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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No 7)
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)
September 10, 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 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 4 pages)
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SCHEDULE 13D
CUSIP No. 902106103 Page 2 of 4 Pages
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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
643,800 shares
NUMBER OF ------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 643,800 shares
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
643,800 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)
8.26%
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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
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 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 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 respec 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.
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 643,800 shares which
represents 8.25% 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 for the last 60 days.
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Date Shares Price Per Date Shares Price Per
Share Share
7/1/98 4,800 13.9375 7/21/98 2,000 13.9375
7/2/98 3,500 13.875 7/29/98 250 13.9375
7/6/98 5,250 13.875 7/30/98 400 13.9375
7/8/98 2,000 13.875 7/31/98 400 13.9375
7/9/98 2,000 13.875 8/4/98 1,200 14.00
7/10/98 2,000 13.875 8/7/98 750 14.00
7/13/98 7,300 13.875 8/10/98 1,500 14.00
7/14/98 14,200 13.875 8/18/98 7,000 14.00
7/15/98 2,500 13.9375 8/28/98 2,700 14.00
7/20/98 -2,000 13.9375 8/31/98 8,500 14.00
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.
September 10, 1998 By:/s/ George W. Karpus
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Date Signature
George W. Karpus, President
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Name / Title
