ast fund solutions: 2nd quarter special report

Quarterly Review of Investment Flows and Shareholder Initiatives from Activists in Closed-End Funds

2Q 2013 Update: Data Through June 20, 2013

Recent Top Events/Filings June 20, 2013Date TIC Fund Name Event or Filing

17-Jun PFN PIMCO Income Strategy Fund II

10-Jun EQS Equus Total Return, Inc.

4-Jun ZTR Zweig Total Return Fund, Inc.

29-May SVVCFirsthand Technology Value Fund,

Inc.

8-Mar GCH Greater China Fund Inc.

Equity-Asia Pac (ex-PRC) Equity-China (PRC) Equity-Europe

Equity-Emerging Mkts Diversified Asset Allocation Equity-Enhanced

* Includes institutions with a history of leading shareholder initiatives and "followers" (pursuing activism/event trades).

Executive Summary

Karpus Investment Management filed a 13D showing a position of4.8% of the outstanding shares. A letter to the Fund stated, amongother things, that "a tender offer for a significant percentage of theoutstanding shares at or near net asset value would affordshareholders the opportunity to realize the intrinsic value of theirshares, while reducing the oversupply of shares in the market.”

Bulldog Investors disclosed that Phillip Goldstein had sent a letter(dated April 22, 2013) to SVVC, which is a BDC, and had slightlyincreased their holdings of SVVC to 838,882 shares (9.80%). Theletter presented a proposal: “RESOLVED: The InvestmentManagement Agreement between the Fund and Firsthand CapitalManagement, Inc., (FCM) shall be terminated as soon as possible.”

Brigade Capital Management LLC filed a PREC14A in connectionwith the nomination of another candidate for preferred shareTrustee of PFN. PFN explained in its preliminary proxy statementthat Brigade CM seeks to "influence PFN to provide a liquidity eventfor Brigade and other Preferred Shareholders."

Bulldog Investors disclosed that they issued a letter to shareholdersof EQS, which is a business development company (BDC), statingthat they intend to vote (at the annual meeting on June 14)"Withhold" for all of the nominees for director and "Against" theexecutive compensation (say on pay) proposal.

City of London Investment Management Co. Ltd. (CLIM) disclosedthat its position in GCH went from 7,067,926 shares (29.1%) at12/31/12 down to zero as of 2/28/13. GCH completed a tenderoffer that expired on February 6.

GROUPS

Combined $ Holdings of Activists and Followers* - Top CEF Groups

This report is generated by the Closed-End Fund Group at AST Fund Solutions. Senior VP: Warren Antler. VP-Research: James Burke. Sr. Analyst: Christopher Lambiase.

DISCLAIMER: This report references and is based on current public information that we consider reliable, including data andstatements made by third parties, but we do not represent that it is accurate or complete, and should not be relied on as such.AST Fund Solutions is not responsible for any errors, omissions or inaccuracies contained in this report or any liabilities that mayresult from reliance thereon. Nothing in this report should be considered or used as legal or financial advice. All copyrights areowned by their respective authors.

$0$100$200$300$400$500$600$700$800

3/31/1312/31/129/30/126/30/123/31/12

Investment Flows from Activists* in Closed-End Funds

Millions

© 2013 AST Fund Solutions, LLC

Before the volatile trading of May-June 2013, institutional investors with a history of leading shareholder initiatives (andfollowing the same) had been significant net buyers in a number of equity-focused closed-end fund (CEF) groups withaverage discounts to net asset value (NAV) of greater than 10%, as well as net buyers of funds in the Debt-Muni, Debt-Loans/Floating Rate, and Debt-Mortgage groups. It is likely that the direction of investment flows from activists in CEFssaw significant changes during the broad market pullback from May 22-June 24 (peak to trough). Definitive data on thosechanges will be available in the next quarterly update (after we have a chance to analyze 6/30 holdings data frominstitutional 13F filings expected by August 15). Note: heavy net outflows from the Equity-China (PRC) group in1Q’13, which are shown in a chart appearing in this report, were driven, in large part, by the completion of a tender offerby The Greater China Fund, Inc. (GCH) for up to 70% of the Fund’s issued and outstanding shares (O/S). The GCH tenderoffer followed an agreement with City of London Investment Management Co. Ltd. (CLIM), and resulted in the reportedliquidation of CLIM’s position in GCH (which had stood at 29.1% of O/S as of 12/31/12 before dropping to 0.0% as of2/28/13 [13G/A 3/8/13]).

Institutional investors with a history of leading shareholder initiatives continue to press for liquidity events from selectedclosed-end funds. In early June, Karpus Investment Management disclosed in a 13D filing that it had sent a letter to theZweig Total Return Fund, Inc. (ZTR) pressing for a “tender offer for a significant percentage of the outstanding shares ator near net asset value.” On June 17, hedge fund manager Brigade Capital Management LLC (“Brigade CM”) filed aPREC14A in connection with the nomination of another candidate for preferred share Trustee of the PIMCO IncomeStrategy Fund II (PFN). PFN explained in its own preliminary proxy statement that Brigade CM seeks to "influence PFN toprovide a liquidity event for Brigade and other Preferred Shareholders."

City of London Investment Management Co. Ltd., which is one of the largest institutional investors in closed-end countryfunds, has recently been reducing the breadth of its holdings of CEFs. CLIM disclosed in its 13F filing for 3/31/13positions in 45 CEFs -- down from 56 as of 12/31/12. The top five CEF holdings of CLIM at 3/31 (13F) all saw the firmtrimming its positions in 1Q’13. The firm’s top reported CEF holding at 3/31 (13F) was the Templeton Dragon Fund, Inc.(TDF). TDF was also one of the top three closed-end funds to see net outflows from CLIM in 1Q’13. The others were TheThai Fund Inc. (TTF) and The Greater China Fund, Inc. (GCH).

Western Investment LLC (Arthur Lipson) saw its most recent major shareholder initiative end in April 2013 after thesecond of two tender offers was completed by the Macquarie Global Infrastructure Total Return Fund, Inc. (MGU)pursuant to an agreement involving Western Investment LLC. Western Investment LLC has also seen the size of itsholdings of 13f-eligible securities fall sharply over the last year. As of 3/31/13, the firm had total reported holdings of 13f-eligible securities of $33.5 million (in 20 securities, including 13 CEFs/BDCs). This total is down from $39.8 million at12/31/12 (in 34 securities) and $111.5 million on 12/31/11 (in 49 securities).

Bulldog Investors (Phillip Goldstein) has recently been focused on two campaigns involving CEFs that have elected to betreated as business development companies (BDCs). In May, Bulldog Investors disclosed that Phillip Goldstein had sent aletter (dated April 22, 2013) to Firsthand Technology Value Fund, Inc. (SVVC) proposing that the investmentmanagement agreement between the Fund and Firsthand Capital Management, Inc. (FCM) be terminated. InJune, Bulldog Investors issued a letter to shareholders of Equus Total Return, Inc. (EQS) stating that they intended tovote (at the Fund’s annual meeting on June 14) "withhold" for all of the nominees for director and "against" the smallBDC’s executive compensation (say on pay) proposal.

For More Detail on Each Event/Filing See Our Monthly Reports and Searchable Database at CEFinsight.com June 20, 2013

Date TIC Fund Name Event or Filing

17-Jun PFNPIMCO Income Strategy Fund II

10-Jun EQS Equus Total Return, Inc

4-Jun ZTRZweig Total Return Fund, Inc.

29-May SVVCFirsthand Technology Value Fund, Inc.

10-May MXEMexico Equity & Income Fund Inc

8-Mar GCH Greater China Fund, Inc.

28-Feb DHFTDiamond Hill Financial Trends Fund, Inc.

27-Feb MGUMacquarie Global Infrastructure Total Return Fund Inc.

City of London Investment Group (City of London Investment Management Co. Ltd. [CLIM]) filed a 13G/A disclosing that CLIM had reduced its position down to 1,306,029 shares (21.43%)

PREC14A - hedge fund manager Brigade Capital Management LLC (Brigade Leveraged Capital Structures Fund Ltd.) filed a preliminary proxy statement regarding its nomination of another candidate (Allan Bruce Miller) for preferred share Trustee of PFN. Brigade CM partner Neal P. Goldman had been elected as Trustee of PFN at the Fund's annual meeting in July 2012. PFN's proxy statement dated June 19 indicated 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."

Karpus Investment Management filed a 13D showing a position of 4.8% of the outstanding shares. The filing 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.”

Bulldog Investors disclosed that Phillip Goldstein had sent a letter (dated April 22, 2013) to SVVC, which is a BDC, and had slightly increased their holdings of SVVC to 838,882 shares (9.80%). The letter had presented a proposal: “RESOLVED: The Investment Management Agreement between the Fund and Firsthand Capital Management, Inc., (FCM) shall be terminated as soon as possible.”

Bulldog Investors disclosed in a 13D/A filing that they issued a letter to shareholders of EQS, which is a business development company (BDC), stating that they intend to vote (at the annual meeting on June 14) "Withhold" for all of the nominees for director and "Against" the executive compensation (say on pay) proposal. Bulldog Investors reported holding 5.7% of shares outstanding.

CLIM disclosed that its position in GCH went from 7,067,926 shares (29.1%) at 12/31/12 down to zero as of 2/28/13. GCH completed a tender offer that expired on February 6. The tender offer for up 70% of GCH's issued and outstanding shares was conducted “pursuant to the Fund’s previously announced agreement between the Fund” and CLIM (GCH SC-TO-C, 1/8/13). CLIM had “agreed with the Fund to tender all of the Fund shares it beneficially owns in the Tender Offer."

The Macquarie Global Infrastructure Total Return Fund Inc. (MGU) announced that conditions had been met to conduct a tender offer for up to 10% of the Fund’s O/S of common stock at a price equal to 92% of the net asset value per share. In the Fund’s Offer to Purchase (SC TO-I) dated Oct. 18, 2012 (first tender offer), the Fund noted that: “any subsequent conditional tender offer will be conducted pursuant to a settlement agreement entered by and among the Fund and certain Fund stockholders…including Western Investment LLC and Benchmark Partners LLC and their affiliates. Those stockholders agreed, subject to the terms of the settlement agreement, not to, among other things, submit nominations for the election or removal of directors, submit stockholder proposals or purchase additional shares of the Fund.”

DHFT announced that shareholders had approved a “Plan of Liquidation and Dissolution of the Fund." The result followed activism by Bulldog Investors.


Top Events and Filings

Fund Name Shows only tender offers following related agreements with stockholders (specific to the conduct of the tender offer and/or with an investment adviser to recommend a tender offer to the Board) TIC Filing

Expiration Date

(SORT) Shares

Shares Purchased (% O/S)

Amount Tendered

% O/S

T.O. Price as % NAV or Liquidation Preference

SHAREHOLDER LEADING INITIATIVE As Disclosed by Funds in Related Filings

(Tender Offer Followed An Agreement With:)

Macquarie Global Infrastructure Total Return Fund, Inc. MGU SC TO-C 04/03/13 COM 10.0% 21.2% 92.0% Western Investment LLC

Greater China Fund, Inc. GCH SC TO-I/A 02/06/13 COM 65.8% 65.8% 99.0% City of London Investment Management Co. Ltd. (CLIM)

Macquarie Global Infrastructure Total Return Fund, Inc. MGU SC TO-I/A 11/16/12 COM 20.0% 47.4% 95.0% Western Investment LLC

Liberty All-Star Growth Fund, Inc. ASG SC TO-I/A 07/24/12 COM 25.0% 31.5% 95.0%

SC TO-I (6/25/12): the Board took into account that fund managerALPS Advisors, Inc., "had agreed with certain Stockholders that itwould recommend a tender offer to the Board in return for theStockholders remaining passive investors."

Latin American Discovery Fund, Inc. LDF SC TO-I/A 07/10/12 COM 15.0% 57.0% 98.5% City of London Investment Group PLC / CLIM

Morgan Stanley Eastern Europe Fund, Inc. RNE SC TO-I/A 07/10/12 COM 15.0% 66.0% 98.5% City of London Investment Group PLC / CLIM

Morgan Stanley Emerging Markets Fund, Inc. MSF SC TO-I/A 07/10/12 COM 15.0% 63.9% 98.5% City of London Investment Group PLC / CLIM

Morgan Stanley India Investment Fund, Inc. IIF SC TO-I/A 07/10/12 COM 15.0% 41.8% 98.5% City of London Investment Group PLC / CLIM

Turkish Investment Fund, Inc. TKF SC TO-I/A 07/10/12 COM 15.0% 48.2% 98.5% City of London Investment Group PLC / CLIM

Alpine Global Premier Properties Fund AWP SC TO-I/A 06/15/12 COM 20.0% 24.8% 95.0% Western Investment LLC

New Ireland Fund Inc. IRL SC TO-I/A 06/13/12 COM 15.0% 41.1% 98.0% Bulldog Investors

LMP Capital and Income Fund Inc. SCD SC TO-C 03/29/12 COM 5.0% 21.4% 98.0% Western Investment LLC

As of June 20, 2013. © 2013 AST Fund Solutions, LLC

DISCLAIMER: This report references and is based on current public information that we consider reliable, including data and statements made by third parties, but we do not represent that it is accurate orcomplete, and should not be relied on as such. AST Fund Solutions is not responsible for any errors, omissions or inaccuracies contained in this report or any liabilities that may result from reliance thereon.Nothing in this report should be considered or used as legal or financial advice. All copyrights are owned by their respective authors.

