<SEC-DOCUMENT>0000891092-12-005513.txt : 20120925
<SEC-HEADER>0000891092-12-005513.hdr.sgml : 20120925
<ACCEPTANCE-DATETIME>20120925154752
ACCESSION NUMBER:		0000891092-12-005513
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120731
FILED AS OF DATE:		20120925
DATE AS OF CHANGE:		20120925
EFFECTIVENESS DATE:		20120925

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:		121108937

	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>e50009nq.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; vertical-align: baseline">UNITED
STATES</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-weight: normal; vertical-align: baseline">SECURITIES
AND EXCHANGE COMMISSION </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; vertical-align: baseline">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>FORM N-Q</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>QUARTERLY SCHEDULE OF PORTFOLIO
HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Investment Company Act file number 811-21835</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Name of Fund: BlackRock Long-Term
Municipal Advantage Trust (BTA)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Fund Address: 100 Bellevue Parkway,
Wilmington, DE 19809</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Name and address of agent for service:
John M. Perlowski, Chief Executive Officer, BlackRock Long-Term Municipal Advantage Trust, 55 East 52<SUP>nd</SUP> Street, New
York, NY 10055</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Registrant&rsquo;s telephone number,
including area code: (800) 882-0052, Option 4</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of fiscal year end: 04/30/2013</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of reporting period: 07/31/2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Item 1 &ndash; Schedule of Investments</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<div style="font-family: 'Arial';font-size: 10pt;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 14pt">Schedule
    of Investments</FONT> <FONT STYLE="font-size: 9pt; color: #000080">July 31, 2012 (Unaudited)&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: right">&nbsp;<FONT STYLE="font-size: 8pt"><B>BlackRock Long-Term Municipal Advantage Trust (BTA)<BR>
    </B></FONT><B><FONT STYLE="font-size: 7pt; color: #000080">(Percentages shown are based on Net Assets)</FONT></B></TD></TR>
</TABLE>
<A NAME="page_1"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">


<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>&nbsp;Municipal Bonds</B></TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Alabama &#8212; 0.3%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Jefferson Alabama, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">Series A, 5.25%, 1/01/19</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 3%">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 10%"> 515</TD>

   <TD STYLE="width: 3%; text-align: right; border-bottom: #000000 1px solid">$</TD>
   <TD STYLE="width: 10%; text-align: right; border-bottom: #000000 1px solid"> 515,567</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Arizona &#8212; 0.7%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Salt Verde Financial Corp., RB, Senior,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">5.00%, 12/01/37</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,090</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,131,474</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>California &#8212; 5.9%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Health Facilities Financing</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Authority, RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Stanford Hospital and Clinics,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.59pt; text-align: left">Series A, 5.00%, 8/15/51</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">410</TD>

   <TD COLSPAN="2" STYLE="text-align: right">449,663</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Sutter Health, Series B,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.59pt; text-align: left">6.00%, 8/15/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,040</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,249,040</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Health Facilities Financing</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Authority, Refunding RB, Series A:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Catholic Healthcare West,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.59pt; text-align: left">6.00%, 7/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">680</TD>

   <TD COLSPAN="2" STYLE="text-align: right">802,359</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">St. Joseph Health System,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.59pt; text-align: left">5.75%, 7/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">385</TD>

   <TD COLSPAN="2" STYLE="text-align: right">444,698</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California HFA, RB, Home Mortgage,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series K, AMT, 5.50%, 2/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">480</TD>

   <TD COLSPAN="2" STYLE="text-align: right">496,853</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">California State Public Works Board, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Various Capital Projects, Sub-Series I-1,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">6.38%, 11/01/34</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">400</TD>

   <TD COLSPAN="2" STYLE="text-align: right">485,900</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Los Angeles Department of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Airports, Refunding RB, Senior</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series A:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">5.25%, 5/15/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">270</TD>

   <TD COLSPAN="2" STYLE="text-align: right">304,223</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Los Angeles International</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.59pt; text-align: left">Airport, 5.00%, 5/15/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,045</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,295,410</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">San Marcos Unified School District, GO,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">CAB, SAN, Election of 2010, Series B,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5.14%, 8/01/38 (a)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,725</TD>

   <TD COLSPAN="2" STYLE="text-align: right">995,544</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">State of California, GO, Various Purpose,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">6.50%, 4/01/33</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,498,120</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">10,021,810</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Colorado &#8212; 0.9%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Colorado Health Facilities Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, Evangelical Lutheran</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Good Samaritan Society Project,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5.00%, 12/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">315</TD>

   <TD COLSPAN="2" STYLE="text-align: right">333,809</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">North Range Metropolitan District No. 2,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">GO, Limited Tax, 5.50%, 12/15/37</TD>

   <TD STYLE="text-align: right">1,200</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,161,672</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,495,481</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Connecticut &#8212; 1.3%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">State of Connecticut, GO, Refunding,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series C:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">5.00%, 6/01/23</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,095</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,381,649</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">5.00%, 6/01/24</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">700</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">875,112</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2,256,761</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Municipal Bonds</B></TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Delaware &#8212; 1.2%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">County of Sussex Delaware, RB, NRG</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Energy, Inc., Indian River Project,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">6.00%, 10/01/40</TD>

   <TD STYLE="text-align: center; width: 3%">$</TD>
   <TD STYLE="text-align: center; width: 10%"> 750</TD>

