<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of l934
HYPERION 2002 TERM TRUST, INC.
(HTB)
(Name of Issuer)
448915108
(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)
November 12, 1998
(Date of Event which Requires Filing of this Statement)
If the person has previously filed a statement on Schedule 13G to report the
acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1 (b) (3) or (4), check the following box. [ ]
(Page 1 of 5 pages)
There are no exhibits.
<PAGE>
SCHEDULE 13D
CUSIP No. 448915108 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
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
1,845,385 shares
NUMBER OF
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH 1,845,835 shares
10. SHARED DISPOSITIVE POWER
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,845,835 shares
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14. TYPE OF REPORTING PERSON*
IA
*SEE INSTRUCTIONS BEFORE FILLING OUT! 2 of 7
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
ITEM 1 Security and Issuer
-------------------
Common Stock
Hyperion 2002 Term Trust, Inc.
Hyperion Capital Management, 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 VanDegriff, 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).
d) None of George W. Karpus, JoAnn VanDeGriff, or Sophie Karpus
(the "Principals") or KIM has been convicted in the past five
years of any criminal proceeding (excluding traffic
violations).
e) During the last five years non 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 judgement, 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 Condiderations
--------------------------------------------------
KIM, an independent investment advisor, has accumulated shares of
HTB on behalf of accounts that are managed by KIM ("the Accounts")
under limited powers of attorney. 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 fixed income manager, with a specialty focus in the closed end
fund sector, the profile of HTB fit the investment guidelines for
various Accounts. Shares have been acquired since September 19,
1993.
ITEM 5 Interest in Securities of the Issuer
------------------------------------
a) As of the date of this Report, KIM owns 1,845,835 shares, which
<PAGE>
represents 5.43% of the outstanding shares. George W. Karpus
(President of KIM) presently owns 4,000 shares (purchases of
6/1/95 600 shs.@ 7.25, 6/9/95 900 shares @ 7.375, 12/22/95
1,500 shares @ 7.125, 7/3/96 1,000 shares @ 6.875).
Sophie Karpus (Director) purchased 1,000 shares 11/7/94 @ 6.375.
JoAnn VanDeGriff (Vice-President and Director) purchased
12/19/96 200 shares @ 7.125 and 900 shares 12/20/96 @ 7.125.
Karpus Investment Management Profit Sharing Plan Fund-B
purchased 10/26/93 1,200 shares @ 7.75, 3/24/95 750 shares
@6.875 and 3/27/95 250 shares @ 6.875.
b) KIM has the sole power to dispose of and to vote all such
Shares under limited powers of attorney.
c) The first open market purchase occurred on February 8, 1995 as
previously reported. There have been no dispositions and no
acquisitions, other than by such open market purchases, during
such period unless indicated.
DATE SHARES PRICE PER DATE SHARES PRICE PER
SHARE SHARE
9/1/98 9,600 8.3125 10/13/98 -1,000 8.3122
9/3/98 100 8.3125 10/15/98 9,143 8.3125
9/4/98 750 8.3125 10/16/98 20,000 8.375
9/9/98 5,000 8.2500 10/19/98 20,250 8.375
9/16/98 7,000 8.4375 10/19/98 3,000 8.3125
9/17/98 4,000 8.3750 10/20/98 5,000 8.375
9/22/98 4,900 8.3750 10/21/98 10,000 8.3125
9/23/98 13,600 8.3750 10/22/98 3,000 8.375
9/28/98 7,000 8.3750 10/27/98 -1,200 8.375
9/29/98 117,700 8.3750 10/27/98 6,000 8.3125
9/30/98 8,250 8.3750 10/27/98 7,500 8.375
10/1/98 20,400 8.375 10/28/98 30,400 8.3125
10/2/98 17,450 8.375 10/29/98 1,100 8.3125
10/5/98 44,300 8.375 10/30/98 5,200 8.375
10/6/98 2,000 8.375 10/27/98 6,000 8.3125
10/9/98 23,500 8.3125 10/27/98 7,500 8.375
10/28/98 30,400 8.3125
10/29/98 1,100 8.3125
10/30/98 5,200 8.375
The Accounts have the right to receive all dividends from. any
proceeds for the sale of the Shares. KIM reserves the right to
further accumulate or sell shares. None of the Accounts has an
interest in shares constituting more than 5% of the Share
outstanding.
ITEM 6 Contracts, Arrangements, Understandings, or Relationships with
--------------------------------------------------------------
Respect to Securities of 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 BAT securities.
<PAGE>
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 the statement is true,
complete, and correct.
Karpus Management, Inc.
November 13, 1998 By: /s/ George W. Karpus, Pres
- ----------------- ------------------------------
Date
George W. Karpus, President
---------------------------
Name / Title
