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Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000930413-06-008275.txt : 20061129
<SEC-HEADER>0000930413-06-008275.hdr.sgml : 20061129
<ACCEPTANCE-DATETIME>20061129130618
ACCESSION NUMBER:		0000930413-06-008275
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060930
FILED AS OF DATE:		20061129
DATE AS OF CHANGE:		20061129
EFFECTIVENESS DATE:		20061129

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21835
		FILM NUMBER:		061244517

	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-Q
<SEQUENCE>1
<FILENAME>c45364_nq.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<P align="center">
<FONT face="serif">UNITED STATES <br>
SECURITIES AND EXCHANGE COMMISSION <br>
Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT size=4 face="serif">FORM N-Q </FONT></B></P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P>
<FONT face="serif">Investment Company Act file number:__</FONT><U><FONT face="serif">811-21835</FONT></U><FONT face="serif">______ </FONT></P>
<P align="center">
<FONT face="serif">_______</FONT><U><FONT face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT></U><FONT face="serif">_______<BR> (Exact name of registrant as specified in charter) </FONT></P>

<table width="100%"  border="0">
  <tr>
    <td width="50%"><center>
      <font face="serif">100 Bellevue Parkway, Wilmington, DE</font>
    </center></td>
    <td><center>
      <font face="serif">19809</font>
    </center></td>
  </tr>
  <tr>
    <td width="50%"><center><hr noshade size=2>
    </center></td>
    <td><center>
      <hr noshade size=2>
    </center></td>
  </tr>
  <tr>
    <td width="50%"><center>
      <font face="serif">(Address of principal executive offices)</font>
    </center></td>
    <td><center>
      <font face="serif">(Zip code)</font>
    </center></td>
  </tr>
</table>
<P><FONT face="serif">        </FONT></P>
<P align="center">
<FONT face="serif"> Robert S. Kapito, President</FONT></P>
<P align="center"><FONT face="sans-serif">  <b>BlackRock Long-Term Municipal Advantage Trust</b></FONT><b><FONT face="serif">  </FONT></b></P>
<P align="center">
<FONT face="serif"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 East 52nd Street, New York, NY 10022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>   <br>
(Name and address of agent for service) </FONT></P>
<P>
<FONT face="serif"><br>
Registrant&#146;s telephone number, including area code:_</FONT><U><FONT face="serif">888-825-2257</FONT></U><FONT face="serif">__________________ </FONT></P>
<P>
<FONT face="serif">Date of fiscal year end:___</FONT><U><FONT face="serif">December 31, 2006</FONT></U><FONT face="serif"> <br>
Date of reporting period:__</FONT><U><FONT face="serif">September 30, 2006</FONT></U></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">Item 1. Schedule of Investments.</FONT></B></P>
<P> <FONT face="serif">The Registrant&#146;s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows: </FONT></P>
<br>







