<SEC-DOCUMENT>0000900092-11-000149.txt : 20110331
<SEC-HEADER>0000900092-11-000149.hdr.sgml : 20110331
<ACCEPTANCE-DATETIME>20110331153833
ACCESSION NUMBER:		0000900092-11-000149
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110131
FILED AS OF DATE:		20110331
DATE AS OF CHANGE:		20110331
EFFECTIVENESS DATE:		20110331

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:		11725977

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Municipal Advantage Income Trust
		DATE OF NAME CHANGE:	20051108
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>btafinal.htm
<DESCRIPTION>BR LONG-TERM MUNICIPAL ADVANTAGE TRUST
<TEXT>

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<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">UNITEDSTATES</FONT><BR>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">SECURITIESANDEXCHANGECOMMISSION</FONT><BR>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">Washington,D.C.20549</FONT><BR>
<BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-Q</FONT></B><BR>
<BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MANAGEMENT INVESTMENT COMPANY</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-21835</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Long-Term Municipal Advantage Trust, 55 East 52</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">nd </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Street, New York, NY 10055</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 04/30/2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 01/31/2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Schedule of Investments</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT><BR>
<FONT color=#000080 size=4 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Schedule of Investments </FONT><FONT color=#000080 size=2 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">January 31, 2011 (Unaudited)<BR>
&nbsp;</FONT><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="58%"></TD>
     <TD width="22%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par&nbsp;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;Municipal Bonds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Arizona &#151; 3.1%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Maricopa County Pollution Control Corp.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Southern California</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Edison Co., Series A, 5.00%, 6/01/35</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;$585 </FONT></TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$<FONT size=3 face="Times New Roman">&nbsp;</FONT>550,456</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Pima County IDA, RB, Tucson Electric</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Power Co., Series A, 5.25%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10/01/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,345</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,188,993</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Salt River Project Agricultural</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Improvement &amp; Power District, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A, 5.00%, 1/01/38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">665</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">651,481</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Salt Verde Financial Corp., RB, Senior,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,090</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,771,108</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,162,038</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Arkansas &#151; 0.4%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">County of Little River Arkansas,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Georgia-Pacific Corp.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;Project,&nbsp; AMT, 5.60%, 10/01/26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503,261 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">California &#151; 22.0%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">California Health Facilities Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, Refunding RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Catholic Healthcare West, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.00%, 7/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">680</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">670,834</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">St. Joseph Health System, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.75%, 7/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">385</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">378,105</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Sutter Health, Series B, 6.00%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">8/15/42 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,040</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,021,197</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">California HFA, RB, AMT, Home</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Mortgage:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series G, 5.50%, 8/01/42</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,135</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,104,192</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series K, 5.50%, 2/01/42</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">745</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">756,384</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">California State Public Works Board, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Various Capital Projects, Sub-Series</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">I-1, 6.38%, 11/01/34</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">400</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">406,920</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">California Statewide Communities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Development Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Senior Living, Southern California:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.25%, 11/15/19</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,032,180</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.63%, 11/15/24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">540</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">552,371</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Golden State Tobacco Securitization</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Corp. California, Custodial Receipts,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series 1271, 5.00%, 6/01/45 (b)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,901,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Los Angeles Department of Airports, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A, 5.25%, 5/15/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">270</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">258,484</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="6%"></TD>
     <TD width="21%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">California (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">San Francisco City &amp; County Public</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Utilities Commission, RB, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 11/01/39</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 3,225 </FONT></TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$<FONT size=3 face="Times New Roman">&nbsp;</FONT>3,082,777</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">State of California, GO, Various Purpose,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.50%, 4/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,115,140</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">University of California, RB, Series B</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(NPFGC), 4.75%, 5/15/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">15,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">13,457,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">29,737,534 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Colorado &#151; 1.2%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Colorado Health Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Sisters of Leavenworth,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A, 5.00%, 1/01/40</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">755</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">665,970</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">North Range Metropolitan District No. 2,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">GO, Limited Tax, 5.50%, 12/15/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,200</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">934,356</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,600,326 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Delaware &#151; 1.4%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">County of Sussex Delaware, RB, NRG</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Energy, Inc., Indian River Project,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.00%, 10/01/40</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">719,880</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Delaware State EDA, RB, Exempt</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Facilities, Indian River Power, 