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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: 05/01/2008 – 07/31/2008

Item 1 – Schedule of Investments

BlackRock Long-Term Municipal Advantage Trust   
Schedule of Investments July 31, 2008 (Unaudited) 
(Percentages shown are based on Net Assets) 
    Par    
State  Municipal Bonds  (000 ) 
Value 
Arizona - 5.2%  Phoenix and Pima County, Arizona, IDA, S/F Mortgage Revenue Refunding       
  Bonds, AMT, Series 2007-1, 5.25%, 8/01/38 (a)(b)  $  2,027  
$  1,996,945 
  Pima County, Arizona, IDA, Education Revenue Bonds (American Charter       
  Schools Foundation), Series A, 5.625%, 7/01/38  1,700   1,495,728 
  Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona       
  Charter Schools Project), Series O, 5.25%, 7/01/31  1,000   830,300 
  Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%,       
  12/01/32  1,850   1,572,814 
  Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,       
  5%, 12/01/37  2,590   2,153,948 
        8,049,735 
California - 3.6%  California Statewide Communities Development Authority,       
  Revenue Refunding Bonds (Daughters of Charity National Health       
  System), Series A, 5%, 7/01/39  3,625   3,113,259 
  Irvine, California, Unified School District Financing Authority,       
  Special Tax Bonds, Series A, 5.125%, 9/01/36  3,000   2,591,070 
        5,704,329 
Colorado - 3.2%  Colorado HFA, Revenue Refunding Bonds (Adventist Health       
  System/Sunbelt Obligor Group), Series D, 5.125%, 11/15/29  2,500   2,369,225 
  Colorado Health Facilities Authority, Revenue Refunding Bonds       
  (Poudre Valley Health Care), 5.20%, 3/01/31 (c)  240   241,918 
  Colorado Health Facilities Authority, Revenue Refunding Bonds       
  (Poudre Valley Health Care), Series B, 5.25%, 3/01/36 (c)  485   486,271 
  Colorado Health Facilities Authority, Revenue Refunding Bonds       
  (Poudre Valley Health Care), Series C, 5.25%, 3/01/40 (c)  850   849,702 
  North Range Metropolitan District Number 2, Colorado, Limited       
  Tax, GO, 5.50%, 12/15/37  1,200   978,096 
        4,925,212 
Connecticut - 3.8%  Connecticut State, HFA, Housing Mortgage Finance Program       
  Revenue Bonds, AMT, Sub-Series A-2, 5.15%, 5/15/38  3,000   2,636,880 
  Connecticut State Health and Educational Facilities Authority       
  Revenue Bonds (Yale University), Series T-1, 4.70%, 7/01/29  1,730   1,729,481 
  Connecticut State Health and Educational Facilities Authority       
  Revenue Bonds (Yale University), Series X-3, 4.85%, 7/01/37  1,560   1,563,292 
        5,929,653 
Portfolio Abbreviations 
 
To simplify the listings of the portfolio holdings in the Schedule of Investments, the names of many of the securities have been 
abbreviated according to the list below.         
             
AMT    Alternative Minimum Tax (subject to)    IDA    Industrial Development Authority 
EDA    Economic Development Authority    PCR    Pollution Control Revenue Bonds 
EDR    Economic Development Revenue Bonds    S/F    Single-Family 
GO    General Obligation Bonds    VRDN    Variable Rate Demand Notes 
HFA    Housing Finance Agency         

1

BlackRock Long-Term Municipal Advantage Trust   
Schedule of Investments July 31, 2008 (Unaudited) 
(Percentages shown are based on Net Assets) 
 
   Par    
State
Municipal Bonds  (000 ) 
Value 
District of Columbia -
District of Columbia Tobacco Settlement Financing Corporation, Asset-       
13.1%
Backed Revenue Refunding Bonds, 6.25%, 5/15/24  $  5,940   $  5,880,600 
 
 District of Columbia Tobacco Settlement Financing Corporation, Asset-       
 
 Backed Revenue Refunding Bonds, 6.50%, 5/15/33  15,415   14,534,341 
 
       20,414,941 
Florida - 5.9%
Highlands County, Florida, Health Facilities Authority, Hospital Revenue       
 
 Refunding Bonds (Adventist Health System), Series G, 5.125%, 11/15/32  1,000   942,330 
 