<font size="3"><b>PORTFOLIO OF INVESTMENTS </b><b>(unaudited)</b><b><br>
SEPTEMBER 30, 2006
<p>&nbsp;&nbsp;&nbsp;
</b></font>
<p><font size="3"><b>BlackRock Long-Term Municipal Advantage Trust (BTA)</b></font>
<p>
<p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Amount</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Option Call</b></font></td>
    <td>&nbsp;</td>
    <td align=center></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>(000)</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Description</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Value</b></font>
    <td>&nbsp;</td>
  <tr valign=top>
    <td colspan="12" align=left><hr noshade>
    </td>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2"></font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;98.3%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Municipal Bonds&#151;97.4%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>California&#151;14.1%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">NR<sup>3</sup></font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$ 7,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Irvine Unified Sch. Dist. Fin. Grp. II ST,
        Ser. A, 5.125%, 9/01/36</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">03/07 @ 103</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$ 7,111,790</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">72,945</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Stanislaus Cnty. Tobacco Sec. Cap. Apprec.
        RB, Ser. A, Zero Coupon, 6/01/46</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/16 @ 18.256</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,709,557</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB+</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,250</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Statewide Cmntys. RB, Daughters of Charity
        Proj., Ser. A, 5.00%, 7/01/39</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">07/15 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,409,137</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">60,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Statewide Fin. Auth. Tobacco Settlement Cap.
        Apprec. RB, Turbo Pooled Prog., Ser. A, </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 6/01/46</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/16 @ 15.782</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,325,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">27,555,484</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>District of Columbia&#151;13.0%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Tobacco Settlement Fin. Corp. Asset Bkd. RB,</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,880</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 5/15/24</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">05/11 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,320,045</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,415</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 5/15/33</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">No Opt. Call</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">17,992,850</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">25,312,895</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Florida&#151;1.0%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">NR</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,150</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Baywinds Cmnty. Dev. Dist. SA, Ser. A, 5.25%,
        5/01/37</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">05/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,164,375</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">865</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">JEA RB, Wtr. &amp; Swr. Sys. Proj., Ser. A,
        4.75%, 10/01/36, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">04/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">872,655</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,037,030</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Georgia&#151;0.5%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">BBB</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Cobb Cnty. Dev. Auth. RB, Wst. Mgt., Inc. Proj.,
        Ser. A, 5.00%, 4/01/33, AMT</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">04/16 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,011,330</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Idaho&#151;2.7%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Madison Cnty. Hosp. COP,</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB-</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,145</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 9/01/26</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">09/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,240,796</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB-</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 9/01/30</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">09/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,040,620</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB-</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 9/01/37</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">09/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,071,620</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,353,036</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Illinois&#151;9.9%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Fin. Auth. RB,</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">A-</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">14,890</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Illinois Inst. of Technology
        Proj., Ser. A, 5.00%, 4/01/36</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">04/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,286,223</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB-</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Proctor Hosp. Proj.,
        5.125%, 1/01/25</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">01/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,064,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">19,350,223</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Indiana&#151;2.7%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">Baa2</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Delaware Cnty. Hosp. Auth. RB, Ball Memorial
        Hosp., Inc. Proj., 5.25%, 8/01/36</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">08/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,190,150</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Montana&#151;2.1%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Two Rivers Auth. RB,</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,500</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 11/01/21</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">11/11 @ 107</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,500,915</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,600</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 11/01/27</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">11/11 @ 107</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,607,722</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,108,637</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Nevada&#151;5.7%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">NR</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,600</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Henderson Local Impvt. Dists. SA, No. T-18
        Proj., 5.30%, 9/01/35</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">03/07 @ 103</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,708,702</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,325</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Truckee Meadows Wtr. Auth. RB, 4.875%, 7/01/34,
        XLCA</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">07/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,451,506</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">11,160,208</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>New Hampshire&#151;2.7%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">BBB</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Business Fin. Auth. RB, Wst. Mgmt., Inc. Proj.,
        5.20%, 5/01/27, AMT</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">05/16 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,189,350</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>New Jersey&#151;4.0%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">BBB</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,335</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Tobacco Settlement Fin. Corp. Asset Bkd. RB,
        5.75%, 6/01/32</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/12 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,711,506</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>New Mexico&#151;7.9%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">BBB</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,000</font></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align=left><font size="2">Farmington PCRB, Public Service Co. Proj.,
        Ser. B, 4.875%, 4/01/33</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">04/16 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,365,250</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
</table>
<p>
<p> <font size="2"></font>
<p>
<p align='center'>1
<HR noshade size=4>
<PAGE>
<p>
<p><font size="3"><b> BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)</b></font>
<p>
<p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2"></font></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Amount</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Option Call</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>(000)</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Description</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Value</b></font>
    <td>&nbsp;</td>
  <tr valign=top>
    <td colspan="12" align=left><hr noshade>
    </td>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2"></font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>New York&#151;6.8%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">BBB</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$ 5,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Nassau Cnty. Tobacco Settlement Corp. Asset
        Bkd. RB, Ser. A2, Zero Coupon, 6/01/26</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$ 4,422,850</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">B</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,600</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">New York City Indl. Dev. Agcy. RB, American
        Airlines, Inc., JFK Intl. Arpt. Proj., </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 8/01/25, AMT</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">08/16 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">8,926,960</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">13,349,810</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align=left><font size="2"><b>Puerto Rico&#151;3.6%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">BBB-</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,825</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Indl. Tourist Edl. RB, Ana G. Mendez Univ.
        Sys. Proj., 5.00%, 3/01/36</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">03/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,968,530</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Texas&#151;16.6%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">BBB</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Alliance Arpt. Auth., Inc. Spl. Fac. RB, FedEx
        Corp. Proj., 4.85%, 4/01/21, AMT</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">04/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,136,700</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">Baa2</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Brazos River Auth. PCRB, TXU Energy Co. LLC
        Proj., 5.00%, 3/01/41, AMT</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">03/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,048,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Dallas-Fort Worth Intl. Arpt. Facs. Impvt.
        Corp. RB, Ser. A, 5.00%, 11/01/35, FSA, AMT</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">11/08 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,069,720</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">34,560</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Leander Indpt. Sch. Dist. GO, Zero Coupon,
        8/15/42, PSF</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">08/14 @ 21.126</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,066,842</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">32,321,262</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Virginia&#151;3.3%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Peninsula Ports Auth. RB, Baptist Homes Proj.,</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,250</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.375%, 12/01/26</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">12/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,335,182</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.40%, 12/01/33</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">12/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,072,510</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,407,692</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Washington&#151;0.8%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,500</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Hlth. Care Facs. Auth. RB, Providence Hlth.
        Sys. Proj., 4.50%, 10/01/35, FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">10/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,487,985</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Total Municipal Bonds</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">189,880,378</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Tender Obligation Municipal Bonds&#151;0.9%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>California&#151;0.1%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5</font></td>
