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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No 3)
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)
April 7, 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 5 pages)
There are no exhibits.
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CUSIP No. 09247A101 SCHEDULE 13D Page 2 of 5 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
590,700 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 590,700 Shares
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With
10 Shared Dispositive Power
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
590,700 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)
6.21%
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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
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
2 of 7
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ITEM 1 Security and Issuer
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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
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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
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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
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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.
ITEM 5 Interest in Securities of the Issuer
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a) As of the date of this Report, KIM owns 590,700 shares, which
represents 6.21% of the outstanding Shares. George W. Karpus,
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(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) The first open market purchase occurred on February 8, 1995 as
previously reported. Open market purchases since May 30, 1997 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
Date Shares Per Share Date Shares Per Share
5/30/97 -1,100 8.625 12/31/97 3,000 9.375
6/2/97 -100 8.625 1/2/98 300 9.375
6/3/97 -5,800 8.625 1/8/98 1,500 9.375
6/9/97 -3,000 8.625 1/9/98 -1,000 9.375
6/19/97 -2,000 8.875 1/12/98 4,800 9.375
6/25/97 -5,000 8.875 1/13/98 7,300 9.375
7/14/97 -1,000 8.9375 1/14/98 10,900 9.4375
7/21/97 -1,950 8.9375 1/15/98 16,100 9.5
8/5/97 4,100 8.9375 1/16/98 5,400 9.5
8/8/97 5,900 8.9375 1/20/98 2,300 9.5
8/11/97 4,100 8.875 1/21/98 3,200 9.5
8/12/97 200 8.875 1/22/98 1,000 9.5
8/13/97 100 8.875 2/13/98 1,200 9.4375
8/14/97 300 8.875 2/13/98 9,000 9.5
8/15/97 5,300 8.875 2/17/98 600 9.4375
8/22/97 500 8.875 2/18/98 4,200 9.4375
8/25/97 1,100 8.875 2/18/98 10,000 9.5
9/11/97 400 8.875 2/24/98 100 9.5
10/07/97 -10,000 9.4375 2/25/98 -1,300 9.5625
10/16/97 2,000 9.125 3/3/98 3,200 9.5
10/20/97 -500 9.0625 3/5/98 3,600 9.4375
12/4/97 2,000 9.375 3/6/98 300 9.375
12/11/97 200 9.4375 3/12/98 800 9.375
12/12/97 4,200 9.3125 3/13/98 3,100 9.375
12/15/97 6,800 9.3125 3/16/98 500 9.375
12/16/97 6,800 9.3125 3/17/98 7,900 9.375
12/19/97 6,100 9.3125 3/19/98 300 9.375
12/23/97 5,500 9.375 3/23/98 500 9.375
12/30/97 200 9.5 3/24/98 19,500 9.375
3/30/98 -3,800 9.625
3/31/98 -1,900 9.5
3/31/98 -4,300 9.625
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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.
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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.
ITEM 7 Materials to be Filed as Exhibits
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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 7, 1998 By: /s/ George W. Karpus Pres
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Date Signature
George W. Karpus, President
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Name / Title
