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<SEC-DOCUMENT>0000930413-09-001711.txt : 20090331
<SEC-HEADER>0000930413-09-001711.hdr.sgml : 20090331
<ACCEPTANCE-DATETIME>20090331104752
ACCESSION NUMBER:		0000930413-09-001711
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090131
FILED AS OF DATE:		20090331
DATE AS OF CHANGE:		20090331
EFFECTIVENESS DATE:		20090331

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:		09716547

	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>c56811_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE> -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<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></P>
<P align="left">
<FONT size=2 face="serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 </FONT></P>
<P align="left" style="text-indent:-30px;margin-left:30px">
<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.</FONT><FONT size=2 face="serif">Box 9011, Princeton, NJ, 08543-9011 </FONT></P>
<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: 10/31/2009 </FONT><BR>
<BR>
<FONT size=2 face="serif">Date of reporting period: 11/01/2008 &#150; 01/31/2009</FONT></P>

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

<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
<FONT size=2 face="serif">Item 1 &#150; Schedule of Investments</FONT></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width="60%" align=left nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>	</TD>
	<TD width="40%" align=left nowrap>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width="60%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments January 31, 2009 (Unaudited)</FONT></B>	</TD>
	<TD width="40%" align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>	</TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="20%" align=left nowrap></TD>
  <TD width="55%" align=left nowrap></TD>
  <TD width="1%" align=left nowrap></TD>
  <TD width="10%" align=right nowrap></TD>
  <TD width="2%"></TD>
  <TD width="2%" align=left nowrap></TD>
  <TD width="10%" align=left nowrap></TD>
</TR>

<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>&nbsp;	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">(000)</FONT></B></TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Arizona - 5.5%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Phoenix and Pima County, Arizona, IDA, S/F Mortgage</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Refunding Bonds, AMT, Series 2007-1, 5.25%,</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">8/01/38 (a)</FONT><FONT size=2 face="sans-serif">(b)(c)</FONT></TD>
	<TD align="left"><FONT size=2 face="sans-serif">&#36;</FONT> </TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,864</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,762,056</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Pima County, Arizona, IDA,
    Education Revenue Bonds</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">(American Charter Schools Foundation), Series A,</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">5.625%, 7/01/38</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,700</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,089,666</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Pima County, Arizona, IDA, Education Revenue</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Refunding Bonds (Arizona Charter
    Schools Project),</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Series O, 5.25%, 7/01/31</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,000</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">619,230</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Salt Verde Financial Corporation,
    Arizona, Senior Gas</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds, 5%, 12/01/32</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,850</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,234,154</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Salt Verde Financial Corporation,
    Arizona, Senior Gas</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds, 5%, 12/01/37</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">2,590</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,680,573</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align="left" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,385,679</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Colorado - 3.5%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Colorado HFA, Revenue Refunding Bonds (Adventist Health</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">System/Sunbelt Obligor Group),
    Series D, 5.125%,</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">11/15/29</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">2,500</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">2,143,800</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Refunding Bonds (Poudre Valley
    Health Care), 5.20%,</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">3/01/31</FONT>	<FONT size=2 face="sans-serif">(d)</FONT> </TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">240</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">211,850</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Refunding Bonds (Poudre Valley
    Health Care), Series</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">B, 5.25%, 3/01/36 (d)</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">485</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">420,893</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Refunding Bonds (Poudre Valley
    Health Care), Series</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">C, 5.25%, 3/01/40 (d)</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">850</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">728,169</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">North Range Metropolitan District Number 2,</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Colorado, Limited Tax, GO, 5.50%, 12/15/37</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,200</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">605,172</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align="left" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,109,884</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">District of Columbia - 13.3%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">District of Columbia Tobacco Settlement Financing</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Corporation, Asset-Backed Revenue
    Refunding Bonds,</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">6.25%, 5/15/24</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">5,940</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">5,035,932</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">District of Columbia Tobacco
        Settlement Financing</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Corporation, Asset-Backed Revenue
        Refunding Bonds,</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">6.50%, 5/15/33</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">15,415</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,531,220</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align="left" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">15,567,152</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Florida - 3.8%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Jacksonville, Florida, Health Facilities Authority,</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" >
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Hospital Revenue Bonds (Baptist Medical Center</FONT>	</TD>
	<TD align="left">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Project), Series A, 5%, 8/15/37</FONT>	</TD>
	<TD align="left" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">845</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">638,262</FONT>	</TD>
</TR>

<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Portfolio Abbreviations</FONT></B>	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align="left" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
</TABLE>

