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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
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)
April 7, 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 5)
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SCHEDULE 13D
CUSIP No. 531282101 Page 2 of 5 Pages
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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
ID# 16-1290558
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7. SOLE VOTING POWER
NUMBER OF 643,800 Shares
SHARES -------------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY
EACH
REPORTING -------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH
643,800 Shares
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10. SHARED DISPOSITIVE POWER
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
643,800 Shares
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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)
13.1%
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14. TYPE OF REPORTING PERSON*
I.A.
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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ITEM 1 Security and Issuer
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Common Stock
Liberty Term Trust Inc., 1999 ("LTT")
Federated Investors Tower
Pittsford, Pennsylvania 15222
ITEM 2 Identity and Background
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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
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KIM, an independent investment adviser, has accumulated
643,800 shares of LTT on behalf of accounts that are managed
by KIM ("the Accounts") under limited powers of attorney,
which represents 13.1% of the outstanding shares. All funds that
have been utilized in making such purchases are from such Accounts.
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ITEM 4 Purpose of Transaction
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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
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a) As of the date of this Report, KIM owns 643,800 shares
which represent 13.1% of the outstanding Shares.
Principal, Sophie Karpus, owns 700 shares purchased on
July 24, 1995 at a price of $7.375. 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 120 days for the Accounts.
Price Per Price Per
Date Shares Share Date Shares Share
12/3/97 2,100 8.375 1/28/98 4,900 8.5
12/4/97 3,400 8.375 1/29/98 8,200 8.5
12/5/97 6,300 8.375 1/30/98 2,100 8.5
12/8/97 13,300 8.375 2/2/98 8,700 8.5
12/10/97 2,400 8.375 2/3/98 10,200 8.5
12/11/97 15,200 8.375 2/4/98 3,500 8.5
12/11/97 1,500 8.4375 2/5/98 13,600 8.5
12/12/97 3,000 8.375 2/6/98 3,500 8.5
12/18/97 4,100 8.375 2/9/98 3,900 8.5
12/19/97 12,900 8.3125 2/10/98 7,800 8.5
12/23/97 3,500 8.375 2/11/98 2,000 8.5
1/5/98 3,000 8.4375 2/12/98 4,000 8.5
1/12/98 -3,000 8.4375 2/13/98 5,300 8.5
1/12/98 -3,000 8.5 2/17/98 7,900 8.5
1/21/98 5,000 8.5 2/18/98 2,800 8.5
1/22/98 11,200 8.5 2/19/98 3,600 8.5
1/23/98 900 8.5 2/20/98 10,800 8.5
1/26/98 200 8.5 2/23/98 3,200 8.5
1/27/98 10,500 8.5 3/19/98 1,500 8.5
3/20/98 3,500 8.5
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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 is Shares constituting more than 5%
of the Shares outstanding.
ITEM 6 Contracts, Arrangements, Understanding, or Relationships with Respect
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to Securities of the Issuer.
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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
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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.
April 7, 1998 /s/ George W. Karpus Pres
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Date Signature
George W. Karpus, President
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Name / Title
