0001048703-05-000020.txt : 20120703
0001048703-05-000020.hdr.sgml : 20120703
20050202144541
ACCESSION NUMBER: 0001048703-05-000020
CONFORMED SUBMISSION TYPE: SC 13D/A
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20050202
DATE AS OF CHANGE: 20050202
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: KARPUS MANAGEMENT INC
CENTRAL INDEX KEY: 0001048703
IRS NUMBER: 161290550
STATE OF INCORPORATION: NY
FISCAL YEAR END: 0630
FILING VALUES:
FORM TYPE: SC 13D/A
BUSINESS ADDRESS:
STREET 1: 14 TOBEY VILLAGE OFFICE PARK
CITY: PITTSFORD
STATE: NY
ZIP: 14534
BUSINESS PHONE: 7165864680
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: SCUDDER INTERMEDIATE GOVERNMENT & AGENCY TRUST
CENTRAL INDEX KEY: 0000832925
IRS NUMBER: 363604477
STATE OF INCORPORATION: MA
FISCAL YEAR END: 1130
FILING VALUES:
FORM TYPE: SC 13D/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-59107
FILM NUMBER: 05568918
BUSINESS ADDRESS:
STREET 1: 222 SOUTH RIVERSIDE PLAZA
CITY: CHICAGO
STATE: IL
ZIP: 60606
BUSINESS PHONE: 3125371569
MAIL ADDRESS:
STREET 1: 222 SOUTH RIVERSIDE PLAZA
CITY: CHICAGO
STATE: IL
ZIP: 60606
FORMER COMPANY:
FORMER CONFORMED NAME: SCUDDER INTERMEDIATE GOVERNMENT TRUST
DATE OF NAME CHANGE: 20010123
FORMER COMPANY:
FORMER CONFORMED NAME: KEMPER INTERMEDIATE GOVERNMENT TRUST
DATE OF NAME CHANGE: 19920703
SC 13D/A
1
kgt02-05.txt
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 9)
Scudder Intermediate Government Trust.
(KGT)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
811163104
(CUSIP Number)
George W. Karpus, President
Karpus Management, Inc. d/b/a
Karpus Investment Management
183 Sullys Trail
Pittsford, New York 14534
(585) 586-4680
(Name, Address, and Telephone Number of Person Authorized to Receive Notices
and Communications)
February 2, 2005
(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 which is subject of this Schedule 13D, and if filing
this schedule because of Rule 13d-1(b) (3) or (4), check the following box. [ ]
(Page 1 of 6 pages)
There is one exhibit.
ITEM 1 Security and Issuer
Common Stock
Scudder Intermediate Government Trust
Scudder Investment Funds
345 Park Avenue
New York, New York 10154
ITEM 2 Identity and Background
a) Karpus Management, Inc., d/b/a Karpus Investment Management
(?KIM?)
George W. Karpus, President, Director, and controlling stockholder
JoAnn Van Degriff, Vice President and Director
Sophie Karpus, Director
b) 183 Sullys Trail
Pittsford, New York 14534
c) Principal business and occupation - Investment Management for
individuals, pension, and profit sharing plans, corporations,
endowments, trust, and others, specializing in conservative asset
management (i.e. fixed income investments).
d) None of George W. Karpus, Jo Ann Van Degriff or Sophie Karpus
(?the Principals?) or KIM has been convicted in the past 5 years
of any criminal proceeding (excluding traffic violations).
e) During the last 5 years none of the Principals or KIM has been a
party to a civil proceeding as a result of which any of them is subject
to a judgment, decree, or final order enjoining future violations of or
prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.
f) Each of the Principals is a United States citizen.
KIM is a New York corporation.
ITEM 3 Source and Amount of Funds or Other Considerations
KIM, an independent investment advisor, has accumulated 1,964,655
shares of KGT on behalf of accounts that are managed by KIM (?the
Accounts?) under limited powers of attorney, which represents 5.78%
of the outstanding shares. All funds that have been utilized in making
such purchases are from such Accounts.
ITEM 4 Purpose of Transaction
a) KIM has purchased Shares for investment purposes. Being primarily a
conservative, fixed income manager, with a specialty focus in the
closed end fund sector, the profile of KGT fit the investment guidelines
for various Accounts. Shares have been acquired since April 10, 2001.
b) Although originally purchased for investment purposes only, on
February 1, 2005 KIM sent a letter to the Board of Trustees to encourage
them to present to and recommend a proposal to open-end the Fund. (See
Exhibit One)
ITEM 5 Interest in Securities of the Issuer
a) As of the date of this Report, KIM owns 1,964,655 shares, which
represent 5.78% of the outstanding shares. Sophie Karpus
(Director) presently owns 1600 shares purchased on January 31, 2003 at a
price of $6.95 per share. November 9, 2004 at $6.63 (850 shares). KIM
Profit Sharing Plan owns 2,600 shares purchased on June 23, 2003 at a
price of $7.06 (1200 shares) and December 26 at $6.72 (600 shares), July
30 at $6.51 (800 shares). None of the other Principals of KIM currently
owns shares of KGT.
b) KIM has the sole power to dispose of and to vote all such Shares
under limited powers of attorney.
c) Below are the open market purchases in the last 60 days for the
Accounts. There have been no dispositions and no acquisition, other than
by such open market purchases, during such period.
