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<SEC-DOCUMENT>0000930413-07-007630.txt : 20070924
<SEC-HEADER>0000930413-07-007630.hdr.sgml : 20070924
<ACCEPTANCE-DATETIME>20070924123025
ACCESSION NUMBER:		0000930413-07-007630
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070731
FILED AS OF DATE:		20070924
DATE AS OF CHANGE:		20070924
EFFECTIVENESS DATE:		20070924

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:		071130979

	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>c50329_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></P>
<P align="center">
<B><FONT face="serif">FORM N-Q</FONT></B></P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Investment Company Act file number 811-21835 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Name of Fund: BlackRock Long-Term Municipal Advantage Trust </FONT></P>
<P align="left">
<FONT size=2 face="serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 </FONT></P>
<P align="left" style="margin-left:40px;text-indent:-40px"><FONT size=2 face="serif">Name and address of agent for service: Robert S. Kapito, President, BlackRock Long-Term Municipal Advantage Trust,<br>
40 East 52</FONT><SUP><FONT size=2 face="serif">nd</FONT></SUP><FONT size=2 face="serif"> Street, New York,
NY 10022. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area code: (888) 825-2257 </FONT></P>
<P align="left"><FONT size=2 face="serif">Date of fiscal year end: 10/31/2007
    </FONT></P>
<P align="left"><FONT size=2 face="serif">Date of reporting period: 05/01/2007 &#150; 07/31/2007 </FONT></P>
<P align="center">&nbsp;</P>

<HR noshade align="center" width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<font size="2"><b><PAGE>
</b>
</font>
<P align="left">
  <font size="2"><b><FONT face="serif">Item 1 &#150; Schedule of Investments</FONT></b></font></P>
<P align="center">&nbsp;</P>


