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<SEC-DOCUMENT>0000930413-08-005710.txt : 20080925
<SEC-HEADER>0000930413-08-005710.hdr.sgml : 20080925
<ACCEPTANCE-DATETIME>20080925105232
ACCESSION NUMBER:		0000930413-08-005710
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080731
FILED AS OF DATE:		20080925
DATE AS OF CHANGE:		20080925
EFFECTIVENESS DATE:		20080925

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:		081087895

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Municipal Advantage Income Trust
		DATE OF NAME CHANGE:	20051108
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c54718_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE> -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<P align="center">
<FONT face="serif">UNITED STATES </FONT><BR>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT face="serif">Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT face="serif">FORM N-Q</FONT></B></P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</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></P>
<P align="left">
<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:21px;text-indent:-21px"><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: 05/01/2008 &#150; 07/31/2008</FONT></P>

<HR noshade align="center" width="100%" size=4>
<p style="page-break-before:always"></p><PAGE>

<p><FONT size=2 face="serif">Item 1 &#150; Schedule of Investments </FONT><br>
  <br>
</p>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=58% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>&nbsp;	</TD>
	<TD align=left width=39% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>&nbsp;	</TD>
	<TD align=left width=39% nowrap style="border-bottom:1px solid #000000;">
      <div align="right"><B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;      </div></TD>
</TR>
</TABLE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B>&nbsp;	</div></TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Arizona - 5.2%</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Phoenix and Pima County, Arizona, IDA, S/F Mortgage Revenue Refunding</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Bonds, AMT, Series 2007-1, 5.25%, 8/01/38 (a)(b)</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">$&nbsp;&nbsp;2,027</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=center width=10% nowrap>
      <div align="right"><FONT size=2 face="sans-serif">$&nbsp;&nbsp;1,996,945</FONT>&nbsp;	</div></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Pima County, Arizona, IDA, Education Revenue Bonds (American Charter</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Schools Foundation), Series A, 5.625%, 7/01/38</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,700</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,495,728</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Charter Schools Project), Series O, 5.25%, 7/01/31</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">830,300</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">12/01/32</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,850</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,572,814</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">5%, 12/01/37</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,590</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,153,948</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8,049,735</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">California - 3.6%</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">California Statewide Communities Development Authority,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Refunding Bonds (Daughters of Charity National Health</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">System), Series A, 5%, 7/01/39</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,625</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,113,259</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Irvine, California, Unified School District Financing Authority,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Special Tax Bonds, Series A, 5.125%, 9/01/36</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,591,070</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,704,329</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Colorado - 3.2%</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Colorado HFA, Revenue Refunding Bonds (Adventist Health</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">System/Sunbelt Obligor Group), Series D, 5.125%, 11/15/29</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,500</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,369,225</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue Refunding Bonds</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Poudre Valley Health Care), 5.20%, 3/01/31 (c)</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">240</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">241,918</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue Refunding Bonds</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Poudre Valley Health Care), Series B, 5.25%, 3/01/36 (c)</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">485</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">486,271</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue Refunding Bonds</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Poudre Valley Health Care), Series C, 5.25%, 3/01/40 (c)</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">850</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">849,702</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">North Range Metropolitan District Number 2, Colorado, Limited</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Tax, GO, 5.50%, 12/15/37</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,200</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">978,096</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,925,212</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Connecticut - 3.8%</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Connecticut State, HFA, Housing Mortgage Finance Program</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds, AMT, Sub-Series A-2, 5.15%, 5/15/38</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,636,880</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Connecticut State Health and Educational Facilities Authority</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds (Yale University), Series T-1, 4.70%, 7/01/29</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,730</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,729,481</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Connecticut State Health and Educational Facilities Authority</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds (Yale University), Series X-3, 4.85%, 7/01/37</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,560</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,563,292</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,929,653</FONT>&nbsp;	</TD>
</TR>
</TABLE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=100% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Portfolio Abbreviations</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=7>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=7>
<FONT size=2 face="sans-serif">To simplify the listings of the portfolio holdings in the Schedule of Investments, the names of many of the securities have been</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=3>
<FONT size=2 face="sans-serif">abbreviated according to the list below.</FONT>&nbsp;	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=left width=4% nowrap>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=left width=47% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
<B><FONT size=2 face="sans-serif">AMT</FONT></B>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="sans-serif">Alternative Minimum Tax (subject to)</FONT>&nbsp;	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<B><FONT size=2 face="sans-serif">IDA</FONT></B>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=left width=47% nowrap>
<FONT size=2 face="sans-serif">Industrial Development Authority</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
<B><FONT size=2 face="sans-serif">EDA</FONT></B>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="sans-serif">Economic Development Authority</FONT>&nbsp;	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<B><FONT size=2 face="sans-serif">PCR</FONT></B>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=left width=47% nowrap>
<FONT size=2 face="sans-serif">Pollution Control Revenue Bonds</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
<B><FONT size=2 face="sans-serif">EDR</FONT></B>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="sans-serif">Economic Development Revenue Bonds</FONT>&nbsp;	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<B><FONT size=2 face="sans-serif">S/F</FONT></B>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=left width=47% nowrap>
<FONT size=2 face="sans-serif">Single-Family</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
<B><FONT size=2 face="sans-serif">GO</FONT></B>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="sans-serif">General Obligation Bonds</FONT>&nbsp;	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<B><FONT size=2 face="sans-serif">VRDN</FONT></B>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=left width=47% nowrap>
<FONT size=2 face="sans-serif">Variable Rate Demand Notes</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
<B><FONT size=2 face="sans-serif">HFA</FONT></B>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="sans-serif">Housing Finance Agency</FONT>&nbsp;	</TD>
	<TD  width=1%>&nbsp;	</TD>
	<TD align=left width=4% nowrap>&nbsp;	</TD>
	<TD  width=2%>&nbsp;	</TD>
	<TD align=left width=47% nowrap>&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">1</FONT></P>