<P><FONT size=2 face="sans-serif">To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions</FONT>	<FONT size=2 face="sans-serif">of
many of the securities have been abbreviated according to the list below.</FONT></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width="4%" align=left nowrap>
<B><FONT size=2 face="sans-serif">AMT</FONT></B>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Alternative Minimum Tax (subject to)</FONT>	</TD>
	<TD width="4%">&nbsp;	</TD>
	<TD width="4%" align=left nowrap>
<B><FONT size=2 face="sans-serif">IDA</FONT></B>	</TD>
	<TD width="46%" align=left nowrap>
<FONT size=2 face="sans-serif">Industrial Development Authority</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width="4%" align=left nowrap>
<B><FONT size=2 face="sans-serif">EDA</FONT></B>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Economic Development Authority</FONT>	</TD>
	<TD width="4%">&nbsp;	</TD>
	<TD width="4%" align=left nowrap>
<B><FONT size=2 face="sans-serif">PCR</FONT></B>	</TD>
	<TD width="46%" align=left nowrap>
<FONT size=2 face="sans-serif">Pollution Control Revenue Bonds</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width="4%" align=left nowrap>
<B><FONT size=2 face="sans-serif">GO</FONT></B>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">General Obligation Bonds</FONT>	</TD>
	<TD width="4%">&nbsp;	</TD>
	<TD width="4%" align=left nowrap>
<B><FONT size=2 face="sans-serif">S/F</FONT></B>	</TD>
	<TD width="46%" align=left nowrap>
<FONT size=2 face="sans-serif">Single-Family</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width="4%" align=left nowrap>
<B><FONT size=2 face="sans-serif">HFA</FONT></B>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Housing Finance Agency</FONT>	</TD>
	<TD width="4%">&nbsp;	</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
	<TD width="46%" align=left nowrap>&nbsp;	</TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">1</FONT></P>

<hr noshade width="100%" size=4><p align="left" style="pagebreaks-before:always"></p><Page>


<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=60% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>	</TD>
	<TD align=left width=405 nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments January 31, 2009 (Unaudited)</FONT></B>	</TD>
	<TD align=right width=405 nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>	</TD>
</TR>
</TABLE>

<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="20%" align=left nowrap></TD>
  <TD width="55%" align=left nowrap></TD>
  <TD width="1%" align=left nowrap></TD>
  <TD width="10%" align=right nowrap></TD>
  <TD width="2%"></TD>
  <TD width="2%" align=left nowrap></TD>
  <TD width="10%" align=left nowrap></TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" >
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000)</FONT></B>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Orange County, Florida, Health
    Facilities Authority,</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">First Mortgage Revenue Bonds (Orlando Lutheran</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Towers), 5.50%, 7/01/38</FONT>	</TD>
	<TD GUTTER align=left nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,150</FONT>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap><FONT size=2 face="sans-serif">&#36;</FONT></TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">654,983</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Sarasota County, Florida, Health
        Facilities Authority,</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Retirement Facility Revenue
        Refunding Bonds (Village</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">on the Isle Project), 5.50%, 1/01/32</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">520</FONT>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">291,533</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Sumter Landing Community Development
        District,</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Florida, Recreational Revenue
        Bonds, Sub-Series B,</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">5.70%, 10/01/38</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,435</FONT>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">871,361</FONT>	</TD>
</TR>
<TR valign="bottom"x>
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Tolomato Community Development
    District, Florida,</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Special Assessment Bonds, 6.65%, 5/01/40</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,750</FONT>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,097,128</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Watergrass Community Development District, Florida,</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Special Assessment Revenue
    Bonds, Series A, 5.375%,</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">5/01/39</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,850</FONT>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">922,225</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,475,492</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Georgia - 1.0%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Main Street Natural Gas, Inc., Georgia, Gas Project</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds, Series A, 6.375%, 7/15/38 (e)(f)</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">585</FONT>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">115,532</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Rockdale County, Georgia, Development
        Authority</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Revenue Bonds (Visy Paper Project),
        AMT, Series A,</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">6.125%, 1/01/34</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,600</FONT>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,031,776</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,147,308</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Illinois - 4.0%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (Monarch</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Landing, Inc. Project), Series A, 7%, 12/01/37</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">580</FONT>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">387,434</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Illinois State Finance Authority,
    Revenue Refunding</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds</FONT> <FONT size=2 face="sans-serif">(Illinois
Institute of Technology), Series A, 5%,</FONT> </TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">4/01/36</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">2,000</FONT>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,342,020</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Illinois State Finance Authority,
    Revenue Refunding</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds</FONT> <FONT size=2 face="sans-serif">(Proctor
Hospital), Series A, 5.125%, 1/01/25</FONT> </TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">4,000</FONT>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,897,280</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,626,734</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Indiana - 2.1%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Delaware County, Indiana, Hospital Authority,</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Hospital Revenue Bonds (Cardinal Health System</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Obligated Group), 5.25%, 8/01/36</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">2,000</FONT>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,183,780</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Indiana Health and Educational
    Facilities Financing</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Authority, Hospital Revenue Bonds (Community</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Foundation of Northwest Indiana), 5.50%, 3/01/37</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,985</FONT>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,293,684</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,477,464</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Kansas - 0.3%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Lenexa, Kansas, Health Care Facility, Revenue</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Refunding Bonds, 5.50%, 5/15/39</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">650</FONT>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">352,567</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Louisiana - 2.3%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Louisiana Local Government Environmental Facilities</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">and Community Development Authority Revenue</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds</FONT> <FONT size=2 face="sans-serif">(Westlake
Chemical Corporation), 6.75%,</FONT> </TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">11/01/32</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">2,000</FONT>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,389,040</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Saint Tammany Parish, Louisiana, Financing Authority,</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">S/F Mortgage Revenue Bonds (Home Ownership</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Program), Series A, 5.25%, 12/01/39 (a)(b)(c)</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,371</FONT>	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,322,079</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,711,119</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Maryland - 0.6%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Maryland State Health and Higher Educational</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Facilities Authority Revenue Bonds (King Farm</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD GUTTER align=left nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Presbyterian Community), Series B, 5%, 1/01/17</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,000</FONT>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">754,290</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">2</FONT></P>

