N-Q 1 d113896dnq.htm BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST BlackRock Long-Term Municipal Advantage Trust

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: John M. Perlowski, Chief Executive Officer, BlackRock Long-Term              Municipal Advantage Trust, 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 04/30/2016

Date of reporting period: 01/31/2016

Item 1 – Schedule of Investments

Schedule of Investments January 31, 2016 (Unaudited)

   

BlackRock Long-Term Municipal Advantage Trust  (BTA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Alabama — 1.4%

     

County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19

    $ 515      $ 520,047   

County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42

      1,655        1,926,734   
    

 

 

  
               2,446,781   

Arizona — 1.2%

  

City of Phoenix Arizona IDA, RB, Series A, Facility, Eagle College Preparatory Project, 5.00%, 7/01/33

      870        897,919   

City of Phoenix Arizona IDA, Refunding RB, Series A (a):

     

5.00%, 7/01/35

      125        131,914   

5.00%, 7/01/46

      135        139,367   

Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37

      725        870,181   
    

 

 

  
               2,039,381   

California — 10.3%

  

California Health Facilities Financing Authority, RB:

     

St. Joseph Health System, Series A, 5.75%, 7/01/39

      385        442,161   

Sutter Health, Series B, 6.00%, 8/15/42

      1,040        1,254,500   

California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39

      680        781,694   

California HFA, RB, S/F Housing, Home Mortgage, Series K, AMT, 5.50%, 2/01/42

      55        55,016   

California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:

     

5.25%, 8/15/39

      70        79,089   

5.25%, 8/15/49

      175        196,936   

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:

     

Senior, 5.00%, 5/15/40

      2,045        2,320,073   

5.25%, 5/15/39

      270        303,847   

City of San Francisco California Public Utilities Commission Water Revenue, RB, Series B, 5.00%, 11/01/39

      3,225        3,641,896   
Municipal Bonds   

Par  

(000)

     Value  

California (continued)

     

City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38

    $ 165      $ 205,532   

County of California Tobacco Securitization Agency, RB, Asset-Backed, 5.60%, 6/01/36

      2,000        2,002,420   

San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 8/01/38 (b)

      3,725        1,491,043   

State of California, GO, Various Purposes, 6.50%, 4/01/33

      2,000        2,348,080   

State of California Public Works Board, LRB, Various Capital Projects:

     

Series I, 5.00%, 11/01/38

      355        412,045   

Sub-Series I-1, 6.38%, 11/01/34

      400        480,844   

Tobacco Securitization Authority of Southern California, Refunding RB, Senior Series A1, 5.00%, 6/01/37

      1,500        1,420,785   
    

 

 

  
               17,435,961   

Colorado — 3.7%

  

Colorado Health Facilities Authority, Refunding RB, Series A:

     

6.13%, 12/01/45

      160        163,481   

6.25%, 12/01/50

      520        531,440   

Sisters of Charity of Leavenworth Health System, 5.00%, 1/01/40

      3,940        4,367,963   

North Range Metropolitan District No. 2, GO, Limited Tax, 5.50%, 12/15/37

      1,200        1,214,628   
    

 

 

  
               6,277,512   

Connecticut — 0.5%

  

Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C, 6.25%, 2/01/30 (a)

      860        858,882   

Delaware — 2.2%

     

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40

      750        813,870   

Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45

      2,240        2,322,656   
 

 

                
   BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JANUARY 31, 2016    1

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust  (BTA)

 

Municipal Bonds   

Par  

(000)

     Value  

Delaware (continued)

     

Delaware Transportation Authority, RB, 5.00%, 6/01/55

    $ 580      $ 655,180   
    

 

 

  
               3,791,706   

District of Columbia — 2.0%

     

District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43

      260        301,972   

District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41

      750        816,847   

District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.25%, 5/15/24

      900        900,243   

Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:

     

5.00%, 10/01/39

      170        188,955   

5.25%, 10/01/44

      1,000        1,117,970   
    

 

 

  
               3,325,987   

Florida — 4.3%

     

County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45

      645        723,064   

County of Miami-Dade FL Water & Sewer System Revenue, RB, Water & Sewer System, 5.00%, 10/01/34

      1,950        2,225,301   

Lakewood Ranch Stewardship District, Refunding, Special Assessment Bonds, Lakewood Center & New Sector Projects (c):

