UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21835

Name of Fund: BlackRock Long-Term Municipal Advantage Trust (BTA)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Long-Term Municipal Advantage Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2008

Date of reporting period: 11/01/2007 – 01/31/2008


Item 1 – Schedule of Investments


BlackRock Long-Term Municipal Advantage Trust    
Schedule of Investments as of January 31, 2008 (Unaudited)   (in Thousands)
    Face        
State   Amount   Municipal Bonds   Value
Arizona - 5.0% $ 2,075   Phoenix and Pima County, Arizona, IDA, S/F Mortgage Revenue Refunding Bonds, AMT,    
        Series 2007-1, 5.25% due 8/01/2038 (c)(d) $ 2,136
    1,700   Pima County, Arizona, IDA, Education Revenue Bonds (American Charter Schools Foundation),    
        Series A, 5.625% due 7/01/2038   1,583
    1,000   Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter Schools Project),    
        Series O, 5.25% due 7/01/2031   903
    158   Pima County, Arizona, IDA, S/F Mortgage Revenue Refunding Bonds, VRDN, AMT,    
        5% due 4/25/2008 (j)   158
    1,850   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2032   1,723
    2,590   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2037   2,380
California - 5.5%   3,625   California Statewide Communities Development Authority, Revenue Refunding Bonds (Daughters of Charity National    
        Health System), Series A, 5% due 7/01/2039   3,295
    7,000   Irvine, California, Unified School District Financing Authority, Special Tax Bonds, Series A,    
        5.125% due 9/01/2036   6,472
Colorado - 2.0%   2,500   Colorado HFA, Revenue Refunding Bonds (Adventist Health System/Sunbelt Obligor Group), Series D,    
        5.125% due 11/15/2029   2,534
    1,200   North Range Metropolitan District Number 2, Colorado, Limited Tax, GO, 5.50% due 12/15/2037   1,043
Connecticut - 1.7%   3,000   Connecticut State, HFA, Housing Mortgage Finance Program Revenue Bonds, AMT, Sub-Series A-2,    
        5.15% due 5/15/2038   2,963
District of Columbia - 12.7%   6,470   District of Columbia Tobacco Settlement Financing Corporation, Asset-Backed Revenue    
        Refunding Bonds, 6.25% due 5/15/2024   6,581
    15,415   District of Columbia Tobacco Settlement Financing Corporation, Asset-Backed Revenue    
        Refunding Bonds, 6.50% due 5/15/2033   15,860
Florida - 5.5%   1,000   Highlands County, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Adventist Health System),    
        Series G, 5.125% due 11/15/2032   1,002
    2,830   Hillsborough County, Florida, IDA, Hospital Revenue Bonds (Tampa General Hospital Project),    
        5% due 10/01/2036   2,709
    845   Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds    
        (Baptist Medical Center Project), Series A, 5% due 8/15/2037   827
     Portfolio Abbreviations            
  To simplify the listings of BlackRock Long-Term Municipal Advantage Trust's portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the list below.
       
  AMT Alternative Minimum Tax (subject to)   IDA Industrial Development Authority
  EDA Economic Development Authority   PCR Pollution Control Revenue Bonds
  GO General Obligation Bonds   S/F Single-Family
  HFA Housing Finance Agency   VRDN Variable Rate Demand Notes