   <TD STYLE="width: 3%; text-align: right">$</TD>
   <TD STYLE="width: 10%; text-align: right"> 851,648</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Delaware State EDA, RB, Exempt</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Facilities, Indian River Power, 5.38%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">10/01/45</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,165</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,261,089</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,112,737</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>District of Columbia &#8212; 6.5%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">District of Columbia, RB, Methodist</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Home District of Columbia, Series A:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.4pt; text-align: left">7.38%, 1/01/30</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">550</TD>

   <TD COLSPAN="2" STYLE="text-align: right">573,661</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.4pt; text-align: left">7.50%, 1/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">521,070</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">District of Columbia, Tax Allocation</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Bonds, City Market at O Street Project,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">5.13%, 6/01/41</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">750</TD>

   <TD COLSPAN="2" STYLE="text-align: right">807,945</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">District of Columbia Tobacco Settlement</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Financing Corp., Refunding RB, Asset-</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Backed:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.4pt; text-align: left">6.25%, 5/15/24</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,380</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,467,513</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.4pt; text-align: left">6.50%, 5/15/33</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,273,630</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Washington Airports</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Authority, Refunding RB, First Senior</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Lien, Series A:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.4pt; text-align: left">5.00%, 10/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">170</TD>

   <TD COLSPAN="2" STYLE="text-align: right">186,709</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.4pt; text-align: left">5.25%, 10/01/44</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,107,360</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">10,937,888</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Florida &#8212; 2.7%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Citizens Property Insurance Corp., RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Senior Secured, Series A-1, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">6/01/21</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">590</TD>

   <TD COLSPAN="2" STYLE="text-align: right">680,648</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Mid-Bay Bridge Authority, RB, Series A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">7.25%, 10/01/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">745</TD>

   <TD COLSPAN="2" STYLE="text-align: right">940,346</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Sumter Landing Community</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Development District Florida, RB, Sub-</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series B, 5.70%, 10/01/38</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,375</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,258,276</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tolomato Community Development</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">District, Special Assessment Bonds,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">6.65%, 5/01/40 (b)(c)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,750</TD>

   <TD COLSPAN="2" STYLE="text-align: right">788,112</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Watergrass Community Development</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">District, Special Assessment Bonds,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series A, 5.38%, 5/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,845</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">964,714</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,632,096</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Guam &#8212; 0.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Territory of Guam, GO, Series A, 6.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">11/15/19</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">200</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">220,146</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Illinois &#8212; 7.2%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Chicago Board of Education Illinois, GO,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series A, 5.50%, 12/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">720</TD>

   <TD COLSPAN="2" STYLE="text-align: right">839,390</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Chicago Transit Authority, RB, Sales Tax</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Receipts Revenue, 5.25%, 12/01/40</TD>

   <TD STYLE="text-align: right">360</TD>

   <TD COLSPAN="2" STYLE="text-align: right">410,699</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois, GO, Project,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series A, 5.00%, 1/01/34</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,570</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,757,489</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"></P>

<P style="TEXT-ALIGN: left"></P></DIV>
<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%">BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 14pt">Schedule
    of Investments</FONT> <FONT STYLE="font-size: 9pt; color: #000080">(continued)</FONT></TD>
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: right">&nbsp;<FONT STYLE="font-size: 8pt"><B>BlackRock Long-Term Municipal Advantage Trust (BTA)<BR>
    </B></FONT><B><FONT STYLE="font-size: 7pt; color: #000080">(Percentages shown are based on Net Assets)</FONT></B></TD></TR>
</TABLE><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">



<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>Municipal Bonds</B>&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Illinois (concluded)</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">City of Chicago Illinois, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Sales Tax Revenue, Series A, 5.25%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">1/01/38</TD>

   <TD STYLE="text-align: center; width: 3%">$</TD>
   <TD STYLE="text-align: right; width: 10%"> 280</TD>

   <TD STYLE="width: 3%; text-align: right">$</TD>
   <TD STYLE="width: 10%; text-align: right"> 321,434</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois O'Hare</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">International Airport, RB, General</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Third Lien, Series A, 5.75%, 1/01/39</TD>

   <TD STYLE="text-align: right">2,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,946,850</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Illinois Finance Authority, RB, Advocate</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Health Care, Series C, 5.38%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">4/01/44</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,845</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,032,876</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Illinois Finance Authority, Refunding RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">5.00%, 11/15/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">335</TD>

   <TD COLSPAN="2" STYLE="text-align: right">373,133</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">5.00%, 11/15/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">610</TD>

   <TD COLSPAN="2" STYLE="text-align: right">675,361</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Central DuPage Health,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.59pt; text-align: left">Series B, 5.50%, 11/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">550</TD>

   <TD COLSPAN="2" STYLE="text-align: right">619,119</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Metropolitan Pier &amp; Exposition Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, McCormick Place</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Expansion Project:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Series B, 5.00%, 6/15/50</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,095</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,184,790</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Series B-2, 5.00%, 6/15/50</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">648,990</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Railsplitter Tobacco Settlement</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Authority, RB, 5.50%, 6/01/23</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">180</TD>

   <TD COLSPAN="2" STYLE="text-align: right">210,046</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Illinois, RB, Build Illinois,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series B, 5.25%, 6/15/34</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">215</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">244,262</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">12,264,439</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Indiana &#8212; 1.5%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Finance Authority, RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Sisters of St. Francis Health,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.59pt; text-align: left">5.25%, 11/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">290</TD>

