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<SEC-DOCUMENT>0000930413-08-002114.txt : 20080331
<SEC-HEADER>0000930413-08-002114.hdr.sgml : 20080331
<ACCEPTANCE-DATETIME>20080331122240
ACCESSION NUMBER:		0000930413-08-002114
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080131
FILED AS OF DATE:		20080331
DATE AS OF CHANGE:		20080331
EFFECTIVENESS DATE:		20080331

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:		08722669

	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>c52587_nq.htm
<TEXT>

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

<br>



<P align="center">
<FONT face="serif">UNITED STATES </FONT><BR>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT face="serif">Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT face="serif">FORM N-Q</FONT></B></P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
<B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Investment Company Act file number 811-21835 </FONT><BR>
<BR>
<FONT size=2 face="serif">Name of Fund: BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT><BR>
<BR>
<FONT size=2 face="serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 </FONT></P>


<div style="margin-left:40px;text-indent:-40px">
<P align="left">
<FONT size=2 face="serif">Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Long-Term Municipal Advantage Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011 </FONT></P>
</div>

<P align="left">
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date of fiscal year end: 10/31/2008 </FONT><BR>
<BR>
<FONT size=2 face="serif">Date of reporting period: 11/01/2007 &#150; 01/31/2008</FONT></P>

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



<P align="left" style="page-break-before:always"></P>
<PAGE><br>
<P align="left">
<FONT size=2 face="serif">Item 1 &#150; Schedule of Investments</FONT></P>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=66%></TD>
    <TD width=2%></TD>
    <TD width=31%></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=4 face="serif">BlackRock Long-Term Municipal
          Advantage Trust</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Schedule
          of Investments as of January 31, 2008 (Unaudited)</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">(in
          Thousands)</FONT></B> </TD>
  </TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=19%></TD>
    <TD width=1%></TD>
    <TD width=10%></TD>
    <TD width=3%></TD>
    <TD width=55%></TD>
    <TD width=2%></TD>
    <TD width=10%></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><B><FONT size=2 face="serif">Face</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">State</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Municipal
          Bonds</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Value</FONT></B> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Arizona - 5.0%</FONT></B> </TD>
    <TD align=right nowrap><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,075</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Phoenix and Pima County,
        Arizona, IDA, S/F Mortgage Revenue Refunding Bonds, AMT,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Series 2007-1, 5.25% due
        8/01/2038 (c)(d)</FONT> </TD>
    <TD align=right nowrap><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,136</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,700</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Pima County, Arizona, IDA,
        Education Revenue Bonds (American Charter Schools Foundation),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Series A, 5.625% due 7/01/2038</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,583</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Pima County, Arizona, IDA,
        Education Revenue Refunding Bonds (Arizona Charter Schools Project),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Series O, 5.25% due 7/01/2031</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">903</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">158</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Pima County, Arizona, IDA,
        S/F Mortgage Revenue Refunding Bonds, VRDN, AMT,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">5% due 4/25/2008 (j)</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">158</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,850</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Salt Verde Financial Corporation,
        Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2032</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,723</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">2,590</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Salt
        Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due
        12/01/2037</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">2,380</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">California - 5.5%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">3,625</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">California Statewide Communities
        Development Authority, Revenue Refunding Bonds (Daughters of Charity
        National</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Health System), Series A,
        5% due 7/01/2039</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">3,295</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">7,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Irvine, California, Unified
        School District Financing Authority, Special Tax Bonds, Series A,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">5.125%