     

4.00%, 5/01/21

      100        101,173   

4.25%, 5/01/26

      100        99,994   

5.00%, 5/01/36

      215        216,699   

5.13%, 5/01/46

      430        432,687   

Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21 (d)

      1,080        1,426,777   

Tolomato Community Development District, Refunding, Special Assessment Bonds:

     

Convertible CAB, Series A2, 0.00%, 5/01/39 (e)

      95        76,088   

Convertible CAB, Series A3, 0.00%, 5/01/40 (e)

      225        134,701   

Convertible CAB, Series A4, 0.00%, 5/01/40 (e)

      120        53,198   

Series 2, 0.00%, 5/01/40 (e)

      310        161,901   

Series A1, 6.65%, 5/01/40

      355        359,658   
Municipal Bonds   

Par  

(000)

     Value  

Florida (continued)

     

Tolomato Community Development District, Special Assessment Bonds:

     

Series 1, 0.00%, 5/01/40 (e)

    $ 505      $ 311,787   

Series 1, 6.65%, 5/01/40 (f)(g)

      15        15,332   

Series 3, 6.61%, 5/01/40 (f)(g)

      340        3   

Series 3, 6.65%, 5/01/40 (f)(g)

      275        3   

Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43

      835        926,933   
    

 

 

  
               7,265,299   

Georgia — 0.6%

     

County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54

      240        286,207   

Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, Series A, 5.00%, 7/01/60

      715        792,170   
    

 

 

  
               1,078,377   

Guam — 0.8%

     

Guam Government Waterworks Authority, RB, Water & Wastewater System, 5.50%, 7/01/43

      1,065        1,213,589   

Territory of Guam, GO, Series A, 6.00%, 11/15/19

      165        183,026   
    

 

 

  
               1,396,615   

Illinois — 10.8%

     

City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A, 5.75%, 1/01/39

      2,500        2,919,450   

City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 1/01/32

      1,090        1,097,674   

City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38

      280        299,961   

City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40

      360        393,588   

City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42

      1,625        1,737,141   
 

 

                
2    BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JANUARY 31, 2016   

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust  (BTA)

 

Municipal Bonds    Par  
(000)		     Value  

Illinois (continued)

     

City of Springfield Illinois Electric Revenue, Refunding RB, 5.00%, 3/01/40

    $ 2,200      $ 2,491,566   

County of Cook Illinois Community College District No. 508, GO, City College of Chicago,
5.50%, 12/01/38

      350        406,196   

Illinois Finance Authority, Advocate Health Care Network, RB:

     

5.38%, 4/01/19 (d)

      870        991,330   

5.38%, 4/01/44

      975        1,069,322   

Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/39

      550        630,031   

Illinois State Toll Highway Authority, RB:

     

Series A, 5.00%, 1/01/38

      815        915,106   

Series B, 5.00%, 1/01/40

      770        888,434   

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:

     

Series B (AGM), 5.00%, 6/15/50

      1,790        1,901,016   

Series B-2, 5.00%, 6/15/50

      600        623,118   

State of Illinois, GO, 5.00%, 2/01/39

      745        784,127   

State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34

      215        239,411   

University of Illinois, RB, Auxiliary Facilities System, Series A:

     

5.00%, 4/01/39

      390        435,653   

5.00%, 4/01/44

      475        526,661   
    

 

 

  
               18,349,785   

Indiana — 11.8%

     

Carmel Redevelopment Authority, RB, Performing Arts Center (d):

     

4.75%, 2/01/16

      5,365        5,366,341   

5.00%, 2/01/16

      6,580        6,581,777   

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:

     

6.75%, 1/01/34

      365        447,008   

7.00%, 1/01/44

      885        1,090,771   

Indiana Finance Authority, RB, Series A:

     

CWA Authority Project, 1st Lien, 5.25%, 10/01/38

      1,285        1,516,737   

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 1/01/51

      2,190        2,387,713   
Municipal Bonds    Par  
(000)		     Value  

Indiana (continued)

     

Indiana Finance Authority, RB, Series A (continued):

     

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT,
5.00%, 7/01/44

    $ 160      $ 173,064   

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT,
5.00%, 7/01/48

      520        560,014   

Sisters of St. Francis Health Services,
5.25%, 11/01/39

      290        324,037   

Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31

      600        682,968   

Indiana Municipal Power Agency, RB, Series B,
6.00%, 1/01/39

      350        397,338   

Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40

      445        500,238   
    

 

