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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: 10/31/2009

Date of reporting period: 11/01/2008 – 01/31/2009

Item 1 – Schedule of Investments

BlackRock Long-Term Municipal Advantage Trust  
Schedule of Investments January 31, 2009 (Unaudited) (Percentages shown are based on Net Assets)
      Par      
State Municipal Bonds   (000)     Value
Arizona - 5.5% Phoenix and Pima County, Arizona, IDA, S/F Mortgage          
  Revenue Refunding Bonds, AMT, Series 2007-1, 5.25%,          
  8/01/38 (a)(b)(c) $ 1,864   $ 1,762,056
  Pima County, Arizona, IDA, Education Revenue Bonds          
  (American Charter Schools Foundation), Series A,          
  5.625%, 7/01/38   1,700     1,089,666
  Pima County, Arizona, IDA, Education Revenue          
  Refunding Bonds (Arizona Charter Schools Project),          
  Series O, 5.25%, 7/01/31   1,000     619,230
  Salt Verde Financial Corporation, Arizona, Senior Gas          
  Revenue Bonds, 5%, 12/01/32   1,850     1,234,154
  Salt Verde Financial Corporation, Arizona, Senior Gas          
  Revenue Bonds, 5%, 12/01/37   2,590     1,680,573
            6,385,679
Colorado - 3.5% Colorado HFA, Revenue Refunding Bonds (Adventist Health          
  System/Sunbelt Obligor Group), Series D, 5.125%,          
  11/15/29   2,500     2,143,800
  Colorado Health Facilities Authority, Revenue          
  Refunding Bonds (Poudre Valley Health Care), 5.20%,          
  3/01/31 (d)   240     211,850
  Colorado Health Facilities Authority, Revenue          
  Refunding Bonds (Poudre Valley Health Care), Series          
  B, 5.25%, 3/01/36 (d)   485     420,893
  Colorado Health Facilities Authority, Revenue          
  Refunding Bonds (Poudre Valley Health Care), Series          
  C, 5.25%, 3/01/40 (d)   850     728,169
  North Range Metropolitan District Number 2,          
  Colorado, Limited Tax, GO, 5.50%, 12/15/37   1,200     605,172
            4,109,884
District of Columbia - 13.3% District of Columbia Tobacco Settlement Financing          
  Corporation, Asset-Backed Revenue Refunding Bonds,          
  6.25%, 5/15/24   5,940     5,035,932
  District of Columbia Tobacco Settlement Financing          
  Corporation, Asset-Backed Revenue Refunding Bonds,          
  6.50%, 5/15/33   15,415     10,531,220
            15,567,152
Florida - 3.8% Jacksonville, Florida, Health Facilities Authority,          
  Hospital Revenue Bonds (Baptist Medical Center          
  Project), Series A, 5%, 8/15/37   845     638,262
Portfolio Abbreviations            

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the 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      