        due 9/01/2036</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">6,472</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Colorado - 2.0%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,500</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Colorado HFA, Revenue Refunding
        Bonds (Adventist Health System/Sunbelt Obligor Group), Series D,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">5.125% due 11/15/2029</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,534</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,200</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">North
        Range Metropolitan District Number 2, Colorado, Limited Tax, GO, 5.50%
        due 12/15/2037</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,043</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Connecticut - 1.7%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">3,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Connecticut State, HFA, Housing
        Mortgage Finance Program Revenue Bonds, AMT, Sub-Series A-2,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">5.15%
        due 5/15/2038</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">2,963</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">District of Columbia -
          12.7%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">6,470</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">District of Columbia Tobacco
        Settlement Financing Corporation, Asset-Backed Revenue</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Refunding Bonds, 6.25% due
        5/15/2024</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">6,581</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">15,415</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">District of Columbia Tobacco
        Settlement Financing Corporation, Asset-Backed Revenue</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Refunding
        Bonds, 6.50% due 5/15/2033</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">15,860</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">Florida - 5.5%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Highlands County, Florida,
        Health Facilities Authority, Hospital Revenue Refunding Bonds (Adventist
        Health System),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Series G, 5.125% due 11/15/2032</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,002</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,830</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Hillsborough County, Florida,
        IDA, Hospital Revenue Bonds (Tampa General Hospital Project),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">5% due 10/01/2036</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,709</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">845</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Jacksonville, Florida, Health
        Facilities Authority, Hospital Revenue Bonds</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(Baptist
        Medical Center Project), Series A, 5% due 8/15/2037</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">827</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Portfolio
          Abbreviations</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=2%></TD>
    <TD width=5%></TD>
    <TD width=25%></TD>
    <TD width=10%></TD>
    <TD width=5%></TD>
    <TD></TD>
  </TR>
  <TR valign="bottom">
    <td>&nbsp;</td>
    <TD align=left colspan=5><FONT size=2 face="serif">To simplify the listings
        of BlackRock Long-Term Municipal Advantage Trust's portfolio holdings
        in the Schedule of Investments, we have abbreviated the names of many
        of the securities according to the list below.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap colspan=3>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><B><FONT size=2 face="serif">AMT</FONT></B> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">Alternative Minimum Tax (subject
        to)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><B><FONT size=2 face="serif">IDA</FONT></B> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">Industrial Development Authority</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><B><FONT size=2 face="serif">EDA</FONT></B> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">Economic Development Authority</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><B><FONT size=2 face="serif">PCR</FONT></B> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">Pollution Control Revenue
        Bonds</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><B><FONT size=2 face="serif">GO</FONT></B> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">General Obligation Bonds</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><B><FONT size=2 face="serif">S/F</FONT></B> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">Single-Family</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><B><FONT size=2 face="serif">HFA</FONT></B> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">Housing Finance Agency</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><B><FONT size=2 face="serif">VRDN</FONT></B> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">Variable Rate Demand Notes</FONT> </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">1</FONT></P>
<HR noshade align="center" width="100%" size=4>
<P align="left" style="page-break-before:always"></P>

