Inc. (NHS [5.05%]), Nuveen Mortgage Opportunity Term Fund (JLS [5.613%]), and Blackstone / GSO Long-Short Credit Income Fund (BGX [5.41%]). Saba Capital Management, L.P. also filed a new 13G disclosing that it held 5.44% of the Deutsche High Income Opportunities Fund, Inc. (DHG) as of Feb. 5, 2015.
 




February 12, 2015 | The MFS Charter Income Trust (MCR), MFS InterMarket Income Trust I (CMK), MFS Intermediate High Income Fund (CIF), and MFS Multimarket Income Trust (MMT) announced the adoption of managed distribution plans in which the funds will, starting in May 2015, make monthly distributions to common shareholders at the following annual minimum fixed rates based on the average monthly net asset value (NAV) of each fund's common shares: MCR (8.00%), CMK (7.00%), CIF (9.50%), and MMT (8.00%). The release explained that: “The primary purpose of each plan is to provide shareholders with a constant, but not guaranteed, fixed minimum rate of distribution each month…Each plan is intended to narrow the discount between the market price and the NAV of each fund's common shares, but there is no assurance that the plan will be successful in doing so.”
 




February 10, 2015 | On Friday (Feb. 6, 2015), the PIMCO Dynamic Credit Income Fund (PCI) filed a preliminary proxy statement for its upcoming annual meeting of shareholders, in which it disclosed the following: “Ironsides Partners Opportunity Master Fund L.P. (‘Ironsides’), a shareholder of the Fund, has given the Fund notice (the ‘Ironsides Notice’) of its intent to nominate and solicit support at the upcoming Meeting to elect Robert C. Knapp and Richard W. Cohen (collectively, the ‘Ironsides Candidates’) as Trustees of the Fund. If nominated, neither the Board nor PIMCO believes that the election of the Ironsides Candidates is in the best interests of the Fund.”
 




February 10, 2015 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that its holdings of the Nuveen Municipal Advantage Fund, Inc. (NMA) had fallen to 1,114,954 shares (2.84%) after a series of sales between 12/01/14 and 1/26/15 (-482,786 shares).
 




February 10, 2015 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that its holdings of the Nuveen Dividend Advantage Municipal Income Fund (NVG) had fallen to 1,337,570 shares (5.02%) after a series of transactions between 12/05/14 and 1/29/15 (-842,000 shares).
 




February 4, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it held 831,148 shares (7.26%) of the LMP Real Estate Income Fund Inc. (RIT) following a series of purchases between 1/15/15 and 2/3/15 (+144,020 shares).
 




February 2, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the Deutsche High Income Opportunities Fund, Inc. (DHG) had increased to 1,308,220 shares (8.47%) following a series of purchases between 12/09/14 and 1/30/15 (+197,207 shares).
 




January 29, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the Clough Global Equity Fund (GLQ) stood at 1,123,920 shares (6.30%), and that the firm had sent letters (dated January 28) to the fund indicating that Opportunity Partners L.P. (part of the “Bulldog Investors Group of Funds”) was submitting a shareholder proposal and intends to nominate three persons (including Phillip Goldstein) for election as Trustees at the fund’s next annual meeting of shareholders.
 




January 26, 2015 | AST Fund Solutions, which operates CEFinsight.com, will be conducting a webinar on the “Trends and Outlook for the Closed-End Fund Industry,” on Thursday, Jan. 29, 2015, from 1:00 PM - 2:00 PM ET. Topics to be covered include: the IPO market for closed-end funds and business development companies; trends in closed-end fund mergers/reorganizations; key developments impacting business development companies; and recent and emerging trends in shareholder activism in closed-end funds. To register, please go to the CEFinsight.com weekly report dated January 26, 2015 for a hyperlink to the registration page.
 




January 22, 2015 | Bulldog Investors, LLC filed a new 13D disclosing that it owned 109 (6.41%) Auction Rate Cumulative Preferred Shares (ARCPS) of the Western Asset Municipal Partners Fund Inc. (MNP) and had sent a letter to the fund indicating that Opportunity Partners L.P. intends to nominate Phillip Goldstein (of Bulldog Investors, LLC) for election as a director by the owners of the ARCPS (voting separately as a class).
 




January 22, 2015 | Western Asset Municipal Partners Fund Inc. (MNP) filed a Schedule TO-I regarding a tender for up to 100% of the fund’s outstanding series M auction rate preferred stock at 90% of the liquidation preference of $50,000 per share (or $45,000 per share), plus any unpaid dividends accrued through the termination date. The tender offer is scheduled to expire on March 6, 2015, unless extended.
 




January 22, 2015 | Western Asset Intermediate Muni Fund Inc. (SBI) filed a Schedule TO-I regarding a tender for up to 100% of the fund’s outstanding series M Municipal Auction Rate Cumulative Preferred Stock at 90% of the liquidation preference of $25,000 per share (or $22,500 per share), plus any unpaid dividends accrued through the termination date. The tender offer is scheduled to expire on February 20, 2015, unless extended.
 




January 22, 2015 | Western Asset Managed Municipals Fund Inc. (MMU) filed a Schedule TO-I regarding a tender for up to 100% of the fund’s outstanding Series M, Series T, Series W, Series TH, and Series F Municipal Auction Rate Cumulative Preferred Stock at 90% of the liquidation preference of $25,000 per share (or $22,500 per share), plus any unpaid dividends accrued through the termination date. The tender offer is scheduled to expire on February 27, 2015, unless extended.
 




January 20, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Clough Global Equity Fund (GLQ) to 1,123,920 shares (6.30%), which is +188,753 shares after a series of purchases between 11/21/2014 and 1/7/2015.
 




January 16, 2015 | The PIMCO Corporate & Income Opportunity Fund (PTY) announced that it was commencing (on Jan. 16) a voluntary tender offer for up to 100% of its outstanding Auction Rate Preferred Shares (ARPS) at a price equal to 87% of the ARPS’ per share liquidation preference of $25,000 (or $21,750 per share). The offer is expected to expire on Feb. 27, 2015, unless extended. Each tendering ARPS holder will also be entitled to one non-transferrable contingent payment right (to, as PIMCO’s release explained, “receive an additional payment from PTY if PTY completes an additional tender offer for its ARPS or a voluntary redemption of its ARPS during the three-hundred and sixty-five (365) calendar days following the expiration date of the Tender Offer, and such subsequent tender offer or voluntary redemption is for a price per ARPS that is greater than 87% of the ARPS’ liquidation preference”). PTY, along with the PIMCO Corporate & Income Strategy Fund (PCN), PIMCO Income Strategy Fund (PFL) and PIMCO Income Strategy Fund II (PFN) also announced changes to their non-fundamental investment policies. For more details, see PIMCO’s press release.
 




January 15, 2015 | Nuveen Investments announced that the Boards of three Nuveen New York municipal bond funds had approved a proposed merger in which the Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) and Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) would be acquired by the Nuveen New York Dividend Advantage Municipal Fund (NAN). The proposed merger is subject to shareholder approvals.
 




January 15, 2015 | Bulldog Investors, LLC disclosed in a 13D filing that it held 687,128 shares (6.01%) of the LMP Real Estate Income Fund Inc. (RIT) after a series of purchases between 11/24/14 and 1/14/15 (+196,346 shares). Item 4 of the filing included the following: “The filing persons believe that shareholders should be afforded an opportunity to realize liquidity at net asset value for their shares via a self-tender offer, open-ending or liquidation. To achieve that goal, the filing persons may consider taking various actions including nominating directors and conducting a tender offer for shares of the issuer.” See also our alert history regarding recent 13D and amended filings by Bulldog Investors in connection with its investment in RIT.
 




January 13, 2015 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had increased its holdings of the Alliance New York Municipal Income Fund, Inc. (AYN) to 488,913 shares (10.11%), following a series of purchases between 12/29/14 and 1/12/15 (+49,282 shares). See also our alert dated December 29, 2014, concerning filings by Bulldog Investors, LLC regarding its position in AYN.
 




January 9, 2015 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that its holdings of the Zweig Total Return Fund Inc. (ZTR) had fallen to 1,614,718 shares (4.85%) following a series of sales from 11/4 to 12/31 (-768,150 shares).
 




January 9, 2015 | Karpus Management, Inc. (dba Karpus Investment Management) disclosed in a 13D/A filing that its holdings of the Nuveen Dividend Advantage Municipal Fund 3 (NZF) had fallen to 3,114,095 shares (8.57%) following a series of transactions from 11/4 to 12/23 (-450,625 shares).
 




December 29, 2014 | Bulldog Investors, LLC disclosed in a new 13D filing that it was the beneficial owner of 439,831 common shares (9.09%) of the Alliance New York Municipal Income Fund, Inc. (AYN) as of Dec. 26, 2014 (after purchasing 419,931 shares in a series of transactions between Nov. 7 and Dec. 26). Item 4 of the filing (stating the purpose of the transaction) noted only that the “filing persons acquired their shares for investment purposes.” Back on Nov. 17, 2014, Bulldog Investors, LLC disclosed in a separate 13D filing that it beneficially owned 848 (51.96%) of the Auction Rate Preferred Shares (ARPS) of AYN and that the “filing persons intend to communicate with management about options for alternative financing to replace the preferred stock.”
 




December 19, 2014 | Thomas J. Herzfeld, et. al., disclosed in a 13D/A filing holdings of 629,577 shares (11.30%) of The Herzfeld Caribbean Basin Fund, Inc. (CUBA). Item 5 of the filing indicated that recent purchases (+399,789 shares) came through participation in CUBA’s recent rights offering.
 




December 18, 2014 | Bancroft Fund Ltd. (BCV) announced that its Board of Trustees had increased the number of shares that may be acquired by the fund under its current share repurchase program to up to 7% of the fund’s outstanding shares (up from 3% of O/S previously).
 




December 18, 2014 | Ellsworth Fund Ltd. (ECF) announced that its Board of Trustees had increased the number of shares that may be acquired by the fund under its current share repurchase program to up to 7% of the fund’s outstanding shares (up from 3% of O/S previously).
 




December 16, 2014 | Cornerstone Progressive Return Fund (CFP), Cornerstone Strategic Value Fund, Inc. (CLM), and Cornerstone Total Return Fund, Inc. (CRF) announced that one-for-four reverse stock splits for each fund are expected to become effective prior to the open of trading on December 29, 2014. For additional details, including the treatment of any fractional shares that may result from the reverse splits, see the related press release (currently available on CEFinsight.com under “News Wire”).
 




December 15, 2014 | The European Equity Fund, Inc. (EEA) announced that, following a 15-week measurement period and in accord with its Discount Management Program, the fund will conduct a tender offer for up to 5% of its outstanding shares at a price equal to 98% of NAV per share. Details on the timing of the offer are expected to be announced in upcoming weeks.
 




December 12, 2014 | Aberdeen Japan Equity Fund, Inc. (JEQ) announced that its Board of Directors had revised the fund’s Discount Management Program (announced 5/23/12), which authorizes management to make open market share repurchases up to a maximum aggregate total, during each 12-month period ending Oct. 31, of 10% of the fund's shares of stock outstanding as of Oct. 31 of the prior year. Previously, the program involved repurchases when shares were trading at “a discount from the Fund’s net asset value of 9% or more and the daily average discount from the Fund’s net asset value over the five-day period ending the prior day is 9% or more” (JEQ N-CSRS for 4/30/14). The press release on 12/12/14 refers instead to the discretion to make repurchases “opportunistically at certain discounts” to NAV per share when, “in the reasonable judgment of management based on historical discount levels and current market conditions, such repurchases may enhance stockholder value.”
 




December 11, 2014 | Clough Global Allocation Fund (GLV) announced that its Board of Trustees approved an increase in its monthly cash distribution rate to $0.120 per common share (for distributions declared for January, February, March, and April 2015). This amounts to an increase in the annualized distribution rate of $0.18 per share (+14.29%). Based on GLV’s closing share price of $14.38 (on 12/10/2014) and NAV of $16.89 (as of 12/10/2014), the new distributions represented annualized distribution rates of 10.01% and 8.53%, respectively.
 




December 10, 2014 | Fitch Ratings announced that it released a report titled “2015 Outlook: Closed-End Funds,” which is available at www.fitchratings.com. The firm’s related press release noted that its rating outlook for the U.S. closed-end fund (CEF) sector: “will remain stable in 2015, reflecting moderate leverage levels, adequate protections against asset coverage declines, and prudent investment management.” Regarding the potential for rising interest rates in 2015, and the resulting impact on closed-end funds, the release also noted that: “In general, Fitch believes CEFs are positioned to manage these effects provided the interest rate increases are gradual.”
 




December 10, 2014 | Cutwater Select Income Fund (CSI) announced that shareholders of the fund had approved, at a special meeting held on Dec. 10, a new investment advisory agreement between the fund and Cutwater Services Corp., the fund’s investment adviser.
 




December 10, 2014 | BlackRock Advisors, LLC announced that the Board of Directors of each of the BlackRock MuniYield New Jersey Quality Fund, Inc. (MJI) and BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) approved the reorganization of MJI into MUJ (subject to shareholder approvals).
 




December 10, 2014 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) disclosed in a 13D/A filing that its holdings of the Nuveen Dividend Advantage Municipal Income Fund (NVG) had dropped to 2,183,910 shares (8.19%) as of November 30, which is down from 2,340,355 shares as of 9/30/14 (13F).
 




December 9, 2014 | Morgan Stanley Eastern Europe Fund, Inc. (RNE) announced that its Board of Directors had adopted a proposed plan to liquidate the fund, and will submit a proposal to stockholders to approve the plan at a special meeting to be held in February 2015.
 




December 9, 2014 | BlackRock Advisors, LLC announced that the Board of Trustees of each of the BlackRock Pennsylvania Strategic Municipal Trust (BPS) and BlackRock MuniYield Pennsylvania Quality Fund (MPA) had approved the reorganization of BPS into MPA (subject to shareholder approvals).
 




December 8, 2014 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had reduced its holdings of The Swiss Helvetia Fund, Inc. (SWZ) to 1,162,270 shares (4.38%) following the sale of a combined 600,521 shares in transactions on 12/04 and 12/05.
 




December 4, 2014 | MCG Capital Corporation (MCGC) announced the preliminary results of its modified “Dutch auction” tender offer, which expired on Dec. 3, 2014. The cash tender offer was for up to $75 million of its common stock. The release noted that an aggregate of 4,996,072 shares were properly tendered and not withdrawn at or below a price of $3.75, including 343,670 shares tendered through notice of guaranteed delivery. MCG indicated that it expects to accept for payment an aggregate of 4,996,072 shares of its common stock (amounting to approximately 11.5% of the shares issued and outstanding as of Nov. 3, 2014).
 




December 2, 2014 | Firsthand Technology Value Fund, Inc. (SVVC) announced that it expects to commence, on Dec. 22, 2014, an issuer tender offer for up to “$30 million” of its issued and outstanding shares of common stock (where the offer amount, at the time the tender offer commences, will be minus the total of funds, up to a maximum of $10 million, which may be used by SVVC under its current discretionary share repurchase plan [that SVVC intends to terminate on December 12, 2014]). The cash tender offer’s purchase price per share will be equal to 95% of SVVC’s NAV as of the close of ordinary trading on the NASDAQ Global Market on December 31, 2014. The tender offer’s expiration date is expected to be January 21, 2015, unless extended.
 




December 2, 2014 | Capital Southwest Corporation (CSWC) announced that its Board of Directors had approved a plan to spin off certain of its control assets into a stand-alone publicly-traded diversified industrial growth company (“Industrial Co.”). The company’s release explained that the “newly formed Industrial Co. will be structured as a C Corporation and operate as a diversified industrial growth company with well-established, scalable platforms and deep domain expertise initially across two core industries: industrial products and specialty chemicals.” In addition, CSWC: “will maintain operations as an internally-managed business development company (‘BDC’) and pursue a credit-focused investing strategy akin to similarly structured organizations. The business will continue to provide capital to middle-market companies in the Southwest and across the country that have strong management teams and have demonstrated sound financial performance. It will focus on generating current income that will allow shareholders to receive a market based dividend in a tax efficient manner. CSWC intends to primarily invest in debt securities, including senior ‘unitranche’ debt, second lien and subordinated debt, and may also invest in preferred stock and common stock alongside its debt investments or through warrants.” The proposed spin-off, which is subject to approval by CSWC’s shareholders, is expected to be consummated by the end of the third quarter of 2015.
 




November 25, 2014 | The Miller/Howard High Income Equity Fund (NYSE: HIE) raised $245 million in its initial public offering (excluding any exercise of the underwriters’ option to purchase additional shares). Miller/Howard Investments Inc. is the fund’s investment adviser.
 




November 21, 2014 | Bulldog Investors, LLC disclosed in a new 13D filing that it held 934,067 shares (5.24%) of the Clough Global Equity Fund (GLQ). Item 4 of the filing noted that the “filing persons may communicate with management and shareholders about the fund's performance and trading discount.”
 




November 20, 2014 | Karpus Management, Inc. (dba Karpus Investment Management [“Karpus”]) disclosed in a 13D/A filing that it held 12,352,332 shares (5.09%) of the AllianceBernstein Income Fund, Inc. (ACG) and sent a letter to the fund (dated Nov. 19, 2014) addressing whether Karpus had met a requirement in the fund’s bylaws that a shareholder submitting trustee nominations be a “shareholder of record” (where Karpus noted that it had submitted a letter from its account custodian, which is “a participant of Cede & Co., the ‘record holder’ we believe is on the Fund's books and records”).
 




November 19, 2014 | Bancroft Fund Ltd. (BCV) announced that its Board of Trustees had adopted a new 5% minimum distribution policy (effective in calendar year 2015) and a plan to repurchase up to 3% of the fund’s outstanding shares.
 




November 19, 2014 | Ellsworth Fund Ltd. (ECF) announced that its Board of Trustees had adopted a new 5% minimum distribution policy (effective in calendar year 2015) and a plan to repurchase up to 3% of the fund’s outstanding shares.
 




November 19, 2014 | Nuveen Investments announced that the Board of the Trustees of the Nuveen Global High Income Fund (which is expected to trade with the ticker symbol JGH) had approved a cash tender offer for up to 25% of the fund’s outstanding common shares at a price per share equal to 98% of the fund’s NAV per share – contingent upon the completion of the previously announced merger of the Nuveen Global Income Opportunities Fund (JGG) and Nuveen Diversified Currency Opportunities Fund (JGT) into the new fund. The tender offer is expected to commence on December 4, 2014, and expire on January 9, 2015, unless extended.
 




November 19, 2014 | Nuveen Investments announced that the Board of the Nuveen Minnesota Municipal Income Fund (NMS) had approved an open-market share repurchase program. The release explained that the fund may repurchase an aggregate of up to approximately 10% of its outstanding common shares through open-market transactions conducted at the discretion of the fund’s management.
 




November 18, 2014 | Newtek Business Services Corp. (NASDAQ: NEWT) announced that it had closed an underwritten offering of 2,530,000 shares of its common stock at a public offering price of $12.50 per share (for gross proceeds of $31.625 million). Prior to the pricing of the offering, Newtek Business Services, Inc. merged into the company, which filed an election to be regulated as a business development company under the Investment Company Act of 1940 (as amended).
 




November 17, 2014 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) disclosed in a 13D/A filing that it held 168 (9.88%) Auction Rate Cumulative Preferred Shares (ARCPS) of the Western Asset Municipal Partners Fund Inc. (MNP) and had sent a letter (dated Nov. 14, 2014) to the fund of KIM’s intention to submit a shareholder proposal and director nominee for consideration at the fund’s 2015 Annual Meeting.
 




November 17, 2014 | Bulldog Investors, LLC filed a new 13D disclosing that it beneficially owned 848 (51.96%) Auction Rate Preferred Shares of the Alliance New York Municipal Income Fund, Inc. (AYN). Item 4 of the filing noted that the “filing persons intend to communicate with management about options for alternative financing to replace the preferred stock.”
 




November 17, 2014 | Bulldog Investors, LLC disclosed in a 13D/A filing that it beneficially owned 1,092,375 shares (6.99%) of the Deutsche High Income Opportunities Fund, Inc. (DHG), which is +102,458 shares after a series of purchases between 9/25 and 11/14. See also our alert dated July 10, 2014, regarding the prior 13D filing by Bulldog Investors concerning its investment in DHG.
 




November 17, 2014 | RiverNorth Capital Management, LLC disclosed in a new 13D filing that it beneficially owned 1,474 (50.8%) Auction Rate Preferred Shares (ARPS) of the Alliance California Municipal Income Fund, Inc. (AKP). Item 4 of the filing noted that: the reporting persons may "seek to engage in discussions with the Issuer in the future regarding liquidity solutions with respect to the outstanding ARPS.”
 




November 10, 2014 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) filed a 13D disclosing beneficial ownership of 2,062 shares (20.62%) of Auction Rate Cumulative Preferred Stock of the Western Asset Managed Municipals Fund Inc. (MMU). Item 4 of the filing noted that: “KIM reserves the right to contact management with regard to concerns that they have with respect to the Fund. This may include letters to the Board and/or other communications with Fund management.”
 




November 10, 2014 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) filed a 13D disclosing beneficial ownership of 168 shares (9.88%) of Auction Rate Cumulative Preferred Stock of the Western Asset Municipal Partners Fund Inc. (MNP). Item 4 of the filing noted that: “KIM reserves the right to contact management with regard to concerns that they have with respect to the Fund. This may include letters to the Board and/or other communications with Fund management.”
 




November 10, 2014 | Bulldog Investors, LLC disclosed in new 13G filings beneficial ownership of 109 (6.41%) Auction Rate Preferred Shares (ARPS) of the Western Asset Municipal Partners Fund Inc. (MNP), and 600 ARPS (6.00%) of the Western Asset Managed Municipals Fund Inc. (MMU).
 




November 6, 2014 | BlackRock Kelso Capital Corporation (BKCC) disclosed in a 10-Q filing the following: “On November 5, 2014, BlackRock Advisors, LLC (‘BlackRock Advisors’), a wholly-owned subsidiary of BlackRock, Inc. (‘BlackRock’), and BlackRock Kelso Capital Advisors LLC (‘BKCA’), the advisor to the Company, entered into a definitive agreement wherein BlackRock Advisors will acquire certain assets of BKCA (the ‘Transaction’). Contingent upon BlackRock Kelso Capital Corporation (‘BKCC’) stockholder approval and subject to other closing conditions, BlackRock Advisors will enter into an investment management agreement with the Company and serve as BKCC’s investment manager following the completion of the Transaction.”
 




November 6, 2014 | Brigade Leveraged Capital Structures Fund Ltd. (Brigade Capital Management, LP) disclosed in 13D/A filings that it no longer beneficially owns auction rate preferred shares (ARPS) of the PIMCO Income Strategy Fund (PFL) and PIMCO Income Strategy Fund II (PFN) following tender offers by PFL and PFN for up to 100% of each fund’s outstanding ARPS at a price equal to 90% of the ARPS’ per share liquidation preference of $25,000 per share (or $22,500 per share) and any unpaid dividends accrued on the ARPS through the expiration date of the tender offers (October 31, 2014). See also our alert dated September 19, 2014, regarding the tender offers and an agreement between the funds and Brigade Capital Management.
 




November 5, 2014 | American Capital, Ltd. (ACAS) announced that its Board had approved a plan to split the company’s businesses by transferring most of the company’s investment assets to two new business development companies (BDCs), which will be spun out, and having American Capital continue primarily in the asset management business – resulting in three publicly-traded companies. The two planned BDCs are: 1) American Capital Growth and Income, Ltd., with assets consisting primarily of securities issued by operating companies purchased through American Capital One Stop Buyouts, senior floating rate loans to private companies and CLO equity investments, and 2) American Capital Income, Ltd., with assets consisting primarily of second lien and mezzanine loans to middle market companies of the type currently originated by American Capital's Sponsor Finance business. Each of the new BDCs will enter into management agreements with American Capital. The release also noted that the transaction is subject to a number of conditions, included among them, “the approval of American Capital shareholders who, among other matters, must approve American Capital's de-election to be regulated as a BDC under the Investment Company Act of 1940, as amended.”
 




October 31, 2014 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) disclosed in a 13D/A filing that it held 919,887 shares (8.59%) of the Cutwater Select Income Fund (CSI), and had sent a letter to the SEC (dated Oct. 31, 2014) containing comments regarding a recently filed preliminary proxy statement for the Cutwater Select Income Fund.
 




October 31, 2014 | The Managed Duration Investment Grade Municipal Fund (MZF) announced that its Board of Trustees had approved a new investment advisory agreement with the fund’s investment adviser, Cutwater Investor Services Corp. (subject to approval by fund shareholders).
 




October 28, 2014 | Aberdeen Greater China Fund, Inc. (GCH) announced that its Board of Directors had approved a share repurchase program. The fund’s release noted that the: “program authorizes management to make open market purchases, from time to time, in a maximum aggregate amount of up to 5% of the Fund’s outstanding shares, determined on October 31, 2014, over a one year period. Such purchases may be made opportunistically at certain discounts to net asset value per share (‘NAV’) when management reasonably believes that such repurchases may enhance shareholder value.”
 




October 23, 2014 | Karpus Management, Inc. (DBA Karpus Investment Management [KIM]) disclosed in a 13D filing that it held 12,347,907 shares (5.08%) of the AllianceBernstein Income Fund, Inc. (ACG), and sent a letter to the fund dated Oct. 23, 2014. The letter mentioned KIM’s intention to nominate three director nominees and included a shareholder proposal that the Board: “promptly consider authorizing a self-tender offer for all outstanding common shares of the Fund at or close to net asset value (‘NAV’). If more than 50% of the Fund's outstanding common shares are tendered, the tender offer should be cancelled and the Fund should be liquidated, converted into an exchange-traded fund, or converted/merged into an open-end mutual fund.”
 