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


<A name="page_2"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=58% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>&nbsp;	</TD>
	<TD align=left width=39% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>&nbsp;	</TD>
	<TD align=left width=39% nowrap style="border-bottom:1px solid #000000;">
      <div align="right"><B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;	</div></TD>
</TR>
</TABLE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=15% nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><B><FONT size=2 face="sans-serif">State</FONT></B>      </div></TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B>&nbsp;	</div></TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=right width=15% nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">District of Columbia -</FONT></B>      </div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">District of Columbia Tobacco Settlement Financing Corporation, Asset-</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=right width=15% nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">13.1%</FONT></B>      </div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Backed Revenue Refunding Bonds, 6.25%, 5/15/24</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">$&nbsp;&nbsp;5,940</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">$&nbsp;&nbsp;5,880,600</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">District of Columbia Tobacco Settlement Financing Corporation, Asset-</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Backed Revenue Refunding Bonds, 6.50%, 5/15/33</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">15,415</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14,534,341</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">20,414,941</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=right width=15% nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">Florida - 5.9%</FONT></B>      </div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Highlands County, Florida, Health Facilities Authority, Hospital Revenue</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Refunding Bonds (Adventist Health System), Series G, 5.125%, 11/15/32</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">942,330</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Hillsborough County, Florida, IDA, Hospital Revenue Bonds</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Tampa General Hospital Project), 5%, 10/01/36</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,830</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,542,670</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Baptist Medical Center Project), Series A, 5%, 8/15/37</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">845</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">768,164</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Orange County, Florida, Health Facilities Authority, First Mortgage Revenue</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Bonds (Orlando Lutheran Towers), 5.50%, 7/01/38</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,150</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">934,961</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Sarasota County, Florida, Health Facilities Authority, Retirement</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Facility Revenue Refunding Bonds (Village on the Isle Project),</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">5.50%, 1/01/27</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">560</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">496,496</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Sarasota County, Florida, Health Facilities Authority, Retirement</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Facility Revenue Refunding Bonds (Village on the Isle Project),</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">5.50%, 1/01/32</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">520</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">444,018</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Tolomato Community Development District, Florida, Special</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Assessment Bonds, 6.65%, 5/01/40</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,750</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,731,502</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Watergrass Community Development District, Florida, Special</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Assessment Revenue Bonds, Series A, 5.375%, 5/01/39</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,850</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,392,384</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,252,525</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=right width=15% nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">Georgia - 2.5%</FONT></B>      </div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Cobb County, Georgia, Development Authority, Solid Waste</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Disposal Revenue Bonds (Waste Management of Georgia Inc.</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>

	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Project), AMT, Series A, 5%, 4/01/33</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">773,290</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Main Street Natural Gas, Inc., Georgia, Gas Project Revenue</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Bonds, Series A, 6.375%, 7/15/38</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">585</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">533,298</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Private Colleges and Universities Authority, Georgia, Revenue Refunding</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=center width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Bonds (Emory University Project), Series C, 5%, 9/01/38</FONT>&nbsp;	</div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,115</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,119,337</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Rockdale County, Georgia, Development Authority Revenue Bonds</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Visy Paper Project), AMT, Series A, 6.125%, 1/01/34</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,600</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,527,648</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,953,573</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=right width=15% nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">Illinois - 4.4%</FONT></B>      </div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (Monarch Landing,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Inc. Project), Series A, 7%, 12/01/37</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">580</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">558,314</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Illinois State Finance Authority, Revenue Refunding Bonds (Illinois</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Institute of Technology), Series A, 5%, 4/01/36</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,701,470</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Illinois State Finance Authority, Revenue Refunding Bonds</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Proctor Hospital), Series A, 5.125%, 1/01/25</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,545,680</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">

