<SEC-DOCUMENT>0000891092-14-007144.txt : 20140925
<SEC-HEADER>0000891092-14-007144.hdr.sgml : 20140925
<ACCEPTANCE-DATETIME>20140925165549
ACCESSION NUMBER:		0000891092-14-007144
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140731
FILED AS OF DATE:		20140925
DATE AS OF CHANGE:		20140925
EFFECTIVENESS DATE:		20140925

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:		141121095

	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>e60587nq.htm
<DESCRIPTION>FORM N-Q
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="vertical-align: baseline"><B>&nbsp;</B></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">UNITED
STATES</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">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-align: center; 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 11pt 42pt; text-indent: 30pt">&#9;</P>

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of fiscal year end: 04/30/2015</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of reporting period: 07/31/2014</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>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt solid"><font style="font: 14pt Arial, Helvetica, Sans-Serif; color: navy">Schedule of Investments</font><font style="font-family: Arial, Helvetica, Sans-Serif; color: navy"> <font style="font-size: 9pt">July 31, 2014 (Unaudited)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Long-Term Municipal Advantage Trust (BTA) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>




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

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<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="font-weight: bold">Municipal Bonds</td>
    <TD STYLE="font-weight: bold; text-align: center">Par<br>
(000)</td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Alabama&nbsp;&mdash; 1.4%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">515</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="color: White">111,</FONT>519,584</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42</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">1,655</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,796,850</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">2,316,434</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">California&nbsp;&mdash; 5.9%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">California Health Facilities Financing Authority, RB:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 6%">&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-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">385</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">445,638</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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,040</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">1,244,776</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">California Health Facilities Financing Authority, Refunding RB, Series A:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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">Catholic Healthcare West, 6.00%, 7/01/39</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">680</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">754,535</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, 5.00%, 7/01/33</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">435</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">477,604</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">California HFA, RB, S/F Housing, Home Mortgage, Series K, AMT, 5.50%, 2/01/42</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">180</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">183,755</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, Series A, S/F:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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%, 8/15/39</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">70</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">74,668</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%, 8/15/49</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">175</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">185,719</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">California Pollution Control Financing Authority, RB (a):</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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">County of San Diego California Water Authority Desalination Project Pipeline, 5.00%, 11/21/45</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">440</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">445,394</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 Project, AMT, 5.00%, 7/01/37</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">360</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">370,415</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%, 5/15/39</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">270</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">306,644</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38</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">165</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">186,747</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">San Diego Community College District California, GO, Election of 2006, 5.00%, 8/01/43</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">375</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">419,029</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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</DIV><DIV style="width: 48%; float: right;">


<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="font-weight: bold">Municipal Bonds</td>
    <TD STYLE="font-weight: bold; text-align: center">Par<br>
(000)</td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-weight: bold">California (concluded)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 8/01/38 (b)</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,725</td>
    <TD STYLE="padding-left: 0.1in; text-align: center">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;1,244,671</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">State of California, GO, Various Purposes, 6.50%, 4/01/33</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">2,000</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,432,900</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">State of California Public Works Board, LRB:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 6%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Series I, 5.00%, 11/01/38</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">355</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">389,396</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">Sub-Series I-1, 6.38%, 11/01/34</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">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">482,352</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">9,644,243</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Colorado&nbsp;&mdash; 0.8%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">65</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">67,339</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,200</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,206,876</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">1,274,215</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Delaware&nbsp;&mdash; 1.3%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40</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">750</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">825,698</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45</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">1,240</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,304,604</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">2,130,302</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">District of Columbia&nbsp;&mdash; 3.3%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">District of Columbia, RB, Methodist Home District of Columbia, Series A:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">550</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">551,392</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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD 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">501,085</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43</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">260</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">292,440</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">750</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">786,255</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,065</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,065,268</td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">BlackRock Long-Term Municipal Advantage Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">1</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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    <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt solid"><font style="font: 14pt Arial, Helvetica, Sans-Serif; color: navy">Schedule of Investments</font><font style="font-family: Arial, Helvetica, Sans-Serif; color: navy"> <font style="font-size: 9pt">(continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Long-Term Municipal Advantage Trust (BTA) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>

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

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<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">