   <TD COLSPAN="2" STYLE="text-align: right">318,724</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Wastewater Utility (CWA</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.59pt; text-align: left">Authority Project), First Lien,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.59pt; text-align: left">Series A, 5.25%, 10/01/38</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">540</TD>

   <TD COLSPAN="2" STYLE="text-align: right">624,996</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Indiana Finance Authority, Refunding</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Ascension Health Senior</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.59pt; text-align: left">Credit, Series B-5, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.59pt; text-align: left">11/15/36</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">530,420</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Parkview Health System,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.59pt; text-align: left">Series A, 5.75%, 5/01/31</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">691,008</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Indiana Municipal Power Agency, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series B, 6.00%, 1/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">350</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">408,198</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,573,346</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Iowa &#8212; 0.7%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Iowa Student Loan Liquidity Corp.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, Series A-1, AMT,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">5.15%, 12/01/22</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">975</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,100,102</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Kentucky &#8212; 0.5%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kentucky Economic Development</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Finance Authority, RB, Series A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">6.38%, 6/01/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">350</TD>

   <TD COLSPAN="2" STYLE="text-align: right">411,842</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-indent: 7.19pt; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Municipal Bonds&nbsp;</b></TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Kentucky (concluded)</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kentucky Economic Development</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Finance Authority, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Owensboro Medical Health System,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series B, 6.38%, 3/01/40</TD>

   <TD STYLE="width: 3%; text-align: center">$</TD>
   <TD STYLE="width: 10%; text-align: right"> 370</TD>

   <TD STYLE="width: 3%; text-align: right; border-bottom: #000000 1px solid">$</TD>
   <TD STYLE="width: 10%; text-align: right; border-bottom: #000000 1px solid"> 435,375</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">847,217</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Louisiana &#8212; 2.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Louisiana Local Government</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Environmental Facilities &amp; Community</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Development Authority, RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14pt; text-align: left">Series A-1, 6.50%, 11/01/35</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,135</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,314,829</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14pt; text-align: left">Westlake Chemical Corp.</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">Projects, 6.75%, 11/01/32</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,247,900</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,562,729</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Maine &#8212; 0.9%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maine Health &amp; Higher Educational</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Facilities Authority, RB, Maine General</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Medical Center, 6.75%, 7/01/41</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">970</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,131,127</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maine State Turnpike Authority, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">5.00%, 7/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">310</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">356,518</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,487,645</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Maryland &#8212; 2.2%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland EDC, RB, Transportation</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Facilities Project, Series A, 5.75%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">6/01/35</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">970</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,057,591</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland EDC, Refunding RB, CNX</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Marine Terminals, Inc., 5.75%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">9/01/25</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,082,470</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Maryland Health &amp; Higher Educational</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Facilities Authority, RB, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">11/15/51</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,445</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,605,857</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,745,918</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Massachusetts &#8212; 0.8%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Massachusetts Development Finance</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Agency, RB, Wellesley College,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series J, 5.00%, 7/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">630</TD>

   <TD COLSPAN="2" STYLE="text-align: right">736,193</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Massachusetts Health &amp; Educational</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Facilities Authority, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Partners Healthcare, Series J1,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">5.00%, 7/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">615</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">670,430</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,406,623</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Michigan &#8212; 2.4%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Detroit Michigan Sewage</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Disposal System, RB, Senior Lien,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series B (AGM), 7.50%, 7/01/33</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">560</TD>

   <TD COLSPAN="2" STYLE="text-align: right">703,976</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">City of Detroit Michigan Water Supply</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">System, RB, Senior Lien, Series A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">5.25%, 7/01/41</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,573,950</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Royal Oak Hospital Finance Authority</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Michigan, Refunding RB, William</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Beaumont Hospital, 8.25%, 9/01/39</TD>

   <TD STYLE="text-align: right">1,400</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,805,874</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">4,083,800</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>
<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%">BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 14pt">Schedule
    of Investments</FONT> <FONT STYLE="font-size: 9pt; color: #000080">(continued)</FONT></TD>
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: right">&nbsp;<FONT STYLE="font-size: 8pt"><B>BlackRock Long-Term Municipal Advantage Trust (BTA)<BR>
    </B></FONT><B><FONT STYLE="font-size: 7pt; color: #000080">(Percentages shown are based on Net Assets)</FONT></B></TD></TR>
</TABLE><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">


<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>Municipal Bonds</B>&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Minnesota &#8212; 1.5%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tobacco Securitization Authority</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Minnesota, Refunding RB, Series B:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">5.25%, 3/01/25</TD>

   <TD STYLE="text-align: right; width: 3%">$</TD>
   <TD STYLE="text-align: right; width: 10%"> 1,540</TD>

   <TD STYLE="width: 3%; text-align: right">$</TD>
   <TD STYLE="width: 10%; text-align: right"> 1,786,877</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">5.25%, 3/01/31</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">650</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">731,205</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,518,082</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Nebraska &#8212; 0.5%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Central Plains Energy Project Nebraska,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">RB, Gas Project No. 3:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">5.25%, 9/01/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">285</TD>

   <TD COLSPAN="2" STYLE="text-align: right">302,422</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">5.00%, 9/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">514,345</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">816,767</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>New Jersey &#8212; 1.4%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New Jersey EDA, RB, Continental Airlines</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Inc. Project, AMT, 6.40%, 9/15/23</TD>