CEF Tender Offers Following Agreements With Shareholders, 2012-2013

Net Inflows - Top Groups Net Outflows - Top GroupsPrimary Focus Net $ 3/31/2013 Primary Focus Net $ 3/31/2013 Primary Focus Net $ 3/31/2013 Primary Focus Net $ 3/31/2013

Debt-Muni $33,048,322 Equity-Europe $13,274,240 Equity-China (PRC) -$134,750,885 Equity-Asia Pac (ex-PRC) -$12,752,390

Equity-Emerging Mkts $29,460,877 Debt-Corporate $7,582,708 Debt-Muni (Other States) -$38,660,220 Equity-Infrastructure/Utilities -$11,190,770

Debt-Loans/Floating Rate $24,953,852 Equity-Global $7,458,775 Equity-Latin America -$31,325,570 Debt-Muni (CA) -$11,174,987

Debt-Mortgage $20,250,177 Debt-Specialty $6,148,439 Equity-Dividend Income -$27,026,181 Energy-MLPs -$8,988,985

Diversified Asset Allocation $18,568,000 Convertible Securities $4,931,042 Equity-Enhanced -$26,186,483 Equity-Specialty -$8,214,839

* Values based on net position changes in 1Q'13 and most recent 13F, 13D/13G disclosures as of March 31, 2013. Totals include firms with a history of leading shareholder initiatives and "followers" (pursuing activism/event trades).

-$150,000,000

-$100,000,000

-$50,000,000

$0

$50,000,000

$100,000,000

Debt-M

uni

Equity-Emerging M

kts

Debt-Loans/Floating R

ate

Debt-M

ortgage

Diversified Asset Allocation

Equity-Europe

Debt-C

orporate

Equity-Global

Debt-Specialty

Convertible Securities

Equity-Specialty

Energy-MLPs

Debt-M

uni (CA)

Equity-Infrastructure/Utilities

Equity-Asia Pac (ex-PRC

)

Equity-Enhanced

Equity-Dividend Incom

e

Equity-Latin America

Debt-M

uni (Other States)

Equity-China (PR

C)

Compare With Net Flows in 4Q'12

Closed-End Funds: Net Flows from Institutions With a History of Shareholder Activism and Followers *


* Net flows used as weighting factors based on net position changes in 1Q'13 (12/31/12 vs. 3/31/13) as disclosed in 13F/13D/13G filings. Weighting factors for net flows are based on the holdings of firms with a history of leading shareholder initiatives and "followers" (pursuing activism/event trades).


-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

31-Dec

3-Jan 7-Jan 9-Jan 11-Jan 15-Jan 17-Jan 22-Jan 24-Jan 28-Jan 30-Jan 1-Feb 5-Feb 7-Feb 11-Feb 13-Feb 15-Feb 20-Feb 22-Feb 26-Feb 28-Feb 4-M

ar 6-M

ar 8-M

ar 12-M

ar 14-M

ar 18-M

ar 20-M

ar 22-M

ar 26-M

ar 28-M

ar 2-A

pr 4-A

pr 8-A

pr 10-A

pr 12-A

pr 16-A

pr 18-A

pr 22-A

pr 24-A

pr 26-A

pr 30-A

pr 2-M

ay 6-M

ay 8-M

ay 10-M

ay 14-M

ay 16-M

ay 20-M

ay 22-M

ay 24-M

ay 29-M

ay 31-M

ay 4-Jun 6-Jun 10-Jun 12-Jun 14-Jun 18-Jun 20-Jun

BUYS ($ Flow Weighted Avg. Discount to NAV in "Equity"-Focused CEFs)

SELLS ($ Flow Weighted Avg. Discount to NAV in "Equity"-Focused CEFs)

IN "EQUITY"-FOCUSED CEFS, ACTIVISTS AND FOLLOWERS HAVE BEEN BUYING, ON AVERAGE, FUNDS WITH DISCOUNTS TO NAV GREATER THAN 10%.

Factors Affecting Activist Investment Behavior: BUYS VS. SELLS, $ Flow Weighted CEF Discounts to NAV

SELLING

BUYING

Dis

coun

t to

NA

V

Bubble Chart Scale: Average % Ownership (Activists and Followers)*

Color Code for BubblesNET OUTFLOWS IN 1Q'13 (NET SALES BY ACTIVISTS & FOLLOWERS COMBINED)*NET INFLOW 1Q'13 (NET PURCHASES BY ACTIVISTS & FOLLOWERS COMBINED)*

ANALYSIS Distribution Rate = latest gross distribution annualized and divided by the closing price.


* Includes institutional investors with a history of leading shareholder initiatives targeting closed-end funds (CEFs) and "followers" (those pursuing activism/event trades in CEFs). This chart shows a key tradeoff shaping investor expectations and activist ownership in the universe of U.S. closed-end funds. Note that the concentration of ownership in the hands of activist investors and followers is larger in fund groups with discounts to NAV of greater than -8%.

DISCLAIMER: This report references and is based on current public information that we consider reliable, including data and statements made by third parties, but we do not represent that it is accurate or complete,and should not be relied on as such. AST Fund Solutions is not responsible for any errors, omissions or inaccuracies contained in this report or any liabilities that may result from reliance thereon. Nothing in this reportshould be considered or used as legal or financial advice. All copyrights are owned by their respective authors.

Discount/Premium to NAV (Holdings-Weighted Avg.)

Annualized Distribution Rate (Holdings-Weighted Avg.)

-2%

0%

2%

4%

6%

8%

10%

12%

-14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6%

Debt-Corp/Mortgage

Equity-Emerging Mkts

Debt-Global

Real Estate

Debt-Muni

Debt-Muni (BABs)

Debt-Muni (CA)

Debt-Muni(Intermediate)

Debt-Muni(NJ)

Debt-Muni (NY)

Debt-Muni (Other States)

Debt-Muni (PA)

Debt-Specialty

DiversifiedAsset Allocation

Energy

Energy-MLPs

Equity-Asia Pac (ex-PRC)

Equity-U.S.

Equity-Specialty

Debt-Muni (Higher Yield)

Debt-IncomePreferred

Activist Investment Behavior: Average CEF Discounts vs. Distribution RateClosed-End Fund Group Averages

Equity-NaturalResources

Closed-End Funds

Debt-Corp High Yield

Debt-Corp/GovtConvertibleSecurities

Debt-Corporate

Debt-Mortgage

Equity - Latin America

Equity-Infrastructure/ Utilities

Equity-Health & Biotech

Equity-Global

Equity - Europe

Equity-Enhanced

Equity-Dividend Income

Equity - China (PRC)

Debt-Loans/Floating Rate

Debt-Emerging Mkts

Values for Average Distribution Rates and Discounts/Premiums are

Activist Holdings-Weighted Averages as of 3/31/13

Sources of $ Invested in CEFs - By CEF Primary Investment Focus (Top 10 [Hldgs in $] Shown)

NOTE ON BULLDOG INVESTORS: The firm does not file 13F disclosures, so data on the firm's holdings is limited to 13D and 13G filings.

* Values based on most recent 13F/13D/13G disclosures as of March 31, 2013.

As of 3/31/2013

Closed-End Funds: Holdings of Selected Institutions by CEF Primary Investment Focus

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Lazard Asset Management

Sit Investment

Relative Value

Bulldog Investors

1607 Capital Partners

Karpus Investment Management

Doliver Capital Advisors

Western Investment

CLIM

Ticker Top 20 BUYS Net Flow 1Q'13 Ticker Top 20 SELLS Net Flow 1Q'13

FRA BlackRock Floating Rate Income Strategies Fund, Inc. $46,905,884 GCH Greater China Fund, Inc. ($137,547,590)

IFN India Fund, Inc. $14,330,103 MXF Mexico Fund Inc ($29,873,051)

BGY BlackRock International Growth and Income Trust $13,344,428 JQC Nuveen Credit Strategies Income Fund ($21,952,032)

CSP American Strategic Income Portfolio Inc. III $10,035,883 ETW Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund ($15,704,225)

ZTR Zweig Total Return Fund, Inc. $9,522,509 ETY Eaton Vance Tax-Managed Diversified Equity Income Fund ($15,286,336)

ETJ Eaton Vance Risk-Managed Diversified Equity Income Fund $8,377,918 TTF Thai Fund, Inc. ($15,146,760)

MSF Morgan Stanley Emerging Markets Fund Inc. $5,967,624 NMY Nuveen Maryland Premium Income Municipal Fund ($13,635,582)

GAM General American Investors Company, Inc. $5,778,799 RVT Royce Value Trust, Inc. ($11,063,349)

SWZ Swiss Helvetia Fund, Inc. $5,762,319 EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fund ($9,035,656)

GF New Germany Fund Inc $5,694,614 KYN Kayne Anderson MLP Investment Company ($8,925,982)

TDF Templeton Dragon Fund, Inc. $5,084,244 NVX Nuveen California Dividend Advantage Municipal Fund 2 ($8,423,295)

IIF Morgan Stanley India Investment Fund, Inc. $4,988,165 ACG AllianceBernstein Income Fund, Inc. ($8,332,265)

NPP Nuveen Performance Plus Municipal Fund, Inc. $4,986,685 NKG Nuveen Georgia Dividend Advantage Municipal Fund 2 ($8,264,984)

PDI PIMCO Dynamic Income Fund $4,706,404 VMO Invesco Municipal Opportunity Trust ($8,262,034)

IMF Western Asset Inflation Management Fund Inc. $4,650,105 MGU Macquarie Global Infrastructure Total Return Fund Inc. ($7,885,777)

BTZ BlackRock Credit Allocation Income Trust $4,505,377 NPV Nuveen Virginia Premium Income Municipal Fund ($7,692,303)

LAQ Aberdeen Latin America Equity Fund, Inc. $4,378,163 EOI Eaton Vance Enhanced Equity Income Fund ($7,654,875)

GDL GDL Fund $3,769,101 BDJ BlackRock Enhanced Equity Dividend Trust ($7,650,933)

ADX Adams Express Company $3,564,038 GGT Gabelli Multimedia Trust Inc. ($7,494,813)

APF Morgan Stanley Asia-Pacific Fund, Inc. $3,203,387 MXE Mexico Equity & Income Fund Inc ($6,958,238)

FOCUS GROUPTicker Fund Net Flow 1Q'13 Total Hldgs

IFN India Fund, Inc. $14,330,103 $117,295,148

LAQ Aberdeen Latin America Equity Fund, Inc. $4,378,163 $129,328,628

ETF Aberdeen Emerging Markets Smaller Company Opportunities Fund $1,019,251 $110,404,457

SGF The Singapore Fund, Inc. $918,666 $29,914,012

IF Aberdeen Indonesia Fund, Inc. ($505,125) $28,516,944

ISL Aberdeen Israel Fund, Inc. ($842,524) $7,279,774

FAX Aberdeen Asia Pacific Income Fund, Inc. $387,722 $386,666

GRR Asia Tigers Fund Inc ($798,267) $3,084,871

Investment Flows from Activists and Followers * - 1Q'13Net Change in Combined Holdings of CEFs (12/31/12 to 3/31/13) *

* Values based on most recent 13F, 13D/13G disclosures as of June 20, 2013. Totals include firms with a history of leading shareholder initiatives and "followers" (pursuing activism/event trades). © 2013 AST Fund Solutions, LLC.

Notes on Key Holders (Position Changes)

Lazard increased its position by 725,657 shares

Lazard increased its position by 159,392 shares

City of London increased its position by 45,360 shares

1607 Capital Partners increased its position by 13,100

City of London increased its position by 49,792 shares

1607 Capital Partners increased its position by 11,295

No significant changes by activists or followers

City of London decreased its position by 81,650

Ticker Top 20 HoldingsTotal Hldgs (3/31/13)

Notes on Key Holders (Position Changes) Fund - Primary Focus

TDF Templeton Dragon Fund, Inc. $383,760,859 Lazard increased its position by 641,907 shares Equity-China (PRC)

CEE Central Europe, Russia, and Turkey Fund, Inc $197,315,575 City of London decreased its position by 297,670 shares Equity-Europe

KF Korea Fund Inc $153,572,807 City of London decreased its position by 206,171 shares Equity-Asia Pac (ex-PRC)

TTF Thai Fund, Inc. $141,970,549 City of London decreased its position by 850,638 shares Equity-Asia Pac (ex-PRC)

SWZ Swiss Helvetia Fund, Inc. $135,738,013 Lazard increased its position by 302,700 shares Equity-Europe

GAM General American Investors Company, Inc. $134,333,595 Lazard increased its position by 389,635 shares Equity-Global

LAQ Aberdeen Latin America Equity Fund, Inc. $129,328,628 Lazard increased its position by 159,392 shares Equity-Latin America

ACG AllianceBernstein Income Fund, Inc. $125,640,708 Karpus decreased its position by 791,380 shares Debt-Corp/Govt

IFN India Fund, Inc. $117,295,148 Lazard increased its position by 725,657 shares Equity-Emerging Mkts

ETJ Eaton Vance Risk-Managed Diversified Equity Income Fund $115,472,776 Bulldog investors increased its position by 917,716 shares Equity-Enhanced

ASA ASA Gold & Precious Metals Limited $113,908,070 City of London decreased its position by 173,191 shares Equity-Nat Resources

GF New Germany Fund Inc $112,263,954 1607 Capital Management increased its position by 10,093 shares Equity-Europe

ETFAberdeen Emerging Markets Smaller Company Opportunities Fund, Inc.

$110,404,457 City of London increased its position by 45,360 shares Equity-Emerging Mkts

TY Tri-Continental Corporation $106,934,668 Lazard increased its position by 243,014 shares Diversified Asset Allocation

USA Liberty All-Star Equity Fund $97,259,085 Lazard increased its position by 1,064,487 shares Equity-U.S.

BTZ BlackRock Credit Allocation Income Trust $93,011,495 Relative Value Partners increased its position by 521,419 shares Debt-Corporate

ADX Adams Express Company $91,741,956 Karpus decreased its position by 108,540 shares Equity-U.S.