 Hillsborough County, Florida, IDA, Hospital Revenue Bonds       
 
 (Tampa General Hospital Project), 5%, 10/01/36  2,830   2,542,670 
 
 Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds       
 
 (Baptist Medical Center Project), Series A, 5%, 8/15/37  845   768,164 
 
 Orange County, Florida, Health Facilities Authority, First Mortgage Revenue       
 
 Bonds (Orlando Lutheran Towers), 5.50%, 7/01/38  1,150   934,961 
 
 Sarasota County, Florida, Health Facilities Authority, Retirement       
 
 Facility Revenue Refunding Bonds (Village on the Isle Project),       
 
 5.50%, 1/01/27  560   496,496 
 
 Sarasota County, Florida, Health Facilities Authority, Retirement       
 
 Facility Revenue Refunding Bonds (Village on the Isle Project),       
 
 5.50%, 1/01/32  520   444,018 
 
 Tolomato Community Development District, Florida, Special       
 
 Assessment Bonds, 6.65%, 5/01/40  1,750   1,731,502 
 
 Watergrass Community Development District, Florida, Special       
 
 Assessment Revenue Bonds, Series A, 5.375%, 5/01/39  1,850   1,392,384 
 
       9,252,525 
Georgia - 2.5%
Cobb County, Georgia, Development Authority, Solid Waste       
 
 Disposal Revenue Bonds (Waste Management of Georgia Inc.       
 
 Project), AMT, Series A, 5%, 4/01/33  1,000   773,290 
 
 Main Street Natural Gas, Inc., Georgia, Gas Project Revenue       
 
 Bonds, Series A, 6.375%, 7/15/38  585   533,298 
 
 Private Colleges and Universities Authority, Georgia, Revenue Refunding       
 
Bonds (Emory University Project), Series C, 5%, 9/01/38 
1,115   1,119,337 
 
 Rockdale County, Georgia, Development Authority Revenue Bonds       
 
 (Visy Paper Project), AMT, Series A, 6.125%, 1/01/34  1,600   1,527,648 
 
       3,953,573 
Illinois - 4.4%
Illinois State Finance Authority Revenue Bonds (Monarch Landing,       
 
 Inc. Project), Series A, 7%, 12/01/37  580   558,314 
 
 Illinois State Finance Authority, Revenue Refunding Bonds (Illinois       
 
 Institute of Technology), Series A, 5%, 4/01/36  3,000   2,701,470 
 
 Illinois State Finance Authority, Revenue Refunding Bonds       
 
 (Proctor Hospital), Series A, 5.125%, 1/01/25  4,000   3,545,680 
 
       6,805,464 

2

BlackRock Long-Term Municipal Advantage Trust   
Schedule of Investments July 31, 2008 (Unaudited) 
(Percentages shown are based on Net Assets) 
    Par    
State  Municipal Bonds  (000 ) 
Value 
Indiana - 4.3%  Daviess County, Indiana, EDR (Daviess Community Hospital       
  Project), Refunding, VRDN, 9%, 1/01/29 (d)(e)  $  3,230   $  3,230,000 
  Delaware County, Indiana, Hospital Authority, Hospital Revenue Bonds       
  (Cardinal Health System Obligated Group), 5.25%, 8/01/36  2,000   1,758,580 
  Indiana Health and Educational Facilities Financing Authority,       
  Hospital Revenue Bonds (Community Foundation of Northwest       
  Indiana), 5.50%, 3/01/37  1,985   1,717,104 
        6,705,684 
Kansas - 2.0%  Lenexa, Kansas, Health Care Facility, Revenue Refunding Bonds,       
  5.50%, 5/15/39  3,650   3,140,642 
Louisiana - 2.1%  Louisiana Local Government Environmental Facilities and       
  Community Development Authority Revenue Bonds (Westlake       
  Chemical Corporation), 6.75%, 11/01/32  2,000   1,941,520 
  Saint Tammany Parish, Louisiana, Financing Authority, S/F       
  Mortgage Revenue Bonds (Home Ownership Program), Series A,       
  5.25%, 12/01/39 (a)(b)  1,393   1,361,585 
        3,303,105 
Maryland - 0.6%  Maryland State Health and Higher Educational Facilities Authority       
  Revenue Bonds (King Farm Presbyterian Community), Series B,       
  5%, 1/01/17  1,000   936,500 
Michigan - 0.7%  Garden City, Michigan, Hospital Finance Authority, Hospital       
  Revenue Refunding Bonds (Garden City Hospital Obligation),       
  Series A, 5%, 8/15/38  1,540   1,086,994 
Minnesota - 5.9%  Minnesota State, HFA, Residential Housing Finance Revenue       
  Bonds, AMT, Series M, 4.85%, 7/01/31  6,460   5,469,940 
  Minnesota State Municipal Power Agency, Electric Revenue Bonds,       
  5%, 10/01/35  4,000   3,778,520 
        9,248,460 
Missouri - 1.5%  Missouri State Housing Development Commission, S/F Mortgage       
  Revenue Refunding Bonds (Homeownership Loan Program), AMT,       
  Series B-1, 5.05%, 3/01/38 (a)(b)  2,440   2,361,578 
Montana - 1.9%  Two Rivers Authority Inc., Montana, Senior Lien Revenue Bonds       
  (Correctional Facilities Project), 7.25%, 11/01/21  1,500   1,079,565 
  Two Rivers Authority Inc., Montana, Senior Lien Revenue Bonds       
  (Correctional Facilities Project), 7.375%, 11/01/27  2,600   1,863,212 
        2,942,777 
New Hampshire - 2.6%   New Hampshire State Business Financing Authority, Solid Waste      
  Disposal Revenue Bonds (Waste Management Inc. Project), AMT,       
  5.20%, 5/01/27  5,000   4,076,600 
New Jersey - 4.8%  New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24  2,670   2,521,308 
  Tobacco Settlement Financing Corporation of New Jersey, Asset-       
  Backed Revenue Bonds, 5.75%, 6/01/32  4,630   4,953,591 
        7,474,899 

