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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of l934
(Amendment #5)
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)
April 6, 1999
(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 4 pages)
There are no exhibits.
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SCHEDULE 13D
CUSIP No. 448915108 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
7. Sole Voting Power
2,519,060
Number of Shares
8. Shared Voting Power
Beneficially
Owned by Each
9. Sole Dispositive Power
Reporting Person
2,519,060
With
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
2,519,060
12. Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* / /
13. Percent of Class Represented by Amount in Row (11)
7.42%
14. Type of Reporting Person*
IA
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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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 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 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 2,519,060 shares, which
represents 7.42% 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
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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
2/1/99 2800 8.375 3/2/99 3000 8.3125
2/2/99 35,900 8.375 3/3/99 200 8.3125
2/2/99 -500 8.375 3/4/99 6900 8.3125
2/3/99 8000 8.375 3/5/99 5175 8.3125
2/4/99 11,900 8.375 3/5/99 -200 8.4125
2/5/99 8400 8.375 3/8/99 3200 8.3125
2/8/99 17,700 8.375 3/8/99 -1000 8.375
2/9/99 19,800 8.375 3/8/99 1000 8.375
2/10/99 5400 8.375 3/9/99 -200 8.4372
2/11/99 16,300 8.375 3/10/99 -500 8.4372
2/12/99 1800 8.375 3/11/99 5000 8.375
2/16/99 4500 8.375 3/12/99 9000 8.3125
2/17/99 35,175 8.375 3/12/99 275 8.375
2/18/99 22,750 8.375 3/15/99 -700 8.4372
2/19/99 15,950 8.375 3/15/99 400 8.3125
2/19/99 -10,000 8.375 3/16/99 -5000 8.4372
2/22/99 -3550 8.437 3/16/99 7600 8.375
2/22/99 8200 8.375 3/17/99 -1100 8.4372
2/23/99 -600 8.437 3/17/99 10000 8.375
2/23/99 9150 8.375 3/18/99 3200 8.375
2/24/99 15,000 8.375 3/19/99 -15400 8.4372
2/25/99 53,900 8.375 3/19/99 200 8.375
2/25/99 -500 8.375 3/19/99 15000 8.4375
3/22/99 10900 8.375
3/23/99 -950 8.375
3/23/99 22900 8.375
3/24/99 4100 8.375
3/24/99 200 8.405
3/25/99 1800 8.375
3/25/99 -2500 8.375
3/25/99 33600 8.375
3/29/99 2500 8.4375
3/30/99 -1500 8.375
3/30/99 3000 8.4375
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 HTB 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 the statement is true,
complete, and correct.
Karpus Management, Inc.
April 6, 1999 By: /s/ George W. Karpus, President
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Date Signature
George W. Karpus, President
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Name / Title
