Filing Details

Accession Number:
0001048703-20-000091
Form Type:
13D Filing
Publication Date:
2020-05-28 15:55:10
Filed By:
Karpus Management, Inc.
Company:
Oxford Lane Capital Corp. (NASDAQ:OXLC)
Filing Date:
2020-05-28
SEC Url:
13D Filing
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Karpus Investment Management 1,575,743 0 1,635,743 0 1,635,743 18.57%
George W. Karpus 45,611 26,740 45,611 26,740 72,351 Less than 1%
Filing
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. 7) 1

Oxford Lane Capital Corp
(Name of Issuer)

Cumulative Preferred
(Title of Class of Securities)

691254433, 691543508, 691543607
(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)

May 26, 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. 691254433, 691543508, 691543607
 
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
 
1,575,743
8
SHARED VOTING POWER
 
0
9
SOLE DISPOSITIVE POWER
 
1,635,743
10
SHARED DISPOSITIVE POWER
 
0
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,635,743
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
18.57%
14
TYPE OF REPORTING PERSON
 
IA

 
CUSIP NO. 691254433, 691543508, 691543607
 
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
 
45,611 *
8
SHARED VOTING POWER
 
26,740 *
9
SOLE DISPOSITIVE POWER
 
45,611 *
10
SHARED DISPOSITIVE POWER
 
26,740 *
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
72,351 *
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 Items 2 and 5.

 
CUSIP NO. 691254433, 691543508, 691543607
 
 
The following constitutes Amendment No. 7 to the Schedule 13D (as amended, the Schedule D") filed by the undersigned. This Amendment No. 7 amends the Schedule 13D as specifically set forth herein.
 
 
Item 2.
Identity and Background.
 
Item 2 of the Schedule 13D is hereby amended and restated as follows:
a) This statement is filed by:
  • (i) Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus"); and
(ii) George W. Karpus, the President and CEO of Karpus. Mr. Karpus owns Shares individually and may be deemed the beneficial owner of Shares held by The Karpus Family Foundation, Inc.and Karpus Investment Management Profit Sharing Plan Fund C- Growth Common Stock Fund (collectively, the "Karpus Entities").
Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Each of the Reporting Persons is party to that certain Joint Filing Agreement as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
Set forth on Schedule A annexed hereto ("Schedule A") is the name and present principal business, occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted of the executive officers and directors of Karpus. To the best of the Reporting Persons' knowledge, except as otherwise set on Schedule A, none of the persons listed on Schedule A beneficially owns any securities of the Issuer or is a party to any contract, agreement or understanding required to be disclosed herein.
(b) The address of the principal office of each of the Reporting Persons is 183 Sully's Trail, Pittsford, New York 14534.
(c) The principal business of Karpus is serving as a registered investment adviser who provides investment management for individuals, pension plans, profit sharing plans, corporations, endowments, trusts, and others. The principal occupation of Mr. Karpus is serving as the President and CEO of Karpus.
(d) No Reporting Person nor any person listed on Schedule A has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) No Reporting Person nor any person listed on Schedule A has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or 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) Karpus is organized under the laws of the State of New York. Mr. Karpus is a citizen of the United States of America.
 
CUSIP NO. 691254433, 691543508, 691543607
 
 
 
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 1,635,743 Shares on behalf of accounts that are managed by Karpus (the “Accounts”) under limited powers of attorney, which represents 18.57% 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 1,635,743 Shares beneficially owned by Karpus Investment Management is approximately $39,760,265, 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 72,351 Shares held by Mr. Karpus and the Karpus Entities is approximately $1,749,319, 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. 691254433, 691543508, 691543607
 
 
Item 5.
Interest in Securities of the Issuer.
 
Item 5 is hereby amended and restated as follows:
 
The aggregate percentage of Shares reported owned by each Reporting Person is based upon 8,809,416 Shares outstanding, which is the total number of Shares outstanding as of March 31, 2020 as reported in the Issuer’s Certified Shareholder Report of Registered Management Investment Companies on Form N-CSR, filed with the Securities and Exchange Commission on May 8, 2020.
 

 
CUSIP NO. 691254433, 691543508, 691543607
 
 
Item 6.
Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer..
 
On May 26, 2020, the Reporting Person entered into a Joint Filing Agreement, among other things, the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of Issuer. The Joint Filing Agreement is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
Item 7.
Materials to be Filed as Exhibits..
 
Exhibit 99.2 Joint Filing Agreement dated May 26, 2020.

