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<SEC-DOCUMENT>0000900092-09-000999.txt : 20090928
<SEC-HEADER>0000900092-09-000999.hdr.sgml : 20090928
<ACCEPTANCE-DATETIME>20090928154430
ACCESSION NUMBER:		0000900092-09-000999
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090731
FILED AS OF DATE:		20090928
DATE AS OF CHANGE:		20090928
EFFECTIVENESS DATE:		20090928

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:		091090229

	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>bta.htm
<DESCRIPTION>BTA
<TEXT>

<HTML>
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   <TITLE>bta.htm - Produced by Pellegrini and Associates, Inc.  |  134 Spring Street New York NY 10012  |  (212) 925-5151</TITLE>
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<P align="center">
<FONT face="ArialMT,Arial,Helvetica,sans-serif">UNITEDSTATES</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">SECURITIESANDEXCHANGECOMMISSION</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">Washington,D.C.20549</FONT><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-Q</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MANAGEMENT INVESTMENT COMPANY</FONT></B></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-21835</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Long-Term Municipal Advantage Trust, 40 East 52</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">nd </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Street, New York, NY 10022.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 04/30/2010</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 07/31/2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Schedule of Investments</FONT></P>

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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=6%></TD>
     <TD width=20%></TD>
     <TD width=21%></TD>
     <TD width=6%></TD>
     <TD width=22%></TD>
     <TD width=10%></TD>
     <TD width=11%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=4>
<B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments July 31, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Arizona - 5.1%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Phoenix &amp; Pima County IDA, RB, Series 2007-1 (GNMA), AMT,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.25%, 8/01/38</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,571</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,607,312</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=7>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pima County IDA, RB, American Charter Schools Foundation,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5.63%, 7/01/38</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,700</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,141,176</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pima County IDA, RB, Arizona Charter Schools Project,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series O, 5.30%, 7/01/31</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">609,180</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/32</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,850</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,455,765</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,590</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,970,524</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,783,957</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">California - 6.7%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">California HFA, RB, Home Mortgage, Series G, AMT, 5.50%,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8/01/42</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,825</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,750,533</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=7>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">California HFA, RB, Home Mortgage, Series K, AMT, 5.50%,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2/01/42</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,040</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,020,926</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=7>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">California Health Facilities Financing Authority, California,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">680</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">657,961</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">State of California, GO, Various Purpose, 6.50%, 4/01/33</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,162,240</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">State of California, TECP, 4.00%, 8/05/09</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,250</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,250,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,841,660</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Colorado - 2.3%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Colorado Health Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Adventist Health, Sunbelt, Series D, 5.13%, 11/15/29</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,374,300</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=7>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">North Range Metropolitan District No. 2, GO, Limited Tax,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.50%, 12/15/37</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,200</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">641,964</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,016,264</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">District of Columbia - 10.3%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">District of Columbia Tobacco Settlement Financing Corp.,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">RB, Asset Backed Bonds, 6.25%, 5/15/24</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,395</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,193,119</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=7>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">District of Columbia Tobacco Settlement Financing Corp.,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">RB, Asset Backed Bonds, 6.50%, 5/15/33</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,000</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,460,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">13,653,119</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Florida - 3.7%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Jacksonville Health Facilities Authority, RB, Baptist Medical</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Center Project, Series A, 5.00%, 8/15/37</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">845</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">756,174</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=7>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Orange County Health Facilities Authority, RB, 1st Mortgage,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Orlando Lutheran Tower, 5.50%, 7/01/38</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,150</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">734,494</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=7>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Sarasota County Health Facilities Authority, Refunding RB,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Village On The Isle Project, 5.50%, 1/01/32</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">520</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">366,018</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=7>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Sumter Landing Community Development District, Florida,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">RB, Sub-Series B, 5.70%, 10/01/38</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,435</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">919,491</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Tolomato Community Development District, Special</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Assessment, Special Assessment, 6.65%, 5/01/40</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,750</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,192,573</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Watergrass Community Development District, Special</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Assessment, Series A, 5.38%, 5/01/39</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,850</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">881,914</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,850,664</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Georgia - 0.9%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Rockdale County Development Authority, RB, Visy Paper</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Project, Series A, AMT, 6.13%, 1/01/34</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,600</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,150,720</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#c0c0c0" align=left colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Portfolio Abbreviations</FONT></B>&nbsp;</TD>
	<TD bgcolor="#c0c0c0" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#c0c0c0" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#c0c0c0" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#c0c0c0" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#c0c0c0" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=7>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">have been abbreviated according to the following list.</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">AMT</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Alternative Minimum Tax (subject to)</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">IDA</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Industrial Development Authority</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">ARB</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Airport Revenue Bonds</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">ISD</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Independent School District</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">EDA</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Economic Development Authority</FONT>&nbsp;</TD>
	<TD align=left colspan=3>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">MBIA </FONT></B><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Municipal Bond Investors Assurance</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">FSA</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Financial Security Assurance Inc.</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(National Public Finance Guaranty Corp.)</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">GO</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">General Obligation Bonds</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">RB</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">GNMA</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Government National Mortgage Association</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">TECP</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Tax-Exempt Commercial Paper</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">HFA</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Housing Finance Agency</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE><BR>

