<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 12)
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 7, 1999
(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)
<PAGE>
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 649,400
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
649,400
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
649,400
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.22%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
- --------------------------------------------------------------------------------
<PAGE>
ITEM 1 Security and Issuer
Common Stock
Liberty Term Trust Inc., 1999 ("LTT")
Federated Investors Tower
Pittsburgh, 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 649,400 shares
of LTT on behalf of accounts that are managed by KIM ("the Accounts")
under limited powers of attorney, which represents 13.22% 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 649,400 shares which
represent 13.22% 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.
<PAGE>
c) Open market purchases in the last 60 days for the Accounts.
<TABLE>
<CAPTION>
PRICE PER PRICE PER
DATE SHARES SHARE DATE SHARES SHARE
<S> <C> <C> <C> <C> <C>
4/1/99 -1000 8.9375 5/26/99 -4000 9
4/26/99 -29000 8.9375 5/26/99 5000 8.9375
5/26/99 -5000 8.9375
5/27/99 30000 8.9375
5/27/99 -30000 8.9375
</TABLE>
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 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 7, 1999 By: /s/ George W. Karpus
- ------------ -------------------------
Date Signature
George W. Karpus, President
---------------------------
Name / Title