1

BlackRock Long-Term Municipal Advantage Trust  
Schedule of Investments January 31, 2009 (Unaudited) (Percentages shown are based on Net Assets)
      Par      
State Municipal Bonds   (000)     Value
  Orange County, Florida, Health Facilities Authority,          
  First Mortgage Revenue Bonds (Orlando Lutheran          
  Towers), 5.50%, 7/01/38 $ 1,150   $ 654,983
  Sarasota County, Florida, Health Facilities Authority,          
  Retirement Facility Revenue Refunding Bonds (Village          
  on the Isle Project), 5.50%, 1/01/32   520     291,533
  Sumter Landing Community Development District,          
  Florida, Recreational Revenue Bonds, Sub-Series B,          
  5.70%, 10/01/38   1,435     871,361
  Tolomato Community Development District, Florida,          
  Special Assessment Bonds, 6.65%, 5/01/40   1,750     1,097,128
  Watergrass Community Development District, Florida,          
  Special Assessment Revenue Bonds, Series A, 5.375%,          
  5/01/39   1,850     922,225
            4,475,492
Georgia - 1.0% Main Street Natural Gas, Inc., Georgia, Gas Project          
  Revenue Bonds, Series A, 6.375%, 7/15/38 (e)(f)   585     115,532
  Rockdale County, Georgia, Development Authority          
  Revenue Bonds (Visy Paper Project), AMT, Series A,          
  6.125%, 1/01/34   1,600     1,031,776
            1,147,308
Illinois - 4.0% Illinois State Finance Authority Revenue Bonds (Monarch          
  Landing, Inc. Project), Series A, 7%, 12/01/37   580     387,434
  Illinois State Finance Authority, Revenue Refunding          
  Bonds (Illinois Institute of Technology), Series A, 5%,          
  4/01/36   2,000     1,342,020
  Illinois State Finance Authority, Revenue Refunding          
  Bonds (Proctor Hospital), Series A, 5.125%, 1/01/25   4,000     2,897,280
            4,626,734
Indiana - 2.1% Delaware County, Indiana, Hospital Authority,          
  Hospital Revenue Bonds (Cardinal Health System          
  Obligated Group), 5.25%, 8/01/36   2,000     1,183,780
  Indiana Health and Educational Facilities Financing          
  Authority, Hospital Revenue Bonds (Community          
  Foundation of Northwest Indiana), 5.50%, 3/01/37   1,985     1,293,684
            2,477,464
Kansas - 0.3% Lenexa, Kansas, Health Care Facility, Revenue          
  Refunding Bonds, 5.50%, 5/15/39   650     352,567
Louisiana - 2.3% Louisiana Local Government Environmental Facilities          
  and Community Development Authority Revenue          
  Bonds (Westlake Chemical Corporation), 6.75%,          
  11/01/32   2,000     1,389,040
  Saint Tammany Parish, Louisiana, Financing Authority,          
  S/F Mortgage Revenue Bonds (Home Ownership          
  Program), Series A, 5.25%, 12/01/39 (a)(b)(c)   1,371     1,322,079
            2,711,119
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     754,290

2

BlackRock Long-Term Municipal Advantage Trust  
Schedule of Investments January 31, 2009 (Unaudited) (Percentages shown are based on Net Assets)
      Par      
State Municipal Bonds   (000)     Value
Michigan - 1.9% Garden City, Michigan, Hospital Finance Authority,          
  Hospital Revenue Refunding Bonds (Garden City          
  Hospital Obligation), Series A, 5%, 8/15/38 $ 1,540   $ 777,962
  Royal Oak, Michigan, Hospital Finance Authority,          
  Hospital Revenue Refunding Bonds (William Beaumont          
  Hospital), 8.25%, 9/01/39   1,400     1,430,464
            2,208,426
Missouri - 1.9% 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)(c)   2,355     2,178,281
Montana - 1.4% Two Rivers Authority, Inc., Montana, Senior Lien          
  Revenue Bonds (Correctional Facilities Project),          
  7.25%, 11/01/21 (e)(f)   1,500     600,930
  Two Rivers Authority, Inc., Montana, Senior Lien Revenue          
  Bonds (Correctional Facilities Project), 7.375%,          
  11/01/27 (e)(f)   2,600     1,040,936
            1,641,866
New Jersey - 1.8% New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%,          
  6/15/24   2,670     2,087,139
New York - 9.6% Nassau County, New York, Tobacco Settlement          
  Corporation, Senior Asset-Backed Revenue Refunding          
  Bonds, Series A-2, 5.26%, 6/01/26 (g)   5,000     4,082,450
  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     5,392,200
  New York City, New York, City Transitional Finance          
  Authority, Building Aid Revenue Refunding Bonds,          
  Series S-1, 4.50%, 1/15/38   370     310,145
  New York Liberty Development Corporation Revenue          
  Bonds (Goldman Sachs Headquarters), 5.25%, 10/01/35   1,850     1,487,492
            11,272,287
Pennsylvania - 1.6% Allegheny County, Pennsylvania, Hospital Development          
  Authority, Revenue Refunding Bonds (West Penn Allegheny          
  Health System), Series A, 5.375%, 11/15/40   2,080     1,077,440
  Harrisburg, Pennsylvania, Authority, University          
  Revenue Bonds (Harrisburg University of Science),          
  Series A, 5.40%, 9/01/16   465     441,917
  Pennsylvania HFA, S/F Mortgage Revenue Refunding          
  Bonds, AMT, Series 97A, 4.60%, 10/01/27   450     372,717
            1,892,074
South Carolina - 3.5% Scago Education Facilities Corporation for          
  Williamsburg County School District, South Carolina,          
  Revenue Refunding Bonds, 5%, 12/01/31 (h)   2,000     1,528,500
  South Carolina Jobs, EDA, Health Care Facilities, First          
  Mortgage Revenue Refunding Bonds (Lutheran Homes),          
  5.50%, 5/01/28   600     385,410
  South Carolina Jobs, EDA, Health Care Facilities, First          
  Mortgage Revenue Refunding Bonds (Lutheran Homes),          
  5.625%, 5/01/42   1,000     574,370

