-----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, C+yr5IQFeApgmKHij0s5ZCDKd5K2RHG3Dpz/S3uNN3gG+51EoVOOao2Llh0/Xkuf JzeR9+MQdOabelO5G6+dxw== 0001067621-06-000003.txt : 20060208 0001067621-06-000003.hdr.sgml : 20060208 20060208101427 ACCESSION NUMBER: 0001067621-06-000003 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20060208 DATE AS OF CHANGE: 20060208 GROUP MEMBERS: BULLDOG INVESTORS GROUP MEMBERS: KARPUS INVESTMENT MANAGEMENT FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GOLDSTEIN PHILLIP CENTRAL INDEX KEY: 0001067621 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: BUSINESS PHONE: 9147475262 MAIL ADDRESS: STREET 1: 60 HERITAGE DRIVE CITY: PLEASANTVILLE STATE: NY ZIP: 10570 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SELIGMAN QUALITY MUNICIPAL FUND INC CENTRAL INDEX KEY: 0000862813 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-61515 FILM NUMBER: 06587415 BUSINESS ADDRESS: STREET 1: 100 PARK AVENUE STREET 2: 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2124480200 MAIL ADDRESS: STREET 1: 100 PARK AVENUE STREET 2: 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 SC 13D/A 1 thirdthree.txt DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT 2/7/06 1. NAME OF REPORTING PERSON Bulldog Investors-Karpus Group 2. CHECK THE BOX IF 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 ITEMS 2(d) AND 2(e) [] 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA ________________________________________________________________ 7. SOLE VOTING POWER NA 8. SHARED VOTING POWER NA 9. SOLE DISPOSITIVE POWER NA_______________________________________________________ 10. SHARED DISPOSITIVE POWER NA 11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON 1,151,750 12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES [] ________________________________________________________________ 13. PERCENT OF CLASS REPRESENTED BY ROW 11 24.41% 14. TYPE OF REPORTING PERSON NA ________________________________________________________________ 1. NAME OF REPORTING PERSON Bulldog Investors, Phillip Goldstein, Andrew Dakos 2. CHECK THE BOX IF 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 ITEMS 2(d) AND 2(e) [] 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA ________________________________________________________________ 7. SOLE VOTING POWER NA 8. SHARED VOTING POWER NA 9. SOLE DISPOSITIVE POWER NA_______________________________________________________ 10. SHARED DISPOSITIVE POWER NA 11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON 606,800 12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES [] ________________________________________________________________ 13. PERCENT OF CLASS REPRESENTED BY ROW 11 12.86% 14. TYPE OF REPORTING PERSON NA ________________________________________________________________ 1. NAME OF REPORTING PERSON Phillip Goldstein 2. CHECK THE BOX IF 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 ITEMS 2(d) AND 2(e) [] 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA ________________________________________________________________ 7. SOLE VOTING POWER 135,900 8. SHARED VOTING POWER 23,500 9. SOLE DISPOSITIVE POWER 334,400 _______________________________________________________ 10. SHARED DISPOSITIVE POWER 272,400 11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON 606,800 12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES [] ________________________________________________________________ 13. PERCENT OF CLASS REPRESENTED BY ROW 11 12.86% 14. TYPE OF REPORTING PERSON IA ________________________________________________________________ 1. NAME OF REPORTING PERSON Andrew Dakos 2. CHECK THE BOX IF 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 ITEMS 2(d) AND 2(e) [] 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA ________________________________________________________________ 7. SOLE VOTING POWER 272,400 8. SHARED VOTING POWER 0 9. SOLE DISPOSITIVE POWER 0_______________________________________________________ 10. SHARED DISPOSITIVE POWER 272,400 11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON 272,400 12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES [] ________________________________________________________________ 13. PERCENT OF CLASS REPRESENTED BY ROW 11 5.77% 14. TYPE OF REPORTING PERSON IA ________________________________________________________________ 1. NAME OF REPORTING PERSON Karpus Investment Management, Jo Ann Van Degriff, George W. Karpus, Karpus Management Inc., Urbana Partners L.P. 2. CHECK THE BOX IF 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 ITEMS 2(d) AND 2(e) [] 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA ________________________________________________________________ 7. SOLE VOTING POWER 544,950 8. SHARED VOTING POWER 0 9. SOLE DISPOSITIVE POWER 544,950 _____________________________________________ 10. SHARED DISPOSITIVE POWER 0 11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON 544,950 12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES [] ________________________________________________________________ 13. PERCENT OF CLASS REPRESENTED BY ROW 11 11.55% 14. TYPE OF REPORTING PERSON IA ________________________________________________________________D ATE OF This statement constitutes amendment No.3 to the Schedule 13D filed