3

BlackRock Long-Term Municipal Advantage Trust   
Schedule of Investments July 31, 2008 (Unaudited) 
(Percentages shown are based on Net Assets) 
 
Par    
State 
Municipal Bonds
(000 ) 
Value 
New York - 8.4% 
Nassau County, New York, Tobacco Settlement Corporation, Senior Asset-
     
 
Backed Revenue Refunding Bonds, Series A-2, 5.25%, 6/01/26
$  5,000   $  4,361,200 
 
New York City, New York, City IDA, Special Facility Revenue
     
 
Bonds (American Airlines, Inc. - JFK International Airport), AMT,
     
 
7.625%, 8/01/25
7,600   6,477,328 
 
New York City, New York, City Transitional Finance Authority,
     
 
Building Aid Revenue Refunding Bonds, Series S-1, 4.50%, 1/15/38
370   342,705 
 
New York Liberty Development Corporation Revenue Bonds
     
 
(Goldman Sachs Headquarters), 5.25%, 10/01/35
1,850   1,890,422 
        13,071,655 
Ohio - 0.8% 
American Municipal Power, Inc., Ohio, Revenue Refunding Bonds (Prairie
     
 
State Energy Campus Project), Series A, 5%, 2/15/38
1,320   1,257,406 
Oklahoma - 0.6% 
Oklahoma State Development Finance Authority, Revenue
     
 
Refunding Bonds (Saint John Health System), 5%, 2/15/42
1,015   955,369 
Pennsylvania - 1.9% 
Allegheny County, Pennsylvania, Hospital Development Authority,
     
 
Revenue Refunding Bonds (West Penn Allegheny Health System),
     
 
Series A, 5.375%, 11/15/40
2,080   1,649,274 
 
Harrisburg, Pennsylvania, Authority, University Revenue Bonds
     
 
(Harrisburg University of Science), Series A, 5.40%, 9/01/16
1,000   987,730 
 
Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
     
 
Series 97A, 4.60%, 10/01/27
450   379,687 
        3,016,691 
South Carolina - 3.2% 
Scago Education Facilities Corporation for Williamsburg County
     
 
School District, South Carolina, Revenue Refunding Bonds, 5%,
     
 
12/01/31 (d)
2,000   1,723,480 
 
South Carolina Jobs, EDA, Health Care Facilities, First Mortgage Revenue
     
 
Refunding Bonds (Lutheran Homes), 5.50%, 5/01/28
600   513,528 
 
South Carolina Jobs, EDA, Health Care Facilities, First Mortgage Revenue
     
 
Refunding Bonds (Lutheran Homes), 5.625%, 5/01/42
1,000   816,710 
 
South Carolina Jobs, EDA, Senior Lien Revenue Refunding Bonds (Burroughs
     
 
and Chapin Company, Inc.), Series A, 4.70%, 4/01/35 (d)
2,500   1,985,225 
        5,038,943 
South Dakota - 0.6% 
South Dakota State Health and Educational Facilities Authority
     