October 22, 2014 | Newtek Business Services, Inc. (NASDAQ Capital Market: NEWT) announced that shareholders had approved the company’s plan and related steps to convert to a business development company (BDC). The plan includes a merger between the Company and Newtek Business Services Corp., a Maryland corporation, for the purpose of reincorporating the Company in the state of Maryland in anticipation of the election by the Company to be regulated as a BDC under the Investment Company Act of 1940. A Newtek Business Services Corp. N-2/A filed on 10/17/14 indicated that the company intends to apply to transfer the ticker symbol NEWT to Newtek Business Services Corp.
 




October 17, 2014 | Special Opportunities Fund, Inc. (SPE), which is a fund advised by Bulldog Investors, LLC, announced that it had submitted shareholder proposals to The Adams Express Company (ADX), Tri-Continental Corporation (TY), General American Investors Company, Inc. (GAM) and Central Securities Corporation (CET). The release indicates that the proposal to CET is a request that the fund’s Board consider whether to liquidate the fund. The proposals submitted to ADX, TY, and GAM request that the Boards authorize self-tender offers for all of their outstanding common shares at, or close to, NAV, and, if more than 50% of a fund’s outstanding common shares are submitted for tender, for that fund to cancel the tender offer and either liquidate or be converted into an ETF or open-end fund.
 




October 15, 2014 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the Nuveen Diversified Currency Opportunities Fund (JGT) had increased to 3,602,870 shares (8.04%) as of Oct. 14, 2014, which is up from 3,168,974 shares as of Aug. 22, 2014 (13D/A on 8/25/14). See also our alert dated 8/25/14 regarding a disclosed agreement between Bulldog Investors, LLC and both JGT and the Nuveen Global Income Opportunities Fund (JGG).
 




October 14, 2014 | Cornerstone Progressive Return Fund (CFP), Cornerstone Strategic Value Fund, Inc. (CLM) and Cornerstone Total Return Fund, Inc. (CRF) jointly announced that the Board of Directors/Trustees of each fund had determined to effect a one-for-four reverse stock split of each fund’s shares. The release provided some insight into the decision: “the Board is aware that some investors may be restricted from purchasing Shares that are trading below a certain market price. Further, each Board believes that such a reverse stock split may be desirable because the increased market price is expected to encourage investor interest and trading in Fund shares. However, the Funds cannot predict whether a reverse stock split would achieve the desired results.” For more details, such as timing and necessary stockholder approvals (for CLM and CRF), see the release, which is currently available in the “News Wire” section at CEFinsight.com.
 




October 10, 2014 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) disclosed in a 13D/A filing that its holdings of the Nuveen Dividend Advantage Municipal Fund 3 (NZF) had fallen to 3,581,983 shares (9.85%), which is down from 4,453,423 shares as of 8/31/14 (13D/A). See also the CEFinsight "Alert" dated 7/16/14 concerning details released by Nuveen about commitments made by Karpus Management, Inc. with respect to NZF and certain other Nuveen funds.
 




October 10, 2014 | The BlackRock Enhanced Government Fund, Inc. (EGF) announced that a repurchase offer for up to 10% of its outstanding shares of common stock commences on October 17, 2014. The fund is offering to purchase up to 10% of its shares from stockholders at a price per share equal to the fund’s NAV per share, less a repurchase fee of 2% of the value of the shares repurchased (calculated as of the close of regular trading on the NYSE on Dec. 2, 2014). The repurchase offer is scheduled to expire on Nov. 18, 2014, unless extended. See the fund's press release for more details regarding the pricing of this repurchase offer.
 




October 9, 2014 | Mariner Investment Group, LLC disclosed in a 13D/A filing that its holdings of the Nuveen Flexible Investment Income Fund (JPW) stood at 166,085 shares (4.48%), and that the hedge fund manager had adopted a “passive” stance (a change from its 13D filing on 8/25/14). From Item 4 of the 13D/A filing: “Mariner is currently a ‘passive’ investor in the Fund and has no specific plans to maximize shareholder value or to seek to influence Fund management at this time.”
 




October 8, 2014 | Eagle Point Credit Company Inc. (NYSE: ECC) announced that it had raised approximately $103.1 million (gross proceeds) through its initial public offering. The closed-end fund, which invests primarily in equity and junior debt tranches of collateralized loan obligations, is managed and advised by Eagle Point Credit Management LLC.
 




October 8, 2014 | Karpus Management, Inc. (DBA Karpus Investment Management [KIM]) disclosed in a new 13D filing that it held 923,661 shares (8.63%) of the Cutwater Select Income Fund (CSI), which is down slightly from 938,469 shares held as of 6/30/14 (13F). Item 4 of the filing noted that: “KIM has purchased Shares for the Accounts for investment purposes. However, KIM reserves the right to contact management with regard to concerns that they have with respect to the Fund. This may include letters to the Board and/or other communications with Fund management.”
 




September 30, 2014 | Bulldog Investors, LLC disclosed in a 13D/A filing that they had reduced their holdings of the LMP Real Estate Income Fund Inc. (RIT) down to 546,211 shares (4.77%), which is down from 634,079 shares as of 9/19 (13D on 9/22) and follows disclosed sales on 9/25 and 9/26. From Item 4 of the 13D/A filing: “The filing persons are shareholder activists. They have observed that their previous filings tended to affect the subsequent trading of the applicable stocks. In this case, the discount of the issuer's stock narrowed significantly and the volume increased significantly promptly after their September 22, (2014) filing. Consequently, the filing persons determined to sell a portion of their shares in order to take advantage of these developments. They are currently re-considering if and when to take the actions described in their September 22, 2014 filing.”
 




September 29, 2014 | John Hancock Premium Dividend Fund (PDT) announced that its Board of Trustees approved the adoption of a managed distribution plan. The fund’s release indicated that under the plan PDT will make monthly distributions of an amount equal to $0.09 per share (up from the previous monthly distribution of $0.08 per share).
 




September 29, 2014 | Nuveen announced that the Board of Trustees of the Nuveen Multi-Market Income Fund, Inc. (JMM) approved an open-market share repurchase program in which JMM, at the discretion of fund management, may repurchase up to approximately 10% of its outstanding common shares.
 




September 29, 2014 | NexPoint Credit Strategies Fund (NHF) announced a plan to separate its business into two independent publicly-traded companies through a spin-off of a multi-family properties REIT, the NexPoint Residential Trust, Inc. (“NXRT”).
 




September 26, 2014 | Goldman Sachs Asset Management L.P. announced that the Goldman Sachs MLP and Energy Renaissance Fund (NYSE: GER) had raised $1.4 billion in its initial public offering (excluding any exercise of the underwriters’ option to purchase additional shares).
 




September 25, 2014 | BDCA Venture, Inc. (BDCV) announced that its Board of Directors decided to change the company’s investment objective to maximize total returns by generating current income, and, to a lesser extent, capital appreciation by primarily lending with warrants to emerging growth companies. The company’s release indicated that BDCA Venture Adviser, LLC, the company’s investment adviser, does not expect the company’s position in debt investments will constitute a meaningful portion of the portfolio prior to December 1, 2014. The company’s Board also authorized the repurchase of up to $5 million of the company’s stock through open market transactions, subject to certain restrictions. The program will run through March 22, 2015, unless extended.
 




September 24, 2014 | The Herzfeld Caribbean Basin Fund, Inc. (CUBA) announced key dates for its previously announced non-transferable rights offering. The record date will be Oct. 9, 2014, while the subscription period will start Oct. 16, 2014, and end on Nov. 6, 2014, unless extended. See the fund’s related press release for additional details, including terms, of the offering.
 




September 23, 2014 | Nuveen announced a cash tender offer by the Diversified Real Asset Income Fund (DRA), which will purchase up to 10% of its outstanding common shares at a price per share equal to 99% of the NAV per share (as determined on the date the tender offer expires). The tender offer is expected to commence on Oct. 3, 2014, and expire on Nov. 7, 2014 (unless extended).
 




September 23, 2014 | NGP Capital Resources Company (NGPC) announced additional details on an unsolicited proposal received by the Board of Directors from a third party also seeking to replace NGP Investment Advisor, LP as the company’s investment advisor. The release noted that the Board determined that the “alternative proposal did not constitute a superior proposal to the OHA Transaction” (the proposed investment advisory agreement with Oak Hill Advisors, LP [OHA]).
 




September 23, 2014 | Indaba Capital Management, L.P. (manager of the Indaba Capital Fund, L.P.) issued an open letter to the chairman of the board and shareholders of NGP Capital Resources Company (NGPC) ahead of that company’s annual meeting, which will include a vote on a proposed investment advisory agreement with Oak Hill Advisors, LP. See also our alert on a release that same day by NGPC.
 




September 22, 2014 | Bulldog Investors, LLC disclosed in a 13D filing that it held 634,079 shares (5.54%) of LMP Real Estate Income Fund Inc. (RIT) following a series of purchases between 7/22 and 9/18 (+306,536 shares). Item 4 of the filing included a comment about the fund trading at a discount to NAV, and noted that: “The filing persons believe that shareholders should be afforded an opportunity to realize liquidity at net asset value for their shares via a self-tender offer, open-ending or liquidation. To achieve that goal, the filing persons may consider taking various actions including nominating directors and conducting a tender offer for shares of the issuer.”
 




September 22, 2014 | The Taiwan Fund Inc. (TWN) announced that stockholders had voted (at a special meeting held on 9/22) to approve the proposed Investment Advisory and Management Agreement between the fund and JF International Management Inc. (with 75.25% of the fund's outstanding shares voting in favor).
 




September 19, 2014 | The PIMCO Income Strategy Fund (PFL) and PIMCO Income Strategy Fund II (PFN), which announced tender offers for up to 100% of each fund’s outstanding auction rate preferred shares (ARPS), disclosed in Form 8-K filings that (from Item 7.01 in PFL’s 8-K): the funds, Pacific Investment Management Company LLC, the Funds’ investment manager, and Allianz Global Investors Fund Management LLC, the Funds’ former investment manager, had entered into an agreement on 9/18/14 (a “Tender Offer and Standstill Agreement”) with Brigade Capital Management, LP, Brigade Leveraged Capital Structures Fund Ltd., and Donald E. Morgan, III “pursuant to which the Fund Parties agreed to conduct the Tender Offers and the Brigade Parties agreed to tender 100% of their ARPS and take or refrain from taking certain other actions relating to their holdings of ARPS.”
 




September 18, 2014 | The PIMCO Income Strategy Fund (PFL) and PIMCO Income Strategy Fund II (PFN) announced that each fund will commence a voluntary tender offer on, or about, Sept. 19, 2014, for up to 100% of its outstanding auction rate preferred shares (ARPS) at a price equal to 90% of the ARPS’ liquidation preference of $25,000 per share (that is, at $22,500 per share) and any unpaid dividends accrued through the expiration date of the tender offers. In addition, each tendering ARPS holder will be entitled to one non-transferrable contingent payment right. The press release explained that: “The contingent payment right represents a non-transferrable contractual right of any ARPS holder who participates in a Tender Offer to receive an additional payment from a Fund if such Fund completes an additional tender offer for its ARPS or a voluntary redemption of its ARPS during the three-hundred and sixty-five (365) calendar days following the expiration date of the Tender Offer, and such subsequent tender offer or voluntary redemption is for a price per ARPS that is greater than 90% of the ARPS’ liquidation preference. The additional payment would be equal to the number of ARPS accepted for payment in such Fund’s Tender Offer multiplied by the price differential per share between the price received in the Tender Offer and the price of such subsequent tender offer or voluntary redemption by such Fund.”
 




September 18, 2014 | Saratoga Investment Corp. (SAR) announced that Institutional Shareholder Services, Inc. (ISS) had issued a report recommending “FOR” all of the proposals included in the proxy statement for the company’s 2014 annual meeting, which includes a proposal (#2, SAR DEF 14A, 8/20) “to authorize the Company to sell or otherwise issue the Company's common stock at an offering price per share to investors that is not less than 85% of the Company's then current net asset value per share.”
 




September 15, 2014 | The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) is pleased to announce that its Board has appointed Cecilia L. Gondor as a Class I director of the Fund, effective September 11, 2014. Ms. Gondor, 52, served as the Secretary/Treasurer of The Herzfeld Caribbean Basin Fund, Inc. from the Fund's inception until her retirement in May 2014. She also served as Executive Vice President of Thomas J. Herzfeld Advisors, Inc. from 1984 through the date of her retirement. Additionally, she was the Executive Vice President of Thomas J. Herzfeld & Co., Inc., a broker-dealer, from 1984 through 2010, when the broker-dealer ceased operations. Ms. Gondor will be considered an "interested person" of the Fund as such term is defined in the Investment Company Act of 1940, as amended, due to her former positions as an officer and employee of the investment adviser and of the Fund.
 




September 11, 2014 | In orders released on 9/4/14 (Releases Nos. 34-72984 and 34-72983), the Securities and Exchange Commission (SEC) denied a long-standing application by Brooklyn Capital Management, LLC (today known as “Bulldog Investors”) for an exemption from Rule 13f-1 and, separately, requests for confidential treatment of certain information for the quarters ended December 31, 2006, March 31, 2007, December 31, 2012, and March 31, 2013. As the SEC Order denying the application for exemption from Rule 13f-1 explained: information filed on Form 13F (by institutional investment managers exercising investment discretion with respect to section 13f securities having an aggregate fair market value of at least $100 million) must be made publicly available, "except that the Commission, as it determines to be necessary or appropriate in the public interest or for the protection of investors, may delay or prevent public disclosure of any such information in accordance with [the Freedom of Information Act]." The Order went on to explain that: “Congress determined that public disclosure under section 13(f) would contribute to the transparency and integrity of the U.S. equity markets and thus to investor protection…Brooklyn Capital/Full Value conclusorily asserts that ‘we will be harmed if [our equity holdings] are disclosed because others can reverse engineer our proprietary activist strategies which makes them less valuable to our investors and to us’ and that ‘premature disclosure of an investment manager’s investments may harm the manager’s clients and that harm outweighs the benefits of such disclosure to non-clients.’ Brooklyn Capital/Full Value also asserts that Form 13F disclosure ‘may be harmful to investors that track the investments of money managers via Forms 13F and seek to invest based on such information.’ The legislative history of section 13(f), however, indicates that Congress was aware of this possibility when enacting the disclosure requirement and nonetheless determined that disclosure would be beneficial.” For more detail on the lengthy history of the matter see SEC Release No. 34-72984. The SEC also issued a 60-day stay in the matter (Release 34-72985), and indicated in that order that they “understand that Brooklyn Capital may file a petition for review.”
 




September 11, 2014 | The Taiwan Fund, Inc. (TWN) announced additional details of the fund’s Discount Management Policy (announced on 7/17/14), including authorization for open market purchases in an aggregate amount of up to 10% of the fund’s currently outstanding shares when the fund’s shares trade at a discount of more than 9% of NAV and management reasonably believes that such repurchases may enhance shareholder value. The fund’s release also noted that: “Commencing one year after implementation of the Policy, the Board will formally review the Policy and in consultation with stockholders may consider other actions that, in its judgment, may be effective in addressing the discount.”
 




September 10, 2014 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) disclosed in a 13D/A filing that its holdings of the Nuveen Dividend Advantage Municipal Fund 3 (NZF) had increased to 4,453,423 shares (11.02%) as of 8/31/14, which is up from 3,956,067 shares (9.79%) as of 6/16/14 (13D). See also the CEFinsight "Alert" dated 6/16/14 regarding the 13D filing by KIM in connection with its holdings of NZF, as well as our alert dated 7/16/14 concerning details released by Nuveen about commitments made by Karpus Management, Inc. with respect to NZF and certain other Nuveen funds.
 




September 9, 2014 | September 9, 2014 | City of London Investment Group PLC (City of London Investment Management Company Ltd. [CLIM]) disclosed in a 13G/A filing that its holdings of the Aberdeen Greater China Fund, Inc. (GCH) had increased to 1,831,785 shares (19.9%) as of Aug. 31, 2014 (event date), which is up from 1,523,100 shares as of 6/30/14 (CLIM 13F).
 




September 9, 2014 | City of London Investment Group PLC (City of London Investment Management Company Ltd. [CLIM]) disclosed in a 13G/A filing that its holdings of The Thai Fund, Inc. (TTF) had increased to 3,480,119 shares (27.4%) as of Aug. 31, 2014 (event date), which is up from 2,870,916 shares as of 6/30/14 (CLIM 13F).
 




September 8, 2014 | The Diversified Real Asset Income Fund (DRA), which is managed by Nuveen Fund Advisors, LLC and sub-advised by Nuveen Asset Management, LLC, started trading following the merger into this newly organized closed-end fund of the American Strategic Income Portfolio Inc. (ASP), American Strategic Income Portfolio Inc. – II (BSP), American Strategic Income Portfolio Inc. – III (CSP) and American Select Portfolio Inc. (SLA).
 




August 28, 2014 | City of London Investment Group PLC (City of London Investment Management Company Limited [CLIM]) filed a 13D disclosing that CLIM had sent a letter, dated Aug. 28, 2014, to The Taiwan Fund, Inc. (TWN), and that CLIM held 2,514,079 shares (30.6%) of TWN.
 




August 26, 2014 | The Gabelli Equity Trust Inc. (GAB) announced the dates and terms of a transferable rights offering, in which each shareholder will receive one transferable right for each share of common stock held on the record date of Sept. 19, 2014. The subscription price will be seven rights plus $5.75 to purchase one additional share of common stock (the “primary subscription”). The fund’s release also explained that: “Record date shareholders who fully exercise their Primary Subscription Rights will be eligible for an over-subscription privilege entitling these shareholders to subscribe, subject to certain limitations and a pro-rata allotment, for any additional shares of common stock not purchased pursuant to the Primary Subscription. Rights acquired in the secondary market may not participate in the over-subscription privilege.” The offering expires on October 20, 2014. For additional details on the terms and conditions of this rights offering, see the fund’s related press release.
 




August 25, 2014 | Bulldog Investors, LLC disclosed in a 13D/A filing that its holdings of the Nuveen Diversified Currency Opportunities Fund (JGT) had increased to 3,168,74 shares (6.88%) as of 8/22/14, which was the result of a series of purchases between 6/18 and 8/22 (+366,023 shares). The filing also disclosed the text of a “standstill agreement” (effective as of Aug. 7, 2014) between Bulldog Investors, LLC and both JGT and the Nuveen Global Income Opportunities Fund (JGG).
 




August 22, 2014 | Bulldog Investors, LLC disclosed in a 13G filing that it was the beneficial owner of 557,133 shares (5.23%) of American Select Portfolio Inc. (SLA) as of August 21, 2014.
 




August 15, 2014 | American Strategic Income Portfolio Inc. (ASP), American Strategic Income Portfolio Inc. II (BSP), American Strategic Income Portfolio Inc. III (CSP), and American Select Portfolio Inc. (SLA) announced that shareholders of each fund had approved proposals to merge the funds into a newly organized closed-end fund (the “Diversified Real Asset Income Fund”), which will be managed by Nuveen Fund Advisors, LLC and sub-advised by Nuveen Asset Management, LLC. The effective date (“Nuveen Transition Date”) is expected to be Sept. 8, 2014.
 




August 14, 2014 | The Fifth Street Senior Floating Rate Corp. (FSFR) announced that it had priced a public offering of 22,800,000 shares of its common stock at a public offering price of $12.91 per share, resulting in gross proceeds of $294,348,000.
 




August 13, 2014 | Activist hedge fund manager Bill Ackman (Pershing Square Capital Management LP) is reported to be planning an initial public offering of a closed-end fund (Pershing Square Holdings Ltd.) sometime later this year. The Bloomberg report cited an investor letter obtained by Bloomberg News.
 




August 12, 2014 | Triangle Capital Corporation (TCAP) announced that it priced a public offering of 4,300,000 shares of common stock at $26.85 per share, resulting in net proceeds (excluding the underwriters’ option to purchase up to 645,000 additional shares of common stock) of approximately $111 million.
 




August 12, 2014 | TPG Specialty Lending, Inc. (TSLX) announced the completion of a secondary public offering of 5,000,000 shares of its common stock by certain of its pre-IPO existing stockholders at a public offering price of $18.63 per share.
 




August 12, 2014 | 13G/A RiverNorth Capital Management LLC disclosed that it held 1,206 of the Auction Rate Preferred (ARP) shares (12.06%) issued by Western Asset Managed Municipals Fund Inc.(MMU).
 




August 11, 2014 | The Firsthand Technology Value Fund (SVVC) announced that its Board of Directors had approved a discretionary share repurchase plan under which the fund may repurchase in the open market (between 8/11/14 and 12/31/14) up to $10 million worth of its common stock. The plan allows the fund to repurchase shares in the open market at a discount to NAV.
 




August 8, 2014 | Nuveen Investments announced that the Board of Trustees of the Nuveen Global Income Opportunities Fund (JGG) and Nuveen Diversified Currency Opportunities Fund (JGT) approved a proposed restructuring that would see JGG and JGT combined into a single fund with a new investment mandate. The proposed restructuring would also see the newly combined fund conduct a cash tender offer for up to 25% of its outstanding common shares at a price per share equal to 98% of the NAV per share. Nuveen’s release explained that: “The proposed restructuring seeks to increase demand for the combined fund’s common shares and narrow its trading discount by implementing a more understandable investment mandate within a well-established market segment that offers enhanced income potential. Additionally, the larger combined fund would be expected to enjoy increased economies of scale and consequently generate on-going fee and expense savings for shareholders.” The release also disclosed that: “In connection with the Board’s approval of the proposed restructuring, Bulldog Investors, LLC (‘Bulldog’), the largest shareholder of each fund, has agreed to vote the shares of the funds for which it has the power to vote or direct the vote in accordance with the recommendation of the Board of Trustees with respect to the proposals submitted to shareholders at the upcoming annual meetings of shareholders of the funds. Bulldog has also agreed to be bound by certain ‘standstill’ covenants with respect to the funds (including the combined fund).”
 




August 8, 2014 | The Nuveen Dividend Advantage Municipal Fund 3 (NZF), Nuveen Dividend Advantage Municipal Income Fund (NVG), Nuveen Municipal Advantage Fund, Inc. (NMA), and Nuveen Quality Income Municipal Fund, Inc. (NQU) publicized key dates for their previously announced cash tender offers, in which each fund will purchase up to 10% of its outstanding common shares at a price per share equal to 98% of NAV per share (determined on the date each tender offer expires). The tender offers are expected to commence on Aug. 18, 2014, and expire on Sept. 19, 2014, unless extended. In addition, each fund’s Board approved the partial redemption of certain preferred shares, subject to the completion of the tender offers, in order to (quoting Nuveen’s release) “mitigate the tender offer’s impact on each fund’s effective leverage ratio and asset coverage level.” See also our Alert dated July 16, 2014, which details the initial announcement of the tender offers and certain related commitments on the part of Karpus Management, Inc.
 




August 8, 2014 | City of London Investment Group PLC (City of London Investment Management Co. Ltd. [CLIM]) disclosed in a 13G/A filing that CLIM’s holdings of The India Fund, Inc. (IFN) had dropped to 2,395,504 shares (8.1%) as of July 31, 2014 (event date), down from 4,827,236 shares as of 3/31/14 (13F). Note: IFN completed a tender offer, which expired on April 3, 2014, for approximately 15% of the fund’s outstanding shares at a price per share equal to 98% of the fund’s NAV per share.
 




August 8, 2014 | 13G Karpus Management, Inc. (d/b/a Karpus Investment Management [KIM]) disclosed that it held 1,334,621 shares (12.87%) of Montgomery Street Income Securities, Inc. (MTS) as of July 31, 2014 (event date), up from 582,931 shares as of 3/31/14 (13F).
 




August 7, 2014 | 13D/A Bulldog Investors, LLC disclosed that its holdings of the Helios Strategic Income Fund, Inc. (HSA) had fallen to 266,364 shares (4.49%) as of 8/6/14, which is down from 363,686 shares as of 7/29/14 (13D/A).
 




August 7, 2014 | Saba Capital Management, L.P. (a large hedge fund investor in closed-end funds) disclosed in a 13G filing that its holdings of the DWS Strategic Income Trust (KST) totaled 264,689 shares (5.638%), which is up from 102,402 shares as of 3/31/14 (13F).
 




August 5, 2014 | Ares Capital Corporation (ARCC) announced that it had completed in July 2014 a public offering in which the company sold 15,525,000 shares of its common stock at a price of $16.63 per share to the participating underwriters. Total proceeds from the offering were approximately $257.7 million (net of estimated offering expenses payable by Ares Capital).
 




July 31, 2014 | Tekla Capital Management LLC announced that the initial public offering of Tekla Healthcare Opportunities Fund (THQ), which started trading on July 29 (NYSE), had raised $770 million in gross proceeds (excluding any potential exercise of the underwriters’ overallotment option).
 




July 30, 2014 | 13D/A Bulldog Investors, LLC disclosed that its holdings of the Helios Strategic Income Fund, Inc. (HSA) had dropped to 363,686 shares (6.13%) as of 7/29 (after a series of sales between 7/25 and 7/29 totaling 127,339 shares).
 




July 30, 2014 | BlackRock Advisors, LLC announced that the Boards of Trustees of the BlackRock Real Asset Equity Trust (BCF), BlackRock EcoSolutions Investment Trust (BQR), BlackRock Resources & Commodities Strategy Trust (BCX), BlackRock Dividend Income Trust (BQY), and BlackRock Enhanced Equity Dividend Trust (BDJ) had each approved the following reorganizations: BCF and BQR into BCX, and BQY into BDJ. The reorganizations are subject to required shareholder approvals.
 




