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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No 14)
2002 Target Term Trust, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
902106103
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(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
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(Name, Address, and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 7, 1999
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(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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NUMBER OF 7 SOLE VOTING POWER
SHARES 636,200
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
636,200
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
636,200
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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)
8.15%
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14 TYPE OF REPORTING PERSON*
IA
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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
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 636,200 shares which
represents 8.15% 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.
There have been no disposition and no acquisitions, other than by such open
market purchases and sales during such period.
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Price Per Price Per
DATE Shares Share Date Shares Share
---- ------ ----- ---- ------ -----
4/1/99 1200 14.1875 5/4/99 2600 14.1875
4/5/99 4100 14.1875 5/5/99 100 14.1875
4/6/99 1400 14.1875 5/6/99 4500 14.1875
4/8/99 2350 14.25 5/13/99 -500 14.3125
4/9/99 -750 14.25 5/14/99 2500 14.1875
4/9/99 3400 14.25 5/17/99 2800 14.1875
4/15/99 -500 14.1875 5/18/99 1800 14.1875
4/15/99 3500 14.1875 5/19/99 1100 14.1875
4/16/99 1000 14.1875 5/20/99 3300 14.1875
4/19/99 300 14.1875
4/20/99 4700 14.1875
4/21/99 -500 14.25
4/21/99 6200 14.1875
4/22/99 3000 14.25
4/22/99 100 14.1875
4/23/99 3800 14.1875
4/23/99 -2250 14.25
4/26/99 400 14.1875
4/27/99 4300 14.1875
4/28/99 7000 14.1875
4/29/99 2300 14.1875
4/30/99 200 14.1875
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* The 2250 shares from 04-23-99 and 500 from 05-13 were transferred out of our
client's account.
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.
June 7, 1999 By: /s/ George W. Karpus
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Date Signature
George W. Karpus, President
Name /Title