1


BlackRock Long-Term Municipal Advantage Trust
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
    Face        
State   Amount   Municipal Bonds   Value
  $ 1,150   Orange County, Florida, Health Facilities Authority, First Mortgage Revenue Bonds (Orlando Lutheran Towers), 5.50% due 7/01/2038 $ 1,016
    560   Sarasota County, Florida, Health Facilities Authority, Retirement Facility Revenue Refunding Bonds (Village on the Isle Project), 5.50% due 1/01/2027   523
    520   Sarasota County, Florida, Health Facilities Authority, Retirement Facility Revenue Refunding Bonds (Village on the Isle Project), 5.50% due 1/01/2032   468
    1,750   Tolomato Community Development District, Florida, Special Assessment Bonds, 6.65% due 5/01/2040   1,722
    1,850   Watergrass Community Development District, Florida, Special Assessment Revenue Bonds, Series A, 5.375% due 5/01/2039   1,486
Georgia - 1.4%   1,000   Cobb County, Georgia, Development Authority, Solid Waste Disposal Revenue Bonds (Waste Management of Georgia Inc. Project), AMT, Series A, 5% due 4/01/2033   900
    1,600   Rockdale County, Georgia, Development Authority Revenue Bonds (Visy Paper Project), AMT, Series A, 6.125% due 1/01/2034   1,568
Illinois - 4.1%   580   Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc. Project), Series A, 7% due 12/01/2037   583
    3,000   Illinois State Finance Authority, Revenue Refunding Bonds (Illinois Institute of Technology),    
        Series A, 5% due 4/01/2036   2,827
    4,000   Illinois State Finance Authority, Revenue Refunding Bonds (Proctor Hospital), Series A,    
        5.125% due 1/01/2025   3,773
Indiana - 2.1%   2,000   Delaware County, Indiana, Hospital Authority, Hospital Revenue Bonds (Cardinal Health System Obligated Group),    
        5.25% due 8/01/2036   1,759
    1,985   Indiana Health and Educational Facilities Financing Authority, Hospital Revenue Bonds (Community Foundation of    
        Northwest Indiana), 5.50% due 3/01/2037   1,865
Kansas - 1.9%   3,650   Lenexa, Kansas, Health Care Facility, Revenue Refunding Bonds, 5.50% due 5/15/2039   3,308
Louisiana - 2.0%   2,000   Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Bonds    
        (Westlake Chemical Corporation), 6.75% due 11/01/2032   2,058
    1,419   Saint Tammany Parish, Louisiana, Financing Authority, S/F Mortgage Revenue Bonds (Home Ownership Program),    
        Series A, 5.25% due 12/01/2039 (c)(d)   1,472
Maryland - 0.6%   1,000   Maryland State Health and Higher Educational Facilities Authority Revenue Bonds (King Farm Presbyterian    
        Community), Series B, 5% due 1/01/2017   994
Michigan - 0.7%   1,540   Garden City, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds (Garden City Hospital    
        Obligation), Series A, 5% due 8/15/2038   1,249
Minnesota - 5.8%   6,460   Minnesota State, HFA, Residential Housing Finance Revenue Bonds, AMT, Series M,    
        4.85% due 7/01/2031   6,157
    4,000   Minnesota State Municipal Power Agency, Electric Revenue Bonds, 5% due 10/01/2035   4,043
Mississippi - 0.5%   915   Mississippi Business Finance Corporation Revenue Bonds (Northrop Grumman Ship System),    
        4.55% due 12/01/2028   844
Missouri - 1.4%   2,500   Missouri State Housing Development Commission, S/F Mortgage Revenue Refunding Bonds (Homeownership Loan    
        Program), AMT, Series B-1, 5.05% due 3/01/2038 (c)(d)(l)   2,596

