0001048703-20-000069.txt : 20200312 0001048703-20-000069.hdr.sgml : 20200312 20200312161141 ACCESSION NUMBER: 0001048703-20-000069 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200312 DATE AS OF CHANGE: 20200312 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: DUFF & PHELPS UTILITY & CORPORATE BOND TRUST INC CENTRAL INDEX KEY: 0000894239 IRS NUMBER: 363869274 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-46432 FILM NUMBER: 20708893 BUSINESS ADDRESS: STREET 1: 200 SOUTH WACKER DRIVE STREET 2: SUITE 500 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-263-2610 MAIL ADDRESS: STREET 1: 200 S WACKER DRIVE STREET 2: SUITE 500 CITY: CHICAGO STATE: IL ZIP: 60606 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: 183 SULLY'S TRAIL CITY: PITTSFORD STATE: NY ZIP: 14534 BUSINESS PHONE: 5855864680 MAIL ADDRESS: STREET 1: 183 SULLY'S TRAIL CITY: PITTSFORD STATE: NY ZIP: 14534 FORMER COMPANY: FORMER CONFORMED NAME: KARPUS MANAGEMENT INC DATE OF NAME CHANGE: 19971029 SC 13D/A 1 DUCD4.htm
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. 4) 1

Duff & Phelps Utility and Corporate Bond Trust Inc
(Name of Issuer)

Common Stock
(Title of Class of Securities)

26432K108
(CUSIP Number)
 
Jodi Hedberg, Chief Compliance Officer
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)

March 10, 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  x.


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).
 

 
CUSIP NO. 26432K108
 
1
NAME OF REPORTING PERSON
 
Karpus Investment Management
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) x
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
8,260,028
8
SHARED VOTING POWER
 
0
9
SOLE DISPOSITIVE POWER
 
9,406,028
10
SHARED DISPOSITIVE POWER
 
0
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
9,406,028
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
34.21%
14
TYPE OF REPORTING PERSON
 
IA

 

 
CUSIP NO. 26432K108
 
1
NAME OF REPORTING PERSON
 
George W. Karpus
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) x
  (b) o
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
 
                WC, PF
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
0 *
8
SHARED VOTING POWER
 
13,350 *
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
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
Less than 1%
14
TYPE OF REPORTING PERSON
 
IN
*See Item 5.

 

 
CUSIP NO. 26432K108
 
 

The following constitutes Amendment No. 4 to the Schedule 13D filed by the undersigned (“Amendment No. 4 ”). This Amendment No. 4 amends the Schedule 13D (as amended, the "Schedule D") as specifically set forth herein.
 
 
 
CUSIP NO. 26432K108
 
 
 
Item 3. Source and Amount of Funds or Other Consideration.
 
Item 3 of the Schedule D is hereby amended and restated as follows:
 
Karpus, an independent registered investment advisor, has accumulated 9,406,028 Shares on behalf of accounts that are managed by Karpus (the “Accounts”) under limited powers of attorney, which represents 34.21% 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 9,406,028 Shares beneficially owned by Karpus Investment Management is approximately $84,678,218, 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.
 
The aggregate purchase price of the 13,350 Shares held by the Karpus Entity 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.
 

 

 
CUSIP NO. 26432K108
 
 

Item 5.
Interest in Securities of the Issuer.
 
Item 5 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 December 27, 2019, as reported in the Issuer’s Proxy Statement, Form DEF 14A, filed with the Securities and Exchange Commission on January 16, 2020.
 
 
A ..
Karpus Investment Management
 
 
(a)
As of the close of business on March 10, 2020, Karpus Investment Management beneficially owned 9,406,028 Shares held in the Accounts.
 
Percentage: 34.21%
 
 
(b)
1. Sole power to vote or direct vote: 8,260,028
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 9,406,028
 
4. Shared power to dispose or direct the disposition: 0

 
(c)
The transactions in the Shares by Karpus Investment Management over the last 60 days are set forth in Schedule B and incorporated herein by reference.
 
B ..
George W. Karpus
 
 
(a)
As of the close of business on March 10, 2020, George W. Karpus beneficially owned 0 Shares. In addition, George W. Karpus may be deemed to beneficially own the 13,350 Shares held in the Karpus Entity.
 
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)
Neither George W. Karpus nor the Karpus Entity have had any transactions in the Shares for the past 60 days.

The filing of this Schedule 13D shall not be construed as 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 of the Shares reported herein. Each Reporting Person disclaims beneficial ownership of such Shares except to the extent of his or its pecuniary interest therein.
 

 
CUSIP NO. 26432K108
 
 
 
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:   March 12, 2020

 
KARPUS MANAGEMENT, INC.
     
 
By:
/s/ Jodi Hedberg
   
Name:
Jodi Hedberg
   
Title:
Chief Compliance Officer

 

 
CUSIP NO. 26432K108
 
 
 
SCHEDULE A
 
Executive Officers & Directors of Karpus Management, Inc., d/b/a Karpus Investment Management
 
Name
Position & Present Principal Occupation
Business Address
Shares Owned
George W. Karpus
President, CEO, and Chairman of the Board
183 Sully’s Trail, Pittsford, New York 14534
See Above
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

 
 
 
 
 
CUSIP NO. 26432K108
 
SCHEDULE B
 
Transactions in the Shares over the last 60 days.


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)

Sale of Common Stock
(475)
$9.20
1/13/2020
Purchase of Common Stock
775
$9.14
1/14/2020
Purchase of Common Stock
162
$9.11
1/17/2020
Purchase of Common Stock
1,488
$9.15
1/21/2020
Sale of Common Stock
(175)
$9.17
1/22/2020
Purchase of Common Stock
2,101
$9.21
1/23/2020
Purchase of Common Stock
73,350
$9.25
1/24/2020
Purchase of Common Stock
2,400
$9.25
1/27/2020
Sale of Common Stock
(2,640)
$9.31
1/30/2020
Sale of Common Stock
(3,474)
$9.30
1/31/2020
Sale of Common Stock
(1,251)
$9.36
2/3/2020
Purchase of Common Stock
2,338
$9.32
2/4/2020
Purchase of Common Stock
2,854
$9.26
2/5/2020
Purchase of Common Stock
1,715,000
$9.31
2/11/2020
Purchase of Common Stock
224,500
$9.31
2/12/2020
Sale of Common Stock
(450)
$9.34
2/20/2020
Purchase of Common Stock
21,100
$9.21
2/27/2020
Purchase of Common Stock
21,994
$9.21
2/28/2020
Purchase of Common Stock
3,437
$9.35
3/4/2020
Sale of Common Stock
(100)
$9.64
3/5/2020
Purchase of Common Stock
4,412
$9.45
3/6/2020
Purchase of Common Stock
800
$9.25
3/9/2020