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<SEC-DOCUMENT>0000930413-07-002986.txt : 20070329
<SEC-HEADER>0000930413-07-002986.hdr.sgml : 20070329
<ACCEPTANCE-DATETIME>20070329144314
ACCESSION NUMBER:		0000930413-07-002986
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070131
FILED AS OF DATE:		20070329
DATE AS OF CHANGE:		20070329
EFFECTIVENESS DATE:		20070329

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:		07727228

	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>c47521_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">




<P align="center">
<FONT face="serif">UNITED STATES </FONT><BR>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT face="serif">Washington, D.C. 20549 </FONT><BR>
<BR>
<B><FONT size=4 face="serif">FORM N-Q </FONT></B><BR>
<BR>
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B><BR>
<B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B><BR>
<BR>
<FONT face="serif">Investment Company Act file number:__</FONT><U><FONT face="serif">811-21835</FONT></U><FONT face="serif">______ </FONT><BR>
<BR>
<FONT face="serif">_______</FONT><U><FONT face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT></U><FONT face="serif">_______ </FONT><BR>
<FONT face="serif">(Exact name of registrant as specified in charter) </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=54% style="border-bottom:1px solid #000000;"><center>
   <FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>&nbsp;
  </center></TD>
  <TD width=32%><div style="border-bottom:1px solid #000000"> </div></TD>
  <TD align=left width=13% style="border-bottom:1px solid #000000;"><center>
   <FONT face="serif">19809</FONT>&nbsp;
  </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=54%>
    <center>
      <FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
    </center></TD>
  <TD width=32%>&nbsp;
  </TD>
  <TD align=left width=13%>
    <center>
      <FONT face="serif">(Zip code)</FONT>&nbsp;
    </center></TD>
</TR>
</TABLE>
<BR>
<FONT face="serif"> </FONT>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" style="border-bottom:1px solid #000000;"><font face="serif">Robert S. Kapito, President </font><br>
      <font face="serif">&nbsp; </font><b><font face="sans-serif">BlackRock Long-Term Municipal Advantage Trust</font></b><br>
      <font face="serif"> 40 East 52nd Street, New York, NY 10022 </font></td>
  </tr>
  <tr>
    <td align="center"><font face="serif">(Name and address of agent for service)</font></td>
  </tr>
</table>
<P align="center">  <FONT face="serif">Registrant's telephone number, including area code:_</FONT><U><FONT face="serif">888-825-2257</FONT></U><FONT face="serif">__________________ </FONT><BR>
  <BR>
  <FONT face="serif">Date of fiscal year end:___</FONT><U><FONT face="serif">October 31, 2007</FONT></U><FONT face="serif"> </FONT><BR>
  <FONT face="serif">Date of reporting period:__</FONT><U><FONT face="serif">January 31, 2007</FONT></U></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<B><FONT face="serif">Item 1. Schedule of Investments.</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
<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>
<P align="left">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) </FONT></B><BR>
<B><FONT face="serif">JANUARY 31, 2007</FONT></B><BR>
<B><FONT face="serif">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Principal</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Amount</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Option Call</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">(000)</FONT></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Value</FONT></B>
    </center></TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;187.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Arizona&#151;0.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Pima Cnty. Indl. Dev. Auth., Sch. Impvts. Misc. RB, Arizona Charter Schs. Proj., Ser. 0,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.25%, 7/01/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">07/16 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif"> 1,020,060</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;23.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Golden St. Tobacco Sec. Corp., Tobacco Settlement Funded RB, 5.00%, 6/01/45, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">06/15 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,626,700</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Irvine Unified Sch. Dist. Fin. Grp. II, Sch. Impvts. ST, Ser. A, 5.125%, 9/01/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">09/07 @ 103</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,140,490</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Statewide Cmntys. Dev. Auth., Hlth., Hosp. &amp; Nursing Home RB, Daughters of Charity</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., Ser. A, 5.00%, 7/01/39</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">07/15 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,334,100</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Univ. of California, Univ. &amp; Coll. Impvts. RB, Ser. B, 4.75%, 5/15/38, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;
 <center>
   <FONT size=2 face="serif">05/13 @ 101</FONT>
  </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,332,850</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">45,434,140</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Colorado&#151;1.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hlth. Facs. Auth., Hlth., Hosp. &amp; Nursing Home RB, Adventist Hlth./Sunbelt Proj.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.125%, 11/15/29</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">11/16 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,610,350</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">District of Columbia&#151;13.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,880</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.25%, 5/15/24</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">05/11 @ 101</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,398,339</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,415</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.50%, 5/15/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">No Opt. Call</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18,375,143</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">25,773,482</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;1.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Baywinds Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. A, 5.25%, 5/01/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">05/16 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,132,761</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">865</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">JEA, Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">04/11 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">878,667</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,011,428</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Georgia&#151;16.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">City of Atlanta,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Port, Arpt. &amp; Marina RB, Ser. C, 5.00%, 1/01/33, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">07/14 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,611,850</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. Util. Impvts. Wtr. RB, 5.00%, 11/01/43, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;
 <center>
   <FONT size=2 face="serif">11/14 @ 100</FONT>
  </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,624,600</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Cobb Cnty. Dev. Auth., Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.00%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">4/01/33, AMT</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">04/16 @ 101</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,019,670</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">680</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Gainesville Redev. Auth. Edl. Facs., Private Schs. RB, Riverside Military Academy Proj.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.125%, 3/01/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">03/17 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">696,653</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">32,952,773</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;17.9%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chicago O'Hare Intl. Arpt., Port, Arpt. &amp; Marina RB, Ser. A, 5.00%, 1/01/33, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">01/16 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,702,450</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Fin. Auth.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">14,890</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Coll. &amp; Univ. RB, Illinois Inst. of Technology Proj., Ser. A, 5.00%, 4/01/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">04/16 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,375,414</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Hlth., Hosp. &amp; Nursing Home RB, Proctor Hosp. Proj., 5.125%, 1/01/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;
 <center>
   <FONT size=2 face="serif">01/16 @ 100</FONT>
  </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,075,800</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">35,153,664</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Indiana&#151;8.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Carmel Redev. Auth., Econ. Impvts. Lease RB, Performing Arts Ctr. Proj.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,230</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">4.75%, 2/01/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">02/16 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,287,984</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,580</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.00%, 2/01/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">02/16 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,831,159</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">1 </FONT></P>