<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="font-weight: bold">Municipal Bonds</td>
    <TD STYLE="font-weight: bold; text-align: center">Par<br>
(000)</td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-weight: bold">District of Columbia (concluded)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Metropolitan Washington Airports Authority, Refunding RB, 1st Senior Lien, Series A:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 6%">&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-align: right; text-indent: -0.1in; width: 5%">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">170</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; width: 5%">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">180,462</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">Dulles Toll Road, 5.25%, 10/01/44</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">1,000</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">1,074,670</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">5,451,572</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Florida&nbsp;&mdash; 2.8%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40</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">1,080</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,294,520</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Tolomato Community Development District, Refunding, CAB, Special Assessment Bonds:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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">0.00%, 5/01/39 (c)</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">95</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">69,572</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">0.00%, 5/01/40 (c)</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">225</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">134,258</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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">355</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">360,691</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">Convertible Series A-4, 0.00%, 5/01/40 (c)</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">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">53,003</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Tolomato Community Development District, Series A-1 (d)(e):</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">15</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">15,297</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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">815</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">477,182</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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">275</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">3</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">880</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">880,211</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,745</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,308,942</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">4,593,679</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Guam&nbsp;&mdash; 1.3%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Guam Government Waterworks Authority, RB, Water &amp; Wastewater System:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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%, 7/01/33</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">640</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">696,979</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%, 7/01/43</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">1,065</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">1,167,049</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Territory of Guam, GO, Series A, 6.00%, 11/15/19</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">200</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">218,784</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">2,082,812</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Illinois&nbsp;&mdash; 10.2%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois, GARB, O&rsquo;Hare International Airport, 3rd Lien, Series A, 5.75%, 1/01/39</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">2,500</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,813,050</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">


<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="font-weight: bold">Municipal Bonds</td>
    <TD STYLE="font-weight: bold; text-align: center">Par<br>
(000)</td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-weight: bold">Illinois (continued)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois, GO, Project, Series A:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 6%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.00%, 1/01/34</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">480</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; width: 5%">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">&nbsp;487,709</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">Refunding, 5.25%, 1/01/32</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">1,090</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">1,140,216</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38</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">280</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">299,849</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41</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">1,150</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,165,272</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40</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">360</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">390,003</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42</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">1,875</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,958,606</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38</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">350</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">391,118</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,845</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,001,751</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/39</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">550</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">614,889</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38</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">815</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">886,084</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Metropolitan Pier &amp; Exposition Authority, Refunding RB, McCormick Place Expansion Project:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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 (AGM), 5.00%, 6/15/50</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">1,790</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">1,860,401</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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">600</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">623,454</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">180</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">209,394</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">State of Illinois, GO, 5.00%, 2/01/39</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">745</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">750,603</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">215</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">237,822</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">University of Illinois, RB, Auxiliary Facilities System, Series A:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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%, 4/01/39</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">390</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">422,620</td></tr>
</table>



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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">BlackRock Long-Term Municipal Advantage Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">2</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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    <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt solid"><font style="font: 14pt Arial, Helvetica, Sans-Serif; color: navy">Schedule of Investments</font><font style="font-family: Arial, Helvetica, Sans-Serif; color: navy"> <font style="font-size: 9pt">(continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Long-Term Municipal Advantage Trust (BTA) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>


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

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<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">


<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="font-weight: bold">Municipal Bonds</td>
    <TD STYLE="font-weight: bold; text-align: center">Par<br>
(000)</td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-weight: bold">Illinois (concluded)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">University of Illinois, RB, Auxiliary Facilities System, Series A&nbsp;(concluded):</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 6%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.00%, 4/01/44</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">475</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">512,748</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">16,765,589</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Indiana&nbsp;&mdash; 3.3%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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">6.75%, 1/01/34</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">365</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">405,964</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">7.00%, 1/01/44</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">885</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">986,669</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Indiana Finance Authority, RB, Series A:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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">CWA Authority Project, 1st Lien, 5.25%, 10/01/38</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">1,285</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">1,425,528</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">Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44</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">160</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">165,341</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">Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48</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">520</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">536,203</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 Services, 5.25%, 11/01/39</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">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">308,548</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31</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">600</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">667,452</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">350</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">395,440</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40</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">445</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">487,004</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">5,378,149</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Iowa&nbsp;&mdash; 2.5%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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%, 12/01/19</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">340</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">357,418</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%, 12/01/22</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">830</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">865,441</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%, 12/01/25</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">660</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">695,594</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22</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">765</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">807,450</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">


<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="font-weight: bold">Municipal Bonds</td>
    <TD STYLE="font-weight: bold; text-align: center">Par<br>
(000)</td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-weight: bold">Iowa (concluded)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,765</td>
    <TD STYLE="padding-left: 0.1in; text-align: center">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;1,458,631</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">4,184,534</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Kentucky&nbsp;&mdash; 0.5%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45</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">440</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">477,981</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Kentucky Public Transportation Infrastructure Authority, RB, Convertible CAB, 1st Tier, Downtown Crossing Project, Series C, 0.00%, 7/01/43 (c)</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">565</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">362,967</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">840,948</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Louisiana&nbsp;&mdash; 3.7%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Louisiana Local Government Environmental Facilities &amp; Community Development Authority, RB, Westlake Chemical Corp. Project:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 6%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">6.75%, 11/01/32</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">2,000</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">2,224,900</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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,135</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">1,302,957</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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">5.50%, 5/15/30</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">350</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">382,921</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%, 5/15/31</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">300</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">321,900</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%, 5/15/32</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">380</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">403,913</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%, 5/15/33</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">415</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">439,145</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%, 5/15/35</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">945</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">1,004,233</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">6,079,969</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Maine&nbsp;&mdash; 0.6%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">970</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,059,890</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Maryland&nbsp;&mdash; 1.3%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">970</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,030,771</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">BlackRock Long-Term Municipal Advantage Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">3</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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    <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt solid"><font style="font: 14pt Arial, Helvetica, Sans-Serif; color: navy">Schedule of Investments</font><font style="font-family: Arial, Helvetica, Sans-Serif; color: navy"> <font style="font-size: 9pt">(continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Long-Term Municipal Advantage Trust (BTA) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>