<P align="left">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) <br>
JULY 31, 2007</FONT></B></P>
<P align="left">
<B><FONT color="#000000" face="serif">BlackRock Long-Term Municipal Advantage Trust (BTA)<br>
</FONT></B><B><FONT color="#000000" face="serif"> </FONT></B><B><FONT size=2 face="serif">(Percentages shown are based on Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=center>
<B><FONT size=2 face="serif">Principal</FONT></B>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=center>
<B><FONT size=2 face="serif">Amount</FONT></B>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>
	</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;">
      <font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD align=center style="border-bottom:1px solid #000000;">
      <font size="2"><B><FONT face="serif">Description</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=center style="border-bottom:1px solid #000000;">
      <font size="2"><B><FONT face="serif">Value</FONT></B>&nbsp;
	  </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">LONG-TERM INVESTMENTS&#151;194.9%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Municipal Bonds&#151;104.6%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Arizona&#151;2.2%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">2,100</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Phoenix &amp; Pima Cnty. Indl. Dev. Auth., Local
      or Gtd. Hsg. RB, Ser. 2007-1, 5.25%, 8/01/38, AMT</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><FONT size=2 face="serif">&#36;</FONT>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>
	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">2,157,267</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Pima Cnty. Indl. Dev. Auth.,</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">945</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">&nbsp;&nbsp;Local or Gtd. Hsg. RB, 5.23%, 2/04/12, AMT</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">945,000</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">1,000</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right>
<FONT size=2 face="serif"></FONT>
	</TD>
	<TD align=left>
      <FONT size=2 face="serif">&nbsp;&nbsp;Sch. Impvts. Misc. RB, Arizona Charter Schs. Proj., Ser. 0, 5.25%, 7/01/31</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">986,550</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">4,088,817</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">California&#151;5.6%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">7,000</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Irvine Unified Sch. Dist. Fin. Grp. II, Sch. Impvts. ST, Ser. A, 5.125%, 9/01/36</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">6,921,390</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">3,625</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Statewide Cmntys. Dev. Auth., Hlth., Hosp. &amp; Nursing
      Home RB, Daughters of Charity Proj., Ser. A, 5.00%, 7/01/39</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">3,529,010</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">10,450,400</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Colorado&#151;2.0%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">2,500</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right>
<FONT size=2 face="serif"></FONT>
	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Hlth. Facs. Auth., Hlth., Hosp. &amp; Nursing
      Home RB, Adventist Hlth./Sunbelt Proj., 5.125%, 11/15/29</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">2,535,800</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">1,200</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">North Range Met. Dist. No 2, Pub. Impvts. Ad Valorem Ppty. Tax GO, Shea Homes LP Proj., 5.50%, 12/15/37</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">1,184,220</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">3,720,020</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Connecticut&#151;1.6%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">3,000</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">St. Hsg. Fin. Auth., Local or Gtd. Hsg. RB, Ser. A-2, 5.15%, 5/15/38, AMT</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">3,014,010</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">District of Columbia&#151;13.1%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB,</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">6,470</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">&nbsp;&nbsp;6.25%, 5/15/24</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">6,821,968</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">15,415</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">&nbsp;&nbsp;6.50%, 5/15/33</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">17,799,084</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">24,621,052</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Florida&#151;4.6%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right valign="top">
<FONT size=2 face="serif">1,000</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left colspan=2>
      <FONT size=2 face="serif">Highlands Cnty. Hlth. Facs. Auth., Hlth., Hosp. &amp; Nursing
      Home Impvts. RB, Adventist Bolingbrook Hlth. </FONT><BR>
	  &nbsp;&nbsp;<FONT size=2 face="serif">Sys. Proj., 5.125%, 11/15/32</FONT>
    </TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">1,006,170</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right valign="top">
<FONT size=2 face="serif">2,830</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Hillsborough Cnty. Indl. Dev. Auth., Hlth., Hosp. &amp; Nursing
      Home Impvts. RB, Tampa Gen. Hosp. Proj., </FONT><BR>
	  &nbsp;&nbsp;<FONT size=2 face="serif">5.00%, 10/01/36</FONT>
    </TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">2,770,259</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right valign="top">
<FONT size=2 face="serif">845</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Jacksonville Hlth. Facs. Auth., Hlth., Hosp. &amp; Nursing
      Home Impvts. RB, Baptist Med. Ctr. Proj., Ser. A, </FONT><BR>
	  &nbsp;&nbsp;<FONT size=2 face="serif">5.00%, 8/15/37</FONT>
    </TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">838,485</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right valign="top">
<FONT size=2 face="serif">1,150</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Orange Cnty. Hlth. Facs. Auth., Hlth., Hosp. &amp; Nursing
      Home Impvts. RB, 1st Mtg. Orlando Lutheran </FONT><BR>
	  &nbsp;&nbsp;<FONT size=2 face="serif">Tower Proj., 5.50%, 7/01/38</FONT>
    </TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">1,116,684</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Sarasota Cnty. Hlth. Facs. Auth., Hlth., Hosp. &amp; Nurisng
      Home RB, Vlg. On The Isle Proj.,</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">560</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">&nbsp;&nbsp;5.50%, 1/01/27</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">567,509</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">520</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">&nbsp;&nbsp;5.50%, 1/01/32</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">524,488</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">1,850</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Watergrass Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. A, 5.375%, 5/01/39</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">1,773,040</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">8,596,635</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Georgia&#151;0.9%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">1,000</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Cobb Cnty. Dev. Auth., Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.00%, 4/01/33, AMT</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">952,720</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left>&nbsp;