5.38%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10/01/45</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,415</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,247,266</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,967,146 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">District of Columbia &#151; 8.9%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">District of Columbia, RB, Methodist</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Home District of Columbia, Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7.38%, 1/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">550</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">538,175</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7.50%, 1/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">910</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">887,104</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">District of Columbia Tobacco Settlement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Financing Corp., Refunding RB, Asset-</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Backed:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.25%, 5/15/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,030</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,760,392</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.50%, 5/15/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,472,912</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Metropolitan Washington Airports</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, RB, First Senior Lien,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 10/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">170</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">159,423</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.25%, 10/01/44</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">270</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">260,885</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">12,078,891 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Florida &#151; 4.8%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">County of Miami-Dade Florida, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Water &amp; Sewer System, 5.00%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10/01/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,950</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,821,670</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Portfolio Abbreviations</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">according to the following list:</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="6%"></TD>
     <TD width="41%"></TD>
     <TD width="20%"></TD>
     <TD width="31%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">AGM</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Assured Guaranty Municipal Corp.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">HFA</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Housing Finance Agency</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">AMT</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Alternative Minimum Tax (subject to)</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">HRB</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Housing Revenue Bonds</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CAB</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Capital Appreciation Bonds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">IDA</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Industrial Development Authority</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">EDA</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Economic Development Authority</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">ISD</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Independent School District</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">EDC</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Economic Development Corp.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">NPFGC</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">National Public Finance Guarantee Corp.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">ERB</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Education Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">PSF-GTD</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Permanent School Fund Guaranteed</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">GO</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">General Obligation Bonds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Revenue Bonds</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">HDA</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Housing Development Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST JANUARY 31, 2011 1</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=-->
<A name="page_3"></A><BR>
<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT><BR>
<FONT color=#000080 size=4 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Schedule of Investments </FONT><FONT color=#000080 size=2 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(continued) <BR>
</FONT><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="21%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;&nbsp;&nbsp; </TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;Municipal Bonds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Florida (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">County of Miami-Dade Florida,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Miami International</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Airport, Series A-1, 5.38%, 10/01/41 </FONT></TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$<FONT size=3 face="Times New Roman">&nbsp;</FONT>400</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;$370,996</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Mid-Bay Bridge Authority, RB, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7.25%, 10/01/40 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">745</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">731,977</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Sarasota County Health Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, Refunding RB, Village on</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">the Isle Project, 5.50%, 1/01/32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">495</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">407,479</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Sumter Landing Community</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Development District Florida, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Sub-Series B, 5.70%, 10/01/38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,395</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,043,223</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Tolomato Community Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">District, Special Assessment Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Special Assessment, 6.65%, 5/01/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,160,093</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Watergrass Community Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">District, Special Assessment Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A, 5.38%, 5/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,850</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">900,728</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,436,166 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Georgia &#151; 0.5%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">DeKalb County Hospital Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Georgia, RB, DeKalb Medical Center</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Inc. Project, 6.13%, 9/01/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">454,845</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">DeKalb Private Hospital Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Children's Healthcare,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.25%, 11/15/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">285</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">264,660</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;719,505</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Guam &#151; 0.5%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Territory of Guam, GO, Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.00%, 11/15/19</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">200</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">203,668</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.75%, 11/15/29</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">295</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">311,349</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7.00%, 11/15/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">205</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">218,876</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">733,893&nbsp;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Illinois &#151; 14.2%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">City of Chicago Illinois, Custodial</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Receipts, Series 1284, 5.00%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1/01/33 (b)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">15,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">13,200,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Illinois Finance Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Advocate