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______

_______BlackRock Long-Term Municipal Advantage Trust_______
(Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE
19809
(Address of principal executive offices)
(Zip code)

Robert S. Kapito, President

BlackRock Long-Term Municipal Advantage Trust

      40 East 52nd Street, New York, NY 10022      
(Name and address of agent for service)


Registrant’s telephone number, including area code:_888-825-2257__________________

Date of fiscal year end:___December 31, 2006
Date of reporting period:__September 30, 2006

Item 1. Schedule of Investments.

The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:


PORTFOLIO OF INVESTMENTS (unaudited)
SEPTEMBER 30, 2006

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

      Principal            
        Amount       Option Call    
    Rating1   (000)   Description   Provisions2   Value  
          LONG-TERM INVESTMENTS—98.3%        
            Municipal Bonds—97.4%        
            California—14.1%        
    NR3   $ 7,000   Irvine Unified Sch. Dist. Fin. Grp. II ST, Ser. A, 5.125%, 9/01/36   03/07 @ 103   $ 7,111,790  
    BBB   72,945   Stanislaus Cnty. Tobacco Sec. Cap. Apprec. RB, Ser. A, Zero Coupon, 6/01/46   06/16 @ 18.256   7,709,557  
    BBB+   7,250   Statewide Cmntys. RB, Daughters of Charity Proj., Ser. A, 5.00%, 7/01/39   07/15 @ 100   7,409,137  
    BBB   60,000   Statewide Fin. Auth. Tobacco Settlement Cap. Apprec. RB, Turbo Pooled Prog., Ser. A,        
                Zero Coupon, 6/01/46   06/16 @ 15.782   5,325,000  
                    27,555,484  
            District of Columbia—13.0%        
            Tobacco Settlement Fin. Corp. Asset Bkd. RB,        
    BBB   6,880       6.25%, 5/15/24   05/11 @ 101   7,320,045  
    BBB   15,415       6.50%, 5/15/33   No Opt. Call   17,992,850  
                    25,312,895  
            Florida—1.0%        
    NR   1,150   Baywinds Cmnty. Dev. Dist. SA, Ser. A, 5.25%, 5/01/37   05/16 @ 100   1,164,375  
    AAA   865   JEA RB, Wtr. & Swr. Sys. Proj., Ser. A, 4.75%, 10/01/36, MBIA   04/11 @ 100   872,655  
                    2,037,030  
            Georgia—0.5%        
    BBB   1,000   Cobb Cnty. Dev. Auth. RB, Wst. Mgt., Inc. Proj., Ser. A, 5.00%, 4/01/33, AMT   04/16 @ 101   1,011,330  
            Idaho—2.7%        
            Madison Cnty. Hosp. COP,        
    BBB-   2,145       5.25%, 9/01/26   09/16 @ 100   2,240,796  
    BBB-   1,000       5.25%, 9/01/30   09/16 @ 100   1,040,620  
    BBB-   2,000       5.25%, 9/01/37   09/16 @ 100   2,071,620  
                    5,353,036  
            Illinois—9.9%        
            Fin. Auth. RB,        
    A-   14,890       Illinois Inst. of Technology Proj., Ser. A, 5.00%, 4/01/36   04/16 @ 100   15,286,223  
    BBB-   4,000       Proctor Hosp. Proj., 5.125%, 1/01/25   01/16 @ 100   4,064,000  
                    19,350,223  
            Indiana—2.7%        
    Baa2   5,000   Delaware Cnty. Hosp. Auth. RB, Ball Memorial Hosp., Inc. Proj., 5.25%, 8/01/36   08/16 @ 100   5,190,150  
            Montana—2.1%        
            Two Rivers Auth. RB,        
    NR   1,500       7.25%, 11/01/21   11/11 @ 107   1,500,915  
    NR   2,600       7.375%, 11/01/27   11/11 @ 107   2,607,722  
                    4,108,637  
            Nevada—5.7%        
    NR   6,600   Henderson Local Impvt. Dists. SA, No. T-18 Proj., 5.30%, 9/01/35   03/07 @ 103   6,708,702  
    AAA   4,325   Truckee Meadows Wtr. Auth. RB, 4.875%, 7/01/34, XLCA   07/16 @ 100   4,451,506  
                    11,160,208  
            New Hampshire—2.7%        
    BBB   5,000   Business Fin. Auth. RB, Wst. Mgmt., Inc. Proj., 5.20%, 5/01/27, AMT   05/16 @ 101   5,189,350  
            New Jersey—4.0%        
    BBB   7,335   Tobacco Settlement Fin. Corp. Asset Bkd. RB, 5.75%, 6/01/32   06/12 @ 100   7,711,506  
            New Mexico—7.9%        
    BBB   15,000       Farmington PCRB, Public Service Co. Proj., Ser. B, 4.875%, 4/01/33   04/16 @ 101   15,365,250  

