<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No 11)
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)
January 19, 1999
(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 4 pages)
There are no exhibits.
<PAGE>
SCHEDULE 13D
CUSIP No. 09247A101 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
776,600
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH -----------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH 776,600
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
776,600
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.16%
- --------------------------------------------------------------------------------
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
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.
ITEM 5 Interest in Securities of the Issuer
a) As of the date of this Report, KIM owns 776,600 shares, which
represents 8.16% 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
<PAGE>
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 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
11/6/98 -5000 10 12/15/98 15000 9.6875
11/6/98 -9800 10.062 12/16/98 -2000 9.6875
11/9/98 -3500 10.062 12/18/98 1000 9.75
11/10/98 -3800 10.062 12/29/98 -750 9.75
11/11/98 -900 10.062
11/24/98 -500 9.812
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 BAT 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.
January 19, 1999 By: /s/ George W. Karpus
- ---------------- --------------------------------
Date Signature
George W. Karpus, President
--------------------------------
Name/Title