<HR noshade width="100%" size=4>



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


<P align="left">
<B><FONT face="serif">BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Principal</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Amount</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Option Call</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">(000)</FONT></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
    <B><FONT size=2 face="serif">Description</FONT></B>
  </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Value</FONT></B>
    </center></TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Indiana&#151;(cont'd)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Delaware Cnty. Hosp. Auth., Hlth., Hosp. &amp; Nursing Home RB, Ball Memorial Hosp., Inc.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., 5.25%, 8/01/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">08/16 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif"> 2,071,100</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16,190,243</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Kansas&#151;0.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">845</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Univ. of Kansas Hosp. Auth., Hlth., Hosp. &amp; Nursing Home RB, Univ. of Kansas Hlth.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Sys. Proj., 5.00%, 9/01/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">09/16 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">872,910</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Louisiana&#151;0.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Aaa</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,425</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">St. Tammany Parish Fin. Auth., Sngl. Fam. Hsg. RB, Home Ownership Prog., Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.25%, 12/01/39</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">12/16 @ 103</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,495,538</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Maryland&#151;0.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hlth. &amp; Higher Edl. Facs. Auth., Hlth., Hosp. &amp; Nursing Home Impvts. RB, King Farm</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Presbyterian Cmnty. Proj., 5.00%, 1/01/17</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">01/09 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,001,770</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Mississippi&#151;0.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,215</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">12/01/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">12/16 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,207,941</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Montana&#151;2.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Two Rivers Auth., Correctional Fac. Impvts. Misc. RB,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.25%, 11/01/21</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">11/11 @ 107</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,528,620</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,600</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.375%, 11/01/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">11/11 @ 107</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,668,848</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,197,468</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Nebraska&#151;7.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Omaha Pub. Pwr. Dist., Elec., Lt. &amp; Pwr. Impvts. RB, Ser. B, 4.75%, 2/01/36, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">02/16 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,341,850</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Nevada&#151;2.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,325</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Truckee Meadows Wtr. Auth., Wtr. RB, 4.875%, 7/01/34, XLCA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;
 <center>
   <FONT size=2 face="serif">07/16 @ 100</FONT>
  </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,434,855</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">New Hampshire&#151;2.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Business Fin. Auth., Indl. Impvts. RB, Wst. Mgmt., Inc. Proj., 5.20%, 5/01/27, AMT</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">05/16 @ 101</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,137,750</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">New Jersey&#151;4.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,335</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tobacco Settlement Fing. Corp., Pub. Impvts. Tobacco Settlement Funded RB, 5.75%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">6/01/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">06/12 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,822,191</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">New Mexico&#151;7.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Farmington Poll. Cntl., Misc. RB, Pub. Svc. Co. of New Mexico Proj., Ser. B, 4.875%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">4/01/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">04/16 @ 101</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,367,800</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;25.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,875</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hudson Yards Infrastructure Corp., Trans. Impvts. Misc. RB, Ser. A, 5.00%, 2/15/47</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">02/17 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000,436</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Liberty Dev. Corp., Indl. Impvts. Misc. RB, Goldman Sachs Group, Inc. Proj., 5.25%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">10/01/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">No Opt. Call</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">17,171,700</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Nassau Cnty. Tobacco Settlement Corp., Tobacco Settlement Funded RB, Ser. A2, Zero</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Coupon, 6/01/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">06/16 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,546,600</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,600</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York City Indl. Dev. Agcy., Port, Arpt. &amp; Marina Impvts. RB, American Airlines, Inc.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., 7.625%, 8/01/25, AMT</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">08/16 @ 101</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,274,280</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York City Mun. Wtr. Fin. Auth., Wtr. RB, Ser. D, 5.00%, 6/15/39</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;
 <center>
   <FONT size=2 face="serif">06/15 @ 100</FONT>
  </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,668,700</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">49,661,716</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">North Carolina&#151;16.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">13,495</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Charlotte-Mecklenburg Hosp. Auth., Hlth., Hosp. &amp; Nursing Home Impvts. RB, Carolinas</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Hlth. Care Sys. Proj., Ser. A, 5.00%, 1/15/45</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">01/15 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">13,950,861</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,160</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Med. Care Comm. Hlth. Care Fac., Hlth., Hosp. &amp; Nursing Home RB, Novant Hlth. Oblig.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Grp. Proj., 5.00%, 11/01/39</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <FONT size=2 face="serif">11/16 @ 100</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,247,804</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">2 </FONT></P>

