-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Duf0f/b66DHKSLIWgEF3lTOnq8npUUzwuMUSIsuTdZB25dubUGP5UuOZD/fiAc7l t1PsRw4DAeOZAmdKiGADqQ== 0000889812-97-002639.txt : 19971212 0000889812-97-002639.hdr.sgml : 19971212 ACCESSION NUMBER: 0000889812-97-002639 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19971211 SROS: AMEX SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BULL & BEAR U S GOVERNMENT SECURITIES FUND INC CENTRAL INDEX KEY: 0001023714 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 133907058 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-51849 FILM NUMBER: 97736085 BUSINESS ADDRESS: STREET 1: 11 HANOVER SQ CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 2127850900 MAIL ADDRESS: STREET 1: 11 HANOVER SQ CITY: NEW YORK STATE: NY ZIP: 10005 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: KARPUS MANAGEMENT INC CENTRAL INDEX KEY: 0001048703 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 161290558 STATE OF INCORPORATION: NY 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 SC 13D/A 1 AMENDMENT NO. 3 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 3) Bull & Bear U.S. Government Securities Fund, Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 12017N105 (CUSIP Number) George W. Karpus, President Karpus Management, Inc. d/b/a Karpus Investment Management 14 Tobey Village Office Park Pittsford, New York 14534 (716) 586-4680 (Name, Address, and Telephone Number of Person Authorized to Receive Notices and Communications) November 30, 1997 (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 the subject of the Schedule 13D, and is filing this schedule because of Rule 13d-1 (b) (3) or (4), check the following box. [x] (page 1 of 6 pages) There are no exhibits CUSIP No. 12017N105 SCHEDULE 13D Page 2 of 6 pages 1. Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Karpus Management, Inc. d/b/a Karpus Investment Management ID# 16-1290558 2. Check the Appropriate Box if a Member of a Group (a) / / (b) /X/ 3. SEC Use Only 4. Source of Funds A7 5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) / / 6. Citizenship or Place of Organization New York 7. Sole Voting Power 120,600 shares Number of Shares 8. Shared Voting Power Beneficially Owned by Each 9. Sole Dispositive Power Reporting Person 120,600 shares With 10. Shared Dispositive Power 11. Aggregate Amount Beneficially Owned by Each Reporting Person 12. Check Box if the Aggregate Amount in Row 11 Excludes Certain Shares / / 13. Percent of Class Represented by Amount in Row 11 16.47% 14. Type of Reporting Person IA ITEM 1 Security and Issuer ------------------- Common Stock Bull & Bear U.S. Government Securities Fund, Inc. ("BBG") 11 Hanover Square New York, New York 10005 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 VanDegriff, Vice President and Director Sophie Karpus, Director b) 14 Tobey Village Office Park Pittsford, New York 14534 c) Principal business and occupation - Investment Management for individuals, pension and profit sharing plans, corporations, endowments, trusts and others, specializing in conservative asset management (i.e. fixed income investments). d) None of George W. Karpus, JoAnn VanDegriff 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 five years non 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 State corporation. ITEM 3 Source and Amount of Funds or Other Considerations. -------------------------------------------------- KIM, an independent investment advisor, has accumulated shares of BBG on Behalf of accounts that are managed by KIM ("the Accounts") under limited powers of attorney. All funds that have been utilized in making such purchases are from such Accounts. The aggregate purchase price of all of the Shares purchased is $1,719,109.38. The aggregate sale price of all shares sold is $214,881.25. ITEM 4 Purpose of Transaction ---------------------- KIM has purchased Shares for investment purposes. Being primarily a fixed income manager, with a specialty focus in the closed-end fund sector, the profile of BBG (being a portfolio of U.S. Government and Agency bonds) fit the investment guidelines for various accounts. BBG's' preliminary proxy statement on