-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950136-06-001255.txt : 20060223
<SEC-HEADER>0000950136-06-001255.hdr.sgml : 20060223
<ACCEPTANCE-DATETIME>20060223151422
ACCESSION NUMBER:		0000950136-06-001255
CONFORMED SUBMISSION TYPE:	N-2/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20060223
DATE AS OF CHANGE:		20060223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Long-Term Municipal Advantage Trust
		CENTRAL INDEX KEY:			0001343793
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-129767
		FILM NUMBER:		06639326

	BUSINESS ADDRESS:	
		STREET 1:		40 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		800-882-0052

	MAIL ADDRESS:	
		STREET 1:		40 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Municipal Advantage Income Trust
		DATE OF NAME CHANGE:	20051108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Long-Term Municipal Advantage Trust
		CENTRAL INDEX KEY:			0001343793
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21835
		FILM NUMBER:		06639327

	BUSINESS ADDRESS:	
		STREET 1:		40 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		800-882-0052

	MAIL ADDRESS:	
		STREET 1:		40 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Municipal Advantage Income Trust
		DATE OF NAME CHANGE:	20051108
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>file001.htm
<DESCRIPTION>FORM N-2/A
<TEXT>
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<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">As
filed with the Securities and Exchange Commission on
February
23,
2006</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: right; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Securities
Act Registration No. 333-129767<br>
Investment Company Registration No.
811-21835</p>
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<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">SECURITIES
AND EXCHANGE
COMMISSION</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Washington,
D.C. 20549</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:16pt;  width: 456pt; text-align: center; font-style: normal; line-height: 18pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">FORM
N-2</p>
<img src="spacer.gif" height="10" width="1"><br>
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<div style="padding:0;margin:0;text-align:center;">

<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="414"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="42"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF
1933</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="xbox.gif" alt="[X]" width="10" height="10">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Pre-Effective
Amendment No.
5</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="xbox.gif" alt="[X]" width="10" height="10">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Post-Effective
Amendment No.
&nbsp;&nbsp;</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="ebox.gif" alt="[ ]" width="10" height="10">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>and/or</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>REGISTRATION
STATEMENT UNDER<br>THE INVESTMENT COMPANY
ACT OF
1940</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="xbox.gif" alt="[X]" width="10" height="10">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>AMENDMENT
NO.
5</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="xbox.gif" alt="[X]" width="10" height="10">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
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</div>
</div>
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<td><img src="spacer.gif" width="1" height="8"></td>
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<td><img src="spacer.gif" height="1" width="237"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
<td><img src="spacer.gif" height="1" width="237"></td>
<td><img src="spacer.gif" height="1" width="475"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
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<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">BlackRock
Long-Term Municipal Advantage Trust</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:8pt;  width: 456pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">(Exact Name of Registrant As
Specified In Declaration of
Trust)</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">100 Bellevue
Parkway<br>Wilmington, Delaware
19809</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:8pt;  width: 456pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">(Address of
Principal Executive Offices)</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">(800)
882-0052</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:8pt;  width: 456pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">(Registrant's
Telephone Number, Including Area
Code)</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Robert S. Kapito,
President<br>BlackRock Long-Term Municipal
Advantage Trust<br> 40 East 52nd
Street<br>New York, New York
10022</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:8pt;  width: 456pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">(Name and
Address of Agent for
Service)</p>
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<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
<td><img src="spacer.gif" height="1" width="237"></td>
<td><img src="spacer.gif" height="1" width="475"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
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<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="font-weight: bold; font-style: italic">Copies
to:</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="228"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="228"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Michael
K. Hoffman, Esq.<br>Skadden, Arps, Slate,
Meagher &amp; Flom LLP<br>Four Times
Square<br>New York, New York
10036</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Leonard B. Mackey, Jr.,
Esq.<br>Clifford Chance US
LLP<br>31 West 52<sup>nd</sup>
Street<br>New York, NY
10019</b></font></td>
</tr>
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<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
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<table border="0" cellpadding="0" cellspacing="0" width="602">
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<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
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<td><img src="spacer.gif" height="1" width="237"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
<td><img src="spacer.gif" height="1" width="237"></td>
<td><img src="spacer.gif" height="1" width="475"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>Approximate
Date of Proposed Public Offering:</b>&nbsp;&nbsp;&nbsp; As soon as practicable
after the effective date of this Registration Statement.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES
ACT OF
1933</p>
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<td><img src="spacer.gif" height="1" width="0"></td>
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<div style="padding:0;margin:0;text-align:center;">

