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<SEC-DOCUMENT>0000930413-06-004254.txt : 20060530
<SEC-HEADER>0000930413-06-004254.hdr.sgml : 20060529
<ACCEPTANCE-DATETIME>20060530102045
ACCESSION NUMBER:		0000930413-06-004254
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060331
FILED AS OF DATE:		20060530
DATE AS OF CHANGE:		20060530
EFFECTIVENESS DATE:		20060530

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:		06872268

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Municipal Advantage Income Trust
		DATE OF NAME CHANGE:	20051108
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c42594_nq.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<center>
  <FONT face="serif">UNITED STATES </FONT><BR>
  <FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
  <FONT face="serif">Washington, D.C. 20549 </FONT>
</center>
<P align="center">
<B><FONT size=4 face="serif">FORM N-Q </FONT></B></P>
<center>
  <B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B><BR>
  <B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B>
</center>
<P>
<FONT face="serif">Investment Company Act file number:__</FONT><U><FONT face="serif">811-21835</FONT></U><FONT face="serif">______ </FONT></P>
<P align="center">
<FONT face="serif">_______</FONT><U><FONT face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT></U><FONT face="serif">_______ </FONT><BR>
<FONT face="serif">(Exact name of registrant as specified in charter) </FONT><BR>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=60% align=center>
      <center>
        <div style="border-bottom:1px solid #000000"> <font face="serif">100
            Bellevue Parkway, Wilmington, DE</font>&nbsp; </div>
      </center></TD>
        <TD align=center>
      <center>
        <div style="border-bottom:1px solid #000000"> <font face="serif">19809</font>&nbsp; </div>
      </center></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=right>
      <center>
        <FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
      </center></TD>
        <TD align=right>
      <center>
        <FONT face="serif">(Zip code)</FONT>&nbsp;
      </center></TD>
</TR>
</TABLE>

  <div align=center style="border-bottom:1px solid #000000"><br>
      <font face="serif">Robert S. Kapito, President </font><br>
      <font face="sans-serif">BlackRock Long-Term Municipal Advantage Trust </font><br>
      <font face="serif">40 East 52nd Street, New York, NY 10022</font></div>
  <div align=center><FONT face="serif">(Name and address of agent for service) </FONT>
</div>

<P>
<FONT face="serif">Registrant's telephone number, including area code:_</FONT><U><FONT face="serif">888-825-2257&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></U></P>
<FONT face="serif">Date of fiscal year end:___</FONT><U><FONT face="serif">December 31, 2006</FONT></U><FONT face="serif"> </FONT><BR>
<FONT face="serif">Date of reporting period:__</FONT><U><FONT face="serif">March 31, 2006</FONT></U><BR>

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

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


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

<p><font size="3"><b>PORTFOLIO OF INVESTMENTS <br></b><b>MARCH 31</b><b>, 2006
</b>(<b>unaudited</b>)</font><hr noshade size=3>
<p><font size="3"><b>BlackRock Long-Term Municipal Advantage Trust (BTA)</b></font>