MSF Morgan Stanley Emerging Markets Fund Inc. $91,179,817 City of London decreased its position by 126,800 shares Equity-Emerging Mkts

ZTR Zweig Total Return Fund, Inc. $77,438,740 Relative Value Partners increased its position by 136,599 shares Diversified Asset Allocation

APF Morgan Stanley Asia-Pacific Fund, Inc. $76,374,292 1607 Capital Management increased its position by 57,308 shares Equity-Asia Pac (ex-PRC)

FOCUS GROUP

Ticker FundTotal Hldgs (3/31/13)

Notes on Key Holders (Position Changes) Fund - Primary Focus

LAQ Aberdeen Latin America Equity Fund, Inc. $129,328,628 Lazard increased its position by 159,392 shares Equity - Latin America

ETFAberdeen Emerging Markets Smaller Company Opportunities Fund

$110,404,457 City of London increased its position by 45,360 shares Equity - Emerging Mkts

IFN India Fund, Inc. $117,295,148 Lazard increased its position by 725,657 shares Equity - Asia Pac (ex-PRC)

IF Aberdeen Indonesia Fund, Inc. $28,516,944 City of London increased its position by 49,792 shares Equity - Asia Pac (ex-PRC)

SGF The Singapore Fund, Inc. $29,914,012 1607 Capital Partners increased its position by 13,100 Equity - Asia Pac (ex-PRC)

ISL Aberdeen Israel Fund, Inc. $7,279,774 1607 Capital Partners increased its position by 11,295 Equity - International

GRR Asia Tigers Fund Inc $3,084,871 City of London decreased its position by 81,650 Equity - Asia Pac (ex-PRC)

FAX Aberdeen Asia Pacific Income Fund, Inc. $386,666 No significant changes by activists or followers Debt - Global* Values based on most recent 13F, 13D/13G disclosures as of June 20, 2013. Totals include firms with a history of leading shareholder initiatives and "followers" (pursuing activism/event trades). © 2013 AST Fund Solutions, LLC.

Top CEF Holdings of Activists and Followers * at 3/31/13Combined Holdings of Institutions (Based on Latest Available 13F/13D/13G Data) *

Combined Holdings (Latest Available 13F/13D/13G). Holdings of CEFs active as of 3/31/13. 3/31/2013

Ticker Closed-End FundTotal MVAL of

Group Holdings (3/31/13)

% of O/S

City of London Investment

Management Co. Ltd. (CLIM)

Western Investment

Doliver Capital

Advisors

Karpus Investment

Management


Bulldog Investors

Relative Value Partners

Sit Investment Associates


Fund - Primary Focus

TDF Templeton Dragon Fund, Inc. $383,760,859 36.5% $270,621,535 $0 $1,477,860 $1,617,013 $18,330,459 $0 $0 $0 $91,713,992 Equity-China (PRC)

CEE Central Europe, Russia, and Turkey Fund, Inc $197,315,575 46.0% $118,081,943 $0 $1,057,062 $386,586 $9,092,987 $0 $0 $27,461 $68,669,535 Equity-Europe

KF Korea Fund Inc $153,572,807 41.4% $80,083,849 $0 $468,112 $0 $20,199,141 $0 $0 $0 $52,821,704 Equity-Asia Pac (ex-PRC)

TTF Thai Fund, Inc. $141,970,549 39.3% $104,679,343 $0 $1,833,084 $504,835 $19,999,902 $0 $0 $0 $14,953,386 Equity-Asia Pac (ex-PRC)

SWZ Swiss Helvetia Fund, Inc. $135,738,013 35.8% $0 $0 $1,699,310 $11,598,635 $56,167,572 $0 $0 $0 $66,272,497 Equity-Europe

GAM General American Investors Company, Inc. $134,333,595 14.6% $2,937,275 $0 $1,784,201 $18,615,796 $8,303,026 $0 $0 $0 $102,693,297 Equity-Global

LAQ Aberdeen Latin America Equity Fund, Inc. $129,328,628 46.3% $75,407,775 $0 $512,627 $1,613,332 $13,010,483 $0 $0 $0 $38,784,410 Equity-Latin America

ACG AllianceBernstein Income Fund, Inc. $125,640,708 6.3% $0 $0 $1,568,125 $61,959,938 $10,383,612 $0 $36,079,227 $15,649,807 $0 Debt-Corp/Govt

IFN India Fund, Inc. $117,295,148 13.8% $79,129,386 $0 $1,983,391 $778,688 $13,444,368 $0 $0 $0 $21,959,314 Equity-Emerging Mkts

ETJ Eaton Vance Risk-Managed Diversified Equity Income Fund $115,472,776 15.0% $0 $8,691,947 $4,818,544 $0 $3,042,494 $68,861,098 $29,631,183 $427,511 $0 Equity-Enhanced

ASA ASA Gold & Precious Metals Limited $113,908,070 30.6% $31,597,032 $0 $0 $0 $966,486 $0 $0 $0 $81,344,552 Equity-Nat Resources

GF New Germany Fund Inc $112,263,954 41.4% $0 $0 $947,772 $11,280,839 $36,125,016 $0 $293,824 $0 $63,616,502 Equity-Europe

ETF Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc.

$110,404,457 63.5% $67,717,708 $0 $625,654 $2,570,519 $212,908 $0 $0 $0 $39,277,668 Equity-Emerging Mkts

TY Tri-Continental Corporation $106,934,668 9.7% $4,761,069 $0 $2,988,642 $19,957,517 $12,444,038 $0 $28,930,526 $0 $37,852,875 Diversified Asset Allocation

USA Liberty All-Star Equity Fund $97,259,085 10.2% $0 $0 $1,357,518 $19,804,787 $8,988,562 $0 $21,494,353 $0 $45,613,866 Equity-U.S.

BTZ BlackRock Credit Allocation Income Trust $93,011,495 12.8% $0 $412,664 $1,160,880 $3,293,223 $4,986,338 $0 $47,808,502 $35,349,888 $0 Debt-Corporate

ADX Adams Express Company $91,741,956 8.4% $3,025,620 $0 $2,567,623 $22,843,975 $8,969,773 $0 $0 $0 $54,334,966 Equity-U.S.

MSF Morgan Stanley Emerging Markets Fund Inc. $91,179,817 39.8% $29,670,935 $0 $369,798 $2,052,867 $8,570,584 $0 $0 $0 $50,515,634 Equity-Emerging Mkts

ZTR Zweig Total Return Fund, Inc. $77,438,740 17.1% $0 $0 $3,260,614 $20,725,756 $1,702,956 $27,177,166 $24,307,739 $264,509 $0 Diversified Asset Allocation

APF Morgan Stanley Asia-Pacific Fund, Inc. $76,374,292 25.4% $0 $0 $820,097 $6,675,672 $45,251,056 $0 $417,962 $0 $23,209,504 Equity-Asia Pac (ex-PRC)

GLO Clough Global Opportunities Fund $74,287,519 11.2% $0 $0 $1,449,831 $0 $14,948,608 $0 $1,802,521 $0 $56,086,559 Diversified Asset Allocation

TWN Taiwan Fund, Inc. $69,957,698 50.2% $33,499,197 $0 $389,828 $282,894 $4,332,526 $0 $0 $0 $31,453,253 Equity-Asia Pac (ex-PRC)

CAF Morgan Stanley China A Share Fund $69,854,624 13.5% $0 $0 $0 $0 $0 $0 $0 $0 $69,854,624 Equity-China (PRC)

IIF Morgan Stanley India Investment Fund, Inc. $68,318,790 20.7% $66,214,742 $0 $1,482,959 $621,089 $0 $0 $0 $0 $0 Equity-Emerging Mkts

ETW Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund $61,316,517 5.1% $0 $0 $1,018,158 $0 $5,894,560 $0 $605,707 $0 $53,798,091 Equity-Enhanced

JFC JF China Region Fund, Inc. $59,062,722 63.6% $35,432,179 $0 $264,370 $3,786,090 $1,734,019 $0 $0 $0 $17,846,064 Equity-China (PRC)

ETY Eaton Vance Tax-Managed Diversified Equity Income Fund $58,688,280 3.8% $0 $0 $988,395 $10,106,238 $4,206,240 $0 $40,298,766 $0 $3,088,640 Equity-Dividend Income

CHN China Fund Inc. $54,378,271 16.2% $0 $0 $951,039 $0 $1,533,961 $0 $0 $0 $51,893,271 Equity-China (PRC)

EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fund $49,207,812 1.7% $0 $0 $3,277,751 $4,283,501 $24,672,100 $0 $16,974,460 $0 $0 Equity-Global

GDV Gabelli Dividend & Income Trust $48,725,528 3.1% $0 $216,921 $507,502 $7,267,554 $7,933,717 $0 $0 $0 $32,799,833 Equity-Dividend Income

FRA BlackRock Floating Rate Income Strategies Fund, Inc. $47,173,226 7.9% $0 $0 $0 $0 $0 $0 $0 $0 $47,173,226 Debt-Loans/Floating Rate

EMF Templeton Emerging Markets Fund $46,877,058 12.7% $5,857,434 $0 $453,090 $784,820 $7,589,271 $0 $0 $0 $32,192,442 Equity-Emerging Mkts

Closed-End Fund Activists and Followers * -- Holdings at 3/31/13




% of O/S



Western Investment

Doliver Capital

Advisors

Karpus Investment

Management


Bulldog Investors






RVT Royce Value Trust, Inc. $45,763,561 4.3% $0 $0 $1,401,122 $9,131,693 $2,805,678 $0 $30,781,450 $0 $1,643,618 Equity-U.S.

KEF Korea Equity Fund Inc $44,470,149 51.0% $22,768,424 $0 $307,612 $795,142 $3,768,881 $0 $0 $0 $16,830,090 Equity-Asia Pac (ex-PRC)

APB Asia Pacific Fund, Inc. $42,945,540 38.6% $29,091,177 $0 $632,408 $4,940,563 $2,407,389 $0 $0 $0 $5,874,002 Equity-Asia Pac (ex-PRC)

JOF Japan Smaller Capitalization Fund, Inc $41,619,931 17.0% $94,691 $0 $0 $1,755,965 $20,194,014 $0 $0 $0 $19,575,261 Equity-Asia Pac (ex-PRC)

SPE Special Opportunities Fund, Inc. $40,979,697 36.2% $0 $547,556 $0 $17,412,065 $0 $0 $23,020,076 $0 $0 Closed-End Funds

LDF Latin American Discovery Fund, Inc. $40,251,332 36.9% $22,955,812 $0 $221,861 $0 $1,807,859 $0 $0 $0 $15,265,799 Equity-Latin America

IMF Western Asset Inflation Management Fund Inc. $39,662,889 30.4% $0 $0 $903,501 $27,863,635 $0 $0 $9,745,701 $1,150,052 $0 Debt-Specialty

GDL GDL Fund $36,747,298 14.8% $0 $0 $529,535 $0 $1,380,121 $0 $323,773 $0 $34,513,869 Diversified Asset Allocation

BGY BlackRock International Growth and Income Trust $24,611,557 2.9% $0 $0 $1,380,771 $11,895,269 $5,286,156 $0 $717,098 $0 $5,332,264 Equity-Global

HTR Helios Total Return Fund Inc $34,904,315 9.9% $0 $0 $0 $0 $0 $0 $0 $34,904,315 $0 Debt-Mortgage

KYN Kayne Anderson MLP Investment Company $34,625,805 1.1% $0 $0 $0 $0 $0 $0 $0 $34,625,805 $0 Energy-MLPs

CSP American Strategic Income Portfolio Inc. III $34,522,001 22.2% $0 $0 $1,933,429 $0 $0 $16,419,748 $0 $16,168,824 $0 Debt-Mortgage

MXE Mexico Equity & Income Fund Inc $34,442,108 32.8% $21,849,865 $0 $0 $990,005 $4,555,964 $0 $0 $0 $7,046,274 Equity-Latin America

JEQ Japan Equity Fund Inc $32,174,157 35.8% $0 $0 $71,082 $2,431,138 $14,461,126 $0 $0 $0 $15,210,811 Equity-Asia Pac (ex-PRC)

SGF Singapore Fund, Inc. $29,914,012 27.8% $2,447,157 $0 $529,149 $4,725,953 $9,522,279 $0 $0 $0 $12,689,475 Equity-Asia Pac (ex-PRC)

MTS Montgomery Street Income Securities, Inc. $29,219,536 16.3% $0 $0 $276,281 $2,162,778 $8,896,218 $0 $0 $17,884,260 $0 Debt-Corp/Govt

IF Aberdeen Indonesia Fund, Inc. $28,516,944 27.1% $22,298,377 $0 $248,630 $0 $5,969,937 $0 $0 $0 $0 Equity-Asia Pac (ex-PRC)

WIW Western Asset/Claymore Inflation-Linked Opportunities & Income Fund

$28,454,682 3.5% $0 $0 $2,266,227 $15,310,152 $10,878,303 $0 $0 $0 $0 Debt-Specialty

BKT BlackRock Income Trust Inc $27,902,392 6.1% $0 $0 $949,543 $2,925,748 $0 $0 $0 $24,027,101 $0 Debt-Mortgage

MGU Macquarie Global Infrastructure Total Return Fund Inc. $27,747,020 9.5% $0 $4,941,861 $898,667 $3,861,522 $6,479,608 $0 $2,444,352 $1,177,052 $7,943,958 Equity-Infrastructure/Utilities

RNE Morgan Stanley Eastern Europe Fund, Inc. $27,743,156 48.0% $21,016,453 $0 $457,284 $0 $1,997,532 $0 $0 $0 $4,271,887 Equity-Europe

FEO First Trust/Aberdeen Emerging Opportunity Fund $27,530,851 23.0% $0 $0 $0 $0 $0 $0 $0 $0 $27,530,851 Diversified Asset Allocation

ZF Zweig Fund Inc $25,777,291 9.0% $0 $0 $2,226,263 $10,722,810 $1,483,079 $0 $11,345,139 $0 $0 Equity-U.S.

