-----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, SXaUnRVHUsOpmMXqKt1GXutXp2PlkKiOyeofmwsrp8E+f+0z1VTS2pKruP//Tee2 gkXczQDjq9ziH5CYHqmedw== 0001048703-03-000062.txt : 20030409 0001048703-03-000062.hdr.sgml : 20030409 20030409145120 ACCESSION NUMBER: 0001048703-03-000062 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20030409 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: CORNERSTONE STRATEGIC VALUE FUND INC/ NEW CENTRAL INDEX KEY: 0000814083 IRS NUMBER: 133407699 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-39655 FILM NUMBER: 03643957 BUSINESS ADDRESS: STREET 1: BEAR STEARNS FUNDS MANAGEMENT INC. STREET 2: 383 MADISON AVENUE - 23RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10179 BUSINESS PHONE: 2122722093 MAIL ADDRESS: STREET 1: BEAR STEARNS FUNDS MANAGEMENT INC. STREET 2: 383 MADISON AVENUE - 23RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10179 FORMER COMPANY: FORMER CONFORMED NAME: CLEMENTE GLOBAL GROWTH FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CLEMENTE STRATEGIC VALUE FUND INC DATE OF NAME CHANGE: 19990622 SC 13D/A 1 clm04-03.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A Under the Securities and Exchange Act of 1934 (Amendment No. 43) Cornerstone Strategic Value Fund (CLM) Common Stock (Title of Class of Securities) 21924B104 (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) April 9, 2003 (Date of Event which Requires Filing of this Statement) If the person has previously filed a statement on Schedule 13G to report the Acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1 (b) (3) or (4), check the following box. [ ] (Page 1 of 5 pages) There are no exhibits. ITEM 1 Security and Issuer Common Stock Cornerstone Strategic Value Fund Cornerstone Advisors, Inc. 383 Madison Ave. New York, NY 10179 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) 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, JoAnn VanDegriff, or Sophie Karpus (?the Principals?) or KIM has been convicted in the past five years of any criminal proceeding (excluding traffic violations). e) During the last five 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 shares of CLM 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. ITEM 4 Purpose of Transaction a) KIM has purchased Shares for investment purposes. Being a Closed-End Fund Specialist the profile of CLM fit the investment guidelines for various Accounts. Shares have been acquired since October 23, 1989. b) Although originally purchased for investment purposes only, due to the Fund?s poor performance and the wide discount to net asset value, we intend to influence management with the intent of narrowing or eliminating the discount to net asset value. ITEM 5 Interest in Securities of the Issuer a) As of the date of this report KIM owns 390,530 shares, which represents 10.26% of the outstanding Shares. Karpus Investment Management Profit Sharing Plan owns 3,300 shares. 200 purchased on June 24, 1993 at $9.125, 400 purchased on August 26, 1993 at $9.875, 300 purchased on January 29, 1998 at $10.25, 500 purchased on April 29, 1999 at $13.125, December 11, 2000 at $10.65 per share (1000 shares), December 20 at $10.75 per share (500 shares), and September 28, 2001 at $6.40 per share (1500 shares). On March 27, 2000 150 shares were sold at $14.20 per share, February 3, 2003 50 shares at $5.83, February 5 50 shares were sold at $5.71, February 10 and 14 100 shares were sold at $5.70, February 19 and 24 100 shares were sold at $5.75, February 20 100 shares were sold at $5.95, February 28, 50 shares were sold at $5.72, March 6 at $5.63 (50 shares), March 18 at $5.59 (150 shares), March 19 at $5.58 (100 shares), March 20 at 5.55 (50 shares), March 21 and 27 at $5.63 (100 shares), and March 25 at $5.62 (50 shares). Dana R. Consler currently owns 800 shares purchased on May 7, 2001 at $8.18 per share. None of the other principals of KIM currently owns any shares. b) KIM has the sole power to dispose of and to vote all of such Shares under limited powers of attorney. c) The first open market purchase occurred on October 23, 1989 Open market purchases for the last 60 days for the Accounts. There have been no dispositions and no acquisitions, other than by such open market purchases. DATE SHARES PRICE PER DATE SHARES PRICE PER SHARE SHARE 2/3/2003 - -800 5.83 3/3/2003 - -200 5.71 2/5/2003 - -2000 5.71 3/4/2003 - -900 5.69 2/10/2003 - -1000 5.7 3/6/2003 - -1400 5.65 2/13/2003 - -200 5.46 3/7/2003 - -700 5.64 2/14/2003 - -2700 5.7 3/14/2003 - -175 5.6 2/18/2003 - -950 5.65 3/18/2003 - -11600 5.59 2/19/2003 - -4625 5.75 3/19/2003 - -6400 5.58 2/20/2003 - -7900 5.95 3/20/2003 - -4900 5.56 2/21/2003 - -1000 5.75 3/21/2003 - -5000 5.63 2/24/2003 - -2800 5.74 3/24/2003 - -4400 5.6 2/28/2003 - -2700 5.72 3/25/2003 - -4050 5.62 3/26/2003 - -700 5.6 3/27/2003 - -2800 5.63 3/28/2003 - -2150 5.6 3/31/2003 - -100 5.58 The Accounts have the right to receive all dividends from, any proceeds from the sale of the Shares. KIM reserves the right to further accumulate or sell 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 CLM 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. April 9, 2003 By:________________________ Date Signature George W. Karpus, President Name/Title -----END PRIVACY-ENHANCED MESSAGE-----