<SEC-DOCUMENT>0000891092-13-002616.txt : 20130326
<SEC-HEADER>0000891092-13-002616.hdr.sgml : 20130326
<ACCEPTANCE-DATETIME>20130326154709
ACCESSION NUMBER:		0000891092-13-002616
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130131
FILED AS OF DATE:		20130326
DATE AS OF CHANGE:		20130326
EFFECTIVENESS DATE:		20130326

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:		13716788

	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>e52581nq.htm
<DESCRIPTION>FORM N-Q
<TEXT>
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<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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD></TD></TR></TABLE>

<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: 01/31/2013</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 11pt">Item 1 &ndash; Schedule of Investments</P>


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

<P STYLE="color: navy; font: 12pt Arial, Helvetica, sans-serif; margin: 0">&nbsp;</P>

<P STYLE="color: navy; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(57,76,165) 4pt solid; width: 54%; font: 12pt Arial, Helvetica, sans-serif; color: navy"><FONT STYLE="font: 14pt Arial, Helvetica, sans-serif">Schedule&nbsp;of&nbsp;Investments&nbsp;</FONT><FONT STYLE="font-size: 9pt; color: navy">January&nbsp;31,&nbsp;2013&nbsp;(Unaudited)</FONT><FONT STYLE="font-size: 14pt"> </FONT></TD>
    <TD STYLE="width: 46%">
        <P STYLE="border-top: rgb(57,76,165) 4pt solid; color: navy; font: 8pt Arial, Helvetica, sans-serif; margin: 0; text-align: right"><B>BlackRock&nbsp;Long-Term&nbsp;Municipal&nbsp;Advantage&nbsp;Trust&nbsp;(BTA)</B></P>
        <P STYLE="color: navy; font: 7pt Arial, Helvetica, sans-serif; margin: 0; text-align: right"><B>(Percentages shown are based
        on Net Assets)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 6pt; text-align: center; font-weight: bold; vertical-align: bottom">Par<BR> (000)</TD>
    <TD STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; text-align: center; font-weight: bold">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font-weight: bold">Municipal Bonds</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Alabama &mdash; 0.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">County of Jefferson Limited Obligation School Alabama, RB, Series A, 5.25%, 1/01/19</TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom; border-bottom: Black 1pt solid">$</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">515</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"></TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom; border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">515,021</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Arizona &mdash; 0.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,090</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,251,167</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">California &mdash; 5.8%</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">California Health Facilities Financing Authority, RB:</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">St. Joseph Health System, Series A, 5.75%, 7/01/39</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">385</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">443,701</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Stanford Hospital and Clinics, Series A, 5.00%, 8/15/51</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">410</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">459,151</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Sutter Health, Series B, 6.00%, 8/15/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,040</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,249,882</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">680</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">803,468</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">California HFA, RB, Home Mortgage, Series K, AMT, 5.50%, 2/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">400</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">414,328</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">California Pollution Control Financing Authority, RB:</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Poseidon Resources (Channel Side) LP Desalination, AMT, 5.00%, 7/01/37</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">360</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">377,060</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Poseidon Resources (Channel Side) LP Desalination, AMT, 5.00%, 11/21/45</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">905</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">940,802</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">San Diego County Water Authority Desalination Project Pipeline, 5.00%, 11/21/45</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">440</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">449,592</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">400</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">490,688</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">California Statewide Communities Development Authority, Refunding RB, Episcopal Communities &amp; Services:</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.00%, 5/15/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">250</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">272,667</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.00%, 5/15/47</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">125</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">135,520</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">City of Los Angeles Department of Airports, Refunding RB, Senior Series A, 5.25%, 5/15/39</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">270</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">306,391</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 4.76%, 8/01/38 (a)</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,725</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,122,417</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">State of California, GO, Various Purpose, 6.50%, 4/01/33</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,000</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">2,486,800</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">9,952,467</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 6pt; text-align: center; font-weight: bold; vertical-align: bottom">Par<BR> (000)</TD>
    <TD STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; text-align: center; font-weight: bold">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font-weight: bold">Municipal Bonds</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Colorado &mdash; 0.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom">$</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">315</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"></TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom">$</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">338,556</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">North Range Metropolitan District No. 2, GO, Limited Tax, 5.50%, 12/15/37</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,200</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,183,908</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,522,464</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Delaware &mdash; 1.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">750</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">848,093</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Delaware State EDA, RB, Exempt Facilities, Indian River Power, 5.38%, 10/01/45</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,165</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,246,771</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,094,864</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">District of Columbia &mdash; 4.5%</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">District of Columbia, RB, Methodist Home District of Columbia, Series A:</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">7.38%, 1/01/30</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">550</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">571,247</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">7.50%, 1/01/39</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">500</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">518,960</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">750</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">813,457</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.25%, 5/15/24</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">4,380</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">4,500,406</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Metropolitan Washington Airports Authority, Refunding RB, First Senior Lien, Series A:</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.00%, 10/01/39</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">170</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">187,160</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.25%, 10/01/44</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,108,850</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">7,700,080</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Florida &mdash; 3.