LGI Lazard Global Total Return & Income Fund $24,494,680 15.5% $0 $0 $697,423 $3,472,269 $20,324,988 $0 $0 $0 $0 Equity-Global

GLQ Clough Global Equity Fund $24,353,270 9.3% $0 $0 $876,973 $0 $20,155,934 $0 $0 $0 $3,320,363 Equity-Global

BDJ BlackRock Enhanced Equity Dividend Trust $24,033,949 1.7% $0 $0 $1,811,605 $0 $2,697,603 $0 $19,524,741 $0 $0 Equity-Enhanced

EGF BlackRock Enhanced Government Fund $23,108,991 15.3% $0 $0 $0 $0 $0 $0 $0 $23,108,991 $0 Debt-Mortgage

BSP American Strategic Income Portfolio Inc. II $22,727,854 16.0% $0 $0 $1,155,060 $0 $0 $0 $0 $21,572,794 $0 Debt-Mortgage

EEA European Equity Fund $21,352,265 30.4% $0 $0 $278,037 $5,526,290 $9,385,089 $0 $0 $0 $6,162,849 Equity-Europe

ETV Eaton Vance Tax-Managed Buy-Write Opportunities Fund $21,226,852 2.6% $0 $0 $929,687 $0 $0 $0 $20,297,165 $0 $0 Equity-Enhanced

TF Thai Capital Fund Inc. $20,404,862 40.9% $0 $0 $0 $469,263 $379,461 $19,083,469 $0 $472,669 $0 Equity-Asia Pac (ex-PRC)

ERC Wells Fargo Advantage Multi-Sector Income Fund $19,011,859 2.8% $0 $0 $0 $0 $0 $0 $0 $19,011,859 $0 Debt-Global




% of O/S



Western Investment

Doliver Capital

Advisors

Karpus Investment

Management


Bulldog Investors






BOE BlackRock Global Opportunities Equity Trust $18,947,431 2.0% $0 $0 $1,271,838 $3,850,585 $2,057,863 $0 $11,767,145 $0 $0 Equity-Global

GGT Gabelli Multimedia Trust Inc. $18,851,833 11.7% $0 $0 $0 $0 $0 $6,913,973 $0 $0 $11,937,859 Equity-Specialty

NPM Nuveen Premium Income Municipal Fund 2, Inc. $17,585,737 1.7% $0 $0 $795,303 $721,073 $0 $0 $0 $16,069,361 $0 Debt-Muni

EOI Eaton Vance Enhanced Equity Income Fund $16,659,886 3.6% $0 $476,474 $1,533,012 $13,830,348 $0 $0 $820,053 $0 $0 Equity-Enhanced

GFY Western Asset Variable Rate Strategic Fund Inc. $15,346,684 12.2% $0 $0 $0 $0 $0 $0 $0 $15,346,684 $0 Debt-Corp/Mortgage

EOS Eaton Vance Enhanced Equity Income Fund II $14,795,343 2.7% $0 $0 $1,130,959 $13,664,384 $0 $0 $0 $0 $0 Equity-Enhanced

PMO Putnam Municipal Opportunities Trust $14,784,957 2.7% $0 $0 $1,260,554 $12,808,236 $0 $0 $515,780 $200,387 $0 Debt-Muni

FTT Federated Enhanced Treasury Income Fund $14,640,298 11.6% $0 $0 $1,185,910 $12,455,031 $0 $0 $0 $999,356 $0 Debt-Specialty

PPT Putnam Premier Income Trust $14,592,277 1.9% $0 $0 $1,162,408 $0 $2,386,211 $0 $0 $11,043,658 $0 Debt-Corp/Mortgage

EVG Eaton Vance Short Duration Diversified Income Fund $14,284,876 4.4% $0 $0 $0 $0 $0 $0 $0 $14,284,876 $0 Debt-Global

PIM Putnam Master Intermediate Income Trust $14,012,967 4.1% $0 $0 $693,128 $0 $2,229,677 $0 $0 $11,090,162 $0 Debt-Corp/Mortgage

TKF Turkish Investment Fund, Inc. $13,886,080 12.1% $8,162,403 $0 $1,368,193 $748,900 $1,274,064 $0 $0 $0 $2,332,521 Equity-Emerging Mkts

TRF Templeton Russia & East European Fund, Inc. $13,544,203 15.9% $9,324,681 $0 $731,439 $323,747 $221,850 $0 $0 $0 $2,942,485 Equity-Europe

WIA Western Asset/Claymore Inflation-Linked Securities & Income Fund

$13,347,522 3.4% $0 $0 $1,670,105 $4,386,108 $7,291,309 $0 $0 $0 $0 Debt-Specialty

CII BlackRock Enhanced Capital & Income Fund, Inc. $12,186,432 2.1% $0 $0 $548,697 $8,214,153 $0 $0 $3,423,582 $0 $0 Equity-Enhanced

KTF DWS Municipal Income Trust $11,641,120 2.0% $0 $0 $0 $0 $0 $0 $0 $11,641,120 $0 Debt-Muni

MXF Mexico Fund Inc $10,661,063 2.2% $0 $0 $0 $0 $0 $0 $0 $0 $10,661,063 Equity-Latin America

CMK MFS Intermarket Income Trust I $10,214,122 11.0% $0 $0 $0 $180,195 $3,655,586 $0 $0 $6,378,341 $0 Debt-Corporate

FMY First Trust Mortgage Income Fund $10,095,939 14.6% $0 $0 $1,316,421 $0 $0 $0 $0 $8,779,518 $0 Debt-Mortgage

EVV Eaton Vance Limited Duration Income Fund $9,649,085 0.5% $0 $0 $0 $0 $0 $0 $0 $9,649,085 $0 Debt-Corp/Mortgage

PEO Petroleum & Resources Corporation $9,107,302 1.3% $1,741,666 $0 $2,782,840 $0 $4,582,796 $0 $0 $0 $0 Energy

BNA BlackRock Income Opportunity Trust Inc $8,847,900 2.3% $0 $0 $903,375 $0 $0 $0 $0 $7,944,525 $0 Debt-Corp/Mortgage

VGM Invesco Trust For Investment Grade Municipals $8,739,367 1.1% $0 $0 $225,563 $0 $0 $0 $0 $8,513,804 $0 Debt-Muni

TYY Tortoise Energy Capital Corporation $8,722,882 1.3% $0 $0 $0 $0 $0 $0 $0 $8,722,882 $0 Energy-MLPs

MRF American Income Fund, Inc. $8,309,400 10.5% $0 $0 $0 $0 $0 $0 $0 $8,309,400 $0 Debt-Mortgage

MMT MFS Multimarket Income Trust $8,302,551 1.4% $0 $0 $0 $0 $0 $0 $8,009,991 $0 $292,560 Debt-Global

NIO Nuveen Municipal Opportunity Fund, Inc $8,221,557 0.6% $0 $0 $283,487 $0 $0 $0 $0 $7,427,390 $510,680 Debt-Muni

VKI Invesco Advantage Municipal Income Trust II $7,856,217 1.4% $0 $0 $146,115 $0 $0 $0 $0 $7,710,102 $0 Debt-Muni

CSI Cutwater Select Income Fund $7,752,889 3.6% $0 $0 $447,478 $0 $1,167,492 $0 $0 $6,137,919 $0 Debt-Corporate

BTF Boulder Total Return Fund Inc $7,697,789 3.0% $926,999 $0 $0 $6,770,791 $0 $0 $0 $0 $0 Equity-U.S.

IQI Invesco Quality Municipal Income Trust $7,323,589 1.0% $0 $0 $960,985 $0 $0 $0 $0 $6,362,604 $0 Debt-Muni

BTA BlackRock Long-term Municipal Advantage Trust $7,304,218 4.5% $0 $0 $0 $0 $0 $0 $0 $7,304,218 $0 Debt-Muni




% of O/S



Western Investment

Doliver Capital

Advisors

Karpus Investment

Management


Bulldog Investors






NIE AllianzGI Equity & Convertible Income Fund $7,301,614 1.8% $0 $356,166 $2,216,851 $0 $0 $0 $4,728,598 $0 $0 Convertible Securities

ISL Aberdeen Israel Fund, Inc. $7,279,774 11.7% $545,757 $0 $434,107 $405,170 $5,754,689 $0 $0 $0 $140,051 Equity-Emerging Mkts

JSN Nuveen Equity Premium Opportunity Fund $6,630,889 0.8% $0 $0 $266,137 $0 $0 $0 $6,364,751 $0 $0 Equity-Enhanced

NBD Nuveen Build America Bond Opportunity Fund $6,545,684 4.1% $0 $0 $698,395 $0 $1,182,425 $0 $0 $4,664,865 $0 Debt-Muni (BABs)

ICB Morgan Stanley Income Securities, Inc. $6,307,207 3.9% $0 $0 $1,292,637 $0 $1,083,260 $0 $0 $3,931,309 $0 Debt-Corporate

SLA American Select Portfolio Inc $6,151,404 5.4% $0 $0 $1,440,194 $0 $0 $0 $0 $4,711,210 $0 Debt-Mortgage

IRL New Ireland Fund Inc. $5,508,614 10.5% $0 $0 $996,584 $367,868 $1,778,094 $2,366,069 $0 $0 $0 Equity-Europe

JLS Nuveen Mortgage Opportunity Term Fund $5,850,700 1.2% $0 $0 $0 $0 $0 $0 $0 $5,850,700 $0 Debt-Mortgage

MGF MFS Government Markets Income Trust $5,801,434 2.7% $0 $0 $85,569 $0 $0 $0 $0 $5,715,866 $0 Debt-Mortgage

AFB AllianceBernstein National Municipal Income Fund $5,751,696 1.3% $0 $0 $525,601 $0 $0 $0 $0 $5,226,095 $0 Debt-Muni

JPZ Nuveen Equity Premium Income Fund $5,666,893 1.2% $0 $0 $0 $0 $0 $0 $5,666,893 $0 $0 Equity-Enhanced

MFD Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund

$5,635,407 4.1% $0 $0 $0 $0 $0 $2,627,496 $0 $0 $3,007,911 Equity-Infrastructure/Utilities

NMA Nuveen Municipal Advantage Fund Inc $5,571,849 0.9% $0 $0 $1,305,884 $1,377,296 $0 $0 $0 $2,888,669 $0 Debt-Muni

MCR MFS Charter Income Trust $5,226,470 0.9% $0 $0 $0 $0 $0 $0 $0 $5,226,470 $0 Debt-Global

ECF Ellsworth Fund Ltd. $5,213,589 5.1% $0 $0 $1,343,150 $0 $1,551,279 $0 $2,319,160 $0 $0 Convertible Securities

JGT Nuveen Diversified Currency Opportunities Fund $5,182,633 0.8% $0 $0 $403,769 $1,224,014 $3,163,095 $0 $391,755 $0 $0 Debt-Global

VMO Invesco Municipal Opportunity Trust $5,083,936 1.1% $0 $0 $244,996 $0 $0 $0 $0 $4,838,939 $0 Debt-Muni

PDI PIMCO Dynamic Income Fund $5,028,372 0.4% $677,482 $0 $0 $0 $0 $0 $0 $4,350,890 $0 Debt-Mortgage

NPP Nuveen Performance Plus Municipal Fund, Inc. $4,872,051 0.5% $0 $0 $1,017,945 $775,756 $0 $0 $0 $3,078,350 $0 Debt-Muni

PFL PIMCO Income Strategy Fund $4,747,770 1.4% $0 $0 $0 $0 $0 $0 $0 $4,747,770 $0 Debt-Corp/Mortgage

BHK BlackRock Core Bond Trust $4,746,088 1.2% $0 $0 $581,552 $0 $0 $0 $0 $4,164,536 $0 Debt-Corp/Mortgage

JPC Nuveen Preferred Income Opportunities Fund $4,549,055 0.5% $0 $0 $0 $0 $0 $0 $0 $4,549,055 $0 Debt-Income/Preferred

VCV Invesco California Value Municipal Income Trust $4,365,865 0.7% $0 $0 $0 $0 $0 $0 $0 $4,365,865 $0 Debt-Muni (CA)

SCD LMP Capital & Income Fund Inc. $4,347,822 1.5% $0 $0 $430,180 $0 $0 $0 $0 $0 $3,917,642 Debt-Income/Preferred

CET Central Securities Corp $4,306,763 0.9% $2,325,908 $426,740 $0 $0 $1,554,115 $0 $0 $0 $0 Equity-U.S.

