The results of blanket design studies for a lead-bismuth eutectic (LBE)-cooled accelerator transmutation of waste system are presented. These studies focused primarily on achieving two important and somewhat contradictory performance objectives: First, maximizing discharge burnup, so as to minimize the number of successive recycle stages and associated recycle losses, and second, minimizing burnup reactivity loss over an operating cycle, to minimize reduction of source multiplication with burnup. The blanket is assumed to be fueled with a nonuranium metallic dispersion fuel; pyrochemical techniques are used for recycle of residual transuranic (TRU) actinides in this fuel after irradiation. The key system objective of high-discharge burnup is shown to be achievable in a configuration with comparatively high power density and relatively low burnup reactivity loss. System design and operating characteristics that satisfy these goals while meeting key thermal-hydraulic and materials-related design constraints have been preliminarily developed. Results of the performance evaluations indicate that an average discharge burnup of ~27% is achieved with a ~3.5-yr fuel residence time. Reactivity loss over the half-year cycle is 5.3%k. The peak fast fluence value at discharge, the TRU fraction in the charged fuel, and the peak coolant velocity are well within the assumed design limits. Owing to its use of nonuranium fuel, this proposed LBE-cooled system can consume light water reactor-discharge TRUs at the maximum rate achievable per unit of fission energy produced (~1.0 g/MWd).