<hr noshade width="100%" size=4><p align="left" style="pagebreaks-before:always"></p><Page>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width="60%" align=left nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>	</TD>
	<TD width="40%" align=left nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="60%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments January 31, 2009 (Unaudited)</FONT></B>	</TD>
	<TD width="40%" align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>	</TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="20%" align=left nowrap></TD>
  <TD width="55%" align=left nowrap></TD>
  <TD width="1%" align=left nowrap></TD>
  <TD width="10%" align=right nowrap></TD>
  <TD width="2%"></TD>
  <TD width="2%" align=left nowrap></TD>
  <TD width="10%" align=left nowrap></TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000)</FONT></B>	</TD>
	<TD GUTTER align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Michigan - 1.9%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Garden City, Michigan, Hospital Finance Authority,</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Hospital Revenue Refunding Bonds (Garden City</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Hospital Obligation), Series A, 5%, 8/15/38</FONT>	</TD>
	<TD GUTTER align=left nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,540</FONT>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">777,962</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Royal Oak, Michigan, Hospital Finance Authority,</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Hospital Revenue Refunding Bonds (William Beaumont</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Hospital), 8.25%, 9/01/39</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,400</FONT>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,430,464</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,208,426</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Missouri - 1.9%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Missouri State Housing Development Commission, S/F</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Mortgage Revenue Refunding Bonds (Homeownership Loan</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Program), AMT, Series B-1, 5.05%,</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3/01/38 (a)</FONT><FONT size=2 face="sans-serif">(b)(c)</FONT> </TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,355</FONT>	</TD>
	<TD GUTTER align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,178,281</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Montana - 1.4%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Two Rivers Authority, Inc., Montana, Senior Lien</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds (Correctional Facilities Project),</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">7.25%, 11/01/21 (e)(f)</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,500</FONT>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">600,930</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Two Rivers Authority, Inc., Montana, Senior Lien Revenue</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds</FONT> <FONT size=2 face="sans-serif">(Correctional
Facilities Project), 7.375%,</FONT> </TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">11/01/27</FONT>	<FONT size=2 face="sans-serif">(e)(f)</FONT> </TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">2,600</FONT>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,040,936</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,641,866</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">New Jersey - 1.8%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%,</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6/15/24</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,670</FONT>	</TD>
	<TD GUTTER align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,087,139</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">New York - 9.6%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Nassau County, New York, Tobacco Settlement</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Corporation, Senior Asset-Backed
    Revenue Refunding</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, Series A-2, 5.26%, 6/01/26 (g)</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">4,082,450</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">New York City, New York, City
    IDA, Special Facility</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds (American Airlines, Inc. - JFK</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">International Airport), AMT, 7.625%, 8/01/25</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">7,600</FONT>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">5,392,200</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">New York City, New York, City
        Transitional Finance</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Authority, Building Aid Revenue
        Refunding Bonds,</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Series S-1, 4.50%, 1/15/38</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">370</FONT>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">310,145</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">New York Liberty Development
    Corporation Revenue</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds</FONT> <FONT size=2 face="sans-serif">(Goldman
Sachs Headquarters), 5.25%, 10/01/35</FONT> </TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,850</FONT>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,487,492</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,272,287</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Pennsylvania - 1.6%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Allegheny County, Pennsylvania, Hospital Development</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Authority, Revenue Refunding Bonds (West Penn Allegheny</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Health System), Series A, 5.375%, 11/15/40</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">2,080</FONT>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,077,440</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Harrisburg, Pennsylvania, Authority, University</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Revenue Bonds (Harrisburg University
    of Science),</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Series A, 5.40%, 9/01/16</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">465</FONT>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">441,917</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Pennsylvania HFA, S/F Mortgage
    Revenue Refunding</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, AMT, Series 97A, 4.60%, 10/01/27</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">450</FONT>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">372,717</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,892,074</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">South Carolina - 3.5%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Scago Education Facilities Corporation for</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Williamsburg County School
    District, South Carolina,</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Refunding Bonds, 5%, 12/01/31 (h)</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">2,000</FONT>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,528,500</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">South Carolina Jobs, EDA, Health Care Facilities, First</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Mortgage Revenue Refunding Bonds (Lutheran Homes),</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">5.50%, 5/01/28</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">600</FONT>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">385,410</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">South Carolina Jobs, EDA, Health Care Facilities, First</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Mortgage Revenue Refunding Bonds (Lutheran Homes),</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">5.625%, 5/01/42</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,000</FONT>	</TD>
	<TD GUTTER align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">574,370</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">3</FONT></P>

