-----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, T0ABTl+Ow5mVFJddiu1plr6EYSNj9NNg9r5VXXBan61wP8E6841BEbR9QXnr2QgA WoMeF6niUQ70WIkw04SOVQ== 0000889812-98-002205.txt : 19980918 0000889812-98-002205.hdr.sgml : 19980918 ACCESSION NUMBER: 0000889812-98-002205 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980917 SROS: NYSE SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: HYPERION 2005 INVESTMENT GRADE OPPORTUNITY TERM TRUST INC CENTRAL INDEX KEY: 0000895415 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 521806085 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-47945 FILM NUMBER: 98710708 BUSINESS ADDRESS: STREET 1: ONE LIBERTY PLAZA STREET 2: 165 BROADWAY, 36TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10006-1404 BUSINESS PHONE: 212-549-8400 MAIL ADDRESS: STREET 1: ONE LIBERTY PLAZA STREET 2: 165 BROADWAY, 36TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10006-1404 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.) Hyperion 2005 Investment Grade Opportunity Term Trust, Inc. (HTO) (Name of Issuer) Common Stock (Title of Class of Securities) 448918102 (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) September 10, 1998 (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 subject of this Schedule 13D, and if filing this schedule because of Rule 13d-1(b) (3) or (4), check the following box. [ ] (Page 1 of 4) SCHEDULE 13D CUSIP No. 448918102 Page 2 of 4 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 I.D.# 16-1290558 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] 3. SEC USE ONLY 4. SOURCE OF FUNDS* AF 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 1,420,383 shares NUMBER OF SHARES 8. SHARED VOTING POWER BENEFICIALLY OWNED BY EACH REPORTING 9. SOLE DISPOSITIVE POWER PERSON WITH 1,420,383 shares 10. SHARED DISPOSITIVE POWER 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,420,383 shares 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.73% 14. TYPE OF REPORTING PERSON* IA *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. ITEM 1 Security and Issuer Common Stock Hyperion 2005 Investment Grade Opportunity Term Trust, Inc. 1 Liberty Plaza 165 Broadway 36th Floor New York, New York 10006 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 Van Degriff, 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, trust, and others, specializing in conservative asset management (i.e. fixed income investments). d) None of George W. Karpus, JoAnn Van Degriff 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 5 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 1,420,383 shares of HTO on behalf of accounts that are managed by KIM ("the Accounts" under limited powers of attorney, which represents 6.73% of the outstanding shares. All funds that have been utilized in making such purchases are from such Accounts. ITEM 4 Purpose of Transaction KIM has purchased Shares for investment purposes. Being primarily a conservative, fixed income manager, with a specialty focus in the closed end fund sector, the profile of HTO fit the investment guidelines for various Accounts. ITEM 5 Interest in Securities of the Issuer a) As of the date of this Report, KIM owns 1,420,383 shares which represent 6.73% of the outstanding shares. George W. Karpus owns 3,000 shares purchased on July 5, 1996 at a price of $7.125. KIM Profit Sharing Plan owns 1,500 shares purchased on July 22, 1997 at a price of $7.875. b) KIM has the sole power to dispose of and to vote all such Shares under limited powers of attorney. c) Open market purchases in the last 60 days for the Accounts. Date Shares Price Per Date Shares Price Per Share Share 7/15/98 2,000 8.50 8/5/98 4,600 8.5 7/16/98 2,500 8.4375 8/6/98 800 8.4375 7/17/98 5,000 8.4375 8/7/98 1,000 8.4375 7/17/98 -5,000 8.4375 8/10/98 1,900 8.5 7/22/98 750 8.5625 8/11/98 100 8.5 7/23/98 1,800 8.4375 8/12/98 2,000 8.4375 7/24/98 800 8.4375 8/12/98 10,000 8.5 7/24/98 2,500 8.50 8/13/98 12,900 8.4375 7/27/98 3,000 8.50 8/17/98 10,700 8.5 7/28/98 3,100 8.4375 8/21/98 16,700 8.5625 7/29/98 1,800 8.4375 8/24/98 1,700 8.5625 7/29/98 1,250 8.50 8/25/98 13,000 8.5625 7/30/98 4,300 8.4375 8/26/98 1,750 8.5625 7/31/98 1,600 8.4375 8/28/98 22,700 8.625 8/5/98 5,800 8.4375 There have been no dispositions and no acquisition, 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, arrangement, 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 the HTO 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. September 10, 1998 By: /s/ George W. Karpus - ------------------ ------------------------- Date Signature George W. Karpus, President Name /Title -----END PRIVACY-ENHANCED MESSAGE-----