2


BlackRock Long-Term Municipal Advantage Trust
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
    Face        
State   Amount   Municipal Bonds   Value
Montana - 1.7% $ 1,500   Two Rivers Authority Inc., Montana, Senior Lien Revenue Bonds (Correctional Facilities Project),    
        7.25% due 11/01/2021 $ 1,104
    2,600   Two Rivers Authority Inc., Montana, Senior Lien Revenue Bonds (Correctional Facilities Project),    
        7.375% due 11/01/2027   1,911
New Hampshire - 2.7%   5,000   New Hampshire State Business Financing Authority, Solid Waste Disposal Revenue Bonds (Waste Management Inc.    
        Project), AMT, 5.20% due 5/01/2027   4,811
New Jersey - 4.6%   2,670   New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024   2,639
    5,000   Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds,    
        5.75% due 6/01/2032   5,495
New Mexico - 1.9%   3,750   Farmington, New Mexico, PCR, Refunding (Public Service Company of New Mexico - San Juan Project), Series B,    
        4.875% due 4/01/2033   3,339
New York - 10.2%   5,000   Nassau County, New York, Tobacco Settlement Corporation, Senior Asset-Backed Revenue Refunding    
        Bonds, Series A-2, 5.25% due 6/01/2026 (n)   4,666
    7,600   New York City, New York, City IDA, Special Facility Revenue Bonds (American Airlines, Inc. - JFK International    
        Airport), AMT, 7.625% due 8/01/2025   8,127
    5,000   New York Liberty Development Corporation Revenue Bonds (Goldman Sachs Headquarters),    
        5.25% due 10/01/2035   5,248
North Carolina - 0.7%   1,160   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds (Novant Health Obligation Group),    
        5% due 11/01/2039   1,148
Oklahoma - 0.6%   1,015   Oklahoma State Development Finance Authority, Revenue Refunding Bonds (Saint John Health System),    
        5% due 2/15/2042   999
Pennsylvania - 1.8%   2,080   Allegheny County, Pennsylvania, Hospital Development Authority, Health System Revenue Refunding Bonds (West    
        Penn Allegheny Health System), Series A, 5.375% due 11/15/2040   1,807
    1,000   Harrisburg, Pennsylvania, Authority, University Revenue Bonds (Harrisburg University of Science),    
        Series A, 5.40% due 9/01/2016   1,021
    450   Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 97A,    
        4.60% due 10/01/2027   428
Puerto Rico - 0.8%   1,500   Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Revenue Bonds (Ana G.    
        Mendez University System Project), 5% due 3/01/2036   1,348
South Carolina - 3.2%   2,000   Scago Education Facilities Corporation for Williamsburg County School District, South Carolina, Revenue Refunding    
        Bonds, 5% due 12/01/2031 (h)   1,970
    600   South Carolina Jobs, EDA, Health Care Facilities, First Mortgage Revenue Refunding Bonds    
        (Lutheran Homes), 5.50% due 5/01/2028   549
    1,000   South Carolina Jobs, EDA, Health Care Facilities, First Mortgage Revenue Refunding Bonds    
        (Lutheran Homes), 5.625% due 5/01/2042   899
    2,500   South Carolina Jobs, EDA, Senior Lien Revenue Refunding Bonds (Burroughs and Chapin Company, Inc.), Series A,    
        4.70% due 4/01/2035 (h)   2,315
South Dakota - 0.6%   1,040   South Dakota State Health and Educational Facilities Authority Revenue Bonds    
        (Sanford Health), 5% due 11/01/2040   1,011