</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">680</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Gainesville Redev. Auth. Edl. Facs., Private Schs. RB, Riverside Military Academy Proj., 5.125%, 3/01/27</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;">&nbsp;
    </TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">675,818</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">1,628,538</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Illinois&#151;3.7%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Fin. Auth.,</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">3,000</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right>
<FONT size=2 face="serif"></FONT>
	</TD>
	<TD align=left>
      <FONT size=2 face="serif">&nbsp;&nbsp;Coll. &amp; Univ. RB, Illinois Inst. of Technology
      Proj., Ser. A, 5.00%, 4/01/36</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">2,963,760</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">4,000</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right>
<FONT size=2 face="serif"></FONT>
	</TD>
	<TD align=left>
      <FONT size=2 face="serif">&nbsp;&nbsp;Hlth., Hosp. &amp; Nursing Home RB, Proctor Hosp.
      Proj., 5.125%, 1/01/25</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">3,956,680</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">6,920,440</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Indiana&#151;2.1%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">2,000</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left nowrap>
      <FONT size=2 face="serif">Delaware Cnty. Hosp. Auth., Hlth., Hosp. &amp; Nursing
      Home RB, Ball Mem. Hosp., Inc. Proj., 5.25%, 8/01/36</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">2,001,420</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right valign="top">
<FONT size=2 face="serif">1,985</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right>
<FONT size=2 face="serif"></FONT>
	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Hlth. &amp; Edl. Fac. Fing. Auth., Hlth., Hosp. &amp; Nursing
      Home RB, Cmnty. Fndtn. Northwest Ind. Proj., </FONT><BR>
	  &nbsp;&nbsp;<FONT size=2 face="serif">5.50%, 3/01/37</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">1,995,183</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">3,996,603</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Kansas&#151;2.0%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">3,650</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Lenexa, Hlth., Hosp. &amp; Nursing Home Impvts.
      RB, Lakeview Village Inc. Proj., 5.50%, 5/15/39</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">3,699,312</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Kentucky&#151;1.3%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">2,500</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Trimble Cnty., Indl. RB, Louisville Gas &amp; Elec.
      Co. Proj., 4.60%, 6/01/33, AMBAC</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">2,442,200</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Louisiana&#151;0.8%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">1,425</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right>
<FONT size=2 face="serif"></FONT>
	</TD>
	<TD align=left>
      <FONT size=2 face="serif">St. Tammany Parish Fin. Auth., Local Sngl. Fam. Hsg. RB, Ser. A, 5.25%, 12/01/39</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">1,480,917</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Maryland&#151;0.5%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right valign="top">
<FONT size=2 face="serif">1,000</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right>
<FONT size=2 face="serif"></FONT>
	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Hlth. &amp; Higher Edl. Facs. Auth., Hlth., Hosp. &amp; Nursing
      Home Impvts. RB, King Farm Presbyterian Cmnty. Proj., </FONT><BR>
	  &nbsp;&nbsp;<FONT size=2 face="serif">5.00%, 1/01/17</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">994,770</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Michigan&#151;0.7%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">1,540</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Garden City Hosp. Fin. Auth., Hlth., Hosp. &amp; Nursing
      Home RB, Garden City Hosp. Proj., Ser. A, 5.00%, 8/15/38</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">1,400,476</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Minnesota&#151;5.5%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">6,460</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Residential Hsg. Proj., 4.85%, 7/01/31, AMT</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">6,279,766</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">4,000</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right>
<FONT size=2 face="serif"></FONT>
	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Mun. Pwr. Agcy., Elec., Pwr. &amp; Lt. Impvts.
      RB, 5.00%, 10/01/35</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">4,083,080</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">10,362,846</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Mississippi&#151;0.6%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">1,215</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%, 12/01/28, AMT</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">1,133,729</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Missouri&#151;1.4%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">2,500</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right>
<FONT size=2 face="serif"></FONT>
	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Hsg. Dev. Comm., Local or Gtd. Hsg. RB, Ser. B1, 5.05%, 3/01/38</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">2,528,900</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <font size="2"><B><FONT face="serif">Montana&#151;2.2%</FONT></B>&nbsp;
	  </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">Two Rivers Auth., Correctional Fac. Impvts. Misc. RB,</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">1,500</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">&nbsp;&nbsp;7.25%, 11/01/21</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <FONT size=2 face="serif">1,519,890</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">2,600</FONT>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
      <FONT size=2 face="serif">&nbsp;&nbsp;7.375%, 11/01/27</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">2,653,742</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=6% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=left style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=1% align=right style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">4,173,632</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
</TABLE>
<BR>
<P align="left">&nbsp;</P>
<P align="center"><font size="2">1</font></P>