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

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<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">


<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="font-weight: bold">Municipal Bonds</td>
    <TD STYLE="font-weight: bold; text-align: center">Par<br>
(000)</td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-weight: bold">Maryland (concluded)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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: right; text-indent: -0.1in">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</td>
    <TD STYLE="padding-left: 0.1in; text-align: center">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;1,091,660</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">2,122,431</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Michigan&nbsp;&mdash; 3.0%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of Detroit Michigan, Refunding RB, Sewage Disposal System, Senior Lien:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 6%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Series A, 5.00%, 7/01/32</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">545</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">529,276</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, 5.25%, 7/01/39</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">1,970</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">1,929,694</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 (AGM), 7.50%, 7/01/33</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">560</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">612,853</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (f)</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">1,400</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,805,706</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">4,877,529</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Missouri&nbsp;&mdash; 0.1%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44</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">85</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">93,037</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Missouri State Health &amp; Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43</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">115</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">123,664</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">216,701</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Nebraska&nbsp;&mdash; 0.2%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 9/01/37</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">285</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">305,121</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">New Jersey&nbsp;&mdash; 2.1%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23</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">1,410</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,473,126</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31</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">785</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">851,450</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36</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">845</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">918,988</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">


<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="font-weight: bold">Municipal Bonds</td>
    <TD STYLE="font-weight: bold; text-align: center">Par<br>
(000)</td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-weight: bold">New Jersey (concluded)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Rutgers - The State University of New Jersey, Refunding RB, Series L, 5.00%, 5/01/43</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">185</td>
    <TD STYLE="padding-left: 0.1in; text-align: center">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;205,309</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">3,448,873</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">New York&nbsp;&mdash; 5.8%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of New York New York Industrial Development Agency, ARB, AMT:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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 (g)</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">4,000</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">4,391,360</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 PLC Project, 7.63%, 12/01/32</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">1,000</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">1,005,200</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Metropolitan Transportation Authority, RB, Series B:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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%, 11/15/38</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">1,125</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">1,260,180</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">5.25%, 11/15/39</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">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">447,368</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49</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">420</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">462,399</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,114,850</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Port Authority of New York &amp; New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42</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">730</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">837,514</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">9,518,871</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">North Carolina&nbsp;&mdash; 0.5%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42</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">480</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">530,045</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41</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">260</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">288,298</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">818,343</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Ohio&nbsp;&mdash; 3.5%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed Bonds, Series A-2, 5.75%, 6/01/34</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">2,295</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,821,656</td></tr>
</table>

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</div><br style="clear:both">

<P STYLE="color: navy; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">BlackRock Long-Term Municipal Advantage Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">4</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>




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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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    <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt solid"><font style="font: 14pt Arial, Helvetica, Sans-Serif; color: navy">Schedule of Investments</font><font style="font-family: Arial, Helvetica, Sans-Serif; color: navy"> <font style="font-size: 9pt">(continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Long-Term Municipal Advantage Trust (BTA) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>

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

<!-- MARKER FORMAT-SHEET="2 Column - 1st Div" FSL="Workstation" -->
<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">


<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="font-weight: bold">Municipal Bonds</td>
    <TD STYLE="font-weight: bold; text-align: center">Par<br>
(000)</td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-weight: bold">Ohio (concluded)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,650</td>
    <TD STYLE="padding-left: 0.1in; text-align: center">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;2,850,658</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,021,680</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">5,693,994</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Pennsylvania&nbsp;&mdash; 0.7%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of Philadelphia Pennsylvania Hospitals &amp; Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42</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">580</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">586,797</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">State of Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44</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">520</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">569,629</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">1,156,426</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">South Carolina&nbsp;&mdash; 1.1%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">South Carolina State Public Service Authority, RB, Series A, 5.50%, 12/01/54</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">1,690</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,871,134</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Texas&nbsp;&mdash; 7.0%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,500</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">138,750</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Central Texas Regional Mobility Authority, Refunding RB:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 6%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Senior Lien, 6.25%, 1/01/46</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">730</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">819,264</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">Sub-Lien, 5.00%, 1/01/42</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">110</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">112,922</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of Dallas Texas Waterworks &amp; Sewer System, Refunding RB, 5.00%, 10/01/35</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">525</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">594,610</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">250</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">282,855</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/43</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">210</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">234,581</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power &amp; Light Co. Project, Series A, 6.30%, 11/01/29</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">700</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">798,581</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 9/15/37 (b)</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">5,200</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,747,200</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">