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

<TABLE border=0 cellspacing=0>
<TR>
     <TD width=21%></TD>
     <TD width=40%></TD>
     <TD width=15%></TD>
     <TD width=10%></TD>
     <TD width=12%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments July 31, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=center>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Guam - 0.8%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Territory of Guam, GO, Series A, 5.75%, 11/15/14</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 160</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 158,878</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Territory of Guam, GO, Series A, 6.00%, 11/15/19</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">200</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">196,120</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Territory of Guam, GO, Series A, 6.75%, 11/15/29</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">365</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">364,869</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Territory of Guam, GO, Series A, 7.00%, 11/15/39</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">375</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">373,541</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,093,408</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Illinois - 3.3%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Illinois Finance Authority, RB, Illinois Rush University</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Medical Center, Series C, 6.63%, 11/01/39</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">850</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">853,213</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Illinois Finance Authority, RB, Monarch Landing Inc.</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Facilities, Series A, 7.00%, 12/01/37</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">580</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">328,297</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Illinois Finance Authority, Refunding RB, Proctor Hospital,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5.13%, 1/01/25</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,143,240</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,324,750</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Indiana - 1.3%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Delaware County Hospital Authority, Indiana, RB, Cardinal</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Health System Obligation Group, 5.25%, 8/01/36</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,339,040</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Indiana Municipal Power Agency, Indiana, RB, Indiana Muni</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Power Agency Series B, 6.00%, 1/01/39</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">350</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">363,492</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,702,532</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Kansas - 1.2%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">City of Lenexa Kansas, RB, Refunding &amp; Improvement,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.50%, 5/15/39</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">650</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">476,119</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Kansas Development Finance Authority, RB, Adventist</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Health, 5.75%, 11/15/38</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,150</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,152,541</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,628,660</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Louisiana - 1.3%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Louisiana Local Government Environmental Facilities &amp;</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Community Development Authority, RB, Westlake Chemical</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Corp. Projects, 6.75%, 11/01/32</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,663,560</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Maryland - 0.6%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Maryland Health &amp; Higher Educational Facilities Authority, RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">King Farm Presbyterian Community, Series B, 5.00%, 1/01/17</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">960</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">801,619</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Michigan - 2.3%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">City of Detroit Michigan, RB, Senior Lien, Series B,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Remarketed (FSA), 7.50%, 7/01/33</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">560</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">648,413</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Garden City Hospital Finance Authority, Michigan, Refunding RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Garden City Hospital Obligation, Series A, 5.00%, 8/15/38</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,540</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">779,887</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Royal Oak Hospital Finance Authority, Michigan, RB, William</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Beaumont Hospital, 8.25%, 9/01/39</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,400</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,579,298</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,007,598</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Missouri - 1.6%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Missouri Housing Development Commission, RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Homeownership Loan Program, Series B-1 (GNMA), AMT,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.05%, 3/01/38</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,085</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,086,501</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Montana - 0.6%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Two Rivers Authority, RB, Senior Lien, 7.25%, 11/01/21 (a)(b)</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,500</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">294,075</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Two Rivers Authority, RB, Senior Lien, 7.375%,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11/01/27 (a)(b)</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,600</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">507,494</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">801,569</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">New Jersey - 1.7%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,670</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,283,437</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">New York - 9.1%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Nassau County Tobacco Settlement Corp., RB, Asset Backed,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Senior Convertible, Series A-2, 5.25%, 6/01/26</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,080,600</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New York City Industrial Development Agency, RB, American</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Airlines, JFK International Airport, AMT, 7.63%, 8/01/25</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,600</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,972,080</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New York City Transitional Finance Authority, RB, Fiscal</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2008, Series S-1, 4.50%, 1/15/38</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">370</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">331,239</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New York Liberty Development Corp., RB, Goldman Sachs</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Headquarters, 5.25%, 10/01/35</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,700</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,598,238</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,982,157</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2</FONT></P>