<HR noshade align="center" width="100%" size=2>



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<B><FONT color="#000000" face="serif">BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)</FONT></B><br>
<B><FONT color="#000000" face="serif" size="2">(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=center>
<B><FONT size=2 face="serif">Principal</FONT></B>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=center>
<B><FONT size=2 face="serif">Amount</FONT></B>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="6%" align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif"></FONT></B>&nbsp;
	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Municipal Bonds&#151;(cont&#146;d)</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">New Hampshire&#151;2.6%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=left>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">5,000</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Business Fin. Auth., Indl. Impvts. RB, Wst. Mgmt., Inc. Proj., 5.20%, 5/01/27, AMT</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,969,050</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">New Jersey&#151;3.7%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">6,515</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Tobacco Settlement Fing. Corp., Pub. Impvts. Tobacco Settlement Funded RB, 5.75%, 6/01/32</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,969,812</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">New Mexico&#151;2.0%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">3,750</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Farmington Poll. Ctrl., Misc. RB, Pub. Svc. Co. of New Mexico Proj., Ser. B, 4.875%, 4/01/33</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,662,775</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">New York&#151;11.1%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">5,000</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Liberty Dev. Corp., Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">5,305,100</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">2,145</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Mtg. Agcy., Local or Gtd. Hsg. RB, Ser. 143, 4.75%, 10/01/22, AMT</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">2,117,480</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">5,000</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Nassau Cnty. Tobacco Settlement Corp., Tobacco Settlement Funded RB, Ser. A2, Zero Coupon, 6/01/26</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">4,609,350</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right valign="top">
<FONT size=2 face="serif">7,600</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">New York City Indl. Dev. Agcy., Port, Arpt. &amp; Marina Impvts. RB, American Airlines, Inc. Proj., 7.625%, </FONT><BR>
	  &nbsp;&nbsp;<FONT size=2 face="serif">8/01/25, AMT</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,869,580</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">20,901,510</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">North Carolina&#151;1.2%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">2,160</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Med. Care Comm., Hlth., Hosp. &amp; Nursing Home RB, Novant Hlth., Inc. Proj., 5.00%, 11/01/39</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,170,951</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Oklahoma&#151;0.5%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">1,015</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Dev. Fin. Auth., Hlth., Hosp. &amp; Nursing Home RB, St. John Hlth. Sys., Inc. Proj., 5.00%, 2/15/42</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,014,980</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Pennsylvania&#151;1.8%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">2,080</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Allegheny Cnty. Hosp. Dev. Auth., Hlth., Hosp. &amp; Nursing Home RB, West Penn Allegheny Hlth. Sys. Proj., 5.375%,</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">11/15/40</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">2,036,570</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">1,000</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Harrisburg Auth., Univ. &amp; Coll. Impvts. RB, Harrisburg Univ. of Science Proj., 5.40%, 9/01/16</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">999,950</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">450</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.60%, 10/01/27</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">426,285</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,462,805</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Puerto Rico&#151;2.5%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">1,550</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Hwy. &amp; Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/36</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">1,710,161</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right valign="top">
<FONT size=2 face="serif">3,000</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Indl. Tourist Edl. Med. &amp; Env. Ctrl. Facs. Fing. Auth., Univ. &amp; Coll. Impvts. RB, Ana G. Mendez Univ. </FONT><BR>
	  &nbsp;&nbsp;<FONT size=2 face="serif">Sys. Proj., 5.00%, 3/01/36</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,006,090</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,716,251</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">South Carolina&#151;3.7%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">1,040</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Hlth. &amp; Edl. Fac. Auth., Hlth., Hosp. &amp; Nursing Home RB, Sanford Hlth. Proj., 5.00%, 11/01/40</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">1,041,269</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Jobs Econ. Dev. Auth., Hlth., Hosp. &amp; Nursing Home RB, First Mtg. Lutheran Homes Proj.,</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">600</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;5.50%, 5/01/28</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">598,470</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">1,000</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;5.625%, 5/01/42</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">997,480</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">2,500</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Jobs-Econ. Dev. Auth., Misc. RB, Burroughs &amp; Chapin Proj., 4.70%, 4/01/35, RAA</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">2,322,375</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>
	</TD>
	<TD width="6%" align=right valign="top">
<FONT size=2 face="serif">2,000</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Scago Edl. Facs. Corp. for Colleton Sch. Dist., Sch. Impvts. Lease Approp. RB, Williamsburg Cnty. Proj., </FONT><BR>
	  &nbsp;&nbsp;<FONT size=2 face="serif">5.00%, 12/01/31, RAA</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,999,860</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,959,454</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Tennessee&#151;1.8%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right valign="top">
<FONT size=2 face="serif">5,000</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Knox Cnty. Hlth., Edl. &amp; Hsg. Facs. Brd., Hlth., Hosp. &amp; Nursing Home Impvts. RB, Covenant Hlth. Proj., </FONT><BR>
	  &nbsp;&nbsp;<FONT size=2 face="serif">Zero Coupon, 1/01/36</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">1,096,950</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right valign="top">
<FONT size=2 face="serif">2,215</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Shelby Cnty. Hlth., Edl. &amp; Hsg. Facs. Brd., Hlth., Hosp. &amp; Nursing Home Impvts. RB, St. Jude Children's </FONT><BR>
	  &nbsp;&nbsp;<FONT size=2 face="serif">Research Hosp. Proj., 5.00%, 7/01/31</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,230,749</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,327,699</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Texas&#151;13.1%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">1,250</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Affordable Hsg. Corp., Sngl. Fam. Hsg. RB, Professional Educators Proj., 5.50%, 12/01/39, AMT</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">1,311,398</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">2,500</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">2,446,075</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">2,000</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Brazos River Poll. Ctrl. Auth., Swr. Impvts. Misc. RB, TXU Energy Co. LLC Proj., 5.00%, 3/01/41, AMT</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">1,824,760</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right valign="top">
<FONT size=2 face="serif">7,980</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Dallas-Fort Worth Intl. Arpt. Facs. Impvt. Corp., Port, Arpt. &amp; Marina Impvts. RB, Ser. A, 5.00%, 11/01/35, </FONT><BR>
	  &nbsp;&nbsp;<FONT size=2 face="serif">FSA, AMT</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">7,996,598</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right valign="top">
<FONT size=2 face="serif">1,150</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">HFDC of Central Texas, Inc. Retirement Fac., Hlth., Hosp. &amp; Nursing Home RB, Vlg. at Gleannloch </FONT><BR>
	  &nbsp;&nbsp;<FONT size=2 face="serif">Farms Proj., Ser. A, 5.50%, 2/15/27</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">1,169,607</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">1,500</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Hlth. Care Facs. Auth., Hlth., Hosp. &amp; Nursing Home RB, Providence Hlth. Care Svcs. Proj., 4.50%, 10/01/35, FGIC</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">1,430,805</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">34,560</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Leander Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/42, PSF</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">5,135,962</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">2,000</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Mission Econ. Dev. Corp., Rec. Recvery RB, Allied Waste Ind. Proj., 5.20%, 4/01/18, AMT</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">1,962,340</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">1,250</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">West Central Regl. Hsg. Fin., Local or Gtd. Hsg. RB, Ser. A, 5.35%, 12/01/39, AMT</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,289,300</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">24,566,845</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Vermont&#151;2.4%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">4,670</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, 4.90%, 5/01/38, FSA, AMT</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,532,468</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Virginia&#151;2.7%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">850</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Fairfax Cnty. Econ. Dev. Auth., Local or Gtd. Hsg. RB, Goodwin House, Inc. Proj., 5.125%, 10/01/42</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">836,051</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">595</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Lexington Indl. Dev. Auth., Hlth., Hosp. &amp; Nursing Home RB, Kendal at Lexington Proj., Ser. A, 5.50%, 1/01/37</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">592,305</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">2,600</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Peninsula Ports Auth., Hlth., Hosp. &amp; Nursing Home RB, Baptist Homes Proj., Ser. C, 5.375%, 12/01/26</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">2,609,828</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">1,000</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Reynolds Crossing Cmnty. Dev. Auth., Pub. Impvts. SA, Reynolds Crossing Proj., 5.10%, 3/01/21</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">995,500</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,033,684</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Washington&#151;0.5%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">1,000</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%">&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Hlth. Care Facs. Auth., Hlth., Hosp. &amp; Nursing Home RB, Providence Hlth. Sys. Proj., Ser. A, 4.625%, 10/01/34, FGIC</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">973,530</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">&nbsp;</P>
<P align="center"><font size="2">2</font></P>