<HR noshade width="100%" size=4>



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


<P align="left">
<B><FONT face="serif">BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Amount</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Option Call</FONT></B>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">(000)</FONT></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Value</FONT></B>
    </center></TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">North Carolina&#151;(cont'd)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,170</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">University of North Carolina, Univ. &amp; Coll. Impvts. RB, Ser. A, 4.75%, 12/01/34</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">12/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,565,482</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">31,764,147</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;0.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Harrisburg Auth., Univ. &amp; Coll. Impvts. RB, Harrisburg Univ. of Science Proj., 5.40%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">9/01/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,005,150</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico&#151;3.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,825</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Indl. Tourist Edl. Med. &amp; Env. Ctrl. Facs. Fing. Auth., Univ. &amp; Coll. Impvts. RB, Ana G.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Mendez Univ. Sys. Proj., 5.00%, 3/01/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">03/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,097,522</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">South Carolina&#151;1.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Scago Edl. Facs. Corp. for Colleton Sch. Dist., Sch. Impvts. Lease Approp. RB,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Williamsburg Cnty. Proj., 5.00%, 12/01/31, RAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">12/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,062,580</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Tennessee&#151;1.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Knox Cnty. Hlth. Edl. &amp; Hsg. Facs. Brd., Hlth., Hosp. &amp; Nursing Home Impvts. RB,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Covenant Hlth. Proj., Zero Coupon, 1/01/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/17 @ 38.983</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,155,700</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,215</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Shelby Cnty. Hlth. Edl. &amp; Hsg. Facs. Brd., Hlth., Hosp. &amp; Nursing Home Impvts. RB, St.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Jude&#146;s Children Research Hosp. Proj., 5.00%, 7/01/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,313,014</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,468,714</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Texas&#151;20.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">04/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,053,900</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Brazos River Poll. Ctrl. Auth., Swr. Impvts. Misc. RB, TXU Energy Co. LLC Proj., 5.00%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">3/01/41, AMT</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">03/11 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,020,400</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Dallas-Fort Worth Intl. Arpt. Facs. Impvt. Corp., Port, Arpt. &amp; Marina Impvts. RB, Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.00%, 11/01/35, FSA, AMT</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/08 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,054,250</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">HFDC of Central Texas, Inc. Retirement Fac., Hlth., Hosp. &amp; Nursing Home RB, Vlg. at</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Gleannloch Farms Proj., Ser. A, 5.50%, 2/15/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/17 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,182,120</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">34,560</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Leander Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/42, PSF</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/14 @ 21.126</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,108,659</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,150</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New Caney Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 2/15/35, PSF</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,590,389</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Aaa</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">St. Affordable Hsg. Corp., Sngl. Fam. Hsg. RB, Professional Educators Proj., 5.50%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">12/01/39</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/17 @ 102.50</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,328,125</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">39,337,843</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Virginia&#151;3.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Peninsula Ports Auth., Hlth., Hosp. &amp; Nursing Home RB, Baptist Homes Proj.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. C, 5.375%, 12/01/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">12/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,208,686</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. C, 5.40%, 12/01/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">12/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,087,390</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,296,076</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Washington&#151;1.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Hlth. Care Facs. Auth., Hlth., Hosp. &amp; Nursing Home RB, Providence Hlth. Care Svcs. Proj.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">4.50%, 10/01/35, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,459,845</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 4.625%, 10/01/34, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,979,840</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,439,685</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Wisconsin&#151;2.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,335</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hlth. &amp; Edl. Facs. Auth., Hlth., Hosp. &amp; Nursing Home Impvts. RB, Ascension Hlth. Proj.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.00%, 11/15/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,526,847</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Total Long-Term Investments (cost &#36;361,823,299)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">367,686,493</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">3 </FONT></P>