Schedule 14A, filed on September 12, 1997 proposed to change the fundamental investment policies of BBG to authorize BBG to invest up to 50% of its assets in securities of growth companies (including equity securities) and securities issued by companies that invest or deal in natural resources or commodities. Such securities could have been denominated in foreign currencies and BBG would have been permitted to engage in futures and options transactions and foreign currency transactions. The preliminary proxy also proposed to change BBG to a non-diversified investment company. KIM objected to the proposed changes as not being in the best interest of the shareholders who made their decisions to invest based upon present fundamental investment policies. Management withdrew these proposals from the definitive proxy statement on Schedule 14 A with the Securities and Exchange Commission on October 30, 1997, proposing a slate of nominees to the Board of Directors of BBG. In addition KIM has requested that the management of BBG propose to the stockholders a conversion of BBG back to an open end investment company. KIM proposed an independent Board of Directors in a proxy contest, with the intent to protect both shareholder values and rights. On November 28, 1997 the management of BBG announced that it had retained control of the Board of Directors, defeating KIM. KIM has lost all faith with the present Board of Directors to represent the interest of shareholders. KIM reserves the right to further acquire or dispose of Shares for its Accounts. None of the Principals presently has acquired any shares directly. ITEM 5 Interest in Securities of the Issuer ------------------------------------ a) As of the date of this Report, KIM owns 120,600 Shares which represents 16.47% of the outstanding Shares. None of the Principals owns any other Shares. b) KIM has the sole power to dispose of and to vote all of such Shares under limited powers of attorney. c) Open market purchases and sales since December 3, 1996 for the Accounts.
Price Price Date Shares Per Share Date Shares Per Share -------------------------------------------------------------------------------------------- 12-03-96 300 12.625 05-22-97 800 12.25 12-09-96 700 12.625 05-23-97 1200 12.25 12-10-96 1300 12.625 05-27-97 3400 12.25 12-12-96 200 12.625 05-28-97 300 12.25 12-13-96 3800 12.625 05-29-97 100 12.25 12-16-96 1500 12.625 05-30-97 600 12.25 12-17-96 200 12.625 06-12-97 150 12.375 01-07-97 700 12.375 06-16-97 1500 12.375 01-08-97 900 12.375 06-17-97 1900 12.375 01-15-97 500 12.375 06-18-97 1500 12.375 01-16-97 200 12.375 06-19-97 4100 12.375 01-17-97 300 12.375 07-28-97 1200 12.6875 02-21-97 1100 12.625 07-31-97 600 12.6875 02-24-97 2100 12.625 08-01-97 1000 12.6875 02-25-97 1000 12.75 08-04-97 300 12.75 02-26-97 800 12.625 08-05-97 200 12.75 03-10-97 1000 12.50 08-11-97 9500 12.75 03-11-97 2000 12.50 08-13-97 100 12.6875 03-12-97 2600 12.375 08-15-97 2200 12.6875 04-03-97 2000 12.125 08-18-97 2900 12.6875 04-07-97 1000 12.125 08-20-97 200 12.6875 04-09-97 700 12.125 08-21-97 1400 12.6875 04-14-97 2300 12.125 08-22-97 600 12.6875 04-15-97 100 12.125 08-25-97 200 12.6875 04-16-97 400 12.125 08-26-97 400 12.6875 04-18-97 100 12.125 08-27-97 900 12.6875 04-21-97 1100 12.125 08-29-97 1300 12.6875 04-22-97 600 12.125 09-02-97 1100 12.6875 04-23-97 400 12.125 09-17-97 300 12.75 04-24-97 4200 12.125 10-02-97 600 12.8125 05-16-97 9900 12.25 10-03-97 8100 12.8125 05-16-97 14,300 12.25 10-09-97 1100 12.8125 05-19-97 900 12.25 10-10-97 25,650 12.8125 05-20-97 100 12.25 10-16-97 2500 12.6875 11-25-97 (3250) 12.75 11-25-97 (850) 12.875 11-25-97 (12,500) 13.00 Total Shares 120,600
There have been no dispositions and no acquisitions, other than by such open market purchases, during such period. 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, arrangements 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 BBG 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. By: /s/ George W. Karpus, Pres. December 4, 1997 --------------------------- - ---------------- Signature Date George W. Karpus, President --------------------------- Name / Title -----END PRIVACY-ENHANCED MESSAGE-----