<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="font-weight: bold">Municipal Bonds</td>
    <TD STYLE="font-weight: bold; text-align: center">Par<br>
(000)</td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-weight: bold">Texas (concluded)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott &amp; White Healthcare, 6.00%, 8/15/45</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,390</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,662,829</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (NPFGC), 0.00%, 11/15/34 (b)</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">3,000</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">991,260</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,150</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,150,782</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">North Texas Tollway Authority, Refunding RB, 2nd Tier System, Series F, 6.13%, 1/01/31</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">2,290</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,428,888</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">500</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">593,805</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">11,556,327</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Utah&nbsp;&mdash; 0.6%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 6%">&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-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">700</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">583,324</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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD 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">341,670</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">924,994</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Virginia&nbsp;&mdash; 1.9%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,047,630</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings&nbsp;LLC Project, AMT, 6.00%, 1/01/37</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">1,875</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,090,887</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">3,138,517</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Washington&nbsp;&mdash; 0.7%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45</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">1,020</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,148,785</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Wyoming&nbsp;&mdash; 0.1%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 1/01/42</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">100</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">103,517</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt"><b>Total Municipal Bonds</b> &mdash; <b>66.2%</b></td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">108,703,899</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">BlackRock Long-Term Municipal Advantage Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">5</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
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    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt solid"><font style="font: 14pt Arial, Helvetica, Sans-Serif; color: navy">Schedule of Investments</font><font style="font-family: Arial, Helvetica, Sans-Serif; color: navy"> <font style="font-size: 9pt">(continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Long-Term Municipal Advantage Trust (BTA) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>


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

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<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">


<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="font-weight: bold">Municipal Bonds Transferred to Tender<BR>
 Option Bond (TOB) Trusts (h)</td>
    <TD STYLE="font-weight: bold; text-align: center">Par<br>
(000)</td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">California&nbsp;&mdash; 5.3%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" 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-align: right; text-indent: -0.1in">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,090</td>
    <TD STYLE="padding-left: 0.1in; text-align: center">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;1,313,132</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (i)</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">840</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">947,604</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City &amp; County of San Francisco California Public Utilities Commission, RB, Series B, 5.00%, 11/01/39</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">3,225</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,586,426</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 5/15/40</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">2,039</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,232,696</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="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="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">553</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">637,425</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">8,717,283</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Colorado&nbsp;&mdash; 3.1%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Colorado Health Facilities Authority, Refunding RB, Series A:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 6%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Catholic Health Initiatives, 5.50%, 7/01/34 (i)</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">740</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">842,590</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 Leavenworth Health System, 5.00%, 1/01/40</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">3,930</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">4,198,458</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">5,041,048</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Florida&nbsp;&mdash; 1.3%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">County of Miami-Dade Florida, RB, Water &amp; Sewer System, 5.00%, 10/01/34</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">1,950</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,157,560</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Illinois&nbsp;&mdash; 4.8%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois, GARB, O&rsquo;Hare International Airport, 3rd Lien, Series A (NPFGC), 5.00%, 1/01/33 (i)</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">4,995</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">5,196,049</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 8/15/41</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">2,340</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,663,037</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">7,859,086</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Indiana&nbsp;&mdash; 7.8%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Carmel Redevelopment Authority, RB, Performing Arts Center (f):</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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">4.75%, 2/01/16</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">5,365</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">5,725,689</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">


<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="font-weight: bold">Municipal Bonds Transferred to Tender<BR>
 Option Bond (TOB) Trusts (h)</td>
    <TD STYLE="font-weight: bold; text-align: center">Par<br>
(000)</td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-weight: bold">Indiana (concluded)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Carmel Redevelopment Authority, RB, Performing Arts Center (f) (concluded):</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 6%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.00%, 2/01/16</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">6,580</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; width: 5%">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">7,046,982</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">12,772,671</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Massachusetts&nbsp;&mdash; 4.8%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41</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">7,112</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">7,869,310</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">Nebraska&nbsp;&mdash; 3.2%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Omaha Public Power District, RB, Sub-Series B (NPFGC), 4.75%, 2/01/36</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">5,000</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">5,204,450</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">New Hampshire&nbsp;&mdash; 0.4%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">New Hampshire Health &amp; Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (i)</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">660</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">749,505</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">New York&nbsp;&mdash; 23.5%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">City of New York New York Municipal Water Finance Authority, Refunding RB, Water &amp; Sewer System, 2nd General Resolution:</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">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&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">Fiscal 2013, Series CC, 5.00%, 6/15/47</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">4,780</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">5,193,721</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 FF-2, 5.50%, 6/15/40</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">495</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">566,187</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 HH, 5.00%, 6/15/31 (i)</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">2,835</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">3,165,074</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">Hudson Yards Infrastructure Corp., RB, Senior Bond, Fiscal 2012, Series A, 5.75%, 2/15/47 (i)</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">6,509</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">7,405,366</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated, 5.25%, 12/15/43</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">6,135</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">6,760,034</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (i)</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">2,220</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,488,709</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">State of New York Dormitory Authority, ERB, Series B, 5.75%, 3/15/36</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">11,240</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">13,030,307</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">38,609,398</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="6" STYLE="font-weight: bold">North Carolina&nbsp;&mdash; 9.7%</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.75%, 12/01/34</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">15,170</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">15,859,930</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
</table>

