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:___October 31, 2007
Date of reporting period:__January 31, 2007

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)
JANUARY 31, 2007
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentage of Net Assets)

   
Principal
     
     
   
Amount
     
Option Call
     
Rating1
     
(000)
      Description      
Provisions2
       
Value
        LONG-TERM INVESTMENTS—187.5%  
     
        Arizona—0.5%  
     
Baa3   $      1,000   Pima Cnty. Indl. Dev. Auth., Sch. Impvts. Misc. RB, Arizona Charter Schs. Proj., Ser. 0,  
     
           5.25%, 7/01/31  
07/16 @ 100
 
$
 1,020,060
        California—23.2%  
     
AAA   15,000 3 Golden St. Tobacco Sec. Corp., Tobacco Settlement Funded RB, 5.00%, 6/01/45, AMBAC  
06/15 @ 100
    15,626,700
NR4   7,000   Irvine Unified Sch. Dist. Fin. Grp. II, Sch. Impvts. ST, Ser. A, 5.125%, 9/01/36  
09/07 @ 103
    7,140,490
BBB+   7,250   Statewide Cmntys. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Daughters of Charity  
     
           Proj., Ser. A, 5.00%, 7/01/39  
07/15 @ 100
    7,334,100
AAA   15,000 3 Univ. of California, Univ. & Coll. Impvts. RB, Ser. B, 4.75%, 5/15/38, MBIA        
05/13 @ 101
    15,332,850
           
    45,434,140
        Colorado—1.3%  
     
A+   2,500   Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Adventist Hlth./Sunbelt Proj.,  
     
           5.125%, 11/15/29  
11/16 @ 100
    2,610,350
        District of Columbia—13.2%  
     
        Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB,  
     
BBB   6,880      6.25%, 5/15/24  
05/11 @ 101
    7,398,339
BBB   15,415      6.50%, 5/15/33  
No Opt. Call
    18,375,143
           
    25,773,482
        Florida—1.0%  
     
NR   1,150   Baywinds Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. A, 5.25%, 5/01/37  
05/16 @ 100
    1,132,761
AAA   865   JEA, Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA  
04/11 @ 100
    878,667
           
    2,011,428
        Georgia—16.8%  
     
        City of Atlanta,  
     
AAA   15,000 3    Port, Arpt. & Marina RB, Ser. C, 5.00%, 1/01/33, FSA  
07/14 @ 100
    15,611,850
AAA   15,000 3    Wtr. Util. Impvts. Wtr. RB, 5.00%, 11/01/43, FSA        
11/14 @ 100
    15,624,600
BBB   1,000   Cobb Cnty. Dev. Auth., Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.00%,  
     
           4/01/33, AMT  
04/16 @ 101
    1,019,670
BBB-   680   Gainesville Redev. Auth. Edl. Facs., Private Schs. RB, Riverside Military Academy Proj.,  
     
           5.125%, 3/01/27  
03/17 @ 100
    696,653
           
    32,952,773
        Illinois—17.9%  
     
AAA   15,000 3 Chicago O'Hare Intl. Arpt., Port, Arpt. & Marina RB, Ser. A, 5.00%, 1/01/33, FGIC  
01/16 @ 100
    15,702,450
        Fin. Auth.,  
     
A-   14,890      Coll. & Univ. RB, Illinois Inst. of Technology Proj., Ser. A, 5.00%, 4/01/36  
04/16 @ 100
    15,375,414
BBB-   4,000      Hlth., Hosp. & Nursing Home RB, Proctor Hosp. Proj., 5.125%, 1/01/25        
01/16 @ 100
    4,075,800
           
    35,153,664
        Indiana—8.3%  
     
        Carmel Redev. Auth., Econ. Impvts. Lease RB, Performing Arts Ctr. Proj.,  
     
AA   7,230 3    4.75%, 2/01/33  
02/16 @ 100
    7,287,984
AA   6,580 3    5.00%, 2/01/33  
02/16 @ 100
    6,831,159

1

BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)
(Percentage of Net Assets)

   
Principal
     
     
   
Amount
     
Option Call
     
Rating1
     
(000)
     
Description
     
Provisions2
       
Value
        Indiana—(cont'd)  
     
Baa2   $      2,000   Delaware Cnty. Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Ball Memorial Hosp., Inc.  
     
