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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No 2)
BLACKROCK ADVANTAGE TERM TRUST, INC.
(BAT)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
09247A101
(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)
March 9, 1998
(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 7 pages)
There are no exhibits.
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CUSIP No. 09247A101 SCHEDULE 13D Page 2 of 7 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
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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
566,750 shares
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Number of Shares
8 Shared Voting Power
Beneficially
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Owned by Each
9 Sole Dispositive Power
Reporting Person 566,750 shares
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With
10 Shared Dispositive Power
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
566,750 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
5.95%
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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
Blackrock Advantage Term Trust, Inc.
Blackrock Financial Management L. P.
345 Park Ave.
31 St. floor
New York, New York 10154
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, 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
BAT 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 BAT fit the investment guidelines for
various Accounts. Shares have been acquired since February 8, 1995.
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ITEM 5 Interest in Securities of the Issuer
a) As of the date of this Report, KIM owns 566,750 shares, which
represents 5.95% of the outstanding Shares. George W. Karpus,
(President of KIM) presently owns 3,000 shares purchased on
February 27, 1997 at a price of $8.625 per share. Karpus
Investment Management Profit Sharing Plan owns 1,000 shares
purchased on June 9, 1995 at a price of $8.625 per share. 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) Open market purchases since February 8, 1995 for the
Accounts. There have been no dispositions and no
acquisitions, other than by such open market purchases,
during such period unless indicated.
Price Price
Per Per
Date Shares Share Date Shares Share
2/8/95 13,700 8 6/16/95 1,900 8.625
2/9/95 1,300 8 6/19/95 100 8.625
4/7/95 1,500 8.125 6/20/95 3,100 8.625
4/17/95 500 8.125 6/21/95 2,900 8.625
4/18/95 10,400 8.125 6/22/95 5,900 8.625
4/19/95 2,700 8.125 6/23/95 5,200 8.625
5/5/95 3,700 8.375 6/26/95 1,000 8.625
5/8/95 1,200 8.375 6/27/95 6,300 8.625
5/9/95 2,900 8.375 6/28/95 1,100 8.625
5/11/95 1,600 8.5 6/29/95 1,300 8.625
5/12/95 7,800 8.5 6/30/95 48,250 8.625
5/15/95 600 8.5 7/3/95 5,300 8.625
5/17/95 6000 8.375 7/5/95 4,200 8.625
5/18/95 2,100 8.375 7/6/95 500 8.625
5/19/95 2,200 8.375 7/7/95 1,800 8.625
5/22/95 2,500 8.375 7/10/95 1,100 8.625
5/23/95 1,500 8.375 7/11/95 14,900 8.625
5/25/95 100 8.5 7/12/95 5,050 8.625
5/26/95 1,600 8.5 7/13/95 7,100 8.625
5/30/95 1,100 8.5 8/9/95 6,500 8.375
5/31/95 5,750 8.5 8/11/95 7,000 8.25
6/1/95 7,400 8.5 8/22/95 1,200 8.125
6/2/95 4,800 8.625 8/23/95 1,200 8.125
6/6/95 800 8.625 8/24/95 1,100 8.125
6/7/95 5,150 8.625 10/26/95 1,500 8.5
6/8/95 4,500 8.625 12/29/95 5,300 8.625
6/9/95 13,200 8.625 1/2/96 700 8.625
6/12/95 1,300 8.625 1/10/96 3,200 8.625
6/13/95 5,800 8.625 1/11/96 3,500 8.625