    <td><font size="2"><sup> 4</sup></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align=left><font size="2">Golden St. Tobacco Sec. Corp. RITES, Ser. 1271,
        6/01/45, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/15 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">139,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5</font></td>
    <td><font size="2"><sup> 4</sup></font></td>
    <td align=left><font size="2">Univ. of California RITES, Ser. 1274, 5/15/38,
        MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">05/13 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">98,850</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">237,850</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Georgia&#151;0.2%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5</font></td>
    <td><font size="2"><sup> 4</sup></font></td>
    <td align=left><font size="2">Atlanta Arpt. Passenger Fac. RITES, Ser. 1283,
        1/01/33, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">07/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">79,950</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5</font></td>
    <td><font size="2"><sup> 4</sup></font></td>
    <td align=left><font size="2">Atlanta Wtr. &amp; Wstwtr. RITES, Ser. 1273,
        11/01/43, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">11/14 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">236,800</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">316,750</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Illinois&#151;0.1%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5</font></td>
    <td><font size="2"><sup> 4</sup></font></td>
    <td align=left><font size="2">Chicago O&#146;Hare Intl. Arpt. RITES, Ser.
        1284, 1/01/33, FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">01/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">123,750</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Indiana&#151;0.1%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">AA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10</font></td>
    <td><font size="2"><sup> 4</sup></font></td>
    <td align=left><font size="2">Carmel Redev. Auth. Lease RITES, Ser. 1275,
        2/01/33</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">02/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">180,079</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Nebraska&#151;0.0%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5</font></td>
    <td><font size="2"><sup> 4</sup></font></td>
    <td align=left><font size="2">Omaha Pub. Pwr. Dist. Elec. RITES, Ser. 1289,
        2/01/36, FGIC</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">02/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">59,900</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>New York&#151;0.3%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">Aa3</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5</font></td>
    <td><font size="2"><sup> 4</sup></font></td>
    <td align=left><font size="2">Liberty Dev. Corp. RITES, Ser. 1288, 10/01/35</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">No Opt. Call</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">259,500</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">Aa2</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5</font></td>
    <td><font size="2"><sup> 4</sup></font></td>
    <td align=left><font size="2">New York City Mun. Wtr. Fin. Auth. RITES, Ser.
        1314, 6/15/39</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/15 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">248,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">507,500</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>North Carolina&#151;0.1%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">AA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5</font></td>
    <td><font size="2"><sup> 4</sup></font></td>
    <td align=left><font size="2">Charlotte-Mecklenberg Hosp. Auth. RITES, Ser.
        1272, 1/15/45</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">01/15 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">205,761</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">AA+</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5</font></td>
    <td><font size="2"><sup> 4</sup></font></td>
    <td align=left><font size="2">Univ. of No. Carolina Chapel Hill RITES, Ser.
        1287, 12/01/34</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">12/15 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">101,240</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">307,001</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Texas&#151;0.0%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5</font></td>
    <td><font size="2"><sup> 4</sup></font></td>
    <td align=left><font size="2">New Caney Indpt. Sch. Dist. RITES, Ser. 1286,
        2/15/35, PSF</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">02/16 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">51,971</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Total Tender Obligation Bonds</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,784,801</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Total Long-Term Investments (cost $185,819,652)</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">191,665,179</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
</table>
<p>
<p> <font size="2"></font>
<p>
<p align='center'>2
<HR noshade size=4>
<PAGE>
<p>
<p><font size="3"><b> BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)</b></font>
<p>
<p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2"></font></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Amount</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Option Call</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>(000)</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Description</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Value</b></font>
    <td>&nbsp;</td>
  <tr valign=top>
    <td colspan="12" align=left><hr noshade>
    </td>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2"></font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>SHORT-TERM INVESTMENTS&#151;0.3%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Nebraska&#151;0.1%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">A-1+</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$ 141</font></td>
    <td><font size="2"><sup> 5</sup></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align=left><font size="2">American Pub. Energy Agcy. Gas Sply. RB, Ser.
        A, 3.75%, 10/05/06, FRWD</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">N/A</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$ 141,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><center>
        <font size="2"><b><font size="2">Shares</font></b></font>
    </center></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><center>
        <font size="2"><b>(000)</b></font>
    </center></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><hr noshade>
    </td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Money Market Fund&#151;0.2%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">NR</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">400</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">AIM Tax Free Cash Reserve Portfolio</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">N/A</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">400,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Total Short-Term Investments (cost $541,000)</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">541,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Total Investments&#151;98.6% (cost $186,360,652</b><sup><b>6</b></sup>)</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$192,206,179</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Other assets in excess of liabilities&#151;1.4%</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,654,763</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td COLSPAN='12' ><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Net Assets&#151;100%</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$194,860,942</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='12' ><HR noshade size=3></td>
  </tr>
</table>
<p>
<p>
<table border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td COLSPAN='4' ><hr align="left" noshade width="100" size="1" color=black>
    </td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><font size="2"></font><font size="2"><sup>1</sup></font></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Using the highest of Standard &amp; Poor&#146;s,
        Moody&#146;s Investors Services or Fitch&#146;s ratings.</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><sup>2</sup></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Date (month/year) and price of the earliest
        optional call or redemption. There may be other call provisions at varying
        prices at later dates.</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><sup>3</sup></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Security is deemed to be of investment grade
        quality by the investment advisor.</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><sup>4</sup></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Residual Interest/Tax Exempt Municipal Bonds&#151;The
        interest rate shown bears an inverse relationship to the interest rate
        on another security or the value of an index.</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><sup>5</sup></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">For purposes of amortized cost valuation, the
        maturity date of this instrument is considered to be the earlier of the
        next date on which the security can be redeemed at par, or the next date
        on which the rate of interest is adjusted. Rate shown is rate as of September
        30, 2006.</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><sup>6</sup></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Cost for Federal income tax purposes is $186,360,467.
        The net unrealized appreciation on a tax basis is $5,845,712, consisting
        of $5,845,712 gross unrealized appreciation and $0 gross unrealized depreciation.</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align='center'>
<p>
<p>
<p>
<hr size="1" noshade>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td colspan="7" align=center><font size="2"><b><font size="2">KEY TO ABBREVIATIONS</font></b></font></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2"><font size="2">AMBAC</font></font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">American Municipal Bond Assurance Corp.</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">PCRB</font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">Pollution Control Revenue Bond</font></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">AMT</font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">Subject to Alternative Minimum Tax</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">PSF</font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">Public School Fund Guaranteed</font></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">COP</font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">Certificate of Participation</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">RB</font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">Revenue Bond</font></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">FGIC</font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">Financial Guaranty Insurance Co.</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">RITES</font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">Residual Interest Tax Exempt Bond</font></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">FRWD</font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">Floating Rate Weekly Demand</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">SA</font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">Special Assessment</font></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">FSA</font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">Financial Security Assurance</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">ST</font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">Special Tax</font></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">GO</font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">General Obligation</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">XLCA</font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">XL Capital Assurance</font></td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">MBIA</font></td>
    <td align=left><font size="2">&#151;</font></td>
    <td align=left><font size="2">Municipal Bond Insurance Assoc.</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left></td>
  </tr>
</table>
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<p align="center"><font size="3">3</font>
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<P>
<B><FONT face="serif">Item 2. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">(a) The Registrant&#146;s principal executive and principal financial officers have evaluated the Registrant&#146;s disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the
Registrant&#146;s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods
and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant&#146;s management, including its principal executive and principal financial officers, as appropriate, to allow timely
decisions regarding required disclosure. </FONT></P>
<P>
<FONT face="serif">(b) There were no changes in the Registrant&#146;s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the Registrant&#146;s last fiscal quarter
that have materially affected, or are reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting. </FONT></P>
<P>
<B><FONT face="serif">Item 3. Exhibits.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">Separate certifications of the Registrant&#146;s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT. </FONT></P>
<P>&nbsp;</P>

