<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
2002 Target Term Trust, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
902106103
(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 5, 1997
(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 the Schedule 13D,
and is filing this schedule because of Rule 13d-1(b)(3) or (4),
check the following box. [x]
(page 1 of pages)
<PAGE>
SCHEDULE 13D
CUSIP No. 902106103 Page 2 of 6 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
ID# 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
Number of 428,325 Shares
Shares -------------------------------------------------------------
Beneficially 8. Shared Voting Power
Owned by
Each
Reporting -------------------------------------------------------------
Person 9. Sole Dispositive Power
With
428,325 Shares
-------------------------------------------------------------
10. Shared Dispositive Power
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
- --------------------------------------------------------------------------------
12. Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* / /
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
5.50%
- --------------------------------------------------------------------------------
14. Type of Reporting Person*
IA
- --------------------------------------------------------------------------------
*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.
<PAGE>
ITEM 1 Security and Issuer
-------------------
Common Stock
2002 Target Term Trust, Inc. ("TTR")
1285 Avenue of the Americas
New York, New York 10019
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, 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 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 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 State corporation.
ITEM 3 Source and Amount of Funds or Other Considerations
--------------------------------------------------
KIM, an independent investment advisor, has accumulated shares of
TTR 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.
The aggregate purchase price of all the Shares purchased is
$5,537,772.52.
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 TTR (being a
conservative investment grade fund) 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 428,325 shares which
represents 5.50% of the outstanding Shares. George W. Karpus
owns 1,500 shares purchased on December 13, 1996 at a price
of $13.625 per share. None of the other Principals or KIM
presently own Shares.
b) KIM has the sole power to dispose of and to vote all of such
Shares under limited powers of attorney.
c) Open market purchases and sales since November 9, 1994 for
the Accounts.
<PAGE>
Purchase/ Price per Purchase/ Price Per
Sale Date Shares Share Sale Date Shares Share
11/9/94 3,500 $10.375 6/29/95 19,600 12
11/16/94 -1,300 10.75 7/17/95 18,500 12
11/17/94 -1,700 10.75 7/17/95 -1,500 11.875
11/18/94 -500 10.75 7/26/95 1,100 11.875
11/22/94 1,700 10.75 8/1/95 1,000 11.875
11/23/94 300 10.75 8/10/95 1,500 12
11/28/94 500 10.875 8/15/95 1,000 11.875
12/7/94 1,100 11.125 8/16/95 5,000 11.875
12/8/94 1,900 11.125 8/18/95 2,500 11.875
12/9/94 11,200 11 9/12/95 -63,800 12.5
12/12/94 2,400 11 1/3/96 -40,200 13
12/13/94 1,400 11 1/4/96 -40,200 13.25
12/20/94 300 10.875 1/8/96 -36,500 13.125