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    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">BlackRock Long-Term Municipal Advantage Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">6</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>


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    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Long-Term Municipal Advantage Trust (BTA) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="2" style="font-weight: bold">Municipal Bonds Transferred to Tender<BR>
 Option Bond (TOB) Trusts (h)</td>
    <TD STYLE="font-weight: bold; text-align: center">Par<br>
(000)</td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="5" STYLE="font-weight: bold">Ohio&nbsp;&mdash; 3.1%</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 1/01/39</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">4,634</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; width: 5%">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">&nbsp;5,140,428</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="5" STYLE="font-weight: bold">South Carolina&nbsp;&mdash; 1.2%</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">State of South Carolina Housing Finance &amp; Development Authority, Refunding RB, S/F Housing, Series B-1, 5.55%, 7/01/39</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">1,919</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,970,706</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="5" STYLE="font-weight: bold">Texas&nbsp;&mdash; 11.1%</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">City of San Antonio Texas Public Service Board, RB, Electric &amp; Gas Systems, Junior Lien, 5.00%, 2/01/43</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">11,000</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">12,059,960</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (i)</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">2,122</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,363,290</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41</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">1,170</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,287,749</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43</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">2,175</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,437,931</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="3" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">18,148,930</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="5" STYLE="font-weight: bold">Utah&nbsp;&mdash; 1.2%</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41</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">1,829</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,945,007</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="5" STYLE="font-weight: bold">Virginia&nbsp;&mdash; 1.9%</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40</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">2,949</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,153,728</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="2" style="font-weight: bold">Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (h)</td>
    <TD STYLE="font-weight: bold; text-align: center">Par<br>
(000)</td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="5" STYLE="font-weight: bold">Wisconsin&nbsp;&mdash; 1.3%</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">Wisconsin Health &amp; Educational Facilities Authority, Refunding RB, Froedtert &amp; Community Health Inc., Obligated Group, Series C, 5.25%, 4/01/39 (i)</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">1,989</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">$</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%">2,121,177</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3"><b>Total Municipal Bonds Transferred to Tender <BR>
Option Bond (TOB) Trusts</b> &mdash; <b>83.7%</b></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">137,320,217</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3" style="padding-top: 2pt"><b>Total Long-Term Investments</b><br>
<b>(Cost &mdash; $232,603,875) &mdash; 149.9%</b></td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">246,024,116</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #0070C0">
    <TD COLSPAN="5" STYLE="color: #47B0FF"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold">Short-Term Securities</td></tr>
<tr style="vertical-align: bottom; background-color: #0070C0">
    <TD COLSPAN="5" STYLE="color: #47B0FF"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">FFI Institutional Tax-Exempt Fund, 0.01% (j)(k)</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">1,032,241</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">1,032,241</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-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="2" style="vertical-align: bottom"><b>Total Short-Term Securities</b><br>
<b>(Cost &mdash; $1,032,241) &mdash; 0.6%</b></td>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right">1,032,241</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-top: 2pt"><b>Total Investments</b><br>
<b>(Cost &mdash; $233,636,116) &mdash; 150.5%</b></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">247,056,357</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-top: 2pt"><b>Liabilities in Excess of Other Assets</b> &mdash; <b>(6.1)%</b></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">(10,061,795)</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-top: 2pt"><b>Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable</b> &mdash; <b>(44.4%)</b></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">(72,865,583)</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-top: 2pt"><b>Net Assets Applicable to Common Shares</b> &mdash; <b>100.0%</b></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">$</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">164,128,979</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; text-align: center">*</td>
    <td colspan="3" style="vertical-align: top">As of July 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:<br>
<br></td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="width: 5%">&nbsp;</td>
    <TD STYLE="width: 10%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-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: bottom; padding-left: 0.1in; text-indent: -0.1in">Tax cost&#9;</td>
    <TD STYLE="vertical-align: bottom; width: 5%; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-left: 0.1in; text-align: right; text-indent: -0.1in">161,123,779</td>
    <TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>

<tr>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Gross unrealized appreciation&#9;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">16,486,820</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Gross unrealized depreciation&#9;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">(3,405,143)</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
<tr>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Net unrealized appreciation&#9;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">13,081,677</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
</table>
<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%; font-weight: bold">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<!-- MARKER FORMAT-SHEET="2 Column - End of Div" FSL="Workstation" -->
</div><br style="clear:both">