   <TD STYLE="text-align: right">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,004,100</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey EDA, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Cigarette Tax Revenue, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">6/15/24</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">335</TD>

   <TD COLSPAN="2" STYLE="text-align: right">379,558</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New Jersey Transportation Trust Fund</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Authority, RB, Transportation System,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series B, 5.25%, 6/15/36</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">845</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">973,618</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,357,276</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>New York &#8212; 5.7%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Metropolitan Transportation Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">RB, Series E, 5.00%, 11/15/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">190</TD>

   <TD COLSPAN="2" STYLE="text-align: right">213,562</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Metropolitan Transportation Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, Transportation, Series</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">D, 5.25%, 11/15/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">410</TD>

   <TD COLSPAN="2" STYLE="text-align: right">463,419</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New York City Industrial Development</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Agency, RB, AMT:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">American Airlines, JFK</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 21pt; text-align: left">International Airport, 7.63%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">8/01/25 (b)(c)(d)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,217,080</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">British Airways Place Project,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">7.63%, 12/01/32</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,027,790</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New York City Transitional Finance</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Authority, RB, Sub-Series E, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">2/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">850</TD>

   <TD COLSPAN="2" STYLE="text-align: right">981,265</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New York Liberty Development Corp.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, Second Priority, Bank</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">of America Tower at One Bryant Park</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Project, 6.38%, 7/15/49</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">420</TD>

   <TD COLSPAN="2" STYLE="text-align: right">479,073</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New York State Dormitory Authority, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">New York University, Series A, 5.25%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">7/01/48</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,119,690</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New York State Thruway Authority, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series I, 5.00%, 1/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">615</TD>

   <TD COLSPAN="2" STYLE="text-align: right">693,179</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Port Authority of New York &amp; New Jersey,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">RB, JFK International Air Terminal,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">6.00%, 12/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">430</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">486,988</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">9,682,046</TD></TR>                                                                                                  <TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Municipal Bonds</B>&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>North Carolina &#8212; 0.3%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Carolina Medical Care</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Commission, RB, Duke University</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Health System, Series A, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">6/01/42</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 3%">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 10%"> 480</TD>

   <TD STYLE="width: 3%; text-align: right; border-bottom: #000000 1px solid">$</TD>
   <TD STYLE="width: 10%; text-align: right; border-bottom: #000000 1px solid"> 530,155</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Ohio &#8212; 0.6%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Ohio, RB, Ford Motor Co.</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">Project, AMT, 5.75%, 4/01/35</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,033,550</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Oregon &#8212; 0.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Tigard Washington County</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Oregon, Refunding RB, Water System,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">5.00%, 8/01/37</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">90</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">104,439</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Pennsylvania &#8212; 0.5%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Allegheny County Hospital Development</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Authority, Refunding RB, Health</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">System, West Penn, Series A, 5.38%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">11/15/40</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,115</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">910,509</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Puerto Rico &#8212; 2.6%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Puerto Rico Sales Tax Financing Corp.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">RB, First Sub-Series A, 6.50%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">8/01/44</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,705</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,035,310</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Puerto Rico Sales Tax Financing Corp.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Refunding RB, CAB (a):</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14pt; text-align: left">First Sub-Series C, 5.71%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">8/01/38</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,490</TD>

   <TD COLSPAN="2" STYLE="text-align: right">342,983</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14pt; text-align: left">Series C, 5.41%, 8/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">8,540</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,010,145</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,388,438</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Tennessee &#8212; 0.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Rutherford County Health &amp; Educational</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Facilities Board, RB, Ascension</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">Health, Series C, 5.00%, 11/15/47</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">75</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">84,486</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Texas &#8212; 6.4%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Brazos River Authority, RB, TXU Electric,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series A, AMT, 8.25%, 10/01/30</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">169,035</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Central Texas Regional Mobility</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Authority, Refunding RB, Senior Lien,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">6.25%, 1/01/46</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">730</TD>

   <TD COLSPAN="2" STYLE="text-align: right">846,369</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Austin Texas, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Water &amp; Wastewater System</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Revenue, 5.00%, 11/15/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">220</TD>

   <TD COLSPAN="2" STYLE="text-align: right">256,784</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Dallas Texas, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Waterworks &amp; Sewer System, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">10/01/35</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">525</TD>

   <TD COLSPAN="2" STYLE="text-align: right">605,462</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">City of Houston Texas, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Senior Lien, Series A, 5.50%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">7/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">280,763</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">HFDC of Central Texas Inc., RB, Village</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">at Gleannloch Farms, Series A, 5.50%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">2/15/27</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,150</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,043,855</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Houston Higher Education Finance</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Corp., RB, Cosmos Foundation, Inc.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series A, 6.88%, 5/15/41</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">200</TD>

   <TD COLSPAN="2" STYLE="text-align: right">246,752</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>
<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%">BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 14pt">Schedule
    of Investments</FONT> <FONT STYLE="font-size: 9pt; color: #000080">(continued)</FONT></TD>
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: right">&nbsp;<FONT STYLE="font-size: 8pt"><B>BlackRock Long-Term Municipal Advantage Trust (BTA)<BR>
    </B></FONT><B><FONT STYLE="font-size: 7pt; color: #000080">(Percentages shown are based on Net Assets)</FONT></B></TD></TR>
</TABLE><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">



<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>Municipal Bonds</B>&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Texas (concluded)</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Matagorda County Navigation District</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">No. 1 Texas, Refunding RB, Central</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Power &amp; Light Co. Project, Series A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">6.30%, 11/01/29</TD>