<table style="border-top:.5pt solid #000000; border-bottom:.5pt solid #000000; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="167"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="86"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="61"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="64"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
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<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Title
of Securities Being Registered</font></td>
<td style="border-bottom: 1px solid #000000;background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Amount
Being<br> Registered</font></td>
<td style="border-bottom: 1px solid #000000;background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Proposed<br>
Maximum<br> Offering Price<br> per
Unit</font></td>
<td style="border-bottom: 1px solid #000000;background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Proposed<br> Maximum<br>
Aggregate<br> Offering Price</font></td>
<td style="border-bottom: 1px solid #000000;background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Amount
of<br> Registration
Fee</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Common Shares, $.001
par
value</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">15,000,000
shares</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$15.00</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$225,000,000(1)</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$24,075(1)</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>

</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="602"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>

<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">(1)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 438pt">Previously
paid.</td>
</tr>
</table>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>The
registrant hereby amends this Registration Statement on such date or
dates as may be necessary to delay its effective date until the
Registrant shall file a further amendment which specifically states
that the Registration Statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until the
Registration Statement shall become effective on such dates as the
Commission, acting pursuant to said Section 8(a), may
determine.</b>
</p>

<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" height="3" width="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="3" width="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="3" width="1"></td>
</tr>
</table>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">BlackRock
Long-Term Municipal Advantage
Trust</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">CROSS REFERENCE SHEET</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Part
A&mdash;Prospectus</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="39"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="179"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="239"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="7"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Items
in Part A of Form N</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Location in
Prospectus</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;1.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="t" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Outside
Front Cover</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="t" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cover
Page</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;2.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cover Pages; Other
Offering Information</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cover
Page</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;3.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Fee Table and
Synopsis</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Prospectus Summary; Summary of Trust
Expenses</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;4.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Financial
Highlights</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Not
Applicable</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;5.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Plan of
Distribution</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cover Page; Prospectus Summary;
Underwriting</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;6.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Selling
Shareholders</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Not
Applicable</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;7.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Use of
Proceeds</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Use of Proceeds; The Trust&rsquo;s
Investments</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;8.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">General
Description of the Registrant</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">The Trust; The Trust&rsquo;s
Investments; Risks;<br> &nbsp;&nbsp;&nbsp;&nbsp;Description of Shares; Anti-Takeover
Provisions<br> &nbsp;&nbsp;&nbsp;&nbsp;in the Amended and Restated
Agreement and<br> &nbsp;&nbsp;&nbsp;&nbsp;Declaration of Trust; Closed-End
Trust
Structure;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;9.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Management</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Management
of the Trust; Custodian and Transfer<br> &nbsp;&nbsp;&nbsp;&nbsp;Agent; Summary of Trust
Expenses</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;10.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Capital Stock,
Long-Term Debt, and Other Securities</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Description of Shares;
Distributions; Dividend<br> &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment Plan; Anti-Takeover
Provisions in<br> &nbsp;&nbsp;&nbsp;&nbsp;the Amended and Restated
Agreement and<br>
&nbsp;&nbsp;&nbsp;&nbsp;Declaration of Trust; Tax
Matters</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;11.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Defaults and Arrears
on Senior Securities</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Not
Applicable</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;12.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Legal
Proceedings</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Legal
Opinions</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;13.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Table of Contents
of the Statement of Additional Information</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Table of Contents
for the Statement of Additional<br>
&nbsp;&nbsp;&nbsp;&nbsp;Information</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Part B&mdash;Statement of
Additional
Information</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="39"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="179"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="239"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;14.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="t" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cover
Page</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="t" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cover
Page</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;15.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Table of
Contents</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cover
Page</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;16.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">General Information and
History</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Not
Applicable</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;17.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Investment
Objective and Policies</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Investment Objective and Policies;
Investment<br> &nbsp;&nbsp;&nbsp;&nbsp;Policies and Techniques; Other Investment<br>
&nbsp;&nbsp;&nbsp;&nbsp;Policies and Techniques; Portfolio Transactions<br> &nbsp;&nbsp;&nbsp;&nbsp;and
Brokerage</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;18.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Management</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Management
of the Trust; Portfolio Transactions<br> &nbsp;&nbsp;&nbsp;&nbsp;and
Brokerage</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;19.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Control Persons
and Principal Holders of Securities</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Not
Applicable</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;20.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Investment
Advisory and Other Services</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Management of the Trust;
Experts</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;21.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Portfolio
Managers</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Management of the
Trust</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;22.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Brokerage Allocation
and Other Practices</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Portfolio Transactions and
Brokerage</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;23.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Tax
Status</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Tax
Matters</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;24.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Financial
Statements</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Financial Statements; Independent Auditors&rsquo;
Report</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Part C&mdash;Other Information</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff"></p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Items 25-34 have been
answered in Part C of this Registration
Statement</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>