Health Care, Series C,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.38%, 4/01/44</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,845</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,687,086</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Navistar International, Recovery</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Zone, 6.50%, 10/15/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">535</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">532,352</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Illinois Finance Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Central DuPage Health, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.50%, 11/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">550</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">517,495</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Metropolitan Pier &amp; Exposition Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, McCormick Place</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Expansion Project (AGM):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">CAB, Series B, 6.25%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6/15/46 (c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,605</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">577,343</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series B, 5.00%, 6/15/50</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,095</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">928,779</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series B-2, 5.00%, 6/15/50</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">870</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">714,592</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Railsplitter Tobacco Settlement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.50%, 6/01/23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">430</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">407,111</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.00%, 6/01/28</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">390</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">372,193</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="6%"></TD>
     <TD width="21%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;Municipal&nbsp; Bonds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Illinois (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">State of Illinois, RB, Build Illinois,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series B, 5.25%, 6/15/34</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 215</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;$<FONT size=3 face="Times New Roman">&nbsp;</FONT>201,259</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">19,138,360 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Indiana &#151; 12.4%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Carmel Redevelopment Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Performing Arts Center:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4.75%, 2/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7,230</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,611,835</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 2/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,580</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6,408,723</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Delaware County Hospital Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Indiana, RB, Cardinal Health System</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Obligation Group, 5.25%, 8/01/36</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,635,260</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Indiana Finance Authority, RB, Sisters of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">St. Francis Health, 5.25%, 11/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">290</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">262,914</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Indiana Finance Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Ascension Health Senior Credit,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series B-5, 5.00%, 11/15/36</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">444,335</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Parkview Health System, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.75%, 5/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,100</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,084,369</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Indiana Municipal Power Agency, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series B, 6.00%, 1/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">350</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">360,636</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">16,808,072 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Kansas &#151; 0.4%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Kansas Development Finance Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Sisters of Leavenworth,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series&nbsp; A, 5.00%, 1/01/40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529,690</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Kentucky &#151; 0.2%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Kentucky Economic Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Finance Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Owensboro Medical Health System,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;Series A, 6.38%, 6/01/40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328,636 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Louisiana &#151; 2.3%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Louisiana Local Government</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Environmental Facilities &amp; Community</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Development Authority, Westlake</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Chemical Corp., RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Projects, 6.75%, 11/01/32</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,015,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A-1, 6.50%, 11/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,135</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,123,695</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;3,138,695 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Maryland &#151; 1.3%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Maryland EDC, RB, Transportation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Facilities Project, Series A, 5.75%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">970</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">883,777</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Maryland EDC, Refunding RB, CNX</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Marine Terminals, Inc., 5.75%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9/01/25</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">465,420</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Maryland Health &amp; Higher Educational</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">University of Maryland Medical</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">System, 5.00%, 7/01/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">490</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">451,280</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,800,477 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Massachusetts &#151; 8.8%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Massachusetts HFA, Refunding HRB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series D, AMT, 5.45%, 6/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11,855</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11,421,107</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2 BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST JANUARY 31, 2011</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=-->
<A name="page_4"></A><BR>
<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT><BR>
<FONT color=#000080 size=4 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Schedule of Investments </FONT><FONT color=#000080 size=2 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(continued) <BR>
</FONT><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="6%"></TD>