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td colspan="2">
        <P STYLE="color: navy; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: navy 1pt solid; border-bottom: navy 1pt solid"><b>Notes
        to Schedule of Investments </b></P></td></tr>
<tr>
    <TD STYLE="vertical-align: top; width: 5%">(a)</td>
    <TD STYLE="vertical-align: bottom; width: 95%">Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.</td></tr>
<tr>
    <TD STYLE="vertical-align: top">(b)</td>
    <TD STYLE="vertical-align: bottom">Zero-coupon bond.</td></tr>
<tr>
    <TD STYLE="vertical-align: top">(c)</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">(d)</td>
    <TD STYLE="vertical-align: bottom">Non-income producing security.</td></tr>
<tr>
    <TD STYLE="vertical-align: top">(e)</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">(f)</td>
    <TD STYLE="vertical-align: bottom">U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.</td></tr>
<tr>
    <TD STYLE="vertical-align: top">(g)</td>
    <TD STYLE="vertical-align: bottom">Variable rate security. Rate shown is as of report date.</td></tr>
<tr>
    <TD STYLE="vertical-align: top">(h)</td>
    <TD STYLE="vertical-align: bottom">Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as collateral in a financing transaction.</td></tr>
</table>

<P STYLE="color: navy; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>




<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">BlackRock Long-Term Municipal Advantage Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">7</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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    <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt solid"><font style="font: 14pt Arial, Helvetica, Sans-Serif; color: navy">Schedule of Investments</font><font style="font-family: Arial, Helvetica, Sans-Serif; color: navy"> <font style="font-size: 9pt">(continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Long-Term Municipal Advantage Trust (BTA) </b></font></td></tr>
</table>


<P STYLE="font: 8pt Arial, Helvetica, Sans-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">(i)</td>
    <td colspan="2" 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, which expire from January 1, 2015 to February 15, 2031 is $18,040,423.</td></tr>
<tr>
    <TD STYLE="vertical-align: top">(j)</td>
    <td colspan="2" style="vertical-align: bottom">Represents the current yield as of report date.</td></tr>
<tr>
    <TD STYLE="vertical-align: top">(k)</td>
    <td colspan="2" style="vertical-align: bottom">Investments in issuers considered to be an affiliate of the Trust during the period ended July 31, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:</td></tr>
<tr>
    <TD STYLE="width: 5%">&nbsp;</td>
    <TD STYLE="width: 45%">&nbsp;</td>
    <TD STYLE="width: 50%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-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="22" STYLE="font-size: 2pt; border-bottom: Black 1pt solid; width: 12%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="5" style="vertical-align: bottom; font-weight: bold">Affiliate</td>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="vertical-align: bottom; font-weight: bold; text-align: center">Shares<br>
Held at<br>
April 30, 2014</td>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center">Net<br>
Activity</td>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center">Shares<br>
Held at<br>
July 31, 2014</td>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center">Income</td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="22" STYLE="font-size: 2pt; border-bottom: Black 1pt solid; width: 12%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td colspan="5" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">FFI Institutional Tax-Exempt Fund</td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td colspan="6" style="vertical-align: bottom; padding-left: 0.1in; text-align: center; text-indent: -0.1in">787,037</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: center">245,204</td>
    <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-align: center; text-indent: -0.1in">1,032,241</td>
    <td 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: center; text-indent: -0.1in">97</td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; font-size: 2pt">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 2pt">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 2pt">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 2pt; text-align: center">&nbsp;</td>
    <td colspan="3" style="vertical-align: bottom; font-size: 2pt">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 2pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 2pt">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 2pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 2pt">&nbsp;</td>
    <td colspan="4" style="vertical-align: bottom; font-size: 2pt; text-align: center">&nbsp;</td>
    <td colspan="6" style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="22" STYLE="font-size: 2pt; border-bottom: Black 1pt solid; width: 12%">&nbsp;</td></tr>
<tr>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 11%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 11%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 26%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-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">
        <P STYLE="color: navy; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: navy 1pt solid; border-bottom: navy 1pt solid"><b>Portfolio
        Abbreviations </b></P></td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">AGM</td>
    <td colspan="2" style="vertical-align: bottom">Assured Guaranty Municipal Corp.</td></tr>
<tr>
    <td style="vertical-align: top">AMT</td>
    <td colspan="2" style="vertical-align: bottom">Alternative Minimum Tax (subject to)</td></tr>
<tr>
    <td style="vertical-align: top">ARB</td>
    <td colspan="2" style="vertical-align: bottom">Airport Revenue Bonds</td></tr>
<tr>
    <td style="vertical-align: top">CAB</td>
    <td colspan="2" style="vertical-align: bottom">Capital Appreciation Bonds</td></tr>
<tr>
    <td style="vertical-align: top">EDA</td>
    <td colspan="2" style="vertical-align: bottom">Economic Development Authority</td></tr>
<tr>
    <td style="vertical-align: top">EDC</td>
    <td colspan="2" style="vertical-align: bottom">Economic Development Corp.</td></tr>
<tr>
    <td style="vertical-align: top">ERB</td>
    <td colspan="2" style="vertical-align: bottom">Education Revenue Bonds</td></tr>
<tr>
    <td style="vertical-align: top">GARB</td>
    <td colspan="2" style="vertical-align: bottom">General Airport Revenue Bonds</td></tr>
<tr>
    <td style="vertical-align: top">GO</td>
    <td colspan="2" style="vertical-align: bottom">General Obligation Bonds</td></tr>
<tr>
    <td style="vertical-align: top">HDA</td>
    <td colspan="2" style="vertical-align: bottom">Housing Development Authority</td></tr>
<tr>
    <td style="vertical-align: top">HFA</td>
    <td colspan="2" style="vertical-align: bottom">Housing Finance Agency</td></tr>
<tr>
    <td style="vertical-align: top">LRB</td>
    <td colspan="2" style="vertical-align: bottom">Lease Revenue Bonds</td></tr>
<tr>
    <td style="vertical-align: top">NPFGC</td>
    <td colspan="2" style="vertical-align: bottom">National Public Finance Guarantee Corp.</td></tr>
<tr>
    <td style="vertical-align: top">RB</td>
    <td colspan="2" style="vertical-align: bottom">Revenue Bonds</td></tr>
<tr>
    <td style="vertical-align: top">SAN</td>
    <td colspan="2" style="vertical-align: bottom">State Aid Notes</td></tr>
<tr>
    <td style="vertical-align: top">S/F</td>
    <td colspan="2" style="vertical-align: bottom">Single-Family</td></tr>
<tr>
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 44%">&nbsp;</td>
    <td style="width: 49%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-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: top">
    <td style="width: 4%; font-weight: bold; text-align: center">&bull;</td>
    <td style="width: 96%; font-weight: bold"><font style="font-weight: normal">Financial futures contracts outstanding as of July 31, 2014 were as follows:</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-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="9" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; font-weight: bold">Contracts<br>
Sold</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Issue</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Exchange</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Expiration</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center">Notional<br>
Value</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Unrealized<br>
Appreciation</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; width: 77px; padding-left: 0.1in; text-indent: -0.1in">(70)</td>
    <TD STYLE="vertical-align: bottom; width: 163px; padding-left: 0.1in; text-align: center; text-indent: -0.1in">10-Year U.S. Treasury Note</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center; text-indent: -0.1in">Chicago Board of Trade</td>
    <TD STYLE="vertical-align: bottom; width: 58px; padding-left: 0.1in; text-align: center; text-indent: -0.1in">September<br>
2014</td>
    <TD STYLE="vertical-align: bottom; width: 24px; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <TD STYLE="vertical-align: bottom; width: 91px; padding-left: 0.1in; text-align: right; text-indent: -0.1in">8,722,656</td>
    <TD STYLE="vertical-align: bottom; width: 24px; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <TD STYLE="vertical-align: bottom; width: 96px; padding-left: 0.1in; text-align: right; text-indent: -0.1in">75,371</td>
    <TD STYLE="width: 10px; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="8" style="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
</table>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">BlackRock Long-Term Municipal Advantage Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">8</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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    <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt solid"><font style="font: 14pt Arial, Helvetica, Sans-Serif; color: navy">Schedule of Investments</font><font style="font-family: Arial, Helvetica, Sans-Serif; color: navy"> <font style="font-size: 9pt">(continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Long-Term Municipal Advantage Trust (BTA) </b></font></td></tr>
</table>