   <TD STYLE="text-align: center; width: 3%">$</TD>
   <TD STYLE="text-align: right; width: 10%"> 700</TD>

   <TD STYLE="width: 3%; text-align: right">$</TD>
   <TD STYLE="width: 10%; text-align: right"> 813,071</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Texas Tollway Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, Toll, Second Tier,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series F, 6.13%, 1/01/31</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,290</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,532,442</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tarrant County Cultural Education</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Facilities Finance Corp., RB, Scott &amp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">White Healthcare, 6.00%, 8/15/45</TD>

   <TD STYLE="text-align: right">1,390</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,642,313</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Texas Private Activity Bond Surface</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Transportation Corp., RB, Senior Lien,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">LBJ Infrastructure Group LLC, LBJ</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Freeway Managed Lanes Project,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">7.00%, 6/30/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,220,800</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">University of Texas System, Refunding</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">RB, Financing System, Series B,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5.00%, 8/15/43</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,070</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,257,346</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">10,914,992</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Virginia &#8212; 2.8%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Peninsula Ports Authority, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Virginia Baptist Homes, Series C,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5.38%, 12/01/26</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,239,680</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Virginia HDA, RB, Rental Housing,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series F, 5.00%, 4/01/45</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,068,150</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Virginia Small Business Financing</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Authority, RB, Elizabeth River</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Crossings Project, AMT:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14pt; text-align: left">5.25%, 1/01/32</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">275</TD>

   <TD COLSPAN="2" STYLE="text-align: right">297,517</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14pt; text-align: left">6.00%, 1/01/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,713,165</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14pt; text-align: left">5.50%, 1/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">400</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">440,784</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,759,296</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Washington &#8212; 0.5%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Washington Health Care Facilities</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Authority, RB, Swedish Health</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">Services, Series A, 6.75%, 5/15/21</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">660</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">920,542</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Wisconsin &#8212; 1.8%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wisconsin Health &amp; Educational</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Facilities Authority, RB, Ascension</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Health Credit Group, Series A, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">11/15/31</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2,835</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,047,285</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Wyoming &#8212; 0.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Wyoming Municipal Power Agency, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">Series A, 5.00%, 1/01/42</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">100</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">108,252</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B>Total Municipal Bonds &#8211; 62.8%</B></TD>

   <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: right">106,571,894</TD></TR>
<TR>
	<TD COLSPAN="5" STYLE="border-bottom: #6297CC 6pt solid">
&nbsp;</TD>
</TR><TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center"><B>Value</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Municipal Bonds Transferred to</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Tender Option Bond (TOB) Trusts (e)</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Arizona &#8212; 0.5%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Salt River Project Agricultural</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Improvement &amp; Power District, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">Series A, 5.00%, 1/01/38</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 3%">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 10%"> 820</TD>

   <TD STYLE="width: 3%; text-align: right; border-bottom: #000000 1px solid">$</TD>
   <TD STYLE="width: 10%; text-align: right; border-bottom: #000000 1px solid"> 911,300</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>California &#8212; 12.7%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Bay Area Toll Authority, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">San Francisco Bay Area, Series F-1,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">5.63%, 4/01/44</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,090</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,261,869</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Educational Facilities</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Authority, RB, University of Southern</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">California, Series A, 5.25%, 10/01/39</TD>

   <TD STYLE="text-align: right">840</TD>

   <TD COLSPAN="2" STYLE="text-align: right">983,262</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">San Diego Community College District</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">California, GO, Election of 2002,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">5.25%, 8/01/33</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">553</TD>

   <TD COLSPAN="2" STYLE="text-align: right">649,010</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Francisco City &amp; County Public</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Utilities Commission, RB, Series B,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">5.00%, 11/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,225</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,626,674</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of California, RB, Series B</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">(NPFGC), 4.75%, 5/15/13 (f)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">14,500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">15,038,240</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">21,559,055</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Colorado &#8212; 3.0%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Colorado Health Facilities Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Refunding RB, Series A:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.4pt; text-align: left">Catholic Health, 5.50%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">7/01/34</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">740</TD>

   <TD COLSPAN="2" STYLE="text-align: right">845,624</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.4pt; text-align: left">Sisters of Leavenworth,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">5.00%, 1/01/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,930</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,282,560</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,128,184</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Florida &#8212; 1.3%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Miami-Dade Florida, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Water &amp; Sewer System, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">10/01/34</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,950</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,194,142</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Illinois &#8212; 7.0%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois, RB, O'Hare</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">International, Third Lien, Series A</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">(NPFGC), 5.00%, 1/01/33</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,995</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,322,023</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois Waterworks,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Refunding RB, 5.00%, 11/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,299</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,755,016</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Illinois Finance Authority, RB, Carle</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Foundation, Series A (AGM), 6.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">8/15/41</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,340</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,709,346</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">11,786,385</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Indiana &#8212; 7.6%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Carmel Redevelopment Authority, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Performing Arts Center:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.4pt; text-align: left">4.75%, 2/01/33</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,365</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,671,073</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.4pt; text-align: left">5.00%, 2/01/33</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,580</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,246,423</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">12,917,496</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Massachusetts &#8212; 4.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Massachusetts HFA, Refunding HRB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series D, AMT, 5.45%, 6/01/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,090</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,201,562</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>
<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%">BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 14pt">Schedule
    of Investments</FONT> <FONT STYLE="font-size: 9pt; color: #000080">(continued)</FONT></TD>
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: right">&nbsp;<FONT STYLE="font-size: 8pt"><B>BlackRock Long-Term Municipal Advantage Trust (BTA)<BR>
    </B></FONT><B><FONT STYLE="font-size: 7pt; color: #000080">(Percentages shown are based on Net Assets)</FONT></B></TD></TR>
</TABLE><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center"><B>Value</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Municipal Bonds Transferred to</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Tender Option Bond (TOB) Trusts (e)</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Massachusetts (concluded)</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts School Building</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Authority, RB, Senior, Series B, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">10/15/41</TD>