<HR noshade width="100%" size=4>



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


<P align="left">
<B><FONT face="serif">BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;1.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Nebraska&#151;0.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>
    <center>
      <FONT size=2 face="serif">A-1+</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="right"><FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139</FONT><SUP></SUP>
    </div></TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">American Pub. Energy Agcy., Nat. Gas Util. Impvts. Nat. Gas RB, Ser. A, 3.63%, 2/01/07,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">FRWD</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <center>
    <FONT size=2 face="serif">N/A</FONT>
  </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">139,000&nbsp;</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Money Market Fund&#151;1.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
    <center>
      <FONT size=2 face="serif">NR</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">AIM Tax Free Cash Reserve Portfolio - Institutional Class</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <center>
    <FONT size=2 face="serif">N/A</FONT>
  </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif"> &nbsp;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,000,000&nbsp;</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Total Short-Term Investments (cost &#36;3,139,000)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,139,000&nbsp;</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Total Investments &#151;189.1% (cost &#36;364,962,299</FONT></B><B><SUP><FONT size=2 face="serif">6</FONT></SUP></B><B><FONT size=2 face="serif">)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD align=right nowrap> <FONT size=2 face="serif"> 370,825,493&nbsp;</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Liabilities in excess of other assets &#151;2.4%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,728,791&nbsp;</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Short-term floating rate certificates, including interest payable&#151;(91.5)%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(179,487,019)</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp; </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Net Assets &#151;100%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"> <FONT size=2 face="serif"> 196,067,265&nbsp;</FONT> </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>____________</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Using the highest of Standard &amp; Poor's, Moody's Investors Service or Fitch's Ratings.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">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></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Security represents underlying bond transferred to a separate securitization trust established in a tender option bond transaction in which the Trust acquired the residual interest certificates. These
securities serve as collateral in a financing transaction. The aggregate value of the above mentioned underlying bonds and secured borrowings including interest were &#36;179,306,575 and &#36;179,487,019, respectively at January 31, 2007.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Security is deemed to be of investment grade quality by the investment advisor.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">5</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">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 January 31, 2007.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">6</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Cost for federal income tax purposes is &#36;364,962,074. The net unrealized appreciation on a tax basis is &#36;5,863,419, consisting of &#36;6,166,148 gross unrealized appreciation and &#36;302,729 gross
unrealized depreciation.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width="30%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap colspan=2>
    <center>
      <B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
    </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">AMBAC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151; American Municipal Bond Assurance Corp.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">AMT</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151; Subject to Alternative Minimum Tax</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">FGIC</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151; Financial Guaranty Insurance Co.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">FRWD</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151; Floating Rate Weekly Demand</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">FSA</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151; Financial Security Assurance</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">GO</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151; General Obligation</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">MBIA</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151; Municipal Bond Insurance Assoc.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">PSF</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151; Public School Fund Guaranteed</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">RAA</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151; Radian Asset Assurance</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">RB</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151; Revenue Bond</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">SA</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151; Special Assessment</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">ST</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151; Special Tax</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">XLCA</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#151; XL Capital Assurance</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">4 </FONT></P>

