SCHEDULE 13D
DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT
NA
1. NAME OF REPORTING PERSON
The Coalition for Shareholder Democracy
2. CHECK THE BOX IF MEMBER OF A GROUP a[X]
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
4,216,589
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES []
________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
16.93%
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[X]
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
2,096,671
9. SOLE DISPOSITIVE POWER
2,096,671_______________________________________________________
10. SHARED DISPOSITIVE POWER
NA
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
2,096,671
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES []
________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
8.41%
14. TYPE OF REPORTING PERSON
NA
________________________________________________________________
1. NAME OF REPORTING PERSON
Karpus Investment Management, Karpus Investment Management
Profit Sharing Plan, Jo Ann Van Degriff, George W. Karpus, Dana
R. Consler
2. CHECK THE BOX IF MEMBER OF A GROUP a[X]
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
1,263,218
8. SHARED VOTING POWER
0
9. SOLE DISPOSITIVE POWER
1,263,218_____________________________________________
10. SHARED DISPOSITIVE POWER
0
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
1,263,218
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES []
________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
5.07%
14. TYPE OF REPORTING PERSON
IA
________________________________________________________________
1. NAME OF REPORTING PERSON
Laxey Partners Limited, Andrew Pegge and Colin Kingsnorth
2. CHECK THE BOX IF MEMBER OF A GROUP a[X]
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
BRITISH
________________________________________________________________
7. SOLE VOTING POWER
856,700
8. SHARED VOTING POWER
NA
9. SOLE DISPOSITIVE POWER
856,700_______________________________________________________
10. SHARED DISPOSITIVE POWER
NA
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
856,700
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES []
________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
3.44%
14. TYPE OF REPORTING PERSON
NA
________________________________________________________________
This statement constitutes amendment No.11 to the Schedule 13D
filed on October 20, 2004. Except as specifically set forth
herein, the Schedule 13D remains unmodified.
Item 4 is amended as follows:
ITEM 4. PURPOSE OF TRANSACTION
The shares have been purchased for investment purposes.
Item 5 is amended as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
a.b. As per the semi-annual report dated June 30th, 2005 there
were 24,910,025 shares of GF outstanding. The percentage set
forth in this item (5a) was derived using such number.
The Coalition for Shareholders Democracy is deemed to be the
beneficial owners of 4,216,589 shares of GF or 16.93% of the
outstanding shares.
Bulldog Investors, Phillip Goldstein and Andrew Dakos are deemed
to be the beneficial owner of 2,096,671 shares of GF or 8.41% of
the outstanding shares. Power to vote or dispose securities
resides with Phillip Goldstein, Andrew Dakos or with the
beneficial owners of managed accounts.
KIM beneficially owns 1,263,218 shares of GF or 5.07% of the
outstanding shares. Karpus Investment Management Profit Sharing
Plan owns 7,575 shares. Jo Ann Van Degriff owns 4,315 shares,
George W. Karpus owns 9,065 shares and Dana R. Consler owns 665
shares. KIM has the sole power to dispose of and vote all of
such shares under limited powers of attorney.
KARPUS INVESTMENT MANAGEMENT DEFINED BENEFIT PLAN PRESENTLY
OWNS 430 SHARES. GARNSEY PARTNERS L.P. IS A HEDGE FUND MANAGED BY KARPUS
INVESTMENT MANAGEMENT, OF WHICH GEORGE W. KARPUS OWNS 6.1%, JO ANN VAN
DEGRIFF OWNS 0.72%, AND KATHLEEN F. CRANE OWNS 0.07%. GARNSEY
PARTNERS L.P. CURRENTLY OWNS 32,940 SHARES. APOGEE PARTNERS L.P. IS
ALSO A HEDGE FUND MANAGED BY KARPUS INVESTMENT MANAGEMENT OF
WHICH GEORGE W. KARPUS OWNS 1.43% AND DANA R. CONSLER OWNS
0.66%. APOGEE PARTNERS L.P. OWNS 70,900 SHARES OF GF. NONE OF
THE OTHER PRINCIPALS OF KIM PRESENTLY OWNS SHARES OF GF.