JMT Nuveen Mortgage Opportunity Term Fund 2 $4,295,689 3.0% $0 $0 $0 $0 $0 $0 $0 $4,295,689 $0 Debt-Mortgage

VPV Invesco Pennsylvania Value Municipal Income Trust $4,279,986 1.2% $0 $0 $319,786 $0 $0 $0 $0 $3,960,200 $0 Debt-Muni (PA)

BLE BlackRock Municipal Income Trust II $4,238,471 1.1% $0 $0 $0 $0 $0 $0 $0 $4,238,471 $0 Debt-Muni

HQL H&Q Life Sciences Investors $4,199,726 1.7% $0 $0 $0 $0 $0 $0 $0 $0 $4,199,726 Equity-Health & Biotech

NZF Nuveen Dividend Advantage Municipal Fund 3 $4,169,825 0.7% $299,000 $0 $1,756,446 $1,258,612 $0 $0 $0 $855,768 $0 Debt-Muni

JLA Nuveen Equity Premium Advantage Fund $3,902,461 1.2% $0 $0 $332,913 $0 $0 $0 $3,569,548 $0 $0 Equity-Enhanced

VGI Virtus Global Multi-Sector Income Fund $3,754,539 1.7% $385,000 $0 $591,456 $0 $2,778,083 $0 $0 $0 $0 Debt-Global




% of O/S



Western Investment

Doliver Capital

Advisors

Karpus Investment

Management


Bulldog Investors






PFN PIMCO Income Strategy Fund II $3,673,732 0.5% $0 $0 $0 $0 $0 $0 $0 $3,673,732 $0 Debt-Corp/Mortgage

JPG Nuveen Equity Premium & Growth Fund $3,646,177 1.7% $0 $0 $231,471 $0 $0 $0 $3,414,706 $0 $0 Equity-Enhanced

MFL BlackRock MuniHoldings Investment Quality Fund $3,628,885 0.6% $0 $0 $589,292 $0 $0 $0 $0 $3,039,593 $0 Debt-Muni

NBB Nuveen Build America Bond Fund $3,592,937 0.6% $0 $0 $695,848 $0 $0 $0 $0 $2,897,089 $0 Debt-Muni (BABs)

FDI Fort Dearborn Income Securities, Inc. $3,489,983 2.6% $0 $0 $218,305 $3,271,678 $0 $0 $0 $0 $0 Debt-Corp/Govt

GGE Guggenheim Enhanced Equity Strategy Fund $3,396,823 3.6% $0 $0 $0 $0 $0 $0 $3,396,823 $0 $0 Equity-Enhanced

NQU Nuveen Quality Income Municipal Fund, Inc. $3,325,216 0.4% $0 $0 $1,095,649 $0 $0 $0 $0 $2,229,566 $0 Debt-Muni

BKN BlackRock Investment Quality Municipal Trust Inc $3,317,652 1.2% $0 $0 $0 $0 $0 $0 $0 $3,317,652 $0 Debt-Muni

ASP American Strategic Income Portfolio Inc. $3,231,795 6.7% $0 $0 $887,091 $0 $0 $0 $0 $2,344,704 $0 Debt-Mortgage

NUM Nuveen Michigan Quality Income Municipal Fund Inc $1,975,910 0.6% $0 $0 $434,320 $577,080 $0 $0 $0 $964,510 $0 Debt-Muni (Other States)

GRR Asia Tigers Fund Inc $3,084,871 6.3% $2,112,991 $0 $210,651 $0 $761,228 $0 $0 $0 $0 Equity-Asia Pac (ex-PRC)

EMI Eaton Vance Michigan Municipal Income Trust $1,638,569 5.7% $0 $0 $0 $1,266,205 $0 $0 $0 $372,364 $0 Debt-Muni (Other States)

AOD Alpine Total Dynamic Dividend Fund $2,887,671 0.3% $388,791 $155,420 $2,343,460 $0 $0 $0 $0 $0 $0 Equity-Dividend Income

VMM Delaware Investments Minnesota Municipal Income Fund II, Inc $2,861,853 1.6% $0 $0 $0 $0 $0 $0 $0 $2,861,853 $0 Debt-Muni (Other States)

NHF NexPoint Credit Strategies Fund $2,860,769 0.6% $0 $0 $0 $0 $0 $0 $2,860,769 $0 $0 Diversified Asset Allocation

DPO Dow 30 Enhanced Premium & Income Fund Inc. $2,723,894 0.8% $0 $0 $741,827 $1,982,067 $0 $0 $0 $0 $0 Equity-U.S.

NVG Nuveen Dividend Advantage Municipal Income Fund $2,697,257 0.6% $0 $0 $1,455,022 $936,580 $0 $0 $0 $305,655 $0 Debt-Muni

NQS Nuveen Select Quality Municipal Fund, Inc. $2,692,384 0.5% $0 $0 $2,091,184 $0 $0 $0 $0 $601,200 $0 Debt-Muni

JHP Nuveen Quality Preferred Income Fund 3 $2,644,841 1.2% $0 $0 $146,872 $0 $0 $0 $0 $2,497,969 $0 Debt-Income/Preferred

GLV Clough Global Allocation Fund $2,633,874 1.7% $0 $0 $1,228,100 $0 $1,405,775 $0 $0 $0 $0 Equity-Global

DMO Western Asset Mortgage Defined Opportunity Fund Inc. $2,617,608 1.0% $0 $0 $0 $0 $0 $0 $0 $2,617,608 $0 Debt-Mortgage

MZF Managed Duration Investment Grade Municipal Fund $2,594,726 2.4% $0 $0 $0 $0 $0 $0 $0 $2,594,726 $0 Debt-Muni

BBN BlackRock Build America Bond Trust $2,592,592 0.2% $0 $0 $0 $0 $0 $0 $0 $2,592,592 $0 Debt-Muni (BABs)

MYM BlackRock MuniYield Michigan Quality Fund II, Inc. $2,530,898 1.5% $0 $0 $0 $0 $0 $0 $0 $2,530,898 $0 Debt-Muni (Other States)

RMT Royce Micro-Cap Trust, Inc. $2,507,780 0.8% $0 $0 $1,155,300 $0 $1,352,480 $0 $0 $0 $0 Equity-U.S.

NFJ AllianzGI NFJ Dividend, Interest & Premium Strategy Fund $2,506,197 0.2% $0 $0 $0 $0 $0 $0 $2,506,197 $0 $0 Equity-Enhanced

MYI BlackRock MuniYield Quality Fund III, Inc $2,501,618 0.2% $0 $0 $310,282 $0 $0 $0 $0 $2,191,336 $0 Debt-Muni

BCV Bancroft Fund Ltd $2,405,916 2.6% $0 $0 $1,403,979 $0 $1,001,937 $0 $0 $0 $0 Convertible Securities

NRK Nuveen New York AMT-Free Municipal Income Fund $2,343,591 0.2% $0 $0 $533,838 $0 $0 $0 $0 $1,809,753 $0 Debt-Muni (NY)

MIY BlackRock MuniYield Michigan Quality Fund, Inc. $2,324,260 0.8% $0 $0 $390,961 $248,616 $0 $0 $0 $1,684,683 $0 Debt-Muni (Other States)

GIM Templeton Global Income Fund Inc. $2,272,436 0.2% $0 $0 $0 $0 $0 $0 $0 $0 $2,272,436 Debt-Global

IIM Invesco Value Municipal Income Trust $2,261,226 0.3% $0 $0 $1,436,559 $0 $0 $0 $0 $824,667 $0 Debt-Muni




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MYF BlackRock MuniYield Investment Fund $2,251,074 1.0% $0 $0 $254,829 $0 $0 $0 $0 $1,996,245 $0 Debt-Muni

NAD Nuveen Dividend Advantage Municipal Fund $2,240,838 0.4% $0 $0 $891,378 $0 $0 $0 $0 $1,349,460 $0 Debt-Muni

NPF Nuveen Premier Municipal Income Fund, Inc. $2,210,212 0.8% $0 $0 $830,310 $0 $0 $0 $0 $717,822 $662,080 Debt-Muni

SOR Source Capital, Inc. $2,119,406 0.4% $0 $0 $0 $0 $2,119,406 $0 $0 $0 $0 Equity-U.S.

EIM Eaton Vance Municipal Bond Fund $2,100,120 0.2% $0 $0 $493,378 $0 $0 $0 $0 $1,606,743 $0 Debt-Muni

JTP Nuveen Quality Preferred Income Fund $2,090,899 0.4% $0 $0 $0 $0 $0 $0 $0 $2,090,899 $0 Debt-Income/Preferred

BWG Legg Mason BW Global Income Opportunities Fund Inc. $2,081,404 0.5% $0 $0 $366,964 $0 $1,714,440 $0 $0 $0 $0 Debt-Global

JPS Nuveen Quality Preferred Income Fund 2 $2,078,947 0.2% $0 $0 $0 $0 $0 $0 $0 $2,078,947 $0 Debt-Income/Preferred

NMD Nuveen Municipal High Income Opportunity Fund 2 $2,075,522 0.9% $0 $0 $1,035,299 $0 $0 $0 $0 $1,040,223 $0 Debt-Muni (Higher Yield)

MXA Minnesota Municipal Income Portfolio Inc. $1,921,484 2.7% $0 $0 $0 $0 $0 $0 $0 $1,921,484 $0 Debt-Muni

GCH Greater China Fund, Inc. $1,900,777 0.6% $0 $0 $296,406 $0 $0 $0 $0 $0 $1,604,370 Equity-China (PRC)

NMY Nuveen Maryland Premium Income Municipal Fund $1,767,391 0.5% $0 $0 $982,980 $0 $0 $0 $0 $784,411 $0 Debt-Muni (Other States)

HSA Helios Strategic Income Fund, Inc. $1,750,471 4.6% $0 $0 $179,486 $0 $0 $0 $0 $1,570,985 $0 Debt-Corp High Yield

MNP Western Asset Municipal Partners Fund Inc. $1,652,449 1.0% $0 $0 $1,026,316 $0 $0 $0 $0 $626,133 $0 Debt-Muni

NAI AllianzGI International & Premium Strategy Fund $1,634,486 1.6% $432,351 $0 $442,160 $759,976 $0 $0 $0 $0 $0 Equity-Enhanced

LOR Lazard World Dividend & Income Fund $1,630,315 1.7% $0 $0 $0 $0 $1,630,315 $0 $0 $0 $0 Equity-Dividend Income

BCX BlackRock Resources & Commodities Strategy Trust $1,611,993 0.3% $0 $0 $546,357 $0 $1,065,636 $0 $0 $0 $0 Equity-Specialty

MQT BlackRock MuniYield Quality Fund II, Inc. $1,549,932 0.5% $0 $0 $476,990 $0 $0 $0 $0 $1,072,942 $0 Debt-Muni

AVK Advent Claymore Convertible Securities & Income Fund $1,545,518 0.4% $0 $326,966 $1,218,552 $0 $0 $0 $0 $0 $0 Convertible Securities

MUI BlackRock Muni Intermediate Duration Fund, Inc. $1,391,917 0.2% $0 $0 $1,391,917 $0 $0 $0 $0 $0 $0 Debt-Muni (Intermediate)

BBK BlackRock Municipal Bond Trust $1,391,383 0.8% $0 $0 $0 $0 $0 $0 $0 $1,391,383 $0 Debt-Muni

NQP Nuveen Pennsylvania Investment Quality Municipal Fund $1,375,965 0.6% $0 $0 $648,465 $0 $0 $0 $0 $727,500 $0 Debt-Muni (PA)

MPA BlackRock MuniYield Pennsylvania Quality Fund $1,373,632 0.8% $0 $0 $531,914 $0 $0 $0 $0 $841,718 $0 Debt-Muni (PA)

DNI Dividend And Income Fund $1,343,187 1.5% $0 $0 $1,343,187 $0 $0 $0 $0 $0 $0 Diversified Asset Allocation

HEQ John Hancock Hedged Equity & Income Fund $1,311,769 0.6% $0 $0 $1,311,769 $0 $0 $0 $0 $0 $0 Equity-Enhanced

AGD Alpine Global Dynamic Dividend Fund $1,307,957 1.1% $0 $0 $1,307,957 $0 $0 $0 $0 $0 $0 Equity-Dividend Income

NXZ Nuveen Dividend Advantage Municipal Fund 2 $1,299,356 0.3% $0 $0 $1,299,356 $0 $0 $0 $0 $0 $0 Debt-Muni

NPI Nuveen Premium Income Municipal Fund, Inc. $1,262,597 0.1% $0 $0 $1,026,071 $236,526 $0 $0 $0 $0 $0 Debt-Muni

GRX Gabelli Healthcare & Wellness(Rx) Trust $1,260,466 1.1% $0 $0 $284,570 $0 $0 $0 $0 $0 $975,896 Equity-Health & Biotech

TAI Transamerica Income Shares, Inc. $1,248,015 0.9% $0 $0 $1,231,194 $0 $16,820 $0 $0 $0 $0 Debt-Corp/Govt

GEQ Guggenheim Equal Weight Enhanced Equity Income Fund $1,219,323 0.7% $0 $0 $1,219,323 $0 $0 $0 $0 $0 $0 Equity-Enhanced

GBAB Guggenheim Build America Bonds Managed Duration Trust $1,217,748 0.3% $0 $0 $846,780 $0 $0 $0 $0 $370,968 $0 Debt-Muni (BABs)




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MQY BlackRock MuniYield Quality Fund Inc $1,213,370 0.2% $0 $0 $1,213,370 $0 $0 $0 $0 $0 $0 Debt-Muni

BGR BlackRock Energy & Resources Trust $1,191,297 0.2% $0 $0 $1,191,297 $0 $0 $0 $0 $0 $0 Energy

NMO Nuveen Municipal Market Opportunity Fund, Inc. $1,088,757 0.2% $0 $0 $1,029,840 $0 $0 $0 $0 $58,917 $0 Debt-Muni

MUJ BlackRock MuniHoldings New Jersey Quality Fund, Inc. $1,024,877 0.3% $0 $0 $1,024,877 $0 $0 $0 $0 $0 $0 Debt-Muni (NJ)

NNC Nuveen North Carolina Premium Income Municipal Fund $1,023,904 0.4% $0 $0 $709,471 $0 $0 $0 $0 $314,433 $0 Debt-Muni (Other States)

PCF Putnam High Income Securities Fund $1,001,466 0.7% $0 $0 $1,001,466 $0 $0 $0 $0 $0 $0 Convertible Securities

MSP Madison Strategic Sector Premium Fund $985,842 1.5% $0 $0 $528,372 $0 $457,470 $0 $0 $0 $0 Equity-Enhanced

FOF Cohen & Steers Closed-End Opportunity Fund $979,888 0.3% $0 $0 $979,888 $0 $0 $0 $0 $0 $0 Closed-End Funds