<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">EXPLANATORY
NOTE</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This amendment to the Registration Statement of the Trust
includes a revised version of Exhibit  99(n). The contents of the
preliminary prospectus and statement of additional information
filed with Pre-Effective
Amendment No. 4 to the Registration Statement
on Form N-2 filed with the Securities and Exchange Commission on
February 23, 2006 and relating to the same offering (File No.
333-129767) are incorporated herein by
reference.</p>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">PART
C</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">OTHER INFORMATION</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 25.&nbsp;&nbsp;&nbsp;Financial Statements
and Exhibits</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(1)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">Financial
Statements</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:36pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Part A&mdash;None.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:36pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Part
B&mdash;Statement of Assets and Liabilities; Statement of Operations;
Statement of Changes in</p>
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<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="491"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 48pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 372pt">Net
Assets.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(2)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">Exhibits</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(a)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Amended and Restated Agreement and
Declaration of Trust.<sup>(1)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(b)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Amended and Restated
By-Laws.<sup>(1)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(c)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Inapplicable.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(d)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Form of Specimen
Certificate.<sup>(1)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(e)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Form
of Dividend Reinvestment Plan.<sup>(1)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(f)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Inapplicable.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(g)(1)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Investment Management
Agreement.<sup>(1)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(g)(2)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Sub-Investment Advisory
Agreement.<sup>(1)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(h)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Form of
Purchase Agreement.<sup>(1)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(i)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Form of the BlackRock Closed-End
Trusts Amended and Restated</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="491"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 48pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 372pt">Deferred
Compensation
Plan.<sup>(1)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(j)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Form of
Custody
Agreement.<sup>(1)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(k)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Form of
Stock Transfer Agency
Agreement.<sup>(1)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(l)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Opinion
and Consent of Counsel to the
Trust.<sup>(1)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(m)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Inapplicable.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(n)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Independent
Registered Public Accounting Firm
Consent.<sup>(2)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(o)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Inapplicable.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(p)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Subscription
Agreement.<sup>(1)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(q)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Inapplicable.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(r)(1)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Code
of Ethics of
Trust.<sup>(1)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(r)(2)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Code of
Ethics of the
Advisor.<sup>(1)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(s)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Power of
Attorney.<sup>(1)</sup></td>
</tr>
</table>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">(1)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 438pt">Previously
filed.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">(2)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 438pt">Filed
herewith.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 26.&nbsp;&nbsp;&nbsp;Marketing Arrangements</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Reference
is made to the Form of Purchase Agreement for the Registrant's
shares of beneficial interest to be filed by amendment to this
registration statement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 27.&nbsp;&nbsp;&nbsp;Other Expenses of Issuance
and Distribution</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following table sets forth the estimated
expenses to be incurred in connection with the offering described in
this registration statement:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 9px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="507" bgcolor="#ffffff">
<tr style="background-color:#cceeff">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="324"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Registration fees</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">26,482</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">NYSE
listing fee</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">30,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Printing (other than
certificates)</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">505,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Engraving and
printing certificates</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">14,407</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Accounting
fees and expenses related to the
offering</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">15,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Legal fees and expenses
related to the offering</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">262,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">NASD
fee</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">23,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Miscellaneous (i.e. travel)
related to the
offering</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">250,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Total</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">1,125,889</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item
28.&nbsp;&nbsp;&nbsp;Persons Controlled by or Under Common Control with the
Registrant</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">None.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 29.&nbsp;&nbsp;&nbsp;Number of Holders of