	  <div align="left">&nbsp;</div></TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,805,464</FONT>&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">2</FONT></P>

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


<A name="page_3"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=58% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>&nbsp;	</TD>
	<TD align=left width=39% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>&nbsp;	</TD>
	<TD align=left width=39% nowrap style="border-bottom:1px solid #000000;">
      <div align="right"><B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;	</div></TD>
</TR>
</TABLE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B>&nbsp;	</div></TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Indiana - 4.3%</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Daviess County, Indiana, EDR (Daviess Community Hospital</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Project), Refunding, VRDN, 9%, 1/01/29 (d)(e)</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">$&nbsp;&nbsp;3,230</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">$&nbsp;&nbsp;3,230,000</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Delaware County, Indiana, Hospital Authority, Hospital Revenue Bonds</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Cardinal Health System Obligated Group), 5.25%, 8/01/36</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,758,580</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Indiana Health and Educational Facilities Financing Authority,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Hospital Revenue Bonds (Community Foundation of Northwest</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Indiana), 5.50%, 3/01/37</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,985</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,717,104</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,705,684</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Kansas - 2.0%</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Lenexa, Kansas, Health Care Facility, Revenue Refunding Bonds,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5.50%, 5/15/39</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,650</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,140,642</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Louisiana - 2.1%</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Louisiana Local Government Environmental Facilities and</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Community Development Authority Revenue Bonds (Westlake</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Chemical Corporation), 6.75%, 11/01/32</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,941,520</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Saint Tammany Parish, Louisiana, Financing Authority, S/F</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Mortgage Revenue Bonds (Home Ownership Program), Series A,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">5.25%, 12/01/39 (a)(b)</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,393</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,361,585</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,303,105</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Maryland - 0.6%</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Maryland State Health and Higher Educational Facilities Authority</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds (King Farm Presbyterian Community), Series B,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5%, 1/01/17</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,000</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">936,500</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Michigan - 0.7%</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Garden City, Michigan, Hospital Finance Authority, Hospital</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Refunding Bonds (Garden City Hospital Obligation),</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series A, 5%, 8/15/38</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,540</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,086,994</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Minnesota - 5.9%</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Minnesota State, HFA, Residential Housing Finance Revenue</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Bonds, AMT, Series M, 4.85%, 7/01/31</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">6,460</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,469,940</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Minnesota State Municipal Power Agency, Electric Revenue Bonds,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">5%, 10/01/35</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,778,520</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,248,460</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Missouri - 1.5%</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Missouri State Housing Development Commission, S/F Mortgage</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Refunding Bonds (Homeownership Loan Program), AMT,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series B-1, 5.05%, 3/01/38 (a)(b)</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,440</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,361,578</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Montana - 1.9%</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Two Rivers Authority Inc., Montana, Senior Lien Revenue Bonds</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Correctional Facilities Project), 7.25%, 11/01/21</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,500</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,079,565</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Two Rivers Authority Inc., Montana, Senior Lien Revenue Bonds</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Correctional Facilities Project), 7.375%, 11/01/27</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,600</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,863,212</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,942,777</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">New Hampshire - 2.6% </FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap><font size=2 face="sans-serif">New Hampshire
    State Business Financing Authority, Solid Waste</font></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Disposal Revenue Bonds (Waste Management Inc. Project), AMT,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5.20%, 5/01/27</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,000</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,076,600</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">New Jersey - 4.8%</FONT></B>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,670</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,521,308</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Tobacco Settlement Financing Corporation of New Jersey, Asset-</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Backed Revenue Bonds, 5.75%, 6/01/32</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,630</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,953,591</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,474,899</FONT>&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">3</FONT></P>

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


<A name="page_4"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=58% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>&nbsp;	</TD>
	<TD align=left width=39% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>&nbsp;	</TD>
	<TD align=left width=39% nowrap style="border-bottom:1px solid #000000;">
      <div align="right"><B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;	</div></TD>
</TR>
</TABLE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>