on September 23, 2005. Except as specifically set forth herein, the Schedule 13D remains unmodified. Item 2 is amended as follows: Item 2. IDENTITY AND BACKGROUND This statement is filed on behalf of Bulldog Investors, Phillip Goldstein, 60 Heritage Drive, Pleasantville, NY 10570 a principal of Bulldog Investors and Andrew Dakos, 43 Waterford Drive, Montville, NJ 07045, also a principal of Bulldog Investors. Mr.Goldstein and Mr. Dakos are self-employed investment advisors. This statement is also filed on behalf of Karpus Management, Inc. d/b/a Karpus Investment Management ("KIM"), George W. Karpus,President, Director and Controlling Stockholder and Jo Ann Van Degriff, Vice President and Director and Sophie Karpus, Director,183 Sullys Trail, Pittsford, New York, 14534. The principal business is investment management for individuals, pensions and profit sharing plans, corporations, endowments, trust and others specializing in conservative asset management (i.e. fixed income investments). During the past 5 years none of the above has been convicted in a criminal proceeding, nor been party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which they were or are 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. Each of the above are United States citizens. Item 4 is amended as follows: ITEM 4. PURPOSE OF TRANSACTION The filing persons have formed a group (the "Bulldog - Karpus Group") with the objective of affording all shareholders of the issuer an opportunity to obtain net asset value for their shares. The group beneficially owns 24.41% of the issuer's outstanding shares. To achieve its objective, the Bulldog - Karpus Group anticipates conducting a proxy contest and seeking to enlist other shareholders of the issuer to support its efforts but the group members have no agreement to buy, sell, hold or vote their shares together. Item 5 is amended as follows: ITEM 5. INTEREST IN SECURITIES OF THE ISSUER As per the annual report filed on 1/9/06 there were 4,717,985 shares of SQF outstanding as of 10/31/05. The percentage set forth in item 5 was derived using such number. 5a-b Bulldog Investors -Karpus Group are deemed to be the beneficial owners of 1,151,750 shares of SQF or 24.41% of the outstanding shares. Bulldog Investors, Phillip Goldstein and Andrew Dakos are deemed to be the beneficial owner of 606,800 shares of SQF or 12.86% of the outstanding shares. Mr. Phillip Goldstein is deemed to be the beneficial owner of 606,800 shares of SQF or 12.86% of the outstanding shares. Mr. Dakos is deemed to be the beneficial owner of 272,400 shares of SQF or 5.77% of the outstanding shares. Power to dispose of securities resides solely with Mr. Goldstein for 334,400 shares and jointly with Mr. Dakos for 272,400 shares. Power to vote securities resides solely with Mr. Goldstein for 135,900 shares and jointly for 23,500 shares. Power to vote securities resides solely with Mr. Dakos for 272,400 shares. KIM beneficially owns 526,880 shares of SQF or 11.17% of the outstanding shares. Karpus Management Inc. owns 1,550 shares. Jo Ann Van Degriff owns 2,870 shares, George W. Karpus owns 10,650 shares. KIM has the sole power to dispose of and vote all of such shares under limited powers of attorney. Additionally Urbana Partners L.P. beneficially owns 3,000 shares of SQF. Urbana Partners, L.P. is a hedge fund managed by Karpus Investment Management, of which George W. Karpus owns 5.71%. c) During the past 60 days the following shares of SQF were traded: KARPUS: 12/1/2005 1300 12.60 1/3/2006 5000 12.77 12/5/2005 3200 12.59 1/4/2006 7350 12.78 12/6/2005 4000 12.60 1/6/2006 1300 12.83 12/7/2005 500 12.59 1/9/2006 2100 12.84 12/8/2005 2100 12.60 1/10/2006 3400 12.85 12/14/20054700 12.56 1/11/2006 300 12.60 12/15/2005900 12.56 1/13/2006 100 12.60 12/16/20056000 12.60 1/17/2006 300 12.60 12/19/20056200 12.55 1/18/2006 -190 12.64 12/20/20051000 12.54 1/20/2006 8400 12.71 12/22/20055500 12.54 1/23/2006 8500 12.69 12/23/2005500 12.60 1/24/2006 3200 12.70 12/27/2005300 12.61 1/27/2006 200 12.84 12/30/2005700 12.74 1/30/2006 3400 12.82 1/31/2006 10800 12.89 BULLDOG: 2/3/06 40000 @ 12.84 5000 @ 12.83 1/30/06 300 @ 12.8 1/13/06 4000 @ 12.65 1/12/06 700 @ 12.65 1/9/06 1000 @ 12.85 1/6/06 100 @ 12.8 12/29/05 1300 @ 12.61 12/28/05 2600 @ 12.6 400 @ 12.59 12/20/05 1500 @ 12.55 12/19/05 1200 @ 12.55 12/16/05 1000 @ 12.59 12/15/05 6200 @ 12.6 d) Beneficiaries of managed accounts are entitled to receive any dividends or sales proceeds. e) NA Item 7 is amended a follows: ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit 1. Joint Filing Agreement. 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. Dated: 2/7/06 By: /s/ Phillip Goldstein Name: Phillip Goldstein By: /s/ Andrew Dakos Name: Andrew Dakos By: /s/ Dana R. Consler Name: Dana R. Consler Senior Vice President Karpus Management Inc. Exhibit 1 Joint Filing Agreement In accordance with Rule 13d-1 (k) (1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of the Schedule 13D(and all further amendments filed by them) with respect to the shares of SQF. Dated: 2/7/06 By: /s/ Phillip Goldstein Name: Phillip Goldstein By: /S/ Andrew Dakos Name: Andrew Dakos By: /s/ Dana R. Consler Name: Dana R. Consler Senior Vice President Karpus Management Inc. -----END PRIVACY-ENHANCED MESSAGE-----