<P STYLE="font: 8pt Arial, Helvetica, Sans-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 &ndash; Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:<br>
<br></td></tr>
<tr>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 1%; text-align: center">&bull;</td>
    <td style="vertical-align: bottom; width: 98%">Level 1 &ndash; unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3">&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 &ndash; 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 style="vertical-align: bottom">
    <td colspan="3">&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 &ndash; 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 and derivative financial instruments)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3">&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 fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.<br>
<br>
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 and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument 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 derivative financial instruments, please refer to the Trust's most recent financial statements as contained in its annual report.<br>
<br>
The following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of July 31, 2014:<br>
<br></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-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="17" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center">Level 1</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center">Level 2</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center">Level 3</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Total</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="16" style="vertical-align: bottom"><b>Assets:</b><sup> </sup>&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td colspan="16" style="vertical-align: bottom">Investments:<sup> </sup></td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">Long-Term Investments<sup>1</sup></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&mdash;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">$</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">246,024,116</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&mdash;</td>
    <TD STYLE="vertical-align: bottom; text-align: right">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right">246,024,116</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">Short-Term Securities<sup> </sup></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">$</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">1,032,241</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&mdash;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&mdash;</td>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right">1,032,241</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font-size: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: Black 1pt solid; font-size: 2pt">&nbsp;</TD></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom"><b>Total</b></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">$</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">1,032,241</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">$</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">246,024,116</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&mdash;</td>
    <TD STYLE="vertical-align: bottom; text-align: right">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right">247,056,357</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font-size: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: Black 1pt solid; font-size: 2pt">&nbsp;</TD></tr>
<tr>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 18%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 15%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 16%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 16%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 21%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-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: 1%"><sup>1</sup></td>
    <td style="vertical-align: bottom; width: 99%">See above Schedule of Investments for values in each state or political subdivision.</td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-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="16" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center">Level 1</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center">Level 2</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center">Level 3</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center">Total</td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="16" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="15" style="vertical-align: bottom">Derivative Financial Instruments<sup>2</sup></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td colspan="15" style="vertical-align: bottom"><b>Assets:</b><sup> </sup></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Interest rate contracts<sup> </sup></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">75,371</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">&mdash;</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">&mdash;</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">75,371</td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="16" STYLE="font-size: 2pt; width: 12%">&nbsp;</td></tr>
<tr>
    <TD STYLE="width: 19%">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 15%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 16%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 16%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 2%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 21%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 2%; border-top: Black 1pt solid">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-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: 1%"><sup>2</sup></td>
    <td style="vertical-align: bottom; width: 99%">Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">BlackRock Long-Term Municipal Advantage Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">9</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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    <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt solid"><font style="font: 14pt Arial, Helvetica, Sans-Serif; color: navy">Schedule of Investments</font><font style="font-family: Arial, Helvetica, Sans-Serif; color: navy"> <font style="font-size: 9pt">(concluded)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Long-Term Municipal Advantage Trust (BTA) </b></font></td></tr>
</table>

