Sec Form 13D Filing - Karpus Management Inc. filing for DUFF & PHELPS UTILITY & CORPORATE BOND TRUST INC (DUC) - 2020-10-06

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D/A

(Rule 13d-101)

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

 

(Amendment No. 8)

 

Duff & Phelps Utility and Corporate Bond Trust (DUC)

(Name of Issuer)

 

Common Stock

(Title of Class of Securities)

 

26432K108

(CUSIP Number)

 

Daniel Lippincott, Senior Tax-Sensitive Manager

Karpus Management, Inc.

d/b/a Karpus Investment Management

183 Sully’s Trail

Pittsford, New York 14534

(585) 586-4680

 

Adam W. Finerman, Esq.

Olshan Frome Wolosky LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300
(Name, Address, and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

October 1, 2020

(Date of Event Which Requires Filing of This Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ý.

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

 

_______________

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

	1		NAME OF REPORTING PERSON
				Karpus Investment Management
	2		CHECK THE APPROPRIATE BOX IF A 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 ITEM 2(d) OR 2(e)															☐
	6		CITIZENSHIP OR PLACE OF ORGANIZATION
				NEW YORK
NUMBER OF				7		SOLE VOTING POWER
SHARES
BENEFICIALLY							9,591,897
OWNED BY				8		SHARED VOTING POWER
EACH
REPORTING							0
PERSON WITH				9		SOLE DISPOSITIVE POWER
							10,778,147
				10		SHARED DISPOSITIVE POWER
							0
	11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
				10,778,147
	12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES															☐
	13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
				39.2%
	14		TYPE OF REPORTING PERSON
				IA

 

 

	1		NAME OF REPORTING PERSON
				George W. Karpus
	2		CHECK THE APPROPRIATE BOX IF A 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 ITEM 2(d) OR 2(e)															☐
	6		CITIZENSHIP OR PLACE OF ORGANIZATION
				NEW YORK
NUMBER OF				7		SOLE VOTING POWER
SHARES
BENEFICIALLY							0
OWNED BY				8		SHARED VOTING POWER
EACH
REPORTING							0
PERSON WITH				9		SOLE DISPOSITIVE POWER
							0
				10		SHARED DISPOSITIVE POWER
							0
	11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
				0
	12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES															☐
	13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
				0.00%
	14		TYPE OF REPORTING PERSON
				IN

 

 

1

NAME OF REPORTING PERSON

Karpus Investment Management Profit Sharing Plan Fund B – Conservative Bond Fund

2

CHECK THE APPROPRIATE BOX IF A 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 ITEM 2(d) OR 2(e)

☐

6

CITIZENSHIP OR PLACE OF ORGANIZATION

NEW YORK

NUMBER OF

7

SOLE VOTING POWER

SHARES

BENEFICIALLY

0

OWNED BY

8

SHARED VOTING POWER

EACH

REPORTING

13,350

PERSON WITH

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

13,350

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

13,350

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

☐

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

Less than 1%

14

TYPE OF REPORTING PERSON

OO

 

 

	1		NAME OF REPORTING PERSON
				Arthur Charles Regan
	2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP															(a) ☒
																		(b) ☐
	3		SEC USE ONLY
	4		SOURCE OF FUNDS
	5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)															☐
	6		CITIZENSHIP OR PLACE OF ORGANIZATION
				USA
NUMBER OF				7		SOLE VOTING POWER
SHARES
BENEFICIALLY			&# xA0;				0
OWNED BY				8		SHARED VOTING POWER
EACH
REPORTING							0
PERSON WITH				9		SOLE DISPOSITIVE POWER
							0
				10		SHARED DISPOSITIVE POWER
							0
	11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
				0
	12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES															☐
	13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
				0.00%
	14		TYPE OF REPORTING PERSON
				IN

 

 

	1		NAME OF REPORTING PERSON
				Daniel C. Robeson
	2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP															(a) ☒
																		(b) ☐
	3		SEC USE ONLY
	4		SOURCE OF FUNDS
	5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)															☐
	6		CITIZENSHIP OR PLACE OF ORGANIZATION
				USA
NUMBER OF				7		SOLE VOTING POWER
SHARES
BENEFICIALLY							0
OWNED BY				8		SHARED VOTING POWER
EACH
REPORTING							0
PERSON WITH				9		SOLE DISPOSITIVE POWER
							0
				10		SHARED DISPOSITIVE POWER
							0
	11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
				0
	12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES															☐
	13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
				0.00%
	14		TYPE OF REPORTING PERSON
				IN

 

 

The following constitutes Amendment No. 8 to the Schedule 13D filed by the undersigned ("Amendment No. 8"). This Amendment No. 8 amends the Schedule 13D as specifically set forth herein.