EIA Eaton Vance California Municipal Bond Fund II $961,910 1.9% $0 $0 $0 $0 $0 $0 $0 $961,910 $0 Debt-Muni (CA)

LEO Dreyfus Strategic Municipals, Inc $961,584 0.2% $0 $0 $0 $0 $0 $0 $0 $961,584 $0 Debt-Muni

NRO Neuberger Berman Real Estate Securities Income Fund Inc. $954,012 0.3% $0 $0 $954,012 $0 $0 $0 $0 $0 $0 Real Estate

NGZ AllianzGI Global Equity & Convertible Income Fund $951,322 0.9% $0 $0 $951,322 $0 $0 $0 $0 $0 $0 Convertible Securities

GUT Gabelli Utility Trust $940,988 0.3% $0 $0 $0 $0 $0 $0 $0 $940,988 $0 Equity-Infrastructure/Utilities

BYM BlackRock Municipal Income Quality Trust $934,703 0.2% $0 $0 $934,703 $0 $0 $0 $0 $0 $0 Debt-Muni

NTC Nuveen Connecticut Premium Income Municipal Fund $930,915 0.4% $0 $0 $447,342 $0 $0 $0 $0 $483,572 $0 Debt-Muni (Other States)

MUE BlackRock MuniHoldings Quality Fund II, Inc. $913,072 0.3% $0 $0 $0 $0 $0 $0 $0 $913,072 $0 Debt-Muni

EDI Stone Harbor Emerging Markets Total Income Fund $890,098 0.4% $0 $0 $890,098 $0 $0 $0 $0 $0 $0 Debt-Emerging Mkts

NQJ Nuveen New Jersey Investment Quality Municipal Fund Inc. $869,920 0.3% $0 $0 $611,767 $0 $0 $0 $0 $258,153 $0 Debt-Muni (NJ)

NXJ Nuveen New Jersey Dividend Advantage Municipal Fund $853,436 0.9% $0 $0 $665,066 $0 $0 $0 $0 $188,370 $0 Debt-Muni (NJ)

NUO Nuveen Ohio Quality Income Municipal Fund $847,007 0.5% $0 $0 $847,007 $0 $0 $0 $0 $0 $0 Debt-Muni (Other States)

BGH Babson Capital Global Short Duration High Yield Fund $835,934 0.2% $500,200 $0 $335,734 $0 $0 $0 $0 $0 $0 Debt-Global

JPI Nuveen Preferred and Income Term Fund $808,960 0.1% $512,000 $0 $0 $0 $0 $0 $0 $296,960 $0 Debt-Income/Preferred

DCA Virtus Total Return Fund $808,478 0.7% $0 $0 $369,629 $0 $0 $0 $438,849 $0 $0 Diversified Asset Allocation

MFT BlackRock MuniYield Investment Quality Fund $799,137 0.6% $0 $0 $469,399 $0 $0 $0 $0 $329,739 $0 Debt-Muni

IAE ING Asia Pacific High Dividend Equity Income Fund $789,419 0.4% $789,419 $0 $0 $0 $0 $0 $0 $0 $0 Equity-Asia Pac (ex-PRC)

ASG Liberty All Star Growth Fund Inc. $775,398 0.8% $0 $0 $457,212 $0 $220,837 $97,348 $0 $0 $0 Equity-U.S.

MCN Madison/Claymore Covered Call & Equity Strategy Fund $770,848 0.5% $0 $0 $770,848 $0 $0 $0 $0 $0 $0 Equity-Enhanced

LCM Advent/Claymore Enhanced Growth & Income Fund $763,211 0.6% $0 $0 $763,211 $0 $0 $0 $0 $0 $0 Diversified Asset Allocation

OIA Invesco Municipal Income Opportunities Trust $744,731 0.2% $0 $0 $744,731 $0 $0 $0 $0 $0 $0 Debt-Muni

EOT Eaton Vance National Municipal Opportunities Trust $736,275 0.2% $0 $0 $736,275 $0 $0 $0 $0 $0 $0 Debt-Muni

IGD ING Global Equity Dividend & Premium Opportunity Fund $518,144 0.1% $0 $0 $322,202 $195,942 $0 $0 $0 $0 $0 Equity-Dividend Income

HIF Western Asset High Income Fund Inc. $704,035 1.4% $0 $0 $0 $0 $0 $0 $0 $704,035 $0 Debt-Corp High Yield




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AYN Alliance New York Municipal Income Fund $696,202 1.0% $0 $0 $696,202 $0 $0 $0 $0 $0 $0 Debt-Muni (NY)

CXH MFS Investment Grade Municipal Trust $688,233 0.6% $0 $0 $688,233 $0 $0 $0 $0 $0 $0 Debt-Muni

PAI Western Asset Income Fund $660,636 0.5% $0 $0 $660,636 $0 $0 $0 $0 $0 $0 Debt-Global

NZH Nuveen California Dividend Advantage Municipal Fund 3 $650,334 0.2% $0 $0 $650,334 $0 $0 $0 $0 $0 $0 Debt-Muni (CA)

NQM Nuveen Investment Quality Municipal Fund Inc $649,491 0.1% $0 $0 $243,599 $0 $0 $0 $0 $405,892 $0 Debt-Muni

EAD Wells Fargo Advantage Income Opportunities Fund $632,492 0.1% $632,492 $0 $0 $0 $0 $0 $0 $0 $0 Debt-Corporate

UTF Cohen & Steers Infrastructure Fund, Inc. $621,176 0.0% $0 $0 $403,807 $0 $0 $0 $217,369 $0 $0 Equity-Infrastructure/Utilities

LBF DWS Global High Income Fund, Inc. $617,699 1.0% $0 $0 $115,391 $0 $502,308 $0 $0 $0 $0 Debt-Emerging Mkts

VKQ Invesco Municipal Trust $612,143 0.1% $0 $0 $509,489 $0 $0 $0 $0 $102,655 $0 Debt-Muni

MXN First American Minnesota Municipal Income Fund II, Inc. $608,790 2.6% $0 $0 $0 $0 $0 $0 $0 $608,790 $0 Debt-Muni (Other States)

NKX Nuveen California AMT-Free Municipal Income Fund $608,007 0.1% $0 $0 $608,007 $0 $0 $0 $0 $0 $0 Debt-Muni (CA)

BFO BlackRock Florida Municipal 2020 Term Trust $564,820 0.6% $0 $0 $0 $0 $0 $0 $0 $564,820 $0 Debt-Muni (Other States)

LDP Cohen & Steers Limited Duration Preferred and Income Fund, Inc. $551,000 0.1% $551,000 $0 $0 $0 $0 $0 $0 $0 $0 Debt-Income/Preferred

NEA Nuveen AMT-Free Municipal Income Fund $544,555 0.2% $0 $0 $544,555 $0 $0 $0 $0 $0 $0 Debt-Muni

FAV First Trust Active Dividend Income Fund $521,037 0.8% $0 $0 $521,037 $0 $0 $0 $0 $0 $0 Equity-Dividend Income

NNJ Nuveen New Jersey Premium Income Municipal Fund, Inc. $520,541 0.3% $0 $0 $520,541 $0 $0 $0 $0 $0 $0 Debt-Muni (NJ)

ETB Eaton Vance Tax-Managed Buy-Write Income Fund $516,528 0.1% $0 $0 $516,528 $0 $0 $0 $0 $0 $0 Equity-Enhanced

DEX Delaware Enhanced Global Dividend & Income Fund $507,273 0.3% $0 $0 $256,426 $0 $0 $0 $0 $0 $250,847 Equity-Dividend Income

VBF Invesco Bond Fund $506,256 0.2% $0 $0 $506,256 $0 $0 $0 $0 $0 $0 Debt-Corporate

INB Cohen & Steers Global Income Builder, Inc $492,636 0.2% $380,813 $0 $111,823 $0 $0 $0 $0 $0 $0 Equity-Global

NVY Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 $491,130 0.9% $0 $0 $346,478 $0 $0 $0 $0 $144,652 $0 Debt-Muni (PA)

RQI Cohen & Steers Quality Income Realty Fund Inc $490,384 0.0% $0 $0 $490,384 $0 $0 $0 $0 $0 $0 Real Estate

NQC Nuveen California Investment Quality Municipal Fund Inc. $483,341 0.2% $0 $0 $0 $0 $0 $0 $0 $483,341 $0 Debt-Muni (CA)

VTN Invesco Trust For Investment Grade New York Municipals $479,997 0.2% $0 $0 $0 $0 $0 $0 $0 $479,997 $0 Debt-Muni (NY)

MJI BlackRock MuniYield New Jersey Quality Fund, Inc. $469,685 0.3% $0 $0 $469,685 $0 $0 $0 $0 $0 $0 Debt-Muni (NJ)

FFA First Trust Enhanced Equity Income Fund $462,945 0.2% $0 $0 $462,945 $0 $0 $0 $0 $0 $0 Equity-Enhanced

HTD John Hancock Tax-Advantaged Dividend Income Fund $446,120 0.1% $0 $0 $446,120 $0 $0 $0 $0 $0 $0 Equity-Dividend Income

MYJ BlackRock MuniYield New Jersey Fund, Inc. $428,689 0.2% $0 $0 $428,689 $0 $0 $0 $0 $0 $0 Debt-Muni (NJ)

BKK BlackRock Municipal 2020 Term Trust $422,556 0.1% $0 $0 $245,189 $0 $0 $0 $0 $177,367 $0 Debt-Muni

FUND Royce Focus Trust, Inc. $421,096 0.3% $0 $175,240 $245,857 $0 $0 $0 $0 $0 $0 Equity-U.S.

ACP Avenue Income Credit Strategies Fund $414,527 0.2% $0 $0 $0 $0 $0 $0 $0 $414,527 $0 Debt-Corporate

DSM Dreyfus Strategic Municipal Bond Fund, Inc $401,376 0.1% $0 $0 $0 $0 $0 $0 $0 $401,376 $0 Debt-Muni




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NBH Neuberger Berman Intermediate Municipal Fund, Inc. $395,135 0.1% $0 $0 $0 $0 $0 $0 $0 $395,135 $0 Debt-Muni (Intermediate)

AGC Advent Claymore Convertible Securities & Income Fund II $387,079 0.2% $0 $0 $387,079 $0 $0 $0 $0 $0 $0 Convertible Securities

FAX Aberdeen Asia Pacific Income Fund, Inc. $386,666 0.0% $386,666 $0 $0 $0 $0 $0 $0 $0 $0 Debt-Global

ARDC Ares Dynamic Credit Allocation Fund, Inc. $382,000 0.1% $382,000 $0 $0 $0 $0 $0 $0 $0 $0 Debt-Corporate

NXK Nuveen New York Dividend Advantage Municipal Fund 2 $365,230 0.4% $0 $0 $365,230 $0 $0 $0 $0 $0 $0 Debt-Muni (NY)

JQC Nuveen Credit Strategies Income Fund $358,048 0.0% $0 $0 $0 $0 $0 $0 $358,048 $0 $0 Debt-Loans/Floating Rate

EDD Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. $357,542 0.0% $0 $0 $357,542 $0 $0 $0 $0 $0 $0 Debt-Emerging Mkts

MMV Eaton Vance Massachusetts Municipal Income Trust $351,303 0.9% $0 $0 $351,303 $0 $0 $0 $0 $0 $0 Debt-Muni (Other States)

BAF BlackRock Municipal Income Investment Quality Trust $344,903 0.3% $0 $0 $344,903 $0 $0 $0 $0 $0 $0 Debt-Muni

NPV Nuveen Virginia Premium Income Municipal Fund $332,278 0.1% $0 $0 $186,843 $0 $0 $0 $0 $145,435 $0 Debt-Muni (Other States)

MIN MFS Intermediate Income Trust $326,579 0.0% $0 $0 $326,579 $0 $0 $0 $0 $0 $0 Debt-Global

NJV Nuveen New Jersey Municipal Value Fund $323,044 1.3% $0 $0 $323,044 $0 $0 $0 $0 $0 $0 Debt-Muni (NJ)

MMU Western Asset Managed Municipals Fund Inc. $318,560 0.1% $0 $0 $0 $0 $0 $0 $0 $318,560 $0 Debt-Muni

EVO Eaton Vance Ohio Municipal Income Trust $313,094 0.7% $0 $0 $313,094 $0 $0 $0 $0 $0 $0 Debt-Muni (Other States)

JRI Nuveen Real Asset Income and Growth Fund $310,559 0.2% $0 $0 $310,559 $0 $0 $0 $0 $0 $0 Equity-Specialty

FFC Flaherty & Crumrine Preferred Securities Income Fund Incorporated

$306,750 0.0% $0 $0 $0 $0 $0 $0 $0 $306,750 $0 Debt-Income/Preferred

JTD Nuveen Tax-Advantaged Dividend Growth Fund $306,239 0.1% $0 $0 $306,239 $0 $0 $0 $0 $0 $0 Equity-Dividend Income

GHY Prudential Global Short Duration High Yield Fund, Inc. $293,471 0.0% $293,471 $0 $0 $0 $0 $0 $0 $0 $0 Debt-Global

BUI BlackRock Utility and Infrastructure Trust $288,981 0.1% $0 $0 $288,981 $0 $0 $0 $0 $0 $0 Equity-Infrastructure/Utilities

GDO Western Asset Global Corporate Defined Opportunity Fund Inc. $282,497 0.1% $0 $0 $282,497 $0 $0 $0 $0 $0 $0 Debt-Global

DVM Cohen & Steers Dividend Majors Fund $273,151 0.1% $0 $0 $273,151 $0 $0 $0 $0 $0 $0 Equity-Dividend Income

NXM Nuveen Pennsylvania Dividend Advantage Municipal Fund $272,642 0.6% $0 $0 $272,642 $0 $0 $0 $0 $0 $0 Debt-Muni (PA)