1

BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)

      Principal            
        Amount       Option Call    
    Rating1   (000)   Description   Provisions2   Value  
          New York—6.8%        
    BBB   $ 5,000   Nassau Cnty. Tobacco Settlement Corp. Asset Bkd. RB, Ser. A2, Zero Coupon, 6/01/26   06/16 @ 100   $ 4,422,850  
    B   7,600   New York City Indl. Dev. Agcy. RB, American Airlines, Inc., JFK Intl. Arpt. Proj.,        
                7.625%, 8/01/25, AMT   08/16 @ 101   8,926,960  
                    13,349,810  
                Puerto Rico—3.6%        
    BBB-   6,825   Indl. Tourist Edl. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/36   03/16 @ 100   6,968,530  
            Texas—16.6%        
    BBB   10,000   Alliance Arpt. Auth., Inc. Spl. Fac. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT   04/16 @ 100   10,136,700  
    Baa2   10,000   Brazos River Auth. PCRB, TXU Energy Co. LLC Proj., 5.00%, 3/01/41, AMT   03/11 @ 100   10,048,000  
    AAA   7,000   Dallas-Fort Worth Intl. Arpt. Facs. Impvt. Corp. RB, Ser. A, 5.00%, 11/01/35, FSA, AMT   11/08 @ 100   7,069,720  
    AAA   34,560   Leander Indpt. Sch. Dist. GO, Zero Coupon, 8/15/42, PSF   08/14 @ 21.126   5,066,842  
                    32,321,262  
            Virginia—3.3%        
            Peninsula Ports Auth. RB, Baptist Homes Proj.,        
    NR   3,250       Ser. C, 5.375%, 12/01/26   12/16 @ 100   3,335,182  
    NR   3,000       Ser. C, 5.40%, 12/01/33   12/16 @ 100   3,072,510  
                    6,407,692  
            Washington—0.8%        
    AAA   1,500   Hlth. Care Facs. Auth. RB, Providence Hlth. Sys. Proj., 4.50%, 10/01/35, FGIC   10/16 @ 100   1,487,985  
            Total Municipal Bonds       189,880,378  
            Tender Obligation Municipal Bonds—0.9%        
            California—0.1%        
    AAA   5 4      Golden St. Tobacco Sec. Corp. RITES, Ser. 1271, 6/01/45, AMBAC   06/15 @ 100   139,000  
    AAA   5 4 Univ. of California RITES, Ser. 1274, 5/15/38, MBIA   05/13 @ 101   98,850  
                    237,850  
            Georgia—0.2%        
    AAA   5 4 Atlanta Arpt. Passenger Fac. RITES, Ser. 1283, 1/01/33, FSA   07/14 @ 100   79,950  
    AAA   5 4 Atlanta Wtr. & Wstwtr. RITES, Ser. 1273, 11/01/43, FSA   11/14 @ 100   236,800  
                    316,750  
            Illinois—0.1%        
    AAA   5 4 Chicago O’Hare Intl. Arpt. RITES, Ser. 1284, 1/01/33, FGIC   01/16 @ 100   123,750  
            Indiana—0.1%        
    AA   10 4 Carmel Redev. Auth. Lease RITES, Ser. 1275, 2/01/33   02/16 @ 100   180,079  
            Nebraska—0.0%        
    AAA   5 4 Omaha Pub. Pwr. Dist. Elec. RITES, Ser. 1289, 2/01/36, FGIC   02/16 @ 100   59,900  
            New York—0.3%        
    Aa3   5 4 Liberty Dev. Corp. RITES, Ser. 1288, 10/01/35   No Opt. Call   259,500  
    Aa2   5 4 New York City Mun. Wtr. Fin. Auth. RITES, Ser. 1314, 6/15/39   06/15 @ 100   248,000  
                    507,500  
            North Carolina—0.1%        
    AA   5 4 Charlotte-Mecklenberg Hosp. Auth. RITES, Ser. 1272, 1/15/45   01/15 @ 100   205,761  
    AA+   5 4 Univ. of No. Carolina Chapel Hill RITES, Ser. 1287, 12/01/34   12/15 @ 100   101,240  
                    307,001  
            Texas—0.0%        
    AAA   5 4 New Caney Indpt. Sch. Dist. RITES, Ser. 1286, 2/15/35, PSF   02/16 @ 100   51,971  
            Total Tender Obligation Bonds       1,784,801  
            Total Long-Term Investments (cost $185,819,652)       191,665,179  

