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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)
Liberty Term Trust, Inc., 1999 (LTT)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
531282101
(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)
June 3, 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 is filing this schedule because of
Rule 13d-1(b) (3) or (4), check the following box. [x]
(Page 1 of 4)
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SCHEDULE 13D
CUSIP No. 531282101 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
655,700 shares
NUMBER OF
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 655,700 shares
PERSON
WITH
10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
655,700 shares
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.35%
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.
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ITEM 1 Security and Issuer
Common Stock
Liberty Term Trust Inc., 1999 ("LTT")
Federated Investors Tower
Pittsford, Pennsylvania 15222
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, trusts, and others,
specializing in conservative asset management (i.e.
fixed income investments).
d) None of George W. Karpus, JoAnn VanDegriff 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 adviser, has accumulated
655,700 shares of LTT on behalf of accounts that are managed
by KIM ("the Accounts") under limited powers of attorney,
which represents 13.35% 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 LTT (being a short term investment grade fund scheduled
to terminate on or by December 31, 1999) 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 655,700 shares
which represent 13.35% of the outstanding Shares.
Principal, Sophie Karpus, owns 700 shares purchased on
July 24, 1995 at a price of $7.375.
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KIM owns 2,000 shares purchased on July 24, 1995 at a
price of $7.375.
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.
Price Per Price Per
Date Shares Share Date Shares Share
3/19/98 1,500 8.50 4/23/98 1,500 8.5625
3/20/98 3,500 8.50 4/24/98 5,400 8.5625
4/6/98 200 8.5625 4/27/98 11,900 8.5625
4/7/98 1,400 8.5625 4/28/98 -400 8.5625
4/8/98 5,800 8.5625 4/28/98 2,400 8.5625
4/9/98 6,700 8.5625 4/29/98 5,200 8.5625
4/13/98 1,000 8.5625 5/4/98 100 8.5625
4/14/98 7,100 8.5625 5/5/98 11,900 8.5625
4/21/98 1,600 8.5625 5/29/98 1,500 8.625
4/22/98 2,300 8.5625
There have been no dispositions and no acquisitions, 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, Understanding, or Relationships
with Respect to the Issuer
Except as described above, there are no contracts,
arrangements, 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 LTT 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.
June 3, 1998 By: /s/ GEORGE W. KARPUS
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Date Signature
George W. Karpus, President
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Name / Title