	  <div align="left"></div></TD>
	<TD align=right width=10% nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>      </div></TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B>&nbsp;	</div></TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">New York - 8.4%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Nassau County, New York, Tobacco Settlement Corporation, Senior Asset-</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Backed Revenue Refunding Bonds, Series A-2, 5.25%, 6/01/26</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">$&nbsp;&nbsp;5,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">$&nbsp;&nbsp;4,361,200</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">New York City, New York, City IDA, Special Facility Revenue</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Bonds (American Airlines, Inc. - JFK International Airport), AMT,</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">7.625%, 8/01/25</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">7,600</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">6,477,328</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">New York City, New York, City Transitional Finance Authority,</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Building Aid Revenue Refunding Bonds, Series S-1, 4.50%, 1/15/38</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">370</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">342,705</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">New York Liberty Development Corporation Revenue Bonds</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">(Goldman Sachs Headquarters), 5.25%, 10/01/35</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,850</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,890,422</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,071,655</FONT>&nbsp;	</TD>
</TR>

<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Ohio - 0.8%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">American Municipal Power, Inc., Ohio, Revenue Refunding Bonds (Prairie</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>

<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=60% nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><FONT size=2 face="sans-serif">State Energy Campus Project), Series A, 5%, 2/15/38</FONT>      </div></TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,320</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,257,406</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Oklahoma - 0.6%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Oklahoma State Development Finance Authority, Revenue</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=60% nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><FONT size=2 face="sans-serif">Refunding Bonds (Saint John Health System), 5%, 2/15/42</FONT>      </div></TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,015</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">955,369</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Pennsylvania - 1.9%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Allegheny County, Pennsylvania, Hospital Development Authority,</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Revenue Refunding Bonds (West Penn Allegheny Health System),</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Series A, 5.375%, 11/15/40</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,080</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,649,274</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Harrisburg, Pennsylvania, Authority, University Revenue Bonds</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">(Harrisburg University of Science), Series A, 5.40%, 9/01/16</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">987,730</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT,</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Series 97A, 4.60%, 10/01/27</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">450</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">379,687</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">3,016,691</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">South Carolina - 3.2%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Scago Education Facilities Corporation for Williamsburg County</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">School District, South Carolina, Revenue Refunding Bonds, 5%,</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">12/01/31 (d)</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,723,480</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">South Carolina Jobs, EDA, Health Care Facilities, First Mortgage Revenue</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Refunding Bonds (Lutheran Homes), 5.50%, 5/01/28</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">600</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">513,528</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">South Carolina Jobs, EDA, Health Care Facilities, First Mortgage Revenue</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Refunding Bonds (Lutheran Homes), 5.625%, 5/01/42</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">816,710</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">South Carolina Jobs, EDA, Senior Lien Revenue Refunding Bonds (Burroughs</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">and Chapin Company, Inc.), Series A, 4.70%, 4/01/35 (d)</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,500</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,985,225</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,038,943</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">South Dakota - 0.6%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">South Dakota State Health and Educational Facilities Authority</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=60% nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><FONT size=2 face="sans-serif">Revenue Bonds (Sanford Health), 5%, 11/01/40</FONT>      </div></TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,040</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">960,627</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Tennessee - 0.5%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Knox County, Tennessee, Health, Educational and Housing</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Facilities Board, Hospital Facilities Revenue Refunding Bonds</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=60% nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><FONT size=2 face="sans-serif">(Covenant Health), Series A, 5.02%, 1/01/36 (g)</FONT>      </div></TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,000</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">845,200</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Texas - 8.8%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Brazos River Authority, Texas, PCR, Refunding (TXU Energy</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Company LLC Project), AMT, Series A, 8.25%, 10/01/30</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,500</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,479,030</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">HFDC of Central Texas, Inc., Retirement Facilities Revenue Bonds</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">(Village at Gleannloch Farms), Series A, 5.50%, 2/15/27</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,150</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">957,755</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Leander, Texas, Independent School District, Capital Appreciation, GO,</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Refunding (School Building), 5.557%, 8/15/42 (g)</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">34,560</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,903,373</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Mission, Texas, Economic Development Corporation, Solid Waste</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Disposal Revenue Bonds (Allied Waste N.A. Inc Project), Series A,</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">5.20%, 4/01/18</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,808,680</FONT>&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">4</FONT></P>

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


<A name="page_5"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=58% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>&nbsp;	</TD>
	<TD align=left width=39% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>&nbsp;	</TD>
	<TD align=left width=39% nowrap style="border-bottom:1px solid #000000;">
      <div align="right"><B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;	</div></TD>
</TR>
</TABLE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=60% nowrap>

