Activism

Current Closed End Fund Activist Campaigns

Fund Investor Notes Latest 13D Percent Ownership
Federated Premier Intermediate Municipal Income Fund Karpus Management Switched from 13G to 13D. Submitting proposal for self tender for all outstanding shares at September 2017 Shareholder meeting 03/21/2017 21.03%
Putnam Managed Municipal Income Trust Bulldog Investors, LLC Nominating two directors, seeking liquidity for preferred shareholders 03/20/2017 7.47%
Swiss Helvetia Fund Bulldog Investors, LLC Submitting proposals to amend bylaws , and conduct self tender offer. 03/14/2017 7.20%
JPMORGAN CHINA REGION FUND City of London Investment Group, Inc. Selling Shares per latest filing. Previously had discussions with the Board as a result of proxy ballot and proposals. 03/02/2017 34.70%
Franklin LTD Duration Trust Saba Capital Management, LP Saba has been selling shares. Nominated three people for board of directors. In January 2017, The fund started a tender offer for 15% of shares. Tender offer expires March 3, 2017 02/27/2017 13.40%
Putnam High Income Securities Fund Bulldog Investors, LLC Recently acquired more shares. Sent letter to management to confirm that it will submit proposals for large tender offer, and a fixing of board size with Bulldog representatives 02/27/2017 11.27%
Korea Equity Fund Bulldog Investors, LLC Expecting liquidation. Acquiring more shares. 02/23/2017 13.43%
First Trust/Aberdeen Global Opportunity Income Fund Karpus Management Entered into agreement whereby Fund will tender for up to 25% of outstanding shares at 98% of NAV. Activist will tender all of its shares. 02/15/2017 19.42%
Credit Suisse Asset Management Income Fund Saba Capital Management, LP Believes shares are undervalued. 02/14/2017 11.37%
Taiwan Fund Inc City of London Investment Group, Inc. Adding shares. Indirectly campaigning for sharebuybacks 02/14/2017 40.60%
Clough Global Dividend & Income Fund Saba Capital Management, LP Submitted proposal to declassify board, intends to nominate 3 directors. 02/13/2017 17.13%
Clough Global Opportunities Fund Saba Capital Management, LP Submitted proposal to declassify board, intends to nominate 3 directors. 02/13/2017 8.82%
Clough Global Equity Fund Saba Capital Management, LP Ongoing discussions with management regarding performance and discount. Expects to nominate directors 02/10/2017 13.65%
Madison Strategic Sector Premium Fund Karpus Management Submitted proposal to terminate the Investment Advisory Agreement between the Fund and Madison Asset Management, LLC. Previously had filed 13G on 1/11/2017 02/08/2017 23.66%
Madison Covered Call & Equity Strategy Fund Karpus Management Submitted proposal to terminate the Investment Advisory Agreement between the Fund and Madison Asset Management, LLC. 02/08/2017 7.21%
Pacholder High Yield Fund Bulldog Investors, LLC Reached Standstill Agreement on January 23, 2017. Manager will submit a liquidation proposal at annual meeting in May 2017. Management will recommend approval of the proposal. 01/24/2017 11.00%
First Trust High Income Long/Short Fund Saba Capital Management, LP Standstill agreement as of January 20. Saba withdraws proposal. Fund will tender for 15% of shares prior to June 15, 2017, Saba will tender its shares and vote with management. 01/23/2017 13.06%
Neuberger Berman Real Est Securities Inc Bulldog Investors, LLC Selling Shares per latest filing. Had previously recommended liquidation. 01/18/2017 7.11%
Advent/Claymore Enhanced Growth & Income Fund Saba Capital Management, LP No specific plan yet. Believes shares undervalued 01/11/2017 9.86%
New Ireland Fund Inc Karpus Management Purchased Shares for the Accounts for investment purposes. Reserves right to contact management 01/06/2017 16.12%
First Trust Mortgage Income Fund Sit Investment Associates No specific plan yet. May engage with management in the future 12/07/2016 35.73%
Lazard Global Total Return & Income Fund Bulldog Investors, LLC Sold down position slightly. 11/25/2016 8.85%
Wells Fargo Multi-Sector Income Fund Saba Capital Management, LP Settlement agreement: Board to commence cash tender offer for 15% of shares by May 1, 2017. Managed distribution plan providing a 9% fixed rate distribution. 11/23/2016 14.96%
MFS Charter Income Trust Relative Value Partners Group Criticized lack of repurchases. Seeking conversion to an open end fund. 11/08/2016 8.56%
Taiwan Fund Inc Lazard Asset Management Purchased Shares for the Accounts for investment purposes. 10/11/2016 22.04%
Deutsche Multi-Market Income Trust Western Investment LLC Filed lawsuit related to board dispute, and bylaws. Western funds own 4.1%, Benchmark funds own the rest 10/07/2016 5.20%
Deutsche Strategic Income Trust Western Investment LLC Filed lawsuit related to board dispute, and bylaws. Western funds own 3.9%, Benchmark funds own 1.2% 10/07/2016 5.10%
Virtus Total Return Fund Bulldog Investors, LLC Standstill agreement. 09/28/2016 18.41%
BlackRock Debt Strategies Fund, Inc. Saba Capital Management, LP No specific plan yet. May engage with management in the future 09/14/2016 13.62%