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">745</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">952,251</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Sumter Landing Community Development District Florida, RB, Sub-Series B, 5.70%, 10/01/38</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,355</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,263,470</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Tampa-Hillsborough County Expressway Authority, Refunding RB:</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Series A, 5.00%, 7/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">485</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">548,322</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Series B, 5.00%, 7/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">890</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">993,258</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Tolomato Community Development District, Special Assessment Bonds (b)(c):</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Series 1, 6.65%, 5/01/40</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">25</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">13,420</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Series 2, 6.65%, 5/01/40</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">815</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">370,817</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Series 3, 6.65%, 5/01/40</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">275</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Tolomato Community Development District, Special Assessment Bonds, Refunding:</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">6.61%, 5/01/17 (d)</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">95</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">68,180</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">6.61%, 5/01/19 (d)</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">225</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">129,643</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 59%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;LONG-TERM&nbsp;MUNICIPAL&nbsp;ADVANTAGE&nbsp;TRUST</TD><TD NOWRAP STYLE="text-align: center; width: 34%">JANUARY&nbsp;31,&nbsp;2013</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: 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: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(57,76,165) 4pt solid; width: 54%; font: 12pt Arial, Helvetica, sans-serif; color: navy"><FONT STYLE="font: 14pt Arial, Helvetica, sans-serif">Schedule&nbsp;of&nbsp;Investments&nbsp;</FONT><FONT STYLE="font-size: 9pt; color: navy">(continued)</FONT><FONT STYLE="font-size: 14pt"> </FONT></TD>
    <TD STYLE="width: 46%">
        <P STYLE="border-top: rgb(57,76,165) 4pt solid; color: navy; font: 8pt Arial, Helvetica, sans-serif; margin: 0; text-align: right"><B>BlackRock&nbsp;Long-Term&nbsp;Municipal&nbsp;Advantage&nbsp;Trust&nbsp;(BTA)</B></P>
        <P STYLE="color: navy; font: 7pt Arial, Helvetica, sans-serif; margin: 0; text-align: right"><B>(Percentages shown are based
        on Net Assets)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><BR>
&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 6pt; text-align: center; font-weight: bold; vertical-align: bottom">Par<BR> (000)</TD>
    <TD STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 6pt; text-align: center; font-weight: bold">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font-weight: bold">Municipal Bonds</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Florida (concluded)</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Tolomato Community Development District, Special Assessment Bonds, Refunding (concluded):</TD>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">6.61%, 5/01/22 (d)</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"></TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom">$</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">120</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom">$</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">50,867</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">6.65%, 5/01/40</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">355</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">349,920</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">880</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">866,624</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Watergrass Community Development District, Special Assessment Bonds, Series A, 5.38%, 5/01/39</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,845</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">962,167</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">6,568,942</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Guam &mdash; 0.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">Territory of Guam, GO, Series A, 6.00%, 11/15/19</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">200</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">220,128</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Illinois &mdash; 7.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Chicago Illinois Board of Education, GO, Series A, 5.50%, 12/01/39</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">720</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">841,687</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Chicago Illinois Transit Authority, RB, Sales Tax Receipts Revenue, 5.25%, 12/01/40</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">360</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">412,207</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois, GARB, O'Hare International Airport, General Third Lien, Series A, 5.75%, 1/01/39</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,500</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,944,575</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,570</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,750,267</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois, Sales Tax Revenue, Refunding RB, Series A, 5.25%, 1/01/38</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">280</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">323,042</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,845</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,047,175</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Illinois Finance Authority, Refunding RB:</TD>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.00%, 11/15/37</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">335</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">380,865</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.00%, 11/15/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">610</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">688,525</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Central DuPage Health, Series B, 5.50%, 11/01/39</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">550</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">624,432</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Metropolitan Pier &amp; Exposition Authority, Refunding RB, McCormick Place Expansion Project:</TD>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Series B, 5.00%, 6/15/50</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,095</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,196,780</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Series B-2, 5.00%, 6/15/50</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">600</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">655,566</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Railsplitter Tobacco Settlement Authority, RB, 5.50%, 6/01/23</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">180</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">214,139</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">215</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">246,349</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">12,325,609</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Indiana &mdash; 2.2%</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Carmel Redevelopment Authority, Refunding RB, Series A:</TD>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">4.00%, 8/01/35</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">400</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">422,008</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">4.00%, 8/01/38</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">645</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">674,593</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 6pt; text-align: center; font-weight: bold; vertical-align: bottom">Par<BR> (000)</TD>