   <TD STYLE="text-align: center; width: 3%">$</TD>
   <TD STYLE="text-align: right; width: 10%"> 1,560</TD>

   <TD STYLE="width: 3%; text-align: right; border-bottom: #000000 1px solid">$</TD>
   <TD STYLE="width: 10%; text-align: right; border-bottom: #000000 1px solid"> 1,802,486</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,004,048</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Michigan &#8212; 0.6%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Detroit Water and Sewerage</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Department, Refunding RB, Senior</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Lien, Series A:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">5.00%, 7/01/32</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">550</TD>

   <TD COLSPAN="2" STYLE="text-align: right">578,527</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">5.25%, 7/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">475</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">500,680</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,079,207</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Nebraska &#8212; 3.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Omaha Public Power District, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">System, Sub-Series B (NPFGC),</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">4.75%, 2/01/36</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">5,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,271,650</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>New Hampshire &#8212; 0.5%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Hampshire Health &amp; Education</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Facilities Authority, RB, Dartmouth</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">College, 5.25%, 6/01/39</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">660</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">787,255</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>New York &#8212; 23.9%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Hudson New York Yards Infrastructure</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Corp., Senior RB, Series A, 5.75%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">2/15/47</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,510</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,769,675</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New York City Municipal Water Finance</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Authority, Refunding RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Series D, 5.00%, 6/15/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">7,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">8,297,700</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Water &amp; Sewer System, Second</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 21pt; text-align: left">General Resolution, Series HH,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">5.00%, 6/15/31</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,835</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,333,653</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Water &amp; Sewer, Series FF-2,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">5.50%, 6/15/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">495</TD>

   <TD COLSPAN="2" STYLE="text-align: right">582,948</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New York Liberty Development Corp.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">RB, World Trade Center Port Authority</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Construction, 5.25%, 12/15/43</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,135</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,076,416</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New York Liberty Development Corp.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, World Trade Center</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Project, 5.75%, 11/15/51</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,220</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,626,593</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Dormitory Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">ERB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Series B, 5.75%, 3/15/36</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">11,250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">13,597,537</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.39pt; text-align: left">Series F, 5.00%, 3/15/35</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,263,621</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">40,548,143</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>North Carolina &#8212; 9.8%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">University of North Carolina at Chapel</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Hill, Refunding RB, General, Series A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">4.75%, 12/01/34</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15,170</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">16,605,953</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Ohio &#8212; 4.8%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Allen Ohio, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Catholic Healthcare, Series A, 5.25%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">6/01/38</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,650</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,928,886</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-indent: 7.19pt; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center"><B>Value</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Municipal Bonds Transferred to</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Tender Option Bond (TOB) Trusts (e)</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Ohio (concluded)</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">State of Ohio, Refunding RB, Cleveland</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Clinic Health, Series A, 5.50%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">1/01/39</TD>

   <TD STYLE="text-align: center; width: 3%">$</TD>
   <TD STYLE="text-align: right; width: 10%"> 4,634</TD>

   <TD STYLE="width: 3%; text-align: right; border-bottom: #000000 1px solid">$</TD>
   <TD STYLE="width: 10%; text-align: right; border-bottom: #000000 1px solid"> 5,202,305</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">8,131,191</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>South Carolina &#8212; 1.7%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">South Carolina State Housing Finance &amp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Development Authority, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">Series B-1, 5.55%, 7/01/39</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2,659</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,857,912</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Texas &#8212; 8.2%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">County of Harris Texas, RB, Senior Lien,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Toll Road, Series A, 5.00%, 8/15/38</TD>

   <TD STYLE="text-align: right">2,130</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,398,487</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Harris County Texas Metropolitan</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Transit Authority, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series A, 5.00%, 11/01/41</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,170</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,339,428</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Caney ISD, GO, School Building</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">(PSF-GTD), 5.00%, 2/15/35</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">9,150</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">10,186,054</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">13,923,969</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Utah &#8212; 0.6%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">City of Riverton Utah Hospital, RB, IHC</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">Health Services Inc., 5.00%, 8/15/41</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">960</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,048,880</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Virginia &#8212; 0.7%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Virginia Small Business Financing</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Authority, Refunding RB, Sentara</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">Healthcare, 5.00%, 11/01/40</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,104,206</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Wisconsin &#8212; 1.3%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wisconsin Health &amp; Educational</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Facilities Authority, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Froedtert &amp; Community Health, Inc.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">5.25%, 4/01/39</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,990</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,207,375</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left"><B>Total Municipal Bonds Transferred to</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Tender Option Bond (TOB) Trusts &#8211; 91.4%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">155,066,351</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Long-Term Investments</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B>(Cost &#8211; $244,154,357) &#8211; 154.2%</B></TD>

   <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: right">261,638,245</TD></TR>