<P STYLE="font: 8pt Arial, Helvetica, Sans-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-top: 12pt; font-weight: bold"><font style="font-weight: normal">The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial reporting purposes. As of July 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:</font><sup> </sup>&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-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="19" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="4" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center">Level 1</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="vertical-align: bottom; font-weight: bold; text-align: center">Level 2</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center">Level 3</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center">Total</td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="19" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="18" style="vertical-align: bottom"><b>Assets:</b><sup> </sup>&nbsp;</td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" 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"><font style="font-family: FranklinGothic-BookCnd,sans-serif">Cash pledged for financial futures contracts</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">138,000</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&mdash;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&mdash;</td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">138,000&nbsp;</td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td colspan="10" style="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td colspan="9" style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td colspan="18" style="vertical-align: bottom"><b>Liabilities:</b></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" 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"><font style="font-family: FranklinGothic-BookCnd,sans-serif">TOB trust certificates</font></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">&mdash;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</td>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">(72,850,901)</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&mdash;</td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">(72,850,901)</td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-weight: normal">&nbsp;&nbsp;&nbsp;Loan Payable</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">(12,310,000)</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">(12,310,000)</td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="19" STYLE="font-size: 2pt; width: 12%">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><b>Total</b><sup> </sup></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-top: Black 1pt solid">$</td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-top: Black 1pt solid">138,000</td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-top: Black 1pt solid">&nbsp;</td>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-top: Black 1pt solid">(85,160,901)</td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-top: Black 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-top: Black 1pt solid">&mdash;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-top: Black 1pt solid">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-top: Black 1pt solid">(85,022,901)</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="19" STYLE="font-size: 2pt; width: 12%">&nbsp;</td></tr>
<tr>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 17%">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 15%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 9%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 6%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 16%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 2%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 20%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 4%; border-top: Black 1pt solid">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-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: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">There were no transfers between levels during the period ended July 31, 2014.</P></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">BlackRock Long-Term Municipal Advantage Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif,sans-serif">10</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>


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



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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</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-bottom: 11pt"><FONT STYLE="font-size: 11pt">Item 2 &ndash; </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">Controls and Procedures</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">2(a) &ndash; </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">The registrant&rsquo;s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant&rsquo;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)) 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-bottom: 11pt"><FONT STYLE="font-size: 11pt">2(b) &ndash; </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">There were no changes in the registrant&rsquo;s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant&rsquo;s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">Item 3 &ndash; </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">Exhibits</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">Certifications &ndash; Attached hereto</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><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="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 84%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">BlackRock Long-Term Municipal Advantage Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-size: 11pt"><U>/s/ John M. Perlowski</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">John M. Perlowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Chief Executive Officer (principal executive officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">BlackRock Long-Term Municipal Advantage Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Date: September 25, 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-size: 11pt"><U>/s/ John M. Perlowski</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">John M. Perlowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Chief Executive Officer (principal executive officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">BlackRock Long-Term Municipal Advantage Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Date: September 25, 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-size: 11pt"><U>/s/ Neal J. Andrews</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Neal J. Andrews</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Chief Financial Officer (principal financial officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">BlackRock Long-Term Municipal Advantage Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Date: September 25, 2014</FONT></TD></TR>
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<SEQUENCE>2
<FILENAME>e60587ex99cert.htm
<DESCRIPTION>CERTIFICATION
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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&rsquo;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&rsquo;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&rsquo;s internal control over financial reporting that occurred during
the registrant&rsquo;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the
registrant&rsquo;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&rsquo;s other certifying officer(s)
and I have disclosed to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;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&rsquo;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&rsquo;s
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: September 25, 2014</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&rsquo;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&rsquo;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&rsquo;s internal control over financial reporting that occurred during
the registrant&rsquo;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the
registrant&rsquo;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&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors and the audit
committee of the registrant&rsquo;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&rsquo;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&rsquo;s
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: September 25, 2014</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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