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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No 5.)
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)
December 14, 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 pages)
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SCHEDULE 13D
CUSIP No. 448918102 Page 2 of 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
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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
1,527,183 shares
NUMBER OF
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH 1,527,183 shares
10. SHARED DISPOSITIVE POWER
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,527,183 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)
7.23%
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14. TYPE OF REPORTING PERSON*
IA
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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
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
1,527,183 shares of HTO on behalf of accounts that are managed
by KIM ("the Accounts" under limited powers of attorney, which
represents 7.23% 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 1,527,183 shares,
which represent 7.23% 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.
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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.
SHARE SHARE
10/1/98 900 8.75 11/4/98 -4,400 8.875
10/5/98 3,900 8.75 11/5/98 -100 8.875
10/6/98 3,100 8.75 11/9/98 1,600 8.6875
10/6/98 2,000 8.8125 11/12/98 100 8.625
10/7/98 2,000 8.75 11/20/98 -1050 8.687
10/12/98 1,200 8.6875
10/13/98 2,400 8.6875
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.
December 14, 1998 By: /s/ George W. Karpus
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Date Signature
George W. Karpus, President
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Name /Title