<HR noshade align="center" width="100%" size=2>



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<B><FONT color="#000000" face="serif">BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)</FONT></B><br>
<B><FONT size=2 face="serif">(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=center>
<B><FONT size=2 face="serif">Principal</FONT></B>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

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

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=center>
<B><FONT size=2 face="serif">Amount</FONT></B>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

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

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="6%" align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif"></FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

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

	</TD>
	<TD width="8%" align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Municipal Bonds&#151; (cont'd)</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Wisconsin&#151;3.7%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Hlth. &amp; Edl. Facs. Auth.,</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=left>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">5,335</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>
<FONT size=2 face="serif"></FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;Hlth., Hosp. &amp; Nursing Home Impvts. RB, Ascension Hlth. Proj., 5.00%, 11/15/31</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">5,366,103</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">1,535</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>
<FONT size=2 face="serif"></FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;Hlth., Hosp. &amp; Nursing Home RB, Franciscan Sisters Healthcare Proj., 5.00%, 9/01/26</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,525,606</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

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

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

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,891,709</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Wyoming&#151;0.5%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">1,015</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Cmnty. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 3, 4.70%, 12/01/32, AMT</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">961,418</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Total Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">196,368,238</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Municipal Bonds Held in Trust&#151;90.3%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">California&#151;21.6%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">15,000</FONT>
	</TD>
	<TD width="1%" align=left><SUP><FONT size=2 face="serif">1</FONT></SUP>

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Golden St. Tobacco Sec. Corp., Tobacco Settlement Funded RB, 5.00%, 6/01/45, AMBAC</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">15,222,300</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">10,000</FONT>
	</TD>
	<TD width="1%" align=left><SUP><FONT size=2 face="serif">1</FONT></SUP>

	</TD>
	<TD width="1%" align=right>
<FONT size=2 face="serif"></FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Hlth. Fac. Fing. Auth., Hlth., Hosp. &amp; Nursing Home RB, Sutter Hlth. Proj., Ser. A, 5.25%, 11/15/46</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">10,277,500</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">15,000</FONT>
	</TD>
	<TD width="1%" align=left><SUP><FONT size=2 face="serif">1</FONT></SUP>

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Univ. of California, Univ. &amp; Coll. Impvts. RB, Ser. B, 4.75%, 5/15/38, MBIA</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,076,800</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

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

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

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">40,576,600</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Georgia&#151;16.4%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">City of Atlanta,</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">15,000</FONT>
	</TD>
	<TD width="1%" align=left><SUP><FONT size=2 face="serif">1</FONT></SUP>

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;Port, Arpt. &amp; Marina RB, Ser. C, 5.00%, 1/01/33, FSA</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">15,405,150</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">15,000</FONT>
	</TD>
	<TD width="1%" align=left><SUP><FONT size=2 face="serif">1</FONT></SUP>

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;Wtr. Util. Impvts. Wtr. RB, 5.00%, 11/01/43, FSA</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,393,150</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

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

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

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">30,798,300</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Illinois&#151;8.2%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">15,000</FONT>
	</TD>
	<TD width="1%" align=left><SUP><FONT size=2 face="serif">1</FONT></SUP>

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Chicago O'Hare Intl. Arpt., Port, Arpt. &amp; Marina RB, Ser. A, 5.00%, 1/01/33, FGIC</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,424,800</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Indiana&#151;7.5%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Carmel Redev. Auth., Econ. Impvts. Lease RB, Performing Arts Ctr. Proj.,</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">7,230</FONT>
	</TD>
	<TD width="1%" align=left><SUP><FONT size=2 face="serif">1</FONT></SUP>

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;4.75%, 2/01/33</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">7,234,988</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">6,580</FONT>
	</TD>
	<TD width="1%" align=left><SUP><FONT size=2 face="serif">1</FONT></SUP>

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;5.00%, 2/01/33</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,754,107</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

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

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

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13,989,095</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Nebraska&#151;8.1%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">15,000</FONT>
	</TD>
	<TD width="1%" align=left><SUP><FONT size=2 face="serif">1</FONT></SUP>

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Omaha Pub. Pwr. Dist., Elec., Lt. &amp; Pwr. Impvts. RB, Ser. B, 4.75%, 2/01/36, FGIC</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,104,400</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">New York&#151;8.2%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">15,000</FONT>
	</TD>
	<TD width="1%" align=left><SUP><FONT size=2 face="serif">1</FONT></SUP>

