Two activists that specialize in closed-end fund investment have recently filed 13Ds. The 13D filing is a statement of acquisition of beneficial ownership. According to the SEC, “When a person or group of persons acquires beneficial ownership of more than 5% of a voting class of a company’s equity securities registered under Section 12 of the Securities Exchange Act of 1934, they are required to file a Schedule 13D with the SEC.
The activists are Bulldog Investors and Western Investment LLC.
On 7/8/08, Bulldog stated they had 14.64% of the outstanding shares of Morgan Stanley High Yield Fund (MSY). Currently, MSY is trading at an 11.6% discount to NAV.
On 7/22/08, Bulldog stated they had 8.22% of the outstanding shares of Insured Municipal Income Fund (PIF). Currently, PIF is trading at an 8.5% discount to NAV.
On 7/8/08, Western Investment stated they had approximately 9% of the outstanding shares of DWS Global Commodities Stock Fund (GCS). Currently, GCS is trading at a 13.6% discount to NAV.
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