July 29, 2014 | TCP Capital Corp. (TCPC) announced that it had priced a public offering of 5.4 million shares of its common stock at $17.33 per share, resulting in gross proceeds of approximately $93.6 million.
 




July 28, 2014 | The European Equity Fund, Inc. (EEA), The New Germany Fund, Inc. (GF) and The Central Europe, Russia and Turkey Fund, Inc. (CEE) announced that the Board of Directors of each fund had adopted a new Discount Management Program (DMP) that “will provide the same liquidity potential during the period from August 1, 2014 through July 31, 2015 as the prior programs, but with the added benefit to all shareholders of providing more liquidity potential via share repurchases that are significantly more accretive to the Funds’ NAV than tender offers at close to NAV.” Under the new DMPs, each Fund will initiate one contingent tender offer in the period from Aug. 1, 2014, through July 31, 2015, for 5% of a fund’s outstanding shares at 98% of NAV (prior DMPs included semi-annual contingent tender offers). Each fund also announced that its Board reserves the right to authorize additional tender offers. Each fund is required to conduct a tender offer if its shares trade at an average discount to NAV of more than 10% during a 15-week (vs. a prior 12-week) measurement period, which will be announced only after the end of a specific measurement period. At the same time, EEA, GF and CEE announced extensions of share repurchase authorizations for each fund (for the period from 8/1/14-7/31/15, up to [# shares] - EEA [950,000], GF [1,550,000], and CEE [1,010,000]).
 




July 25, 2014 | 13D/A Bulldog Investors, LLC disclosed that its holdings of the Helios Strategic Income Fund, Inc. (HSA) had fallen to 491,025 shares (8.28%) as of 7/24/14, which is down from 787,326 shares as of 3/31/14 (13F). A series of 13D/A filings by Bulldog Investors disclosed a sequence of sales of HSA shares between 6/12 and 7/24. See also our “Alert” (on CEFinsight.com) dated July 18, 2014, regarding the announcement by Brookfield Investment Management Inc. of a shareholder vote approving the reorganization of HSA and several other funds into the Brookfield High Income Fund Inc. (HHY).
 




July 18, 2014 | Brookfield Investment Management Inc. announced that shareholders of the Helios Advantage Income Fund, Inc. (HAV), Helios High Income Fund, Inc. (HIH), Helios Multi-Sector High Income Fund, Inc. (HMH), and Helios Strategic Income Fund, Inc. (HSA) had each approved the reorganization of HAV, HIH, HMH and HSA into the Brookfield High Income Fund Inc. (HHY). In addition, shareholders of HHY approved the issuance of additional shares of common stock in connection with the reorganizations. The reorganizations are expected to be completed in 3Q’14.
 




July 16, 2014 | Nuveen Investments announced that the Board of Trustees of each of the following funds had approved a cash tender offer for up to 10% of its outstanding common shares at a price per share equal to 98% of NAV per share: Nuveen Dividend Advantage Municipal Fund 3 (NZF), Nuveen Dividend Advantage Municipal Income Fund (NVG), Nuveen Municipal Advantage Fund, Inc. (NMA), and the Nuveen Quality Income Municipal Fund, Inc. (NQU). Nuveen’s release noted that: “In connection with the Board’s approval of the tender offers, Karpus Management, Inc. agreed to vote the shares of each Nuveen fund for which it has the power to vote or direct the vote in accordance with the recommendation of the Board of Trustees with respect to the proposals submitted to shareholders at the upcoming annual and special meetings of shareholders of the Nuveen funds. Karpus has also agreed to be bound by certain ‘standstill’ covenants with respect to NZF, NVG, NMA and NQU until September 30, 2017.”
 




July 10, 2014 | Bulldog Investors, LLC disclosed in a 13D filing that it held 919,900 shares (5.65%) of DWS High Income Opportunities Fund, Inc. (DHG) as of July 9, 2014 (+267,702 shares after a series of purchases between 5/13 and 7/9). Item 4 of the filing stated that the filing persons “believe the shares are undervalued and may communicate with management about measures to enhance shareholder value.”
 




July 10, 2014 | Karpus Management, Inc. (d/b/a Karpus Investment Management [KIM]) disclosed in a 13G/A filing that its holdings of Fort Dearborn Income Securities, Inc. (FDI) had increased to 966,761 shares (11.02%) as of June 30, 2014 (up from 700,541 shares as of 3/31/14 [13F]).
 




July 10, 2014 | Karpus Management, Inc. (d/b/a Karpus Investment Management [KIM]) disclosed in a 13G/A filing that its holdings of The New Ireland Fund, Inc. (IRL) had increased to 643,539 shares (12.78%) as of June 30, 2014 (up from 456,583 shares as of 3/31/14 [13F]).
 




July 10, 2014 | The Western Asset Premier Bond Fund (WEA) announced the final results of its tender offer for up 100% of its outstanding auction rate preferred shares (ARPS). The fund accepted for payment approximately 99% of its outstanding ARPS. It is notable that the price paid was equal to 97% of the liquidation preference of $25,000 per share (or $24,250 per share), plus any unpaid dividends accrued through expiration of the offer. On the same day (7/10/14), Bank of America Corporation (with Bank of America, N.A. and Blue Ridge Investments, L.L.C.) filed a 13D/A indicating that they no longer held any ARPS of the Western Asset Premier Bond Fund.
 




July 3, 2014 | Bloomberg published an article describing recent purchases of certain closed-end funds by PIMCO’s Founder and Chief Investment Officer William H. Gross for his personal portfolio. The article is titled “Pimco’s Gross Betting $200 Million on Low Interest Rates,” and highlights disclosed purchases of shares of the PIMCO Dynamic Income Fund (PDI) and PIMCO Dynamic Credit Income Fund (PCI).
 




July 2, 2014 | After the completion of the sale of 100% of the issued and outstanding equity interests of Keating Investments, LLC to BDCA Adviser, LLC, Keating Capital, Inc. (previously traded under the symbol KIPO) had its name changed to BDCA Venture, Inc., and now trades under the ticker symbol BDCV (NASDAQ listed).
 




July 2, 2014 | First Trust Advisors L.P. announced that the shareholders of each of the following funds, First Trust Dividend and Income Fund (FAV) and First Trust Enhanced Equity Income Fund (FFA), had voted to approve a new investment sub-advisory agreement with Chartwell Investment Partners, Inc.
 




July 1, 2014 | 13D/A Bulldog Investors, LLC disclosed that it recently trimmed its holdings of the Helios Strategic Income Fund, Inc. (HSA) to 644,819 shares (10.87%) as of 6/30/14 (-87,875 shares as a result of a series of sales between 6/23 and 6/30).
 




June 30, 2014 | 13D/A Bulldog Investors, LLC disclosed that it had increased its holdings of the Nuveen Global Income Opportunities Fund (JGG) to 897,289 shares (9.66%) as of June 27, 2014 (+114,919 shares after a series of purchases between 6/19 and 6/27).
 




June 30, 2014 | SC TO-C The Central Europe, Russia and Turkey Fund, Inc. (CEE) announced that pursuant to the fund’s Discount Management Program, and following a 12-week measurement period in which the common stock of CEE traded at an average discount to NAV of -10.15%, CEE will conduct a tender offer for up to 5% of its outstanding shares at a price equal to 98% of NAV. Further details on the offering are expected to be released in coming weeks.
 




June 27, 2014 | The Swiss Helvetia Fund, Inc. (SWZ) announced that stockholders (at the fund’s 2014 annual meeting) had approved Schroder Investment Management North America Inc. as the fund’s new investment adviser, with Schroder Investment Management North America Limited as sub-adviser. The new advisers will start on July 1, 2014.
 




June 26, 2014 | The Duff & Phelps Select Energy MLP Fund Inc. (DSE) started trading on the NYSE after an IPO that raised $485 million (excluding the underwriters’ overallotment option). The fund is managed by Duff & Phelps Investment Management Co.
 




June 25, 2014 | H&Q Healthcare Investors (HQH) announced the completion of its 1-for-3 non-transferable rights offering, which expired on June 23. The subscription price for each newly issued share was $25.037. Based on preliminary results, the fund received total subscriptions of approximately $188.8 million (including oversubscription requests).
 




June 25, 2014 | H&Q Life Sciences Investors (HQL) announced the completion of its 1-for-3 non-transferable rights offering, which expired on June 23. The subscription price for each newly issued share was $19.750. Based on preliminary results, the fund received total subscriptions of approximately $70.2 million (including oversubscription requests).
 




June 25, 2014 | Neuberger Berman announced that the Boards of Directors of the Neuberger Berman California Intermediate Municipal Fund Inc. (NBW), Neuberger Berman Intermediate Municipal Fund Inc. (NBH), and Neuberger Berman New York Intermediate Municipal Fund Inc. (NBO) had approved the funds’ plan to refinance their leverage by issuing Variable Rate Municipal Term Preferred Shares (VMTPS), and using the proceeds to redeem 100% of the funds’ outstanding Auction Market Preferred Shares (AMPS).
 




June 25, 2014 | The AllianceBernstein Income Fund, Inc. (ACG) announced that its Board of Directors had authorized the fund’s discretionary repurchase of up to 15% of its outstanding shares of common stock through open market transactions over a one year period. The fund’s release indicated that the program is intended to benefit long-term shareholders through the repurchase of shares at a discount to their net asset value.
 




June 23, 2014 | Kayne Anderson Energy Total Return Fund, Inc. (KYE) announced that its Board of Directors had approved a $20 million stock repurchase program. The program involves open market purchases when KYE is trading at a discount to NAV per share “of at least 8%” and, according to the release, “the Fund has sufficient borrowing capacity relative to its target leverage ratios.”
 




June 20, 2014 | 13D/A Bulldog Investors, LLC disclosed that its holdings of the Nuveen Global Income Opportunities Fund (JGG) had increased to 782,380 shares (8.42%) after a series of purchases between 5/26 and 6/18 (+108,206 shares).
 




June 20, 2014 | Brigade Leveraged Capital Structures Fund Ltd. (Brigade Capital Management, LLC) filed a preliminary proxy statement (contested solicitation [PREC14A]) for the upcoming joint annual meeting of the PIMCO Income Strategy Fund (PFL) and PIMCO Income Strategy Fund II (PFN). “Brigade” is contesting 2 seats as Preferred Shares trustees of PFL and 1 seat as a Preferred Share trustee of PFN. See also our prior alerts on PFL and PFN.
 




June 20, 2014 | 13D/A Bulldog Investors, LLC disclosed that it had reduced its position in the Helios Strategic Income Fund, Inc. (HSA) down to 725,261 shares (12.23%), which is down 62,265 shares after a series of sales between 6/12 and 6/19.
 




June 20, 2014 | Karpus Management, Inc. (dba Karpus Investment Management [KIM]) filed a series of 13Ds disclosing holdings of 7 Nuveen closed-end funds. Item 4 of each filing noted that: KIM reserves the right to contact management with regard to concerns that they have with respect to the Fund. This may include letters to the Board and/or other communications with Fund management. The 13D filings disclosed that KIM held: 1,203,268 shares (3.13%) of the Nuveen Quality Municipal Fund Inc (NQI); 952,362 shares (1.21%) of the Nuveen AMT-Free Municipal Income Fund (NEA); 1,977,621 shares (4.53%) of the Nuveen Municipal Advantage Fund Inc (NMA); 1,816,367 shares (3.96%) of the Nuveen Municipal Market Opportunity Fund Inc (NMO); 1,076,913 shares (1.52%) of the Nuveen Premium Income Municipal Fund 2 Inc (NPM); 1,809,084 shares (5.14%) of the Nuveen Select Quality Municipal Fund Inc (NQS); and 2,113,492 shares (3.89%) of the Nuveen Quality Income Municipal Fund Inc (NQU). See also our alerts dated June 16 for the Nuveen Dividend Advantage Municipal Income Fund (NVG) and the Nuveen Dividend Advantage Municipal Fund 3 (NZF).
 




June 19, 2014 | Full Circle Capital Corporation (FULL) announced that it had priced an offering of 1,351,352 shares of its common stock at $7.40 per share (for gross proceeds of approximately $10 million).
 




June 19, 2014 | Nuveen Investments announced that previously scheduled (for Aug. 5, 2014) annual meetings of two of its closed-end funds will be held at a later date this year. The funds are the Nuveen Diversified Currency Opportunities Fund (JGT) and Nuveen Global Income Opportunities Fund (JGG). Nuveen’s press release referred to an “ongoing consideration for each fund of various strategic alternatives designed to seek to narrow the discounts at which the funds have historically traded.” Bulldog Investors, LLC recently filed 13Ds regarding its holdings of each fund (see our related Alerts).
 




June 18, 2014 | The Cushing Royalty & Income Fund (SRF) announced that it had agreed to sell 2,400,000 common shares at a price to the public of $20.25 per share (not including 360,000 shares available to underwriters to cover overallotments). Net proceeds from the offering (excluding the underwriters’ overallotment option) total approximately $46.4 million.
 




June 17, 2014 | 13D/A MVC Capital, Inc. (MVC), The Tokarz Group Advisers, LLC, and Michael Tokarz, disclosed that their holdings of Equus Total Return, Inc. (EQS) had increased to 4,444,644 shares (35.07%), which is up from the 2,624,557 shares (20.71%) reported in MVC’s 13D filing on May 27, 2014. In the earlier 13D filing, Item 4 includes a description of an agreement between MVC and EQS dated May 14, 2014, which was entered into as part of a plan of reorganization of EQS: “Under the terms of the plan of reorganization, the Issuer intends to pursue a merger or consolidation with MVC, a subsidiary of MVC, or one or more of MVC's portfolio companies. Absent the Issuer merging or consolidating with/into MVC itself (whereby MVC would own a majority of the Issuer shares), the Issuer may (i) restructure into a publicly-traded operating company focused on the energy and/or financial services sectors and (ii) seek to terminate its election as a business development company. As part of the reorganization, MVC may acquire additional Issuer shares from time to time (in addition to the shares referenced under Item 3), either through the Issuer's direct sale of newly issued Common Stock to MVC or through the Issuer’s facilitation of purchases of Common Stock by MVC through the introduction of brokers representing current third-party shareholders of the Issuer, where such brokers have indicated to the Issuer their clients’ intent to dispose of large blocks of Common Stock. The consummation of the reorganization is anticipated to occur within one year, and the Issuer currently intends to maintain Common Stock listed on the New York Stock Exchange after that point unless the Issuer is merged with MVC.” For more details on this reorganization see the related EQS press release of May 15.
 




June 16, 2014 | Cohen & Steers announced that the Cohen & Steers Dividend Majors Fund, Inc. (DVM) completed its merger with and into the Cohen & Steers Total Return Realty Fund, Inc. (RFI). In addition, the Board of Directors of RFI declared a 10% increase in the fund's third quarter 2014 distribution (to $0.24 per share from $0.22 per share).
 




June 16, 2014 | 13D Karpus Management, Inc. (dba Karpus Investment Management [KIM]) disclosed that it held 2,769,843 shares (9.34%) of the Nuveen Dividend Advantage Municipal Income Fund (NVG) as of June 16, 2014. KIM also disclosed a series of transactions between 4/15/14 and 6/12/14 resulting in a net increase in its holdings over that period of 204,033 shares. Item 4 of the filing noted that: “KIM reserves the right to contact management with regard to concerns that they have with respect to the Fund. This may include letters to the Board and/or other communications with Fund management.”
 




June 16, 2014 | 13D Karpus Management, Inc. (dba Karpus Investment Management [KIM]) disclosed that it held 3,956,067 shares (9.79%) of the Nuveen Dividend Advantage Municipal Fund 3 (NZF). KIM also disclosed a series of transactions between 4/15/14 and 6/13/14 resulting in a net increase in its holdings over that period of 728,596 shares. Item 4 of the filing noted that: “KIM reserves the right to contact management with regard to concerns that they have with respect to the Fund. This may include letters to the Board and/or other communications with Fund management.”
 




June 12, 2014 | TCP Capital Corp. (TCPC) priced $100 million of 5.25% convertible senior unsecured notes maturing on December 15, 2019, unless previously converted.
 




June 11, 2014 | Prospect Capital Corporation (PSEC) announced that after discussions with staff at the SEC, PSEC will not have to restate prior period financial statements to consolidate certain wholly-owned or substantially wholly-owned holding company subsidiaries (which the SEC staff had asserted were investment companies, and thus required to be consolidated in financial results). Looking ahead, for the June 30, 2015, fiscal year, Prospect will begin consolidating certain of its wholly-owned and substantially wholly-owned holding companies, which were formed by Prospect in order to facilitate its investment strategy.
 




June 11, 2014 | In 13D/A filings Brigade Capital Management, LLC (Brigade Leveraged Capital Structures Fund Ltd.) disclosed that discussions with the PIMCO Income Strategy Fund (PFL) and PIMCO Income Strategy Fund II (PFN) over Brigade’s proposal that the funds pursue leverage alternatives for their outstanding ARPS and use the resulting funds to make an issuer tender offer for the ARPS had ended without any agreements, arrangements or understandings.
 




June 9, 2014 | 13D Bulldog Investors, LLC disclosed that it held 2,702,117 shares (5.87%) of the Nuveen Diversified Currency Opportunities Fund (JGT) as of 6/6/14 (after a series of purchases between 4/14/14 and 6/6/14 [+2,190,385 shares]). Item 4 of the filing indicated that Bulldog Investors may communicate with management about measures to enhance shareholder value.
 




June 9, 2014 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Limited [CLIM]) disclosed that their holdings of the Aberdeen Greater China Fund, Inc. (GCH) had increased to 1,324,630 shares (14.4%) as of 5/31/14, up from 724,612 shares as of 3/31/14 (CLIM 13F).
 




June 9, 2014 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Limited [CLIM]) disclosed that their holdings of The Asia Pacific Fund, Inc. (APB) had increased to 3,943,245 shares (38.1%) as of 5/31/14, which is up from 3,693,527 shares as of 3/31/14 (CLIM 13F).
 




June 9, 2014 | BlackRock Advisors, LLC announced that the Boards of Directors/Trustees of the BlackRock Income Trust, Inc. (BKT), BlackRock Income Opportunity Trust, Inc. (BNA) and BlackRock Core Bond Trust (BHK) approved the reorganization of BKT and BNA into BHK (the surviving fund), subject to required shareholder approvals.
 




June 5, 2014 | SC TO-I The Western Asset Premier Bond Fund (WEA) announced that it had commenced a cash tender offer for up to 2,880 of its outstanding auction market preferred shares (Series M and Series W) at a price equal to 97% of the liquidation preference of $25,000 per share (or $24,250 per share). The expiration date is July 3, 2014, unless extended. The Offer to Purchase also indicated that the offer is conditioned upon the Fund’s closing on a: “Credit Facility. The Offer is also subject to other conditions as outlined in the Offer.” Additional terms and details on the offer can be found in the filing. Note: back on April 30, 2014, WEA announced that at a special meeting of its ARPS holders a proposal was approved to amend the fund’s bylaws to facilitate an issuer tender offer for the fund’s outstanding ARPS.
 




June 5, 2014 | The Gabelli Multimedia Trust (GGT) announced a transferable rights offering. The record date will be June 17, 2014 -- with shareholders receiving one transferable right for each share of common stock held on that date. Three rights plus $9.00 will be required to purchase one additional common share. Record date holders fully exercising their primary subscription rights will be eligible to subscribe, subject to certain limitations and a pro-rata allotment, for any additional shares of common stock not purchased pursuant to the primary subscription. The fund’s release noted that “rights acquired in the secondary market may not participate in the over-subscription privilege.” The offering expires July 18, 2014. For additional terms and details of this offering, please see the fund’s related press release.
 




June 4, 2014 | The New Germany Fund, Inc. (GF) announced that its Board of Directors approved a 400,000 share increase to its current share repurchase authorization -- raising the total authorized for repurchase between Aug. 1, 2013 and July 31, 2014 to 1,300,000 shares. GF has already repurchased 859,992 shares from Aug. 1, 2013 through May 31, 2014.
 




June 3, 2014 | Jay G. Baris of Morrison & Foerster LLP published an article on “Best Practices for Independent Directors of Business Development Companies.” www.mofo.com.
 




June 2, 2014 | The Gabelli Dividend & Income Trust (GDV) announced the terms of the spin-off of The Gabelli Global Small and Mid Cap Value Trust. The fund explained in its press release that: “the distribution of the Global Trust common shares to Dividend & Income Trust common shareholders will be at a ratio of one common share of the Global Trust for every ten common shares owned of Dividend & Income Trust. The Dividend & Income Trust will contribute approximately $100 million of its assets to the Global Trust. The Global Trust’s initial net asset value is anticipated to be $12.00 per share. Dividend & Income Trust common shareholders with fewer than ten common shares will not receive common shares of the Global Trust in the distribution but will be entitled to his or her pro rata share of the net proceeds from sales of fractional share interests.” The fund also indicated that the record date for the distribution to Dividend & Income Trust common shareholders will be June 16, 2014, and that shares of the Global Trust are expected to trade on the NYSE on a “regular way” basis starting June 24, 2014 (under the symbol GGZ).
 




May 28, 2014 | The Board of Trustees of the Pioneer Floating Rate Trust (PHD) approved certain investment policy changes, which will be implemented on Aug. 1, 2014. The first change is removing a reference (in a non-fundamental investment policy) to floating rate loans as "senior" in the capital structure, which will allow the fund greater flexibility to invest in second lien loans. The second change is to raise the fund's investment limit on non-U.S. securities from 10% to 35% of fund assets (net assets plus borrowings for investment purposes).
 




May 27, 2014 | 13D Bulldog Investors, LLC disclosed that it held 673,574 shares (7.25%) of the Nuveen Global Income Opportunities Fund (JGG) as of May 23, 2014. The filing also disclosed that the holdings were largely accumulated through a series of purchases between 4/22 and 5/23. Item 4 of the filing indicated that Bulldog Investors may communicate with management about measures to enhance shareholder value.
 




May 27, 2014 | The American Stock Transfer & Trust Company, LLC (AST), announced today that its affiliate, AST Fund Solutions, LLC (which operates CEFinsight.com) entered into a definitive agreement to purchase D.F. King & Co., Inc. and its operating businesses. D.F. King, a market leader for issuer and shareholder services for over 70 years, will be integrated and operate immediately with ASTOne™ -- a division of AST that offers a comprehensive array of proxy solicitation, ownership intelligence and corporate governance consulting services for closed-end funds and other issuers. For more detail on this development, please see the related press release at http://www.astfundsolutions.com/pdf/news052714.pdf.
 




May 22, 2014 | The Delaware Investments Dividend and Income Fund, Inc. (DDF) announced a cash tender offer for up to 471,952 shares of its common stock (5% of its issued and outstanding shares of common stock) at a price per share equal to 98% of the Fund’s NAV per share on the first business day after the offer’s expiration. The tender offer is expected to commence on June 2, 2014, and expire on June 27, 2014 (unless extended).
 




May 22, 2014 | The Gabelli Healthcare & Wellness(Rx) Trust (GRX) announced the summary of terms and dates for its transferable rights offering. The record date will be June 3, 2014 (with each shareholder receiving one transferable right for each common share held on that date). Three rights plus $9.00 will be required to purchase one additional common share. The offering expires July 8, 2014. For additional terms and details of this offering, please see the Fund’s related press release.
 




May 22, 2014 | The Virtus Global Multi-Sector Income Fund (VGI) announced that it intends to implement an options overlay strategy for investment purposes (in addition to hedging purposes).
 




May 21, 2014 | 13D/A Bulldog Investors, LLC disclosed that it had increased its holdings of The Swiss Helvetia Fund, Inc. (SWZ) to 1,745,210 shares (6.57%) as of May 20, 2014 (following a series of purchases of SWZ between 3/28 and 5/20 amounting to +261,712 shares).
 




May 21, 2014 | The Global High Income Fund Inc. (GHI) announced that its Board of Directors had reduced the annualized rate for distributions pursuant to the fund’s Managed Distribution Policy from 7% of the fund’s NAV down to 6% (with the lowered rate effective starting with the monthly distribution for June 2014).
 




May 21, 2014 | The Strategic Global Income Fund, Inc. (SGL) announced that its Board of Directors had reduced the annualized rate for distributions pursuant to the fund’s Managed Distribution Policy from 6% of the fund’s NAV down to 5% (with the lowered rate effective starting with the monthly distribution for June 2014).
 




May 19, 2014 | H&Q Healthcare Investors (HQH) announced the terms of its non-transferable rights offering for shareholders of record on May 30, 2014. HQH will issue to shareholders 1 non-transferable right for each share held, rounded down to the nearest number of rights evenly divisible by three. Shareholders will be entitled to acquire 1 share of the fund for every 3 rights held. Rights can be exercised from June 6 to June 23. The release also noted that shareholders who fully exercise their rights will have, subject to certain limitations and allotment, an over-subscription privilege to subscribe for additional shares. HQH may issue, at its discretion, up to an additional 25% of the shares available pursuant to the offer to honor over-subscriptions. The subscription price per share will be 95% of the volume weighted average price of a share of the fund on the NYSE on June 25 and the three preceding business days. For additional details and terms of this offering, please see the fund’s related press release.
 




May 19, 2014 | H&Q Life Sciences Investors (HQL) announced the terms of its non-transferable rights offering for shareholders of record on May 30, 2014. HQL will issue to shareholders 1 non-transferable right for each share held, rounded down to the nearest number of rights evenly divisible by three. Shareholders will be entitled to acquire 1 share of the fund for every 3 rights held. Rights can be exercised from June 6 to June 23. The release also noted that shareholders who fully exercise their rights will have, subject to certain limitations and allotment, an over-subscription privilege to subscribe for additional shares. HQL may issue, at its discretion, up to an additional 25% of the shares available pursuant to the offer to honor over-subscriptions. The subscription price per share will be 95% of the volume weighted average price of a share of the fund on the NYSE on June 25 and the three preceding business days. For additional details and terms of this offering, please see the fund’s related press release.
 