<hr noshade width="100%" size=4><p align="left" style="pagebreaks-before:always"></p><Page>


<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=60% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>	</TD>
	<TD align=left width=40% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments January 31, 2009 (Unaudited)</FONT></B>	</TD>
	<TD align=right width=40% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>	</TD>
</TR>
</TABLE>

<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="20%" align=left nowrap></TD>
  <TD width="55%" align=left nowrap></TD>
  <TD width="1%" align=center nowrap></TD>
  <TD width="10%" align=right nowrap></TD>
  <TD width="2%"></TD>
  <TD width="2%" align=left nowrap></TD>
  <TD width="10%" align=left nowrap></TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000)</FONT></B>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">South Carolina Jobs, EDA, Senior Lien Revenue</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Refunding Bonds (Burroughs
    and Chapin Company,</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Inc.), Series A, 4.70%, 4/01/35 (h)</FONT>	</TD>
	<TD GUTTER align=left nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">2,500</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,658,525</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,146,805</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">South Dakota - 0.7%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">South Dakota State Health and Educational Facilities</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Authority Revenue Bonds (Sanford Health), 5%, 11/01/40</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,040</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">873,215</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Texas - 3.3%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Brazos River Authority, Texas, PCR, Refunding (TXU</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Energy Company LLC Project),
    AMT, Series A, 8.25%,</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">10/01/30</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,500</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">900,060</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">HFDC of Central Texas, Inc.,
        Retirement Facilities</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Revenue Bonds (Village at Gleannloch
        Farms), Series</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">A, 5.50%, 2/15/27</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,150</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">717,381</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">North Texas Tollway Authority, System Revenue Refunding</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, Second Tier, Series F, 6.125%, 1/01/31</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">2,290</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,192,812</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,810,253</FONT>	</TD>
</TR>
<TR valign="bottom" x>
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Vermont - 2.1%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Vermont HFA, S/F Housing Revenue Bonds, AMT,</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series 27, 4.90%, 5/01/38 (d)</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,060</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,472,174</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Virginia - 2.6%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Fairfax County, Virginia, EDA, Residential Care</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Facilities, Mortgage Revenue Refunding Bonds</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">(Goodwin House, Inc.), 5.125%, 10/01/42</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">850</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">480,335</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Peninsula Ports Authority,
        Virginia, Residential Care</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Facilities, Revenue Refunding
        Bonds (Baptist Homes),</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Series C, 5.375%, 12/01/26</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">2,600</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,724,216</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Reynolds Crossing Community Development Authority,</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Virginia, Special Assessment Revenue Bonds (Reynolds</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Crossing Project), 5.10%, 3/01/21</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,000</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">802,080</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,006,631</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Wisconsin - 5.1%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Wisconsin State Health and Educational Facilities</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Authority Revenue Bonds (Ascension Health), Series A,</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">5%, 11/15/31</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">5,335</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">4,761,488</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Wisconsin State Health and Educational Facilities</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Authority, Revenue Refunding Bonds (Franciscan</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Sisters Healthcare), 5%, 9/01/26</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1,535</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,208,797</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,970,285</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Total Municipal Bonds - 71.9%</FONT></B>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">84,167,125</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Municipal Bonds Transferred to</FONT></B>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>