 

  
               20,028,006   

Iowa — 2.4%

     

Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:

     

5.50%, 12/01/22

      830        872,844   

5.25%, 12/01/25

      660        720,298   

Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT,
5.15%, 12/01/22

      660        702,227   

Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46

      1,765        1,756,193   
    

 

 

  
               4,051,562   

Kentucky — 0.5%

     

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A,
5.25%, 1/01/45

      440        495,017   
 

 

                
   BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JANUARY 31, 2016    3

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust  (BTA)

 

Municipal Bonds   

Par  

(000)

     Value  

Kentucky (continued)

     

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43 (e)

    $ 565      $ 427,321   
    

 

 

  
               922,338   

Louisiana — 3.7%

     

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project:

     

6.75%, 11/01/32

      2,000        2,163,000   

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project (continued):

     

Series A-1, 6.50%, 11/01/35

      1,135        1,345,713   

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:

     

5.50%, 5/15/30

      350        393,645   

5.25%, 5/15/31

      300        336,627   

5.25%, 5/15/32

      380        431,304   

5.25%, 5/15/33

      415        463,260   

5.25%, 5/15/35

      945        1,058,476   
    

 

 

  
               6,192,025   

Maine — 0.7%

     

Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41

      970        1,103,899   

Maryland — 1.0%

     

Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35

      970        1,062,703   

Maryland EDC, Refunding RB, CNX Marine
Terminals, Inc., 5.75%, 9/01/25

      645        616,897   
    

 

 

  
               1,679,600   

Massachusetts — 3.2%

     

Massachusetts Development Finance Agency, RB:

     

5.00%, 9/01/45

      2,000        2,125,800   
Municipal Bonds    Par  
(000)		     Value  

Massachusetts (continued)

     

Massachusetts Development Finance Agency, RB: (continued)

     

Boston Medical Center, Series D, 5.00%, 7/01/44

    $ 3,000      $ 3,340,620   
    

 

 

  
               5,466,420   

Michigan — 2.0%

     

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39

      1,970        2,190,640   

Michigan Finance Authority, Beaumont Health System, RB, 5.00%, 11/01/44 (c)

      745        836,531   

Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44

      410        444,108   
    

 

 

  
               3,471,279   

Minnesota — 0.1%

     

City of Brooklyn Park Minnesota, Athlos Leadership Academy Project, RB, 5.75%, 7/01/46

      180        182,390   

Missouri — 0.5%

     

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44

      85        95,754   

State of Missouri Health & Educational Facilities Authority, Lutheran Senior Services RB:

     

5.00%, 2/01/36

      175        194,810   

5.00%, 2/01/46

      315        345,395   

State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43

      115        127,596   
    

 

 

  
               763,555   

Nebraska — 3.1%

     

Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37

      285        322,161   

Omaha Public Power District, RB, Sub-Series B (NPFGC), 4.75%, 2/01/16 (d)

      5,000        5,001,250   
    

 

 

  
               5,323,411   
 

 

 

                
4    BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JANUARY 31, 2016   

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust  (BTA)

 

Municipal Bonds   

Par  

(000)

     Value  

New Jersey — 5.1%

     

Casino Reinvestment Development Authority, Refunding RB:

     

5.25%, 11/01/39

    $ 475      $ 494,579   

5.25%, 11/01/44

      760        785,802   

County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 7/01/45 (a)

      505        524,735   

New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23

      1,410        1,564,057   

New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31

      785        917,076   

New Jersey State Turnpike Authority, RB, Series E, 5.00%, 1/01/45 (c)

      1,215        1,381,528   

New Jersey Transportation Trust Fund Authority, RB:

     

Transportation Program, Series AA, 5.00%, 6/15/44

      1,625        1,710,069   

Transportation System, Series B, 5.25%, 6/15/36

      845        904,049   

Tobacco Settlement Financing Corp., New Jersey, Refunding RB, Series 1A, 5.00%, 6/01/41

      500        417,605   
    

 

 

  
               8,699,500   

New York — 29.1%

     

City of New York New York IDA, ARB, American Airlines, Inc., JFK International Airport Project, AMT, 7.63%, 8/01/25 (h)