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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=22%></TD>
     <TD width=39%></TD>
     <TD width=14%></TD>
     <TD width=11%></TD>
     <TD width=12%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments July 31, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=center>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Pennsylvania - 4.0%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Allegheny County Hospital Development Authority, RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Health System, West Penn, Series A, 5.38%, 11/15/40</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 2,080</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,243,382</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Harrisburg Authority, RB, Harrisburg University of Science,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5.40%, 9/01/16</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">230</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">221,989</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania HFA, RB, Series 97A, AMT, 4.60%, 10/01/27</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">450</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">401,909</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania Higher Educational Facilities Authority, RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Allegheny Delaware Valley Obligation, Series A (MBIA),</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.88%, 11/15/16</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,345</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,199,471</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennsylvania Turnpike Commission, RB, Sub-Series B, 5.25%,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6/01/39</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,300</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,221,869</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,288,620</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Puerto Rico - 1.3%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">A, 6.50%, 8/01/44</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,705</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,785,391</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">South Carolina - 3.4%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Scago Educational Facilities Corp. for Colleton School District,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">RB, Williamsburg County Project (Radian), 5.00%, 12/01/31</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,775</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,449,021</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">South Carolina Jobs-EDA, RB, Senior Lien, Burroughs &amp;</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Chapin, Series A (Radian), 4.70%, 4/01/35</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,931,275</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">South Carolina Jobs-EDA, Refunding RB, First Mortgage,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Lutheran Homes, 5.50%, 5/01/28</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">600</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">432,612</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">South Carolina Jobs-EDA, Refunding RB, First Mortgage,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Lutheran Homes, 5.63%, 5/01/42</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">663,940</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,476,848</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">South Dakota - 0.7%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">South Dakota Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">South Dakota, RB, Sanford Health, 5.00%, 11/01/40</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,040</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">909,709</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Texas - 4.0%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Brazos River Authority, Refunding RB, TXU Electric Co.</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Project, Series C, AMT, 5.75%, 5/01/36 (c)</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">225</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">174,427</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Brazos River Authority, Refunding RB, TXU Electric, Series A,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Remarketed, AMT, 8.25%, 10/01/30</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,500</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">735,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">HFDC of Central Texas Inc, RB, Village at Gleannloch Farms,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5.50%, 2/15/27</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,150</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">869,883</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Houston Texas Airport Systems Revenue, Refunding ARB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Senior Lien, Series A, 5.50%, 7/01/39</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">510</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">500,070</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Matagorda County Navigation District No. 1, Texas,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding RB, Central Power &amp; Light Co. Project, Series A,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Remarketed, 6.30%, 11/01/29</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">700</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">726,110</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">North Texas Tollway Authority, Refunding RB, Toll 2nd Tier</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series F, 6.13%, 1/01/31</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,290</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,307,335</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,312,825</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Vermont - 2.0%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Vermont HFA, Vermont, RB, Series 27 (FSA), AMT, 4.90%,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5/01/38</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,035</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,690,315</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Virginia - 2.6%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Fairfax County EDA, RB, Goodwin House Inc., 5.13%,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10/01/42</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">850</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">642,872</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Peninsula Ports Authority, Refunding RB, Virginia Baptist</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Homes, Series C, 5.38%, 12/01/26</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,600</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,911,026</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Reynolds Crossing Community Development Authority, Special</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Assessment, Reynolds Crossing Project, 5.10%, 3/01/21</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">835,010</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,388,908</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Wisconsin - 4.0%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Wisconsin Health &amp; Educational Facilities Authority, RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Ascension Health Senior Credit, Series A, 5.00%, 11/15/31</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,335</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,285,064</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds - 74.8%</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">98,809,855</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3</FONT></P>