<TR>
	<TD COLSPAN="5" STYLE="border-bottom: #6297CC 6pt solid">
&nbsp;</TD>
</TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right"><B>Shares</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Short-Term Securities</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">FFI Institutional Tax-Exempt Fund,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">0.01% (g)(h)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">893,392</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">893,392</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Short-Term Securities</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><B>(Cost &#8211; $893,392) &#8211; 0.5%</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">893,392</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>
<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%">BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 14pt">Schedule
    of Investments</FONT> <FONT STYLE="font-size: 9pt; color: #000080">(concluded)</FONT></TD>
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: right">&nbsp;<FONT STYLE="font-size: 8pt"><B><BR>
BlackRock
Long-Term Municipal Advantage Trust (BTA)<BR>
</B></FONT></TD></TR>
</TABLE><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">



<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Investments (Cost - $245,047,749*) &#8211; <B>154.7% </B></TD>

   <TD STYLE="text-align: left; width: 3%">&nbsp;</TD>
   <TD STYLE="text-align: left; width: 10%"></TD>
   <TD STYLE="text-align: right; width: 3%">$</TD>
   <TD STYLE="text-align: right; width: 10%"> 262,531,637</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left"><B>Other Assets Less Liabilities &#8211; 1.2%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,055,223</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left"><B>Liability for TOB Trust Certificates, Including</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-indent: 7.19pt; text-align: left"><B>Interest Expense and Fees Payable &#8211; (55.9)%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">(94,923,245)</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left"><B>Net Assets &#8211; 100.0%</B></TD>

   <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</TD>
   <TD STYLE="text-align: right; border-bottom: Black 2pt solid"> 169,663,615</TD></TR></TABLE></DIV>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right; border-top: Black 1pt solid">*</TD><TD STYLE="width: 5pt; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid">As of July 31, 2012, gross unrealized appreciation and gross unrealized depreciation
based on cost for federal income tax purposes were as follows:</TD>
</TR></TABLE>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left"></TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tax cost</TD>

   <TD STYLE="text-align: left; width: 3%">&nbsp;</TD>
   <TD STYLE="text-align: left; width: 10%">&nbsp;</TD>
   <TD STYLE="width: 3%; text-align: right; border-bottom: Black 2pt solid">$</TD>
   <TD STYLE="width: 10%; text-align: right; border-bottom: Black 2pt solid"> 176,002,705</TD></TR>


<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left">Gross unrealized appreciation</TD>

   <TD STYLE="text-align: right">$</TD>
   <TD STYLE="text-align: right"> 21,476,649</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left">Gross unrealized depreciation</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">(5,045,646)</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left">Net unrealized appreciation</TD>

   <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</TD>
   <TD STYLE="text-align: right; border-bottom: Black 2pt solid"> 16,431,003</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(a)</TD><TD STYLE="width: 5pt"></TD><TD>Represents a zero-coupon bond. Rate shown reflects the current yield as of report
date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(b)</TD><TD STYLE="width: 5pt"></TD><TD>Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(c)</TD><TD STYLE="width: 5pt"></TD><TD>Non-income producing security.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(d)</TD><TD STYLE="width: 5pt"></TD><TD>Variable rate security. Rate shown is as of report date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(e)</TD><TD STYLE="width: 5pt"></TD><TD>Securities represent bonds transferred to a TOB in exchange for which the Trust acquired
residual interest certificates. These securities serve as collateral in a financing transaction.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(f)</TD><TD STYLE="width: 5pt"></TD><TD>US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium to par.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(g)</TD><TD STYLE="width: 5pt"></TD><TD>Investments in companies considered to be an affiliate of the Trust during the period,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:</TD>
</TR></TABLE>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; border-top: Black 1pt solid; text-align: left"><B>Affiliate</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; width: 19%; text-align: center; border-top: Black 1pt solid"><B>Shares</B><BR><B>Held at</B><BR><B>April 30, 2012</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; width: 19%; text-align: center; border-top: Black 1pt solid"><B>Net</B><BR><B>Activity</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; width: 19%; text-align: center; border-top: Black 1pt solid"><B>Shares</B><BR><B>Held at</B><BR><B>July 31, 2012</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-indent: 7.55pt; width: 19%; text-align: center; border-top: Black 1pt solid"><B>Income</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">FFI Institutional</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Tax-Exempt</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">Fund</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">3,415,500</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">(2,522,108)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">893,392</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$104</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(h)</TD><TD STYLE="width: 5pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left"></P>



<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="2" STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #BFD5EB; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid"><B>Portfolio Abbreviations&nbsp;</b></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="2" STYLE="text-align: left">To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD width="17%" align=left>AGM</TD>

   <TD width="82%" align=left>Assured Guaranty Municipal Corp.</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>AMT</TD>

   <TD width="82%" align=left>Alternative Minimum Tax (subject to)</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>CAB</TD>

   <TD width="82%" align=left>Capital Appreciation Bonds</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>EDA</TD>

   <TD width="82%" align=left>Economic Development Authority</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>EDC</TD>

   <TD width="82%" align=left>Economic Development Corp.</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>ERB</TD>

   <TD width="82%" align=left>Education Revenue Bonds</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>GO</TD>

   <TD width="82%" align=left>General Obligation Bonds</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>HDA</TD>

   <TD width="82%" align=left>Housing Development Authority</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>HFA</TD>