    <TD STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 6pt; text-align: center; font-weight: bold">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font-weight: bold">Municipal Bonds</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Indiana (concluded)</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Indiana Finance Authority, RB:</TD>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Sisters of St. Francis Health, 5.25%, 11/01/39</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"></TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom">$</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">290</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom">$</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">320,259</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Wastewater Utility (CWA Authority Project), First Lien, Series A, 5.25%, 10/01/38</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">540</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">625,844</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Indiana Finance Authority, Refunding RB:</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Community Health Network Project, Series A, 5.00%, 5/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">665</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">732,185</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Parkview Health System, Series A, 5.75%, 5/01/31</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">600</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">694,104</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">350</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">419,317</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">3,888,310</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Iowa &mdash; 0.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">Iowa Student Loan Liquidity Corp., Refunding RB, Series A-1, AMT, 5.15%, 12/01/22</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">975</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,121,484</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Kentucky &mdash; 0.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Kentucky Economic Development Finance Authority, RB, Series A, 6.38%, 6/01/40</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">350</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">417,060</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Kentucky Economic Development Finance Authority, Refunding RB, Owensboro Medical Health System, Series B, 6.38%, 3/01/40</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">370</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">440,892</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">857,952</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Louisiana &mdash; 2.2%</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Louisiana Local Government Environmental Facilities &amp; Community Development Authority, RB:</TD>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Series A-1, 6.50%, 11/01/35</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,135</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,343,999</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Westlake Chemical Corp. Projects, 6.75%, 11/01/32</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,000</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,273,600</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Louisiana Stadium &amp; Exposition District, Refunding RB, Senior, Series A, 5.00%, 7/01/36</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">125</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">142,889</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">3,760,488</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Maine &mdash; 0.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Maine Health &amp; Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">970</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,177,561</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Maine State Turnpike Authority, RB, 5.00%, 7/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">310</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">356,683</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">1,534,244</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Maryland &mdash; 1.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">970</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,107,342</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 59%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;LONG-TERM&nbsp;MUNICIPAL&nbsp;ADVANTAGE&nbsp;TRUST</TD><TD NOWRAP STYLE="text-align: center; width: 34%">JANUARY&nbsp;31,&nbsp;2013</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: 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: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(57,76,165) 4pt solid; width: 54%; font: 12pt Arial, Helvetica, sans-serif; color: navy"><FONT STYLE="font: 14pt Arial, Helvetica, sans-serif">Schedule&nbsp;of&nbsp;Investments&nbsp;</FONT><FONT STYLE="font-size: 9pt; color: navy">(continued)</FONT><FONT STYLE="font-size: 14pt"> </FONT></TD>
    <TD STYLE="width: 46%">
        <P STYLE="border-top: rgb(57,76,165) 4pt solid; color: navy; font: 8pt Arial, Helvetica, sans-serif; margin: 0; text-align: right"><B>BlackRock&nbsp;Long-Term&nbsp;Municipal&nbsp;Advantage&nbsp;Trust&nbsp;(BTA)</B></P>
        <P STYLE="color: navy; font: 7pt Arial, Helvetica, sans-serif; margin: 0; text-align: right"><B>(Percentages shown are based
        on Net Assets)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 6pt; text-align: center; font-weight: bold; vertical-align: bottom">Par<BR> (000)</TD>
    <TD STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; text-align: center; font-weight: bold">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font-weight: bold">Municipal Bonds</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Maryland (concluded)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25</TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom">$</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"></TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom; border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,116,930</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">2,224,272</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Massachusetts &mdash; 0.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Massachusetts Development Finance Agency, RB, Wellesley College, Series J, 5.00%, 7/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">630</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">734,372</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Massachusetts Health &amp; Educational Facilities Authority, Refunding RB, Partners Healthcare, Series J1, 5.00%, 7/01/39</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">615</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">673,136</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,407,508</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Michigan &mdash; 2.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series B (AGM), 7.50%, 7/01/33</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">560</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">699,770</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">City of Detroit Michigan Water Supply System, RB, Senior Lien, Series A, 5.25%, 7/01/41</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,500</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,621,695</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,400</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,790,124</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">4,111,589</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Nebraska &mdash; 0.5%</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Central Plains Energy Project Nebraska, RB, Gas Project No. 3:</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.25%, 9/01/37</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">285</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">322,121</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.00%, 9/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">500</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">548,370</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">870,491</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">New Jersey &mdash; 0.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">New Jersey EDA, RB, Continental Airlines Inc. Project, AMT, 6.40%, 9/15/23</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">525</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">539,039</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">New Jersey EDA, Refunding RB, Cigarette Tax Revenue, 5.00%, 6/15/24</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">335</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">387,712</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">926,751</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">New York &mdash; 5.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Metropolitan Transportation Authority, RB, Series E, 5.00%, 11/15/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">190</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">214,955</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Metropolitan Transportation Authority, Refunding RB, Transportation, Series D, 5.25%, 11/15/40</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">410</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">463,894</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 6pt; text-align: center; font-weight: bold; vertical-align: bottom">Par<BR> (000)</TD>