	  <div align="left"></div></TD>
	<TD align=right width=10% nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>      </div></TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B>&nbsp;	</div></TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">North Texas Tollway Authority, System Revenue Refunding Bonds,</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Second Tier, Series F, 6.125%, 1/01/31</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">$&nbsp;&nbsp;2,290</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">$&nbsp;&nbsp;2,317,709</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Texas State Affordable Housing Corporation, S/F Mortgage</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Revenue Bonds (Professional Educators Home Loan Program),</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">AMT, Series A-1, 5.50%, 12/01/39 (a)(b)</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,235</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,182,345</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">West Central Texas Regional Housing Finance Corporation, S/F</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Mortgage Revenue Bonds (Mortgage-Backed Securities Program),</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">AMT, Series A, 5.35%, 12/01/39 (a)(b)</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,215</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,140,115</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,789,007</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Vermont - 2.5%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Vermont HFA, S/F Housing Revenue Bonds, AMT, Series 27, 4.90%,</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=60% nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><FONT size=2 face="sans-serif">5/01/38 (c)</FONT>      </div></TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,670</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,860,502</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Virginia - 2.4%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Fairfax County, Virginia, EDA, Residential Care Facilities,</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Mortgage Revenue Refunding Bonds (Goodwin House, Inc.),</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">5.125%, 10/01/42</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">850</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">727,209</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Peninsula Ports Authority, Virginia, Residential Care Facilities, Revenue</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Refunding Bonds (Baptist Homes), Series C, 5.375%, 12/01/26</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,600</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,146,612</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Reynolds Crossing Community Development Authority, Virginia,</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Special Assessment Revenue Bonds (Reynolds Crossing Project),</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">5.10%, 3/01/21</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">879,610</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,753,431</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Wisconsin - 4.2%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Wisconsin State Health and Educational Facilities Authority</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Revenue Bonds (Ascension Health), Series A, 5%, 11/15/31</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,335</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,184,446</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Wisconsin State Health and Educational Facilities Authority, Revenue</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Refunding Bonds (Franciscan Sisters Healthcare), 5%, 9/01/26</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,535</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,354,561</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,539,007</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Wyoming - 0.5%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Wyoming Community Development Authority, Housing Revenue</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=60% nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><FONT size=2 face="sans-serif">Bonds, AMT, Series 3, 4.70%, 12/01/32</FONT>      </div></TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,015</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">835,061</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Puerto Rico - 0.8%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Puerto Rico Industrial, Tourist, Educational, Medical and</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Environmental Control Facilities Revenue Bonds (Ana G. Mendez</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=60% nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><FONT size=2 face="sans-serif">University System Project), 5%, 3/01/36</FONT>      </div></TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,500</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,298,880</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=60% nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><B><FONT size=2 face="sans-serif">Total Municipal Bonds - 103.3%</FONT></B>      </div></TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">161,534,450</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">Municipal Bonds Transferred to</FONT></B>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=60% nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><B><FONT size=2 face="sans-serif">Tender Option Bond Trusts (h)</FONT></B>      </div></TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">California - 17.6%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Golden State Tobacco Securitization Corporation of California,</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Tobacco Settlement Revenue Bonds, Custodial Receipts, Series</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">1271, 5%, 6/01/45</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">15,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">13,264,050</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">University of California Revenue Bonds, Series B, 4.75%, 5/15/38 (i)</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">15,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14,177,250</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">27,441,300</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Georgia - 9.6%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Atlanta, Georgia, Airport Passenger Facility Charge and Subordinate Lien</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=60% nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><FONT size=2 face="sans-serif">General Revenue Refunding Bonds, Series C, 5%, 1/01/33 (c)</FONT>      </div></TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">15,000</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14,978,400</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Illinois - 9.0%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Chicago, Illinois, O'Hare International Airport, General Airport</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=60% nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><FONT size=2 face="sans-serif">Revenue Bonds, Custodial Receipts, Series 1284, 5%, 1/01/33</FONT>      </div></TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">15,000</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14,113,200</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Indiana - 8.5%</FONT></B>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Carmel, Indiana, Lease Rental Revenue Bonds (Performing Arts Center),</FONT>      </div></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=right width=60% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">4.75%, 2/01/33</FONT>      </div></TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">7,230</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">6,801,261</FONT>&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">5</FONT></P>