     <TD width="22%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;Municipal Bonds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Massachusetts (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Massachusetts Health &amp; Educational</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Partners Healthcare, Series J1,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 7/01/39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 615 </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$<FONT size=3 face="Times New Roman">&nbsp;</FONT>550,770</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11,971,877 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Michigan &#151; 2.7%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">City of Detroit Michigan, RB, Senior Lien,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series B (AGM), 7.50%, 7/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">560</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">648,519</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Garden City Hospital Finance Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Michigan, Refunding RB, Garden City</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Hospital Obligation, Series A, 5.00%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">8/15/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,540</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">955,401</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Kalamazoo Hospital Finance Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Bronson Methodist</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Hospital, 5.50%, 5/15/36</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">475</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">440,178</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Royal Oak Hospital Finance Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Michigan, Refunding RB, William</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Beaumont Hospital, 8.25%, 9/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,400</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,558,914</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;3,603,012 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Montana &#151; 0.5%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Two Rivers Authority, RB, Senior</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Lien (d)(e):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7.25%, 11/01/21</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">228,780</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7.38%, 11/01/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,600</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">396,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">625,280 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Nebraska &#151; 3.4%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Omaha Public Power District, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">System, Sub-Series B (NPFGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;4.75%, 2/01/36&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,569,800 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey &#151; 0.4%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Jersey EDA, RB, Continental Airlines</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;Inc. Project, AMT, 6.63%, 9/15/12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502,880 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New York &#151; 10.7%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Metropolitan Transportation Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Transportation,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series D, 5.25%, 11/15/40</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">410</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">374,920</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New York City Industrial Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Agency, RB, American Airlines Inc.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">JFK International Airport, AMT, 7.63%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">8/01/25 (f)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,139,920</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New York City Municipal Water Finance</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, Refunding RB, Series D,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 6/15/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7,213,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New York Liberty Development Corp.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Second Priority, Bank</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">of America Tower at One Bryant Park</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Project, 6.38%, 7/15/49</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">420</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">422,113</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New York State Dormitory Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New York University, Series A, 5.25%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7/01/48</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,959,780</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Port Authority of New York &amp; New Jersey,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB, JFK International Air Terminal,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.00%, 12/01/42</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">430</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">405,864</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">14,516,397 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">North Carolina &#151; 11.9%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">North Carolina Capital Facilities Finance</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Agency, RB, Duke Energy Carolinas,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series B, 4.38%, 10/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">560</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">499,262</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="21%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;&nbsp;&nbsp; </TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">North Carolina (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">North Carolina Capital Facilities Finance</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Agency, Refunding RB, Duke Energy</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Carolinas, Series B, 4.63%, 11/01/40 </FONT></TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$<FONT size=3 face="Times New Roman">&nbsp;</FONT>560&nbsp;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$494,178</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">North Carolina Medical Care</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Commission, RB, Duke University</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Health System, Series A, 5.00%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6/01/42</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">480</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">439,627</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">University of North Carolina at Chapel</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Hill, Refunding RB, General, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4.75%, 12/01/34</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">15,170</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">14,644,208</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;16,077,275 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Ohio &#151; 0.7%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">State of Ohio, RB, Ford Motor Co.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Project,&nbsp;&nbsp;AMT, 5.75%,&nbsp; 4/01/35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900,700 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Pennsylvania &#151; 0.7%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Allegheny County Hospital Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, Refunding RB, Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">System, West Penn, Series A, 5.38%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11/15/40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,500&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996,840&nbsp;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Puerto Rico &#151; 1.5%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Puerto Rico Sales Tax Financing Corp.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB, First Sub-Series A, 6.50%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">8/01/44</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,705</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,764,556</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Puerto Rico Sales Tax Financing Corp.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, CAB, First Sub-Series</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">C, 6.52%, 8/01/38 (c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,490</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">235,643</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;2,000,199 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">South Carolina &#151; 2.1%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">South Carolina Jobs-EDA, Refunding RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">First Mortgage, Lutheran Homes,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.50%, 5/01/28</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">600</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">486,846</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">First Mortgage, Lutheran Homes,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.63%, 5/01/42</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">757,680</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Palmetto Health, 5.50%, 8/01/26</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">480</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">454,334</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Senior Lien, Burroughs &amp; Chapin,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A (Radian), 4.70%, 4/01/35</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,370</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,080,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,779,160 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Texas &#151; 