           Proj., 5.25%, 8/01/36  
08/16 @ 100
 
$
 2,071,100
           
    16,190,243
        Kansas—0.4%  
     
A   845   Univ. of Kansas Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Univ. of Kansas Hlth.  
     
           Sys. Proj., 5.00%, 9/01/36  
09/16 @ 100
    872,910
        Louisiana—0.8%  
     
Aaa   1,425   St. Tammany Parish Fin. Auth., Sngl. Fam. Hsg. RB, Home Ownership Prog., Ser. A,  
     
           5.25%, 12/01/39  
12/16 @ 103
    1,495,538
        Maryland—0.5%  
     
NR   1,000   Hlth. & Higher Edl. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, King Farm  
     
           Presbyterian Cmnty. Proj., 5.00%, 1/01/17  
01/09 @ 100
    1,001,770
        Mississippi—0.6%  
     
BBB+   1,215   Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%,  
     
           12/01/28  
12/16 @ 100
    1,207,941
        Montana—2.1%  
     
        Two Rivers Auth., Correctional Fac. Impvts. Misc. RB,  
     
NR   1,500      7.25%, 11/01/21  
11/11 @ 107
    1,528,620
NR   2,600      7.375%, 11/01/27  
11/11 @ 107
    2,668,848
           
    4,197,468
        Nebraska—7.8%  
     
AAA   15,000 3 Omaha Pub. Pwr. Dist., Elec., Lt. & Pwr. Impvts. RB, Ser. B, 4.75%, 2/01/36, FGIC  
02/16 @ 100
    15,341,850
        Nevada—2.3%  
     
AAA   4,325   Truckee Meadows Wtr. Auth., Wtr. RB, 4.875%, 7/01/34, XLCA        
07/16 @ 100
    4,434,855
        New Hampshire—2.6%  
     
BBB   5,000   Business Fin. Auth., Indl. Impvts. RB, Wst. Mgmt., Inc. Proj., 5.20%, 5/01/27, AMT  
05/16 @ 101
    5,137,750
        New Jersey—4.0%  
     
AAA   7,335   Tobacco Settlement Fing. Corp., Pub. Impvts. Tobacco Settlement Funded RB, 5.75%,  
     
           6/01/32  
06/12 @ 100
    7,822,191
        New Mexico—7.8%  
     
BBB   15,000   Farmington Poll. Cntl., Misc. RB, Pub. Svc. Co. of New Mexico Proj., Ser. B, 4.875%,  
     
           4/01/33  
04/16 @ 101
    15,367,800
        New York—25.3%  
     
A   2,875   Hudson Yards Infrastructure Corp., Trans. Impvts. Misc. RB, Ser. A, 5.00%, 2/15/47  
02/17 @ 100
    3,000,436
AA-   15,000 3 Liberty Dev. Corp., Indl. Impvts. Misc. RB, Goldman Sachs Group, Inc. Proj., 5.25%,  
     
           10/01/35  
No Opt. Call
    17,171,700
BBB   5,000   Nassau Cnty. Tobacco Settlement Corp., Tobacco Settlement Funded RB, Ser. A2, Zero  
     
           Coupon, 6/01/26  
06/16 @ 100
    4,546,600
B   7,600   New York City Indl. Dev. Agcy., Port, Arpt. & Marina Impvts. RB, American Airlines, Inc.  
     
           Proj., 7.625%, 8/01/25, AMT  
08/16 @ 101
    9,274,280
AA+   15,000 3 New York City Mun. Wtr. Fin. Auth., Wtr. RB, Ser. D, 5.00%, 6/15/39        
06/15 @ 100
    15,668,700
           
    49,661,716
        North Carolina—16.2%  
     
AA   13,495 3 Charlotte-Mecklenburg Hosp. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Carolinas  
     
           Hlth. Care Sys. Proj., Ser. A, 5.00%, 1/15/45  
01/15 @ 100
    13,950,861
AA-   2,160   Med. Care Comm. Hlth. Care Fac., Hlth., Hosp. & Nursing Home RB, Novant Hlth. Oblig.  
     