 
CUSIP NO. 69125443, 691543508, 691543607
 
 
 
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:   May 28, 2020

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

 
CUSIP NO. 691254433, 6911543508, 691543607
 
 
 
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
95 Shares
Dana R. Consler
Executive Vice President
183 Sully’s Trail, Pittsford, New York 14534
1,200 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. 691254433, 691543508, 691543607
 
SCHEDULE B
 
Transactions in the Shares of OLXCM 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)

Purchase of Common Stock
315
$18.61
3/30/2020
Purchase of Common Stock
297
$19.61
3/31/2020
Sale of Common Stock
(650)
$18.08
4/2/2020
Purchase of Common Stock
120
$17.54
4/3/2020
Sale of Common Stock
(1,305)
$17.74
4/6/2020
Purchase of Common Stock
25
$18.41
4/7/2020
Sale of Common Stock
(415)
$18.90
4/8/2020
Sale of Common Stock
(1,000)
$19.56
4/14/2020
Sale of Common Stock
(600)
$18.81
4/20/2020
Sale of Common Stock
(200)
$18.43
4/21/2020
Purchase of Common Stock
275
$20.48
4/24/2020
Sale of Common Stock
(1,200)
$20.28
4/27/2020
Sale of Common Stock
(925)
$20.35
4/28/2020
Sale of Common Stock
(5,950)
$20.01
4/29/2020
Sale of Common Stock
(125)
$20.15
4/30/2020
Purchase of Common Stock
350
$20.07
5/1/2020
Sale of Common Stock
(250)
$20.00
5/4/2020
Sale of Common Stock
(736)
$20.50
5/12/2020
Sale of Common Stock
(5,075)
$19.99
5/13/2020
Sale of Common Stock
(1,400)
$21.00
5/14/2020
Sale of Common Stock
(1,100)
$21.22
5/19/2020
Sale of Common Stock
(725)
$21.42
5/20/2020
Sale of Common Stock
(1,025)
$22.36
5/22/2020

 
SCHEDULE B
 
Transactions in OXLCO 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
(200)
$19.07
4/6/2020
Sale of Common Stock
(318)
$20.14
4/20/2020
Sale of Common Stock
(250)
$21.70
4/29/2020
Sale of Common Stock
(116)
$21.99
5/13/2020
Sale of Common Stock
(668)
$22.59
5/14/2020
Sale of Common Stock
(284)
$22.59
5/15/2020
Sale of Common Stock
(1,152)
$22.72
5/18/2020
Sale of Common Stock
(124)
$22.97
5/20/2020
Sale of Common Stock
(201)
$23.50
5/21/2020
Sale of Common Stock
(116,703)
$23.80
5/26/2020

 
 
SCHEDULE B
 
Transactions in OXLCP 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)

Purchase of Common Stock
3,200
$17.40
3/30/2020
Purchase of Common Stock
2,660
$17.82
3/31/2020
Purchase of Common Stock
370
$17.20
4/1/2020
Sale of Common Stock
(310)
$16.75
4/6/2020
Purchase of Common Stock
1,140
$18.27
4/14/2020
Purchase of Common Stock
800
$18.00
4/17/2020
Sale of Common Stock
(280)
$18.00
4/20/2020
Sale of Common Stock
(40)
$17.25
4/21/2020
Sale of Common Stock
(200)
$17.80
4/22/2020
Purchase of Common Stock
630
$18.00
4/23/2020
Sale of Common Stock
(840)
$18.90
4/27/2020
Sale of Common Stock
(1,250)
$18.88
4/28/2020
Sale of Common Stock
(1,850)
$18.86
4/29/2020
Purchase of Common Stock
2
$19.07
4/30/2020
Sale of Common Stock
(50)
$18.39
5/4/2020
Sale of Common Stock
(80)
$18.10
5/7/2020
Purchase of Common Stock
2,460
$18.12
5/8/2020
Sale of Common Stock
(670)
$18.28
5/13/2020
Sale of Common Stock
(1,760)
$19.22
5/14/2020
Purchase of Common Stock
170
$20.01
5/18/2020
Purchase of Common Stock
1,480
$19.60
5/19/2020
Sale of Common Stock
(3,310)
$19.47
5/20/2020
Purchase of Common Stock
3,460
$20.48
5/21/2020
Purchase of Common Stock
180
$20.60
5/22/2020
Purchase of Common Stock
2,070
$21.39
5/26/2020
 

 
CUSIP NO. 691254433, 691543508, 69154360
 
 
 
EXHIBIT 99.2
 
Joint Filing Agreement
 

In accordance with Rule 13d-1(k)(1)(iii) 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 a Statement on Schedule 13D (including additional amendments thereto), dated the date hereof, with respect to the shares of Oxford Lane Capital Corp. This Joint Filing Agreement shall be filed as an Exhibit to such statement. May 26, 2020

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

 
/s/ George W. Karpus
 
GEORGE W. KARPUS