13.8%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Brazos River Authority, RB, TXU Electric,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A, AMT, 8.25%, 10/01/30</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">559,140</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">City of Dallas Texas, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 10/01/35</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">525</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">524,223</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">City of Houston Texas, RB, Senior Lien,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A, 5.50%, 7/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">250,590</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">HFDC of Central Texas Inc., RB, Village</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">at Gleannloch Farms, Series A, 5.50%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2/15/27</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,150</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">895,310</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Matagorda County Navigation District</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">No. 1 Texas, Refunding RB, Central</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Power &amp; Light Co. Project, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.30%, 11/01/29</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">707,945</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Caney ISD, GO, School Building</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(PSF-GTD), 5.00%, 2/15/35</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9,150</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">9,214,599</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">North Texas Tollway Authority, RB, Toll,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Second Tier, Series F, 6.13%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,290</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,293,206</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Tarrant County Cultural Education</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Facilities Finance Corp., RB, Scott &amp;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">White Healthcare, 6.00%, 8/15/45</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,390</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,387,943</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST JANUARY 31, 2011 3</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=-->
<A name="page_5"></A><BR>
<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT><BR>
<FONT color=#000080 size=4 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Schedule of Investments </FONT><FONT color=#000080 size=2 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(continued)<BR>
&nbsp;</FONT><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="6%"></TD>
     <TD width="18%"></TD>
     <TD width="22%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp; Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Texas (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Texas Private Activity Bond Surface</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Transportation Corp., Senior Lien, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">LBJ Infrastructure Group LLC, LBJ</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Freeway Managed Lanes Project,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7.00%, 6/30/40</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 1,490 </FONT></TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$<FONT size=3 face="Times New Roman">&nbsp;</FONT>1,500,072</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">NTE Mobility Partners LLC, North</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Tarrant Express Managed Lanes</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Project, 6.88%, 12/31/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,315</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,310,805</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">18,643,833 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Utah &#151; 0.6%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">City of Riverton Utah, RB, IHC Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Services Inc., 5.00%, 8/15/41&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874,198</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Vermont &#151; 2.0%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Vermont HFA, RB, Series 27, AMT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AGM), 4.90%, 5/01/38 (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,985&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,659,008 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia &#151; 3.1%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Fairfax County EDA, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Goodwin House Inc., 5.13%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10/01/42</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">850</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">709,597</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Peninsula Ports Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia Baptist Homes, Series C,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.38%, 12/01/26</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,600</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,673,100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Reynolds Crossing Community</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Development Authority, Special</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Assessment Bonds, Reynolds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Crossing Project, 5.10%, 3/01/21</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">903,330</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia HDA, RB, Rental Housing,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series F, 5.00%, 4/01/45</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">926,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;4,212,177</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Wisconsin &#151; 1.9%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Wisconsin Health &amp; Educational</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Facilities Authority, RB, Ascension</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Health Credit Group, Series A, 5.00%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;11/15/31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,835&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,614,295</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Wyoming &#151; 0.1%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Wyoming Municipal Power Agency, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A, 5.00%, 1/01/42 100 90,009 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Municipal Bonds &#150; 138.5%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">187,319,630</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds Transferred to Tender</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Option Bond Trusts (g) </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">California &#151; 3.3%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Bay Area Toll Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">San Francisco Bay Area, Series F-1,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.63%, 4/01/44</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,090</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,105,410</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">California Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, RB, University of Southern</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">California, Series A, 5.25%, 10/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">840</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">846,258</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Los Angeles Department of Airports,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Senior, Los Angeles</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">International Airport, Series A, 5.00%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5/15/40</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,050</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,884,791</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="6%"></TD>
     <TD width="20%"></TD>