<PAGE><br>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=66%></TD>
    <TD width=2%></TD>
    <TD width=31%></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="3" align=left nowrap><B><FONT size=4 face="serif">BlackRock Long-Term Municipal
          Advantage Trust</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Schedule
          of Investments as of January 31, 2008 (Unaudited)</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">(in
          Thousands)</FONT></B> </TD>
  </TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=19%></TD>
    <TD width=1%></TD>
    <TD width=10%></TD>
    <TD width=3%></TD>
    <TD width=55%></TD>
    <TD width=1%></TD>
    <TD width=10%></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap><B><FONT size=2 face="serif">Face</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">State</FONT></B> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Municipal
          Bonds</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Value</FONT></B> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left valign="top" nowrap><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right valign="top" nowrap><FONT size=2 face="serif">1,150</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT size=2 face="serif">Orange County, Florida, Health Facilities
        Authority, First Mortgage Revenue Bonds (Orlando Lutheran Towers), 5.50%
        due 7/01/2038</FONT> </TD>
    <TD align=right nowrap><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,016</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right valign="top" nowrap><FONT size=2 face="serif">560</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT size=2 face="serif">Sarasota County, Florida, Health
        Facilities Authority, Retirement Facility Revenue Refunding Bonds (Village
        on the Isle Project), 5.50% due 1/01/2027</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">523</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right valign="top" nowrap><FONT size=2 face="serif">520</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT size=2 face="serif">Sarasota County, Florida, Health
        Facilities Authority, Retirement Facility Revenue Refunding Bonds (Village
        on the Isle Project), 5.50% due 1/01/2032</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right valign="bottom" nowrap><FONT size=2 face="serif">468</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,750</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Tolomato Community Development
        District, Florida, Special Assessment Bonds, 6.65% due 5/01/2040</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,722</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right valign="top" nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,850</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Watergrass
        Community Development District, Florida, Special Assessment Revenue Bonds,
        Series A, 5.375% due 5/01/2039</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,486</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="top" nowrap><B><FONT size=2 face="serif">Georgia -
          1.4%</FONT></B> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right valign="top" nowrap><FONT size=2 face="serif">1,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT size=2 face="serif">Cobb County, Georgia, Development
        Authority, Solid Waste Disposal Revenue Bonds (Waste Management of Georgia
        Inc. Project), AMT, Series A, 5% due 4/01/2033</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">900</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right valign="top" nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,600</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Rockdale
        County, Georgia, Development Authority Revenue Bonds (Visy Paper Project),
        AMT, Series A, 6.125% due 1/01/2034</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,568</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">Illinois - 4.1%</FONT></B> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">580</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT size=2 face="serif">Illinois State Finance Authority
        Revenue Bonds (Monarch Landing, Inc. Project), Series A, 7% due 12/01/2037</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">583</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">3,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Illinois State Finance Authority,
        Revenue Refunding Bonds (Illinois Institute of Technology),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Series A, 5% due 4/01/2036</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,827</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">4,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Illinois State Finance Authority,
        Revenue Refunding Bonds (Proctor Hospital), Series A,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">5.125%
        due 1/01/2025</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">3,773</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Indiana - 2.1%</FONT></B> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Delaware County, Indiana,
        Hospital Authority, Hospital Revenue Bonds (Cardinal Health System Obligated
        Group),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">5.25% due 8/01/2036</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,759</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,985</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Indiana Health and Educational
        Facilities Financing Authority, Hospital Revenue Bonds (Community Foundation
        of</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Northwest
        Indiana), 5.50% due 3/01/2037</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,865</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Kansas - 1.9%</FONT></B> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">3,650</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Lenexa,
        Kansas, Health Care Facility, Revenue Refunding Bonds, 5.50% due 5/15/2039</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">3,308</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">Louisiana - 2.0%</FONT></B> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Louisiana Local Government
        Environmental Facilities and Community Development Authority Revenue
        Bonds</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">(Westlake Chemical Corporation),
        6.75% due 11/01/2032</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,058</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,419</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Saint Tammany Parish, Louisiana,
        Financing Authority, S/F Mortgage Revenue Bonds (Home Ownership Program),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Series
        A, 5.25% due 12/01/2039 (c)(d)</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,472</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">Maryland - 0.6%</FONT></B> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Maryland State Health and
        Higher Educational Facilities Authority Revenue Bonds (King Farm Presbyterian</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Community),
        Series B, 5% due 1/01/2017</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">994</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Michigan - 0.7%</FONT></B> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,540</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Garden City, Michigan, Hospital
        Finance Authority, Hospital Revenue Refunding Bonds (Garden City Hospital</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Obligation),
        Series A, 5% due 8/15/2038</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,249</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">Minnesota - 5.8%</FONT></B> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">6,460</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Minnesota State, HFA, Residential
        Housing Finance Revenue Bonds, AMT, Series M,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">4.85% due 7/01/2031</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">6,157</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">4,000</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Minnesota
        State Municipal Power Agency, Electric Revenue Bonds, 5% due 10/01/2035</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">4,043</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">Mississippi - 0.5%</FONT></B> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">915</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Mississippi Business Finance
        Corporation Revenue Bonds (Northrop Grumman Ship System),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">4.55%
        due 12/01/2028</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">844</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Missouri - 1.4%</FONT></B> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,500</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Missouri State Housing Development
        Commission, S/F Mortgage Revenue Refunding Bonds (Homeownership Loan</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Program),
        AMT, Series B-1, 5.05% due 3/01/2038 (c)(d)(l)</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">2,596</FONT> </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">2</FONT></P>
<HR noshade align="center" width="100%" size=4>
<P align="left" style="page-break-before:always"></P>