	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Tender Option Bond Trusts (i)</FONT></B>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom" >
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">California - 18.0%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Golden State Tobacco Securitization Corporation of</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">California, Tobacco Settlement Revenue Bonds,</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Custodial Receipts, Series 1271, 5%, 6/01/45</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">10,000</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">7,511,000</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">University of California Revenue Bonds, Series B,</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">4.75%, 5/15/38 (j)</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">15,000</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,529,700</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">21,040,700</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Georgia - 4.9%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Atlanta, Georgia, Airport Passenger Facility Charge</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">and Subordinate Lien General Revenue Refunding</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds, Series C, 5%, 1/01/33 (d)</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,000</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,726,040</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Illinois - 11.0%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Chicago, Illinois, O'Hare International Airport, General</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" >
	<TD width="20%" align=left>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Airport Revenue Bonds, Custodial
    Receipts, Series</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1284, 5%, 1/01/33</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">15,000</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,819,750</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">4</FONT></P>

<hr noshade width="100%" size=4><p align="left" style="pagebreaks-before:always"></p><Page>


<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=60% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>	</TD>
	<TD align=left width=40% nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments January 31, 2009 (Unaudited)</FONT></B>	</TD>
	<TD align=right width=40% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>	</TD>
</TR>
</TABLE>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
  <TD width="20%" align=left nowrap></TD>
  <TD width="55%" align=left nowrap></TD>
  <TD width="1%" align=center nowrap></TD>
  <TD width="10%" align=right nowrap></TD>
  <TD width="2%"></TD>
  <TD width="2%" align=left nowrap></TD>
  <TD width="9%" align=left nowrap></TD>
  <TD width="1%" align=left nowrap></TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Municipal Bonds Transferred to</FONT></B>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Tender Option Bond Trusts (i)</FONT></B>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000)</FONT></B>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Indiana - 10.9%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Carmel, Indiana, Lease Rental Revenue Bonds</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">(Performing Arts Center), 4.75%, 2/01/33</FONT>	</TD>
	<TD GUTTER align=left nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">7,230</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">6,556,815</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Carmel, Indiana, Lease Rental Revenue Bonds</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">(Performing Arts Center), 5%, 2/01/33</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">6,580</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,186,121</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,742,936</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Massachusetts - 9.0%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Massachusetts State, HFA, Housing Revenue Refunding</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds, AMT, Series D, 5.45%, 6/01/37</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,855</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,558,774</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Nebraska - 4.0%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Omaha Public Power District, Nebraska, Electric System</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Revenue Bonds, Sub-Series B, 4.75%, 2/01/36 (j)(k)</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,000</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,634,500</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">New York - 16.1%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">New York City, New York, City Municipal Water</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=center>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">Finance Authority,
    Water and Sewer System, Revenue</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Refunding Bonds, Series D, 5%, 6/15/39</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">7,500</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">7,118,325</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=center>&nbsp;</TD>
    <TD width="55%" align=left><FONT size=2 face="sans-serif">New York State