May 16, 2014 | 13D/A Bulldog Investors, LLC disclosed that its holdings of the Madison Strategic Sector Premium Fund (MSP) had fallen to 283,636 shares (4.89%) as of 5/15/14, which is down from 352,072 shares (6.07%) at the time of Bulldog’s 13D filing on April 21, 2014.
 




May 15, 2014 | 13D/A Bulldog Investors, LLC disclosed that its holdings of the Madison Strategic Sector Premium Fund (MSP) had fallen to 292,536 shares (5.05%) as of 5/14/14 (following a series of sales between 4/25 and 5/14).
 




May 14, 2014 | The Taiwan Fund, Inc. (TWN) announced that stockholders had failed to approve by the required vote (at TWN’s Annual Meeting of Stockholders) a proposed investment management agreement between the fund and Allianz Global Investors US LLC. The fund’s press release also indicated that the fund’s Board is considering other potential candidates for management of TWN.
 




May 9, 2014 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Limited [CLIM]) disclosed that their holdings of the Korea Equity Fund, Inc. (KEF) had increased to 3,461,327 shares (35.5%) as of 4/30/14, up from 2,889,935 shares as of 12/31/13 (CLIM 13F).
 




May 9, 2014 | 13G City of London Investment Group PLC (City of London Investment Management Company Limited [CLIM]) disclosed that their holdings of The Asia Tigers Fund, Inc. (GRR) had increased to 488,798 shares (13.6%) as of 4/30/14, up from 176,893 shares as of 12/31/13 (CLIM 13F).
 




May 9, 2014 | Nuveen Investments announced that the annual shareholder meetings of the Nuveen New York Dividend Advantage Municipal Fund (NAN), Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) and Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) had “concluded without passing of the proposal to merge the funds.” Nuveen’s press release explained that: “While participating shareholders voted overwhelmingly in favor of the proposal, the overall level of shareholder participation was not high enough for the proposal to pass.”
 




May 2, 2014 | The Firsthand Technology Value Fund, Inc. (SVVC), which is a business development company, announced that it had settled its proxy contest with Bulldog Investors, LLC. As the fund’s release explained, Bulldog agreed to: withdraw its 2 director nominees; withdraw proposals regarding termination of the Fund’s Investment Management Agreement and consideration by the Board of a share repurchase program; not present any proposals at SVVC’s Annual Meeting; and vote its shares in accordance with the Board’s recommendations. In addition, the settlement provides that SVVC’s Board approve a plan to repurchase up to $10 million of the fund’s common stock through open market purchases in 2014, and conduct a self-tender offer (to be completed no later than 1/31/15) for at least $20 million of the fund’s common stock at 95% of NAV. Moreover, the fund agreed to liquidate its holdings of Facebook and Twitter no later than 9/30/14 and 10/31/14, respectively, and distribute to shareholders any net realized gains from those holdings within 60 days of completing the liquidations.
 




April 30, 2014 | The Minnesota Municipal Income Portfolio Inc. (MXA) and First American Minnesota Municipal Income Fund II, Inc. (MXN) announced that their Board of Directors approved a proposal to merge the funds into a newly organized closed-end fund managed by Nuveen Fund Advisors, LLC and sub-advised by Nuveen Asset Management, LLC. The proposal will be submitted to shareholders of each Fund at a special meeting expected to be held in 3Q’14.
 




April 30, 2014 | Nuveen Investments announced that the Board of Directors of the Nuveen Investment Quality Municipal Fund, Inc. (NQM) had approved a merger with American Municipal Income Portfolio, Inc. (XAA), subject to approvals by the shareholders of each fund at meetings expected to be held in 3Q’14. On the same day, XAA announced that its Board of Directors had approved a proposal to merge the fund into NQM, subject to shareholder approval.
 




April 28, 2014 | Salient Capital Advisors, LLC announced that the Boards of Trustees of the Salient MLP & Energy Infrastructure Fund (SMF) and the Salient Midstream & MLP Fund (SMM) approved the proposed reorganization of SMF into SMM (subject to shareholder approval). Salient Capital Advisors’ press release indicated that the Boards believe the reorganization “presents the opportunity for enhanced long-term market liquidity through increased trading volume, potential cost savings through increased economies of scale, and similar size-related benefits and flexibility.”
 




April 28, 2014 | Western Asset Inflation Management Fund Inc. (IMF) announced that stockholders had approved the fund’s liquidation and dissolution pursuant to a plan adopted by the Board of Directors of the Fund. The effective date of the fund’s liquidation is expected to be May 30, 2014.
 




April 21, 2014 | The Cornerstone Progressive Return Fund (CFP) announced that the record date for the fund’s 1-for-3 rights offering will be May 1, 2014. See the fund’s press release, which is currently available through the “News Wire” section of this website, for additional details on the rights offering.
 




April 21, 2014 | 13D Bulldog Investors, LLC disclosed that it held 352,072 shares (6.07%) of the Madison Strategic Sector Premium Fund (MSP) as of 4/21/14. The filing also disclosed a series of purchases between 2/21/14 and 4/17/14 amounting to +275,087 shares. Item 4 of the filing indicated that the filers “may communicate with management about measures to enhance shareholder value.”
 




April 16, 2014 | FS Investment Corporation (FSIC), which had been a non-traded BDC, started trading on the NYSE. FSIC also commenced a modified “Dutch auction” tender offer for up $250 million of its common stock. FSIC’s press release explained that “stockholders may tender all or a portion of their shares at one or more prices between $10.35 and $11.00. The Company intends to purchase properly tendered shares at the lowest price in this range that would enable FSIC to purchase the maximum number of shares.” The expiration date for the tender offer is May 28, 2014, unless extended or withdrawn.
 




April 15, 2014 | The Gabelli Dividend & Income Trust (GDV) announced that the fund’s shareholders had approved the contribution of approximately $100 million of GDV’s assets to a new closed-end fund -- The Gabelli Global Small and Mid Cap Value Trust. The record and distribution dates for this spin-off will be announced at a future date.
 




April 10, 2014 | 13D/A Karpus Management, Inc. (d/b/a Karpus Investment Management [KIM]) disclosed that it had reduced its holdings of the Western Asset Inflation Management Fund Inc. (IMF) to 1,011,655 shares (14.33%), which is down a net 573,158 shares as a result of a series of transactions between 2/3/2014 and 3/31/2014 (including the sale of 463,574 shares on 3/31). The filing also includes a copy of a letter sent by KIM to the Fund on November 22, 2013.
 




April 9, 2014 | 13D/A Bulldog Investors, LLC disclosed that it has recently been reducing its holdings of the Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ), and that as a result of a series of sales between 2/19/14 and 4/8/14 (-898,527 shares) its holdings of ETJ had fallen to 3,280,668 shares (4.93%) as of 4/8/14.
 




April 4, 2014 | The Asia Tigers Fund, Inc. (GRR) announced that stockholders of the fund had voted to eliminate its interval fund structure. In addition, the press release noted that the fund's board of directors expects to extend a targeted discount policy, under which the fund intends to buy back shares of common stock in the open market at times when GRR trades at a discount to NAV of 10% or more.
 




April 2, 2014 | BlackRock Advisors, LLC announced redemptions of a portion of the outstanding auction rate preferred shares (ARPS) of each of the following two funds: BlackRock California Municipal 2018 Term Trust (BJZ) and BlackRock Florida Municipal 2020 Term Trust (BFO). The announced redemptions total $3.25 million in ARPS.
 




April 1, 2014 | 13D/A Bulldog Investors, LLC disclosed that its holdings of Western Asset Inflation Management Fund, Inc. (IMF) had increased to 1,161,451 shares (16.44%) as of 4/1/14 (+139,494 shares as a result of a series of purchases between 2/7 and 3/31).
 




March 28, 2014 | 13G Cascade Investment, L.L.C. disclosed that William H. Gates III (the sole member of Cascade and the co-founder of Microsoft) held a total of 1,046,276 shares (8.2%) of The Thai Fund, Inc. (TTF).
 




March 27, 2014 | The Nuveen All Cap Energy MLP Opportunities Fund (JMLP) started trading on the NYSE after an initial public offering in which the fund raised approximately $255 million in gross proceeds (excluding any exercise of the underwriters’ option to purchase additional shares). The fund’s investment adviser is Nuveen Fund Advisors, LLC. Advisory Research, Inc. (Piper Jaffray Companies) is the fund’s subadviser.
 




March 27, 2014 | The First Trust New Opportunities MLP & Energy Fund (FPL) commenced trading on 3/27/14 after an initial public offering in which the fund raised approximately $440 million in gross proceeds (excluding any exercise of the underwriters’ option to purchase additional shares). The fund’s investment adviser is First Trust. Energy Income Partners, LLC is the fund’s sub-adviser.
 




March 17, 2014 | 13G Saba Capital Management, L.P. disclosed that its holdings of the DWS High Income Trust (KHI) stood at 872,791 (5.36%) shares, which is up from 535,014 shares as of 12/31/13 (13F). Saba Capital Management, L.P. (Boaz R. Weinstein) is a hedge fund manager, which disclosed $1.72B of holdings in 13F-eligible securities as of 12/31/13 (including holdings of more than 100 U.S. closed-end funds).
 




March 17, 2014 | A Reuters article titled "Activist investors bump into each other in campaigns" examined the crowding of investors pursuing activist agendas into a narrow base of targeted companies. The article detailed a number of recent cases in which issuers have faced two or more activist shareholders (and their agendas) at the same time, and the resulting complications -- including, in some instances, conflicts between activists with contending interests. See www.reuters.com.
 




March 10, 2014 | Bulldog Investors, LLC disclosed in a 13G filing that its holdings of Virtus Total Return Fund (DCA) stood at 1,436,076 shares (5.23%) as of March 7, 2014. Bulldog Investors' public 13F filing on 2/12/14 does not show what holdings, if any, it had of DCA as of 12/31/13. The SEC’s website (sec.gov) has a notice that “confidential information has been omitted from the public Form 13F” report of Bulldog Investors, LLC on 2/12/14 and “filed separately” with the SEC.
 




March 10, 2014 | The Western Asset Global Corporate Defined Opportunity Fund Inc. (GDO) announced that its Board of Directors had authorized the Fund to repurchase (in the open market) up to 1.6 million shares of the Fund's common stock when the Fund's shares are trading at a discount to their NAV.
 




February 27, 2014 | The Morgan Stanley Asia-Pacific Fund, Inc. (APF) announced that its Board of Directors had approved a cash tender offer for up to 20% of the fund’s outstanding shares at a price equal to 98.5% of the fund’s NAV per share (at the close of regular trading on the NYSE on the business day immediately following the offer’s expiration). The tender offer is expected to commence on, or about, March 6, 2014.
 




February 25, 2014 | A number of BDCs were under pressure after S&P Dow Jones Indices announced the night before that as a result of a change in their methodology for structuring indices, which would become effective after the close of trading on March 21, 2014, all identified BDCs would be removed from its U.S. Indices (citing certain reporting requirements, expenses, and investment restrictions for BDCs).
 




February 24, 2014 | The Apollo Investment Corporation (AINV)announced plans for a public offering of 12.0 million shares of common stock (and an underwriters’ overallotment option to purchase up to an additional 1.8 million shares).
 




February 19, 2014 | 13D/A Bulldog Investors, LLC disclosed that its holdings of the Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) had fallen to 4,179,215 shares (5.99%) as of Feb. 18 (following a series of sales between 12/18 and 2/18 [-364,635 shares]).
 




February 19, 2014 | The India Fund, Inc. (IFN) announced that its Board of Directors had approved a cash tender offer for up to 15% of the fund’s issued and outstanding shares at a price per share equal to 98% of the fund’s NAV per share (to be determined by the Fund on the next business day following the tender offer’s expiration). The tender offer is expected to commence on, or about, March 7, 2014.
 




February 18, 2014 | 13G Saba Capital Management, L.P. disclosed that its holdings of the BlackRock Corporate High Yield Fund VI, Inc. (HYT) stood at 6,525,732 (5.16%) shares, which is up from 5,734,766 shares as of 12/31/13 (13F). Saba Capital Management, L.P. (Boaz R. Weinstein) is a hedge fund manager, which disclosed $1.72B of holdings in 13F-eligible securities as of 12/31/13 (including holdings of more than 100 U.S. closed-end funds).
 




February 18, 2014 | 13D/A Karpus Management, Inc. (d/b/a Karpus Investment Management [KIM]) disclosed that its holdings of the AllianceBernstein Income Fund, Inc. (ACG) had fallen sharply in January and early February, and that KIM sent a letter to ACG dated Feb. 14, 2014. KIM’s holdings of ACG have fallen to 6,257,425 shares (2.58%) as of 2/14/14 -- following a series of transactions between 12/16/13 and 2/14/14 (including a net reduction of 5,015,374 shares in transactions dated from 1/2/14 to 2/14/14).
 




February 14, 2014 | 13D/A Bulldog Investors, LLC disclosed that its holdings of Firsthand Technology Value Fund, Inc. (SVVC) had increased to 1,277,934 shares (14.09%) as a result of a series of purchases between 2/3 and 2/13 (+102,405 shares).
 




February 14, 2014 | 13D/A Bulldog Investors, LLC disclosed that its holdings of Firsthand Technology Value Fund, Inc. (SVVC) had increased to 1,277,934 shares (14.09%) as a result of a series of purchases between 2/3 and 2/13 (+102,405 shares).
 




February 12, 2014 | CM Finance Inc(CMFN), which started trading on Feb. 6, 2014, announced that it had completed its initial public offering of 7,666,666 shares of common stock, including 1,000,000 shares pursuant to the exercise of the underwriters’ overallotment option, at a price of $15.00 per share. CMFN raised $115.0 million in gross proceeds. CMFN’s investment adviser is CM Investment Partners LLC. CMFN indicated in its press release that it seeks to invest primarily in middle-market companies with annual revenues of at least $50 million and EBITDA of at least $20 million.
 




February 7, 2014 | Bulldog Investors, LLC disclosed in a 13D/A filing that it had recently increased its holdings of Western Asset Inflation Management Fund Inc. (IMF) to 1,021,957 shares (14.47%) as a result of a series of purchases between 1/13 and 2/6 (+91,798 shares).
 




February 3, 2014 | The Virtus Total Return Fund (DCA) announced: 1) that it will increase its quarterly distribution rate to $0.10 per share, which is +67% from the current quarterly rate of $0.06 per share; and (2) other actions aimed at enhancing shareholder value, including the adoption of a level distribution plan (seeking to maintain a consistent distribution level of $0.10 per share [although the amount of future distributions is subject to change]) and changes to the fund’s investment strategy (that is, implement an options overlay strategy).
 




February 3, 2014 | The India Fund, Inc. (IFN) announced that stockholders had voted to eliminate IFN’s interval fund structure. In addition, as the Fund’s press release explained: “the Board of Directors of the Fund…expects to (a) authorize a cash tender offer to acquire up to 15% of the Fund’s outstanding shares at a price of 98% of the Fund’s NAV and (b) extend a targeted discount policy whereby the Fund intends to buy back shares of common stock in the open market at times when the Fund’s shares trade at a discount of 10% or more to NAV and review the targeted discount of not more than a 10% volume-weighted average after a two-year period commencing from the completion of the date of the tender. If the 10% volume-weighted average discount is not attained over the two-year period, the Board may, but is not obligated to, consider other actions that, in its judgment, may be effective to address the discount.”
 




January 30, 2014 | The Financial Times service Ignites (www.ignites.com [Money-Media]) published an article titled "Closed-Enders Face Tougher Battles With Activists," which cited comments from our own Warren Antler (Sr. VP, AST Fund Solutions [heading up our Closed-End Fund Division]). The article discusses shareholder activism targeting closed-end funds in the context of the 2014 policy update by the proxy advisory firm Institutional Shareholder Services (ISS). Regarding the ISS policy update, which is effective for meetings occurring on, or after, Feb. 1, 2014, please see our recent Alert on that subject.
 




January 29, 2014 | The proxy advisory firm Institutional Shareholder Services Inc. (ISS) is updating its policy guidelines, effective for meetings occurring on, or after, Feb. 1, 2014. The ISS "U.S. Corporate Governance Policy" for 2014 is available at www.issgovernance.com. For closed-end funds, the most significant change in ISS policy is to criteria "triggering" ISS reviews of Board responsiveness to majority-supported shareholder proposals. Under the revised ISS policy, reviews can be triggered if a Board "failed to act" on a shareholder proposal that received the support of a majority of shares cast in the previous year, rather than the previous "triggers" of a proposal receiving support through either two years of a majority of votes cast (in a 3 year period) or 1 year of a majority of shares outstanding. In addition, while ISS previously responded to cases of less than full implementation by a Board of a majority-supported shareholder proposal with recommendations to generally vote against or withhold from individual directors, committee members, or the entire board, the 2014 policy will see ISS: (1) taking a case-by-case approach when assessing a Board's implementation of a proposal that received majority support, including listing certain factors that analysts will consider (e.g., the Board's rationale for the level of implementation); and (2) ISS analysts will have broader discretion when determining which directors to target if the level of Board responsiveness is believed to have been insufficient.
 




January 28, 2014 | Tortoise Capital Advisors announced that the Board of Directors of Tortoise's closed-end funds had approved a proposal to merge the following funds: Tortoise Energy Infrastructure Corp. (TYG), Tortoise Energy Capital Corp. (TYY), and Tortoise North American Energy Corp. (TYN) -- with TYG the acquiring fund. The mergers are currently expected to be concluded in calendar 2Q’14, and are subject to TYG, TYY, and TYN stockholder approval. The press release by Tortoise Capital Advisors also noted that the mergers are expected to result in: “anticipated accretion to distributable cash flow; the opportunity for enhanced long-term market liquidity; anticipated cost savings through a lower effective management fee and increased economies of scale; and greater financial flexibility through a larger balance sheet.”
 




January 27, 2014 | Full Circle Capital Corporation (FULL) announced the full exercise of the underwriters’ overallotment option related to its previously announced offering of 1,650,000 shares of common stock, which closed on January 17, 2014 (with gross proceeds of $11.764 million). Full Circle issued 242,300 additional shares of common stock at a public offering price of $7.13 per share (bringing Full Circle’s total outstanding shares of common stock up to 9,461,682).
 




January 21, 2014 | The Western Asset Inflation Management Fund Inc. (IMF) announced that its Board of Directors had adopted a proposal to liquidate and dissolve the Fund, subject to stockholder approval. The fund’s press release indicated that the proposed plan of liquidation and dissolution will be submitted to stockholders for approval at the fund’s annual meeting of stockholders scheduled for April 25, 2014. The fund’s press release also indicated that the Board is proposing to liquidate and dissolve the fund due, in part, to the fund’s small asset size and relatively high expense ratio.
 




January 13, 2014 | 13D/A Bulldog Investors, LLC disclosed that it had increased its holdings of the Western Asset Inflation Management Fund Inc. (IMF) to 928,859 shares (13.15%) as of Jan. 10, 2014, which is +83,783 shares after a series of purchases between 12/27 and 1/10.
 




January 8, 2014 | The AllianceBernstein Income Fund, Inc. (ACG) announced that it had received (prior to the end of 2013) written requests from persons claiming to own in excess of 10% of ACG’s outstanding shares that the fund submit a proposal to stockholders to convert ACG into an open-end investment company. ACG explained in its press release that after the fund’s shares traded on the NYSE at an average discount from net asset value of more than 10% during the twelve weeks preceding the end of 2013 (based on discounts at the end of the last trading day in each week of the measurement period), the fund’s charter requires the fund to submit such a proposal to stockholders if it was also duly requested (during that same calendar year) in writing by the holders of 10% or more of the Fund’s outstanding shares. The fund indicated in its release that it will seek to verify the ownership of shares by those persons who submitted the requests prior to the end of 2013.
 




January 2, 2014 | 13D/A Bulldog Investors, LLC disclosed that is holdings of the business development company Firsthand Technology Value Fund, Inc. (SVVC) had increased to 1,002,845 shares (11.05%) as of 12/30/13 (+108,848 shares after a series of purchases between 12/17 and 12/30). The filing also disclosed a letter to the Fund (dated 12/30) from Phillip Goldstein (Full Value Partners L.P.).
 




January 2, 2014 | 13D/A Bulldog Investors, LLC disclosed that is holdings of the business development company Firsthand Technology Value Fund, Inc. (SVVC) had increased to 1,002,845 shares (11.05%) as of 12/30/13 (+108,848 shares after a series of purchases between 12/17 and 12/30). The filing also disclosed a letter to the Fund (dated 12/30) from Phillip Goldstein (Full Value Partners L.P.).
 




December 30, 2013 | 13D/A Bulldog Investors, LLC disclosed that its holdings of The Zweig Total Return Fund, Inc. (ZTR) had fallen to 1,723,585 shares (4.98%) as of 12/27/13 (-157,848 shares as a result of a series of sales between 11/14 and 12/24).
 




December 27, 2013 | The BlackRock California Municipal 2018 Term Trust (BJZ), BlackRock Municipal 2020 Term Trust (BKK), and the BlackRock Municipal 2018 Term Trust (BPK) each announced the redemption of a portion of their issued and outstanding auction rate preferred shares (ARPS). The announced redemptions total $25.05 million.
 




December 20, 2013 | 13D Karpus Management, Inc. (Karpus Investment Management [“KIM”]) disclosed that its holdings of the AllianceBernstein Income Fund, Inc. (ACG) had increased to 11,548,588 shares (4.8%), up from 11,031,754 shares as of 9/30/13 (13F), and that KIM had sent a letter to the Fund (dated 12/20) concerning the Fund’s discount to net asset value and other matters.
 




December 19, 2013 | The Japan Equity Fund, Inc. (JEQ) announced that the Fund’s stockholders approved an investment management agreement with Aberdeen Asset Management Asia Limited, which is scheduled to assume responsibility for management of the Fund effective January 6, 2014.
 




December 18, 2013 | 13D/A Bulldog Investors, LLC disclosed that its holdings of Western Asset Inflation Management Fund Inc. (IMF) had recently increased by 71,743 shares to a total of 845,076 shares (11.97%) as a result of purchases between 12/2/13 and 12/17/13.
 




December 13, 2013 | 13D/A Bulldog Investors, LLC disclosed that its holdings of Helios Strategic Income Fund, Inc. (HSA) had risen to 785,724 shares (13.25%) as of 12/11/13 (after purchasing 217,699 shares on 12/11/13).
 




December 11, 2013 | 13D/A Bulldog Investors, LLC disclosed that it had increased its holdings of the business development company Firsthand Technology Value Fund, Inc. (SVVC) to 907,168 shares (9.99%) as of 12/10/13 (up from 797,171 shares as of 11/27/13 [13D on 12/2/13]). The filing also contained a letter sent by Phillip Goldstein to SVVC dated 12/9/13, regarding issues raised by the Fund in connection with a prior letter to SVVC (dated 11/12/13) from Phillip Goldstein and Full Value Partners L.P.
 




December 11, 2013 | 13D/A Bulldog Investors, LLC disclosed that its holdings of Helios Strategic Income Fund, Inc. (HSA) had risen to 568,025 shares (9.58%) as of 12/10/13 (+107,704 shares as a result of transactions between 10/18 and 12/10).
 




December 11, 2013 | 13D/A Bulldog Investors, LLC disclosed that its holdings of Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) had fallen to 4,886,760 shares (7.00%) as of 12/10/13 (-502,851 shares as a result of transactions between 10/9 and 12/10).
 




December 9, 2013 | The Central Europe, Russia and Turkey Fund, Inc. (CEE), announced that, in accordance with the Fund’s Discount Management Program and following a twelve-week measurement period that expired on Dec. 6, 2013 (during which CEE traded at an average discount to NAV of -10.36%), the Fund will conduct a cash tender offer for up to 5% of its issued and outstanding shares of common stock at a price equal to 98% of its NAV per share. The tender offer is expected to commence on, or about, February 14, 2014, and continue through March 17, 2014, unless extended.
 




December 5, 2013 | Dreyfus Municipal Income, Inc. (DMF), Dreyfus Strategic Municipal Bond Fund, Inc. (DSM), and Dreyfus Strategic Municipals, Inc. (LEO) announced partial redemptions, at par value on a pro-rata basis by series, of the Funds’ auction rate preferred securities (ARPS). The funds are redeeming the following amounts of ARPS: DMF ($14.3 million), DSM ($25.8 million), and LEO ($40.75 million).
 




December 3, 2013 | The Swiss Helvetia Fund, Inc. (SWZ) announced that its Board of Directors had approved a cash tender offer for up to 15% of the Fund’s outstanding shares of common stock at a price equal to 95% of the Fund’s NAV per share (as of the close of regular trading on the NYSE on the business day immediately following the expiration of the offer). The tender offer will commence on, or about, January 10, 2014, while the offer’s expiration date is anticipated on, or about, February 7, 2014. The Fund’s press release also noted that additional terms and conditions for the tender offer will be set forth in the Fund’s offering materials.
 




December 2, 2013 | 13D/A Bulldog Investors, LLC disclosed that it had increased its holdings of the business development company Firsthand Technology Value Fund, Inc. (SVVC) to 797,171 shares (8.79%) as of 11/27/13 (up from 673,740 shares as of 11/21/13 [13D on 11/22]).
 




November 29, 2013 | 13D/A Bulldog Investors, LLC disclosed that its holdings of the Western Asset Inflation Management Fund Inc. (IMF) had increased to 764,601 shares (10.83%), which is +86,358 shares from the amount shown in a related 13D/A filing on Nov. 27, 2013.
 