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">New York City Mun. Wtr. Fin. Auth., Wtr. RB, Ser. D, 5.00%, 6/15/39</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,448,650</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">North Carolina&#151;15.3%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right valign="top">
<FONT size=2 face="serif">13,495</FONT>
	</TD>
	<TD width="1%" align=left valign="top"><SUP><FONT size=2 face="serif">1</FONT></SUP>

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Charlotte-Mecklenburg Hosp. Auth., Hlth., Hosp. &amp; Nursing
Home Impvts. RB, Carolinas Hlth. Care Sys. Proj., </FONT><BR>
	  &nbsp;&nbsp;<FONT size=2 face="serif">Ser. A,</FONT> <FONT size=2 face="serif">5.00%,
1/15/45</FONT></TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left><div align="right"><FONT size=2 face="serif">13,471,923</FONT>

	</div></TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#FFFFFF">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">15,170</FONT>
	</TD>
	<TD width="1%" align=left><SUP><FONT size=2 face="serif">1</FONT></SUP>

	</TD>
	<TD width="1%" align=right>
<FONT size=2 face="serif"></FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Univ. of North Carolina, Univ. &amp; Coll. Impvts. RB, Ser. A, 4.75%, 12/01/34</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,314,722</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

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

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

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">28,786,645</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#FFFFFF">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Texas&#151;5.0%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">9,150</FONT>
	</TD>
	<TD width="1%" align=left><SUP><FONT size=2 face="serif">1</FONT></SUP>

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">New Caney Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 2/15/35, PSF</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,418,919</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#FFFFFF">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Total Municipal Bonds Held in Trust</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">169,547,409</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">Total Long-Term Investments </FONT></B><FONT size=2 face="serif">(cost &#36;369,250,871)</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">365,915,647</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>


<TR valign="bottom" bgcolor="#FFFFFF">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=center>
<B><FONT size=2 face="serif">Shares</FONT></B>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

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

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="6%" align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif"></FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

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

	</TD>
	<TD width="8%" align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="serif">MONEY MARKET FUND&#151;1.0%</FONT></B>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=left>&nbsp;

	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="6%" align=right>
<FONT size=2 face="serif">1,800</FONT>
	</TD>
	<TD width="1%" align=left><SUP><FONT size=2 face="serif">2,3</FONT></SUP>

	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Merrill Lynch Institutional Tax-Exempt Fund, 3.47% (cost &#36;1,800,000)</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,800,000</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD colspan="5" align=left>
<B><FONT size=2 face="serif">Total Investments &#151;195.9% </FONT></B><FONT size=2 face="serif">(cost &#36;371,050,871</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP><FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
	<TD width="1%" align=left>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">367,715,647</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="5" align=left>
<FONT size=2 face="serif">Liabilities in excess of other assets &#151;0.2%</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right>&nbsp;

	</TD>
	<TD width="8%" align=right>
<FONT size=2 face="serif">296,611</FONT>
	</TD>
	<TD width="1%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD colspan="5" align=left>
<FONT size=2 face="serif">Liability for trust certificates, including interest payable &#151;(96.1)%</FONT>&nbsp;
	</TD>
	<TD width="1%" align=right style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(180,245,420</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="5" align=left>
      <B><FONT size=2 face="serif">Net Assets &#151;100%</FONT></B>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD width="8%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">187,766,838</FONT>
	</TD>
	<TD width="1%" align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="left" width="10%" size=1>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="2%" nowrap><FONT size=2 face="serif"><SUP>1</SUP></FONT></td>
    <td width="98%"><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 may have acquired
the residual interest certificates. These securities serve as collateral in a financing transaction. </FONT>
</td>
  </tr>
  <tr valign="top">
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td nowrap><FONT size=2 face="serif"><SUP>2</SUP></FONT></td>
    <td><FONT size=2 face="serif">Represents an investment in an affiliate. </FONT></td>
  </tr>
  <tr valign="top">
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td nowrap><FONT size=2 face="serif"><SUP>3</SUP></FONT></td>
    <td><FONT size=2 face="serif">Represents current yield as of July 31, 2007. </FONT></td>
  </tr>
  <tr valign="top">
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td nowrap><FONT size=2 face="serif"><SUP>4</SUP></FONT></td>
    <td><FONT size=2 face="serif">Cost for federal income tax purposes is &#36;371,051,096. The net unrealized
	depreciation on a tax basis is &#36;3,335,449, consisting of &#36;1,874,064 gross unrealized appreciation
	and &#36;5,209,513 gross unrealized depreciation. </FONT></td>
  </tr>
</table>