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

<P align="left">
<B><FONT face="serif">Item 2. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif">(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures, including internal control over financial reporting, 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. Prior to reaching that conclusion, such principal officers had become aware of matters relating to the Registrant&#146;s participation in certain inverse floater
structures. As a result, management of the Registrant has reevaluated certain disclosure controls and procedures determined not to be effective, as discussed more fully below. </FONT></P>
<P align="left">
<FONT face="serif">Management of the Registrant is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. The Registrant&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with U.S. generally accepted accounting principles. Such internal control includes policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Registrant&#146;s assets that could have a material effect on the financial statements. </FONT></P>
<P align="left">
<FONT face="serif">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. </FONT></P>
<P align="left">
<FONT face="serif">A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A
significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the Registrant&#146;s ability to initiate, authorize, record, process or report financial data reliably in accordance with generally
accepted accounting principles such that there is more than a remote likelihood that a misstatement of the Registrant&#146;s annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material
weakness is a significant deficiency, or combination of significant deficiencies, that results in more </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<FONT face="serif">than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected. </FONT></P>
<P align="left">
<FONT face="serif">The Registrant identified the following control deficiency, that was determined to be a material weakness, as defined above, in the Registrant&#146;s internal control over financial reporting. The Registrant&#146;s controls
related to the review and analysis of relevant terms and conditions of transfers of certain assets pertaining to inverse floater structures were not operating effectively to appropriately determine whether the transfers of assets qualified for sale
accounting under the provisions of Statement of Financial Accounting Standards No. 140, &#147;Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities&#148; (&#147;SFAS 140&#148;). As a result these controls did
not detect that certain transfers were not appropriately recorded as borrowings. Accordingly, the Registrant&#146;s financial statements as of and for the period ended October 31, 2006, were stated to appropriately reflect transfers of such
securities as secured borrowings and to report the related income and expense. These adjustments had no impact on net assets, net asset value per share or total return. </FONT></P>
<P align="left">
<FONT face="serif">Subsequent to October 31, 2006, but prior to the evaluation of the design and operation of the Registrant&#146;s disclosure controls and procedures on January 26, 2007, the Registrant&#146;s disclosure controls and procedures were
modified to enhance the review and analysis of the relevant terms and conditions of transfers of securities in connection with inverse floater structures in light of SFAS 140. </FONT></P>
<P align="left">
<FONT face="serif">(b) There were no changes in the Registrant'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's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. However, as discussed above, subsequent to October 31, 2006, the Registrant has enhanced controls related to the
application of SFAS 140. </FONT></P>
<P align="left">
<B><FONT face="serif">Item 3. Exhibits.</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
<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>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="center">
<B><FONT face="serif">SIGNATURES</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
<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 align="left">
<FONT face="serif">(Registrant) </FONT><FONT face="serif"> &nbsp;BlackRock Long-Term Municipal Advantage Trust</FONT><FONT face="serif"> </FONT><BR>
<BR>
<FONT face="serif">By: <u>/s/ Donald C. Burke&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT><BR>
<FONT face="serif">Name: Donald C. Burke </FONT><BR>
<FONT face="serif">Title: Treasurer and Principal Financial Officer </FONT><BR>
<FONT face="serif">Date: March 28, 2007 </FONT></P>
<P align="left">
<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 align="left">
<FONT face="serif">By: <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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </FONT><BR>
<FONT face="serif">Name: Robert S. Kapito </FONT><BR>
<FONT face="serif">Title: President and Principal Executive Officer </FONT><BR>
<FONT face="serif">Date: March 28, 2007 </FONT><BR>
<BR>
<FONT face="serif">By: <u>/s/ Donald C. Burke&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT><BR>
<FONT face="serif">Name: Donald C. Burke </FONT><BR>
<FONT face="serif">Title: Treasurer and Principal Financial Officer </FONT><BR>
<FONT face="serif">Date: March 28, 2007 </FONT></P>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c47521_ex99-cert.htm
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   <TITLE>c47521_ex99-cert.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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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><BR>
<BR>
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<FONT face="serif">I, Robert S. Kapito, certify that: </FONT></P>
<P align="left">
<FONT face="serif">1. I have reviewed this report on Form N-Q of </FONT><FONT face="serif">BlackRock Long-Term Municipal Advantage Trust; </FONT></P>
<P align="left">
<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 align="left">
<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 align="left">
<FONT face="serif">4. The Registrant'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 align="left">
<FONT face="serif">(a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT face="serif">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 align="left">
<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 align="left">
<FONT face="serif">(c)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT face="serif">Evaluated the effectiveness of the Registrant'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 align="left">
<FONT face="serif">(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has  materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and </FONT></P>
<P align="left">
<FONT face="serif">5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P align="left">
<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's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=25%>
<FONT face="serif">Date: March 28, 2007</FONT>&nbsp;
  </TD>
  <TD width=26%>&nbsp;
  </TD>
  <TD align=left width=48% style="border-bottom:1px solid #000000;"><center>
    /s/ Robert S. Kapito