<PAGE><br>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><B><FONT size=4 face="serif">BlackRock Long-Term Municipal
          Advantage Trust</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Schedule
          of Investments as of January 31, 2008 (Unaudited)</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">(in
          Thousands)</FONT></B> </TD>
  </TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=19%></TD>
    <TD width=1%></TD>
    <TD width=10%></TD>
    <TD width=3%></TD>
    <TD width=56%></TD>
    <TD width=1%></TD>
    <TD width=10%></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><B><FONT size=2 face="serif">Face</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">State</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Municipal
          Bonds</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Value</FONT></B> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Montana - 1.7%</FONT></B> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,500</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Two Rivers Authority Inc.,
        Montana, Senior Lien Revenue Bonds (Correctional Facilities Project),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">7.25% due 11/01/2021</FONT> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,104</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,600</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Two Rivers Authority Inc.,
        Montana, Senior Lien Revenue Bonds (Correctional Facilities Project),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">7.375%
        due 11/01/2027</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,911</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">New Hampshire - 2.7%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">5,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">New Hampshire State Business
        Financing Authority, Solid Waste Disposal Revenue Bonds (Waste Management
        Inc.</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Project),
        AMT, 5.20% due 5/01/2027</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">4,811</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">New Jersey - 4.6%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,670</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">New Jersey EDA, Cigarette
        Tax Revenue Bonds, 5.50% due 6/15/2024</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,639</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">5,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Tobacco Settlement Financing
        Corporation of New Jersey, Asset-Backed Revenue Bonds,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">5.75%
        due 6/01/2032</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">5,495</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">New Mexico - 1.9%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">3,750</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Farmington, New Mexico, PCR,
        Refunding (Public Service Company of New Mexico - San Juan Project),
        Series B,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">4.875%
        due 4/01/2033</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">3,339</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">New York - 10.2%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">5,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Nassau County, New York,
        Tobacco Settlement Corporation, Senior Asset-Backed Revenue Refunding</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Bonds, Series A-2, 5.25%
        due 6/01/2026 (n)</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">4,666</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">7,600</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">New York City, New York,
        City IDA, Special Facility Revenue Bonds (American Airlines, Inc. - JFK
        International</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Airport), AMT, 7.625% due
        8/01/2025</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">8,127</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">5,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">New York Liberty Development
        Corporation Revenue Bonds (Goldman Sachs Headquarters),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">5.25%
        due 10/01/2035</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">5,248</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">North Carolina - 0.7%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,160</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">North Carolina Medical Care
        Commission, Health Care Facilities Revenue Bonds (Novant Health Obligation
        Group),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">5%
        due 11/01/2039</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,148</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Oklahoma - 0.6%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,015</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Oklahoma State Development
        Finance Authority, Revenue Refunding Bonds (Saint John Health System),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">5%
        due 2/15/2042</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">999</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">Pennsylvania - 1.8%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,080</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Allegheny County, Pennsylvania,
        Hospital Development Authority, Health System Revenue Refunding Bonds
        (West</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Penn Allegheny Health System),
        Series A, 5.375% due 11/15/2040</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,807</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Harrisburg, Pennsylvania,
        Authority, University Revenue Bonds (Harrisburg University of Science),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Series A, 5.40% due 9/01/2016</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,021</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">450</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Pennsylvania HFA, S/F Mortgage
        Revenue Refunding Bonds, AMT, Series 97A,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">4.60%
        due 10/01/2027</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">428</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Puerto Rico - 0.8%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,500</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Puerto Rico Industrial, Tourist,
        Educational, Medical and Environmental Control Facilities Revenue Bonds
        (Ana G.</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Mendez
        University System Project), 5% due 3/01/2036</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,348</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">South Carolina - 3.2%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Scago Education Facilities
        Corporation for Williamsburg County School District, South Carolina,
        Revenue Refunding</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Bonds, 5% due 12/01/2031
        (h)</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,970</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">600</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">South Carolina Jobs, EDA,
        Health Care Facilities, First Mortgage Revenue Refunding Bonds</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">(Lutheran Homes), 5.50% due
        5/01/2028</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">549</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">South Carolina Jobs, EDA,
        Health Care Facilities, First Mortgage Revenue Refunding Bonds</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">(Lutheran Homes), 5.625%
        due 5/01/2042</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">899</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,500</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">South Carolina Jobs, EDA,
        Senior Lien Revenue Refunding Bonds (Burroughs and Chapin Company, Inc.),
        Series A,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">4.70%
        due 4/01/2035 (h)</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">2,315</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">South Dakota - 0.6%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,040</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">South Dakota State Health
        and Educational Facilities Authority Revenue Bonds</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(Sanford
        Health), 5% due 11/01/2040</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,011</FONT> </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=66%></TD>
    <TD width=2%></TD>
    <TD width=31%></TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">3</FONT></P>
<HR noshade align="center" width="100%" size=4>
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<PAGE><br>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><B><FONT size=4 face="serif">BlackRock Long-Term Municipal