     <TD width="21%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds Transferred to Tender</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;Option Bond Trusts (g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">California (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">San Diego Community College District</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">California, GO, Election of 2002,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.25%, 8/01/33</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 553 </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$<FONT size=3 face="Times New Roman">&nbsp;</FONT>556,384</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,392,843 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Colorado &#151; 0.5%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Colorado Health Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Catholic Healthcare,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A, 5.50%, 7/01/34&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722,628</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Hampshire &#151; 0.5%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New Hampshire Health &amp; Education</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Dartmouth College, 5.25%, 6/01/39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673,009 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New York &#151; 10.5%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New York City Municipal Water Finance</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, RB, Series FF-2, 5.50%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6/15/40</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">495</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">505,817</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">New York State Dormitory Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">ERB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series B, 5.75%, 3/15/36</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11,250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11,799,225</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series F, 5.00%, 3/15/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,995</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,945,582</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">14,250,624 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Ohio &#151; 5.2%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">County of Allen Ohio, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Catholic Healthcare, Series A, 5.25%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,650</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,451,144</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">State of Ohio, Refunding RB, Cleveland</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Clinic Health, Series A, 5.50%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,630</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,532,770</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp; 6,983,914 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">South Carolina &#151; 2.1%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">South Carolina State Housing Finance &amp;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Development Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series B-1, 5.55%, 7/01/39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,879&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,874,681 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Texas &#151; 1.5%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">County of Harris Texas, RB, Senior Lien,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Toll Road, Series&nbsp; A, 5.00%, 8/15/38&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,130&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,049,869 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia &#151; 0.7%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia Small Business Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, Refunding RB, Sentara</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Healthcare, 5.00%, 11/01/40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935,722</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Wisconsin &#151; 1.4%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Wisconsin Health &amp; Educational</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Froedtert &amp; Community Health Inc.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;5.25%, 4/01/39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,990&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,830,697 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Municipal Bonds Transferred to</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;Tender&nbsp; Option Bond Trusts &#150; 25.7%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34,713,987 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Long-Term Investments</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Cost &#150; $245,245,476) &#150; 164.2%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">222,033,617</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4 BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST JANUARY 31, 2011</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<A name="page_6"></A><BR>
<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT><BR>
<FONT color=#000080 size=4 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Schedule of Investments </FONT><FONT color=#000080 size=2 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(concluded) <BR>
</FONT><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="9%"></TD>
     <TD width="18%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Short-Term&nbsp; Securities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">FFI Institutional Tax-Exempt Fund,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;0.15% (h)(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,583,100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ 1,583,100 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Short-Term Securities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Cost&nbsp; &#150; $1,583,100) &#150; 1.2%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,583,100 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Investments</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Cost &#150; $246,828,576*) &#150; 165.4%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">223,616,717</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Other Assets Less Liabilities &#150; 0.7%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,005,672</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Liability for Trust Certificates, Including Interest</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Expense and Fees Payable &#150; (66.1)%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(89,426,431)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Net&nbsp; Assets &#150; 100.0%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</FONT><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">135,195,958 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">* The cost and unrealized appreciation (depreciation) of investments as of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">January 31, 2011, as computed for federal income tax purposes, were as</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Aggregate follows: cost</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 157,421,098</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 1,008,829</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Gross&nbsp;unrealized depreciation </FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(24,049,756)</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Net unrealized depreciation<FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD>
     <TD align=left></TD>
     <TD colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif"><U>$ (23,040,927) </U></FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(a) When-issued security. Unsettled when-issued transactions were as</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">follows:</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Unrealized</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Counterparty</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Value</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Appreciation</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Morgan Stanley Co. Inc.</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 1,021,197 </FONT></TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$<FONT size=3 face="Times New Roman">&nbsp;</FONT>9,870</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Goldman Sachs Co.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$&nbsp;&nbsp;&nbsp;&nbsp; 731,977 </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$<FONT size=3 face="Times New Roman">&nbsp;</FONT>9,119</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif"><BR>
(b) Security exempt from registration under Rule 144A of the Securities Act</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">of 1933. These securities may be resold in transactions exempt from</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">registration to qualified institutional investors.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(c) Represents a zero-coupon bond. Rate shown reflects the current yield as</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">of report date.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(d) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(e) Non-income producing security.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(f) Variable rate security. Rate shown is as of report date.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(g) Securities represent bonds transferred to a tender option bond trust in</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">exchange for which the Trust acquired residual interest certificates.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">These securities serve as collateral in a financing transaction.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(h) Investments in companies considered to be an affiliate of the Trust</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">during the period, for purposes of Section 2(a)(3) of the Investment</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Company Act of 1940, as amended, were as follows:</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="24%"></TD>
     <TD width="25%"></TD>