November 26, 2013 | The Goldman Sachs MLP Income Opportunities Fund (GMZ) started trading after an initial public offering that raised $826.3 million in gross proceeds. The Fund’s investment adviser is Goldman Sachs Asset Management, L.P. (“GSAM”). GMZ is the first closed-end fund launched by GSAM.
 




November 25, 2013 | 13D/A Karpus Management, Inc. (Karpus Investment Management ["KIM"]) disclosed that it had sent a letter to Western Asset Inflation Management Fund Inc. (IMF) on Nov. 22, 2013, containing a shareholder proposal and 3 director nominees. The filing also indicated that KIM beneficially owned 1,627,781 shares (23.05%) of IMF as of 11/22/13, which is +68,239 shares (net) as a result of a series of transactions between 9/23 and 11/15.
 




November 22, 2013 | 13D Bulldog Investors, LLC (with Phillip Goldstein, Andrew Dakos, and Steven Samuels) disclosed holdings of Western Asset Inflation Management Fund Inc. (IMF) amounting to 593,675 shares (8.41%) as of 11/21/13. The filing also disclosed purchases of shares of IMF between 9/24/13 and 11/21/13 (+449,693 shares). Item 4 of the filing noted that: “The filing persons intend to communicate with management about measures to address the disparity between the Fund's stock price and its net asset value.”
 




November 22, 2013 | 13D Bulldog Investors, LLC (with Phillip Goldstein, Andrew Dakos, and Steven Samuels) disclosed holdings of the business development company Firsthand Technology Value Fund, Inc. (SVVC) amounting to 673,740 shares (7.43%) as of 11/21/13 (vs. 426,531 shares as of 10/25/13 [13D/A 10/28/13]). The filing also contained a number of statements and attachments regarding a lawsuit filed by the Fund and a letter from Phillip Goldstein (Full Value Partners L.P.) to the Fund (dated Nov. 12, 2013) regarding SVVC’s 2014 annual meeting.
 




November 21, 2013 | Nuveen Investments announced that the Boards of 4 Nuveen New Jersey municipal closed-ends funds had approved a merger, subject to shareholder approval at annual shareholder meetings in mid-2014. The proposed merger involves the Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ), Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ), and the Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ) all being acquired by the Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ). The proposed merger was described in Nuveen Investments’ press release as “intended to create a larger fund with lower operating expenses and increased trading volume on the exchange for common shares.”
 




November 21, 2013 | Nuveen Investments announced that the Board of the Nuveen Global Value Opportunities Fund (JGV) had approved changes to the fund’s investment policies, effective Jan. 2, 2014. The changes will focus the fund’s investment mandate on global equities with attractive dividend potential and align it with the core investment capabilities of the fund’s sub-adviser Tradewinds Global Investors. As described in the press release, the revised investment policies provide that: “The fund will primarily invest (at least 80 percent of its managed assets) in dividend paying equity securities; the fund may opportunistically invest to a limited extent in debt securities; and the fund may not short equity securities.” In addition, the fund’s name will be change, effective Jan. 21, 2014, to the Nuveen Global Equity Income Fund.
 




November 19, 2013 | The Asia Tigers Fund, Inc. (GRR) announced that its Board of Directors had approved the elimination of its interval fund structure, subject to stockholder approval, while also announcing other actions that are part of a strategy to reduce the Fund’s discount to NAV. The Fund has scheduled a Special Meeting of stockholders (to be held on February 3, 2014) to consider the elimination of the interval fund structure. The Fund’s press release noted that: “The Board believes that eliminating the Policy, which requires share repurchases to be made irrespective of the Fund’s discount to NAV or prevailing market conditions, will allow the Board greater opportunity and flexibility when evaluating and pursuing other measures to address the discount.” The Fund also announced: “the extension of a targeted discount policy to seek to manage the Fund’s discount, which would become effective if stockholders approve the elimination of the Policy. Under the targeted discount policy, the Fund intends to buy back shares of common stock in the open market at times when the Fund’s shares trade at a discount of 10% or more to NAV.”
 




November 18, 2013 | The India Fund, Inc. (IFN) announced that its Board of Directors had approved the elimination of its interval fund structure, subject to stockholder approval, while also announcing other actions that are part of a strategy to reduce the Fund’s discount to NAV. The Fund has scheduled a Special Meeting of stockholders (to be held on February 3, 2014) to consider the elimination of the interval fund structure. The Fund’s press release noted that: “The Board believes that eliminating the Policy, which requires share repurchases to be made irrespective of the Fund’s discount to NAV or prevailing market conditions, will allow the Board greater opportunity and flexibility when evaluating and pursuing other measures to address the discount.” Additional actions announced by the Fund included: a Conditional Tender Offer (“The Board intends to authorize a cash tender offer to acquire up to 15% of the Fund’s outstanding shares at a price of 98% of the Fund’s NAV, conditional upon and following stockholder approval of the elimination of the Policy”); along with a Targeted Discount Policy and Open-Market Repurchases (“The Board also announces the extension of a targeted discount policy to seek to manage the Fund’s discount, which would become effective if stockholders approve the elimination of the Policy. Under the targeted discount policy, the Fund intends to buy back shares of common stock in the open market at times when the Fund’s shares trade at a discount of 10% or more to NAV. The targeted discount of a 10% volume-weighted average would be reviewed after a two-year period from the completion date of the conditional tender. If the 10% volume-weighted average discount is not attained over the two-year period, the Board may consider other corporate actions”).
 




November 15, 2013 | The Boards of the Eaton Vance closed-end funds listed below authorized the repurchase by each Fund of up to 10% of their outstanding common shares (as of 11/11/13) via “open-market transactions at a discount to net asset value per share.” The repurchase programs will be conducted on a discretionary basis under the direction of Eaton Vance Management. The Funds adopting such repurchase programs include (by ticker): EVM, EIA, CEV, EFF, EFT, EVV, MAB, MMV, MIW, EMI, EIM, EIV, ETX, EVN, EOT, EMJ, EVJ, ENX, NYH, EVY, EIO, EVO, EIP, EVP, EFR, and EVF.
 




November 14, 2013 | The Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) announced that its Board of Trustees had authorized a conditional one-time cash tender offer for up to 10% of the Fund’s outstanding shares (at a price of 96% of the Fund’s NAV) -- conditioned, that is, on whether, as the Fund’s press release described, “the Fund’s daily discount to NAV (as measured based on each day’s volume-weighted average market price) averages more than 9.75% for any of the months of February, March, April or May 2014." If triggered, the tender offer would “commence within 30 days of the end of the month in which the triggering event occurs.”
 




November 13, 2013 | Oxford Lane Capital Corp. (OXLC) announced that it had priced (at $22.50 per share) a public offering of 1,625,000 shares of its 7.50% Series 2023 Term Preferred Shares (OXLCO). Gross proceeds from the offering amount to approximately $36.56 million.
 




November 8, 2013 | Karpus Management, Inc. (Karpus Investment Management) disclosed that it held 2,079,564 shares (5.97%) of Zweig Total Return Fund Inc. (ZTR) Common Stock, which is up from 1,720,386 shares as of 6/30/13 (13F).
 




November 8, 2013 | Karpus Management, Inc. (Karpus Investment Management) disclosed that it held 1,628,871 shares (23.07%) of Western Asset Inflation Management Fund Inc. (IMF) Common Shares, which is up from 1,495,658 shares as of 6/30/13 (13F).
 




November 8, 2013 | The SEC’s Division of Investment Management recently published an IM Guidance Update (Nov. 2013 | No. 2013-11) on the subject of Shareholder Notices of the Sources of Fund Distributions – Electronic Delivery. The Division’s staff considered whether investment companies (funds) registered under the Investment Company Act of 1940 that make certain types of distributions to their shareholders may electronically deliver to their shareholders the required “written statement” describing the sources of those distributions (re: Rule 19a-1 Notices). The Update noted that: “The staff’s view is that funds may electronically deliver to their shareholders the required ‘written statement’ describing the sources of their distributions.” For more detail and background, including the staff’s related comments regarding Commission guidance on electronic delivery, please see the full text of the IM Guidance Update, which is available at www.sec.gov/divisions/investment.shtml.
 




November 7, 2013 | BlackRock Advisors, LLC announced that the BlackRock Municipal 2020 Term Trust (BKK), BlackRock Municipal 2018 Term Trust (BPK), and BlackRock Florida Municipal 2020 Term Trust (BFO) had each provided a notice of the redemption of a portion of their issued and outstanding auction rate preferred shares (ARPS). The announced redemptions amounted to a combined $14.65 million in ARPS.
 




October 29, 2013 | Ares Management LLC announced the initial public offering of the Ares Multi-Strategy Credit Fund, Inc. (NYSE: ARMF), which raised $130 million in gross proceeds (excluding any exercise of the underwriters’ over-allotment option). The Fund is managed by a wholly-owned subsidiary of Ares Management LLC.
 




October 28, 2013 | 13D/A Bulldog Investors, LLC (with Bulldog Investors Funds, Phillip Goldstein, Andrew Dakos and Steven Samuels) disclosed that, as a result of a series of sales between 10/21 and 10/25, their position in the closed-end business development company Firsthand Technology Value Fund, Inc. (SVVC) had fallen to 426,531 shares (4.98%) as of Oct. 25, 2013 (down from 448,743 shares as of 10/18/13 and 726,356 shares as of 9/25/13 [as shown in prior 13D/A filings]).
 




October 25, 2013 | BlackRock Advisors, LLC announced that shareholders of the BlackRock Senior High Income Fund, Inc. (ARK), BlackRock Strategic Bond Trust (BHD), and BlackRock Debt Strategies Fund, Inc. (DSU) had approved the reorganization of each of ARK and BHD into DSU (the surviving fund). The effective date for the reorganizations is expected to be December 9, 2013.
 




October 25, 2013 | The Cornerstone Strategic Value Fund, Inc. (CLM) announced that the subscription period for its rights offering to holders of the Fund’s common stock will begin on November 1 and expire on November 29, 2013 (unless extended). The record date for the rights offering will be October 28, 2013. The Fund’s press release provided additional details on the terms of the rights offering.
 




October 25, 2013 | The Cornerstone Total Return Fund, Inc. (CRF) announced that the subscription period for its rights offering to holders of the Fund’s common stock will begin on November 1 and expire on November 29, 2013 (unless extended). The record date for the rights offering will be October 28, 2013. The Fund’s press release provided additional details on the terms of the rights offering.
 




October 24, 2013 | The Taiwan Fund, Inc. (TWN) announced that its Board of Directors had established a process for selecting an investment manager to replace the Fund’s existing investment advisory arrangements with Martin Currie, Inc. and APS Asset Management PTE Ltd. (which had, as previously announced by the Fund, notified Martin Currie of termination of the sub-advisory agreement between Martin Currie and APS). The Fund’s press release provided details on the selection process and indicated that the Board intends to select a replacement investment manager in the middle of January 2014 and then ask the Fund’s stockholders to approve that selection at a Special Meeting of Stockholders in March 2014. The Fund also indicated that it may take six months or more to obtain regulatory approvals for its previously announced plan to implement a Managed Distribution Program (“MDP”) with a target annual distribution rate of 5% of market price. In addition, that target distribution rate will be reevaluated upon obtaining regulatory approvals and prior to implementation of the MDP (and then regularly reviewed by the Fund’s Board).
 




October 21, 2013 | 13D/A Bulldog Investors, LLC (with Bulldog Investors Funds, Phillip Goldstein, Andrew Dakos and Steven Samuels) disclosed that, as a result of a series of sales between 10/14 and 10/18, their position in the closed-end business development company Firsthand Technology Value Fund, Inc. (SVVC) had fallen to 448,743 shares (5.24%) as of 10/18/13 (down from 547,184 shares as of 10/11 and 726,356 shares as of 9/25/13 [as shown in prior 13D/A filings]).
 




October 18, 2013 | 13D/A Bulldog Investors, LLC (with Phillip Goldstein, Andrew Dakos, and Steven Samuels) disclosed that they had increased their position in the Helios Strategic Income Fund, Inc. (HSA) to 460,321 shares (7.76%) as of 10/16/13 (up from 396,094 shares as of 9/27/13 [13D 9/30/13]).
 




October 18, 2013 | The Cornerstone Total Return Fund, Inc. (CRF) announced that the record date for the Fund’s 1-for-3 rights offering will be October 28, 2013. Each stockholder will receive one non-transferable right for each share of the Fund held as of the record date. See the Fund’s press release (in the “News Wire” section of this website) for additional details on the rights offering.
 




October 18, 2013 | The Cornerstone Strategic Value Fund, Inc. (CLM) announced that the record date for the Fund’s 1-for-3 rights offering will be October 28, 2013. Each stockholder will receive one non-transferable right for each share of the Fund held as of the record date. See the Fund’s press release (in the “News Wire” section of this website) for additional details on the rights offering.
 




October 16, 2013 | The Morgan Stanley India Investment Fund, Inc. (IIF) announced that its Board of Directors had approved a tender offer for up to 10% of the Fund’s outstanding shares at a price equal to 98.5% of the Fund’s NAV per share (as of the close of regular trading on the NYSE on the business day immediately following the day the offer expires). The tender offer is expected to start on, or about, October 21, 2013.
 




October 14, 2013 | Nuveen Investments announced that the Boards of several Nuveen California municipal closed-end funds had approved a series of mergers, which are subject to shareholder approvals at annual shareholder meetings in early 2014. Nuveen noted in its press release that the mergers are “intended to create two larger funds with lower operating expenses and increased trading volume on the exchange for common shares.” The first series of proposed fund mergers includes the Nuveen California Performance Plus Municipal Fund, Inc. (NCP), Nuveen California Municipal Market Opportunity Fund, Inc. (NCO), Nuveen California Investment Quality Municipal Fund, Inc. (NQC), Nuveen California Quality Income Municipal Fund, Inc. (NUC), and the Nuveen California Select Quality Municipal Fund, Inc. (NVC) all being acquired by the Nuveen California Dividend Advantage Municipal Fund (NAC). Another proposed merger involves the Nuveen California Premium Income Municipal Fund (NCU) being acquired by the Nuveen California AMT-Free Municipal Income Fund (NKX).
 




October 14, 2013 | BlackRock Advisors, LLC announced that shareholders of the BlackRock High Yield Trust (BHY), BlackRock Corporate High Yield Fund, Inc. (COY), BlackRock Corporate High Yield Fund III, Inc. (CYE), BlackRock High Income Shares (HIS), BlackRock Corporate High Yield Fund V, Inc. (HYV) and BlackRock Corporate High Yield Fund VI, Inc. (HYT) had approved the reorganization of each of BHY, COY, CYE, HIS and HYV into HYT (the surviving fund). The reorganizations are expected to be effective with the open of the NYSE on Nov. 18, 2013.
 




October 8, 2013 | 13D/A Bulldog Investors, LLC (with Bulldog Investors Funds, Phillip Goldstein, Andrew Dakos and Steven Samuels) disclosed that, as a result of a series of transactions between 9/26 and 10/7, their position in the closed-end business development company Firsthand Technology Value Fund, Inc. (SVVC) had dropped to 632,668 shares (7.39%) as of 10/7/13. This is down from 726,356 shares as of 9/25/13 (13D/A 9/26/13).
 




October 8, 2013 | BlackRock Advisors, LLC announced that the BlackRock California Municipal 2018 Term Trust (BJZ), BlackRock New York Municipal 2018 Term Trust (BLH), and BlackRock Florida Municipal 2020 Term Trust (BFO) had each provided a notice of redemption of a portion of their issued and outstanding auction rate preferred shares (“ARPS”). The announced redemptions total $16.1 million of ARPS (at a liquidation preference of $25,000 per share).
 




October 7, 2013 | 13D Karpus Management, Inc. (d/b/a Karpus Investment Management [KIM]) disclosed a letter that it had sent on Oct. 4 to UBS Global Asset Management (Americas), Inc. regarding Fort Dearborn Income Securities, Inc. (FDI), in which KIM expressed concerns about recently announced changes to FDI’s investment policies and stated that: “if these policies are in fact approved, the Fund should conduct a meaningful tender offer at net asset value.” KIM disclosed ownership of 330,307 shares (3.76%) of FDI.
 




October 3, 2013 | The Turkish Investment Fund, Inc. (TKF) announced that its Board of Directors approved a cash tender offer for up to 10% of the Fund’s outstanding shares at a price equal to 98.5% of the Fund’s NAV (at the close of regular trading on the NYSE on the business day immediately following the offer’s expiration). The tender offer will commence on, or about, October 21, 2013. The Fund noted in its release that the tender offer will not be conducted if the Fund’s shares trade at a premium. The Fund also noted that additional terms and conditions will be forthcoming in its offering materials.
 




September 30, 2013 | The John Hancock Hedged Equity & Income Fund (HEQ) announced that the Fund’s Board of Trustees had approved changes to the Fund’s investment policies, along with a change to the Fund’s benchmark (reflecting an increased flexibility to invest in foreign securities) and an increase in the quarterly distribution amount (from $0.323 to $0.376 per share, effective with the Dec. 31, 2013 distribution). Investment policy changes include: removal of a 30% restriction on investments in the securities of foreign issuers and foreign currency securities (while also changing the Fund’s benchmark from the Russell 3000 Index to the MSCI ACWI Index), employing a “beta hedge” strategy consisting of selling equity index futures to provide potential downside protection (replacing the use of a put option spread), and reducing the utilization of call writing (typically limiting notional exposure of the index call options to a range between 0% and 50% of the value of the Fund’s portfolio securities). The Fund also indicated in its press release that it may utilize, to a greater extent, the Fund’s ability to invest in fixed income securities, including high yield bonds, up to the current 20% limit of total assets.
 




September 30, 2013 | 13D Bulldog Investors, LLC (with Phillip Goldstein, Andrew Dakos, and Steven Samuels) disclosed ownership of 396,094 shares (6.68%) of the Helios Strategic Income Fund, Inc. (HSA). Item 4 of the filing indicated that the “filing persons intend to communicate with management to discuss measures to increase shareholder value.”
 




September 26, 2013 | The Center Coast MLP & Infrastructure Fund (NYSE: CEN) completed its initial public offering, in which it raised some $290.5 million in gross proceeds (excluding any exercise of the underwriters’ overallotment option). Center Coast Capital Advisors, LP is the Fund’s investment advisor.
 




September 26, 2013 | 13D/A Bulldog Investors, LLC (with Bulldog Investors Funds, Phillip Goldstein, Andrew Dakos and Steven Samuels) disclosed that they reduced their holdings of the closed-end business development company Firsthand Technology Value Fund, Inc. (SVVC) down to 726,356 shares (8.49%) as of 9/25/13 (vs. 838,882 shares [9.80%] as of 5/21/13 [13D/A filed 5/29/13]).
 




September 26, 2013 | The Swiss Helvetia Fund, Inc. (SWZ) announced that its Board of Directors had increased the authorization for open-market repurchases under the Fund’s 2013 stock repurchase program from 500,000 shares to 750,000 shares of the Fund’s common stock. The Fund noted in its release that it had “repurchased 439,377 of its shares in open-market transactions this year at an average purchase price of $12.64 and an average discount of 13.77%, excluding commissions,” resulting in a “net gain to the Fund of $872,694.” The Fund explained that: “The principal purpose of the Fund's stock repurchase program is to enhance stockholder value by increasing the Fund's net asset value per share without creating a meaningful adverse effect upon the Fund's expense ratio.” In addition, SWZ’s release noted that the Fund’s Board is also: “giving further consideration to additional actions the Fund could take to enhance stockholder value and address the discount at which the Fund's shares have recently traded. After full consideration of various options available to the Fund, including self-tender offers, by the end of 2013 the Board expects to determine what actions, if any, should be taken by the Fund and subsequently advise stockholders, as appropriate.”
 




September 25, 2013 | Royce Value Trust, Inc. (RVT) announced terms for the spin-off of Royce Global Value Trust, Inc. (which is expected to trade under the symbol RGT). The distribution is scheduled for Oct. 17 (to RVT stockholders of record as of the official close of business on Oct. 10, 2013). The spin-off was approved by stockholders of RVT on September 5, 2013.
 




September 25, 2013 | Allianz Global Investors Fund Management LLC announced that the Boards of Trustees of AllianzGI Global Equity & Convertible Income Fund (NGZ) and AllianzGI Equity & Convertible Income Fund (NIE) approved the reorganization of NGZ into NIE (with NIE continuing as the surviving fund). The reorganization is expected to be completed in the first quarter of 2014, subject to the required approval of shareholders of both Funds.
 




September 23, 2013 | Four Wood Capital Partners, LLC announced that the initial public offering of the THL Credit Senior Loan Fund (TSLF), which started trading on the New York Stock Exchange on Sept. 20, 2013, had raised $132 million in gross proceeds (excluding any exercise of the underwriters’ overallotment option). The Fund's investment adviser is Four Wood Capital Advisors, LLC (a wholly owned subsidiary of Four Wood Capital Partners, LLC). THL Credit Advisors LLC, which is the external investment manager of the business development company THL Credit, Inc. (TCRD), is the Fund's sub-adviser. TSLF’s primary investment focus is U.S. dollar-denominated senior secured corporate loans and notes (“bank loans”).
 




September 18, 2013 | Allianz Global Investors Fund Management LLC announced that the Board of Trustees of the AllianzGI International & Premium Strategy Fund (NAI) had approved a plan of liquidation and termination for the Fund. The plan is expected to take effect on or about October 16, 2013 (the record date for determining the common shareholders of the Fund entitled to receive liquidating distributions).
 




September 16, 2013 | BlackRock Advisors, LLC announced that the BlackRock Municipal 2020 Term Trust (BKK) and BlackRock Municipal 2018 Term Trust (BPK) had each provided notice of the redemption of a portion of their issued and outstanding auction rate preferred shares (ARPS). The announced redemptions in ARPS totaled $11.075 million.
 




September 12, 2013 | In a rarely seen development for a closed-end fund, The Taiwan Fund, Inc. (TWN) announced that it was notified by its investment adviser, Martin Currie Inc., that its sub-adviser, APS Asset Management Pte Ltd., had (on 9/4/13) given Martin Currie notice of termination of the sub-advisory agreement between APS and Martin Currie. The Fund’s press release noted that APS had indicated that while the sub-advisory agreement would terminate 90 days after such notice, APS was willing to continue to serve as the Fund’s sub-adviser until February 22, 2014. The Fund also indicated in its release that its Board of Directors is considering alternatives for the Fund’s investment advisory arrangements.
 




September 10, 2013 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Limited [CLIM]) disclosed that CLIM’s position in ASA Gold and Precious Metals Ltd. (ASA) had fallen from 1,494,157 shares as of 6/30/13 (CLIM 13F) down to 956,961 shares (4.9%) as of Aug. 30, 2013.
 




September 6, 2013 | Brookfield Global Listed Infrastructure Income Fund Inc. (INF) announced that its Board of Directors had approved the terms of a transferable rights offering, which has a record date of September 19, 2013. The rights offering is expected to expire on October 18, 2013, unless extended by the Fund. The Fund’s press release contains additional details regarding the terms of the rights offering.
 




September 5, 2013 | 13D The City of London Investment Group PLC (City of London Investment Management Company Ltd [CLIM]) disclosed that CLIM had sent a letter to The India Fund, Inc. (IFN), in which it was stated that “the Board should provide shareholders with the opportunity to vote to open-end the fund.” CLIG/CLIM reported holding 3,783,269 shares (10.0%) of IFN as of 9/4/13.
 




September 4, 2013 | 13D/A Sit Investment Associates, Inc. disclosed that it recently increased its position in American Strategic Income Portfolio II, Inc. (BSP) to 2,380,638 shares (14.89% of shares outstanding) as of September 3, 2013 (+192,100 shares since the previous 13D/A filed 8/22/13).
 




September 4, 2013 | 13D/A Sit Investment Associates, Inc. disclosed that it recently increased its position in American Strategic Income Portfolio III, Inc. (CSP) to 3,462,566 shares (16.21% of shares outstanding) as of September 3, 2013 (+427,000 shares since the previous 13D/A filed 8/20/13).
 




September 3, 2013 | Lazard Asset Management LLC filed a 13D/A disclosing that it had increased its position in The Taiwan Fund, Inc. (TWN) to 1,982,060 shares (24.11%), which is up 88,351 shares from 6/30/13 (from the firm’s latest 13F). The firm indicated in Item 4 of the filing that the transactions disclosed are “for investment purposes”.
 




August 23, 2013 | The India Fund, Inc. (IFN) announced that the Fund’s semi-annual repurchase offer had commenced and will terminate on September 13, 2013. The Fund, which has an interval fund structure, will repurchase in this particular offer up to 5% of its outstanding common stock. The repurchase price of the shares will be the NAV per share at the close of regular trading on the NYSE on Sept. 20, 2013 (while shares tendered will be subject to a repurchase fee of 2% of NAV for expenses directly related to the repurchase offer).
 




August 23, 2013 | The Liberty All-Star Equity Fund (USA) announced that it had commenced a tender offer for up to 7.5% of its outstanding shares at a price equal to 96% of NAV per share (to be determined on the date the tender offer expires). The tender offer is set to expire on September 23, 2013, unless the offer is extended. Additional details on the purpose of this tender offer can be found in our related “Alert” dated July 29, 2013.
 




August 22, 2013 | Hudson Bay Partners, LP (David H. Lesser) filed a PREC14A (preliminary proxy statement, contested) in connection with the annual meeting of the Millennium India Acquisition Company, Inc. (SMCG) scheduled for October 21, 2013.
 