3


BlackRock Long-Term Municipal Advantage Trust
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
    Face        
State   Amount   Municipal Bonds   Value
Tennessee - 1.0% $ 5,000   Knox County, Tennessee, Health, Educational and Housing Facilities Board, Hospital Facilities Revenue Refunding    
        Bonds (Covenant Health), Series A, 5.02% due 1/01/2036 (m) $ 1,067
    695   Shelby County, Tennessee, Health, Educational and Housing Facility Board, Hospital Revenue Refunding Bonds (Saint    
        Jude Children's Research Hospital), 5% due 7/01/2031   709
Texas - 6.8%   2,000   Brazos River Authority, Texas, PCR (TXU Energy Company LLC Project), AMT, 5% due 3/01/2041   1,460
    1,150   HFDC of Central Texas, Inc., Retirement Facilities Revenue Bonds (Village at Gleannloch Farms),    
        Series A, 5.50% due 2/15/2027   1,043
    34,560   Leander, Texas, Independent School District, Capital Appreciation, GO, Refunding (School Building),    
        5.557% due 8/15/2042 (m)   5,120
    2,000   Mission, Texas, Economic Development Corporation, Solid Waste Disposal Revenue Bonds (Allied Waste N.A. Inc    
        Project), Series A, 5.20% due 4/01/2018   1,823
    1,244   Texas State Affordable Housing Corporation, S/F Mortgage Revenue Bonds (Professional Educators Home Loan    
        Program), AMT, Series A-1, 5.50% due 12/01/2039 (c)(d)   1,307
    1,250   West Central Texas Regional Housing Finance Corporation, S/F Mortgage Revenue Bonds (Mortgage-Backed    
        Securities Program), AMT, Series A, 5.35% due 12/01/2039 (c)(d)   1,298
Vermont - 2.5%   4,670   Vermont HFA, S/F Housing Revenue Bonds, AMT, Series 27, 4.90% due 5/01/2038 (e)   4,452
Virginia - 2.3%   850   Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage Revenue Refunding Bonds    
        (Goodwin House, Inc.), 5.125% due 10/01/2042   794
    2,600   Peninsula Ports Authority, Virginia, Residential Care Facilities, Revenue Refunding Bonds    
        (Baptist Homes), Series C, 5.375% due 12/01/2026   2,379
    1,000   Reynolds Crossing Community Development Authority, Virginia, Special Assessment Revenue Bonds (Reynolds    
        Crossing Project), 5.10% due 3/01/2021   935
Wisconsin - 3.9%   5,335   Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Ascension Health),    
        Series A, 5% due 11/15/2031   5,418
    1,535   Wisconsin State Health and Educational Facilities Authority, Revenue Refunding Bonds (Franciscan Sisters    
        Healthcare), 5% due 9/01/2026   1,438
Wyoming - 0.5%   1,015   Wyoming Community Development Authority, Housing Revenue Bonds, AMT, Series 3, 4.70% due 12/01/2032   945
        Total Municipal Bonds (Cost - $185,390) - 98.7%   174,403
        Municipal Bonds Transferred to Tender Option Bond Trusts (o)    
California - 19.8%   5,000   California Health Facilities Financing Authority Revenue Bonds (Sutter Health), Series A,   5,054
        5.25% due 11/15/2046    
    15,000   Golden State Tobacco Securitization Corporation of California, Tobacco Settlement Revenue Refunding Bonds, Series   14,725
        A, 5% due 6/01/2045 (a)    
    15,000   University of California Revenue Bonds, Series B, 4.75% due 5/15/2038 (g)   15,121
Georgia - 17.3%   15,000   Atlanta, Georgia, Airport Passenger Facility Charge and Subordinate Lien General Revenue Refunding    
        Bonds, Series C, 5% due 1/01/2033 (e)   15,296
    15,000   Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5% due 11/01/2043 (e)   15,370
Illinois - 8.5%   15,000   Chicago, Illinois, O'Hare International Airport, General Airport Revenue Bonds, Third Lien,    
        Series A, 5% due 1/01/2033 (b)   14,957