 
Revenue Bonds (Sanford Health), 5%, 11/01/40
1,040   960,627 
Tennessee - 0.5% 
Knox County, Tennessee, Health, Educational and Housing
     
 
Facilities Board, Hospital Facilities Revenue Refunding Bonds
     
 
(Covenant Health), Series A, 5.02%, 1/01/36 (g)
5,000   845,200 
Texas - 8.8% 
Brazos River Authority, Texas, PCR, Refunding (TXU Energy
     
 
Company LLC Project), AMT, Series A, 8.25%, 10/01/30
1,500   1,479,030 
 
HFDC of Central Texas, Inc., Retirement Facilities Revenue Bonds
     
 
(Village at Gleannloch Farms), Series A, 5.50%, 2/15/27
1,150   957,755 
 
Leander, Texas, Independent School District, Capital Appreciation, GO,
     
 
Refunding (School Building), 5.557%, 8/15/42 (g)
34,560   4,903,373 
 
Mission, Texas, Economic Development Corporation, Solid Waste
     
 
Disposal Revenue Bonds (Allied Waste N.A. Inc Project), Series A,
     
 
5.20%, 4/01/18
2,000   1,808,680 

4

BlackRock Long-Term Municipal Advantage Trust   
Schedule of Investments July 31, 2008 (Unaudited) 
(Percentages shown are based on Net Assets) 
 
Par    
State 
Municipal Bonds
(000 ) 
Value 
 
North Texas Tollway Authority, System Revenue Refunding Bonds,
     
 
Second Tier, Series F, 6.125%, 1/01/31
$  2,290   $  2,317,709 
 
Texas State Affordable Housing Corporation, S/F Mortgage
     
 
Revenue Bonds (Professional Educators Home Loan Program),
     
 
AMT, Series A-1, 5.50%, 12/01/39 (a)(b)
1,235   1,182,345 
 
West Central Texas Regional Housing Finance Corporation, S/F
     
 
Mortgage Revenue Bonds (Mortgage-Backed Securities Program),
     
 
AMT, Series A, 5.35%, 12/01/39 (a)(b)
1,215   1,140,115 
        13,789,007 
Vermont - 2.5% 
Vermont HFA, S/F Housing Revenue Bonds, AMT, Series 27, 4.90%,
     
 
5/01/38 (c)
4,670   3,860,502 
Virginia - 2.4% 
Fairfax County, Virginia, EDA, Residential Care Facilities,
     
 
Mortgage Revenue Refunding Bonds (Goodwin House, Inc.),
     
 
5.125%, 10/01/42
850   727,209 
 
Peninsula Ports Authority, Virginia, Residential Care Facilities, Revenue
     
 
Refunding Bonds (Baptist Homes), Series C, 5.375%, 12/01/26
2,600   2,146,612 
 
Reynolds Crossing Community Development Authority, Virginia,
     
 
Special Assessment Revenue Bonds (Reynolds Crossing Project),
     
 
5.10%, 3/01/21
1,000   879,610 
        3,753,431 
Wisconsin - 4.2% 
Wisconsin State Health and Educational Facilities Authority
     
 
Revenue Bonds (Ascension Health), Series A, 5%, 11/15/31
5,335   5,184,446 
 
Wisconsin State Health and Educational Facilities Authority, Revenue
     
 
Refunding Bonds (Franciscan Sisters Healthcare), 5%, 9/01/26
1,535   1,354,561 
        6,539,007 
Wyoming - 0.5% 
Wyoming Community Development Authority, Housing Revenue
     
 
Bonds, AMT, Series 3, 4.70%, 12/01/32
1,015   835,061 
Puerto Rico - 0.8% 
Puerto Rico Industrial, Tourist, Educational, Medical and
     
 
Environmental Control Facilities Revenue Bonds (Ana G. Mendez
     
 
University System Project), 5%, 3/01/36
1,500   1,298,880 
 
Total Municipal Bonds - 103.3%
    161,534,450 
 
Municipal Bonds Transferred to
     
 
Tender Option Bond Trusts (h)
     
California - 17.6% 
Golden State Tobacco Securitization Corporation of California,
     