</center></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=25%>&nbsp;

  </TD>
  <TD width=26%>&nbsp;
  </TD>
  <TD align=center width=48%>
<FONT face="serif">Robert S. Kapito</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=25%>&nbsp;

  </TD>
  <TD width=26%>&nbsp;
  </TD>
  <TD align=center width=48%>
<FONT face="serif">President and Principal Executive Officer</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>

<HR noshade width="100%" size=4>



<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><BR>
<BR>
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<FONT face="serif">I, Donald C. Burke, certify that: </FONT></P>
<P align="left">
<FONT face="serif">1. I have reviewed this report on Form N-Q of </FONT><FONT face="serif">BlackRock Long-Term Municipal Advantage Trust; </FONT></P>
<P align="left">
<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 align="left">
<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 align="left">
<FONT face="serif">4. The Registrant'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 align="left">
<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 align="left">
<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 align="left">
<FONT face="serif">(c)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT face="serif">Evaluated the effectiveness of the Registrant'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 align="left">
<FONT face="serif">(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has  materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and </FONT></P>
<P align="left">
<FONT face="serif">5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P align="left">
<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's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD colspan="3" align=left>
<FONT face="serif">Date: March 28, 2007</FONT>&nbsp;
  </TD>
  <TD width=25%>&nbsp;
  </TD>
  <TD align=left width=47% style="border-bottom:1px solid #000000;"><center>
    /s/ Donald C. Burke

</center></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=6%>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=18%>&nbsp;

  </TD>
  <TD width=25%>&nbsp;
  </TD>
  <TD align=center width=47%>
<FONT face="serif">Donald C. Burke</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=6%>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=18%>&nbsp;

  </TD>
  <TD width=25%>&nbsp;
  </TD>
  <TD align=center width=47%>
<FONT face="serif">Treasurer and Principal Financial Officer</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<BR>

<HR noshade width="100%" size=4>


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