      4,000        4,168,280   

City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%, 6/15/31

      2,830        3,312,147   

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (a)

      900        940,077   

County of Dutchess New York IDA, Refunding RB, Bard College Civic Facility, 5.00%, 8/01/46

      1,500        1,427,955   

Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45

      910        885,366   

Hudson Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47

      6,510        7,579,332   

Metropolitan Transportation Authority, RB, Series B:

     

5.25%, 11/15/38

      1,125        1,328,614   

5.25%, 11/15/39

      400        470,776   
Municipal Bonds   

Par  

(000)

     Value  

New York (continued)

     

New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated, 5.25%, 12/15/43

    $ 6,140      $ 7,137,689   

New York Liberty Development Corp., Refunding RB:

     

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49

      420        474,323   

3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (a)

      2,355        2,501,104   

3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (a)

      160        169,381   

3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (a)

      395        421,619   

4 World Trade Center Project, 5.75%, 11/15/51

      2,220        2,596,423   

New York State Dormitory Authority, RB:

     

Series A, 5.25%, 7/01/18 (d)

      1,000        1,107,550   

Series B, 5.75%, 3/15/36

      11,250        12,907,800   

Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42

      730        851,100   

Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45

      1,100        1,094,962   
    

 

 

  
               49,374,498   

North Carolina — 9.4%

     

North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42

      480        535,090   

North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41

      260        298,672   
 

 

                
   BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JANUARY 31, 2016    5

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust  (BTA)

 

Municipal Bonds   

Par  

(000)

     Value  

North Carolina (continued)

     

University of North Carolina at Chapel Hil, Refunding RB, General, Series A, 4.75%, 12/01/34

    $ 15,155      $ 15,208,346   
    

 

 

  
               16,042,108   

Ohio — 5.1%

     

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Series A-2:

     

Senior Turbo Term, 5.88%, 6/01/47

      1,260        1,108,812   

5.75%, 6/01/34

      2,295        2,023,364   

County of Allen Ohio Hospital Facilities, Refunding RB:

     

Catholic Healthcare Partners, Series A, 5.25%, 6/01/38

      2,650        2,976,798   

Mercy Health, Series A, 4.00%, 11/01/44

      1,170        1,205,720   

State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53

      1,220        1,328,690   
    

 

 

  
               8,643,384   

Pennsylvania — 1.3%

     

City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42

      300        324,360   

Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Bridge Finco LP, AMT, 5.00%, 12/31/38

      465        513,049   

Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44

      720        751,442   

Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44

      520        585,572   
    

 

 

  
               2,174,423   

Rhode Island — 2.2%

     

Tobacco Settlement Financing Corp., Refunding RB:

     

Series A, 5.00%, 6/01/40

      420        449,400   

Series B, 4.50%, 6/01/45

      1,875        1,900,613   
Municipal Bonds   

Par  

(000)

     Value  

Rhode Island (continued)

     

Tobacco Settlement Financing Corp., Refunding RB: (continued)

     

Series B, 5.00%, 6/01/50

    $ 1,360      $ 1,410,252   
    

 

 

  
               3,760,265   

South Carolina — 2.9%

     

South Carolina State Ports Authority, RB, AMT, 5.25%, 7/01/55

      940        1,040,477   

State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54

      1,830        2,106,915   

State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55

      1,560        1,770,210   
    

 

 

  
               4,917,602   

Texas — 5.4%

     

Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (f)(g)

      1,500        44,850   

Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 1/01/46

      730        844,668   

City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35

      525        605,225   

City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39

      250        275,365   

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/43

      210        250,079   

County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29

      700        799,484   

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 9/15/37 (b)

      5,200        2,119,884   

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB:

     

Buckingham Senior Living Community, Inc. Project, 5.50%, 11/15/45

      180        187,880   

Scott & White Healthcare, 6.00%, 8/15/20 (d)

      105        127,447   
 

 

                
6    BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JANUARY 31, 2016   

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust  (BTA)

 

Municipal Bonds    Par  
(000)		     Value  

Texas (continued)

     

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB: (continued)

     

Scott & White Healthcare, 6.00%, 8/15/45

    $ 1,285      $ 1,536,847   

Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (AGM) (NPFGC), 0.00%, 11/15/34 (b)

      3,000        1,385,040   

Newark Higher Education Finance Corp., RB, Series A (a):

     