          Advantage Trust</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Schedule
          of Investments as of January 31, 2008 (Unaudited)</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">(in
          Thousands)</FONT></B> </TD>
  </TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=19%></TD>
    <TD width=1%></TD>
    <TD width=10%></TD>
    <TD width=3%></TD>
    <TD width=56%></TD>
    <TD width=1%></TD>
    <TD width=10%></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><B><FONT size=2 face="serif">Face</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">State</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Municipal
          Bonds</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Value</FONT></B> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Tennessee - 1.0%</FONT></B> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right nowrap><FONT size=2 face="serif">5,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Knox County, Tennessee, Health,
        Educational and Housing Facilities Board, Hospital Facilities Revenue
        Refunding</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Bonds (Covenant Health),
        Series A, 5.02% due 1/01/2036 (m)</FONT> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,067</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">695</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Shelby County, Tennessee,
        Health, Educational and Housing Facility Board, Hospital Revenue Refunding
        Bonds (Saint</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Jude
        Children's Research Hospital), 5% due 7/01/2031</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">709</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Texas - 6.8%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Brazos River Authority, Texas,
        PCR (TXU Energy Company LLC Project), AMT, 5% due 3/01/2041</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,460</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,150</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">HFDC of Central Texas, Inc.,
        Retirement Facilities Revenue Bonds (Village at Gleannloch Farms),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Series A, 5.50% due 2/15/2027</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,043</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">34,560</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Leander, Texas, Independent
        School District, Capital Appreciation, GO, Refunding (School Building),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">5.557% due 8/15/2042 (m)</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">5,120</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Mission, Texas, Economic
        Development Corporation, Solid Waste Disposal Revenue Bonds (Allied Waste
        N.A. Inc</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Project), Series A, 5.20%
        due 4/01/2018</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,823</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,244</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Texas State Affordable Housing
        Corporation, S/F Mortgage Revenue Bonds (Professional Educators Home
        Loan</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Program), AMT, Series A-1,
        5.50% due 12/01/2039 (c)(d)</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,307</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,250</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">West Central Texas Regional
        Housing Finance Corporation, S/F Mortgage Revenue Bonds (Mortgage-Backed</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Securities
        Program), AMT, Series A, 5.35% due 12/01/2039 (c)(d)</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,298</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Vermont - 2.5%</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">4,670</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Vermont
        HFA, S/F Housing Revenue Bonds, AMT, Series 27, 4.90% due 5/01/2038 (e)</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">4,452</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">Virginia - 2.3%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">850</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Fairfax County, Virginia,
        EDA, Residential Care Facilities, Mortgage Revenue Refunding Bonds</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">(Goodwin House, Inc.), 5.125%
        due 10/01/2042</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">794</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,600</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Peninsula Ports Authority,
        Virginia, Residential Care Facilities, Revenue Refunding Bonds</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">(Baptist Homes), Series C,
        5.375% due 12/01/2026</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">2,379</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Reynolds Crossing Community
        Development Authority, Virginia, Special Assessment Revenue Bonds (Reynolds</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Crossing
        Project), 5.10% due 3/01/2021</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">935</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Wisconsin - 3.9%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">5,335</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Wisconsin State Health and
        Educational Facilities Authority Revenue Bonds (Ascension Health),</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Series A, 5% due 11/15/2031</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">5,418</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,535</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Wisconsin State Health and
        Educational Facilities Authority, Revenue Refunding Bonds (Franciscan
        Sisters</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Healthcare),
        5% due 9/01/2026</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,438</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Wyoming - 0.5%</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,015</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Wyoming
        Community Development Authority, Housing Revenue Bonds, AMT, Series 3,
        4.70% due 12/01/2032</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">945</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Total
          Municipal Bonds (Cost - &#36;185,390) - 98.7%</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">174,403</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Municipal
    Bonds Transferred to Tender Option Bond Trusts (o)</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">California - 19.8%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">5,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">California Health Facilities
        Financing Authority Revenue Bonds (Sutter Health), Series A,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">5,054</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">5.25% due 11/15/2046</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">15,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Golden State Tobacco Securitization
        Corporation of California, Tobacco Settlement Revenue Refunding Bonds,
        Series</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">14,725</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">A, 5% due 6/01/2045 (a)</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">15,000</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">University
        of California Revenue Bonds, Series B, 4.75% due 5/15/2038 (g)</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">15,121</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Georgia - 17.3%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">15,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Atlanta, Georgia, Airport
        Passenger Facility Charge and Subordinate Lien General Revenue Refunding</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Bonds, Series C, 5% due 1/01/2033
        (e)</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">15,296</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">15,000</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Atlanta,
        Georgia, Water and Wastewater Revenue Bonds, 5% due 11/01/2043 (e)</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">15,370</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Illinois - 8.5%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">15,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Chicago, Illinois, O'Hare
        International Airport, General Airport Revenue Bonds, Third Lien,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Series
        A, 5% due 1/01/2033 (b)</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">14,957</FONT> </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=66%></TD>
    <TD width=2%></TD>
    <TD width=31%></TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">4</FONT></P>
<HR noshade align="center" width="100%" size=4>
<P align="left" style="page-break-before:always"></P>

