City of London Investment Management (CLIM) is an active value orientated equity manager specializing in Closed-End Funds. It should be emphasized that CLIM’s investment strategy differs from that of a traditional manager, in that we capitalize on the very real and identifiable inefficiencies Closed-End Funds offer. A Closed-End Fund has a fixed capital structure, which is comprised of shares that are listed and traded on a stock exchange via a stock broker. These shares trade at whatever value the stock market puts on them. In effect, a Closed-End Fund trades at a price that reflects demand. Demand, or the lack of it, is reflected in shares trading at a premium or a discount to Net Asset Value (NAV). Our excess return, or alpha, is generated by purchasing Closed-End Funds at a discount to NAV. Further benefits of Closed-End Funds include lower transaction costs and more flexible and faster asset allocation and access to some markets that are effectively closed to direct investment.