SCHEDULE 13D/A
DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT
7/6/2015
1. NAME OF REPORTING PERSON
Bulldog Investors, LLC
2. CHECK THE BOX IF MEMBER OF A GROUP a[ ]
b[]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DE
___________________________________________________________
7. SOLE VOTING POWER
716,332
8. SHARED VOTING POWER
594,703
9. SOLE DISPOSITIVE POWER
716,332
_______________________________________________________
10. SHARED DISPOSITIVE POWER
594,703
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
1,311,035 (Footnote 1)
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES
[]
___________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
7.35%
14. TYPE OF REPORTING PERSON
IA
___________________________________________________________
1. NAME OF REPORTING PERSON
Phillip Goldstein
2. CHECK THE BOX IF MEMBER OF A GROUP a[x]
b[]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
___________________________________________________________
7. SOLE VOTING POWER
716,332
8. SHARED VOTING POWER
594,703
9. SOLE DISPOSITIVE POWER
716,332
_______________________________________________________
10. SHARED DISPOSITIVE POWER
594,703
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
1,311,035 (Footnote 1)
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES
[]
___________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
7.35%
14. TYPE OF REPORTING PERSON
IN
___________________________________________________________
1. NAME OF REPORTING PERSON
Andrew Dakos
2. CHECK THE BOX IF MEMBER OF A GROUP a[ ]
b[]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
___________________________________________________________
7. SOLE VOTING POWER
716,332
8. SHARED VOTING POWER
594,703
9. SOLE DISPOSITIVE POWER
716,332
_______________________________________________________
10. SHARED DISPOSITIVE POWER
594,703
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
1,311,035 (Footnote 1)
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES
[]
___________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
7.35%
IN
___________________________________________________________
1. NAME OF REPORTING PERSON
Steven Samuels
2. CHECK THE BOX IF MEMBER OF A GROUP a[ ]
b[]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
___________________________________________________________
7. SOLE VOTING POWER
716,332
8. SHARED VOTING POWER
594.703
9. SOLE DISPOSITIVE POWER
716,332
_______________________________________________________
10. SHARED DISPOSITIVE POWER
594.703
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
1,311,035 (Footnote 1)
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES
[]
___________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
7.35%
14. TYPE OF REPORTING PERSON
IN
_______________________________________________________
Item 1. SECURITY AND ISSUER
This statement constitutes Amendment #6 to the schedule 13d
filed November 21, 2014. Except as specifically set forth
herein, the Schedule 13d remains unmodified.
Item 4. PURPOSE OF TRANSACTION
See Exhibit A - Letter to shareholders.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As per the N-CSR filed on January 9,2015, there were 17,840,705 shares of
common stock outstanding as of October 31, 2014. The percentages set forth
herein were derived using such number. Phillip Goldstein, Andrew Dakos and
Steven Samuels own Bulldog Investors, LLC, a registered investment advisor.
As of July 6, 2015, Bulldog Investors, LLC is deemed to be the beneficial
owner of 1,311,035 shares of GLQ (representing 7.35% of GLQ's outstanding
shares) solely by virtue of Bulldog Investors LLC's power to direct the vote
of,and dispose of, these shares. These 1,311,035 shares of GLQ include 716,332
shares (representing 4.02% of GLQ's outstanding shares) that are beneficially
owned by Mr. Goldstein and the following entities over which Messrs. Goldstein,
Dakos and Samuels exercise control: Opportunity Partners LP, Calapasas West
Partners LP, Full Value Special Situations Fund, LP, Full Value Offshore Fund,
Ltd., Full Value Partners, LP, Opportunity Income Plus, LP, and MCM Opportunity
Partners, LP (collectively,"Bulldog Investors Group of Funds").
Bulldog Investors Group of Funds and Mr. Goldstein may be deemed to constitute
a group. All other shares included in the aforementioned 1,311,035 shares of GLQ
beneficially owned by Bulldog Investors, LLC (solely by virtue of its power to
sell or direct the vote of these shares) are also beneficially owned by clients
of Bulldog Investors, LLC who are not members of any group. The total number of
these "non-group" shares is 594,703 shares (representing 3.33% of GLQ's
outstanding shares).
(b)Bulldog Investors,LLC has sole power to dispose of and vote 716,332 shares.
Bulldog Investors, LLC has shared power to dispose of and vote 594,703 shares.
Certain of Bulldog Investors, LLC's clients (none of whom beneficially own more
than 5% of GLQ's shares) share this power with Bulldog Investors, LLC. Messrs.
Goldstein, Dakos and Samuels are control persons of Bulldog Investors, LLC.
c) Since the last filing on 7/1/15 there were no shares of GLQ purchased.
d) Clients of Bulldog Investors, LLC are entitled to receive any dividends or
sales proceeds.
e) N/A
ITEM 6. CONTRACTS,ARRANGEMENTS,UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A
After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this
statement is true, complete and correct.
Dated: 7/7/2015
By: /S/ Phillip Goldstein
Name: Phillip Goldstein
By: /S/ Andrew Dakos
Name: Andrew Dakos
By: /S/ Steven Samuels
Name: Steven Samuels
Bulldog Investors, LLC
By: /s/ Andrew Dakos
Andrew Dakos, Member
Footnote 1: The reporting persons disclaim beneficial ownership except
to the extent of any pecuniary interest therein.
Exhibit A:
Bulldog Investors, 250 Pehle Avenue, Suite 708, Saddle Brook, NJ 07663
(201) 881-7111 // Fax: (201) 556-0097 // pgoldstein@bulldoginvestors.com
Would you rather have $15.01 per share or $16.53?
That is not a trick question. A proposal submitted by our affiliate
requests the Board of Trustees of Clough Global Equity Fund (GLQ) to authorize
a self-tender offer for all outstanding common shares at or close to net asset
value (NAV). If shareholders approve our proposal, the Board, to its credit,
has agreed to implement it. Since GLQ's stock closed at $15.01 on July 2, 2015
and the NAV was $16.53, the value of the stock of tendering shareholders would
potentially increase by about 10%!
Therefore, a vote for our proposal seems like a no brainer. Yet, in a
long-winded opposition statement, management attempts to persuade shareholders
that they are better off with an investment worth $15.01 per share than one
worth $16.53 per share.
Why would management of GLQ devote almost 3,000 words to convince
shareholders that they are better off with a $15.01 stock than $16.53 in cash?
One reason could be that the investment manager's fees would fall sharply
after a self-tender offer. Currently, the investment manager collects more
than $5 million per year from GLQ. Management accuses us of wanting to make a
profit at the expense of other shareholders. Yet, all shareholders would have
the same opportunity as us to tender shares. On the other hand, management
has a clear conflict of interest. We don't think it is coincidence that the
word "fees" does not appear at all in its opposition statement.
When I was a child, I had an uncle who would show me two coins and
ask me which one I wanted: a shiny new penny or a dirty old dime? In my
opinion, management is using a sophisticated variation of my trickster uncle's
ploy to persuade shareholders to vote against our proposal. We hope that
shareholders of GLQ are not that gullible and choose to vote for greater
shareholder value. $16.53 is better than $15.01. It really is that simple.
PLEASE VOTE FOR PROXY PROPOSAL 2
Very truly yours,
/S/ Phillip Goldstein
Phillip Goldstein
Principal
Bulldog Investors, LLC