    Dormitory Authority, State Personal</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Income Tax Revenue Bonds (Education), Series B,</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">5.75%, 3/15/36</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">11,250</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,713,613</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">18,831,938</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">North Carolina - 12.4%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">University of North Carolina, University Revenue</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Refunding Bonds, Series A, 4.75%, 12/01/34</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">15,170</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14,537,411</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Texas - 7.7%</FONT></B>	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">New Caney, Texas, Independent School District, GO,</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5%, 2/15/35</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,150</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8,992,803</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Total Municipal Bonds Transferred to</FONT></B>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Tender Option Bond Trusts - 94.0%</FONT></B>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">109,884,852</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Total Long-Term Investments</FONT></B>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Cost - &#36;242,799,112) - 165.9%</FONT></B>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">194,051,977</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Short-Term Securities</FONT></B>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Shares</FONT></B>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<FONT size=2 face="sans-serif">Merrill Lynch Institutional Tax-Exempt</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Fund, 0.60% (l)(m)</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,700,000</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,700,000</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Total Short-Term Securities</FONT></B>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="55%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Cost - &#36;4,700,000) - 4.0%</FONT></B>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,700,000</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Total Investments (Cost - &#36;247,499,112*) - 169.9%</FONT></B>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">198,751,977</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Other Assets Less Liabilities - 2.1%</FONT></B>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">2,463,351</FONT>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" >
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Liability for Trust Certificates, Including</FONT></B>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Expense
and Fees Payable - (72.0)%</FONT></B>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(84,204,025</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">)</FONT>	</TD>
</TR>
<TR valign="bottom"  bgcolor="#E6E6E6">
	<TD width="20%" align=left nowrap>&nbsp;	</TD>
	<TD width="55%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Net Assets - 100.0%</FONT></B>	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap>&nbsp;	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:3px double #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">117,011,303</FONT>	</TD>
	<TD GUTTER align=left nowrap style="border-bottom:3px double #000000;">&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">*</FONT></TD>
	<TD width=95%>
<FONT size=2 face="sans-serif">The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:</FONT>	</TD>
</TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">Aggregate cost</FONT>	</TD>
	<TD align=left width=2% nowrap style="border-bottom:3px double #000000;">
      <FONT size=2 face="sans-serif">&#36;</FONT> </TD>
	<TD align=right width=13% nowrap style="border-bottom:3px double #000000;">
      <FONT size=2 face="sans-serif">159,304,112</FONT> </TD>
	<TD align=right width=4% nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
    <TD align=right width=46% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">Gross unrealized appreciation</FONT>	</TD>
	<TD align=left width=2% nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>	</TD>
	<TD align=right width=13% nowrap>
<FONT size=2 face="sans-serif">314,323</FONT>	</TD>
	<TD align=right width=4% nowrap>&nbsp;</TD>
    <TD align=right width=46% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">Gross unrealized depreciation</FONT>	</TD>
	<TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=13% nowrap style="border-bottom:1px solid #000000;">
      <FONT size=2 face="sans-serif">(44,361,458</FONT> </TD>
	<TD width=4% align=left nowrap  style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">)</FONT> </TD>
    <TD width=46% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">Net unrealized depreciation</FONT>	</TD>
	<TD align=left width=2% nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>	</TD>
	<TD align=right width=13% nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">(44,047,135</FONT>	</TD>
	<TD width=4% align=left nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="sans-serif">)</FONT> </TD>
    <TD width=46% align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(a)</FONT></TD>
	<TD width=95%>
<FONT size=2 face="sans-serif">FHLMC Collateralized.</FONT>	</TD>
</TR>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(b)</FONT></TD>
	<TD width=95%>
<FONT size=2 face="sans-serif">FNMA Collateralized.</FONT>	</TD>
</TR>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(c)</FONT></TD>
	<TD width=95%>
<FONT size=2 face="sans-serif">GNMA Collateralized.</FONT>	</TD>
</TR>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(d)</FONT></TD>
	<TD width=95%>
<FONT size=2 face="sans-serif">FSA Insured.</FONT>	</TD>
</TR>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(e)</FONT></TD>
	<TD width=95%>
<FONT size=2 face="sans-serif">Non-income producing security.</FONT>	</TD>
</TR>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(f)</FONT></TD>
	<TD width=95%>
<FONT size=2 face="sans-serif">Issuer filed for bankruptcy and/or is in default of interest payments.</FONT>	</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="sans-serif">5</FONT></P>