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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=27%></TD>
     <TD width=13%></TD>
     <TD width=35%></TD>
     <TD width=12%></TD>
     <TD width=11%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments July 31, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Tender Option Bond Trusts (d)</FONT></B>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">California - 14.8%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">California Educational Facilities Authority, RB, University</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Southern California, Series A, 5.25%, 10/01/39</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 835</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 860,668</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Golden State Tobacco Securitization Corp., California</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Custodial Receipts, Series 1271, 5.00%, 6/01/45</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,008,550</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">San Diego Community College District, California, GO,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Election of 2002, 5.25%, 8/01/33</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">545</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">553,905</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">University of California, RB, Series B (MBIA), 4.75%, 5/15/38</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">15,000</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">14,082,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">19,505,123</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Illinois - 10.8%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">City of Chicago Illinois Custodial Receipts, Series 1284,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.00%, 1/01/33</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">15,000</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">14,322,300</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Indiana - 10.2%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Carmel Redevelopment Authority, RB, Performing Arts</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Center, 4.75%, 2/01/33</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,230</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,914,338</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Carmel Redevelopment Authority, RB, Performing Arts</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Center, 5.00%, 2/01/33</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,580</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,517,161</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">13,431,499</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Massachusetts - 8.7%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Massachusetts HFA, Massachusetts, RB, Housing, Series D,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">AMT, 5.45%, 6/01/37</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,855</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,507,174</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Nebraska - 3.6%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Omaha Public Power District, RB, System, Sub-Series B</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(MBIA), 4.75%, 2/01/36</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,000</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,789,250</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">New Hampshire - 0.5%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Hampshire Health &amp; Education Facilities Authority, RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Dartmouth College, 5.25%, 6/01/39</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">660</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">687,746</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">New York - 15.2%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New York City Municipal Water Finance Authority, RB, Series</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">D, 5.00%, 6/15/39</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,500</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,442,025</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New York City Municipal Water Finance Authority, RB, Series</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">FF-2, 5.50%, 6/15/40</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">525,425</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New York State Dormitory Authority, RB, Education, Series</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">B, 5.75%, 3/15/36</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,250</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12,092,175</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">20,059,625</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">North Carolina - 11.4%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">University of North Carolina at Chapel Hill, Refunding RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">General, Series A, 4.75%, 12/01/34</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">15,170</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">15,058,501</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Texas - 8.6%</FONT></B>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">County of Harris Texas, RB, Senior Lien, Toll Road, Series A,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.00%, 8/15/38</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,130</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,113,812</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">New Caney ISD, Texas, GO, School Building, 5.00%, 2/15/35</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,150</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,220,364</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,334,176</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Tender Option Bond Trusts - 83.8%</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">110,695,394</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Investments (Cost - &#36;238,088,340*) - 158.6%</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">209,505,249</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Other Assets Less Liabilities - 1.5%</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,988,995</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Liability for Trust Certificates, Including</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=center colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Interest Expense and Fees Payable - (60.1)%</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(79,365,000)</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Net Assets - 100.0%</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 132,129,244</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right colspan=4>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">* The cost and unrealized appreciation (depreciation) of investments as of July 31, 2009, as computed for</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">federal income tax purposes, were as follows:</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Aggregate cost</FONT>&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 237,810,142</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Gross unrealized appreciation</FONT>&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,308,987</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Gross unrealized depreciation</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(29,613,880)</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Net unrealized depreciation</FONT>&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; (28,304,893)</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(a) Non-income producing security.</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(b) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(c) Variable rate security. Rate shown is as of report date.</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(d) Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">residual interest certificates. These securities serve as collateral in a financing transaction.</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=center>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE><BR>

