SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No 17)
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)
July 7, 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>
CUSIP No. 092474101 SCHEDULE 13D 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
986,042
Number of Shares
8. Shared Voting Power
Beneficially
Owned by Each
9. Sole Dispositive Power
Reporting Person
986,042
With
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
986,042
12. Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* / /
13. Percent of Class Represented by Amount in Row (11)
10.37%
14. Type of Reporting Person*
IA
*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.
<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 986,042 shares, which
represents 10.37% 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
5/3/99 7200 9.75 6/1/99 2000 9.625
5/4/99 -4700 9.75 6/2/99 2700 9.625
5/4/99 300 9.75 6/3/99 800 9.625
5/5/99 2650 9.75 6/4/99 2500 9.625
5/6/99 6375 9.75 6/7/99 4200 9.625
5/7/99 3200 9.6875 6/8/99 7600 9.625
5/7/99 600 9.75 6/9/99 4400 9.625
5/10/99 800 9.6875
5/24/99 500 9.625
5/25/99 200 9.625
5/26/99 -2000 9.625
5/26/99 2900 9.625
5/27/99 600 9.625
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.
July 7, 1999 By:/S/ George W. Karpus, Pres
- ------------ ---------------------------
Date Signature
George W. Karpus, President
---------------------------
Name/Title