     <TD width="10%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center></TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Shares<FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Shares</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif"></FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=center></TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Held at<FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Held at</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif"></FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=center></TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">April 30,<FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Net</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">January 31,</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif"></FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Affiliate&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Activity&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011 </FONT></TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income&nbsp;<FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">FFI Institutional</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif"></FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Tax-Exempt</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif"></FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif"><FONT size=1 face="Franklin Gothic Book">F</FONT>und&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,901,695&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318,595)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,583,100&nbsp; </FONT></TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif"><FONT size=1 face="Franklin Gothic Book">$ 1,370 </FONT></FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif"><BR>
(i) Represents the current yield as of report date.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#149; Fair Value Measurements - Various inputs are used in determining the fair</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">value of investments, which are as follows:</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#149; Level 1 &#151; price quotations in active markets/exchanges for identical</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">assets and liabilities</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#149; Level 2 &#151; other observable inputs (including, but not limited to: quoted</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">prices for similar assets or liabilities in markets that are active, quoted</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">prices for identical or similar assets or liabilities in markets that are not</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">active, inputs other than quoted prices that are observable for the</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">assets or liabilities (such as interest rates, yield curves, volatilities,</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">prepayment speeds, loss severities, credit risks and default rates) or</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">other market-corroborated inputs)</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#149; Level 3 &#151; unobservable inputs based on the best information available</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">in the circumstances, to the extent observable inputs are not available</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(including the Trust's own assumptions used in determining the fair</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">value of investments)</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">The inputs or methodologies used for valuing securities are not necessarily</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">an indication of the risk associated with investing in those securities. For</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">information about the Trust's policy regarding valuation of investments and</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">other significant accounting policies, please refer to Trust&#146;s most recent</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">financial statements as contained in its semi-annual report.</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">The following table summarizes the inputs used as of January 31, 2011 in</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">determining the fair valuation of the Trust's investments:</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="24%"></TD>
     <TD width="6%"></TD>
     <TD width="18%"></TD>
     <TD width="18%"></TD>
     <TD width="13%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Valuation Inputs</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Level 1</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Level 2</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Level 3</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Assets:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Investments in Securities:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Long-Term</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Investments</FONT><SUP><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $222,033,617</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#151; </FONT></TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$<FONT size=3 face="Times New Roman">&nbsp;</FONT>222,033,617</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Short-Term</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Securities</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 1,583,100</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,583,100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 1,583,100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $222,033,617</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#151; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$<FONT size=3 face="Times New Roman">&nbsp;</FONT>223,616,717</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=left><SUP><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1 </FONT></SUP><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">See above Schedule of Investments for values in each state or</FONT>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">political subdivision.</FONT>&nbsp;</TD>
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     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">JANUARY 31, 2011</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Controls and Procedures</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(a) &#150; The registrant's principal executive and principal financial officers or persons performing</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">similar functions have concluded that the registrant's disclosure controls and procedures (as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">31940 Act3)) are effective as of a date within 90 days of the filing of this report based on the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(b) &#150; There were no changes in the registrant's internal control over financial reporting (as defined</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that have materially affected, or are reasonably likely to materially affect, the registrant's</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Exhibits</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certifications &#150; Attached hereto</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the undersigned, thereunto duly authorized.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Long-Term Municipal Advantage Trust</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ John M. Perlowski</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Long-Term Municipal Advantage Trust</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, this report has been signed below by the following persons on behalf</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant and in the capacities and on the dates indicated.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ John M. Perlowski</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Long-Term Municipal Advantage Trust</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Long-Term Municipal Advantage Trust</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2011</FONT></P>
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<DESCRIPTION>CERTIFICATIONS
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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Long-Term Municipal Advantage</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Trust, certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock Long-Term Municipal Advantage Trust;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2011</FONT><BR>
<BR>
<I><U><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">/S/ </FONT></U></I><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Long-Term Municipal Advantage Trust</FONT></P>

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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Long-Term Municipal Advantage</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Trust, certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock Long-Term Municipal Advantage Trust;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2011</FONT><BR>
<BR>
<I><U><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">/S/ </FONT></U></I><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Long-Term Municipal Advantage Trust</FONT></P>

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