6/14/95 8,400 8.625 1/12/96 4,300 8.625
6/15/95 1,600 8.625 1/15/96 1,100 8.625
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Price Price
Per Per
Date Shares Share Date Shares Share
1/16/96 1,700 8.625 12/30/96 300 8.625
1/17/96 700 8.625 1/16/97 1,000 8.5
3/12/96 6,500 8.375 1/21/97 100 8.5
3/26/96 1,500 8.375 1/22/97 6,400 8.5
3/27/96 9,000 8.375 1/23/97 1,500 8.625
4/2/96 1,000 8.25 1/24/97 1,500 8.625
4/3/96 600 8.25 1/27/97 1,000 8.625
4/4/96 10,900 8.25 1/28/97 1,000 8.625
4/9/96 16,700 8.125 1/29/97 1,000 8.625
4/10/96 8,300 8.125 1/30/97 1,000 8.75
4/30/96 4,000 8.125 3/13/97 -12,000 8.625
5/13/96 2,000 8.125 3/18/97 -8,000 8.625
5/14/96 5,000 8.125 3/26/97 -11,200 8.625
5/16/96 500 8.125 3/27/97 1,000 8.5
6/6/96 -400 8.25 3/31/97 -3,100 8.5
6/7/96 1,000 8.125 3/31/97 3,000 8.5
6/13/96 -2,000 8.125 4/1/97 -1,100 8.625
6/13/96 500 8 4/2/97 1,500 8.5
6/14/96 1,400 8 4/2/97 -700 8.625
6/17/96 1,200 8 4/3/97 -1,000 8.625
6/18/96 3,100 8 4/8/97 1,000 8.5
6/19/96 1,300 8 4/10/97 2,500 8.5
6/20/96 1,550 8 4/11/97 2,500 8.5
6/21/96 3,800 8 4/15/97 -2,200 8.625
6/24/96 2,500 8 4/16/97 -900 8.625
6/25/96 1,100 8 4/17/97 -900 8.5
6/26/96 3,200 8 4/21/97 -400 8.625
6/27/96 200 8 4/23/97 2,000 8.5
7/5/96 19,600 8 4/24/97 -200 8.625
7/8/96 1,200 8 4/25/97 -300 8.625
7/19/96 2,500 8.125 4/29/97 -900 8.625
7/23/96 1,000 8 4/30/97 -400 8.625
8/2/96 2,500 8.25 5/1/97 -500 8.625
8/8/96 2,500 8.25 5/2/97 -300 8.625
8/9/96 4,500 8.25 5/5/97 -2,300 8.625
8/13/96 19,500 8.25 5/6/97 -1,600 8.625
9/13/96 2,000 8.25 5/9/97 -1,800 8.625
9/17/96 1,100 8.25 5/12/97 -200 8.625
9/18/96 61,600 8.25 5/13/97 -1,200 8.625
9/19/96 10,000 8.25 5/14/97 -550 8.625
10/31/96 -5,000 8.5 5/16/97 -1,300 8.625
11/13/96 -3,000 8.625 5/19/97 -200 8.625
11/27/96 100 8.625 5/21/97 -500 8.625
11/29/96 1,800 8.625 5/27/97 -2,000 8.625
12/2/96 1,100 8.625 5/28/97 -300 8.625
12/11/96 4,000 8.5 5/29/97 -600 8.625
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Price Price
Per Date Per
Date Shares Share Date Shares Share
5/30/97 -1,100 8.625 10/20/97 -500 9.0625
6/2/97 -100 8.625 12/4/97 2,000 9.375
6/3/97 -5,800 8.625 12/11/97 200 9.4375
6/9/97 -3,000 8.625 12/12/97 4,200 9.3125
6/19/97 -2,000 8.875 12/15/97 6,800 9.3125
6/25/97 -5,000 8.875 12/16/97 6,800 9.3125
7/14/97 -1,000 8.9375 12/19/97 6,100 9.3125
7/21/97 -1,950 8.9375 12/23/97 5,500 9.375
8/5/97 4,100 8.9375 12/30/97 200 9.5
8/8/97 5,900 8.9375 12/31/97 3,000 9.375
8/11/97 4,100 8.875 1/2/98 300 9.375
8/12/97 200 8.875 1/8/98 1,500 9.375
8/13/97 100 8.875 1/9/98 -1,000 9.375
8/14/97 300 8.875 1/12/98 4,800 9.375
8/15/97 5,300 8.875 1/13/98 7,300 9.375
8/22/97 500 8.875 1/14/98 10,900 9.4375
8/25/97 1,100 8.875 1/15/98 16,100 9.5
9/11/97 400 8.875 1/16/98 5,400 9.5
10/07/97 -10,000 9.4375 1/20/98 2,300 9.5
10/16/97 2,000 9.125 1/21/98 3,200 9.5
1/22/98 1,000 9.5
2/13/98 1,200 9.4375
2/13/98 9,000 9.5
2/17/98 600 9.4375
2/18/98 4,200 9.4375
2/18/98 10,000 9.5
2/24/98 100 9.5
2/25/98 -1,300 9.5625
The above listed transactions have totaled 566,750 shares. The
Accounts have the right to receive all dividends from, any
proceeds from the sale of the 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 BAT securities.
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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.
March 9, 1998 By: /s/ George W. Karpus Pres
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Date Signature
George W. Karpus, President
Name / Title