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


<A name="page_6"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=58% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>&nbsp;	</TD>
	<TD align=left width=39% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>&nbsp;	</TD>
	<TD align=left width=39% nowrap style="border-bottom:1px solid #000000;">
      <div align="right"><B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;	</div></TD>
</TR>
</TABLE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="sans-serif">Municipal Bonds Transferred to Tender Option Bond</FONT></B>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>&nbsp;	</TD>
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Trusts (h)</FONT></B>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>&nbsp;	</TD>
	<TD align=center width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="sans-serif">Carmel, Indiana, Lease Rental Revenue Bonds (Performing Arts Center), 5%,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="sans-serif">2/01/33</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">$&nbsp;&nbsp;6,580</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">$&nbsp;&nbsp;&nbsp;&nbsp;6,488,538</FONT>	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,289,799</FONT>	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Massachusetts - 7.0%</FONT></B>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="sans-serif">Massachusetts State, HFA, Housing Revenue Refunding Bonds,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">AMT, Series D, 5.45%, 6/01/37</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,855</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,919,285</FONT>	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Nebraska - 8.4%</FONT></B>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="sans-serif">Omaha Public Power District, Nebraska, Electric System Revenue</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds, Sub-Series B, 4.75%, 2/01/36 (j)</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14,000</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,161,680</FONT>	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">New York - 4.8%</FONT></B>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="sans-serif">New York City, New York, City Municipal Water Finance</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="sans-serif">Authority, Water and Sewer System, Revenue Refunding Bonds,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series D, 5%, 6/15/39</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,500</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,529,025</FONT>	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">North Carolina - 16.4% </FONT></B>&nbsp;	</TD>
	<TD align=left width=58% nowrap><font size=2 face="sans-serif">Charlotte-Mecklenburg
    Hospital Authority, North Carolina, Health</font></TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="sans-serif">Care System Revenue Bonds (Carolinas Medical Center), Series A,</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="sans-serif">5%, 1/15/15 (k)</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">10,000</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">10,764,100</FONT>	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="sans-serif">University of North Carolina, University Revenue Refunding</FONT>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<FONT size=2 face="sans-serif">Bonds, Series A, 4.75%, 12/01/34</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">15,170</FONT>	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14,922,577</FONT>	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">25,686,677</FONT>	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Texas - 5.8%</FONT></B>&nbsp;	</TD>
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">New Caney, Texas, Independent School District, GO, 5%, 2/15/35</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,150</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,083,297</FONT>	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="sans-serif">Total Municipal Bonds Transferred to Tender Option Bond Trusts -</FONT></B>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">87.1%</FONT></B>&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">136,202,663</FONT>	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Total Long-Term Investments (Cost - &#36;328,261,101) - 190.4%</FONT></B>&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">297,737,113</FONT>	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Short-Term Securities</FONT></B>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Shares</FONT></B>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Merrill Lynch Institutional Tax-Exempt Fund, 2.08% (f)(l)</FONT>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">700,000</FONT>	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">700,000</FONT>	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="sans-serif">Total Short-Term Securities</FONT></B>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left width=58% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Cost - &#36;700,000) - 0.4%</FONT></B>&nbsp;	</TD>
	<TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD  align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">700,000</FONT>	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="sans-serif">Total Investments (Cost - &#36;328,961,101*) - 190.8%</FONT></B>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">298,437,113</FONT>	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor=#E6E6E6>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="sans-serif">Other Assets Less Liabilities - 2.4%</FONT></B>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,742,577</FONT>	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="sans-serif">Liability for Trust Certificates, Including Interest Expense and Fees</FONT></B>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=2% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>&nbsp;	</TD>
	<TD align=left width=58% nowrap>
<B><FONT size=2 face="sans-serif">Payable - (93.2)%</FONT></B>&nbsp;	</TD>
	<TD align=left width=10% nowrap>&nbsp;	</TD>
	<TD  align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(145,774,571</FONT>	</TD>
	<TD  align=left width=2% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">)</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6"><B><FONT size=2 face="sans-serif">Net Assets Applicable to Common Stock - 100.0%</FONT></B>&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD  align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;"><FONT size=2 face="sans-serif">$&nbsp;&nbsp;&nbsp;156,405,119</FONT></TD>
  <TD  align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left nowrap colspan=3>
<FONT size=2 face="sans-serif">* The cost and unrealized appreciation (depreciation) of investments as of July 31, 2008, as computed</FONT>	</TD>
	<TD  align=left width=28% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
<FONT size=2 face="sans-serif">for federal income tax purposes, were as follows:</FONT>&nbsp;	</TD>
	<TD  align=right width=1% nowrap>