DATE
SHARES
PRICE PER
DATE
SHARES
PRICE PER
SHARE
SHARE
12/7/2004
11600
6.59
1/5/2005
-1500
6.72
12/7/2004
-1200
6.59
1/18/2005
2200
6.74
12/8/2004
3200
6.62
1/19/2005
7900
6.73
12/10/2004
-350
6.61
1/20/2005
1600
6.72
12/13/2004
4350
6.62
1/24/2005
13190
6.73
12/14/2004
1190
6.62
1/25/2005
7200
6.73
12/16/2004
800
6.65
1/25/2005
-260
6.74
12/20/2004
1275
6.64
1/26/2005
-2400
6.74
12/23/2004
-660
6.68
1/27/2005
500
6.74
The Accounts have the right to receive all dividends from, and any proceeds
from the sale of the Shares. None of the Accounts has an interest in Shares
constituting more than 5% of the Shares outstanding.
ITEM 6 Contracts, Arrangements, Understandings, or Relationships with Respect
to Securities of the Issuer
Except as described above, there are no contracts, arrangement,
understandings or relationships of any kind among the Principals and KIM
and between any of them and any other person with respect to any of the
KGT securities.
ITEM 7 Materials to be Filed as Exhibits
Not applicable
Signature
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.
Karpus Management, Inc.
February 2, 2005 By: _________________________
Date Signature
Dana R. Consler, Senior Vice President.
Name /Title
Exhibit One
(Letter Sent to the Board of Trustees on February 1, 2005)
Scudder Intermediate Government & Agency Trust
Attn: William N. Shiebler, Chairman
Deutche Investment Management
222 South Riverside
Chicago, IL. 60606
Trustees,
I am writing on the behalf of Karpus Investment Management (KIM)
beneficial owners of 1,964,655 shares of the Scudder Intermediate
Government & Agency Trust (KGT) as of January 27, 2005. In conjunction
with the schedule 13D form filed on January 18th by Otter Creek and Long
Family, we encourage the Trustees to comply with Section 5 of Article IX of
the fund?s Declaration of Trust. This provision requires that the Trustees
present a proposal to fund Shareholders calling for the conversion of the
fund from a closed-end to an open-end format.
Furthermore, KIM strongly encourages the Trustees to recommend that
fund Shareholders vote for this proposal. This provision was presented to
potential investors as a ?safety net? for their investment should the discount
to net asset value of the fund stay wide for a considerable amount of time.
Since the provision?s trigger has been engaged, we feel that it would be a
violation of the spirit of the Fund?s Declaration of Trust for the Trustees to
recommend against this proposal.
Although the provision calls for a format conversion, we feel it would be
less costly and just as beneficial for Deutsche to merge KGT into a
preexisting Deutsche managed open-end fund with similar investment
objectives. This action would reduce overhead costs for both funds
involved and allow existing shareholders of KGT to exit their investment
close to net asset value if they desire. For example, Deutsche manages an
open-end fund with nearly identical investment objectives, the Scudder U.S.
Government Securities Fund, with about three billion dollars under
management. Merging a 230 million dollar closed-end fund into this much
larger concern should significantly reduce expenses for current KGT
Shareholders.
On April 5, 2002, Deutsche Bank AG acquired the Scudder Funds from
Zurich Financial. Although Deutsche did not control Scudder in 1988
when the Declaration of Trust was drafted, this transaction seems to have
corresponded with a dramatic widening of the Fund?s discount to net asset
value. On March 29, 2002, the Fund was trading at a 4.9 percent discount
to net asset value. The discount has gradually widened to 9.9 percent as of
December 31, 2004. The people at Zurich that drafted the Declaration of
Trust had the vision and the wisdom to include this provision in case some
event caused economic damage to Fund Shareholders and sold the Fund
with this protection in place. Whether or not the sale of Scudder to
Deutsche was coincident to the widening of the Fund?s discount, we feel
that the Trustees must take action to narrow the Fund?s discount.
The Trustees have a fiduciary duty to all Fund Shareholders, both long
and short-term shareholders, to enhance their investment?s value. The
proposal invoked by this provision, if passed, would greatly enhance
Shareholder value. We strongly encourage the Trustees to present and
recommend the proposal outlined in Section 5 of Article IX of the
Declaration of Trust.
Sincerely,
Cody Bartlett Jr., CFA