Shares</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As of February 23, 2006.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="475" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="285"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="75"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Title of class</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number
of<br> Record holders</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Shares of Beneficial
Interest ($.001 par value per
share)</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">1</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item
30.&nbsp;&nbsp;&nbsp;Indemnification</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Article V of the Registrant's
Amended and Restated Agreement and Declaration of Trust provides as
follows:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.1 <font style="font-weight: normal; font-style: italic">No Personal Liability of Shareholders, Trustees,
etc</font>.&nbsp;&nbsp;&nbsp;&nbsp;No Shareholder of the Trust shall be subject in such
capacity to any personal liability whatsoever to any Person in
connection with Trust Property or the acts, obligations or affairs of
the Trust. Shareholders shall have the same limitation of personal
liability as is extended to stockholders of a private corporation for
profit incorporated under the Delaware General Corporation Law. No
Trustee or officer of the Trust shall be subject in such capacity to
any personal liability whatsoever to any Person, save only liability to
the Trust or its Shareholders arising from bad faith, willful
misfeasance, gross negligence or reckless disregard for his duty to
such Person; and, subject to the foregoing exception, all such Persons
shall look solely to the Trust Property for satisfaction of claims of
any nature arising in connection with the affairs of the Trust. If any
Shareholder, Trustee or officer, as such, of the Trust, is made a party
to any suit or proceeding to enforce any such liability, subject to the
foregoing exception, he shall not, on account thereof, be held to any
personal liability. Any repeal or modification of this Section 5.1
shall not adversely affect any right or protection of a Trustee or
officer of the Trust existing at the time of such repeal or
modification with respect to acts or omissions occurring prior to such
repeal or modification.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.2 <font style="font-weight: normal; font-style: italic">Mandatory
Indemnification&emsp;</font>(a) The Trust hereby agrees to indemnify
each person who at any time serves as a Trustee or officer of the Trust
(each such person being an &lsquo;&lsquo;indemnitee&rsquo;&rsquo;)
against any liabilities and expenses, including amounts paid in
satisfaction of judgments, in compromise or as fines and penalties, and
reasonable counsel fees reasonably incurred by such indemnitee in
connection with the defense or disposition of any action, suit or other
proceeding, whether civil or criminal, before any court or
administrative or investigative body in which he may be or may have
been involved as a party or otherwise or with which he may be or may
have been threatened, while acting in any capacity set forth in this
Article V by reason of his having acted in any such capacity, except
with respect to any matter as to which he shall not have acted in good
faith in the reasonable belief that his action was in the best interest
of the Trust or, in the case of any criminal proceeding, as to which he
shall have had reasonable </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
cause to believe that the conduct was
unlawful, provided, however, that no indemnitee shall be indemnified
hereunder against any liability to any person or any expense of such
indemnitee arising by reason of (i) willful misfeasance, (ii) bad
faith, (iii) gross negligence, or (iv) reckless disregard of the duties
involved in the conduct of his position (the conduct referred to in
such clauses (i) through (iv) being sometimes referred to herein as
&lsquo;&lsquo;disabling conduct&rsquo;&rsquo;). Notwithstanding the
foregoing, with respect to any action, suit or other proceeding
voluntarily prosecuted by any indemnitee as plaintiff, indemnification
shall be mandatory only if the prosecution of such action, suit or
other proceeding by such indemnitee (1)  was authorized by a
majority of the Trustees or (2) was instituted by the indemnitee to
enforce his or her rights to indemnification hereunder in a case in
which the indemnitee is found to be entitled to such indemnification.
The rights to indemnification set forth in this Declaration shall
continue as to a person who has ceased to be a Trustee or officer of
the Trust and shall inure to the benefit of his or her heirs, executors
and personal and legal representatives. No amendment or restatement of
this Declaration or repeal of any of its provisions shall limit or
eliminate any of the benefits provided to any person who at any time is
or was a Trustee or officer of the Trust or otherwise entitled to
indemnification hereunder in respect of any act or omission that
occurred prior to such amendment, restatement or repeal.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b)
Notwithstanding the foregoing, no indemnification shall be made
hereunder unless there has been a determination (i) by a final decision
on the merits by a court or other body of competent jurisdiction before
whom the issue of entitlement to indemnification hereunder was brought
that such indemnitee is entitled to indemnification hereunder or, (ii)
in the absence of such a decision, by (1) a majority vote of a quorum
of those Trustees who are neither &lsquo;&lsquo;interested
persons&rsquo;&rsquo; of the Trust (as defined in Section 2(a)(19) of
the Investment Company Act) nor parties to the proceeding
(&lsquo;&lsquo;Disinterested Non-Party Trustees&rsquo;&rsquo;),
that the indemnitee is entitled to indemnification hereunder, or (2) if
such quorum is not obtainable or even if obtainable, if such majority
so directs, independent legal counsel in a written opinion concludes
that the indemnitee should be entitled to indemnification hereunder.
All determinations to make advance payments in connection with the
expense of defending any proceeding shall be authorized and made in
accordance with the immediately succeeding paragraph (c) below.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(c) The Trust shall make advance payments in connection with the
expenses of defending any action with respect to which indemnification
might be sought hereunder if the Trust receives a written affirmation
by the indemnitee of the indemnitee's good faith belief that the
standards of conduct necessary for indemnification have been met and a
written undertaking to reimburse the Trust unless it is subsequently
determined that the indemnitee is entitled to such indemnification and
if a majority of the Trustees determine that the applicable standards
of conduct necessary for indemnification appear to have been met. In
addition, at least one of the following conditions must be met: (i) the
indemnitee shall provide adequate security for his undertaking, (ii)
the Trust shall be insured against losses arising by reason of any
lawful advances, or (iii) a majority of a quorum of the Disinterested
Non-Party Trustees, or if a majority vote of such quorum so direct,
independent legal counsel in a written opinion, shall conclude, based
on a review of readily available facts (as opposed to a full trial-type
inquiry), that there is substantial reason to believe that the