<hr noshade width="100%" size=4><p align="left" style="pagebreaks-before:always"></p><Page>


<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments January 31, 2009 (Unaudited)</FONT></B>
	</TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(g)</FONT></TD>
	<TD width=95%>
<FONT size=2 face="sans-serif">Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the effective yield as of report date.</FONT>	</TD>
</TR>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(h)</FONT></TD>
	<TD width=95%>
<FONT size=2 face="sans-serif">Radian Insured.</FONT>	</TD>
</TR>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(i)</FONT></TD>
	<TD width=95%>
<FONT size=2 face="sans-serif">Securities represent bonds transferred to a tender option bond trust in exchange for which the</FONT>	<FONT size=2 face="sans-serif">Trust
acquired residual interest certificates. These securities serve as collateral
in a financing transaction.</FONT> </TD>
</TR>

<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(j)</FONT></TD>
	<TD width=95%>
<FONT size=2 face="sans-serif">MBIA Insured.</FONT>	</TD>
</TR>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(k)</FONT></TD>
	<TD width=95%>
<FONT size=2 face="sans-serif">FGIC Insured.</FONT>	</TD>
</TR>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(l)</FONT></TD>
	<TD width=95%>
<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>
</TABLE>
<TABLE width="70%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="7%" align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="57%" align=left nowrap style="border-bottom:1px solid #000000; border-top:1px solid #000000;"><B><FONT size=2 face="sans-serif">Affiliate</FONT></B> </TD>
    <TD width="17%" align=center nowrap style="border-bottom:1px solid #000000; border-top:1px solid #000000;"><B><FONT size=2 face="sans-serif">Net
          Activity</FONT></B> </TD>
    <TD width="6%" style="border-bottom:1px solid #000000; border-top:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="13%" align=center nowrap style="border-bottom:1px solid #000000; border-top:1px solid #000000;"><B><FONT size=2 face="sans-serif">Income</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="7%" align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">Merrill
    Lynch Institutional Tax-Exempt Fund</FONT> </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">3,599,117</FONT></TD>
    <TD width="6%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="sans-serif">7,613</FONT> </TD>
  </TR>
</TABLE>
<TABLE border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap><FONT size=2 face="sans-serif">(m)</FONT></TD>
  <TD colspan=2><FONT size=2 face="sans-serif">Represents the current yield as
    of report date.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
	<TD width="5%" valign=top nowrap>
<LI></LI> 	</TD>
	<TD colspan=2>
<FONT size=2 face="sans-serif">Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair
value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:</FONT>	</TD>
</TR>
<TR><TD colspan=3><p><font size="1">&nbsp;</font></p></TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<LI></LI> 	</TD>
	<TD width=90%>
<FONT size=2 face="sans-serif">Level 1 - price quotations in active markets/exchanges for identical securities</FONT>	</TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<LI></LI> 	</TD>
	<TD width=90%>
<FONT size=2 face="sans-serif">Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or
liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs)</FONT>	</TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<LI></LI> 	</TD>
	<TD width=90%>
<FONT size=2 face="sans-serif">Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust's own assumption used in determining the fair value of
investments)</FONT>	</TD>
</TR>
<TR><TD colspan=3><p><font size="1">&nbsp;</font></p></TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD colspan=2>
<FONT size=2 face="sans-serif">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust's policy regarding valuation of
investments and other significant accounting policies, please refer to the Trust's most recent financial statements as contained in its annual report.</FONT>	</TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD colspan=2><FONT size=2 face="sans-serif">The following table summarizes
      the inputs used as of January 31, 2009 in determining the fair valuation
    of the Trust's investments:</FONT></TD>
  </TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>

<TABLE width=28% border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center width=40% nowrap>
<B><FONT size=2 face="sans-serif">Valuation</FONT></B>	</TD>
	<TD align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=center width=55% nowrap>
<B><FONT size=2 face="sans-serif">Investments in</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=40% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Inputs</FONT></B>	</TD>
	<TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=center width=55% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Securities</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>&nbsp;	</TD>
	<TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=center width=55% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Assets</FONT></B>	</TD>
</TR>
<TR valign="bottom" >
	<TD align=left width=40% nowrap>
<FONT size=2 face="sans-serif">Level 1</FONT>	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>	</TD>
	<TD align=right width=55% nowrap>
<FONT size=2 face="sans-serif">4,700,000</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="sans-serif">Level 2</FONT>	</TD>
	<TD align=left width=5% nowrap>&nbsp;	</TD>
	<TD align=right width=55% nowrap>
<FONT size=2 face="sans-serif">194,051,977</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Level 3</FONT>	</TD>
	<TD align=left width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right width=55% nowrap style="border-bottom:1px solid #000000;">

<FONT size=2 face="sans-serif">-</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<B><FONT size=2 face="sans-serif">Total</FONT></B>	</TD>
	<TD align=left width=5% nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>	</TD>
	<TD align=right width=55% nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">198,751,977</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">6</FONT></P>


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

<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
<FONT size=2 face="serif">Item 2 &#150; Controls and Procedures</FONT></P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="6%" valign="top"><FONT size=2 face="serif">2(a) &#150;</FONT></td>
    <td width="94%"><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 13(a)-15(b) under the Securities Exchange Act of 1934, as amended. </FONT></td>
  </tr>
  <tr>
    <td width="6%" valign="top">&nbsp;</td>
    <td width="94%">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top"><FONT size=2 face="serif">2(b) &#150;</FONT></td>
    <td width="94%"><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>
</table>
<P align="left"><FONT size=2 face="serif">Item 3 &#150; Exhibits</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD colspan="3" align=left nowrap>
    <FONT size=2 face="serif">Certifications &#150; Attached hereto</FONT>	</TD>
  </TR>
<TR>
  <TD width="6%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
	<TD colspan="2">&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD colspan="3" align=left>
    <FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company</FONT>
    <FONT size=2 face="serif">Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,</FONT>
    <FONT size=2 face="serif">thereunto duly authorized.</FONT>	</TD>
  </TR>