<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><center>
      <font size="2"><b>Principal</b></font>
    </center></td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><center>
      <font size="2"><b>Amount</b></font>
    </center></td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Option Call</b></font></td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b>Rating<sup>1</sup></b></font></td>
    <td>&nbsp;</td>
    <td align=right><center>
      <font size="2"><b>(000)</b></font>
    </center></td>
    <td>&nbsp;</td>
    <td align=left><center>
      <font size="2"><b>Description</b></font>
    </center></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Provisions<SUP>2</SUP></b></font></td>
    <td>&nbsp;</td>
    <td align=right><center>
      <font size="2"><b>Value</b></font>
    </center></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="10" align=center><hr noshade size=1></td>
  </tr>
  <tr valign=top><td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;87.7%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Municipal Bonds&#151;87.7%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>California&#151;7.9%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">BBB </font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$72,945</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Stanislaus Cnty. Tobacco Sec. Cap.
Apprec. RB, Ser. A, Zero Coupon, 6/01/46 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/16 @ 18.256</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$   7,314,925</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Statewide Cmntys. RB, Daughters of
Charity Hlth. Proj., Ser. A, 5.00%, 7/01/39</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,162,565</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,477,490</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>District of Columbia&#151;13.7%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tobacco Settlement Asset Bkd. Bds.,
6.25%, 5/15/24</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,697,760</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,415</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tobacco Settlement Fin. Corp. RB,
6.50%, 5/15/33</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,529,630</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,227,390</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Florida&#151;0.6%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">NR</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,150</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Baywinds Cmnty. Dev. Dist. RB, Ser.
A, 5.25%, 5/01/37</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,141,260</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Georgia&#151;0.5%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Cobb Cnty. Dev. Auth. RB, Waga Sld.
Wst. Mgt. Proj., Ser. A, 5.00%, 4/01/33</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">04/16 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">992,670</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Idaho&#151;2.8%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Madison Cnty. Hosp. COP,</font></td>
<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,145</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 9/01/26</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">09/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,187,878</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 9/01/30</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">09/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,011,870</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 9/01/37</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">09/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,018,740</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,218,488</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Illinois&#151;8.1%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">A-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,890</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Fin. Auth. RB, Illinois Inst. of
Technology Proj., Ser. A, 5.00%, 4/01/36</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">04/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,971,299</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New Jersey&#151;4.2%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tobacco Settlement Fin. Corp. Asset
Bkd. Bds., 5.75%, 6/01/32</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,788,975</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New Mexico&#151;8.1%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Farmington PCRB, San Juan Proj.,
Ser. B, 4.875%, 4/01/33</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">04/16 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,899,650</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New York&#151;24.2%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AA-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Liberty Dev. Corp. RB, 5.25%, 10/01/35</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,513,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Nassau Cnty. Tobacco Asset Bkd. Bds.,
Ser. A2, Zero Coupon, 6/01/26</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,245,700</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,600</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New York City Indl. Dev. Agcy. RB,
American Airlines, JFK Intl. Arpt. Proj., 7.625%, 8/01/25</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/16 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,351,488</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AA+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New York City Mun. Wtr. Fin. Auth.
RB, Ser. D, 5.00%, 6/15/39</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,478,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">44,589,488</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Puerto Rico&#151;3.8%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">BBB-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,825</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Indl. Tourist Edl. RB, Ana G. Mendez
Univ. Sys. Proj., 5.00%, 3/01/36</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">03/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,893,728</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>South Carolina&#151;8.4%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Transp. Infrastructure Bank RB, Ser.