3

BlackRock Long-Term Municipal Advantage Trust  
Schedule of Investments January 31, 2009 (Unaudited) (Percentages shown are based on Net Assets)
      Par      
State Municipal Bonds   (000)     Value
  South Carolina Jobs, EDA, Senior Lien Revenue          
  Refunding Bonds (Burroughs and Chapin Company,          
  Inc.), Series A, 4.70%, 4/01/35 (h) $ 2,500   $ 1,658,525
            4,146,805
South Dakota - 0.7% South Dakota State Health and Educational Facilities          
  Authority Revenue Bonds (Sanford Health), 5%, 11/01/40   1,040     873,215
Texas - 3.3% Brazos River Authority, Texas, PCR, Refunding (TXU          
  Energy Company LLC Project), AMT, Series A, 8.25%,          
  10/01/30   1,500     900,060
  HFDC of Central Texas, Inc., Retirement Facilities          
  Revenue Bonds (Village at Gleannloch Farms), Series          
  A, 5.50%, 2/15/27   1,150     717,381
  North Texas Tollway Authority, System Revenue Refunding          
  Bonds, Second Tier, Series F, 6.125%, 1/01/31   2,290     2,192,812
            3,810,253
Vermont - 2.1% Vermont HFA, S/F Housing Revenue Bonds, AMT,          
  Series 27, 4.90%, 5/01/38 (d)   3,060     2,472,174
Virginia - 2.6% Fairfax County, Virginia, EDA, Residential Care          
  Facilities, Mortgage Revenue Refunding Bonds          
  (Goodwin House, Inc.), 5.125%, 10/01/42   850     480,335
  Peninsula Ports Authority, Virginia, Residential Care          
  Facilities, Revenue Refunding Bonds (Baptist Homes),          
  Series C, 5.375%, 12/01/26   2,600     1,724,216
  Reynolds Crossing Community Development Authority,          
  Virginia, Special Assessment Revenue Bonds (Reynolds          
  Crossing Project), 5.10%, 3/01/21   1,000     802,080
            3,006,631
Wisconsin - 5.1% Wisconsin State Health and Educational Facilities          
  Authority Revenue Bonds (Ascension Health), Series A,          
  5%, 11/15/31   5,335     4,761,488
  Wisconsin State Health and Educational Facilities          
  Authority, Revenue Refunding Bonds (Franciscan          
  Sisters Healthcare), 5%, 9/01/26   1,535     1,208,797
            5,970,285
  Total Municipal Bonds - 71.9%         84,167,125
  Municipal Bonds Transferred to          
  Tender Option Bond Trusts (i)          
California - 18.0% Golden State Tobacco Securitization Corporation of          
  California, Tobacco Settlement Revenue Bonds,          
  Custodial Receipts, Series 1271, 5%, 6/01/45   10,000     7,511,000
  University of California Revenue Bonds, Series B,          
  4.75%, 5/15/38 (j)   15,000     13,529,700
            21,040,700
Georgia - 4.9% Atlanta, Georgia, Airport Passenger Facility Charge          
  and Subordinate Lien General Revenue Refunding          
  Bonds, Series C, 5%, 1/01/33 (d)   6,000     5,726,040
Illinois - 11.0% Chicago, Illinois, O'Hare International Airport, General          
  Airport Revenue Bonds, Custodial Receipts, Series          
  1284, 5%, 1/01/33   15,000     12,819,750