    <TD STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; text-align: center; font-weight: bold">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font-weight: bold">Municipal Bonds</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">New York (concluded)</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New York City Industrial Development Agency, RB, AMT:</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">American Airlines Inc., JFK International Airport, 7.63%, 8/01/25 (b)(c)(e)</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"></TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom">$</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">4,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom">$</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">4,599,520</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">British Airways Place Project, 7.63%, 12/01/32</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,025,090</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">New York City Transitional Finance Authority, RB, Sub-Series E, 5.00%, 2/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">850</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">976,709</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">420</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">499,099</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">New York State Dormitory Authority, RB, New York University, Series A, 5.25%, 7/01/48</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,153,270</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">New York State Thruway Authority, Refunding RB, Series I, 5.00%, 1/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">615</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">692,644</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Port Authority of New York &amp; New Jersey, RB, JFK International Air Terminal, 6.00%, 12/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">430</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">511,175</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">10,136,356</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">North Carolina &mdash; 0.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%, 6/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">480</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">533,962</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Ohio &mdash; 1.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Buckeye Tobacco Settlement Financing Authority, RB, Tobacco Settlement Asset-Backed Bonds, Series A-2, 5.75%, 6/01/34</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,295</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,041,976</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">State of Ohio, RB, Ford Motor Co. Project, AMT, 5.75%, 4/01/35</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,039,290</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,081,266</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Oregon &mdash; 0.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">City of Tigard Washington County Oregon, Refunding RB, Water System, 5.00%, 8/01/37</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">90</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">104,541</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Puerto Rico &mdash; 3.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.50%, 8/01/44</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,705</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,935,379</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB (a):</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">First Sub-Series C, 5.95%, 8/01/38</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,490</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">334,088</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in">Series A (NPFGC), 5.65%, 8/01/46</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">9,600</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,483,776</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Series C, 5.57%, 8/01/39</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">8,540</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,991,528</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">5,744,771</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 59%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;LONG-TERM&nbsp;MUNICIPAL&nbsp;ADVANTAGE&nbsp;TRUST</TD><TD NOWRAP STYLE="text-align: center; width: 34%">JANUARY&nbsp;31,&nbsp;2013</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: 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: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(57,76,165) 4pt solid; width: 54%; font: 12pt Arial, Helvetica, sans-serif; color: navy"><FONT STYLE="font: 14pt Arial, Helvetica, sans-serif">Schedule&nbsp;of&nbsp;Investments&nbsp;</FONT><FONT STYLE="font-size: 9pt; color: navy">(continued)</FONT><FONT STYLE="font-size: 14pt"> </FONT></TD>
    <TD STYLE="width: 46%">
        <P STYLE="border-top: rgb(57,76,165) 4pt solid; color: navy; font: 8pt Arial, Helvetica, sans-serif; margin: 0; text-align: right"><B>BlackRock&nbsp;Long-Term&nbsp;Municipal&nbsp;Advantage&nbsp;Trust&nbsp;(BTA)</B></P>
        <P STYLE="color: navy; font: 7pt Arial, Helvetica, sans-serif; margin: 0; text-align: right"><B>(Percentages shown are based
        on Net Assets)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 6pt; text-align: center; font-weight: bold; vertical-align: bottom">Par<BR> (000)</TD>
    <TD STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; text-align: center; font-weight: bold">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font-weight: bold">Municipal Bonds</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">South Dakota &mdash; 0.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">South Dakota Health and Educational Facilities Authority, RB, (Sanford), Series E, 5.00%, 11/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom; border-bottom: Black 1pt solid">$</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">375</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"></TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom; border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">411,356</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Tennessee &mdash; 0.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">Rutherford County Health &amp; Educational Facilities Board, RB, Ascension Health, Series C, 5.00%, 11/15/47</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">75</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">84,961</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Texas &mdash; 8.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,500</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">268,155</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 1/01/46</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">730</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">861,101</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">City of Austin Texas, Refunding RB, Water &amp; Wastewater System Revenue, 5.00%, 11/15/37</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">220</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">257,074</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">City of Dallas Texas, Refunding RB, Waterworks &amp; Sewer System, 5.00%, 10/01/35</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">525</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">604,957</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">250</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">289,278</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Clifton Higher Education Finance Corp., RB, 5.00%, 8/15/32</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">205</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">226,599</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">HFDC of Central Texas Inc., RB, Village at Gleannloch Farms, Series A, 5.50%, 2/15/27</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,150</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,159,476</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Houston Higher Education Finance Corp., RB, Cosmos Foundation, Inc. Series A, 6.88%, 5/15/41</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">200</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">254,332</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Matagorda County Navigation District No. 1 Texas, Refunding RB, Central Power &amp; Light Co. Project, Series A, 6.30%, 11/01/29</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">700</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">825,615</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Midland County Fresh Water Supply District Number 1, RB, City of Midland Project, CAB, Series A, 4.57%, 9/15/37 (a)</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">5,500</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,809,610</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">North Texas Tollway Authority, Refunding RB, Toll, Second Tier, Series F, 6.13%, 1/01/31</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,290</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,532,259</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Tarrant County Cultural Education Facilities Finance Corp., RB, Scott &amp; White Healthcare, 6.00%, 8/15/45</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,390</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,648,860</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Texas Municipal Gas Acquisition &amp; Supply Corp. III, RB, 5.00%, 12/15/29</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">670</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">731,084</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,216,640</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 6pt; text-align: center; font-weight: bold; vertical-align: bottom">Par<BR> (000)</TD>