<PAGE><br>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=66%></TD>
    <TD width=2%></TD>
    <TD width=31%></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="3" align=left nowrap><B><FONT size=4 face="serif">BlackRock Long-Term Municipal
          Advantage Trust</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Schedule
          of Investments as of January 31, 2008 (Unaudited)</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">(in
          Thousands)</FONT></B> </TD>
  </TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=19%></TD>
    <TD width=1%></TD>
    <TD width=10%></TD>
    <TD width=3%></TD>
    <TD width=55%></TD>
    <TD width=1%></TD>
    <TD width=10%></TD>
    <TD width=1%></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><B><FONT size=2 face="serif">Face</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">State</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Municipal
          Bonds Transferred to Tender Option Bond Trusts (o)</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Value</FONT></B> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Indiana - 7.7%</FONT></B> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right nowrap><FONT size=2 face="serif">7,230</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Carmel, Indiana, Lease Rental
        Revenue Bonds (Performing Arts Center), 4.75% due 2/01/2033</FONT> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right nowrap><FONT size=2 face="serif">7,022</FONT> </TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">6,580</FONT> </TD>
    <TD nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Carmel,
        Indiana, Lease Rental Revenue Bonds (Performing Arts Center), 5% due
        2/01/2033</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">6,641</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">Massachusetts - 6.8%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">11,855</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Massachusetts State, HFA,
        Housing Revenue Refunding Bonds, AMT, Series D,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">5.45%
        due 6/01/2037</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">11,961</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">Nebraska - 8.5%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">15,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Omaha Public Power District,
        Nebraska, Electric System Revenue Bonds, Sub-Series B,</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">4.75%
        due 2/01/2036 (b)</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">14,931</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap><B><FONT size=2 face="serif">New York - 8.7%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">15,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">New York City, New York,
        City Municipal Water Finance Authority, Water and Sewer System, Revenue
        Refunding</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Bonds,
        Series D, 5% due 6/15/2039</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">15,457</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">North Carolina - 15.0%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">10,000</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Charlotte-Mecklenburg Hospital
        Authority, North Carolina, Health Care System Revenue Bonds (Carolinas
        Medical</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Center), Series A, 5% due
        1/15/2015 (k)</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">11,094</FONT> </TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">15,170</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">University
        of North Carolina, University Revenue Refunding Bonds, Series A, 4.75%
        due 12/01/2034</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">15,427</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=2 face="serif">Texas - 5.3%</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">9,150</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">New
        Caney, Texas, Independent School District, GO, 5% due 2/15/2035</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">9,412</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Total
          Municipal Bonds Transferred to Tender Option Bond Trusts (Cost - &#36;174,413)
          - 97.6%</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">172,468</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><B><FONT size=2 face="serif">Shares</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Held</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Short-Term
          Securities</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,700</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Merrill
        Lynch Institutional Tax-Exempt Fund, 2.47% (f)(i)</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,700</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Total
          Short-Term Securities (Cost - &#36;1,700) - 1.0%</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,700</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><B><FONT size=2 face="serif">Total Investments (Cost
          - &#36;361,503*) - 197.3%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">348,571</FONT> </TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><B><FONT size=2 face="serif">Other Assets In Excess
          of Liabilities - 2.1%</FONT></B> </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2 face="serif">3,856</FONT> </TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><B><FONT size=2 face="serif">Liability for Trust Certificates,
          Including Interest Expense and Fees Payable - (99.4%)</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(175,663</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><B><FONT size=2 face="serif">Net Assets - 100.0%</FONT></B> </TD>
    <TD align=left nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">176,764</FONT> </TD>
    <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=3%></TD>
    <TD width=2%></TD>
    <TD width=24%></TD>
    <TD width=1%></TD>
    <TD width=10%></TD>
    <TD width=1%></TD>
    <TD width=16%></TD>
    <TD width=16%></TD>
    <TD width=16%></TD>
    <TD width=16%></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">*</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left colspan=8><FONT size=2 face="serif">The cost and unrealized
        appreciation (depreciation) of investments as of January 31, 2008, as
        computed for federal income tax purposes, were as follows:</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Aggregate cost</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">360,867</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Gross unrealized appreciation</FONT> </TD>
    <TD align=left nowrap><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right nowrap><FONT size=2 face="serif">1,495</FONT> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Gross unrealized depreciation</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(13,791</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Net unrealized depreciation</FONT> </TD>
    <TD align=left nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">(12,296</FONT> </TD>
    <TD align=left nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(a)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">AMBAC Insured.</FONT> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(b)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">FGIC Insured.</FONT> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(c)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">FHLMC Collateralized.</FONT> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(d)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">FNMA/GNMA Collateralized.</FONT> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(e)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">FSA Insured.</FONT> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap colspan=8><FONT size=2 face="serif">Investments in
        companies considered to be an affiliate of the Trust, for purposes of</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap colspan=8><FONT size=2 face="serif">Section 2(a)(3)
        of the Investment Company Act of 1940, were as follows:</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap style="border-top:1px solid #000000" bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left nowrap style="border-top:1px solid #000000" bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center nowrap style="border-top:1px solid #000000" bgcolor="#E6E6E6"><B><FONT size=2 face="serif">Net</FONT></B> </TD>
    <TD align=left nowrap style="border-top:1px solid #000000" bgcolor="#E6E6E6">&nbsp;</TD>
    <TD style="border-top:1px solid #000000" bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center nowrap style="border-top:1px solid #000000" bgcolor="#E6E6E6"><B><FONT size=2 face="serif">Dividend</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;" bgcolor="#E6E6E6"><B><FONT size=2 face="serif">Affiliate</FONT></B> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;" bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;" bgcolor="#E6E6E6"><B><FONT size=2 face="serif">Activity</FONT></B> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;" bgcolor="#E6E6E6">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;" bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;" bgcolor="#E6E6E6"><B><FONT size=2 face="serif">Income</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Merrill Lynch Institutional
        Tax-Exempt</FONT> </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Fund</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(900</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">$31</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">5</FONT></P>
<HR noshade align="center" width="100%" size=4>
<P align="left" style="page-break-before:always"></P>