August 22, 2013 | 13D Fir Tree Inc. disclosed that it holds 1,370,692 shares (16.7%) of the Millennium India Acquisition Company, Inc. (SMCG). The 13D filing cited a preliminary proxy statement by Hudson Bay Partners, LP (“HBP”), which was also filed on Aug. 22, and noted that: “Fir Tree is party to an agreement with HBP pursuant to which Fir Tree has agreed to vote the shares of Common Stock held by the Reporting Persons with HBP with respect to certain matters that may be presented to a vote of the Issuer’s stockholders.” The hedge fund Fir Tree Inc. (Jeffrey Tannenbaum) has disclosed total holdings of $7.2B of 13f-eligible securities as of 6/30/13.
 




August 20, 2013 | 13D/A Sit Investment Associates, Inc. disclosed that it recently increased its position in American Strategic Income Portfolio Inc. III (CSP) to 3,035,566 shares (14.21% of shares outstanding) as of August 19, 2013 (+261,950 shares since the previous 13D/A filed 7/30/13).
 




August 19, 2013 | 13D/A Bulldog Investors, LLC (with Phillip Goldstein, Andrew Dakos, and Steven Samuels) disclosed that Phillip Goldstein had sent a letter (dated Aug. 14) to American Strategic Income Portfolio Inc. II (BSP) submitting the following shareholder proposal: “It is recommended that shareholders be afforded an opportunity to realize a price at close to Fund's net asset value for their shares.” The filing indicated that the group holds 895,609 shares (5.60%) of BSP.
 




August 19, 2013 | BlackRock Advisors, LLC announced that the BlackRock California Municipal 2018 Term Trust (BJZ), BlackRock Municipal 2020 Term Trust (BKK), BlackRock New York Municipal 2018 Term Trust (BLH), BlackRock Municipal 2018 Term Trust (BPK) and the BlackRock Florida Municipal 2020 Term Trust (BFO) had each provided a notice of redemption of a portion of their issued and outstanding auction rate preferred shares (“ARPS”). The announced redemptions total $18.55 million of ARPS (at a liquidation preference of $25,000 per share).
 




August 12, 2013 | The Thai Fund, Inc. (TTF) announced the start of its cash tender offer for up to 15% of the Fund’s outstanding shares at a price equal to 98.5% of the Fund’s NAV per share (as of the close of regular trading on the NYSE on the business day immediately following the date the offer expires). The tender offer is set to expire on September 9, 2013, unless extended.
 




August 9, 2013 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Ltd [CLIM]) reported holding 3,797,502 shares (10.0%) of The India Fund, Inc. (IFN) as of 7/31/13, which is up +72,013 shares since 3/31/13 (CLIM 13F).
 




August 8, 2013 | 13D Bulldog Investors LLC (with Phillip Goldstein, Andrew Dakos, and Steven Samuels) disclosed a position in The Swiss Helvetia Fund, Inc. (SWZ) of 1,703,177 shares (5.5% of shares outstanding) as of August 7, 2013. Item 4 of the filing indicated that Bulldog Investors “intend to propose that shareholders be afforded an opportunity to realize NAV for their shares by, among other things, conducting a large self-tender offer at or close to NAV, or converting the Fund to an ETF which will trade in a narrow range around NAV. The filing persons may also seek to elect directors and/or to terminate the Fund's advisory agreement.”
 




August 7, 2013 | Dreyfus Municipal Income, Inc. (DMF), Dreyfus Strategic Municipal Bond Fund, Inc. (DSM), and Dreyfus Strategic Municipals, Inc. (LEO) called for the partial redemption, at par value on a pro-rata basis by series, of each fund’s Auction Rate Preferred Shares (ARPS): DMF indicated it is redeeming $10.7 million of its ARPS; DSM is redeeming $20.7 million of its ARPS; and LEO is redeeming $30.5 million of its ARPS.
 




August 6, 2013 | Nuveen Investments announced that the Board of Trustees of the Nuveen New York Dividend Advantage Municipal Fund (NAN), Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) and Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) had approved a merger (subject to shareholder approval at annual meetings in early 2014). The proposed merger would see NAN acquiring NXK and NNP. Nuveen's press release indicated that the merger is “intended to create a larger fund with lower operating expenses and increased trading volume on the exchange for its common shares.”
 




August 6, 2013 | An individual investor reporting holdings of preferred shares of The Mexico Equity and Income Fund, Inc. (MXE) disclosed in a 13D filing that he has, as described in Item 4 of the filing, “requested to be one of the two nominees to the Board of Directors at the next annual shareholders' meeting that are allocated of the Preferred Shareholders of the Issuer.” Richard Abraham reported that his request was made during a July 24 conference call with members of the Fund’s Board, which followed his submission of a letter to MXE’s Chairman Phillip Goldstein mentioning various matters relating to shareholder value (including “if the preferred shares are to be redeemed”).
 




August 1, 2013 | KKR & Co. L.P. (KKR) announced that the KKR Income Opportunities Fund (KIO) had completed its initial public offering and raised $305 million in gross proceeds from its common share offering. KIO began trading on the NYSE on Friday, July 26. KKR Asset Management LLC (a subsidiary of KKR) is the Fund’s investment adviser.
 




July 29, 2013 | PIMCO Income Strategy Fund II (PFN) filed with the SEC a letter from Brian S. Shlissel, who is President and CEO of the Fund, to Institutional Shareholder Services (ISS) responding in detail to a presentation on the Fund by Brigade Capital Management, LLC ("Brigade"). Brigade's presentation to ISS was in connection with a Trustee candidate nominated by Brigade for the Fund's annual shareholder meeting on July 31, 2013. The letter can be found at: http://www.sec.gov/Archives/edgar/data/1296250/000119312513307914/d575353ddefa14a.htm.
 




July 29, 2013 | The Taiwan Fund, Inc. (TWN) announced that its Board of Directors had voted to: 1) discontinue operation of the Fund’s Discount Management Program (as a result of which the Fund will cease DMP-related repurchases of its common shares effective July 30); and 2) implement (subject to obtaining regulatory approvals) a managed distribution program with quarterly distributions payable at a target annual distribution rate of 5% of market price (while the Fund’s release also indicated that the target distribution rate will be reevaluated upon obtaining regulatory approvals and prior to the program’s implementation).
 




July 29, 2013 | The Liberty All-Star Equity Fund (USA) announced that its Board of Trustees had authorized the Fund to conduct a tender offer for up to 7.5% of its outstanding shares at a price equal to 96% of the Fund’s net asset value (NAV) per share. The Fund’s press release explained that: “The tender offer is intended to provide shareholders with an alternative source of liquidity for their investment in the Fund’s shares, to enhance long-term shareholder value and, potentially, to reduce the discount to net asset value at which the Fund’s shares are trading…the Board considered that ALPS Advisors ("ALPS"), the Fund’s investment advisor, recommended the tender offer to the Board and believed it should enhance shareholder value. In evaluating the recommendation, the Board took into account that ALPS had agreed with certain shareholders that it would recommend a tender offer to the Board.”
 




July 26, 2013 | The Central Europe, Russia and Turkey Fund, Inc. (CEE), The European Equity Fund, Inc. (EEA) and The New Germany Fund, Inc. (GF) announced that each Fund’s Board had approved, pursuant to each fund’s Discount Management Program, up to four consecutive semi-annual tender offers (each for up to 5% of a fund’s outstanding shares of common stock at a price equal to 98% of NAV) if a Fund’s shares trade at an average discount to NAV of more than 10% during each applicable twelve-week measurement period. Each fund also announced Board approvals for the extensions of current share repurchase authorizations to cover the period 8/1/13 through 7/31/14 (CEE [up to 700,000 shares], EEA [up to 550,000 shares], and GF [up to 900,000 shares]).
 




July 26, 2013 | 13D/A Bulldog Investors LLC (with Phillip Goldstein, Andrew Dakos, and Steven Samuels) disclosed that they recently increased their position in American Strategic Income Portfolio Inc. II (BSP) to 895,609 shares (5.6% of shares outstanding) as of July 25, 2013 (+98,468 shares between 7/15 and 7/25). Item 4 of the filing indicated that Bulldog Investors “may communicate with management about measures to enhance shareholder value.”
 




July 25, 2013 | Pioneer Investments announced that the Pioneer Floating Rate Trust (PHD) and Pioneer High Income Trust (PHT) intend to redeem all of their outstanding auction market preferred shares (AMPS) at par (at the liquidation preference per share for each series of AMPS).
 




July 23, 2013 | Bulldog Investors, LLC disclosed in a DEFC14A filing a letter from Phillip Goldstein opposing a proposal by Gladstone Investment Corporation (GAIN), which is scheduled to hold its annual meeting on August 8, that would authorize the company to issue and sell shares of its common stock at a price below GAIN’s then-current net asset value (NAV). Bulldog Investors disclosed ownership of “about 3.6%” of GAIN’s outstanding shares.
 




July 22, 2013 | BlackRock Advisors, LLC announced that the Boards of Directors/Trustees of the BlackRock Senior High Income Fund, Inc. (ARK), BlackRock Strategic Bond Trust (BHD) and BlackRock Debt Strategies Fund, Inc. (DSU) had approved the reorganization of ARK and BHD into DSU (subject to shareholder approvals).
 




July 19, 2013 | The Thai Capital Fund, Inc. (TF) announced that it had appointed SCB Asset Management Co. Ltd. (“SCBAM”), the Fund’s investment manager, as liquidator of the Fund’s investment plan, and that “the Fund anticipates dissolution of the Fund to occur by September 30, 2013.” The Fund’s press release also noted that: “SCBAM intends to liquidate the Fund's portfolio during July and the Fund anticipates paying an initial liquidating distribution, in an amount equal to approximately 90% of the proceeds of the liquidation of the Fund's portfolio, to stockholders on or about August 15, 2013…It is anticipated that an additional liquidating distribution will be made prior to the dissolution of the Fund in September 2013.”
 




July 18, 2013 | The Thai Fund, Inc. (TTF) announced that it completed the termination of a contractual investment plan through which the Fund previously held all of its Thai assets and will, going forward, invest directly in the securities of Thai companies. The Fund also announced that a tender offer for up to 15% of the Fund’s outstanding shares (at a price equal to 98.5% of the Fund’s NAV per share) will start on or about August 12, 2013.
 




July 10, 2013 | 13D/A Bulldog Investors (Bulldog Investors Funds, Bulldog Investors LLC, Phillip Goldstein, Andrew Dakos, and Steven Samuels) disclosed that Phillip Goldstein had sent a letter to American Strategic Income Portfolio Inc. III (CSP) submitting a proposal that “shareholders be afforded an opportunity to realize a price at close to Fund's net asset value for their shares.” The letter goes on to cite “a number of ways to achieve this objective including converting the Fund to an open-end fund which would allow daily redemptions, or to an interval fund which would conduct periodic self-tender offers at or close to NAV.” The filing also disclosed that as of July 10, 2013, Bulldog Investors, LLC was the beneficial owner of 2,252,675 shares (10.55%) of CSP (vs. 2,240,949 shares [10.49%] held as of 7/19/12 [in a Bulldog Investors 13D/A dated 7/20/12]).
 




July 9, 2013 | Bulldog Investors, LLC filed a preliminary proxy statement (PREC14A [contested]) in connection with the annual meeting of Liberty All Star Equity Fund (USA) scheduled for August 29, 2013. USA listed one proposal to be voted on at the meeting, the election of trustees, in a DEF 14A filed on 6/28/13. Bulldog Investors has indicated that they intend to nominate three trustees and additionally present two shareholder proposals: “(1) to adopt a bylaw directing the board to take the steps necessary to convert the Fund to an interval fund; and (2) to terminate the investment management agreement between the Fund and ALPS Advisors.”
 




July 3, 2013 | The Cornerstone Progressive Return Fund (CFP) announced the resumption (starting Monday, July 8) of the subscription period for the Fund’s rights offering, which had been suspended on June 24. The expiration date of the offering was moved to Friday, July 26, 2013 (unless further extended by the Fund).
 




July 1, 2013 | The Thai Capital Fund, Inc. (TF) announced that shareholders had approved the liquidation and dissolution of the Fund in accordance with a Plan of Liquidation and Dissolution approved by the Fund’s Board of Directors. The Fund noted in its press release that it was not yet in a position to estimate when the liquidation and dissolution of the Fund will be completed.
 




June 28, 2013 | A special meeting of stockholders of Royce Value Trust, Inc. (RVT) has been set for Sept. 5, 2013, at which there will be a vote on, among other matters, a proposal to contribute a portion of RVT’s assets to a newly-organized closed-end management investment company (Royce Global Value Trust, Inc.), and to distribute to common stockholders of RVT shares of common stock of Royce Global Value Trust. RVT explained in its materials that while RVT invests primarily in U.S. domiciled small-cap companies, Royce Global Value Trust will invest primarily in companies located outside the United States. Details on the proposal can be found in filings by Royce Global Value Trust on June 27 (N-14 8C/A) and June 28 (Form 497).
 




June 27, 2013 | BlackRock Advisors, LLC announced that the Boards of Directors/Trustees of each of the following funds had approved the reorganization of the BlackRock High Yield Trust (BHY), BlackRock Corporate High Yield Fund, Inc. (COY), BlackRock Corporate High Yield Fund III, Inc. (CYE), BlackRock High Income Shares (HIS), and BlackRock Corporate High Yield Fund V, Inc. (HYV) into the BlackRock Corporate High Yield Fund VI, Inc. (HYT). BlackRock’s press release indicated that the fund reorganizations are expected to be completed in late 2013, subject to required shareholder approvals, and that approval of each reorganization is not contingent upon the approval of any other reorganization.
 




June 27, 2013 | DoubleLine Capital LP CEO and Chief Investment Officer Jeffrey Gundlach delivered positive remarks about closed-end municipal bond funds (and commented that he believes the “worst is over” for U.S. Treasuries) in a webcast titled “What in the World is Going On?” (at doubleline.com).
 




June 27, 2013 | The Asia Pacific Fund, Inc. (APB) announced that the Fund and Baring Asset Management (Asia) Limited had agreed to the termination of the investment management agreement between them upon the approval by Fund stockholders of an investment management agreement between the Fund and Value Partners Hong Kong Limited (to be voted on at a special meeting of stockholders scheduled for September 6, 2013).
 




June 26, 2013 | ClearBridge American Energy MLP Fund Inc. (CBA) announced that the Fund had raised approximately $1.05 billion in gross proceeds in an initial public offering. CBA is advised by Legg Mason Partners Fund Advisor, LLC and sub-advised by ClearBridge Investments, LLC (both wholly owned subsidiaries of Legg Mason, Inc.).
 




June 26, 2013 | Eaton Vance Corp. (EV) announced the initial public offering of the Eaton Vance Floating-Rate Income Plus Fund (EFF), which raised $135 million in gross proceeds. Eaton Vance Management is the Fund’s investment adviser.
 




June 26, 2013 | Nuveen Investments announced the initial public offering of the Nuveen Flexible Investment Income Fund (JPW), which raised $70 million in gross proceeds. Nuveen Fund Advisors, LLC is the Fund’s investment adviser, while NWQ Investment Management Company, LLC (also a subsidiary of Nuveen Investments) is the Fund’s sub-adviser.
 




June 26, 2013 | The Principal Real Estate Income Fund (PGZ) started trading in an initial public offering that raised $126 million in gross proceeds (excluding the underwriters’ over-allotment option). The Fund’s investment adviser is ALPS Advisors, Inc., while Principal Real Estate Investors, LLC (the dedicated real estate group of Principal Global Investors) is the Fund’s investment sub-adviser.
 




June 26, 2013 | The Guggenheim Credit Allocation Fund (GGM) started trading in an initial public offering that raised $150 million in gross proceeds (excluding the underwriters’ over-allotment option). Guggenheim Funds Investment Advisors, LLC is the Fund’s investment adviser, while Guggenheim Partners Investment Management, LLC serves as the Fund’s investment sub-adviser.
 




June 25, 2013 | The Thai Fund, Inc. (TTF) announced that at the Fund’s annual meeting on June 24 stockholders approved a proposal (as recommended by the Board) to liquidate and terminate a contractual investment plan existing in Thailand through which the Fund holds all of its Thai assets (the “restructuring”). The Fund indicated in its press release that it currently anticipates that the restructuring will be completed around or before the end of the third quarter (2013). A stockholder proposal to terminate the Fund’s Investment Management Agreement was withdrawn before the meeting. In addition, Frank L. Bowman, James F. Higgins and Manuel H. Johnson were elected as Class III Directors of the Fund.
 




June 24, 2013 | The Cornerstone Progressive Return Fund (CFP) announced that it had suspended its rights offering of shares of the Fund’s common stock “until such time as the Board of Trustees of the Fund determines that market conditions and other factors make it appropriate to resume the Rights Offering.” The Fund also noted in its press release: “There can be no assurance that the Fund will resume the Rights Offering.” The Fund explained in the release that it suspended the rights offering: “In accordance with an undertaking made by the Fund in the Registration Statement” filed with the SEC in connection with the offering, that is, “due to the Fund’s net asset value having declined more than 10% from $4.74 on May 17, 2013 (the effective date of the Fund’s registration statement) to $4.24 on June 21, 2013.”
 




June 20, 2013 | 13D Lazard Asset Management LLC (“LAM”) disclosed that it had increased its holdings of the JF China Region Fund, Inc. (JFC) to 1,294,972 shares (20.08%). That total is up from 1,046,277 shares (16.23%) reported in LAM’s 13G/A dated 02/05/13.
 




June 17, 2013 | The Brigade Leveraged Capital Structures Fund Ltd. (Brigade Capital Management, LLC) filed a preliminary proxy statement (PREC14A [contested]) in connection with the annual meeting of PIMCO Income Strategy Fund II (PFN) scheduled for July 31, 2013. PFN’s preliminary proxy statement (PRE 14A dated 6/5/2013) had previously noted that: “Brigade intends to nominate another non-incumbent candidate for preferred share Trustee of PFN, which is a position elected by PFN’s preferred shareholders voting as a single class apart from the common shareholders. The Continuing Trustees believe that Brigade’s sole motivation in nominating an additional Trustee candidate is to attempt to influence PFN to provide a liquidity event for Brigade and other Preferred Shareholders. The Continuing Trustees of PFN do not believe such a liquidity event for Brigade and other Preferred Shareholders is in the best interests of the Fund.”
 




June 17, 2013 | The Central Europe, Russia and Turkey Fund, Inc. (CEE) and The New Germany Fund, Inc. (GF) announced that, in accordance with each Fund’s Discount Management Program and following the results of a twelve-week measurement period in which the shares of common stock of CEE and GF both traded at average discounts to net asset value (NAV) of more than 10%, each Fund will conduct tender offers for up to 5% of their respective outstanding shares at a price equal to 98% of their respective NAVs. Further details regarding the tender offers are expected to be announced by the Funds in coming weeks.
 




June 11, 2013 | The NexPoint Credit Strategies Fund (NHF) announced that New Young Broadcasting Holding Co., Inc. (Young Broadcasting), a portfolio company owned by NHF, had agreed to a stock merger with Media General, Inc. (MEG). The release explained that: “Based on the merger announcement, current price levels of Young Broadcasting generated a $.24 gain in the NAV of NHF on June 11. The price used for Young Broadcasting to price the portfolio in determining the daily NAV for NHF is not provided by the adviser of NHF but is supplied by Markit, an independent, third party pricing service.”
 




June 10, 2013 | 13G/A The City of London Investment Group PLC (City of London Investment Management Company Ltd. [CLIM]) disclosed that it had reduced its position in The Turkish Investment Fund, Inc. (TKF) down to 227,573 shares (3.7%) as of May 31, 2013 (down from 510,210 shares [8.2%] as of 12/31/12 [13G/A 2/8/13]).
 




June 10, 2013 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein, Andrew Dakos, and Steven Samuels) disclosed that they had issued a letter to shareholders of Equus Total Return, Inc. (EQS), which is a business development company. Bulldog Investors also disclosed beneficial ownership of 602,147 shares of EQS (5.70%) as of June 10, 2013 (the same number of shares of EQS reported held by Bulldog Investors in a 13D/A on 10/26/11).
 




June 10, 2013 | First Trust Advisors L.P. announced that the Board of Trustees of First Trust Active Dividend Income Fund (FAV) voted to approve Chartwell Investment Partners, L.P. (“Chartwell”) as investment sub-advisor to the Fund effective July 1, 2013. A special meeting of FAV shareholders (expected September 16, 2013) will be held to vote on a proposal to approve a new sub-advisory agreement with Chartwell. The Fund’s Board also approved certain changes to the Fund’s investment strategies and to change the Fund’s name (effective July 1) to First Trust Dividend and Income Fund.
 




June 4, 2013 | 13D Karpus Management, Inc. (Karpus Investment Management) disclosed a position in The Zweig Total Return Fund, Inc (ZTR) of 1,679,847 shares (4.82%) as of 5/30/13. The filing also included a letter to the Fund stating, among other things, that "a tender offer for a significant percentage of the outstanding shares at or near net asset value would afford shareholders the opportunity to realize the intrinsic value of their shares, while reducing the oversupply of shares in the market.”
 




June 3, 2013 | The NexPoint Credit Strategies Fund (NHF) announced an 11% increase in its regular monthly dividend on its common stock (to $.050 per share, effective for the June 2013 dividend). This news follows on dividend increases announced by the Fund in May 2013 and February 2013. The Fund explained it is release that the “increases have been driven by increased earnings on portfolio positions and lower costs, particularly a decrease in the cost of its leverage facility…It is anticipated dividends in the near-term will be covered by the net investment income earned by the Fund, meaning these dividends will not represent a return of capital.”
 




May 31, 2013 | Morgan Stanley Investment Management Inc., the investment adviser to The Thai Fund, Inc. (TTF), announced plans by the Fund's Board of Directors for a Tender Offer, subject to stockholder approval of restructuring the Fund, for up to 15% of TTF’s outstanding shares at a price equal to 98.5% of the Fund’s NAV per share. The Fund’s Tender Offer would commence following the completion of a Fund restructuring, which, if approved by the Fund’s stockholders, would occur around the end of 3Q’13. The press release also noted that the Tender Offer would not be conducted if the Fund’s shares trade at a premium following the restructuring.
 




May 30, 2013 | The Ivy Funds announced the initial public offering of the Ivy High Income Opportunities Fund (IVH), which raised $317 million in gross proceeds from its common share offering (excluding any exercise of the underwriters’ option to purchase additional shares). The Ivy Investment Management Company (a wholly-owned subsidiary of Waddell & Reed Financial, Inc.) is the Fund’s investment adviser.
 




May 30, 2013 | The American Stock Transfer & Trust Company, LLC (AST) announced that it has been appointed as transfer agent to NexPoint Credit Strategies Fund (NHF), a closed-end fund managed by NexPoint Advisors, L.P. NexPoint Advisors, L.P. is an affiliated advisor of Highland Capital Management, L.P., based in Dallas, Texas. AST Fund Solutions, LLC, the closed-end and mutual fund affiliate of AST, also serves as the fund’s proxy solicitor.
 




May 29, 2013 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein, Andrew Dakos, and Steven Samuels) disclosed that Phillip Goldstein had sent a letter (dated April 22, 2013) to the Firsthand Technology Value Fund, Inc. (SVVC), which is a BDC, and had slightly increased their holdings of SVVC to 838,882 shares (9.80%) as of April 17, 2013 (+11,317 shares from 4/9/13 [13D/A Bulldog Investors 4/15/13]).
 




May 23, 2013 | The Cornerstone Progressive Return Fund (CFP) announced that the subscription period for its rights offering to holders of the Fund’s common shares would commence on June 3, 2013, and expire at 5:00 p.m. (New York time) on June 21, 2013 (unless extended). The Fund’s press release explained that: “The Fund is issuing to its shareholders non-transferable rights entitling the holders to subscribe for an aggregate of 8,392,975 common shares. Each shareholder is to be issued one right for each whole share owned on the record date, May 28, 2013. The rights entitle shareholders to acquire one share for each three rights held…The actual subscription price per share, as determined on the Expiration Date, will be the greater of (i) 107% of the net asset value per share as calculated at the close of trading on the Expiration Date and (ii) 90% of the market price per share at such time.”
 




May 23, 2013 | Nuveen Investments announced that the Board of Trustees of certain Nuveen closed-end funds had approved a series of mergers that are intended, as explained in Nuveen’s press release, “to create larger funds with lower operating expenses and increased trading volume on the exchange for its common shares.” The proposed mergers are: (1) the Nuveen Pennsylvania Investment Quality Municipal Fund (NQP) would acquire three funds, including the Nuveen Pennsylvania Premium Income Municipal Fund 2 (NPY), Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM), and the Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NVY); and (2) the Nuveen Massachusetts Premium Income Municipal Fund (NMT) would acquire both the Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB) and the Nuveen Massachusetts AMT-Free Municipal Income Fund (NGX).
 




May 23, 2013 | First Trust Advisors L.P. announced the initial public offering of the First Trust Intermediate Duration Preferred & Income Fund (FPF). The Fund raised $1.42 billion in its common share offering.
 




May 16, 2013 | The Cornerstone Progressive Return Fund (CFP) announced that it fixed May 28, 2013, as the record date for the Fund’s rights offering. CFP’s press release explained: “Each shareholder will receive one non-transferable right for each share of the Fund held as of the record date. For every three rights a shareholder receives, he or she will be entitled (but not required) to purchase one new share of the Fund at a subscription price equal to the greater of (i) 107% of net asset value per share as calculated at the close of trading on the expiration date of the offering or (ii) 90% of the market price per share at such time. Fractional shares will not be issued. In addition to the shares offered in the primary subscription, the Fund may offer a 100% over-allotment to oversubscribing shareholders. Shareholders who fully subscribe in the primary offering will have the option to oversubscribe for additional shares, to the extent available.”
 