A, 5.00%, 10/01/33, AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">10/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,510,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Texas&#151;5.4%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">Baa2</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Brazos River Auth. PCRB, 5.00%, 3/01/41</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">03/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,925,400</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Municipal Bonds</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">161,636,588</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor="#DDDDDD"><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Tender Obligation Municipal Bonds&#151;0.0%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>California&#151;0.0%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Golden St. Tobacco Sec. RITES, Ser.
1271, 6/01/45, AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&#151;</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Univ. of California RITES, Ser. 1274,
5/15/38, MBIA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/13 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&#151;</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&#151;</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Georgia&#151;0.0%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Atlanta Arpt. Passenger Fac. RITES,
Ser. 1283, 1/01/33, FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&#151;</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Atlanta Wtr. &amp; Wastewtr. RITES,
Ser. 1273, 11/01/43, FSA</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&#151;</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&#151;</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Illinois&#151;0.0%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Chicago O&#146;Hare Intl. Arpt. RITES,
Ser. 1284, 1/01/33, FGIC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&#151;</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Indiana&#151;0.0%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Carmel Ind. Redev. Auth. Lease RITES,
Ser. 1275, 2/01/33</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">02/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&#151;</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
</table>
<p><p>
<font size="2"></font><p><p align='center'>1<HR noshade size=4><PAGE><p><hr noshade size=3>
<p><font size="3"><b>BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)</b></font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><center>
        <font size="2"><b>Principal</b></font>
    </center></td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><center>
        <font size="2"><b>Amount</b></font>
    </center></td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Option Call</b></font></td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b>Rating<sup>1</sup></b></font></td>
    <td>&nbsp;</td>
    <td align=right><center>
        <font size="2"><b>(000)</b></font>
    </center></td>
    <td>&nbsp;</td>
    <td align=left><center>
        <font size="2"><b>Description</b></font>
    </center></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Provisions<SUP>2</SUP></b></font></td>
    <td>&nbsp;</td>
    <td align=right><center>
        <font size="2"><b>Value</b></font>
    </center></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="10" align=center><hr noshade size=1></td>
  </tr>
  <tr valign=top><td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Nebraska&#151;0.0%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5</font></td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left><font size="2">Omaha Pub. Pwr. Dist. Elec. RITES,
Ser. 1289, 2/01/36, FGIC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">02/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>North Carolina&#151;0.0%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Charlotte Mecklenberg Hosp. RITES,
Ser. 1272, 1/15/45</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&#151;</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AA+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Univ. of No. Carolina Chapel Hill
RITES, Ser. 1287, 12/01/34</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">12/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&#151;</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&#151;</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Texas&#151;0.0%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New Caney Indpt. Sch. Dist. RITES,
Ser. 1286, 2/15/35</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">02/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&#151;</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Long-Term Investments (cost
$162,940,245)</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">161,636,588</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>SHORT-TERM INVESTMENTS&#151;11.9%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Pennsylvania&#151;0.7%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">A-1+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,200</font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Delaware Cnty. Ind. Dev. Auth. Arpt.
Facs. RB, 3.24%, 4/03/06, FRDD</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,200,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Tennessee&#151;1.2%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">VMIG1</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,300</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Montgomery Cnty. Pub. Bldg. Auth.
RB, 3.17%, 4/03/06, FRDD</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,300,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Shares<br></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>MONEY MARKET FUNDS&#151;10.0%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">NR</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,200</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">AIM Tax Free Investment Co. Cash
Reserve Portfolio</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,200,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,200</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">SSgA Tax Free Money Mkt. Fund</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,200,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">18,400,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Short-Term Investments (cost
$21,900,000)</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">21,900,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Investments&#151;99.6% (cost
$184,840,245</b><sup><b>4</b></sup>)</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$183,536,588</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Other assets in excess of liabilities&#151;0.4%</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">668,558</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='10' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Net Assets Applicable to Common
Shareholders&#151;100%</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$184,205,146</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='10' ><HR noshade size=3></td>
</tr>
</table>