    <TD STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; text-align: center; font-weight: bold">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font-weight: bold">Municipal Bonds</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Texas (concluded)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">University of Texas System, Refunding RB, Financing System, Series B, 5.00%, 8/15/43</TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom">$</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,070</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"></TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; vertical-align: bottom; border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,257,036</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">13,942,076</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Utah &mdash; 1.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">County of Utah, RB, IHC Health Services, Inc., 5.00%, 5/15/43</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">710</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">800,717</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy:</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">3.25%, 10/15/36</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">700</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">651,693</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">3.25%, 10/15/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">425</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">384,208</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,836,618</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Virginia &mdash; 3.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Peninsula Ports Authority, Refunding RB, Virginia Baptist Homes, Series C, 5.38%, 12/01/26</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,600</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,553,536</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Route 460 Funding Corp. of Virginia Toll Road, RB, Senior Lien, Series A, 5.13%, 7/01/49</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">435</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">475,681</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Virginia HDA, RB, Rental Housing, Series F, 5.00%, 4/01/45</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,074,910</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Virginia Small Business Financing Authority, RB, Elizabeth River Crossings Project, AMT:</TD>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.25%, 1/01/32</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">275</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">301,290</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">6.00%, 1/01/37</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,500</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,724,520</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.50%, 1/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">400</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">436,832</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">5,566,769</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Wisconsin &mdash; 1.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">Wisconsin Health &amp; Educational Facilities Authority, RB, Ascension Health Credit Group, Series A, 5.00%, 11/15/31</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">2,835</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">3,131,541</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Wyoming &mdash; 0.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">Wyoming Municipal Power Agency, RB, Series A, 5.00%, 1/01/42</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">100</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">108,451</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-top: 2pt; font-weight: bold; border-bottom: Black 1pt solid">Total Municipal Bonds &ndash; 62.2%</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: right; font-weight: normal; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, sans-serif; font-weight: normal">107,536,499</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10"><P STYLE="margin: 0; border-bottom: rgb(98,151,204) 6pt solid">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>

</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font-weight: bold">Municipal Bonds Transferred to <BR>
Tender Option Bond (TOB) Trusts (f)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">Arizona &mdash; 0.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">Salt River Project Agricultural Improvement &amp; Power District, RB, Series A, 5.00%, 1/01/38</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">820</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">932,915</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold">California &mdash; 13.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-indent: -0.1in">Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,090</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,265,444</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 59%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;LONG-TERM&nbsp;MUNICIPAL&nbsp;ADVANTAGE&nbsp;TRUST</TD><TD NOWRAP STYLE="text-align: center; width: 34%">JANUARY&nbsp;31,&nbsp;2013</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: 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: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(57,76,165) 4pt solid; width: 54%; font: 12pt Arial, Helvetica, sans-serif; color: navy"><FONT STYLE="font: 14pt Arial, Helvetica, sans-serif">Schedule&nbsp;of&nbsp;Investments&nbsp;</FONT><FONT STYLE="font-size: 9pt; color: navy">(continued)</FONT><FONT STYLE="font-size: 14pt"> </FONT></TD>
    <TD STYLE="width: 46%">
        <P STYLE="border-top: rgb(57,76,165) 4pt solid; color: navy; font: 8pt Arial, Helvetica, sans-serif; margin: 0; text-align: right"><B>BlackRock&nbsp;Long-Term&nbsp;Municipal&nbsp;Advantage&nbsp;Trust&nbsp;(BTA)</B></P>
        <P STYLE="color: navy; font: 7pt Arial, Helvetica, sans-serif; margin: 0; text-align: right"><B>(Percentages shown are based
        on Net Assets)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 6pt; text-align: center; font-weight: bold">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 6pt; text-align: center; font-weight: bold">Value</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-weight: bold">Municipal Bonds Transferred to<BR> Tender Option Bond (TOB) Trusts (f)</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">California (concluded)</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/39 (g)</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">840</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">983,581</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Los Angeles California Department of Airports, Refunding RB, Senior, Los Angeles International Airport, Series A, 5.00%, 5/15/40</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,040</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,308,066</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">553</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">672,668</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">San Francisco City &amp; County Public Utilities Commission, RB, Series B, 5.00%, 11/01/39</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,225</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,659,537</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">University of California, RB, Series B (NPFGC), 4.75%, 5/15/38</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">14,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">14,868,300</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">23,757,596</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">Colorado &mdash; 3.0%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Colorado Health Facilities Authority, Refunding RB:</TD>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Catholic Health, Series A, 5.50%, 7/01/34 (g)</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">740</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">847,037</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Sisters of Leavenworth, Series A,, 5.00%, 1/01/40</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,930</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">4,296,826</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">5,143,863</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">Florida &mdash; 1.3%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">County of Miami-Dade Florida, RB, Water &amp; Sewer System, 5.00%, 10/01/34</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,950</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">2,206,378</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">Illinois &mdash; 6.9%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois, RB, O'Hare International, Third Lien, Series A (NPFGC), 5.00%, 1/01/33</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">4,995</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">5,418,926</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois Waterworks, Refunding RB, 5.00%, 11/01/42</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,299</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,730,373</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Illinois Finance Authority, RB, Carle Foundation, Series A (AGM), 6.00%, 8/15/41</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,340</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">2,770,443</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">11,919,742</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">Indiana &mdash; 7.6%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Carmel Redevelopment Authority, RB, Performing Arts Center:</TD>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">4.75%, 2/01/33</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">5,365</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">5,847,850</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 2/01/33</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">6,580</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">7,220,168</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt"></TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">13,068,018</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">Maryland &mdash; 0.9%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">Maryland Health &amp; Higher Educational Facilities Authority, RB, Ascension Health, Series B, 5.00%, 11/15/51</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,440</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,611,360</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 6pt; text-align: center; font-weight: bold">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 6pt; text-align: center; font-weight: bold">Value</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-weight: bold">Municipal Bonds Transferred to <BR>