<TR>
  <TD width="6%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
	<TD colspan="2">&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD colspan="3" align=left nowrap><FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT>	</TD>
  </TR>
<TR>
  <TD width="6%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
	<TD colspan="2">&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD width=4% align=left nowrap><FONT size=2 face="serif">By:</FONT> </TD>
	<TD width=20% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
    Donald C. Burke</FONT></TD>
    <TD width=70% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD width=4% align=left nowrap>&nbsp;</TD>
	<TD colspan="2" align=left nowrap> <FONT size=2 face="serif">Donald C. Burke</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD width=4% align=left nowrap>&nbsp;</TD>
	<TD colspan="2" align=left nowrap> <FONT size=2 face="serif">Chief Executive Officer of</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD width=4% align=left nowrap>&nbsp;</TD>
	<TD colspan="2" align=left nowrap> <FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT>	</TD>
</TR>
<TR>
  <TD width="6%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
	<TD colspan="2">&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD colspan="3" align=left nowrap><FONT size=2 face="serif">Date: March 25,
    2009</FONT>	</TD>
  </TR>
<TR>
  <TD width="6%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
	<TD colspan="2">&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD colspan="3" align=left><FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company</FONT>	<FONT size=2 face="serif">Act of 1940, this report has been signed below by the following persons on behalf of the registrant</FONT>	<FONT size=2 face="serif">and in the capacities and on the dates indicated.</FONT>	</TD>
  </TR>

<TR>
  <TD width="6%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
	<TD colspan="2">&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD width=4% align=left nowrap><FONT size=2 face="serif">By:</FONT> </TD>
	<TD width=20% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
    Donald C. Burke</FONT></TD>
    <TD width=70% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD width=4% align=left nowrap>&nbsp;</TD>
	<TD colspan="2" align=left nowrap> <FONT size=2 face="serif">Donald C. Burke</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD width=4% align=left nowrap>&nbsp;</TD>
	<TD colspan="2" align=left nowrap><FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD width=4% align=left nowrap>&nbsp;</TD>
	<TD colspan="2" align=left nowrap><FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT>	</TD>
</TR>
<TR>
  <TD width="6%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
	<TD colspan="2">&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD colspan="3" align=left nowrap><FONT size=2 face="serif">Date: March 25,
    2009</FONT>	</TD>
  </TR>
<TR>
  <TD width="6%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
	<TD colspan="2">&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD width=4% align=left nowrap><FONT size=2 face="serif">By:</FONT> </TD>
	<TD width=20% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
    Neal J. Andrews</FONT></TD>
    <TD width=70% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD width=4% align=left nowrap>&nbsp;</TD>
	<TD colspan="2" align=left nowrap> <FONT size=2 face="serif">Neal J. Andrews</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD width=4% align=left nowrap>&nbsp;</TD>
	<TD colspan="2" align=left nowrap> <FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD width=4% align=left nowrap>&nbsp;</TD>
	<TD colspan="2" align=left nowrap> <FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT>	</TD>
</TR>
<TR>
  <TD width="6%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
	<TD colspan="2">&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left nowrap>&nbsp;</TD>
  <TD colspan="3" align=left nowrap><FONT size=2 face="serif">Date: March 25,
    2009</FONT>	</TD>
  </TR>
</TABLE>
<BR>

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

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c56811_ex99-cert.htm
<TEXT>

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

<BODY bgcolor="#ffffff">

<P align="left">
<B><FONT size=2 face="serif">EX-99. CERT </FONT></B><BR>
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="serif">THE SARBANES-OXLEY ACT OF 2002 </FONT></B></P>
<div style="border-bottom:1px solid #000000"> </div>
<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.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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:5%">
<P align="left">
<FONT size=2 face="serif">a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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:5%">
<P align="left">
<FONT size=2 face="serif">a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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: March 25, 2009</FONT></P>
<TABLE width="30%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="50%" align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
    Donald C. Burke</FONT></TD>
  <TD width="50%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=100% colspan="2" align=left nowrap>
<FONT size=2 face="serif">Donald C. Burke</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% colspan="2" align=left nowrap>
<FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% colspan="2" align=left nowrap>
<FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT>	</TD>
</TR>
</TABLE>
<BR>

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

<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
<B><FONT size=2 face="serif">EX-99. CERT </FONT></B><BR>
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="serif">THE SARBANES-OXLEY ACT OF 2002 </FONT></B></P>
<div style="border-bottom:1px solid #000000"> </div>
<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.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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:5%">
<P align="left">
<FONT size=2 face="serif">a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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:5%">
<P align="left">
<FONT size=2 face="serif">a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">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: March 25, 2009</FONT></P>
<TABLE width="30%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=50% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
    Neal J. Andrews</FONT></TD>
  <TD width=50% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=100% colspan="2" align=left nowrap>
<FONT size=2 face="serif">Neal J. Andrews</FONT>	</TD>
</TR>
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<FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT>	</TD>
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<FONT size=2 face="serif">BlackRock Long-Term Municipal Advantage Trust</FONT>	</TD>
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