SC 13D/A 1 tmt04-03.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A Under the Securities and Exchange Act of 1934 (Amendment No. 1) TCW/DW Term Trust 2003 (TMT) (Name of Issuer) Common Stock (Title of Class of Securities) 87234U108 (CUSIP Number) George W. Karpus, President Karpus Management, Inc. d/b/a Karpus Investment Management 183 Sullys Trail Pittsford, New York 14534 (585) 586-4680 (Name, Address, and Telephone Number of Person Authorized to Receive Notices and Communications) April 9, 2003 (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. [x] (Page 1 of 6 pages) Exhibit One Attached. ITEM 1 Security and Issuer Common Stock TCW/DW Term Trust 2003 Morgan Stanley Services Company Inc. 1221 Avenue of the Americas New York, NY 10020 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) 183 Sullys Trail 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 investments). 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 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 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 Considerations KIM, an independent investment advisor, has accumulated shares of TMT 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 TMT fit the investment guidelines for various Accounts. Shares have been acquired since February 22, 1995. ITEM 5 Interest in Securities of the Issuer a) As of the date of this report, KIM owns 2,747,970 shares, which represents 3.54% of the outstanding Shares. George W. Karpus presently owns 6900 shares purchased February 27, 1997 at $7.34 (3400 shares) and December 4, 1998 at $9.5 (3500 shares). Karpus Investment Management Profit Sharing Plan owns 2,800 shares purchased on December 4, 1998 at a price of $9.5 per share (1100 shares), March 15, 2001at $10.00 (500 shares), June 24, 2002 at $10.78 (500 shares), February 21 and 24, 2003 at $10.79 (200 shares), and March 24 at $10.72 (500 shares). Sophie Karpus (Director) presently owns 1600 shares purchased December 4, 1998 at a price of $9.50 (700 shares), February 21 and 24, 2003 at $10.79 (100 shares), and March 13 at $10.73 (800 shares). Dana R. Consler presently owns 800 shares purchases May 17, 2001 at $10.09. None of the other Principals presently owns shares. b) KIM has the sole power to dispose of and to vote all of such Shares under limited powers of attorney. c) The first open market purchase occurred on February 22, 1995 as previously reported. Open market purchases for the last 60 days for the Accounts. 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 2/4/2003 3225 10.82 3/5/2003 51175 10.76 2/5/2003 3700 10.82 3/6/2003 45500 10.75 2/11/2003 5800 10.8 3/7/2003 15600 10.75 2/12/2003 -1000 10.82 3/10/2003 2000 10.76 2/12/2003 900 10.8 3/11/2003 20000 10.73 2/14/2003 10200 10.8 3/12/2003 64400 10.73 2/18/2003 30525 10.8 3/13/2003 68525 10.73 2/19/2003 9200 10.79 3/14/2003 30500 10.73 2/20/2003 6000 10.8 3/17/2003 -1250 10.73 2/21/2003 18615 10.79 3/17/2003 25550 10.73 2/24/2003 13000 10.79 3/18/2003 18975 10.73 2/25/2003 500 10.78 3/19/2003 8750 10.73 3/20/2003 16300 10.73 3/21/2003 10800 10.73 3/24/2003 22950 10.72 3/24/2003 -125 10.72 3/25/2003 25200 10.71 3/26/2003 -375 10.71 3/26/2003 2900 10.72 3/27/2003 23200 10.71 3/28/2003 4800 10.7 3/31/2003 2000 10.73 The Accounts have the right to receive all dividends from, any proceeds from 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 Shares 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 TMT 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. April 9, 2003 By:________________________ Date Signature George W. Karpus, President Name/Title Exhibit One Letter Faxed and Sent to Fund President Mr. Mitchell M. Merin, President March 17, 2003 TCW/DW Term Trust 2003 Morgan Stanley Services Company Inc. 1221 Avenue of the Americas New York, NY 10020 Mr. Merin, I am a portfolio manager at an investment management firm that represents beneficial ownership of 2,588,545 shares of the TCW/DW Term Trust 2003 as of March 14, 2003. In my analysis of this security, I have noticed that you have not yet filed a plan of liquidation for the Fund. Upon filing this plan of liquidation, you may reclassify the monthly distribution of the Fund from income to return of capital. Such a reclassification will reduce Fund Shareholders? (who are subject to taxation) tax liability on this income stream. I strongly encourage Fund management to file a plan of liquidation as soon as possible in order to reduce the tax liability of Shareholders. Such action will cause no ill-affects, while enhancing the return of this investment for many Fund Shareholders. It appears that this action was taken for the TCW/DW Term Trust 2002 but it only enabled the reclassification of the last four monthly distributions. Other similar term trusts have employed this technique and were able to reclassify their entire last 12 months of distributions. Please contact me if you wish to further discuss this matter. My phone number is (585) 586-4680 (ext. 235). I look forward to seeing your plan of liquidation. Thank you for your time and consideration. Sincerely, Cody B. Bartlett Jr., CFA