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<P align="center">
<B><FONT face="serif">SIGNATURES</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif"> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</FONT></P>
<P>
<FONT face="serif">(Registrant)___</FONT><U><FONT face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT></U><FONT face="serif">___ </FONT></P>
<P>
<FONT face="serif">By: /s/ Donald C. Burke <BR>
_____________________________________________________________________<BR>
 Name: Donald C. Burke<br>
Title: Treasurer and Principal Financial Officer <br>
Date: November 29, 2006 </FONT></P>
<P>
<FONT face="serif"> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the
dates indicated. </FONT></P>
<P>
<FONT face="serif">By: /s/ Robert S. Kapito<BR>_____________________________________________________________________<BR> Name: Robert S. Kapito <br>
Title: President and Principal Executive Officer <br>
Date: November 29, 2006 </FONT></P>
<P>
<FONT face="serif">By: /s/ Donald C. Burke<BR>_____________________________________________________________________<BR>
 Name: Donald C. Burke<br>
Title: Treasurer and Principal Financial Officer <br>
Date: November 29, 2006 </FONT></P>
<P>&nbsp;</P>

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<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P>
<FONT face="serif">I, Robert S. Kapito, certify that: </FONT></P>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Long-Term Municipal Advantage Trust; </FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed; </FONT></P>
<P>
<FONT face="serif">4. The Registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P>
<FONT face="serif">(c) Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT face="serif">(d) Disclosed in this report any change in the Registrant&#146;s internal control over financial reporting that occurred during the Registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting; and</FONT></P>