indemnitee ultimately will be found entitled to indemnification.
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(d) The rights accruing to any indemnitee under these provisions
shall not exclude any other right which any person may have or
hereafter acquire under this Declaration, the By-Laws of the Trust, any
statute, agreement, vote of stockholders or Trustees who are
&lsquo;&lsquo;disinterested persons&rsquo;&rsquo; (as defined in
Section 2(a)(19) of the Investment Company Act) or any other right to
which he or she may be lawfully entitled.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(e) Subject to any
limitations provided by the 1940 Act and this Declaration, the Trust
shall have the power and authority to indemnify and provide for the
advance payment of expenses to employees, agents and other Persons
providing services to the Trust or serving in any capacity at the
request of the Trust to the full extent corporations organized under
the Delaware General Corporation Law may indemnify or provide for the
advance payment of expenses for such Persons, provided that such
indemnification has been approved by a majority of the Trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.3 <font style="font-weight: normal; font-style: italic">No Bond Required of Trustees</font>.&nbsp;&nbsp;&nbsp;&nbsp;No Trustee shall, as
such, be obligated to give any bond or other security for the
performance of any of his duties hereunder.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.4 <font style="font-weight: normal; font-style: italic">No Duty of Investigation; Notice in
Trust Instruments, etc</font>.&nbsp;&nbsp;&nbsp;&nbsp;No purchaser, lender, transfer agent
or other person dealing with the Trustees or with any officer, employee
or agent of the Trust shall be bound to make any inquiry concerning the
validity of any transaction purporting to be made by the Trustees or by
said officer, employee or agent or be liable for the application of
money or property paid, loaned, or delivered to or on the order of the
Trustees or of said officer, employee or agent. Every obligation,
contract, undertaking, instrument, certificate, Share, other security
of the Trust, and every other act or thing whatsoever executed in
connection with the Trust shall be conclusively taken to have been
executed or done by the executors thereof only in their capacity as
Trustees under this Declaration or in their capacity as officers,
employees or agents of the Trust. The Trustees may maintain insurance
for the protection of the Trust Property, its Shareholders, Trustees,
officers, employees and agents in such amount as the Trustees shall
deem adequate to cover possible tort liability, and such other
insurance as the Trustees in their sole judgment shall deem advisable
or is required by the Investment Company Act.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.5 <font style="font-weight: normal; font-style: italic">Reliance on
Experts, etc</font>.&nbsp;&nbsp;&nbsp;&nbsp;Each Trustee and officer or employee of the
Trust shall, in the performance of its duties, be fully and completely
justified and protected with regard to any act or any failure to act
resulting from reliance in good faith upon the books of account or
other records of the Trust, upon an opinion of counsel, or upon reports
made to the Trust by any of the Trust's officers or employees or
by any advisor, administrator, manager, distributor, selected dealer,
accountant, appraiser or other expert or consultant selected with
reasonable care by the Trustees, officers or employees of the Trust,
regardless of whether such counsel or expert may also be a Trustee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Insofar as indemnification for liabilities arising under the Act,
may be terminated to Trustees, officers and controlling persons of the
Trust, pursuant to the foregoing provisions or otherwise, the Trust has
been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a
Trustee, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by
such Trustee, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such
issue. Reference is made to Article 6 of the purchase agreement
attached as Exhibit (h), which is incorporated herein by reference.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 31.&nbsp;&nbsp;&nbsp;Business and Other Connections of Investment
Advisor</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Not Applicable</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 32.&nbsp;&nbsp;&nbsp;Location of
Accounts and Records</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Registrant&rsquo;s accounts, books
and other documents are currently located at the offices of the
Registrant, c/o BlackRock Advisors, Inc., 100 Bellevue Parkway,
Wilmington, Delaware 19809 and at the offices of the
Registrant&rsquo;s Sub-Advisor, Custodian and Transfer
Agent.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 33.&nbsp;&nbsp;&nbsp;Management Services</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Not
Applicable</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 34.&nbsp;&nbsp;&nbsp;Undertakings</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(1) The
Registrant hereby undertakes to suspend the offering of its units until
it amends its prospectus if (a) subsequent to the effective date of its
registration statement, the net asset value declines more than 10
percent from its net asset value as of the effective date of the
Registration Statement or (b)  the net asset value increases to an
amount greater than its net proceeds as stated in the prospectus.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(2) Not applicable</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(3) Not applicable</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(4) Not applicable</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(5) (a) For the
purposes of determining any liability under the Securities Act of 1933,
the information omitted from the form of prospectus filed as part of a
registration statement in reliance upon Rule 430A and contained in the
form of prospectus filed by the Registrant under Rule 497 (h) under the
Securities Act of 1933 shall be deemed to be part of the Registration
Statement as of the time it was declared effective.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b) For the
purpose of determining any liability under the Securities Act of 1933,
each post-effective amendment that contains a form of prospectus shall
be deemed to be a new registration statement relating to the securities
offered therein, and the offering of the securities at that time shall
be deemed to be the initial bona fide offering thereof.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(6) The
Registrant undertakes to send by first class mail or other means
designed to ensure equally prompt delivery within two business days of
receipt of a written or oral request, any Statement of Additional
Information.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">INDEX TO
EXHIBITS</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="507" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="324"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Ex.
99(n)</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Independent Registered
Public Accounting Firm
Consent.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">SIGNATURES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Pursuant
to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of New York, and State of New York, on the
23rd
day of
February
2006.</p>
<div style="width: 593;">