12/21/94 8,600 10.875 1/9/96 -40,350 13.25
12/22/94 4,000 10.875 1/29/96 -36,600 13.375
12/30/94 1,000 10.75 1/31/96 -300 13.5
2/10/95 2,000 11 2/26/96 2,000 12.5
3/9/95 2,900 11.25 2/29/96 10,000 12.375
3/10/95 2,100 11.25 3/12/96 4,000 12.375
4/27/95 200 11.375 5/10/96 -3,000 12.375
4/28/97 4,400 11.375 8/13/96 2,000 12.5
5/2/95 5,300 11.375 8/16/96 2,700 12.5
5/4/95 1,500 11.375 8/19/97 4,800 12.5
5/25/95 2,000 11.75 8/20/96 3,900 12.5
6/5/95 1,300 12 8/21/96 6,000 12.5
6/6/95 12,800 12 8/23/96 100 12.5
6/7/95 800 12 8/27/96 -2,000 12.75
6/9/95 3,800 12 9/24/96 300 12.5
6/12/95 41,800 11.875 9/26/96 1,200 12.5
6/13/95 11,000 11.875 10/17/96 1,700 12.5
6/14/95 2,500 11.875 10/24/96 1,750 12.625
6/16/95 300 11.75 10/25/96 1,500 12.625
6/20/95 1,000 11.875 12/4/96 5,100 12.75
6/20/95 2,300 11.75 12/5/96 6,300 12.75
6/23/95 2,600 12 12/6/96 55,000 12.75
6/26/95 7,500 12 12/18/96 1,700 12.75
6/27/95 12,100 12 12/18/96 4,300 12.75
6/28/95 13,400 12 12/20/96 2,000 12.75
<PAGE>
Date Shares Price Date Shares Price
12/23/96 2,300 12.625 4/18/97 1,000 12.625
12/24/96 200 12.625 4/24/97 7,900 12.625
1/3/97 950 12.75 5/19/97 5,000 12.75
1/6/97 1,700 12.75 5/20/97 500 12.625
1/17/97 750 12.625 5/29/97 1,000 12.625
1/22/97 4,000 12.625 6/16/97 1,500 13
1/23/97 2,200 12.625 6/20/97 3,000 13
1/24/97 10,000 12.625 6/23/97 3,500 13
1/27/97 15,700 12.625 6/24/97 2,100 13
1/29/97 10,700 12.625 6/24/97 -500 13
1/30/97 2,700 12.625 6/25/97 8,600 13
1/31/97 3,600 12.625 6/26/97 2,400 13
2/3/97 2,100 12.625 6/27/97 1,900 13
2/4/97 7,700 12.625 6/30/97 3,400 13
2/5/97 3,700 12.625 7/1/97 6,600 13
2/6/97 1,500 12.625 7/2/97 7,350 13
2/7/97 3,100 12.625 7/8/97 10,200 13.1875
2/12/97 3,200 12.625 7/9/97 4,700 13.1875
2/13/97 4,000 12.625 7/10/97 9,600 13.1875
2/19/97 1,550 12.625 7/11/97 1,900 13.125
2/20/97 600 12.625 7/15/97 8,800 13.125
2/21/97 12,800 12.75 7/16/97 2,975 13.125
2/24/97 4,600 12.625 7/17/97 1,300 13.125
2/25/97 900 12.625 7/18/97 3,500 13.125
2/26/97 1,900 12.625 7/21/97 4,800 13.125
2/27/97 3,200 12.75 7/22/97 6,000 13.125
2/28/97 1,500 12.625 7/23/97 2,900 13.125
3/3/97 1,000 12.625 7/24/97 500 13.1875
3/4/97 10,050 12.625 7/25/97 7,900 13.125
3/10/97 1,000 12.75 7/30/97 3,000 13.25
3/21/97 2,200 12.625 7/31/97 500 13.25
3/24/97 2,300 12.625 8/1/97 9,500 13.25
3/31/97 750 12.625 8/5/97 24,250 13.1875
4/3/97 1,500 12.625 8/6/97 700 13.1875
4/4/97 7,000 12.625 8/7/97 1,000 13.25
4/7/97 5,100 12.625 8/11/97 2,300 13.25
4/15/97 1,000 12.625 8/12/97 100 13.25
4/16/97 6,700 12.625 8/18/97 300 13.1875
4/17/97 800 12.625 8/18/97 13,600 13.25
<PAGE>
Purchase/ Price Per
Sale Date Shares Share
8/19/97 19,400 13.125
8/19/97 200 13.1875
8/20/97 3,300 13.1875
8/21/97 600 13.125
8/22/97 3,000 13.0625
8/25/97 3,000 13.1875
8/26/97 3,000 13.0625
8/27/97 14,000 13.0625
8/28/97 1,000 13.125
9/16/97 2,000 13.1875
9/18/97 2,000 13.25
10/3/97 -1,800 13.5
10/6/97 -60,700 13.5
There have been no disposition and no acquisitions, other than by
such open market purchases and sales, during such period.
ITEM 6 Contract, 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 TTR 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 8, 1997 By: /s/ George W. Karpus, President
- ---------------- ---------------------------------
Date Signature
George W. Karpus, President
---------------------------
Name/Title