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     <TD width=16%></TD>
     <TD width=8%></TD>
     <TD width=37%></TD></TR>
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	<TD align=right colspan=3>
<B><FONT face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock Long-Term Municipal Advantage Trust</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments July 31, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#149; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Investments in companies considered to be an affiliate of the Trust for purposes
of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=center>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Net</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Affiliate</FONT></B>&nbsp;</TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Activity</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Income</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">FFI Institutional Tax-</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Exempt Fund</FONT>&nbsp;</TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(1,400,185)</FONT>&nbsp;</TD>
	<TD align=right colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 4,005</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#149; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Financial Accounting Standards Board Statement of Financial Accounting Standards No.
157, "Fair Value</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Measurements" clarifies the definition of fair value, establishes a framework for measuring fair values and</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">requires additional disclosures about the use of fair value measurements. Various inputs are used in</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">determining the fair value of investments, which are as follows:</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#149; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 1 - price quotations in active markets/exchanges for
identical securities</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#149; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 2 - other observable inputs (including, but not
limited to: quoted prices for similar assets or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">that are not active, inputs other than quoted prices that are observable for the assets or liabilities
(such</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">rates) or other market-corroborated inputs)</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#149; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 3 - unobservable inputs based on the best information
available in the circumstances, to the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">extent observable inputs are not available (including the Trust's own assumptions used in
determining</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">the fair value of investments)</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">with investing in those securities. For information about the Trust's policy regarding valuation of investments</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">and other significant accounting policies, please refer to the Trust's most recent financial statements as</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">contained in its annual report.</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">The following table summarizes the inputs used as of July 31, 2009 in determining the fair valuation of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Trust's investments:</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Valuation</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=center>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Investments in</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Inputs</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Securities</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Assets</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 1</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">-</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 2</FONT><SUP><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1</FONT></SUP>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 209,505,249</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 3</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">-</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2 style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 209,505,249</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<SUP><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1 </FONT></SUP><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">See above Schedule of Investments for the values in each
state or political classification.</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE><BR>

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	<TD align=left colspan=2>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Controls and Procedures</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(a) &#150;</FONT>&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The registrant's principal executive and principal financial officers or persons performing similar</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">functions have concluded that the registrant's disclosure controls and procedures (as defined in Rule</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">30a-3(c) under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;)) are effective as</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of a date within 90 days of the filing of this report based on the evaluation of these controls and</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange Act of 1934, as amended.</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(b) &#150;</FONT>&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">There were no changes in the registrant's internal control over financial reporting (as defined in Rule</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affected, or are reasonably likely to materially affect, the registrant's internal control over</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting.</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Exhibits</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certifications &#150; Attached hereto</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">thereunto duly authorized.</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Long-Term Municipal Advantage Trust</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Long-Term Municipal Advantage Trust</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: September 22, 2009</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Act of 1940, this report has been signed below by the following persons on behalf of the registrant</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and in the capacities and on the dates indicated.</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</FONT>&nbsp;</TD>
</TR>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT>&nbsp;</TD>
</TR>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Long-Term Municipal Advantage Trust</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: September 22, 2009</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT>&nbsp;</TD>
</TR>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT>&nbsp;</TD>
</TR>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Long-Term Municipal Advantage Trust</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
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 &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: September 22, 2009</FONT>&nbsp;</TD>
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<TYPE>EX-99.CERT
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<FILENAME>btaex99cert.htm
<DESCRIPTION>CERT
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<P align="left"> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Anne F. Ackerley, Chief Executive Officer (principal executive officer) of BlackRock Long-Term Municipal Advantage</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Trust, certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock Long-Term Municipal Advantage Trust;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: September 22, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Long-Term Municipal Advantage Trust</FONT></P>
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<P align="left"> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Long-Term Municipal Advantage</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Trust, certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock Long-Term Municipal Advantage Trust;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: September 22, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Long-Term Municipal Advantage Trust</FONT></P>
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