           Grp. Proj., 5.00%, 11/01/39  
11/16 @ 100
    2,247,804

2

BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)
(Percentage of Net Assets)

    Principal              
   
Amount
     
Option Call
     
Rating1
     
(000)
      Description       Provisions2        
Value
        North Carolina—(cont'd)          
AA+   $      15,170 3 University of North Carolina, Univ. & Coll. Impvts. RB, Ser. A, 4.75%, 12/01/34   12/15 @ 100   $ 15,565,482
                  31,764,147
        Pennsylvania—0.5%          
NR   1,000   Harrisburg Auth., Univ. & Coll. Impvts. RB, Harrisburg Univ. of Science Proj., 5.40%,          
           9/01/16   No Opt. Call     1,005,150
        Puerto Rico—3.6%          
BBB-   6,825   Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Ana G.          
           Mendez Univ. Sys. Proj., 5.00%, 3/01/36   03/16 @ 100     7,097,522
        South Carolina—1.1%          
AA   2,000   Scago Edl. Facs. Corp. for Colleton Sch. Dist., Sch. Impvts. Lease Approp. RB,          
           Williamsburg Cnty. Proj., 5.00%, 12/01/31, RAA   12/16 @ 100     2,062,580
        Tennessee—1.8%          
A   5,000   Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home Impvts. RB,          
           Covenant Hlth. Proj., Zero Coupon, 1/01/36   01/17 @ 38.983     1,155,700
AA+   2,215   Shelby Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home Impvts. RB, St.          
           Jude’s Children Research Hosp. Proj., 5.00%, 7/01/31   07/16 @ 100     2,313,014
                  3,468,714
        Texas—20.1%          
BBB   5,000   Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT   04/16 @ 100     5,053,900
Baa2   10,000   Brazos River Poll. Ctrl. Auth., Swr. Impvts. Misc. RB, TXU Energy Co. LLC Proj., 5.00%,          
           3/01/41, AMT   03/11 @ 100     10,020,400
AAA   7,000   Dallas-Fort Worth Intl. Arpt. Facs. Impvt. Corp., Port, Arpt. & Marina Impvts. RB, Ser. A,          
           5.00%, 11/01/35, FSA, AMT   11/08 @ 100     7,054,250
B   1,150   HFDC of Central Texas, Inc. Retirement Fac., Hlth., Hosp. & Nursing Home RB, Vlg. at          
           Gleannloch Farms Proj., Ser. A, 5.50%, 2/15/27   02/17 @ 100     1,182,120
AAA   34,560   Leander Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/42, PSF   08/14 @ 21.126     5,108,659
AAA   9,150 3 New Caney Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 2/15/35, PSF   02/15 @ 100     9,590,389
Aaa   1,250   St. Affordable Hsg. Corp., Sngl. Fam. Hsg. RB, Professional Educators Proj., 5.50%,          
           12/01/39   02/17 @ 102.50     1,328,125
                  39,337,843
        Virginia—3.2%          
        Peninsula Ports Auth., Hlth., Hosp. & Nursing Home RB, Baptist Homes Proj.,          
NR   3,100      Ser. C, 5.375%, 12/01/26   12/16 @ 100     3,208,686
NR   3,000      Ser. C, 5.40%, 12/01/33   12/16 @ 100     3,087,390
                  6,296,076
        Washington—1.8%          
        Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Care Svcs. Proj.,      
AAA   1,500      4.50%, 10/01/35, FGIC   10/16 @ 100     1,459,845
A   2,000      Ser. A, 4.625%, 10/01/34, FGIC   10/16 @ 100     1,979,840
                  3,439,685
        Wisconsin—2.8%          
AA+   5,335   Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Ascension Hlth. Proj.,          
           5.00%, 11/15/31   11/16 @ 100     5,526,847
        Total Long-Term Investments (cost $361,823,299)         367,686,493

