-----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, A+5CORVJoVoKCqzXSZ8aKiP9/k6YSTUX2X4U1rxDft/cXSGLphNELnSyxeAALFyt SI21T/CnllVbKd6nQ8iqCw== 0001048703-04-000035.txt : 20040223 0001048703-04-000035.hdr.sgml : 20040223 20040223142630 ACCESSION NUMBER: 0001048703-04-000035 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20040223 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: HYPERION 2005 INVESTMENT GRADE OPPORTUNITY TERM TRUST INC CENTRAL INDEX KEY: 0000895415 IRS NUMBER: 521806085 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-47945 FILM NUMBER: 04621734 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 SC 13D/A 1 hto02-04.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A Under the Securities Exchange Act of 1934 (Amendment No 67) 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 183 Sullys Trail Pittsford, New York 14534 (585) 586-4680 (Name, Address, and Telephone Number of Person Authorized to Receive Notices and Communications) February 23, 2004 (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 5 pages) 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) 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 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 1,705,670 shares of HTO on behalf of accounts that are managed by KIM (?the Accounts?) under limited powers of attorney, which represents 10.04% 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 1,625,645 shares, which represent 9.57 % of the outstanding shares. Sophie Karpus (Director) presently owns 575 shares purchased on December 6, 1999 at a price of $8.05 per share and sold July 2, 2001 at $9.41 (25 shares) and at $9.42 (50 shares), April 29, 2002 at $9.81 (50 shares), May 24 at $9.87 (50 shares), and July 11,at $9.94 (50 shares) . KIM Profit Sharing Plan owns 1,700 shares purchased on July 22, 1997 at a price of $7.875 (1500 shares), and March 15, 2001 at 8.94 (750 shares); and sold on June 27, 2001 at $9.39 (25 shares), July 3 at $9.41 (75 shares), May 31, 2002 at $9.90 (50 shares), June 21 at $9.92 (50 shares), July11 at $9.94 (50shares), November 26 at $9.85 (50 shares), November 27 at $9.86 (50 shares), January 2, 2003 at $9.80 (50 shares), January 3 at $9.81 (50 shares), January 7 at $9.82 (50 shares), and January 8 at $9.83 (50 shares). Karpus Management, Inc. presently owns 4500 shares purchased on December 2 & 16,1999 at a price of $8.00 per share, and sold on April 9, 2003 at $ 9.85 (50 shares), May 15 & 20 at $9.86 (100 shares), May 22 at $ 9.95 (50 shares), and May 22, 27, & 30 at $ 9.90 (150 shares), July 14, 2003 at $9.83 (50 shares) and at $9.84 (50 shares). Dana R. Consler currently owns 1650 shares purchased on October 31, 1997 at $8.19 (750 shares), September 17, 1999 at $8.00 (450 shares), and June 22, 23, & 26, 2000 at $7.81 (800 shares), and sold on November 5 at $9.84 (50 shares), November 26 at $9.85 (50 shares), November 27 at $9.86 (50shares), January 2, 2003 at $9.80 (50 shares), January 3 at $9.81 (50 shares, January 7 at $9.82 (50 shares) and January 8 at $9.83 (50 shares). None of the other Principals of KIM currently owns shares of HTO. 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 90 days for the Accounts. There have been no dispositions and no acquisition, other than by such open market purchases, during such period. DATE SHARES PRICE PER DATE SHARES PRICE PER SHARE SHARE 12/24/2003 1450 9.61 1/26/2004 - -4400 9.77 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. February 23, 2004 By: _________________________ Date Signature Joann Van Degriff, Senior Vice President Name /Title -----END PRIVACY-ENHANCED MESSAGE-----