MUS BlackRock MuniHoldings Quality Fund, Inc. $271,447 0.1% $0 $0 $271,447 $0 $0 $0 $0 $0 $0 Debt-Muni

IRR ING Risk Managed Natural Resources Fund $267,187 0.1% $0 $0 $267,187 $0 $0 $0 $0 $0 $0 Equity-Nat Resources

DPG Duff & Phelps Global Utility Income Fund Inc. $266,471 0.0% $0 $0 $266,471 $0 $0 $0 $0 $0 $0 Equity-Infrastructure/Utilities

NNP Nuveen New York Performance Plus Municipal Fund, Inc. $264,959 0.1% $0 $0 $177,530 $0 $0 $0 $0 $87,429 $0 Debt-Muni (NY)

RIF RMR Real Estate Income Fund $263,215 0.2% $0 $0 $240,203 $0 $0 $0 $0 $0 $23,012 Real Estate

MYN BlackRock MuniYield New York Quality Fund, Inc. $255,420 0.0% $0 $0 $0 $0 $0 $0 $0 $255,420 $0 Debt-Muni (NY)

NAC Nuveen California Dividend Advantage Municipal Fund $254,822 0.1% $0 $0 $254,822 $0 $0 $0 $0 $0 $0 Debt-Muni (CA)

DHG DWS High Income Opportunities Fund, Inc. $249,184 0.1% $0 $0 $249,184 $0 $0 $0 $0 $0 $0 Debt-Corp High Yield

NAN Nuveen New York Dividend Advantage Municipal Fund $246,948 0.2% $0 $0 $246,948 $0 $0 $0 $0 $0 $0 Debt-Muni (NY)

MUA BlackRock MuniAssets Fund, Inc $245,947 0.1% $0 $0 $245,947 $0 $0 $0 $0 $0 $0 Debt-Muni




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MMD MainStay DefinedTerm Municipal Opportunities Fund $237,432 0.0% $0 $0 $237,432 $0 $0 $0 $0 $0 $0 Debt-Muni

NGX Nuveen Massachusets AMT-Free Municipal Income Fund $234,275 0.6% $0 $0 $234,275 $0 $0 $0 $0 $0 $0 Debt-Muni (Other States)

SBW Western Asset Worldwide Income Fund Inc. $232,691 0.1% $0 $0 $0 $0 $0 $0 $0 $232,691 $0 Debt-Emerging Mkts

EMJ Eaton Vance New Jersey Municipal Bond Fund $230,634 0.6% $0 $0 $230,634 $0 $0 $0 $0 $0 $0 Debt-Muni (NJ)

BIF Boulder Growth & Income Fund $228,410 0.1% $0 $81,363 $147,047 $0 $0 $0 $0 $0 $0 Equity-Global

EIV Eaton Vance Municipal Bond Fund II $226,075 0.2% $0 $0 $226,075 $0 $0 $0 $0 $0 $0 Debt-Muni

MYD BlackRock MuniYield Fund, Inc. $225,624 0.0% $0 $0 $0 $0 $0 $0 $0 $225,624 $0 Debt-Muni

DPD Dow 30 Premium & Dividend Income Fund Inc. $223,942 0.1% $0 $0 $223,942 $0 $0 $0 $0 $0 $0 Equity-U.S.

MZA BlackRock MuniYield Arizona Fund, Inc. $216,651 0.3% $0 $0 $0 $0 $0 $0 $0 $216,651 $0 Debt-Muni (Other States)

FLC Flaherty & Crumrine Total Return Fund Incorporated $211,800 0.1% $0 $0 $0 $0 $0 $0 $0 $211,800 $0 Debt-Income/Preferred

BQY BlackRock S&P Quality Rankings Global Equity Managed Trust $210,618 0.3% $0 $0 $210,618 $0 $0 $0 $0 $0 $0 Equity-Global

MTT Western Asset Municipal Defined Opportunity Trust Inc. $210,034 0.1% $0 $0 $210,034 $0 $0 $0 $0 $0 $0 Debt-Muni

NPY Nuveen Pennsylvania Premium Income Municipal Fund 2 $196,500 0.1% $0 $0 $196,500 $0 $0 $0 $0 $0 $0 Debt-Muni (PA)

MYC BlackRock MuniYield California Fund, Inc. $194,306 0.1% $0 $0 $194,306 $0 $0 $0 $0 $0 $0 Debt-Muni (CA)

AWP Alpine Global Premier Properties Fund $184,569 0.0% $0 $0 $184,569 $0 $0 $0 $0 $0 $0 Real Estate

RIT LMP Real Estate Income Fund Inc $183,789 0.1% $0 $0 $183,789 $0 $0 $0 $0 $0 $0 Real Estate

EIP Eaton Vance Pennsylvania Municipal Bond Fund $177,953 0.4% $0 $0 $177,953 $0 $0 $0 $0 $0 $0 Debt-Muni (PA)

NNY Nuveen New York Municipal Value Fund, Inc. $175,359 0.1% $0 $0 $175,359 $0 $0 $0 $0 $0 $0 Debt-Muni (NY)

NXP Nuveen Select Tax-Free Income Portfolio $170,527 0.1% $0 $0 $170,527 $0 $0 $0 $0 $0 $0 Debt-Muni

XAA American Municipal Income Portfolio Inc $169,615 0.2% $0 $0 $169,615 $0 $0 $0 $0 $0 $0 Debt-Muni

CCA MFS California Municipal Fund $167,259 0.5% $0 $0 $167,259 $0 $0 $0 $0 $0 $0 Debt-Muni (CA)

MNE BlackRock Muni New York Intermediate Duration Fund, Inc. $148,512 0.2% $0 $0 $0 $0 $0 $0 $0 $148,512 $0 Debt-Muni (NY)

NCP Nuveen California Performance Plus Municipal Fund, Inc. $147,110 0.1% $0 $0 $0 $0 $0 $0 $0 $147,110 $0 Debt-Muni (CA)

NAZ Nuveen Arizona Premium Income Municipal Fund $136,436 0.2% $0 $0 $0 $0 $0 $0 $0 $136,436 $0 Debt-Muni (Other States)

CHY Calamos Convertible & High Income Fund $130,816 0.0% $0 $0 $0 $0 $0 $0 $130,816 $0 $0 Convertible Securities

GCV Gabelli Convertible & Income Securities Fund Inc $114,181 0.1% $0 $0 $114,181 $0 $0 $0 $0 $0 $0 Convertible Securities

EVJ Eaton Vance New Jersey Municipal Income Trust $113,049 0.2% $0 $0 $0 $0 $0 $0 $0 $113,049 $0 Debt-Muni (NJ)

HIO Western Asset High Income Opportunity Fund Inc. $103,207 0.0% $0 $0 $103,207 $0 $0 $0 $0 $0 $0 Debt-Corp High Yield

SBI Western Asset Intermediate Muni Fund Inc. $102,400 0.1% $0 $0 $0 $0 $0 $0 $0 $102,400 $0 Debt-Muni (Intermediate)

CEV Eaton Vance California Municipal Income Trust $98,420 0.1% $0 $0 $0 $0 $0 $0 $0 $98,420 $0 Debt-Muni (CA)

HYF Managed High Yield Plus Fund Inc $77,039 0.1% $0 $0 $77,039 $0 $0 $0 $0 $0 $0 Debt-Corp High Yield

HMH Helios Multi-Sector High Income Fund, Inc. $69,949 0.1% $0 $0 $69,949 $0 $0 $0 $0 $0 $0 Debt-Corp High Yield




% of O/S



Western Investment

Doliver Capital

Advisors

Karpus Investment

Management


Bulldog Investors






CRF Cornerstone Total Return Fund Inc $57,933 0.1% $0 $0 $0 $0 $0 $0 $0 $57,933 $0 Equity-U.S.

CLM Cornerstone Strategic Value Fund Inc. $56,172 0.0% $0 $0 $0 $0 $0 $0 $0 $56,172 $0 Equity-U.S.

CIF MFS Intermediate High Income Fund $44,935 0.1% $0 $0 $44,935 $0 $0 $0 $0 $0 $0 Debt-Global

* Values based on most recent 13F, 13D/13G disclosures as of June 20, 2013. Totals include firms with a history of leading shareholder initiatives and "followers" (pursuing activism/event trades).

2013

Park 80 West Plaza Two, Suite 750 Proxy Fight 0

Saddle Brook NJ 07663 Threaten Proxy Fight 0

Main Phone: 201-556-0092 Disclose Letter to Management 2

Letter to Shareholders 1

Primary: Action to Address Discount to NAV 0

Title: Advocating Open-End 0

Phone: Advocating Declassify Board 0

e-mail: Tender Offer (Incl Agree/Issuer) 0

Dissident Slate (Directors) 0

AUM ($Mil) Complaint/Court Action v. Target 0

Style: ARPS - Advocating Liquidity Event 0

Most Recent Filing % O/S Notes

06/10/13 13D/A 5.70%

05/29/13 13D/A 9.80%

05/14/13 13F

03/07/13 Annual Report

02/28/13 NO FILING

02/26/13 13D/A 35.31%

01/23/13 13D/A 10.34%

Date generated: 6/20/13 © 2013 AST Fund Solutions, LLC

Bulldog Investors pursues opportunistic investments in deeply discounted closed-end funds (CEFs).Phillip (“Phil”) Goldstein (who is the lead manager for investments in CEFs) and Andrew (“Andy”)Dakos are principals of Bulldog Investors, as well as managing members (along with BulldogInvestors co-founder Steven Samuels) of investment adviser Brooklyn Capital Management LLC(“BCM” [with its principal office in Pleasantville, NY]). BCM is also an adviser to the Special Opportunities Fund, Inc. ($117MM in net assets at 12/31/12), of which Phillip Goldstein has beenthe chairman and Andrew Dakos has been president since October 2009. Bulldog Investors and BCMmanage portfolios invested primarily in CEFs, ARPS, BDCs, and SPACs.

Investment and Activism StrategiesBulldog Investors and Brooklyn Capital Management pursue opportunistic investment strategiestargeting deeply discounted closed-end funds and special situations, including investments in preferredshares. Shareholder activism, in particular activism focused on creating liquidity events to narrowdiscounts and redeem ARPS (acquired at a discount to their liquidation value), plays a significant rolein their investment strategies. The firm has undertaken numerous proxy contests over the past decade.

PROXY Diamond Hill Financial Trends Fund, Inc. DHFT announced that shareholders had approved a Plan of Liquidation and Dissolution of the Fund. The result followed activism by Bulldog Investors.

OWNERSHIP Equus Total Return, Inc.

Bulldog Investors disclosed that they had issued a letter to shareholders of EQS, which is a business development company, stating that they intend to vote "To Withhold" for all of the nominees for director and "Against" the small BDC's executive compensation ("say on pay") proposal.

OWNERSHIP Firsthand Technology Value Fund, Inc.

Up from 30.62% in a 13D/A on 1/17/13.

OWNERSHIP Special Opportunities Fund, Inc.

Bulldog Investors (Phillip Goldstein)

Disclosed that Phillip Goldstein had sent a letter (dated April 22, 2013) to SVVC, which is a BDC, and had slightly increased their holdings of SVVC to 838,882 shares (9.80%). The letter presented a proposal: “RESOLVED: The Investment Management Agreement between the Fund and Firsthand Capital Management, Inc., (FCM) shall be terminated as soon as possible.”

Principal (Co-Founder)

OWNERSHIP Greater China Fund Inc.Item 4…"All of the shares acquired by the filing persons since November 26, 2012 have been acquired on their behalf by Brooklyn Capital Management, LLC, a registered investment advisor, solely for the purpose of tendering them."

OWNERSHIP Diamond Hill Financial Trends Fund, Inc.

Address Background Tactics

Key Decision-Maker

Phillip Goldstein

N-CSR 3/7/13 showing the firm's largest positions in CEFs in $ value terms at 12/31/12 (in order of $VAL size): Eaton Vance Risk-Managed Diversified Equity Income Fund, Liberty All-Star Equity Fund, The Greater China Fund, Inc., Tri-Continental Corporation, and The Zweig Total Return Fund, Inc.

[email protected]

Firm

300

Specialty

Type Fund Name

201-556-0092

OWNERSHIP Brooklyn Capital Management LLC

Holdings as of 3/31/13 (total $213MM). Top CEF holdings (in $VAL, and in order of $ size): Eaton Vance Risk-Managed Diversified Equity Income Fund, Zweig Total Return Fund, Inc., Thai Capital Fund Inc., American Strategic Income Portfolio Inc. III, and Firsthand Technology Value Fund, Inc. (a BDC).

DISCLAIMER: This report references and is based on current public information that we consider reliable, including data and statements made by third parties, but we do not represent that it is accurate or complete, and should not be relied on as such. AST Fund Solutions is not responsible for any errors, omissions or inaccuracies contained in this report or any liabilities that may result from reliance thereon. Nothing in this report should be considered or used as legal or financial advice. All copyrights are owned by their respective authors.