 

Item 2.

Identity and Background.

 

Item 2(a) is hereby amended and restated to read as follows:

 

(a) This statement is filed by:

 

(i) Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc (“CLIG”), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The shares to which this Amendment No. 1 relates are owned directly by the accounts managed by Karpus;

 

(ii) George W. Karpus. Mr. Karpus will cease to be a Reporting Person immediately following the filing of this Amendment No. 8 to the Schedule 13D;

 

(iii) Karpus Investment Management Profit Sharing Plan Fund B-Conservative Bond Fund (“Karpus Fund”);

 

(iv) Arthur Charles Regan, as a nominee to the Board of Directors of the Issuer (the "Board"); and

 

(v) Daniel C. Robeson, as a nominee to the Board.

 

Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Each of the Reporting Persons is party to that certain Joint Filing and Solicitation Agreement and that certain Amendment No. 1 to Joint Filing and Solicitation Agreement, except for Mr. Karpus who will cease to be a Reporting Person immediately following the filing of this Amendment No. 8 to the Schedule 13D, each as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.

 

Set forth on Schedule A annexed hereto ("Schedule A") is the name and present principal business, occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted of the executive officers and directors of Karpus. To the best of the Reporting Persons' knowledge, except as otherwise set on Schedule A, none of the persons listed on Schedule A beneficially owns any securities of the Issuer or is a party to any contract, agreement or understanding required to be disclosed herein.

 

Item 3.

Source and Amount of Funds or Other Consideration.

 

Item 3 is hereby amended and restated to read as follows:

 

Karpus, an independent registered investment advisor, has accumulated 10,778,147 Shares on behalf of accounts that are managed by Karpus (the “Accounts”) under limited powers of attorney, which represents 39.2% of the outstanding Shares. All funds that have been utilized in making such purchases for the Accounts (which are open market purchases unless otherwise noted) are from such Accounts.

 

The aggregate purchase price of the 10,778,147 Shares beneficially owned by Karpus is approximately $96,912,423, excluding brokerage commissions. The Shares purchased by Karpus were purchased with working capital (which may at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases except as otherwise noted.

 

 

The aggregate purchase price of the 13,350 Shares held by the Karpus Fund is approximately $121,104, excluding brokerage commissions. Such Shares were purchased with working capital (which may at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases except as otherwise noted.

 

Item 5.

Interest in Securities of the Issuer.

 

Item 5(a) – (c) is hereby amended and restated to read as follows:

 

The aggregate percentage of Shares reported owned by each Reporting Person is based upon 27,494,683 Shares outstanding, which is the total number of Shares outstanding as of April 30, 2020, as reported in the Issuer’s Certified Shareholder Report of Registered Management Investment Companies on Form N-CSR, filed with the Securities and Exchange Commission on June 23, 2020.

 

A.

Karpus

 

(a)

As of the close of business on October 2, 2020, Karpus beneficially owned 10,778,147 Shares held in the Accounts.

 

Percentage: Approximately 39.2%

 

(b)

1. Sole power to vote or direct vote: 9,591,897

2. Shared power to vote or direct vote: 0

3. Sole power to dispose or direct the disposition: 10,778,147

4. Shared power to dispose or direct the disposition: 0

 

(c)

The transactions in the Shares by Karpus since the filing of Amendment No. 7 to the Schedule 13D are set forth in Schedule B and are incorporated herein by reference.

 

B.	George W. Karpus

 

(a)

As of October 2, 2020, George W. Karpus didn’t beneficially own any Shares of the Issuer.

 

Percentage: 0.00%

 

(b)

1. Sole power to vote or direct vote: 0

2. Shared power to vote or direct vote: 0

3. Sole power to dispose or direct the disposition: 0

4. Shared power to dispose or direct the disposition: 0

 

(c)

George W. Karpus did not have any transactions in the Shares since the filing of Amendment No. 7 to the Schedule 13D.

 

C.	Karpus Fund

 

(a)

As of October 2, 2020, Karpus Fund beneficially owned 13,350 Shares.

 

Percentage: Less than 1%

 

(b)

1. Sole power to vote or direct vote: 0

2. Shared power to vote or direct vote: 13,350

3. Sole power to dispose or direct the disposition: 0

4. Shared power to dispose or direct the disposition: 13,350

 

(c)

Karpus Fund did not have any transactions in the Shares since the filing of Amendment No. 7 to the Schedule 13D.

 

 

D.	Arthur Charles Regan

 

(a)

As of the close of business on October 2, 2020, Arthur Charles Regan didn't beneficially own any Shares of the Issuer.