<PAGE><br>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=66%></TD>
    <TD width=2%></TD>
    <TD width=31%></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="3" align=left nowrap><B><FONT size=4 face="serif">BlackRock Long-Term Municipal
          Advantage Trust</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Schedule
          of Investments as of January 31, 2008 (Unaudited)</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">(in
          Thousands)</FONT></B> </TD>
  </TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=2%></TD>
    <TD width=2%></TD>
    <TD width=95%></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(g)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">MBIA Insured.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(h)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Radian Insured.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(i)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Represents the current yield
        as of January 31, 2008.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(j)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Variable rate security. Rate
        shown is interest rate as of report date.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(k)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Prerefunded.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(l)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">All or portion of security
        held as collateral in connection with open financial futures contracts.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(m)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Represents a zero coupon
        bond; the interest rate shown reflects the effective yield at the time
        of purchase.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(n)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Represents a step bond.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">(o)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Securities represent underlying
        bonds transferred to a separate securitization trust established in a
        tender option bond transaction in which the Trust may have</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">acquired the residual interest
        certificates. These securities serve as collateral in a financing transaction.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><FONT size=2 face="serif">*</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Financial
        futures contracts sold as of January 31, 2008 were as follows:</FONT> </TD>
  </TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=2%></TD>
    <TD></TD>
    <TD width=2%></TD>
    <TD></TD>
    <TD width=2%></TD>
    <TD width=2%></TD>
    <TD></TD>
    <TD width=2%></TD>
    <TD width=2%></TD>
    <TD></TD>
    <TD width=2%></TD>
    <TD width=2%></TD>
    <TD></TD>
    <TD width=2%></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Number
          of</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=2 face="serif">Expiration</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp; &nbsp;<B><FONT size=2 face="serif">Face</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=2 face="serif">Unrealized</FONT></B> </TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Contracts</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Issue</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Date</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Depreciation</FONT></B> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">125</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">10-Year
        U.S. Treasury Bond</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">March
        2008</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">&#36;14,092</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(&#36;498)</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <td><FONT size=2 face="serif">* </FONT></td>
    <TD align=left nowrap colspan=10 style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Forward
        interest rate swaps outstanding as of January 31, 2008 were as follows:</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=2 face="serif">Notional</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=2 face="serif">Unrealized</FONT></B> </TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Issue</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Depreciation</FONT></B> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap colspan=4>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pay
        a fixed rate of 3.585% and receive a</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap colspan=4>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">floating
        rate based on 1-week (SIFMA)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap colspan=4>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Municipal
        Swap Index rate</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=14>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap colspan=4>&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Broker,
        JPMorgan Chase</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap colspan=4 style="border-bottom:1px solid #000000;">&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Expires
        April 2023</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">&#36;10,100</FONT> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(&#36;64<FONT size=2 face="serif">)</FONT></FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">6</FONT></P>
<P align="left">&nbsp;</P>
<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P>
<PAGE><br><P align="left">
<FONT size=2 face="serif">Item 2 &#150; Controls and Procedures</FONT></P>