2013

183 Sully's Trail Proxy Fight 0

Pittsford, NY 14534 Threaten Proxy Fight 0

Main Phone: Disclose Letter to Management 1

Letter to Shareholders 0

Primary: Investment and Activism Strategies Action to Address Discount to NAV 0

Title: Founder, President Advocating Open-End 0

Phone: 585-586-4680 Advocating Declassify Board 0

e-mail: [email protected] Tender Offer 0

Dissident Slate (Directors) 0

AUM ($Mil) Complaint/Court Action v. Target 0

Style: Specialty ARPS - Advocating Liquidity Event 0

Most Recent Filing % O/S Notes (table does not include ownership disclosures re: preferred shares)

06/04/13 13D 4.82%

02/14/13 13G/A 9.37%

02/14/13 13G/A 7.61%

02/14/13 13G/A 17.62%

10/10/12 13G/A 3.89%

08/02/12 13G/A 1.25%

08/02/12 13G/A 4.61%

08/02/12 13G/A 7.43%

06/08/12 13D/A 21.35%


OWNERSHIP

585-586-4680

2,200

Karpus Investment Management

Address

Key Decision-Maker

Firm

Background

Karpus Management, Inc. (d/b/a Karpus Investment Management [KIM]) is a registered investmentadviser (CRD#110275) managing circa $2.2B of assets (as of 6/30/12), including for individuals,corporations, foundations, and others. KIM was founded in 1986. George W. Karpus is Chairman ofthe Board and Chief Investment Strategist. Daniel L. Lippincott is the Dir. Investment Personnel/Sr.Tax-Sensitive Manager at KIM. Sharon Thornton is Sr. Dir. of Investments. Website:www.karpus.com

KIM is one of the largest managers of investments in closed-end funds, and describes its overallstrategy as value-oriented. The firm has a history of leading shareholder initiatives in closed-end funds,including, for example, sending a letter to ZTR in June 2013 pressing the fund to undertake a tenderoffer "at or near" NAV. KIM has threatened and engaged in a number of proxy fights over the years(and was particularly active doing so in 2008-2010, e.g., PMO/PMM, MIN). The firm is also a largeinstitutional investor in preferred shares issued by closed-end funds (including ARPS). The firm's 13Ffiling for 3/31/13 showed holdings of $1.41B in 128 13f-eligible securities (mostly CEFs and ETFs).For details on net investment flows by KIM in closed-end funds see our quarterly reports.

George Karpus

OWNERSHIP

Tactics

OWNERSHIP

OWNERSHIP

Liberty All-Star Growth Fund, Inc.Disclosed that its position in ASG had dropped to 375,630 shares (1.25%) as of July 31, 2012, which is down from 1,722,772 shares as of 6/30/12. ASG completed a tender offer in July (SC TO-I/A, 7/26/12).

Special Opportunities Fund, Inc. Position as of 12/31/12. Also holds position in SPE Convertible Preferred Stock (13D/A, 4/10/13)

Type

Position as of 9/30/12. Position is down sharply since July 31, 2012 (See 13G/A, 08/02/12).

OWNERSHIP European Equity Fund, Inc. Position as of 12/31/12. Marginal change in long-term position.

Target Fund Name

OWNERSHIP Zweig Total Return Fund, Inc.

Daniel Lippincott sent a letter to ZTR: “Karpus believes that greater measures must be taken if the Board is serious about significantly reducing the discount…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.”

OWNERSHIP Federated Enhanced Treasury Income Fund

OWNERSHIP

Position as of 12/31/12. Long-term position (was 8.11% in a 13G dated 2/14/12).

Putnam Municipal Opportunities Trust

Western Asset Inflation Management Fund Inc. Position as of May 31, 2012. 1,507,812 shares. Long-term position (3/31/13 13F = 1,482,897 shares)

DTF Tax-Free Income, Inc. Position as of 7/31/12. Down from 8.36% (13G/A 4/10/12) and 15.54% in a 13G/A dated 2/14/12.

OWNERSHIP Putnam Municipal Opportunities Trust Position as of July 31, 2012.


2012 2013

The Barn Proxy Fight 0 0

Coatesville PA 19320 Threaten Proxy Fight 0 0

Main Phone: 610-380-2110 Disclose Letter to Management 0 0

Letter to Shareholders 1 0

Primary: Action to Address Discount to NAV 1 1

Title: Director, CEO Advocating Open-End 0 0

Phone: 610-380-2110 Advocating Declassify Board 0 0

e-mail: [email protected] Tender Offer (Incl Agree/Issuer) 1 1

Dissident Slate (Directors) 0 0

AUM ($Mil) Complaint/Court Action v. Target 0 0

Style: Specialty ARPS - Advocating Liquidity Event 0 0


06/10/13 13G/A 3.70%

05/10/13 13G/A 21.43%

04/10/13 13G/A 29.00%

04/10/13 13G/A 4.30%

03/08/13 13G/A 0.00%

02/08/13 13G/A 20.60%02/08/13 13G/A 10.60%02/08/13 13G/A 24.60%02/08/13 13G/A 18.70%02/08/13 13G/A 32.00%02/08/13 13G/A 21.10%02/08/13 13G/A 26.80%02/08/13 13G/A 26.80%02/08/13 13G/A 38.20%02/08/13 13G/A 30.10%02/08/13 13G/A 24.80%02/08/13 13G/A 27.60%02/08/13 13G/A 35.60%


OWNERSHIP Morgan Stanley Eastern Europe Fund, Inc. As of Dec. 31, 2012.

OWNERSHIP Asia Pacific Fund, Inc.OWNERSHIP Aberdeen Latin America Equity Fund, Inc.

As of Dec. 31, 2012.Korea Fund Inc As of Dec. 31, 2012.

OWNERSHIP Central Europe And Russia Fund IncOWNERSHIP JF China Region Fund, Inc.

As of Dec. 31, 2012.As of Dec. 31, 2012.As of Dec. 31, 2012.As of Dec. 31, 2012.As of Dec. 31, 2012.

OWNERSHIP Aberdeen Indonesia Fund, Inc.

OWNERSHIP Mexico Equity & Income Fund Inc

OWNERSHIP

Barry M. Olliff Investment and Activism StrategiesThe firm’s investment process starts with top-down country allocation decisions and then identifies opportunities inCEFs providing the desired country exposure and the widest discounts to NAV. The firm occasionally leads, butmore often follows/supports, shareholder initiatives. The firm has published a “Statement on Corporate Governanceand Voting Policy for Closed-End Funds” (latest is Sept. 2011 [readers may contact us for an executive summary ofthis policy prepared by AST Fund Solutions]), in which it seeks to define “best practices” for the governance ofCEFs. COL prefers to take a “collegiate approach” with Boards and examines corp. governance issues on a case-by-case basis. The firm has withheld votes for management’s proposed directors at many of the funds COL has beeninvested in. The firm proclaims that “we are not an activist,” but rather an “engaged shareholder.” COL is pushingfor greater “outreach” to shareholders by CEF Boards, and asserts that “a primary responsibility of the Board of aCEF is management of the discount.”

OWNERSHIP Korea Equity Fund Inc

OWNERSHIP Latin American Discovery Fund, Inc.

OWNERSHIP Morgan Stanley India Investment Fund, Inc.

OWNERSHIP Templeton Russia & East European Fund, Inc.

OWNERSHIP

Firm

4,000

Type Fund Name

OWNERSHIP Turkish Investment Fund, Inc.

Asia Tigers Fund Inc As of March 28, 2013. Down from 7.10% at 12/31/12 (13G/A 2/8/13).

As of April 30, 2013. Down from 26.9% as of March 28, 2013 (13G/A 4/10/13).

As of May 31, 2013. Down from 8.2% as of 12/3/12 (13G/A 2/8/13).

As of March 28, 2013. Down from 34.60% at 12/31/12 (13G/A 2/8/13).

As of Dec. 31, 2012.

As of Dec. 31, 2012.As of Dec. 31, 2012.As of Dec. 31, 2012.

As of Dec. 31, 2012.

City of London Investment Management Company Limited

Address Background Tactics

City of London Investment Group PLC (CLIG: London) is the parent holding co. for the City of London group ofcompanies, including City of London Investment Management Co. Ltd (CLIM). CLIM is an emerging markets fundmanager. CLIM files 13Fs, while 13Ds/Gs are filed by the City of London Investment Group PLC. CLIG and CLIMare based at the following address: 77 Gracechurch Street, London EC3V 0AS, England. The firm’s U.S.investments are managed primarily out of offices in PA. CLIM reported positions in 13f-eligible securities = $1,351MM as of 3/31/13. Website: www.citlon.co.ukKey Decision-Maker

OWNERSHIP Greater China Fund Inc.Down from 29.1% of O/S as of 12/31/12. GCH conducted a tender offer that expired on February 6, 2013. GCH had previously announced that the tender offer for up to 70% of the Fund’s issued and outstanding shares followed an agreement between the Fund and CLIM.

OWNERSHIP

OWNERSHIP

OWNERSHIP Mexico Equity & Income Fund Inc

Thai Fund, Inc.

Taiwan Fund, Inc.


2012 2013

7050 South Union Park Center Proxy Fight 1 0

Midvale UT 84047 Threaten Proxy Fight 0 0

Main Phone: 801-568-1400 Disclose Letter to Management 1 0

Letter to Shareholders 1 0

Primary: Action to Address Discount to NAV 0 0

Title: Advocating Open-End 0 0

Phone: Advocating Declassify Board 0 0

e-mail: Tender Offer (Incl Agree/Issuer) 2 0

Dissident Slate (Directors) 1 0

AUM ($Mil) Complaint/Court Action v. Target 0 0

Style: ARPS - Advocating Liquidity Event 0 0


02/21/13 13G/A 4.20%

12/24/12 13D/A 3.60%

11/26/12 13D/A 5.00%

10/17/12 13D/A 9.80%

06/21/12 NO FILING Macquarie Global Infrastructure Total Return Fund

05/16/12 SC TO-C Alpine Global Premier Properties Fund

05/02/12 DEFC 14A Macquarie Global Infrastructure Total Return Fund

04/19/12 13D/A Macquarie Global Infrastructure Total Return Fund 8.10%


Macquarie Global Infrastructure Total Return Fund Western Investment entered into an agreement (10/16/12) with MGU pursuant to which MGU agreed, among other things, to commence a tender offer for up to 20% of the outstanding shares for a price = 95% of NAV.

On April 19, 2012, Lynn Schultz delivered to the Issuer a letter requesting to inspect a complete list of the Issuer’s stockholders and certain other corporate records as permitted by applicable state law.

AWP announced that its Board approved a tender offer to purchase up to 20% of its issued and outstanding common shares: “the Board took into account that the adviser had entered into agreements with certain Fund shareholders, including Western Investment LLC, pursuant to which the investment adviser agreed to recommend a tender offer to the Board.”

Western Investment LLC is furnishing a proxy statement and the GOLD proxy card to stockholders to: 1. Consider and vote upon the election of one Class I Director of the Fund to serve until the 2015; 2. Approve a stockholder proposal that requests that the Board take the necessary steps to amend the Bylaws so that when Board elections are contested, a plurality of the votes cast will be sufficient for election.

Results of the Fund’s 2012 Annual Meeting..The incumbent Director will continue as Director. Stockholders also considered a non-binding stockholder proposal requesting that the Board amend the Fund’s Bylaws to change the voting standard for contested Director elections. The non-binding proposal received an affirmative vote of a majority of the shares voted, but less than a majority of the outstanding shares.

Specialty

Type Fund Name

OWNERSHIP MVC Capital, Inc. Holdings as of 12/31/12.

OWNERSHIP Macquarie Global Infrastructure Total Return Fund, Inc.

OWNERSHIP Macquarie Global Infrastructure Total Return Fund This is -680,229 shares from 13D/A 10/17/12. MGU had conducted a tender offer that expired on Nov. 16 (for approximately 20% of O/S at 95% of NAV [proration factor of 42.2%]). MGU SC TO-I, 11/20/12.

Disclosed a series of sales following the MGU Initial Tender Offer (between 11/29 and 12/21/12).

OWNERSHIP

Arthur D. Lipson Investment and Activism Strategies

Managing Director Western Investment focuses on short-term trading opportunities and activism targeting funds with large discounts to NAV.Western’s trading strategy sometimes results in the firm accumulating a large holding in a particular CEF, at which point itis more likely to pursue activism. Western Investment also pursues activism to contest certain practices, such as absolutemajority voting rules in director elections. However, in most cases the firm’s activism is directed at forcing funds to actquickly to improve returns to investors through such actions as tender offers, discount management policies, dividendincreases, and sometimes open-ending. A 10% discount to NAV has been a key threshold in the firm’s strategies (e.g., thefirm has pursued 5 activism campaigns since 2007 resulting in funds adopting policies for ongoing tenders if the fund tradesat greater than a 10% discount to NAV). Western Investment emphasizes its “ethical activism” to obtain outcomes that areavailable to all shareholders. In a May 2010 letter to shareholders of a targeted fund, Mr. Lipson commented that eventhough the targeted fund tried to “intimidate us from running a proxy contest…we were not intimidated.”

801-568-1400

[email protected]

Firm

110

Western Investment (Arthur D. Lipson)Address Background Tactics

Arthur (“Art”) D. Lipson is the sole managing member of Western Investment LLC, which is an activist fund focusedprimarily on investments in closed-end funds. Mr. Lipson has positioned the fund as a firm engaged in “ethical activism”on behalf of mom and pop investors. Other reporting persons affiliated with Western Investment LLC (DE) includeWestern Investment Hedged Partners L.P., Western Investment Activism Partners LLC, Western Investment Total ReturnPartners L.P., and Arthur D. Lipson. Western has also taken large positions in funds to provide support for campaigns runby or with other funds (most notably Benchmark Plus Management, LLC). Western Investment LLC files 13Fs (reportingpositions in 20 13f-eligible securities = $33.5MM as of 3/31/13). Website: www.fixmyfund.com.Key Decision-Maker

PRESS RELEASE

PRESS RELEASE

PROXY

OWNERSHIP


ASTFundSolutions.com CEFinsight.com


This report is generated by the Closed-End Fund Group at AST Fund Solutions.

Sr. VP: Warren AntlerVP-Research: James F. Burke

Senior Analyst: Christopher Lambiase

Contact us at [email protected]

ast fund solutions: 2nd quarter special report

Documents

ast fund solutions

closedend fund group

date tic fund

gch greater china fund

ztr zweig total return

oversupply of shares

holdings of activists

report references