 

Percentage: 0.00%

 

(b)

1. Sole power to vote or direct vote: 0

2. Shared power to vote or direct vote: 0

3. Sole power to dispose or direct the disposition: 0

4. Shared power to dispose or direct the disposition: 0

 

(c)

Mr. Regan has not entered into any transactions in the Shares since the filing of Amendment No. 7 to the Schedule 13D.

 

E .	Daniel C. Robeson

 

(a)

As of the close of business on October 2, 2020, Daniel C. Robeson didn't beneficially own any Shares of the Issuer.

 

Percentage: 0.00%

 

(b)

1. Sole power to vote or direct vote: 0

2. Shared power to vote or direct vote: 0

3. Sole power to dispose or direct the disposition: 0

4. Shared power to dispose or direct the disposition: 0

 

(c)

Mr. Robeson has not entered into any transactions in the Shares since the filing of Amendment No. 7 to the Schedule 13D.

 

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

 

Item 6.

Contracts, Arrangements, Understandings or Relationships With respect to the Issuer.

 

Item 6 is hereby amended to add the following:

 

On October 6, 2020, the Reporting Persons entered into that certain Amended and Restated Joint Filing and Solicitation Agreement to remove Mr. Karpus as a member of the Group. The Amended and Restated Joint Filing and Solicitation Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 7.

Material to be Filed as Exhibits.

 

Item 7 is hereby amended to add the following exhibit:

 

99.1

Amended and Restated Joint Filing and Solicitation Agreement by and between Karpus Management, Inc., Karpus Investment Management Profit Sharing Plan Fund B – Conservative Bond Fund, Arthur Charles Regan, and Daniel C. Robeson, dated October 6, 2020.

 

 

SIGNATURES

 

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

Dated: October 6, 2020

 

	KARPUS MANAGEMENT, INC.
	By:	/s/ Daniel Lippincott
		Name:	Daniel Lippincott, CFA
		Title:	Director of Investment Personnel and Sr. Tax-Sensitive Portfolio Manager

 

	/s/ George W. Karpus
	GEORGE W. KARPUS
	KARPUS INVESTMENT MANAGEMENT PROFIT SHARING PLAN FUND B – CONSERVATIVE BOND FUND
	By:	/s/ Kathleen F. Crane
		Name:	Kathleen F. Crane
		Title:	Chief Financial Officer of Karpus Investment Management

 

	/s/ Arthur Charles Regan
	ARTHUR CHARLES REGAN
	/s/ Daniel C. Robeson
	DANIEL C. ROBESON

 

 

SCHEDULE A

 

Executive Officers & Directors of Karpus Management, Inc., d/b/a Karpus Investment Management

 

Name	Position & Present Principal Occupation	Business Address	Shares Owned
Kathleen Finnerty Crane	Chief Financial Officer	183 Sully’s Trail, Pittsford, New York 14534	150 Shares
Dana R. Consler	Executive Vice President	183 Sully’s Trail, Pittsford, New York 14534	0 Shares
Thomas M. Duffy	Vice President	183 Sully’s Trail, Pittsford, New York 14534	0 Shares
Sharon L. Thornton	Executive Vice-President	183 Sully’s Trail, Pittsford, New York 14534	0 Shares
Daniel L. Lippincott, CFA	Sr. Tax-Sensitive Manager and Director of Investment Personnel	183 Sully’s Trail, Pittsford, New York 14534	0 Shares
David D'Ambrosio	Senior Vice President	183 Sully's Trail, Pittsford, New York 14534	2,775 Shares
Marijoyce Ryan	Vice President of Fiduciary Services	183 Sully's Trail, Pittsford, New York 14534	5,975 Shares

 

 

SCHEDULE B

 

Transactions in the Shares since the filing of Amendment No. 7 to the Schedule 13D

 

Nature of the Transaction

Securities Purchased/(Sold)

Price Per Share($)

Date of Purchase / Sale

 

KARPUS MANAGEMENT, INC., D/B/A/ KARPUS INVESTMENT MANAGEMENT
(THROUGH THE ACCOUNTS)

 

Purchase of Common Stock	14,336	$9.40	08/11/2020
Sale of Common Stock	(3,575)	$9.38	08/12/2020
Purchase of Common Stock	700	$9.35	08/13/2020
Purchase of Common Stock	525	$9.35	08/17/2020
Sale of Common Stock	(65)	$9.29	08/18/2020
Sale of Common Stock	(450)	$9.26	09/21/2020
Sale of Common Stock	(1,300)	$9.24	09/23/2020
Purchase of Common Stock	6,851	$9.16	09/24/2020
Purchase of Common Stock	2,989	$9.15	09/30/2020
Sale of Common Stock	(630)	$9.22	10/01/2020
Sale of Common Stock	(110,870)	$9.14	10/02/2020