 
Tobacco Settlement Revenue Bonds, Custodial Receipts, Series
     
 
1271, 5%, 6/01/45
15,000   13,264,050 
 
University of California Revenue Bonds, Series B, 4.75%, 5/15/38 (i)
15,000   14,177,250 
        27,441,300 
Georgia - 9.6% 
Atlanta, Georgia, Airport Passenger Facility Charge and Subordinate Lien
     
 
General Revenue Refunding Bonds, Series C, 5%, 1/01/33 (c)
15,000   14,978,400 
Illinois - 9.0% 
Chicago, Illinois, O'Hare International Airport, General Airport
     
 
Revenue Bonds, Custodial Receipts, Series 1284, 5%, 1/01/33
15,000   14,113,200 
Indiana - 8.5% 
Carmel, Indiana, Lease Rental Revenue Bonds (Performing Arts Center),
     
 
4.75%, 2/01/33
7,230   6,801,261 

5

BlackRock Long-Term Municipal Advantage Trust   
Schedule of Investments July 31, 2008 (Unaudited) 
(Percentages shown are based on Net Assets) 
  Municipal Bonds Transferred to Tender Option Bond  Par      
State  Trusts (h)  (000 )  Value  
  Carmel, Indiana, Lease Rental Revenue Bonds (Performing Arts Center), 5%,         
  2/01/33  $  6,580   $    6,488,538  
        13,289,799  
Massachusetts - 7.0%  Massachusetts State, HFA, Housing Revenue Refunding Bonds,         
  AMT, Series D, 5.45%, 6/01/37  11,855   10,919,285  
Nebraska - 8.4%  Omaha Public Power District, Nebraska, Electric System Revenue         
  Bonds, Sub-Series B, 4.75%, 2/01/36 (j)  14,000   13,161,680  
New York - 4.8%  New York City, New York, City Municipal Water Finance         
  Authority, Water and Sewer System, Revenue Refunding Bonds,         
  Series D, 5%, 6/15/39  7,500   7,529,025  
North Carolina - 16.4%   Charlotte-Mecklenburg Hospital Authority, North Carolina, Health        
  Care System Revenue Bonds (Carolinas Medical Center), Series A,         
  5%, 1/15/15 (k)  10,000   10,764,100  
  University of North Carolina, University Revenue Refunding         
  Bonds, Series A, 4.75%, 12/01/34  15,170   14,922,577  
        25,686,677  
Texas - 5.8%  New Caney, Texas, Independent School District, GO, 5%, 2/15/35  9,150   9,083,297  
  Total Municipal Bonds Transferred to Tender Option Bond Trusts -         
  87.1%      136,202,663  
  Total Long-Term Investments (Cost - $328,261,101) - 190.4%      297,737,113  
  Short-Term Securities  Shares      
  Merrill Lynch Institutional Tax-Exempt Fund, 2.08% (f)(l)  700,000   700,000  
  Total Short-Term Securities         
  (Cost - $700,000) - 0.4%      700,000  
  Total Investments (Cost - $328,961,101*) - 190.8%      298,437,113  
  Other Assets Less Liabilities - 2.4%      3,742,577  
  Liability for Trust Certificates, Including Interest Expense and Fees         
  Payable - (93.2)%      (145,774,571 ) 
  Net Assets Applicable to Common Stock - 100.0%      $   156,405,119  

* The cost and unrealized appreciation (depreciation) of investments as of July 31, 2008, as computed  
for federal income tax purposes, were as follows: 
   
Aggregate cost 
$
328,961,101  
Gross unrealized appreciation 
$
795,992  
Gross unrealized depreciation 
(31,319,980 ) 
Net unrealized depreciation 
$
(30,523,988 ) 

(a)      FHLMC Collateralized.
(b)      FNMA/GNMA Collateralized.
(c)      FSA Insured.
(d)      Radian Insured.
(e)      Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date.
(f)      Represents the current yield as of report date.
(g)      Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase.
(h)      Securities represents bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.
 

6

BlackRock Long-Term Municipal Advantage Trust 
Schedule of Investments July 31, 2008 (Unaudited) 

(i)      MBIA Insured.
(j)      FGIC Insured.
(k)      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.
(l)      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    
  Affiliate  Activity  
Income 
  Merrill Lynch Institutional Tax-Exempt Fund 
(1,900,000)
 
$      61,162 

7

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: September 19, 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: September 19, 2008  
 
  By: /s/ Neal J. Andrews  
    Neal J. Andrews  
    Chief Financial Officer (principal financial officer) of  
    BlackRock Long-Term Municipal Advantage Trust  
 
     Date: September 19, 2008