<p><p><table border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td colspan="3" align=left><HR align="left" width="140" size=1 noshade></td>
  </tr>
  <tr valign=top><td align=left><font size="2"><p align='justify'><font size="2"><sup>1</sup></font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Using the higher of Standard &amp;
Poor&#146;s, Moody&#146;s Investors Service or Fitch ratings.</font></td>
</tr>
<tr valign=top><td align=left><font size="2"><sup>2</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Date (month/year) and price of the
earliest optional call or redemption. There may be other call provisions at varying
prices at later dates.</font></td>
</tr>
<tr valign=top><td align=left><font size="2"><sup>3</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">For purposes of amortized cost valuation,
the maturity date of this instrument is considered to be the earlier of the next
date on which the security can be redeemed at par, or the next date on which the
rate of interest is adjusted. Rate shown is rate as of March 31, 2006.</font></td>
</tr>
<tr valign=top><td align=left><font size="2"><sup>4</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Cost for Federal income tax purposes
is $184,840,245. The net unrealized depreciation on a tax basis is $1,303,657, consisting
of $195,909 gross unrealized appreciation and $1,499,566 gross unrealized depreciation.</font></td></tr></table>

<p><p><table width="100%" border="0" cellspacing="0" cellpadding="0"><tr valign=top><td colspan="11" align=center><center>
  <font size="2"><b><font size="2">KEY
  TO ABBREVIATIONS</font></b></font>
</center></td>
</tr>
<tr valign=top><td align=left><font size="2">AMBAC</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><font size="2">American Municipal
Bond Assurance Corp.</font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><font size="2">MBIA</font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><font size="2">Municipal Bond Insurance
Assoc.</font></font></td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">COP</font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><font size="2">Certificate of Participation</font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><font size="2">PCRB</font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><font size="2">Pollution Control
Revenue Bond</font></font></td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">FGIC</font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><font size="2">Financial Guaranty
Insurance Co.</font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><font size="2">RB</font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><font size="2">Revenue Bond</font></font></td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">FRDD</font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><font size="2">Floating Rate Daily
Demand</font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><font size="2">RITES</font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Residual Interest Tax Exempt Bonds</font></td>
</tr>
<tr valign=top><td align=left><font size="2">FSA</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><font size="2">Financial Security
Assurance</font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font ></font></table>
<p><p align='center'>2
<P align="left" style="page-break-before:always"></P>
<PAGE>
<p><B><FONT face="serif">Item 2. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT>
<P> <FONT face="serif">(a) The Registrant's principal executive and principal
    financial officers have evaluated the Registrant's disclosure controls and
    procedures within 90 days of this filing and have concluded, as of that date,
    that the Registrant&#146;s disclosure controls and procedures were reasonably
    designed to ensure that information required to be disclosed by the Registrant
    in this Form N-Q was recorded, processed, summarized, and reported within
    the required time periods and that information to be disclosed by the Registrant
    in this Form N-Q was accumulated and communicated to the Registrant&#146;s
    management, including its principal executive and principal financial officers,
    as appropriate, to allow timely decisions regarding required disclosure. </FONT></P>
<P> <FONT face="serif">(b) There were no changes in the Registrant's internal
    control over financial reporting (as defined in Rule 30a-3(d) under the 1940
    Act (17 CFR 270.30a -3(d)) that occurred during the Registrant's last fiscal
    quarter that have materially affected, or are reasonably likely to materially
    affect, the Registrant's internal control over financial reporting. </FONT></P>
<P> <B><FONT face="serif">Item 3. Exhibits.</FONT></B><FONT face="serif"> </FONT></P>
<P> <FONT face="serif">Separate certifications of the Registrant&#146;s Principal
    Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley
    Act of 2002 are attached as EX-99.CERT. </FONT></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="center"> <B><FONT face="serif">SIGNATURES</FONT></B><FONT face="serif"> </FONT></P>
<P> <FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
    to the requirements of the Securities Exchange Act of 1934 and the Investment
    Company Act of 1940, the Registrant has duly caused this report to be signed
    on its behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P> <FONT face="serif">(Registrant)___</FONT><U><FONT face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT></U><FONT face="serif">___ </FONT></P>
<FONT face="serif">By:___<u>/s/ Henry Gabbay</u>____________________________________</FONT><BR>
<FONT face="serif">Name: Henry Gabbay </FONT><BR>
<FONT face="serif">Title: Treasurer and Principal Financial Officer </FONT><BR>
<FONT face="serif">Date: May 25, 2006 </FONT><BR>
<P> <FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
    to the requirements of the Securities Exchange Act of 1934 and the Investment
    Company Act of 1940, this report has been signed below by the following persons
    on behalf of the Registrant and in the capacities and on the dates indicated. </FONT></P>
<FONT face="serif">By:___<u>/s/ Robert S. Kapito</u>___________________________________</FONT><BR>
<FONT face="serif">Name: Robert S. Kapito </FONT><BR>
<FONT face="serif">Title: President and Principal Executive Officer </FONT><BR>
<FONT face="serif">Date: May 25, 2006 </FONT><br>
<BR>
<FONT face="serif">By:__<u>/s/ Henry Gabbay</u>______________________________________</FONT><BR>
<FONT face="serif">Name: Henry Gabbay </FONT><BR>
<FONT face="serif">Title: Treasurer and Principal Financial Officer </FONT><BR>
<FONT face="serif">Date: May 25, 2006 </FONT><br>
<BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c42594_ex99-cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<BODY bgcolor="#ffffff">


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

<P>
<FONT face="serif">5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. </FONT></P>
<P>
<FONT face="serif">Date: May 25, 2006 </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=77% align=center>&nbsp;</TD>
  <TD width=23% align=center nowrap><div style="border-bottom:1px solid #000000">/s/ &nbsp;<FONT face="serif">Robert
        S. Kapito</FONT></div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
	<TD align=center nowrap>
<FONT face="serif">Robert S. Kapito</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
	<TD align=center nowrap>
<FONT face="serif">President and Principal Executive Officer</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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

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


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

<P>
<FONT face="serif">5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. </FONT></P>
<P>
<FONT face="serif">Date: May 25, 2006 </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=77% align=center>&nbsp;</TD>
  <TD width=23% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center><div style="border-bottom:1px solid #000000">/s/ <FONT face="serif">Henry
        Gabbay</FONT>&nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
	<TD align=center>
<FONT face="serif">Henry Gabbay</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
	<TD align=center nowrap>
<FONT face="serif">Treasurer and Principal Financial Officer</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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