<div style="margin-left:42px;text-indent:-42px"><P align="left">
<FONT size=2 face="serif">2(a) &#150; &nbsp;&nbsp;&nbsp;The registrant&#146;s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant&#146;s disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under
the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. </FONT></P>
<P align="left">
<FONT size=2 face="serif">2(b) &#150; &nbsp;&nbsp;&nbsp;There were no changes in the registrant&#146;s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant&#146;s last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting. </FONT></P>
</div>

<P align="left">
<FONT size=2 face="serif">Item 3 &#150; Exhibits</FONT></P>

<div style="margin-left:42px">
<P align="left">
<FONT size=2 face="serif">Certifications &#150; Attached hereto</FONT></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. </FONT></P>
<P align="left">
<FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=3%></TD>
     <TD width=30%></TD>
     <TD></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">By:</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
      Donald C. Burke</FONT></TD>
	<TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap><FONT size=2 face="serif">Donald C. Burke</FONT> </TD>
	<TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap><FONT size=2 face="serif">Chief Executive Officer of</FONT> </TD>
	<TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap><FONT size=2 face="serif">BlackRock Long-Term Municipal
	    Advantage Trust</FONT> </TD>
	<TD align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Date: March 24, 2008</FONT></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on
the dates indicated. </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=3%></TD>
     <TD width=30%></TD>
     <TD></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">By:</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
      Donald C. Burke</FONT></TD>
	<TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap><FONT size=2 face="serif">Donald C. Burke</FONT> </TD>
	<TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap><FONT size=2 face="serif">Chief Executive Officer (principal
	    executive officer) of</FONT> </TD>
	<TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap><FONT size=2 face="serif">BlackRock Long-Term Municipal
	    Advantage Trust</FONT> </TD>
	<TD align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Date: March 24, 2008</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=3%></TD>
     <TD width=30%></TD>
     <TD></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">By:</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
      Neal J. Andrews</FONT></TD>
	<TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap><FONT size=2 face="serif">Neal J. Andrews</FONT> </TD>
	<TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap><FONT size=2 face="serif">Chief Financial Officer (principal
	    financial officer) of</FONT> </TD>
	<TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap><FONT size=2 face="serif">BlackRock Long-Term Municipal
	    Advantage Trust</FONT> </TD>
	<TD align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Date: March 24, 2008</FONT></P></div>

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<SEQUENCE>2
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<B><FONT size=2 face="serif">EX-99. CERT<br>
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B></P></div>
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<FONT size=2 face="serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock Long-Term Municipal Advantage Trust, certify that: </FONT></P>
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<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-Q of BlackRock Long-Term Municipal Advantage Trust; </FONT></P>
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<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>
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<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant
as of the end of the fiscal quarter for which the report is filed; </FONT></P>
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<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>

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<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
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<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
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<FONT size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and </FONT></P>
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<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect,
the registrant&#146;s internal control over financial reporting; and </FONT></P></DIV>
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<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P>
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<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </FONT></P>
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<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control
over financial reporting. </FONT></P>
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<FONT size=2 face="serif">Date: March 24, 2008</FONT></P>
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  <TD align=left nowrap style="border-bottom:1px solid #000000"><FONT size=2 face="serif">/s/ Donald C. Burke</FONT></TD>
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<FONT size=2 face="serif">Donald C. Burke</FONT>	</TD>
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<FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT>	</TD>
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	<TD align=left nowrap>
<FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT>	</TD>
    <TD align=left nowrap>&nbsp;</TD>
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<PAGE><br><div align="left">
<B><FONT size=2 face="serif">EX-99. CERT<br>
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B></div>
<div style="border-bottom:1px solid #000000"></div>
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<FONT size=2 face="serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Long-Term Municipal Advantage Trust, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-Q of BlackRock Long-Term Municipal Advantage Trust; </FONT></P>
<P align="left">
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>
<P align="left">
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant
as of the end of the fiscal quarter for which the report is filed; </FONT></P>
<P align="left">
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>


<div style="margin-left:42px"><P align="left">
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P align="left">
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P align="left">
<FONT size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
</div>
<P align="left">
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P>

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<P align="left">
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </FONT></P>
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<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control
over financial reporting. </FONT></P>
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<FONT size=2 face="serif">Date: March 24, 2008</FONT></P>
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  <TD align=left nowrap style="border-bottom:1px solid #000000"><FONT size=2 face="serif">/s/ Neal J. Andrews</FONT></TD>
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<FONT size=2 face="serif">Neal J. Andrews</FONT>	</TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
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	<TD align=left nowrap>
<FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT>	</TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT>	</TD>
    <TD align=left nowrap>&nbsp;</TD>
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