3

BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)
(Percentage of Net Assets)

    Principal              
    Amount       Option Call      
Rating1
      (000)       Description       Provisions2         Value
      SHORT-TERM INVESTMENTS—1.6%          
      Nebraska—0.1%          
A-1+
 
$      139
5 American Pub. Energy Agcy., Nat. Gas Util. Impvts. Nat. Gas RB, Ser. A, 3.63%, 2/01/07,          
         FRWD  
N/A
  $ 139,000 
  Shares              
  (000)              
      Money Market Fund—1.5%          
NR
  3,000   AIM Tax Free Cash Reserve Portfolio - Institutional Class  
N/A
    3,000,000 
        Total Short-Term Investments (cost $3,139,000)         3,139,000 
        Total Investments —189.1% (cost $364,962,2996)      
$
 370,825,493 
        Liabilities in excess of other assets —2.4%         4,728,791 
        Short-term floating rate certificates, including interest payable—(91.5)%         (179,487,019)
        Net Assets —100%      
$
 196,067,265 

  ____________
1     

Using the highest of Standard & Poor's, Moody's Investors Service 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 represents underlying bond transferred to a separate securitization trust established in a tender option bond transaction in which the Trust acquired the residual interest certificates. These securities serve as collateral in a financing transaction. The aggregate value of the above mentioned underlying bonds and secured borrowings including interest were $179,306,575 and $179,487,019, respectively at January 31, 2007.
4

Security is deemed to be of investment grade quality by the investment advisor.
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 January 31, 2007.
6

Cost for federal income tax purposes is $364,962,074. The net unrealized appreciation on a tax basis is $5,863,419, consisting of $6,166,148 gross unrealized appreciation and $302,729 gross unrealized depreciation.
 
KEY TO ABBREVIATIONS
AMBAC      — American Municipal Bond Assurance Corp.
AMT — Subject to Alternative Minimum Tax
FGIC — Financial Guaranty Insurance Co.
FRWD — Floating Rate Weekly Demand
FSA — Financial Security Assurance
GO — General Obligation
MBIA — Municipal Bond Insurance Assoc.
PSF — Public School Fund Guaranteed
RAA — Radian Asset Assurance
RB — Revenue Bond
SA — Special Assessment
ST — Special Tax
XLCA — XL Capital Assurance

4

Item 2. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures, including internal control over financial reporting, 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. Prior to reaching that conclusion, such principal officers had become aware of matters relating to the Registrant’s participation in certain inverse floater structures. As a result, management of the Registrant has reevaluated certain disclosure controls and procedures determined not to be effective, as discussed more fully below.

Management of the Registrant is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. The Registrant’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Such internal control includes policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Registrant’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the Registrant’s ability to initiate, authorize, record, process or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the Registrant’s annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more

than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.

The Registrant identified the following control deficiency, that was determined to be a material weakness, as defined above, in the Registrant’s internal control over financial reporting. The Registrant’s controls related to the review and analysis of relevant terms and conditions of transfers of certain assets pertaining to inverse floater structures were not operating effectively to appropriately determine whether the transfers of assets qualified for sale accounting under the provisions of Statement of Financial Accounting Standards No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities” (“SFAS 140”). As a result these controls did not detect that certain transfers were not appropriately recorded as borrowings. Accordingly, the Registrant’s financial statements as of and for the period ended October 31, 2006, were stated to appropriately reflect transfers of such securities as secured borrowings and to report the related income and expense. These adjustments had no impact on net assets, net asset value per share or total return.

Subsequent to October 31, 2006, but prior to the evaluation of the design and operation of the Registrant’s disclosure controls and procedures on January 26, 2007, the Registrant’s disclosure controls and procedures were modified to enhance the review and analysis of the relevant terms and conditions of transfers of securities in connection with inverse floater structures in light of SFAS 140.

(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. However, as discussed above, subsequent to October 31, 2006, the Registrant has enhanced controls related to the application of SFAS 140.

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: March 28, 2007

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: March 28, 2007

By: /s/ Donald C. Burke                                       
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: March 28, 2007