May 13, 2013 | The India Fund, Inc. (IFN) and The Asia Tigers Fund, Inc. (GRR) jointly announced a change in their approach to proration when conducting semi-annual repurchase offers. The two Funds indicated that they will end a practice of accepting, before prorating shares tendered by others, all shares tendered by stockholders owning (beneficially or of record) a total of not more than 99 shares of the Fund involved.
 




May 10, 2013 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Limited) disclosed that it reduced its position in The Mexico Equity and Income Fund, Inc. (MXE) down to 1,306,029 shares (21.43%) as of April 30, 2013. This position is down 333,515 shares from CLIM’s position as of March 28, 2013 (CLIG 13G/A, 4/10/13). CLIM previously disclosed having trimmed its position in 1Q’13 (where CLIM had held 32.0% of the O/S as of 12/31/12 [CLIG 13G/A, 2/8/13]).
 




May 10, 2013 | The Advent Claymore Convertible Securities and Income Fund (AVK) and Advent Claymore Convertible Securities and Income Fund II (AGC) announced at-par redemptions of all of their remaining outstanding auction market preferred shares (AMPS). AVK will redeem $1.6 million of outstanding AMPS and AGC some $600,000 of outstanding AMPS.
 




May 3, 2013 | 13D/A Brigade Leveraged Capital Structures Fund Ltd. (“Brigade LCSF”), with Brigade Capital Management, LLC (“Brigade CM”) and Donald E. Morgan, III, disclosed, as holders of Auction-Rate Preferred Shares (ARPS) of PIMCO Income Strategy Fund II, that: “on May 3, 2013, Brigade CM and Brigade LCSF sent a notice to the secretary of the Issuer, in accordance with the requirements set forth in the Issuer's fourth amended and restated bylaws, of their decision to nominate Alan Bruce Miller as a Preferred Shares Trustee of the Issuer at the Issuer's Annual Meeting.”
 




May 2, 2013 | BlackRock Advisors, LLC announced the partial redemptions of issued and outstanding auction rate preferred shares (ARPS) by BlackRock Municipal 2018 Term Trust (BPK) and BlackRock Municipal 2020 Term Trust (BKK). The redemptions total approximately $16.45 million in ARPS (at a liquidation preference of $25,000 per share), including 10.7% of BPK’s currently outstanding ARPS and 3.8% of BKK’s currently outstanding ARPS.
 




April 29, 2013 | The Dreyfus Corporation (a BNY Mellon company) announced that the Dreyfus Municipal Bond Infrastructure Fund, Inc. (DMB) had completed its initial public offering, and raised $254.25 million in gross proceeds. The Fund’s primary investment focus will be municipal bonds issued to finance infrastructure projects in the United States. The Fund is sub-advised by Standish Mellon Asset Management Company LLC.
 




April 26, 2013 | DoubleLine Capital LP announced that the DoubleLine Income Solutions Fund (DSL) completed its initial public offering, and raised approximately $2.3 billion in gross proceeds. The Fund’s press release noted that the Fund intends to add leverage to its portfolio and: “will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities and other income-producing investments anywhere in the world, including emerging markets. The Fund may invest in mortgage-backed securities of any kind and may invest without limit in securities rated below investment grade (commonly referred to as `high yield’ securities or `junk bonds’).”
 




April 15, 2013 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein, Andrew Dakos and Steven Samuels) disclosed that they have increased their position in Firsthand Technology Value Fund, Inc. (SVVC) to 827,565 shares (9.67%) as of 4/9/13 (up from 757,420 shares disclosed in a 13D/A filing on 10/24/12).
 




April 12, 2013 | The Avenue Income Credit Strategies Fund (ACP) announced that its Board of Trustees had approved the terms of a transferable rights offering (with a record date that is currently expected to be April 22). The Fund’s release explained: “Subject to the registration statement for the Offer becoming effective under the Securities Act of 1933, as amended, the Fund will distribute to Common Shareholders of record one Right for each Common Share held on the record date. Common Shareholders will be entitled to purchase one new Common Share for every three Rights held (1 for 3); however any Common Shareholder who is issued fewer than three Rights will be entitled to subscribe for one Common Share of the Fund. Fractional Common Shares will not be issued…The subscription price per Common Share (the ‘Subscription Price’) will be determined on the Expiration Date, and will be equal to 90% of the average of the last reported sales price of a Common Share of the Fund on the NYSE on the Expiration Date and each of the four (4) immediately preceding trading days (the ‘Formula Price’). If, however, the Formula Price is less than 80% of the Fund’s net asset value per Common Share at the close of trading on the NYSE on the Expiration Date, the Subscription Price will be 80% of the Fund’s net asset value per Common Share at the close of trading on the NYSE on that day. The estimated subscription price has not yet been determined by the Fund…Common Shareholders as of the Record Date (‘Record Date Common Shareholders’) who exercise all of their primary subscription Rights will be eligible for an over-subscription privilege entitling these Common Shareholders to subscribe, subject to certain limitations and allotment, for any additional Common Shares not purchased pursuant to the primary subscription.”
 




April 11, 2013 | The Gabelli Global Utility & Income Trust (GLU) announced the approval of the issuance of additional common shares and a new series of preferred shares through a rights offering to the Fund’s existing common shareholders. The timing and pricing of the rights offering have yet to be determined. The press release notes: “Under the proposed rights offering, each shareholder would receive one right for each share held on the record date. Three rights plus the subscription price will be required to acquire one additional common share and one newly issued preferred share. The rights may only be exercised to purchase an equal number of common shares and preferred shares and may not be exercised to purchase only common shares or preferred shares or an unequal number of common shares and preferred shares.”
 




April 10, 2013 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Ltd [CLIM]) reported holding 4,378,057 shares (29.0%) of The Thai Fund, Inc. (TTF) as of 3/28/13. This position is a decrease of 850,638 shares from CLIM’s position as of 12/31/12 (13G filing).
 




April 10, 2013 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Ltd [CLIM]) reported holding 1,639,544 shares (26.9%) of the Mexico Equity and Income Fund, Inc. (MXE) as of 3/28/13. This position is a decrease of 308,458 shares from CLIM’s position as of 12/31/12 (13G filing).
 




April 10, 2013 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Ltd [CLIM]) reported holding 170,954 shares (4.3%) of the Asia Tiger Fund, Inc. (GRR) as of 3/28/13. This position is a decrease of 81,650 shares from CLIM’s position as of 12/31/12 (13G filing).
 




April 10, 2013 | 13G/A Lazard Asset Management LLC disclosed that its position in the Mexico Fund (MXF) had dropped to 291,065 shares (2.17% of O/S), which is down 898,377 shares from 2/6/13 (Lazard Asset Management LLC 13G/A).
 




April 10, 2013 | 13G Lazard Asset Management LLC disclosed a position in the Mexico Equity & Income Fund Inc. (MXE) of 421,176 shares (6.76% of O/S), which is up from 222,701 shares as of 12/31/12 (Lazard Asset Management LLC 13F).
 




April 10, 2013 | 13D/A Karpus Management, Inc. (Karpus Investment Management) disclosed that it held 246,007 shares (32.84%) of Special Opportunities Fund, Inc. (SPE) Convertible Preferred Stock, which is down from 255,450 shares as of 9/30/12 (13D/A).
 




April 10, 2013 | 13G/A Karpus Management, Inc. (Karpus Investment Management [KIM]) disclosed that it held 838,404 MuniFund Term Preferred Shares (15.24%) of the Nuveen California Dividend Advantage Municipal Fund 2 (NVX).
 




April 5, 2013 | The Thai Capital Fund, Inc. (TF) announced that it is going to hold a Special Meeting of Stockholders of the Fund on June 10, 2013. The record date will be the close of business on April 15, 2013. The Fund’s press release noted that: “stockholders will be asked to consider approval of (a) a change to one of the Fund's fundamental investment limitations and (b) the liquidation and dissolution for the Fund. The change to the Fund's fundamental investment limitations is being proposed in order to permit the Fund to issue preferred stock as part of its previously announced proposed rights offering (‘Offering’) entitling the holders of the Fund's common stock to subscribe for a class of preferred stock of the Fund. If stockholders do not approve liquidation and dissolution of the Fund at the Special Meeting of Stockholders, the Fund intends to conduct the Offering as a way to permit stockholders that support liquidation of the Fund to accumulate sufficient voting shares of the Fund so that the Fund is able to obtain the necessary vote on liquidation and dissolution or other corporate action at a subsequent stockholders meeting.”
 




April 4, 2013 | SC TO-C The Macquarie Global Infrastructure Total Return Fund Inc. (MGU) announced preliminary results for its cash tender offer, which expired on April 3, 2013, for up to approximately 10% of its issued and outstanding shares of common stock at a price per share equal to 92% of the Fund’s NAV per share (determined as of the close of the regular trading session of the NYSE on April 4, 2013). The announcement noted that: “Based on preliminary information, approximately 2,942,972 shares of common stock, or approximately 21.2% of the Fund’s outstanding shares of common stock were tendered through the expiration date of the Offer. This number is subject to adjustment and should not be regarded as final because the number of shares tendered exceeded 1,385,366 (the maximum number of shares being sought in the Offer) and thus the number of shares that will be purchased by the Fund will be prorated based on the number of shares validly tendered by each stockholder.”
 




March 28, 2013 | Cohen & Steers, Inc. announced that the Cohen & Steers MLP Income and Energy Opportunity Fund, Inc. (MIE) had raised approximately $480 million in gross proceeds in its initial public offering. The Fund’s common shares started trading on the New York Stock Exchange on March 26.
 




March 26, 2013 | The Neuberger Berman MLP Income Fund Inc. (NML) announced that it had raised $1.005 billion (gross proceeds) in its initial public offering.
 




March 26, 2013 | The Eaton Vance Municipal Income Term Trust (ETX) announced that it had raised $205 million (gross proceeds) in its initial public offering.
 




March 26, 2013 | The Brookfield Mortgage Opportunity Income Fund Inc. (BOI) raised $420 million (gross proceeds) in its initial public offering.
 




March 22, 2013 | H&Q Healthcare Investors (HQH) announced that its Board of Trustees had authorized a renewal of its share repurchase program, as described in the press release: “The current share repurchase program allows the Fund to purchase in the open market up to 12% of its outstanding common shares for a one-year period ending July 10, 2013. The renewal will allow the Fund to purchase in the open market up to 12% of its outstanding common shares for a one year period ending July 10, 2014.” The release also noted that the share repurchase program is intended to increase the Fund’s NAV per share and could provide additional liquidity.
 




March 19, 2013 | Morgan Stanley Investment Management Inc. (MSIM), the investment adviser to The Thai Fund, Inc. (TTF) announced that the Fund’s Board of Directors had approved a restructuring of the Fund, subject to stockholder approval (and certain regulatory approvals, as may be required). The press release noted that: “Pursuant to the Restructuring, the Fund will liquidate the contractual investment plan existing in Thailand through which the Fund currently holds all of its Thai assets and will invest directly in securities of Thai companies. In its current structure, the Fund is subject to a tax of 10 percent when repatriating cash to the United States, which makes tender offers or share repurchases more costly for the Fund. Following the Restructuring, the Fund will no longer be subject to this repatriation tax and, to the extent the Board determines it is in the best interest of stockholders, the Fund may conduct tender offers and share repurchases in an effort to narrow the discount at which the Fund’s shares trade to net asset value.” In addition, the Fund’s Board approved a one-time tender offer, if the Restructuring is approved and the Fund`s shares trade at a discount to NAV of “greater than 10 percent for the 4 week period following the completion of the Restructuring” (with the terms of any tender offer to be determined by the Board).
 




March 19, 2013 | The Special Opportunities Fund, Inc. (SPE) announced that its Board of Directors had authorized a share repurchase program pursuant to which, as described in the press release, “the Fund may purchase shares of its common stock without limitation when such shares are trading at a discount to net asset value subject to the 'safe harbor' provisions set forth in Rule 10b-18 of the Securities Exchange Act of 1934.” The release also noted that the program will become effective on April 19, 2013.
 




March 15, 2013 | The China Fund, Inc. (CHN) announced that the Fund’s Board had voted to discontinue operation of the Fund’s Discount Management Program (DMP). The Fund also indicated that it would cease repurchases of its common shares pursuant to the DMP effective at the close of business on Friday, March 15.
 




March 8, 2013 | 13G/A The City of London Investment Group PLC (City of London Investment Management Company Ltd. [CLIM]) disclosed that its position in The Greater China Fund, Inc. (GCH) went from 7,067,926 shares (29.1%) as of 12/31/12 (CLIG 13G/A dated 1/9/13) down to zero as of 2/28/13. Note: GCH conducted a tender offer that expired on February 6, 2013.
 




February 28, 2013 | Diamond Hill Financial Trends Fund, Inc. (NASDAQ: DHFT) announced that shareholders had approved a “Plan of Liquidation and Dissolution of the Fund,” and that the Fund’s liquidation is currently anticipated to be completed in March 2013.
 




February 26, 2013 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein, Andrew Dakos, and Steven Samuels) disclosed that they have increased their position in the Diamond Hill Financial Trends Fund, Inc. (DHFT) to 1,401,037 shares (35.31%) as a result of a series of purchases of DHFT on 2/22/13 and 2/25/13 (net +48,800 shares).
 




February 22, 2013 | February 22, 2013 | Lazard Asset Management LLC filed a 13D disclosing that it had increased its position in The Taiwan Fund, Inc. (TWN) to 1,890,217 shares (20.35%), which is up 231,554 shares from 12/31/12 (from the firm’s latest 13F). The firm indicated in Item 4 of the filing that the transactions disclosed are “for investment purposes,” and that it filed the 13D because the aggregated holdings of its clients “are above 20% of the outstanding shares of Taiwan Fund Inc.”
 




February 21, 2013 | February 21, 2013 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein, Andrew Dakos, and Steven Samuels) disclosed that they have increased their position in the Diamond Hill Financial Trends Fund, Inc. (DHFT) to 1,352,247 shares (34.08%) as of 2/20/13 (adding 39,800 shares of DHFT as a result of purchases on 2/19/13 and 2/20/13).
 




February 19, 2013 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein, Andrew Dakos, and Steven Samuels) disclosed that they recently increased their position in Diamond Hill Financial Trends Fund, Inc. (DHFT) to 1,312,437 shares (33.07%) as of 2/15/13. The group disclosed a series of purchases between 1/17/13 and 2/15/13 (+94,285 shares). The filing provides more details: “Phillip Goldstein, Andrew Dakos and Steven Samuels own Brooklyn Capital Management, LLC (BCM), a registered investment advisor. As of February 15, 2013, BCM is deemed to be the beneficial owner of 1,312,437 shares of DHFT (representing 33.07% of DHFT's outstanding shares) solely by virtue of BCM's power to direct the vote of, and dispose of, these shares. These 1,312,437 shares of DHFT include 844,238 shares (representing 21.28% of DHFT's outstanding shares) that are beneficially owned by the following entities over which Messrs. Goldstein, Dakos and Mr. Samuels exercise control: Opportunity Partners LP, Calapasas West Partners, LP, Full Value Special Situations Fund, LP, Full Value Offshore Fund, Ltd., Full Value Partners, LP, Opportunity Income Plus, LP, and MCM Opportunity Partners, LP (collectively, Bulldog Investors). Bulldog Investors may be deemed to constitute a group. All other shares included in the aforementioned 1,312,437 shares of DHFT beneficially owned by BCM (solely by virtue of its power to sell or direct the vote of these shares) are also beneficially owned by clients of BCM who are not members of any group. The total number of these ‘non-group’ shares is 468,199 shares (representing 11.79% of DHFT's outstanding shares).”
 




February 8, 2013 | February 8, 2013 | Nuveen Investments announced that the Nuveen Intermediate Duration Quality Municipal Term Fund (NYSE: NIQ) had completed its initial public offering, and raised some $187.5 million in gross proceeds (excluding the underwriters’ option to purchase additional shares). Nuveen Fund Advisors, LLC is the Fund’s investment adviser, while Nuveen Asset Management, LLC is the Fund’s sub-adviser.
 




February 6, 2013 | 13G/A The China Investment Corporation (with Best Investment Corporation) disclosed that its position in The New Germany Fund, Inc. (GF) had been reduced to 779,959 shares (4.5%) as of 12/31/12, which is down from 886,854 shares (5.0%) as of 12/31/11 (13G, CIC, 2/13/12).
 




February 6, 2013 | 13D/A Brooklyn Capital Management, Phillip Goldstein, Andrew Dakos, Steven Samuels and Bulldog Investors disclosed additional purchases of The Greater China Fund, Inc. (GCH) between 1/23/13 and 1/30/13 (+88,781 shares) – bringing their total position up to 2,618,021 shares (10.79%) as of 1/30/13. Also noted in the filing: “Of the aforementioned 2,618,021 shares of GCH beneficially owned by BCM (solely by virtue of its power to sell or direct the vote of these shares), 1,315,187 shares (representing 5.42% of GCH's outstanding shares) have been acquired by BCM on behalf of its clients solely for the purpose of tendering them and not for the purpose of changing or influencing control of GCH and are covered by Rule 16a-1(a)(v) to the Securities Exchange Act of 1934."
 




January 31, 2013 | The PIMCO Dynamic Credit Income Fund (NYSE: PCI) announced that it had completed the closing of its initial public offering (IPO). The Fund raised $3.025 billion in gross proceeds (not including the underwriters’ over-allotment option). Allianz Global Investors Fund Management LLC serves as the investment manager of the Fund and retains its affiliate, PIMCO, to serve as sub-adviser and to manage the Fund’s portfolio. The American Stock Transfer & Trust Company, LLC ("AST"), serves as the Fund’s transfer agent, registrar, dividend disbursement agent and shareholder servicing agent, as well as agent for the Fund’s Dividend Reinvestment Plan.
 




January 28, 2013 | The Central Europe and Russia Fund, Inc. (CEE) announced that the Fund’s Board of Directors had approved, and recommended to stockholders for their approval at a special meeting scheduled for April 19, 2013, changes in the Fund’s investment objective and fundamental investment policy that would enable the Fund to invest in the securities of issuers domiciled in Turkey to a greater extent than at present. If the changes are approved by stockholders, the Fund’s name will be changed to “The Central Europe, Russia and Turkey Fund, Inc.” The record date for the special meeting is February 19, 2013. For more details, see the Fund’s press release posted at dws-investments.com.
 




January 28, 2013 | SC TO-C The Central Europe and Russia Fund, Inc. (CEE) rescheduled its previously announced cash tender offer for up to 5% of the Fund’s issued and outstanding shares of common stock (at a price equal to 98% of its NAV per share -- as determined by the Fund on the next business day after the date on which the offer expires). The tender offer is now scheduled to commence on or about February 11, 2013, and remain open through March 12, 2013, unless extended. CEE had previously announced, on December 3, 2012, that it would conduct a tender offer pursuant to the Fund’s Discount Management Program (DMP).
 




January 23, 2013 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they have increased their position in The Greater China Fund, Inc. (GCH) through a series of purchases between 12/26/12 and 1/18/13 (total net +359,084 shares) – bringing their position up to 2,510,340 shares (10.34%) as of 1/18/13.
 




January 17, 2013 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they have added to their position in Diamond Hill Financial Trends Fund, Inc. (DHFT). A series of purchases between 1/14/13 and 1/16/13 (net +122,892 shares) brought their position in DHFT up to 1,215,152 shares (30.62%) as of 1/16/13.
 




January 11, 2013 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they have added to their position in Diamond Hill Financial Trends Fund, Inc. (DHFT) (total net + 74,756 shares) -- bringing their position up to 1,092,260 shares (27.53%) as of 1/10/13.
 




January 10, 2013 | 13G/A Lazard Asset Management LLC (LAM) reported holding 2,904,908 shares (10.17%) of General American Investors Company, Inc (GAM), which is +554,873 shares from 9/30/12 (latest LAM 13F).
 




January 10, 2013 | 13D/A Lazard Asset Management LLC (LAM) reported holding 1,812,685 shares (22.9%) of the First Trust/Aberdeen Emerging Opportunity Fund (FEO), which is +555,145 shares from 9/30/12 (latest LAM 13F).
 




January 9, 2013 | | 13G/A City of London Investment Group PLC (City of London Investment Management Company Ltd [CLIM]) reported holding 3,845,757 shares (10.4%) of The India Fund, Inc. (IFN) as of 12/31/12. This position is +920,757 shares from CLIM’s position as of 9/30/12 (latest CLIM 13F).
 




January 9, 2013 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Ltd [CLIM]) reported holding 240,321 shares (1.5%) of The China Fund, Inc. (CHN) as of 12/31/12. This position is -1,350,444 shares from CLIM’s position as of 9/30/12 (latest CLIM 13F).
 




January 9, 2013 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Ltd [CLIM]) reported holding 7,067,926 shares (29.1%) of The Greater China Fund, Inc. (GCH) as of 12/31/12. This position is -2,789,246 shares from CLIM’s position as of 9/30/12 (latest CLIM 13F).
 




January 8, 2013 | SC TO-C The Greater China Fund, Inc. (GCH) announced that its stockholders approved Aberdeen Asset Management Asia Limited as the Fund’s new investment manager. The Fund also announced that: “as a result of Aberdeen’s approval by stockholders, and pursuant to the Fund’s previously announced agreement between the Fund and City of London Investment Management Limited (‘CLIM’), the Fund’s largest stockholder, the Fund announced that it intends to commence promptly an issuer tender offer to acquire in exchange for cash up to 70% of the Fund’s issued and outstanding shares at a price per share equal to 99% of the Fund’s net asset value per share as determined by the Fund on the next business day following the expiration date of the tender offer (the ‘Tender Offer’). CLIM has agreed with the Fund to tender all of the Fund shares it beneficially owns in the Tender Offer and in the event that CLIM is able to tender all of the Fund shares it beneficially owns, CLIM has agreed that it will enter into a ‘standstill agreement’ with the Fund for one year following the completion of the Tender Offer. Under the standstill agreement, CLIM will be permitted to be a passive investor in the Fund and to purchase shares of the Fund for investment purposes only. The Fund has further agreed with CLIM that if 75% or more of the Fund’s outstanding shares have been tendered and not withdrawn in the Tender Offer, then the Tender Offer will be cancelled, the Board of Directors will recommend that the Fund be liquidated and the Fund will proceed to solicit proxies from stockholders for the liquidation and dissolution of the Fund immediately thereafter.”
 




January 8, 2013 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that their position in The New Ireland Fund, Inc. (IRL) stood at 227,945 shares (4.32%) as of January 7 (down from 337,483 shares as of November 2 [13D/A, Bulldog Investors, November 6, 2012]).
 




January 4, 2013 | 13G/A Karpus Management, Inc. (Karpus Investment Management [KIM]) disclosed that as of December 31, 2012, it no longer held positions in the AMPS of Advent Claymore Convertible Securities and Income Fund (AVK). AVK had recently completed a tender offer for up to 100% of the outstanding AMPS priced at 99% of the liquidation preference (approximately 99.4% of AVK’s outstanding AMPS were tendered [SC TO-I/A Dec. 13, 2012]).
 




January 4, 2013 | 13D/A Karpus Management, Inc. (Karpus Investment Management [KIM]) disclosed that as of December 31, 2012, it held 620 AMPS (49.36%) of the BlackRock New York Municipal 2018 Term Trust (BLH). KIM increased its position on 12/17/2012 with a purchase of 246 AMPS for $23,875 per share.
 




January 4, 2013 | /A Karpus Management, Inc. (Karpus Investment Management [KIM]) disclosed that as of December 31, 2012, it held 1,148,798 MuniFund Term Preferred Shares (26.81%) of the Nuveen California Dividend Advantage Municipal Fund 2 (NVX). KIM increased its position through a series of transactions between 11/12/2012 and 12/31/2012 that resulted in a net increase of 11,584 shares.
 




January 4, 2013 | 13G Karpus Management, Inc. (Karpus Investment Management [KIM]) disclosed that as of December 31, 2012, it held 327 AMPS (16.94%) of the Neuberger Berman New York Intermediate Municipal Fund Inc. (NBO).
 




December 26, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they have increased their position in The Greater China Fund, Inc. (GCH) through a series of purchases between 12/10/12 and 12/24/12 (total net +580,836 shares) – bringing their position up to 2,151,256 shares (8.86%) as of 12/24/12.
 




December 26, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they have added to their position in Diamond Hill Financial Trends Fund, Inc. (DHFT) through a series of purchases between 10/24/12 and 12/21/12 (total net + 47,156 shares) -- bringing their position up to 1,017,504 shares (25.64%) as of 12/21/12.
 




December 24, 2012 | 13D/A Western Investment LLC disclosed that it reduced its position in the Macquarie Global Infrastructure Total Return Fund Inc. (MGU) down to 493,543.9604 shares as of December 19 (-200,866 shares from November 20 [Western Investment LLC 13D/A dated 11/26/12]).
 




December 14, 2012 | Venable LLP (Venable.com) issues memorandum on “Dealing with Proxy Advisers in 2013: Peer Groups and More.”
 




December 10, 2012 | 13D/A Lazard Asset Management LLC disclosed that its position in Aberdeen Emerging Markets Telecommunications & Infrastructure Fund, Inc. (ETF) had dropped to 1,862,659 shares (22.59% of O/S), which is down 80,100 shares from 9/30/12 (Lazard Asset Management LLC 13F).
 




December 10, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they increased their position in The Greater China Fund, Inc. (GCH) to 1,567,420 shares (6.46%) as of December 7, 2012 (+333,475 shares from 10/09/12 [13D/A filed 10/12/12]).
 




December 10, 2012 | City of London Investment Group PLC (City of London Investment Management Co. Ltd. [CLIM]) filed a series of 13Gs disclosing that the firm had trimmed its positions between 9/30/12 (based on the latest CLIM 13F filing) and 11/30/12 in: TTF, SGF, IIF, LDF, KF, CEE, and TDF. See our December 17 Weekly Review for more details.
 