4

BlackRock Long-Term Municipal Advantage Trust  
Schedule of Investments January 31, 2009 (Unaudited) (Percentages shown are based on Net Assets)
  Municipal Bonds Transferred to   Par        
State Tender Option Bond Trusts (i)   (000)     Value  
Indiana - 10.9% Carmel, Indiana, Lease Rental Revenue Bonds            
  (Performing Arts Center), 4.75%, 2/01/33 $ 7,230   $ 6,556,815  
  Carmel, Indiana, Lease Rental Revenue Bonds            
  (Performing Arts Center), 5%, 2/01/33   6,580     6,186,121  
            12,742,936  
Massachusetts - 9.0% Massachusetts State, HFA, Housing Revenue Refunding            
  Bonds, AMT, Series D, 5.45%, 6/01/37   11,855     10,558,774  
Nebraska - 4.0% Omaha Public Power District, Nebraska, Electric System            
  Revenue Bonds, Sub-Series B, 4.75%, 2/01/36 (j)(k)   5,000     4,634,500  
New York - 16.1% 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     7,118,325  
  New York State Dormitory Authority, State Personal            
  Income Tax Revenue Bonds (Education), Series B,            
  5.75%, 3/15/36   11,250     11,713,613  
            18,831,938  
North Carolina - 12.4% University of North Carolina, University Revenue            
  Refunding Bonds, Series A, 4.75%, 12/01/34   15,170     14,537,411  
Texas - 7.7% New Caney, Texas, Independent School District, GO,            
  5%, 2/15/35   9,150     8,992,803  
  Total Municipal Bonds Transferred to            
  Tender Option Bond Trusts - 94.0%         109,884,852  
  Total Long-Term Investments            
  (Cost - $242,799,112) - 165.9%         194,051,977  
  Short-Term Securities   Shares        
  Merrill Lynch Institutional Tax-Exempt            
  Fund, 0.60% (l)(m)   4,700,000     4,700,000  
  Total Short-Term Securities            
  (Cost - $4,700,000) - 4.0%         4,700,000  
  Total Investments (Cost - $247,499,112*) - 169.9%         198,751,977  
  Other Assets Less Liabilities - 2.1%         2,463,351  
  Liability for Trust Certificates, Including            
       Interest Expense and Fees Payable - (72.0)%         (84,204,025 )
  Net Assets - 100.0%         117,011,303  

* The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:
  Aggregate cost $ 159,304,112    
  Gross unrealized appreciation $ 314,323    
  Gross unrealized depreciation   (44,361,458 )  
  Net unrealized depreciation $ (44,047,135 )  
(a) FHLMC Collateralized.
(b) FNMA Collateralized.
(c) GNMA Collateralized.
(d) FSA Insured.
(e) Non-income producing security.
(f) Issuer filed for bankruptcy and/or is in default of interest payments.

5

BlackRock Long-Term Municipal Advantage Trust
Schedule of Investments January 31, 2009 (Unaudited)

(g) 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 reflects the effective yield as of report date.
(h) Radian Insured.
(i) Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction.
(j) MBIA Insured.
(k) FGIC Insured.
(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:
          Affiliate Net Activity             Income
  Merrill Lynch Institutional Tax-Exempt Fund 3,599,117   $   7,613
(m) Represents the current yield as of report date.
   
  		• Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

     

     
  		• Level 1 - price quotations in active markets/exchanges for identical securities
     
  		• Level 2 - other observable inputs (including, but not limited to: quoted prices for 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)
     
  		• Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust's own assumption used in determining the fair value of investments)

     

      The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust's policy regarding valuation of investments and other significant accounting policies, please refer to the Trust's most recent financial statements as contained in its annual report.
     
      The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Trust's investments:
     
    Valuation   Investments in
    Inputs   Securities
        Assets
    Level 1 $ 4,700,000
    Level 2   194,051,977
    Level 3   -
    Total $ 198,751,977

    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 13(a)-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 25, 2009
         
      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 25, 2009
         
      By: /s/ Neal J. Andrews  
        Neal J. Andrews
        Chief Financial Officer (principal financial officer) of
        BlackRock Long-Term Municipal Advantage Trust
         
      Date: March 25, 2009