Closed-end fund activist Ronald Olin is having the misfortune of getting what he wished for in a unique closed-end fund fight.

Olin - who in April led an unsuccessful proxy fight to fire the adviser of the Portugal Fund - now is opposing the adviser's efforts to open the fund. Olin sought to fire the adviser out of frustration with the chronic discount in the net asset value of the fund's shares. Opening the fund would immediately eliminate the Portugal Fund's discount, which is about 10 percent, according to the mutual fund tracking firm Lipper of Summit, N.J.

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