December 7, 2012 | Diamond Hill Financial Trends Fund, Inc. (DHFT) announced that its Board of Directors approved the submission of a Plan of Liquidation and Dissolution to shareholders at a special meeting to be held on or about February 28, 2013.
 




December 7, 2012 | The Asia Tigers Fund, Inc. (GRR) announced a capital gain and net investment income distribution to stockholders of record on December 21, 2012, in the amount of $2.65502 per share (comprised of long-term capital gains of $2.63481 per share and net investment income of $0.02021 per share). The distribution will be payable on January 31, 2013, while the Fund’s press release indicated that the distribution will be “treated as having been paid by the Fund and received by stockholders as of December 31, 2012.” Stockholders may request that their distribution be paid in cash in lieu of common stock. The PR noted that: “The Fund will limit the aggregate amount of cash to be paid out in the distribution to all stockholders to 20% of the aggregate dollar amount of the total distribution.” The Fund’s PR contains additional provisions regarding this special cash election distribution.
 




December 7, 2012 | The India Fund, Inc. (IFN) announced a capital gain and net investment income distribution to stockholders of record on December 21, 2012, in the amount of $2.371234 per share (comprised of long-term capital gains of $2.220834 per share and net investment income of $0.150400 per share). The distribution will be payable on January 31, 2013, while the Fund’s press release indicated that the distribution will be “treated as having been paid by the Fund and received by stockholders as of December 31, 2012.” Stockholders may request that their distribution be paid in cash in lieu of common stock. The PR noted that: “The Fund will limit the aggregate amount of cash to be paid out in the distribution to all stockholders to 20% of the aggregate dollar amount of the total distribution.” The Fund’s PR contains additional provisions regarding this special cash election distribution.
 




November 30, 2012 | 13D Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they hold 150,000 shares (25%) of the 8.50% Series 2017 preferred stock ("OXLCP") issued by Oxford Lane Capital Corp. (OXLC). On November 28, Oxford Lane Capital Corp. announced that it had completed an underwritten public offering of 600,000 shares (at $25 per share) of its 8.50% Series 2017 Term Preferred Shares (raising $15 million in gross proceeds).
 




November 26, 2012 | DEFA14A The Greater China Fund, Inc. (GCH) announced that its Board of Directors approved an amendment to its proposal that stockholders of the Fund approve Aberdeen Asset Management Asia Limited as the Fund’s new investment manager. The amendment follows an agreement between the Fund and City of London Investment Management Limited.
 




November 26, 2012 | 13D/A Western Investment LLC disclosed that its position in Macquarie Global Infrastructure Total Return Fund Inc. (MGU) has fallen to 694,409.9604 shares (5.0%) as of November 21, 2012 – down from 1,374,638.9604 shares (7.9%) as of October 16, 2012 (Western Investment LLC 13D/A, October 17, 2012). MGU recently completed a cash tender offer for approximately 20% of its issued and outstanding shares of common stock (which expired on November 16, 2012 [MGU SC TO-I/A, Nov. 20, 2012]).
 




November 20, 2012 | 13D/A City of London Investment Group PLC (City of London Investment Management Company Limited [CLIM]) reported a position of 8,643,814 shares (35.6%) in The Greater China Fund, Inc. (GCH) -- down from 9,857,172 shares (40.6%) as of 10/29/12 (CLIG/CLIM 13D/A).
 




November 14, 2012 | 13D/A Bank of America Corporation (with Bank of America, N.A. [BANA] and Blue Ridge Investments, LLC) reported that as a result of a transaction on November 9, 2012, they no longer hold any ARPS issued by The New America High Income Fund, Inc (HYB). HYB announced, in a press release dated November 13, that on November 9, 2012, it had completed the redemption of all outstanding shares of the Fund’s auction term preferred stock.
 




November 9, 2012 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Ltd. [CLIM]) disclosed that its position in The Turkish Investment Fund, Inc. (TKF) had been reduced to 806,005 shares (12.8%), which is down from 1,440,266 shares as of 6/30/12 (13F, CLIM, 8/10/12).
 




November 9, 2012 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Ltd. [CLIM]) disclosed that its position in ASA Gold and Precious Metals Ltd. (ASA) had been reduced to 1,761,604 shares (9.1%), which is down from 2,759,595 shares as of 6/30/12 (13F, CLIM, 8/10/12).
 




November 9, 2012 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Ltd. [CLIM]) disclosed that its position in The Singapore Fund, Inc.(SGF) had been reduced to 466,780 shares (6.2%), which is down from 851,354 shares as of 6/30/12 (13F, CLIM, 8/10/12).
 




November 7, 2012 | Lazard Asset Management LLC filed a 13G/A disclosing a position of 2,086,694 shares (12.79%) in The China Fund, Inc. (CHN). The firm’s position was 2,000,317 shares (13F) as of 9/30/12. This is down sharply from Lazard’s reported position as of 6/30/12 (13F), which was 3,846,597 shares.
 




November 6, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that their position in The New Ireland Fund, Inc. (IRL) stood at 337,483 shares (6.39%) as of November 2 (down from 472,999 shares as of June 20 [13D/A, Bulldog Investors, June 22, 2012]).
 




October 24, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they have increased their position in Firsthand Technology Value Fund, Inc. (SVVC) to 757,420 shares (8.85%) as of 10/23/12 (up from 637,098 shares disclosed in a 13D filing on 9/27/12).
 




October 24, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they have increased their position in Diamond Hill Financial Trends Fund, Inc. (DHFT) to 970,348 shares (24.45%) as of 10/22/12 (up from 917,571 shares disclosed in a 13D/A filing on 8/22/12).
 




October 23, 2012 | JF China Region Fund, Inc. (JFC) issued a press release providing an update on the fund’s merger proposals put to the Board of The Greater China Fund, Inc. (GCH).
 




October 15, 2012 | 13D Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed a position in The Zweig Total Return Fund, Inc (ZTR) of 1,833,628 shares (5.11%) as of 10/11/12. The filing also indicated (Item 4) that Bulldog Investors has communicated with the Fund's management and Board concerning "various matters including the disparity between the market price of the Fund's shares and their net asset value."
 




October 12, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they continue to add to their position in The Greater China Fund, Inc. (GCH), which amounted to 1,233,945 shares (5.08%) as of 10/09/12. The filing also included a letter sent to GCH by Phillip Goldstein outlining the latter’s positions on various developments ahead of a special meeting of GCH shareholders scheduled for November 1, 2012.
 




September 28, 2012 | 13D/A City of London Investment Group PLC (City of London Investment Management Company Ltd.[CLIM]) reported a position of 9,857,172 shares (40.6%) in The Greater China Fund, Inc. (GCH) and disclosed a letter sent to GCH on 9/28 asking that “the Board should consider permitting shareholders to choose between the proposal to name Aberdeen as adviser or the proposal to merge into JFC.”
 




September 27, 2012 | 13D Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed a position in Firsthand Technology Value Fund, Inc. (SVVC) amounting to 637,098 shares (7.45%). The filing also disclosed a series of purchases between 7/27/12 and 9/26/12. Bulldog Investors indicated in the filing that they “will attempt to communicate with management regarding the large disparity between the shares' market price and their intrinsic value.”
 




September 27, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they continue to add to their position in The Greater China Fund, Inc. (GCH), which amounted to 1,216,059 shares (5.01%) as of 9/26/12. Bulldog Investors reported a series of purchases of shares of GCH from September 24-26.
 




September 25, 2012 | The JF China Region Fund, Inc. (JFC) announced that its Board continues to pursue a proposed merger with Greater China Fund, Inc. (GCH). JFC’s press release, which is available at www.jfchinaregion.com, details updates to the fund's merger proposal.
 




September 24, 2012 | 13D Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed a position in The Greater China Fund (GCH) of 1,172,527 shares (4.83%) as of 9/21/12. Bulldog Investors reported a series of purchases of shares of GCH from July 30 to September 21. In addition, a shareholder proposal and supporting statement was mentioned in the filing. The shareholder proposal, which is non-binding, recommends that a majority of the Fund’s directors resign if the Investment Management Agreement between the Fund and Aberdeen Asset Management Asia Limited is not approved by stockholders.
 




September 18, 2012 | The Greater China Fund, Inc. (GCH) announced that its Board of Directors voted unanimously to approve and recommend that stockholders approve an Investment Management Agreement between the Fund and Aberdeen Asset Management Asia Limited (“Aberdeen”). Aberdeen, if approved by stockholders, will replace Baring Asset Management (Asia) Ltd. (Baring) as investment manager. On June 29, 2012, GCH had announced that a stockholder proposal from City of London Investment Management Company Ltd. to terminate the Fund’s investment advisory agreement with Baring had been approved at the Fund’s annual meeting of stockholders.
 




September 12, 2012 | The results of tender offers, which expired on September 12, 2012, for up to 100% of each fund’s outstanding Municipal Auction Rate Cumulative Preferred Shares (“ARPS”) were announced by MFS® California Municipal Fund (CCA), MFS® High Income Municipal Trust (CXE), and MFS® Municipal Income Trust (MFM). The MFS® High Yield Municipal Trust (CMU) and MFS® Investment Grade Municipal Trust (CXH) also detailed the final results of tender offers, which had expired on September 7, 2012, for up to 100% of each fund’s outstanding ARPS. The funds offered to purchase outstanding ARPS at a price per share equal to 95% of the ARPS’ per share liquidation preference (+ unpaid accrued dividends).
 




September 12, 2012 | Results of the tender offers -- CCA accepted for payment 977 ARPS, which is approximately 99.9% of its outstanding ARPS (leaving 1 ARPS outstanding). CXE accepted for payment 3,675 ARPS, which is approximately 94.2% of its outstanding ARPS (leaving 225 ARPS outstanding). MFM accepted for payment 4,259 ARPS, which is approximately 93.6% of its outstanding ARPS (leaving 291 ARPS outstanding). CMU accepted for payment 2,844 ARPS, which is approximately 94.8% of its outstanding ARPS (leaving 156 ARPS outstanding). CXH accepted for payment 1,917 ARPS, which is approximately 98.3% of its outstanding ARPS (leaving 33 ARPS outstanding).
 




September 10, 2012 | Diamond Hill Financial Trends Fund, Inc. (DHFT) announced that it is going to hold a special meeting of shareholders on November 14, 2012. The meeting will see a non-binding advisory vote on whether the Board should consider liquidating the Fund.
 




August 22, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they have increased their position in Diamond Hill Financial Trends Fund, Inc. (DHFT), to 917,571 shares (23.12%) of as of 8/21/12 (up from 876,338 shares disclosed in a 13D/A filing on 6/20/12).
 




August 22, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they have added to their position in The Thai Capital Fund, Inc. (TF) to bring it up to 1,367,632 shares (38.36%) as of 8/21/12 (up from 779,235 shares disclosed in a 13D/A filing on 7/31/12).
 




August 17, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that it had increased its position in the Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) to 5,892,975 shares (8.08%). This is +1,317,258 shares from the position reported as of 7/18/12 (as disclosed in a 13D filed by Bulldog Investors on 7/19/12).
 




August 10, 2012 | 13G/A City of London Investment Group Plc (City of London Investment Management Company Ltd. [CLIM]) disclosed a position of 1,476,553 shares (8.7%) in The China Fund, Inc. (CHN) as of July 31, 2012. This number is down from 2,691,402 shares as of 6/30/12 (as reported in CLIM’s latest 13F, which was also filed on August 10). Note: The China Fund, Inc. conducted a tender offer that expired on July 23 (SC TO-I/A, July 27, 2012).
 




August 9, 2012 | SC-TO-I The MFS Municipal Income Trust (MFM), MFS Investment Grade Municipal Trust (CXH), MFS California Municipal Fund (CCA), MFS High Income Municipal Trust (CXE), and MFS High Yield Municipal Trust (CMU) all commenced tender offers for up to 100% of each fund’s outstanding auction rate preferred shares (ARPS).
 




August 8, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management LLC, Phillip Goldstein and Andrew Dakos) disclosed that they have reduced their position in Liberty All-Star Growth Fund, Inc. (ASG) from 1,934,332 shares (as of July 20 [13D/A July 23]) down to 21,827 shares (0.07%) as of August 3. Bulldog Investors reported a series of sales of shares of ASG between July 23 and August 3. Note: on July 26, ASG announced the final results of its recent tender offer, which expired on July 24 (SC TO-I/A, 7/26/12).
 




August 2, 2012 | 13D Karpus Management, Inc. (Karpus Investment Management) disclosed that it held 224,593 shares (29.98%) of Special Opportunities Fund, Inc. (SPE) Convertible Preferred Stock as of July 27, 2012.
 




August 2, 2012 | 13G/A Karpus Management, Inc. (Karpus Investment Management) disclosed that it had reduced its position in DTF Tax Free Income, Inc. (DTF) from 468,992 shares as of 6/30/12 (13F) down to 392,393 shares (4.61%) as of July 31, 2012.
 




August 2, 2012 | 13G/A Karpus Management, Inc. (Karpus Investment Management) disclosed that it had reduced its position in Liberty All-Star Growth Fund, Inc. (ASG) from 1,722,772 shares as of 6/30/12 (13F) down to 375,630 shares (1.25%) as of July 31, 2012.
 




August 2, 2012 | 13G/A Karpus Management, Inc. (Karpus Investment Management) disclosed that it had reduced its position in Putnam Municipal Opportunities Trust (PMO) from 3,828,926 shares as of 6/30/12 (13F) down to 3,186,592 shares (7.43%) as of July 31, 2012.
 




July 31, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they have recently added to their position in The Thai Capital Fund, Inc. (TF) to bring it up to 779,235 shares (21.86%). In the filing, Bulldog Investors reported a series of purchases of shares of TF between July 19 and 30 (for a net of +51,775 shares).
 




July 26, 2012 | SC TO-I/A Liberty All-Star Growth Fund, Inc. announced the final results of its tender offer to purchase up to 25% of its outstanding shares.
 




July 20, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed an increase in their position in American Strategic Income Portfolio Inc. III (CSP) to 2,240,949 shares (10.49%). The filing discloses purchases of shares of CSP between June 7 and July 19, 2012 (for a total of +229,348 shares from the position reported by Bulldog Investors in a 13D/A filed on May 1, 2012).
 




July 19, 2012 | 13D Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed a position in the Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) of 4,575,717 shares (6.27%). The filing disclosed purchases of shares of ETJ between May 21 and July 18, 2012.
 




July 17, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they have reduced their position in the Liberty All Star Growth Fund, Inc. (ASG) to 2,720,133 shares (9.04%). The filing discloses sales of shares of ASG between July 6 and July 16, 2012 (for a total of -404,812 shares from the position reported by Bulldog Investors in a 13D/A filed on July 9, 2012).
 




July 16, 2012 | 13D Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they have a position of 690,488 shares (19.37%) in Thai Capital Fund, Inc. (TF). In the filing, Bulldog Investors reports a series of purchases of shares of TF between May 15 and June 13, and again on July 6, 2012.
 




July 10, 2012 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Ltd. [CLIM]) disclosed that it reduced its position in the Morgan Stanley Frontier Emerging Markets Fund, Inc. (FFD) down to 73,266 shares (1.10% of O/S) as of June 30, 2012. This is a drop of 888,046 shares from CLIM’s position reported for 3/31/12 (CLIM 13F).
 




July 10, 2012 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Ltd. [CLIM]) disclosed that it reduced its position in The Malaysia Fund, Inc. (MAY) down to 844,802 shares (11.8% of O/S) as of June 30, 2012. This is a drop of 1,352,984 shares from CLIM’s position reported for 3/31/12 (CLIM 13F).
 




July 10, 2012 | 13G Lazard Asset Management LLC disclosed that its position in The Taiwan Fund, Inc. (TWN) had dropped to 1,689,360 shares (18.19% of O/S), which is down 2,526,677 shares from 3/31/12 (Lazard Asset Management LLC 13F).
 




July 10, 2012 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Ltd. [CLIM]) disclosed that it reduced its position in The Taiwan Fund, Inc. (TWN) down to 2,292,261 shares (24.7% of O/S) as of June 30, 2012. This is a drop of 3,833,726 shares from CLIM’s position reported for 3/31/12 (CLIM 13F). (Note: TWN recently conducted a tender offer, which expired on June 13, 2012, for 50% of the Fund’s outstanding shares).
 




July 9, 2012 | 13G Bulldog Investors (with Brooklyn Capital Management LLC, Phillip Goldstein and Andrew Dakos) disclosed that they have a position of 426,525 shares (6.40%) in Morgan Stanley Frontier Emerging Markets Fund, Inc. (FFD).
 




July 9, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management LLC, Phillip Goldstein and Andrew Dakos) disclosed that they have a position of 3,124,945 shares (10.39%) in Liberty All-Star Growth Fund Inc. (ASG), and sold some 304,364 shares between 6/22/12 and 7/05/12.
 




July 2, 2012 | The Thai Capital Fund, Inc. (TF) announced that after reconvening its adjourned 2012 annual meeting of stockholders a proposal to liquidate the Fund did not receive the necessary votes to pass.
 




July 1, 2012 | Six closed-end fund IPOs (PDI, CTR, MMD, SMM, JRI, ISD) raised a combined $3.19 billion in 2Q’12 (total before deductions for sales loads and offering costs, or any purchases by underwriters of additional shares to cover any overallotments).
 




June 29, 2012 | The Greater China Fund, Inc. (GCH) announced the results of its annual meeting of stockholders, including the election of two class III directors and the approval of a stockholder proposal to terminate the Fund’s investment advisory agreement with Baring Asset Management (Asia) Ltd. The stockholder proposal was from City of London Investment Management Company Ltd., which had last disclosed in a 13D/A (by City of London Investment Group PLC) filed on June 15 a position amounting to 40.6% of shares outstanding.
 




June 21, 2012 | Liberty All-Star Growth Fund, Inc. announced that its Board of Directors has approved a tender offer for up to 25% of its outstanding common stock at a price equal to 95% of NAV per share. The Fund anticipates commencing the Tender Offer by the end of June 2012.
 




June 20, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they have increased their position in Diamond Hill Financial Trends Fund, Inc., and now hold 876,338 shares (22.08%) of as of 6/19/12 (up from 833,519 shares disclosed in a 13D filing on 5/22/12).
 




June 8, 2012 | 13D/A Karpus Management, Inc. (Karpus Investment Management) disclosed that it had increased its position in Western Asset Inflation Management Fund Inc. (IMF) during trading in April and May, and held 1,507,812 shares (21.35% of O/S) as of May 31, 2012.
 




June 8, 2012 | 13D/A City of London Investment Group PLC (City of London Investment Management Company, Ltd.) disclosed that it had sent a letter to The Greater China Fund, Inc. regarding a stockholder proposal requesting that the Fund terminate all investment advisory and management agreements with its investment manager.
 




June 8, 2012 | 13D City of London Investment Group PLC (City of London Investment Management Company, Ltd.) filed a 13D for its position in The Korea Fund, Inc. The filing shows the firm holding 3,064,461 shares (31.9% of O/S) as of May 31, 2012 (which is down from 3,320,657 shares as of 12/31/11).
 




June 7, 2012 | 13G/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they had increased their position in The Thai Capital Fund, Inc., and held 611,396 shares (17.15%) of as of 5/30/12 (up from 411,497 shares disclosed in a 13G filing on 3/23/12).
 




May 22, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they added to their position in Diamond Hill Financial Trends Fund, Inc., and held 833,519 shares (21.01%) of DHFT as of 5/21/12.
 




May 7, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they added to their position in American Strategic Income Portfolio Inc. III (CSP) during March and April, and held 2,011,601 shares (9.42%) of CSP as of 5/01/12.
 




May 4, 2012 | Morgan Stanley Frontier Emerging Markets Fund, Inc. (FFD) announced that the Board of Directors of the Fund had determined that it would be in the best interest of stockholders to convert the fund to an open-end fund. The conversion of the fund will be submitted for stockholder approval at a meeting to be held on August 22, 2012.
 




April 18, 2012 | 13D/A City of London Investment Group Plc (CLIM) disclosed that it had reduced its position in The Malaysia Fund, Inc. as of April 4 to 1,656,744 shares (23.1%), which is down from 2,197,786 shares (30.7% of O/S) as of March 30, 2012.
 




April 10, 2012 | 13G/A City of London Investment Group PLC (City of London Investment Management Company Ltd. [CLIM]) disclosed that its position in The Singapore Fund, Inc. had been reduced to 11.5% of O/S, which is down from 24.2% as of 12/30/11. CLIG (CLIM) also disclosed in filings on April 9 that the firm had reduced positions in: The Thai Capital Fund, Inc. (to 2.0% of O/S, which is down from 34.9% as of 12/30/11); The Malaysia Fund, Inc. (to 30.7% of O/S, down from 32.2% as of 12/30/11); and The Mexico Fund, Inc. (to 3.46% of O/S, down from 6.84% as of 12/30/11).
 




March 28, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they added to their position in Diamond Hill Financial Trends Fund, Inc., and held 792,727 shares (19.98%) of DHFT as of 3/27/12.
 




March 26, 2012 | The Malaysia Fund, Inc. announced that the Board of Directors of the Fund had adopted a proposal to liquidate the Fund (sell its assets, discharge its liabilities and distribute the net proceeds to stockholders).  The Board plans to submit a proposal (on the plan of liquidation and dissolution) to stockholders at the Fund’s upcoming annual meeting.
 




March 26, 2012 | City of London Investment Management Company Ltd. announced that it had previously submitted a stockholder proposal on January 17, 2012, regarding the termination of all investment advisory and management agreements between each of three funds (The Malaysia Fund, Inc., The Thai Fund, Inc. and Morgan Stanley Eastern Europe Fund, Inc.) and Morgan Stanley Investment Management Inc.
 




March 23, 2012 | Morgan Stanley Eastern Europe Fund, Inc. announced that its Board of Directors has approved a discount management policy and proposed changes to its investment strategy, investment restrictions, and the name of the Fund. The policy requires the Fund to conduct up to four consecutive semi-annual tender offers: each to purchase up to 5% of the Fund’s outstanding shares of common stock for cash at 98% of NAV per share, if the Fund’s shares trade at an average discount of at least 10% over a 12 week period (with the first measurement period starting on April 9, 2012). The Board also approved changes to the Fund’s investment strategy, investment restrictions (regional concentrations), and name (to the Morgan Stanley Emerging Europe, Middle East and Africa Fund) that will be submitted for shareholder approval at the upcoming annual meeting (June 2012).
 




March 23, 2012 | The Thai Fund, Inc. announced that its Board of Directors has approved a discount management policy. The policy requires the Fund to conduct up to four consecutive semi-annual tender offers: each to purchase up to 5% of the Fund's outstanding shares of common stock for cash at 98% of NAV per share, if the Fund’s shares trade at an average discount of at least 10% over a 12 week period (the first measurement period will start on April 9, 2012).
 




March 23, 2012 | 13G Bulldog Investors disclosed that it held 411,497 shares (11.54%) of The Thai Capital Fund, Inc.
 




March 19, 2012 | 13D/A Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they hold 1,798,216 shares (8.42%) of American Strategic Income Portfolio Inc. III (Ticker: CSP) after accumulating an additional 328,206 shares between 02/27/12 and 03/16/12.
 




March 5, 2012 | 13D/A Bulldog Investors reports additional purchases between 2/16 and 3/2 of Diamond Hill Financial Trends Fund, Inc.  Bulldog Investors, Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos report holding 17.93% of the outstanding shares of DHFT as of 3/2/12.
 




February 27, 2012 | 13D Bulldog Investors (with Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos) disclosed that they hold 1,467,779 shares (6.87%) of American Strategic Income Portfolio Inc. III (Ticker: CSP) after accumulating an additional 733,473 shares between 12/30/2011 and 2/24/2012.
 




February 20, 2012 | Warren Antler, Managing Director of The Altman Group’s Closed-End Fund Group, is interviewed about shareholder activism impacting closed-end funds in this month’s issue of The Investor’s Guide to Closed-End Funds (Published by Thomas J. Herzfeld Advisors, Inc.).




February 15, 2012 | 13D/A Bulldog Investors reports additional purchases of Diamond Hill Financial Trends Fund, Inc. (Bulldog Investors, Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos report holding 16.84% of shares outstanding as of 2/15/2012).
 




February 10, 2012 | 13D/A City of London Investment Group PLC (City of London Investment Management Company Limited [CLIM]) reports additional purchases in January 2012 of Morgan Stanley Eastern Europe Fund, Inc. (With CLIM holding 36.2% of shares outstanding as of 1/31/2012).
 




February 7, 2012 | 13D/A City of London Investment Group PLC (City of London Investment Management Company Limited [CLIM]) reports additional purchases in December 2011 (event date, 12/30/2011) of The Malaysia Fund, Inc. (With CLIM holding 32.2% of shares outstanding as of 12/30/2011).
 




February 7, 2012 | 13D/A City of London Investment Group PLC (City of London Investment Management Company Limited [CLIM]) reports additional purchases in December 2011 (event date, 12/30/2011) of The Thai Fund, Inc. (With CLIM holding 36.9% of shares outstanding as of 12/30/2011).
 




February 1, 2012 | ISS AUCTION RATE PREFERRED POLICY 2012




February 1, 2012 | 13D/A Bulldog Investors increases position in Diamond Hill Financial Trends Fund, Inc.
 




January 25, 2012 | 13D/A Bulldog Investors increases position in Diamond Hill Financial Trends Fund, Inc.
 




January 25, 2012 | NYSE Eliminates Discretionary Broker Voting for Certain Corporate Governance Proposals




January 23, 2012 | 13D/A Western Investment LLC increases position in Macquarie Global Infrastructure Total Return Fund Inc.
 






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