<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left"><u>/s/
Robert S.
Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
<br>Robert
S. Kapito<br> President and Chief
Executive
Officer</td>
</tr>
</table>

</div>

<table cellpadding="0" cellspacing="0" border="0" width="593">
<tr>
<td><img src="spacer.gif" height="1" width="218"></td>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="359"></td>
</tr>
<tr>
<td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center">Name</td>
<td></td>
<td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center">Title</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/
Robert S.
Kapito</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee,
President and Chief<br> Executive
Officer</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Robert
S.
Kapito</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Treasurer and
Principal Financial<br>
Officer</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Henry
Gabbay</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Andrew F.
Brimmer</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Richard
E.
Cavanagh</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Kent
Dixon</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Frank
J.
Fabozzi</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Kathleen
F.
Feldstein</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">R.
Glenn
Hubbard</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Ralph
L.
Schlosstein</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*By:
/s/ Robert S. Kapito</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Attorney-in-fact</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Robert
S.
Kapito</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
</table>

<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



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<DESCRIPTION>INDEPENDENT ACCOUNTING FIRM CONSENT
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<PRE>

<PAGE>


CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


We consent to the use in this Pre-Effective Amendment No. 5 to the Registration
Statement of BlackRock Long-Term Municipal Advantage Trust on Form N-2
(Securities Act Registration No. 333-129767  and Investment Company Act
Registration No. 811-21835) of our report dated January 6, 2006 relating to the
financial statements of BlackRock Long-Term Municipal Advantage Trust as of
January 4, 2006 and for the period from November 7, 2005 (date of inception) to
January 4, 2006 appearing in the Statement of Additional Information, which is
part of such Registration Statement.

We also consent to the reference to us under the heading "Experts" in such
Registration Statement.


/s/ DELOITTE & TOUCHE LLP

Boston, Massachusetts
February 23, 2006





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