Colin Kingsnorth and Andrew Pegge have the authority to dispose
and/or vote shares beneficially owned by the following entities:
Value Catalyst Fund Limited 219,414
Laxey Investors Limited 141,816
Laxey Investors LP 93,726
Laxey Universal Value LP 28,482
LP Value LTd 187,048
Altima SICAV PLC 101,404
Sprugos 54,800
LEAF 30,010
c. During the last sixty days the following shares of common
stock were traded:
BULLDOG INVESTORS
5/22/06 BOT 2500 11.94
Karpus
DATE SHARES PRICE PER SHARE DATE SHARES PRICE PER SHARE
4/6/2006 -10000 13.64 5/2/2006 -13200 14.32
4/7/2006 -5800 13.64 5/3/2006 -13500 14.10
4/10/2006 -1660 13.24 5/4/2006 -3600 14.16
4/11/2006 -10000 13.35 5/5/2006 -7300 14.37
4/12/2006 -3975 13.34 5/8/2006 -2500 14.45
4/21/2006 -225 13.70 5/10/2006 -1515 14.68
4/24/2006 -2000 13.93 5/11/2006 -12900 14.60
4/25/2006 -4500 13.95 5/15/2006 3000 13.09
4/26/2006 -3500 14.01 5/22/2006 4275 11.94
4/27/2006 -6000 14.12 5/22/2006 -80 11.93
4/28/2006 -7900 14.10 5/23/2006 -2000 12.16
5/24/2006 -1400 12.07
5/25/2006 -11361 12.40
5/25/2006 435 12.26
5/26/2006 -2000 12.92
5/31/2006 -2040 12.80
Laxey, Andrew Pegge and Colin Kingsnorth
TradeType Date Amount Price
Buy 15/03/06 18,200 12.3999
Buy 17/03/06 800 12.66
Buy 20/03/06 300 12.79
Sell Long 08/05/06 13,400 14.4549
Buy 16/05/06 3,500 13.2416
Buy 16/05/06 4,200 13.2416
Buy 16/05/06 1,200 13.2416
Buy 16/05/06 1,000 13.2416
Buy 16/05/06 6,300 13.2416
Buy 16/05/06 1,300 13.2416
Buy 16/05/06 7,500 13.2416
Buy 17/05/06 6,300 12.8281
Buy 17/05/06 7,600 12.8281
Buy 17/05/06 2,200 12.8281
Buy 17/05/06 1,800 12.8281
Buy 17/05/06 11,300 12.8281
Buy 17/05/06 2,200 12.8281
Buy 17/05/06 13,500 12.8281
Buy 18/05/06 1,000 12.765
Buy 18/05/06 1,000 12.765
Buy 18/05/06 2,800 12.765
Buy 18/05/06 3,400 12.765
Buy 18/05/06 800 12.765
Buy 18/05/06 5,000 12.765
Buy 18/05/06 6,000 12.765
Buy 19/05/06 4,700 12.3633
Buy 19/05/06 5,700 12.3633
Buy 19/05/06 1,700 12.3633
Buy 19/05/06 1,400 12.3633
Buy 19/05/06 8,400 12.3633
Buy 19/05/06 1,700 12.3633
Buy 19/05/06 10,000 12.3633
Buy 22/05/06 20,000 11.9423
Buy 24/05/06 10,000 11.8518
Buy 24/05/06 10,000 11.8518
Buy 08/06/06 2,200 11.5897
Buy 08/06/06 3,000 11.5897
Buy 08/06/06 900 11.5897
Buy 08/06/06 4,100 11.5897
Buy 08/06/06 4,800 11.5897
d. Beneficiaries of managed accounts are entitled to receive any
dividends or sales proceeds.
Item 6 is amended as follows:
Item 6.
Contracts, Arrangements, Understandings or Relationships with
respect to Securities of the issuer
The filing persons have formed an informal group (the "The
Coalition for Shareholder Democracy") with the unwritten
objective of affording all shareholders of the issuer an
opportunity to obtain net asset value for their shares. The
Coalition for Shareholder Democracy beneficially owns 16.93% of
the issuer's outstanding shares. The members of the Coalition
for Shareholder Democracy have not agreed to jointly take any
specific measures to achieve the group's objective and they have
no agreement to buy, sell, hold or vote their shares together.
Any member of The Coalition for Shareholder Democracy may take
actions it deems to be consistent with the group's objective
without the consent of any other members of the group. In
addition, any member of the Coalition for Shareholder Democracy
may act in the best interests of its own clients regardless of
whether such action is in the best interest of the group.
Item 7 is amended as follows:
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
None.
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: 6/9/06
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.
By: /s/ Colin Kingsnorth
Name: Colin Kingsnorth
By: /s/ Andrew Pegge
Name: Andrew Pegge