	  <div align="left"></div></TD>
	<TD align=left width=25% nowrap>&nbsp;	</TD>
	<TD  align=left width=28% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
<FONT size=2 face="sans-serif">Aggregate cost</FONT>&nbsp;	</TD>
	<TD  align=right width=1% nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="sans-serif">&#36;</FONT>      </div></TD>
	<TD align=right width=25% nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">328,961,101</FONT>	</TD>
	<TD  align=left width=28% nowrap style="border-bottom:0px double #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
<FONT size=2 face="sans-serif">Gross unrealized appreciation</FONT>&nbsp;	</TD>
	<TD  align=right width=1% nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#36;</FONT>      </div></TD>
	<TD align=right width=25% nowrap>
<FONT size=2 face="sans-serif">795,992</FONT>	</TD>
	<TD  align=left width=28% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
<FONT size=2 face="sans-serif">Gross unrealized depreciation</FONT>&nbsp;	</TD>
	<TD  align=right width=1% nowrap style="border-bottom:1px solid #000000;">

	  <div align="left"></div></TD>
	<TD align=right width=25% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(31,319,980</FONT>	</TD>
	<TD  align=left width=28% nowrap style="border-bottom:0px solid #000000;">
<FONT size=2 face="sans-serif">)</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
<FONT size=2 face="sans-serif">Net unrealized depreciation</FONT>&nbsp;	</TD>
	<TD  align=right width=1% nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="sans-serif">&#36;</FONT>      </div></TD>
	<TD align=right width=25% nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">(30,523,988</FONT>	</TD>
	<TD  align=left width=28% nowrap style="border-bottom:0px double #000000;">
<FONT size=2 face="sans-serif">)</FONT>&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="sans-serif">(a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="sans-serif">FHLMC Collateralized.</FONT>	</TD>
</TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="sans-serif">(b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="sans-serif">FNMA/GNMA Collateralized.</FONT>	</TD>
</TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="sans-serif">(c)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="sans-serif">FSA Insured.</FONT>	</TD>
</TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="sans-serif">(d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="sans-serif">Radian Insured.</FONT>	</TD>
</TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="sans-serif">(e)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="sans-serif">Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date.</FONT>	</TD>
</TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="sans-serif">(f)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="sans-serif">Represents the current yield as of report date.</FONT>	</TD>
</TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="sans-serif">(g)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="sans-serif">Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="sans-serif">(h)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="sans-serif">Securities represents bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="sans-serif">6</FONT></P>

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


<A name="page_7"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=99% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="sans-serif">(i)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="sans-serif">MBIA Insured.</FONT>	</TD>
</TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="sans-serif">(j)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="sans-serif">FGIC Insured.</FONT>	</TD>
</TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="sans-serif">(k)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="sans-serif">U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.</FONT>	</TD>
</TR>

<TR>
	<TD nowrap valign=top>
<FONT size=2 face="sans-serif">(l)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<FONT size=2 face="sans-serif">Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=4% nowrap>&nbsp;</TD>
	<TD align=left width=60% nowrap>&nbsp;	</TD>
	<TD align=center width=17% nowrap>
<B><FONT size=2 face="sans-serif">Net</FONT></B>	</TD>
	<TD  align=left width=1% nowrap>&nbsp;	</TD>
	<TD align=left width=15% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Affiliate</FONT></B>&nbsp;	</TD>
	<TD align=center width=17% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Activity</FONT></B>	</TD>
	<TD  align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=15% nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=2 face="sans-serif">Income</FONT></B>&nbsp;	</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=4% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Merrill Lynch Institutional Tax-Exempt Fund</FONT>&nbsp;	</TD>
	<TD align=right width=17% nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><FONT size=2 face="sans-serif">(1,900,000)</FONT> </div></TD>
	<TD  align=left width=1% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif"></FONT>&nbsp;	</TD>
	<TD align=right width=15% nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><FONT size=2 face="sans-serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61,162</FONT>&nbsp;	</div></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">7</FONT></P>