2

BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)

      Principal            
        Amount       Option Call    
    Rating1   (000)   Description   Provisions2   Value  
          SHORT-TERM INVESTMENTS—0.3%        
            Nebraska—0.1%        
    A-1+   $ 141 5      American Pub. Energy Agcy. Gas Sply. RB, Ser. A, 3.75%, 10/05/06, FRWD   N/A   $ 141,000  
       
Shares
           
       
(000)
           
            Money Market Fund—0.2%        
    NR   400   AIM Tax Free Cash Reserve Portfolio   N/A   400,000  
            Total Short-Term Investments (cost $541,000)       541,000  
            Total Investments—98.6% (cost $186,360,6526)       $192,206,179  
            Other assets in excess of liabilities—1.4%       2,654,763  
            Net Assets—100%       $194,860,942  

1   Using the highest of Standard & Poor’s, Moody’s Investors Services or Fitch’s ratings.  
2   Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.  
3   Security is deemed to be of investment grade quality by the investment advisor.  
4   Residual Interest/Tax Exempt Municipal Bonds—The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index.  
5   For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of September 30, 2006.  
6   Cost for Federal income tax purposes is $186,360,467. The net unrealized appreciation on a tax basis is $5,845,712, consisting of $5,845,712 gross unrealized appreciation and $0 gross unrealized depreciation.  

KEY TO ABBREVIATIONS
AMBAC — American Municipal Bond Assurance Corp.   PCRB — Pollution Control Revenue Bond
AMT — Subject to Alternative Minimum Tax   PSF — Public School Fund Guaranteed
COP — Certificate of Participation   RB — Revenue Bond
FGIC — Financial Guaranty Insurance Co.   RITES — Residual Interest Tax Exempt Bond
FRWD — Floating Rate Weekly Demand   SA — Special Assessment
FSA — Financial Security Assurance   ST — Special Tax
GO — General Obligation   XLCA — XL Capital Assurance
MBIA — Municipal Bond Insurance Assoc.      

3

Item 2. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers have evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.

(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 (17 CFR 270.30a -3(d)) 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.

Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.

 

SIGNATURES

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.

(Registrant)___BlackRock Long-Term Municipal Advantage Trust___

By: /s/ Donald C. Burke
_____________________________________________________________________
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: November 29, 2006

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/ Robert S. Kapito
_____________________________________________________________________
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: November 29, 2006

By: /s/ Donald C. Burke
_____________________________________________________________________
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: November 29, 2006