Tender Option Bond (TOB) Trusts (f)</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">Massachusetts &mdash; 4.0%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Massachusetts HFA, Refunding HRB, Series D, AMT, 5.45%, 6/01/37</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">5,090</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">5,186,351</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,560</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,798,711</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">6,985,062</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">Michigan &mdash; 0.6%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Detroit Water and Sewerage Department, Refunding RB, Senior Lien, Series A:</TD>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 7/01/32</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">550</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">595,478</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.25%, 7/01/39</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">475</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">517,081</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">1,112,559</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">Nebraska &mdash; 3.2%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">Omaha Public Power District, RB, System, Sub-Series B (NPFGC), 4.75%, 2/01/36 (g)</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">5,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">5,442,350</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">New Hampshire &mdash; 0.5%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">New Hampshire Health &amp; Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (g)</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">660</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">776,407</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">New Jersey &mdash; 0.6%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">New Jersey Transportation Trust Fund Authority, RB, Transportation, Series B, 5.25%, 6/15/36</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">860</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">985,835</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">New York &mdash; 23.4%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Hudson New York Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,510</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,801,740</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New York City Municipal Water Finance Authority, Refunding RB:</TD>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series D, 5.00%, 6/15/39 (g)</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">7,500</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">8,116,500</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Second General Resolution Series HH, 5.00%, 6/15/31 (g)</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,835</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,373,985</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series FF-2, 5.50%, 6/15/40</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">495</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">584,121</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New York Liberty Development Corp., RB, World Trade Center Port Authority Construction, 5.25%, 12/15/43</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">6,135</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">7,058,467</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New York Liberty Development Corp., Refunding RB, World Trade Center Project, 5.75%, 11/15/51</TD>
    <TD STYLE="text-align: left; padding-left: 0.1in; text-indent: -0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,220</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,633,764</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New York State Dormitory Authority, ERB:</TD>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series B, 5.75%, 3/15/36</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">11,250</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">13,647,600</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series F, 5.00%, 3/15/35</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">3,239,111</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">40,455,288</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;LONG-TERM&nbsp;MUNICIPAL&nbsp;ADVANTAGE&nbsp;TRUST</TD><TD NOWRAP STYLE="text-align: center; width: 34%">JANUARY&nbsp;31,&nbsp;2013</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: 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: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(57,76,165) 4pt solid; width: 54%; font: 12pt Arial, Helvetica, sans-serif; color: navy"><FONT STYLE="font: 14pt Arial, Helvetica, sans-serif">Schedule&nbsp;of&nbsp;Investments&nbsp;</FONT><FONT STYLE="font-size: 9pt; color: navy">(continued)</FONT><FONT STYLE="font-size: 14pt"> </FONT></TD>
    <TD STYLE="width: 46%">
        <P STYLE="border-top: rgb(57,76,165) 4pt solid; color: navy; font: 8pt Arial, Helvetica, sans-serif; margin: 0; text-align: right"><B>BlackRock&nbsp;Long-Term&nbsp;Municipal&nbsp;Advantage&nbsp;Trust&nbsp;(BTA)</B></P>
        <P STYLE="color: navy; font: 7pt Arial, Helvetica, sans-serif; margin: 0; text-align: right"><B>(Percentages shown are based
        on Net Assets)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-top: 6pt; text-align: center; font-weight: bold; vertical-align: bottom">Par<BR> (000)</TD>
    <TD STYLE="padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 6pt; text-align: center; font-weight: bold">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font-weight: bold">Municipal Bonds Transferred to <BR> Tender Option Bond (TOB) Trusts (f)</TD></TR>
<TR>
    <TD COLSPAN="13" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">North Carolina &mdash; 9.6%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">University of North Carolina at Chapel Hill, Refunding RB, General, Series A, 4.75%, 12/01/34</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid"></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in; border-bottom: Black 1pt solid">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">15,170</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in; border-bottom: Black 1pt solid">$</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">16,619,635&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="13" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">Ohio &mdash; 4.8%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A, 5.25%, 6/01/38</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,650</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,974,863&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">State of Ohio, Refunding RB, Cleveland Clinic Health, Series A, 5.50%, 1/01/39</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">4,634</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">5,391,661&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="12" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">8,366,524</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="13" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">South Carolina &mdash; 1.5%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">South Carolina State Housing Finance &amp; Development Authority, Refunding RB, Series B-1, 5.55%, 7/01/39</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">2,419</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">2,610,679&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="13" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">Texas &mdash; 8.1%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (g)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,130</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,435,549&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Harris County Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,170</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,340,130&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New Caney ISD, GO, School Building (PSF-GTD), 5.00%, 2/15/35 (g)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">9,150</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">10,167,937&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="12" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">13,943,616</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="13" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">Utah &mdash; 0.6%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">City of Riverton Utah Hospital, RB, IHC Health Services Inc., 5.00%, 8/15/41</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">960</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,062,144&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="13" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">Virginia &mdash; 0.6%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,106,405&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 6pt; text-align: center; font-weight: bold">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 6pt; text-align: center; font-weight: bold">Value</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="13" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-weight: bold">Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f)</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="13" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">Wisconsin &mdash; 1.3%</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">Wisconsin Health &amp; Educational Facilities Authority, Refunding RB, Froedtert &amp; Community Health, Inc., 5.25%, 4/01/39 (g)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in; border-bottom: Black 1pt solid"></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in; border-bottom: Black 1pt solid">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,990</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in; border-bottom: Black 1pt solid">$</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">2,211,375&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding-top: 2pt; font-weight: bold; border-bottom: Black 1pt solid">Total Municipal Bonds Transferred to<BR> Tender Option Bond (TOB) Trusts &ndash; 92.7%</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 2pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; font-weight: normal; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, sans-serif; font-weight: normal">160,317,751</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 2pt; font-weight: bold; border-bottom: Black 1pt solid">Total Long-Term Investments<BR> (Cost &ndash; $247,639,336) &ndash; 154.9%</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-top: 2pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; font-weight: normal; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, sans-serif; font-weight: normal">267,854,250</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="14">
<P STYLE="margin: 0; border-bottom: rgb(98,151,204) 6pt solid">&nbsp;</P>
<P STYLE="margin: 0"></P>
</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 6pt; text-align: center; font-weight: bold"><BR>Shares</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 6pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="13" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-weight: bold">Short-Term Securities</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">FFI Institutional Tax-Exempt Fund, 0.01% (h)(i)</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,008,681</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">1,008,681</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 2pt; font-weight: bold; border-bottom: Black 1pt solid">Total Short-Term Securities<BR> (Cost &ndash; $1,008,681) &ndash; 0.6%</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-top: 2pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; font-weight: normal; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, sans-serif; font-weight: normal">1,008,681</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; padding-top: 3pt; font-weight: bold">Total Investments<FONT STYLE="font-family: Arial, Helvetica, sans-serif; font-weight: normal"> </FONT>(Cost - $248,648,017*) &ndash; 155.5%</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 3pt; text-align: right; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, sans-serif; font-weight: normal">268,862,931</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding-top: 3pt; padding-left: 0.1in; text-indent: -0.1in; font-weight: bold">Other Assets Less Liabilities &ndash; 1.2%</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 3pt; padding-left: 0.1in; text-indent: -0.1in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 3pt; padding-left: 0.1in; text-align: right; text-indent: -0.1in; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, sans-serif; font-weight: normal">1,977,889</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding-top: 3pt; padding-left: 0.1in; text-indent: -0.1in; font-weight: bold">Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable &ndash; (56.7)%</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 3pt; padding-left: 0.1in; text-indent: -0.1in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, sans-serif; font-weight: normal">(97,966,902)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding-top: 3pt; font-weight: bold">Net Assets &ndash; 100.0%</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 3pt; text-align: right; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, sans-serif; font-weight: normal"></FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: left; text-indent: -0.1in; border-bottom: Black 1pt solid; vertical-align: bottom">$</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, sans-serif; font-weight: normal">172,873,918</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 68%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: -1mm; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR>
    <TD>*</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom">As of January 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Tax cost&#9;&#9;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">176,468,040&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Gross unrealized appreciation&#9;&#9;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">23,281,882&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Gross unrealized depreciation&#9;&#9;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">(4,119,853)</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&#9;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Net unrealized appreciation&#9;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">19,162,029&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="font: bold 8pt Arial, Helvetica, sans-serif; margin: 0; background-color: #C6D9F1; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 5%">
&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 95%">
        <P STYLE="font: bold 8pt Arial, Helvetica, sans-serif; margin: 0; background-color: #C6D9F1; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">Notes
        to Schedule of Investments</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 5%">(a)</TD>
    <TD STYLE="vertical-align: bottom; width: 95%">Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">(b)</TD>
    <TD STYLE="vertical-align: bottom">Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">(c)</TD>
    <TD STYLE="vertical-align: bottom">Non-income producing security.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">(d)</TD>
    <TD STYLE="vertical-align: bottom">Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">(e)</TD>
    <TD STYLE="vertical-align: bottom">Variable rate security. Rate shown is as of report date.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">(f)</TD>
    <TD STYLE="vertical-align: bottom">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>
<TR>
    <TD STYLE="vertical-align: top">(g)</TD>
    <TD STYLE="vertical-align: bottom">All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements is $21,283,688.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;LONG-TERM&nbsp;MUNICIPAL&nbsp;ADVANTAGE&nbsp;TRUST</TD><TD NOWRAP STYLE="text-align: center; width: 34%">JANUARY&nbsp;31,&nbsp;2013</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: 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: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(57,76,165) 4pt solid; width: 54%; font: 12pt Arial, Helvetica, sans-serif; color: navy"><FONT STYLE="font: 14pt Arial, Helvetica, sans-serif">Schedule&nbsp;of&nbsp;Investments&nbsp;</FONT><FONT STYLE="font-size: 9pt; color: navy">(continued)</FONT><FONT STYLE="font-size: 14pt"> </FONT></TD>
    <TD STYLE="width: 46%; text-align: right; vertical-align: top">
        <P STYLE="border-top: rgb(57,76,165) 4pt solid; font: 8pt Arial, Helvetica, sans-serif; margin: 0; color: navy"><B>BlackRock&nbsp;Long-Term&nbsp;Municipal&nbsp;Advantage&nbsp;Trust&nbsp;(BTA)</B></P>
        <P STYLE="color: navy; font: 7pt Arial, Helvetica, sans-serif; margin: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 5%">(h)</TD>
    <TD STYLE="vertical-align: bottom; width: 95%">Investments in issuers considered to be an affiliate of the Trust during the period ended January 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Affiliate</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Shares<BR> Held at<BR> April 30, 2012</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Net<BR> Activity</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Shares<BR> Held at<BR> January 31, 2013</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Income</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">FFI Institutional Tax-Exempt Fund</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in; border-bottom: Black 1pt solid">3,415,500</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in; border-bottom: Black 1pt solid">(2,406,819)</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in; border-bottom: Black 1pt solid">1,008,681</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in; border-bottom: Black 1pt solid">244</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 5%">(i)</TD>
    <TD STYLE="vertical-align: bottom; width: 95%">Represents the current yield as of report date.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">
        <P STYLE="font: bold 8pt Arial, Helvetica, sans-serif; margin: 12pt 0 0; background-color: #BFD5EB; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">Portfolio
        Abbreviations</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; padding-bottom: 6pt">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:</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 15%">AGM</TD>
    <TD STYLE="vertical-align: bottom; width: 85%">Assured Guaranty Municipal Corp.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">AMT</TD>
    <TD STYLE="vertical-align: bottom">Alternative Minimum Tax (subject to)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">ARB</TD>
    <TD STYLE="vertical-align: bottom">Airport Revenue Bonds</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">CAB</TD>
