SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No 29)
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 6, 2000
(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)
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 2,268,453
shares of HTO on behalf of accounts that are managed by KIM ("the
Accounts") under limited powers of attorney, which represents 13.26%
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 2,268,453 shares, which
represent 13.26% of the outstanding shares. George W. Karpus owns
3,000 shares purchased on July 5, 1996 at a price of $7.125. Sophie
Karpus (Director) presently owns 800 shares purchased on December 6,
1999 at a price of $8.05 per share. KIM Profit Sharing Plan owns
1,500 shares purchased on July 22, 1997 at a price of $7.875. Karpus
Management, Inc. presently owns 5000 shares purchased on
December 2 & 16, 1999 at a price of $8.00 per share.
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
10/2/00
9300
8.25
11/6/00
4300
8.3125
10/3/00
10600
8.25
11/7/00
4500
8.3125
10/4/00
10200
8.25
11/8/00
2400
8.3125
10/5/00
15875
8.25
11/9/00
-200
8.3125
10/5/00
-4575
8.25
11/17/00
600
8.3125
10/6/00
4000
8.25
11/30/00
1400
8.4375
10/9/00
4500
8.25
10/11/00
3425
8.25
10/30/00
750
8.375
10/31/00
2350
8.3125
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 6, 2000 By: _________________________
Date Signature
George W. Karpus, President
Name /Title