4


BlackRock Long-Term Municipal Advantage Trust
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
    Face          
State   Amount   Municipal Bonds Transferred to Tender Option Bond Trusts (o)   Value  
Indiana - 7.7% $ 7,230   Carmel, Indiana, Lease Rental Revenue Bonds (Performing Arts Center), 4.75% due 2/01/2033 $ 7,022  
    6,580   Carmel, Indiana, Lease Rental Revenue Bonds (Performing Arts Center), 5% due 2/01/2033   6,641  
Massachusetts - 6.8%   11,855   Massachusetts State, HFA, Housing Revenue Refunding Bonds, AMT, Series D,      
        5.45% due 6/01/2037   11,961  
Nebraska - 8.5%   15,000   Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Sub-Series B,      
        4.75% due 2/01/2036 (b)   14,931  
New York - 8.7%   15,000   New York City, New York, City Municipal Water Finance Authority, Water and Sewer System, Revenue Refunding      
        Bonds, Series D, 5% due 6/15/2039   15,457  
North Carolina - 15.0%   10,000   Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds (Carolinas Medical      
        Center), Series A, 5% due 1/15/2015 (k)   11,094  
    15,170   University of North Carolina, University Revenue Refunding Bonds, Series A, 4.75% due 12/01/2034   15,427  
Texas - 5.3%   9,150   New Caney, Texas, Independent School District, GO, 5% due 2/15/2035   9,412  
        Total Municipal Bonds Transferred to Tender Option Bond Trusts (Cost - $174,413) - 97.6%   172,468  
    Shares          
    Held   Short-Term Securities      
    1,700   Merrill Lynch Institutional Tax-Exempt Fund, 2.47% (f)(i)   1,700  
        Total Short-Term Securities (Cost - $1,700) - 1.0%   1,700  
        Total Investments (Cost - $361,503*) - 197.3%   348,571  
        Other Assets In Excess of Liabilities - 2.1%   3,856  
        Liability for Trust Certificates, Including Interest Expense and Fees Payable - (99.4%)   (175,663 )
        Net Assets - 100.0% $ 176,764  

*   The cost and unrealized appreciation (depreciation) of investments as of January 31, 2008, as computed for federal income tax purposes, were as follows:
    Aggregate cost $ 360,867          
    Gross unrealized appreciation $ 1,495          
    Gross unrealized depreciation   (13,791 )        
    Net unrealized depreciation $ (12,296 )        
(a)   AMBAC Insured.              
(b)   FGIC Insured.              
(c)   FHLMC Collateralized.              
(d)   FNMA/GNMA Collateralized.              
(e)   FSA Insured.              
(f)   Investments in companies considered to be an affiliate of the Trust, for purposes of
    Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
        Net     Dividend    
    Affiliate   Activity     Income    
    Merrill Lynch Institutional Tax-Exempt              
    Fund   (900 )   $31    

5


BlackRock Long-Term Municipal Advantage Trust
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
(g)   MBIA Insured.
(h)   Radian Insured.
(i)   Represents the current yield as of January 31, 2008.
(j)   Variable rate security. Rate shown is interest rate as of report date.
(k)   Prerefunded.
(l)   All or portion of security held as collateral in connection with open financial futures contracts.
(m)   Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.
(n)   Represents a step bond.
(o)   Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Trust may have
    acquired the residual interest certificates. These securities serve as collateral in a financing transaction.
*   Financial futures contracts sold as of January 31, 2008 were as follows:
       Number of         Expiration        Face     Unrealized  
       Contracts   Issue     Date     Amount     Depreciation  
  125   10-Year U.S. Treasury Bond     March 2008     $14,092     ($498)  
* Forward interest rate swaps outstanding as of January 31, 2008 were as follows:      
            Notional           Unrealized  
       Issue         Amount           Depreciation  
     Pay a fixed rate of 3.585% and receive a                    
     floating rate based on 1-week (SIFMA)                    
     Municipal Swap Index rate                    
 
     Broker, JPMorgan Chase                    
     Expires April 2023     $10,100           ($64)  

6

 


Item 2 – Controls and Procedures

2(a) –    The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) 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.

2(b) –    There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

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.

BlackRock Long-Term Municipal Advantage Trust

By: /s/ Donald C. Burke  
  Donald C. Burke  
  Chief Executive Officer of  
  BlackRock Long-Term Municipal Advantage Trust  

Date: March 24, 2008

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.

By: /s/ Donald C. Burke  
  Donald C. Burke  
  Chief Executive Officer (principal executive officer) of  
  BlackRock Long-Term Municipal Advantage Trust  

Date: March 24, 2008

By: /s/ Neal J. Andrews  
  Neal J. Andrews  
  Chief Financial Officer (principal financial officer) of  
  BlackRock Long-Term Municipal Advantage Trust  

Date: March 24, 2008