<BR>
<TABLE width="30%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="5" align=center  style="border-top:1px solid #000000;">
     <B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
  </TD>
  </TR>
<TR valign="bottom">
	<TD width="19%" align=right nowrap>
      <FONT size=2 face="serif">AMBAC</FONT><font size="2">&nbsp;
    </font></TD>
	<TD width="3%" nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD width="5%" align=left nowrap>
      <div align="center"><FONT size=2 face="serif">&#151;</FONT><font size="2">
    </font></div></TD>
	<TD width="3%" nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD width="70%" align=left nowrap>
      <FONT size=2 face="serif">American Municipal Bond</FONT><font size="2">&nbsp; </font><FONT size=2 face="serif">Assurance
      Corp.</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <FONT size=2 face="serif">AMT</FONT><font size="2">&nbsp;
    </font></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=2 face="serif">&#151;</FONT><font size="2">
    </font></div></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <FONT size=2 face="serif">Subject to Alternative</FONT><font size="2">&nbsp; </font><FONT size=2 face="serif">Minimum
      Tax</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <FONT size=2 face="serif">FGIC</FONT><font size="2">&nbsp;
    </font></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=2 face="serif">&#151;</FONT><font size="2">
    </font></div></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <FONT size=2 face="serif">Financial Guaranty Insurance</FONT><font size="2">&nbsp; </font><FONT size=2 face="serif">Co.</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <FONT size=2 face="serif">FSA</FONT><font size="2">&nbsp;
    </font></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=2 face="serif">&#151;</FONT><font size="2">
    </font></div></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <FONT size=2 face="serif">Financial Security Assurance</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <FONT size=2 face="serif">GO</FONT><font size="2">&nbsp;
    </font></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=2 face="serif">&#151;</FONT><font size="2">
    </font></div></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <FONT size=2 face="serif">General Obligation</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <FONT size=2 face="serif">MBIA</FONT><font size="2">&nbsp;
    </font></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=2 face="serif">&#151;</FONT><font size="2">
    </font></div></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <FONT size=2 face="serif">Municipal Bond Insurance</FONT><font size="2">&nbsp; </font><FONT size=2 face="serif">Assoc.</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <FONT size=2 face="serif">PSF</FONT><font size="2">&nbsp;
    </font></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=2 face="serif">&#151;</FONT><font size="2">
    </font></div></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <FONT size=2 face="serif">Public School Fund</FONT><font size="2">&nbsp; </font><FONT size=2 face="serif">Guaranteed</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <FONT size=2 face="serif">RAA</FONT><font size="2">&nbsp;
    </font></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=2 face="serif">&#151;</FONT><font size="2">
    </font></div></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <FONT size=2 face="serif">Radian Asset Assurance</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <FONT size=2 face="serif">RB</FONT><font size="2">&nbsp;
    </font></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=2 face="serif">&#151;</FONT><font size="2">
    </font></div></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <FONT size=2 face="serif">Revenue Bond</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <FONT size=2 face="serif">SA</FONT><font size="2">&nbsp;
    </font></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=2 face="serif">&#151;</FONT><font size="2">
    </font></div></TD>
	<TD nowrap><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap>
      <FONT size=2 face="serif">Special Assessment</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap  style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">ST</FONT><font size="2">&nbsp;
    </font></TD>
	<TD nowrap  style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap   style="border-bottom:1px solid #000000;">
      <div align="center"><FONT size=2 face="serif">&#151;</FONT><font size="2">
    </font></div></TD>
	<TD nowrap   style="border-bottom:1px solid #000000;"><font size="2">&nbsp;</font>
	</TD>
	<TD align=left nowrap  style="border-bottom:1px solid #000000;">
      <FONT size=2 face="serif">Special Tax</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
</TABLE>
<BR>
<P align="left">&nbsp;</P>
<P align="center"><font size="2">3</font></P>