<P><FONT face="serif">5. The Registrant&#146;s other certifying officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit committee of the Registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&#146;s ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant&#146;s internal control over financial reporting. </FONT></P>
<P>
<FONT face="serif">Date: November 29, 2006 </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center> <FONT face="serif">/s/ Robert S. Kapito</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=center width=58%>&nbsp;</TD>
	<TD align=center width=42%>
<FONT face="serif">Robert S. Kapito</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD width=58% align=center>&nbsp;</TD>
	<TD width=42% align=center>
<FONT face="serif">President and Principal Executive Officer</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>


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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P>
<FONT face="serif">I, Donald C. Burke, certify that: </FONT></P>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Long-Term Municipal Advantage Trust; </FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed; </FONT></P>
<P>
<FONT face="serif">4. The Registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P>
<FONT face="serif">(c) Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT face="serif">(d) Disclosed in this report any change in the Registrant&#146;s internal control over financial reporting that occurred during the Registrant&#146;s most recent fiscal quarter that has </FONT><FONT face="serif">materially affected, or is reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting; and </FONT></P>
<P>
<FONT face="serif">5. The Registrant&#146;s other certifying officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit committee of the Registrant&#146;s board of directors (or persons performing the equivalent functions):
</FONT></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&#146;s ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant&#146;s internal control over financial reporting. </FONT></P>
<P>
<FONT face="serif">Date: November 29, 2006 </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center> <FONT face="serif">/s/ Donald C. Burke</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=center width=58%>&nbsp;</TD>
	<TD align=center width=42%>
      <FONT face="serif">Donald C. Burke</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD width=58% align=center>&nbsp;</TD>
	<TD width=42% align=center>
<FONT face="serif">Treasurer and Principal Financial Officer</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>


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