For what appears to be the third time in a year and a half, Stewart R. Horejsi, the closed-end fund activist of Salina, Kan. has set his sites on dominating and transforming a third closed-end mutual fund.

The latest fund Horejsi appears to have designs on is the First Financial Fund that is advised by Wellington Management in Boston. Prudential Investment Fund Management of Newark, N.J. serves as the administrator to the $225 million fund that invests in small to mid-sized banks, bank holding companies and mortgage banking institutions.

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