<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No 8)
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 14, 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)
<PAGE>
SCHEDULE 13D
CUSIP No. 902106103 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
725,800 shares
NUMBER OF ------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 725,800 shares
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
725,800 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.30%
- --------------------------------------------------------------------------------
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 assets 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 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.
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 725,800 shares
which represents 9.30 % 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.
<PAGE>
PRICE PER PRICE PER
DATE SHARE SHARES DATE SHARES SHARE
11/3/98 400 14.125 11/16/98 500 14.125
11/5/98 6,000 14.0625 11/17/98 3,500 14.125
11/5/98 700 14.125 11/18/98 4,500 14.125
11/6/98 1,950 14.0625 11/19/98 300 14.125
11/9/98 1,000 14.125 11/24/98 5800 14.125
11/9/98 1,000 14.0655 11/25/98 1600 14.125
11/12/98 2,000 14.1875 11/30/98 2700 14.125
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 14, 1998 By: /s/ George W. Karpus
- ------------------ ------------------------------
Date Signature
George W. Karpus, President
---------------------------
Name / Title