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<p style="page-break-before:always"></p><PAGE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR>
    <TD width=6%></TD>
    <TD width=4%></TD>
    <TD width=28%></TD>
    <TD width=61%></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="top"><P align="left"><FONT size=2 face="serif">Item 2 &#150;</FONT></P></TD>
    <TD colspan="3" valign="top"><P align="left"><FONT size=2 face="serif">Controls and Procedures</FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="top">&nbsp;</TD>
    <TD colspan="3" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="top"><FONT size=2 face="serif">2(a) &#150;</FONT> </TD>
    <TD colspan="3" valign="top"><FONT size=2 face="serif">The registrant&#146;s
        principal executive and principal financial officers or persons performing
        similar functions have concluded that the registrant&#146;s disclosure
        controls and procedures (as defined in Rule 30a-3(c) under the Investment
        Company Act of 1940, as amended (the &#147;1940 Act&#148;)) are effective
        as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b)
        under the Securities Exchange Act of 1934, as amended.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=4>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="top"><FONT size=2 face="serif">2(b) &#150;</FONT> </TD>
    <TD colspan="3" valign="top"><FONT size=2 face="serif">There were no changes
        in the registrant&#146;s internal control over financial reporting (as
        defined in Rule 30a-3(d) under the 1940 Act) that occurred during the
        registrant&#146;s last fiscal quarter that have materially affected,
        or are reasonably likely to materially affect, the registrant&#146;s
        internal control over financial reporting.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="top">&nbsp;</TD>
    <TD colspan="3" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="top"><FONT size=2 face="serif">Item 3 &#150;</FONT></TD>
    <TD colspan="3" valign="top"><FONT size=2 face="serif">Exhibits</FONT></TD>
  </TR>
  <TR>
    <TD colspan=4>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD colspan="3"><FONT size=2 face="serif">Certifications &#150; Attached
        hereto</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=4>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD colspan="3" valign="top"><FONT size=2 face="serif">Pursuant to the requirements
        of the Securities Exchange Act of 1934 and the Investment Company Act
        of 1940, the registrant has duly caused this report to be signed on its
        behalf by the undersigned, thereunto duly authorized.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=4>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD colspan="3"><FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage
        Trust</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=4>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD><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>&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>&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>&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>
  <TR>
    <TD colspan=4>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;<FONT size=2 face="serif">Date: September 19,
        2008</FONT> </TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=4>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left valign="top"><FONT size=2 face="serif">Pursuant
        to the requirements of the Securities Exchange Act of 1934 and the Investment
        Company Act of 1940, this report has been signed below by the following
        persons on behalf of the registrant and in the capacities and on the
        dates indicated.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=4>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif">By:</FONT> </TD>
    <TD align=left style="border-bottom:1px solid #000000" nowrap><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>&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>&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>&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>
  <TR>
    <TD colspan=4>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Date: September 19, 2008</FONT> </TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=4>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif">By:</FONT> </TD>
    <TD align=left style="border-bottom:1px solid #000000" nowrap><font size="2">/s/ </font><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>&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>&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>&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>
  <TR>
    <TD colspan=4>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;<FONT size=2 face="serif">Date: September 19,
        2008</FONT> </TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c54718_ex99-cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c54718_ex99-cert.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">




<P align="left" style="border-bottom:1px solid #000000">
<B><FONT size=2 face="serif">EX-99. CERT </FONT></B><BR>
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302<br>
OF
THE SARBANES-OXLEY ACT OF 2002 </FONT></B></P>
<P align="left">
<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>


<P align="left">
<FONT size=2 face="serif">1.&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;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;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;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c)  under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)  under the Investment Company Act of 1940) for the registrant and have: </FONT></P>



<div style="margin-left:24px">
<P align="left">
<FONT size=2 face="serif">a)&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;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;evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent
fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </FONT></P>
</div>

<P align="left">
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions): </FONT></P>
<div style="margin-left:24px">
<P align="left">
<FONT size=2 face="serif">a)&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's ability to record, process, summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over
financial reporting.  </FONT></P></div>
<P align="left">
<FONT size=2 face="serif">Date: September 19, 2008</FONT></P>
<P align="left">
<FONT size=2 face="serif"><u>/s/ Donald C. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT><BR>
<FONT size=2 face="serif"> Donald C. Burke </FONT><BR>
<FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT></P>
<P align="center">&nbsp;</P>

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



<P align="left" style="border-bottom:1px solid #000000">
<B><FONT size=2 face="serif">EX-99. CERT </FONT></B><BR>
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 <br>
OF
THE SARBANES-OXLEY ACT OF 2002 </FONT></B></P>
<P align="left">
<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;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;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;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;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c)  under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)  under the Investment Company Act of 1940) for the registrant and have: </FONT></P>

<div style="margin-left:24px">
<P align="left">
<FONT size=2 face="serif">a)&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;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;evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent
fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </FONT></P></div>
<P align="left">
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions): </FONT></P>


<P align="left" style="margin-left:24px">
<FONT size=2 face="serif">a)&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's ability to record, process, summarize, and report financial information; and </FONT></P>
<P align="left" style="margin-left:24px">
<FONT size=2 face="serif">b)&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's internal control over
financial reporting.  </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: September 19, 2008</FONT></P>
<P align="left">
<FONT size=2 face="serif"><U>/s/ Neal J. Andrews&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Neal J. Andrews </FONT><BR>

<FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage Trust </FONT></P>
<P align="center">&nbsp;</P>

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