<P align="center">&nbsp;</P>


<HR noshade align="center" width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<font size="2"><b><PAGE>
</b>
</font>
<P align="left">&nbsp;  </P>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="7%" valign="top" nowrap><font size="2"><b><FONT face="serif">Item 2 &#150;</FONT></b></font></td>
    <td colspan="3" valign="top"><font size="2"><b><font face="serif">Controls
    and Procedures</font></b></font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap><font size=2 face="serif">2(a) &#150;</font></td>
    <td colspan="3" valign="top"><font size=2 face="serif"> The registrant&#146;s
        principal executive and principal financial officers or persons performing
        similar functions have concluded that the registrant&#146;s disclosure
        controls and procedures (as defined in Rule 30a-3(c) under the Investment
        Company Act of 1940, as amended (the &#147;1940 Act&#148;)) are effective
        as of a date within 90 days of the filing of this report based on the
        evaluation of these controls and procedures required by Rule 30a-3(b)
        under the 1940 Act and Rule 13a-15(b) under the Securities and Exchange
    Act of 1934, as amended. </font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap><FONT size=2 face="serif">2(b) &#150; </FONT></td>
    <td colspan="3" valign="top"><FONT size=2 face="serif">There were no changes
        in the registrant&#146;s
        internal control over financial reporting (as defined in Rule 30a-3(d)
        under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant&#146;s
        last fiscal quarter that have materially affected, or are reasonably
        likely to materially affect, the registrant&#146;s internal control over
    financial reporting.</FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap><FONT size=2 face="serif"><b>Item 3 &#150;</b></FONT></td>
    <td colspan="3" valign="top"><FONT size=2 face="serif"><b>Exhibits</b></FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top"><font size=2 face="serif">Certifications &#150; Attached
    hereto</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top"><font size=2 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></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top"><FONT size=2 face="serif">BlackRock Long-Term Municipal
    Advantage Trust</FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td width="5%" valign="top"><font size=2 face="serif">By:</font></td>
    <td width="27%" valign="top" style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/ Donald C. Burke</FONT></td>
    <td width="59%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><FONT size=2 face="serif">Donald C. Burke,</FONT> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><FONT size=2 face="serif">Treasurer of</FONT> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><FONT size=2 face="serif">BlackRock Long-Term
        Municipal Advantage Trust</FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top" nowrap><font size=2 face="serif">Date: September
    20, 2007</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top"><FONT size=2 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></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top"><font size=2 face="serif">By:</font></td>
    <td valign="top" style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/ Robert S. Kapito</FONT></td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font size=2 face="serif">Robert S. Kapito,</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font size=2 face="serif">President (principal
    executive officer) of</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font size=2 face="serif">BlackRock Long-Term
    Municipal Advantage Trust</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top"><font size=2 face="serif">Date: September 20,
    2007</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="3" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top"><font size=2 face="serif">By:</font></td>
    <td valign="top" style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/ Donald C. Burke</FONT> </td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><FONT size=2 face="serif">Donald C. Burke,</FONT> </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font size=2 face="serif">Treasurer (principal
    financial officer) of</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><FONT size=2 face="serif">BlackRock Long-Term
    Municipal Advantage Trust </FONT></td>
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    <td colspan="3" valign="top"><font size=2 face="serif">Date: September 20,
    2007</font></td>
    <td>&nbsp;</td>
  </tr>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c50329_ex99-cert.htm
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<P align="right">
<B></B></P>

<DIV align="left">
<B><FONT size=2 face="serif">EX-99. CERT </FONT></B><BR>
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF </FONT></B><BR>
<B><FONT size=2 face="serif">THE SARBANES-OXLEY ACT OF 2002 </FONT></B></DIV>
<div style="border-bottom:1px solid #000000">&nbsp;</div>




<P align="left">
<FONT size=2 face="serif">I, Robert S. Kapito, President (principal executive officer) of BlackRock Long-Term Municipal Advantage Trust, certify that: </FONT></P>


<p><font size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-Q of BlackRock Long-Term Municipal Advantage Trust; </font></p>




<p><font size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>


<div style="margin-left:45px">

<P align="left"><FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </FONT></P>


<P align="left"><FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
</div>

<P align="left">
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P>



<div style="margin-left:45px">
<P align="left"><FONT size=2 face="serif">a)&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </FONT></P>


<P align="left"><FONT size=2 face="serif">b)&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control
over financial reporting. </FONT></P>
</div>

<P align="left"><font size=2 face="serif">Date: September 20, 2007</font></P>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD></TD>
     <TD></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><div style="border-bottom:1px solid #000000"><font size=2 face="serif">/s/
    Robert S. Kapito</font></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Robert S. Kapito,</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">President (principal executive officer) of</FONT>
  </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap><FONT size=2 face="serif">BlackRock Long-Term
    Municipal Advantage Trust</FONT> </TD>
  </TR>
</TABLE>


<br>
<br>
<br>
<P align="center">&nbsp;</P>

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



<P align="right" style="page-break-before:always"></P><PAGE>
<P align="right">&nbsp;</P>
<DIV align="left"><B><FONT size=2 face="serif">EX-99. CERT </FONT></B><BR>
    <B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF </FONT></B><BR>
    <B><FONT size=2 face="serif">THE SARBANES-OXLEY ACT OF 2002 </FONT></B></DIV>
<div style="border-bottom:1px solid #000000">&nbsp;</div>

<P align="left">
<FONT size=2 face="serif">I, Donald C. Burke, Treasurer (principal financial officer) of BlackRock Long-Term Municipal Advantage Trust, certify that: </FONT></P>

<P align="left">
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-Q of BlackRock Long-Term Municipal Advantage Trust;</FONT></P>


<P align="left">
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>

<div style="margin-left:45px">
<P align="left"><FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </FONT></P>

<P align="left"><FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
</div>
<P align="left">
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P>

<div style="margin-left:45px">
<P align="left"><FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </FONT></P>

<P align="left"><FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control
over financial reporting. </FONT></P>
</div>
<P align="left"><font size=2 face="serif">Date: September 20, 2007</font></P>



<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD></TD>
    <TD></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><div style="border-bottom:1px solid #000000"><FONT size=2 face="serif">/s/
          Donald C. Burke</FONT></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=2 face="serif">Donald C. Burke ,</FONT> </TD>
    <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><FONT size=2 face="serif">Treasurer (principal
    financial officer) of</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><FONT size=2 face="serif">BlackRock Long-Term
    Municipal Advantage Trust</FONT> </TD>
  </TR>
</TABLE>
<P align="center">&nbsp;</P>

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