    <TD STYLE="vertical-align: bottom">Capital Appreciation Bonds</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">EDA</TD>
    <TD STYLE="vertical-align: bottom">Economic Development Authority</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">EDC</TD>
    <TD STYLE="vertical-align: bottom">Economic Development Corp.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">ERB</TD>
    <TD STYLE="vertical-align: bottom">Education Revenue Bonds</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">GARB</TD>
    <TD STYLE="vertical-align: bottom">General Airport Revenue Bonds</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">GO</TD>
    <TD STYLE="vertical-align: bottom">General Obligation Bonds</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">HDA</TD>
    <TD STYLE="vertical-align: bottom">Housing Development Authority</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">HFA</TD>
    <TD STYLE="vertical-align: bottom">Housing Finance Agency</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">HRB</TD>
    <TD STYLE="vertical-align: bottom">Housing Revenue Bonds</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">ISD</TD>
    <TD STYLE="vertical-align: bottom">Independent School District</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">NPFGC</TD>
    <TD STYLE="vertical-align: bottom">National Public Finance Guarantee Corp.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">PSF-GTD</TD>
    <TD STYLE="vertical-align: bottom">Permanent School Fund Guaranteed</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">RB</TD>
    <TD STYLE="vertical-align: bottom">Revenue Bonds</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">SAN</TD>
    <TD STYLE="vertical-align: bottom">State Aid Notes</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&bull;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">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>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: center">&bull;</TD>
    <TD STYLE="vertical-align: bottom; width: 93%">Level 1 &mdash; unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Trust has the ability to access</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&bull;</TD>
    <TD STYLE="vertical-align: bottom">Level 2 &mdash; 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>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&bull;</TD>
    <TD STYLE="vertical-align: bottom">Level 3 &mdash; 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>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">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 semi-annual report.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD></TR>
</TABLE>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;LONG-TERM&nbsp;MUNICIPAL&nbsp;ADVANTAGE&nbsp;TRUST</TD><TD NOWRAP STYLE="text-align: center; width: 34%">JANUARY&nbsp;31,&nbsp;2013</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(57,76,165) 4pt solid; width: 54%; font: 12pt Arial, Helvetica, sans-serif; color: navy"><FONT STYLE="font: 14pt Arial, Helvetica, sans-serif">Schedule&nbsp;of&nbsp;Investments&nbsp;</FONT><FONT STYLE="font-size: 9pt; color: navy">(concluded)</FONT><FONT STYLE="font-size: 14pt"> </FONT></TD>
    <TD STYLE="width: 46%; text-align: right; vertical-align: top">
        <P STYLE="border-top: rgb(57,76,165) 4pt solid; font: 8pt Arial, Helvetica, sans-serif; margin: 0; color: navy"><B>BlackRock&nbsp;Long-Term&nbsp;Municipal&nbsp;Advantage&nbsp;Trust&nbsp;(BTA)</B></P>
        <P STYLE="color: navy; font: 7pt Arial, Helvetica, sans-serif; margin: 0"></P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>The following table summarizes the Trust's investments categorized in the disclosure hierarchy as of January 31, 2013:</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, sans-serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 1</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 2</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 3</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-weight: bold">Assets:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-weight: normal"><FONT STYLE="font-weight: normal">Investments:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Long-Term Investments<SUP>1</SUP></TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&mdash;</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="text-align: right">267,854,250</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&mdash;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">$</TD>
    <TD STYLE="text-align: right">267,854,250</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Short-Term Securities</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,008,681</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,008,681</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><B>Total</TD>
    <TD COLSPAN="2" STYLE="text-align: right">$</TD>
    <TD STYLE="text-align: right">1,008,681</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="text-align: right">267,854,250</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&mdash;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">$</TD>
    <TD STYLE="text-align: right">268,862,931</TD></TR>
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, sans-serif; margin: 0"><SUP>1 </SUP>See above Schedule of Investments for values in each state or
political subdivision.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: FranklinGothic-Book,sans-serif">Certain
of the Trust&rsquo;s
liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of January 31,
2013, TOB trust certificates of $97,937,862 are categorized as Level 2
within the disclosure hierarchy.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, sans-serif; margin: 0 0 6pt">There were no transfers between levels during the period
ended January 31, 2013.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;LONG-TERM&nbsp;MUNICIPAL&nbsp;ADVANTAGE&nbsp;TRUST</TD><TD NOWRAP STYLE="text-align: center; width: 34%">JANUARY&nbsp;31,&nbsp;2013</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 11pt; padding-left: 0"><FONT STYLE="font-size: 11pt">Item 2 &ndash;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-bottom: 11pt; padding-left: 0"><FONT STYLE="font-size: 11pt">Controls and Procedures</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 11pt; padding-left: 0"><FONT STYLE="font-size: 11pt">2(a) &ndash; </FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-bottom: 11pt; padding-left: 0"><FONT STYLE="font-size: 11pt">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 11pt; padding-left: 0"><FONT STYLE="font-size: 11pt">2(b) &ndash; </FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-bottom: 11pt; padding-left: 0"><FONT STYLE="font-size: 11pt">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 11pt; padding-left: 0"><FONT STYLE="font-size: 11pt">Item 3 &ndash;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-bottom: 11pt; padding-left: 0"><FONT STYLE="font-size: 11pt">Exhibits</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 11pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-bottom: 11pt; padding-left: 0"><FONT STYLE="font-size: 11pt">Certifications &ndash; Attached hereto</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">BlackRock Long-Term Municipal Advantage Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; width: 10%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 5%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 43%"><FONT STYLE="font-size: 11pt"><U>/s/ John M. Perlowski</U></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">John M. Perlowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">Chief Executive Officer (principal executive officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">BlackRock Long-Term Municipal Advantage Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">Date: March 26, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt"><U>/s/ John M. Perlowski</U></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">John M. Perlowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">Chief Executive Officer (principal executive officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">BlackRock Long-Term Municipal Advantage Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">Date: March 26, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt"><U>/s/ Neal J. Andrews</U></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">Neal J. Andrews</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">Chief Financial Officer (principal financial officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">BlackRock Long-Term Municipal Advantage Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 11pt">Date: March 26, 2013</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e52581ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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     <TITLE></TITLE>
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<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; 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">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: March 26, 2013</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"></TD><TD><U>/s/ John M. Perlowski</U></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"></TD><TD>John M. Perlowski</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>


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<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: March 26, 2013</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"></TD><TD><U>/s/ Neal J. Andrews</U></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"></TD><TD>Neal J. Andrews</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>



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