   <TD width="82%" align=left>Housing Finance Agency</TD></TR>
<TR vAlign=bottom>

   <TD width="20%" align=left>HRB</TD>

   <TD width="79%" align=left>Housing Revenue Bonds</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>ISD</TD>

   <TD width="79%" align=left>Independent School District</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>NPFGC</TD>

   <TD width="79%" align=left>National Public Finance Guarantee Corp.</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>PSF-GTD</TD>

   <TD width="79%" align=left>Permanent School Fund Guaranteed</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>RB</TD>

   <TD width="79%" align=left>Revenue Bonds</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>SAN</TD>

   <TD width="79%" align=left>State Aid Notes</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Fair Value Measurements - Various inputs are used in determining the fair value of
investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels
for financial reporting purposes as follows:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 1 &#8212; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 2 &#8212; other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated
inputs)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 3 &#8212; unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the Trust's own assumptions used in determining the
fair value of investments)</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT STYLE="font-size: 8pt">Changes in valuation techniques may result in transfers into or out of
an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of
the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization
of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication
of the risks associated with investing in those securities. For information about the Trust's policy regarding valuation of investments
and other significant accounting policies, please refer to the Trust's most recent financial statements as contained in its annual
report.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT STYLE="font-size: 8pt">The following table summarizes the Trust's investments categorized in
the disclosure hierarchy as of July 31, 2012:</FONT></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="width: 19%; text-align: left; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Level 1</B></TD>

   <TD STYLE="width: 19%; text-align: center; border-bottom: Black 1px solid; border-top: Black 1pt solid"><B>Level 2</B></TD>

   <TD STYLE="width: 19%; text-align: left; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Level 3</B></TD>

   <TD STYLE="width: 19%; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Total</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Assets:</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>


   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Investments:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>


   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Long-Term</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>


   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 6.02pt; text-align: left">Investments<SUP>1</SUP></TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8212;</TD>

   <TD STYLE="text-align: center"> $261,638,245</TD>

   <TD STYLE="text-align: left; text-align: center">&#8212; </TD>
   <TD STYLE="text-align: center">$261,638,245</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Short-Term</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>


   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 4.01pt; text-align: left">Securities</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">$ 893,392</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893,392</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">$ 893,392 </TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$261,638,245</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&#8212;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> $262,531,637</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>See above Schedule of Investments for values in each state or political subdivision.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT STYLE="font-size: 8pt">Certain of the Trust&#8217;s liabilities are held at carrying amount,
which approximates fair value for financial reporting purposes. As of July 31, 2012, TOB Trust Certificates of $94,802,929 are
categorized as Level 2 within the disclosure hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT STYLE="font-size: 8pt">There were no transfers between levels during the period ended July 31,
2012.</FONT></P></DIV>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%">BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page --></div>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">Item 2 &ndash; &nbsp;Controls and Procedures</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">2(a) &ndash; &#9;&nbsp;&nbsp;&nbsp;The registrant's
principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &Prime;1940
Act&Prime;)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">2(b) &ndash; &#9;&nbsp;&nbsp;&nbsp;There were no changes
in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during
the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">Item 3 &ndash; Exhibits</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: 0">Certifications &ndash; Attached hereto</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: 0">Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: 0">BlackRock Long-Term Municipal Advantage Trust</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 70%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42pt">&nbsp;</TD>
    <TD STYLE="width: 10%">By:</TD>
    <TD STYLE="width: 82%"><U>/s/&nbsp;John M. Perlowski</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>John M. Perlowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer (principal executive officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>BlackRock Long-Term Municipal Advantage Trust</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: 0">Date: September 25, 2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: 0">Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 70%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42pt">&nbsp;</TD>
    <TD STYLE="width: 10%">By:</TD>
    <TD STYLE="width: 82%"><U>/s/&nbsp;John M. Perlowski</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>John M. Perlowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer (principal executive officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>BlackRock Long-Term Municipal Advantage Trust</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: 0">Date: September 25, 2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 70%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42pt">&nbsp;</TD>
    <TD STYLE="width: 10%">By:</TD>
    <TD STYLE="width: 82%"><U>/s/ Neal J. Andrews</U>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Neal J. Andrews</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer (principal financial officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>BlackRock Long-Term Municipal Advantage Trust</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: 0">Date: September 25, 2012</P>



<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e50009ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; border-bottom: Black 0.75pt solid"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">I, John M. Perlowski, Chief Executive
Officer (principal executive officer) of BlackRock Long-Term Municipal Advantage Trust, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-Q of BlackRock Long-Term Municipal Advantage Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt"> 2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt"> 3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt"> 4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report, based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt">5.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I
have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in"> a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in"> b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: September 25, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD><U>/s/ John M. Perlowski</U></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>                                                                                       <TR STYLE="vertical-align: top">
<TD>John M. Perlowski&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">Chief Executive Officer (principal executive
officer) of<BR>
BlackRock Long-Term Municipal Advantage Trust</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; border-bottom: Black 0.75pt solid"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">I, Neal J. Andrews, Chief Financial
Officer (principal financial officer) of BlackRock Long-Term Municipal Advantage Trust, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-Q of BlackRock Long-Term Municipal Advantage Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the
investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report, based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: September 25, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I><U></U></I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD><U>/s/ Neal J. Andrews</U></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>                                                                                       <TR STYLE="vertical-align: top">
<TD>Neal J. Andrews&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">Chief Financial Officer (principal financial
officer) of<BR>
BlackRock Long-Term Municipal Advantage Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