5.50%, 8/15/35

      135        138,729   

5.75%, 8/15/45

      275        280,247   

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40

      500        603,630   
    

 

 

  
               9,199,375   

Utah — 1.4%

     

City of Riverton Utah, RB, IHC Health Services, Inc.,
5.00%, 8/15/41

      1,815        1,987,352   

Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A, 3.25%, 10/15/42

      425        381,931   
    

 

 

  
               2,369,283   

Virginia — 2.0%

     

Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 7/01/45 (a)

      240        246,156   

Virginia HDA, RB, Rental Housing, Series F, 5.00%, 4/01/45

      1,000        1,045,600   

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37

      1,875        2,166,956   
    

 

 

  
               3,458,712   

Washington — 1.6%

     

Port of Seattle Washington, RB, Series C, AMT,
5.00%, 4/01/40

      350        390,068   

Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45

      1,020        1,208,833   
Municipal Bonds    Par  
(000)		     Value  

Washington (continued)

     

Washington State Housing Finance Commission, RB, Series A:

     

Heron’s Key, 7.00%, 7/01/45 (a)

    $ 100      $ 104,477   

5.63%, 1/01/38

      1,000        1,008,770   
    

 

 

  
               2,712,148   

Wisconsin — 1.1%

     

Public Finance Authority, RB, Series A:

     

4.75%, 12/01/35

      365        369,271   

5.00%, 12/01/45

      885        897,310   

5.15%, 12/01/50

      555        562,920   
    

 

 

  
               1,829,501   

Wyoming — 0.1%

     

Wyoming Municipal Power Agency, Inc., RB,
Series A, 5.00%, 1/01/42

      100        108,681   
Total Municipal Bonds — 133.5%              226,740,251   
    
                  
Municipal Bonds Transferred to
Tender Option Bond Trusts (i)		  

California — 1.7%

     

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1,
5.63%, 4/01/19 (d)

      1,090        1,252,931   

California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (j)

      840        937,499   

San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33

      553        633,488   
    

 

 

  
               2,823,918   

Colorado — 0.5%

     

Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A,
5.50%, 7/01/34 (j)

      740        834,705   

Illinois — 1.6%

     

Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 8/15/41

      2,340        2,785,559   

Massachusetts — 4.9%

     

Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41

      7,112        8,361,654   

 

 

 

                
   BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JANUARY 31, 2016    7

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust  (BTA)

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (i)

   

Par  

(000)

     Value  

New Hampshire — 0.4%

     

New Hampshire Health & Education Facilities Authority, RB, Dartmouth College,
5.25%, 6/01/39 (j)

    $ 660      $ 748,383   

New York — 1.2%

     

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 6/15/40

      495        564,787   

Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55

      1,215        1,438,025   
    

 

 

  
               2,002,812   

North Carolina — 0.8%

     

North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55

      1,180        1,375,738   

Ohio — 3.1%

     

State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A,
5.50%, 1/01/39

      4,634        5,229,049   

South Carolina — 0.1%

     

State of South Carolina Housing Finance & Development Authority, Refunding RB, S/F Housing, Series B-1, 5.55%, 7/01/39

      79        80,991   

Texas — 9.5%

     

City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien,
5.00%, 2/01/43

      11,000        12,365,980   

County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (j)

      2,122        2,362,972   

Municipal Bonds Transferred to

Tender Option Bond Trusts (i)

   

Par  

(000)

     Value  

Texas (continued)

     

County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A,
5.00%, 11/01/41

    $ 1,170      $ 1,359,037   
    

 

 

  
               16,087,989   

Virginia — 1.9%

     

Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare,
5.00%, 11/01/40

      2,949        3,289,016   

Wisconsin — 1.3%

     

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series C, 5.25%, 4/01/39 (j)

      1,989        2,163,395   
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 27.0%		         45,783,209   

Total Long-Term Investments

(Cost — $253,509,236) — 160.5%

  

  

     272,523,460   
    
                  
Short-Term Securities    Shares         

BlackRock Liquidity Funds,
MuniCash, 0.02% (k)(l)

      2,377,390        2,377,390   
Total Short-Term Securities
(Cost — $2,377,390) — 1.4%		         2,377,390   
Total Investments (Cost — $255,886,626*) — 161.9%        274,900,850   

Liabilities in Excess of Other Assets — (1.8)%

  

     (3,039,153 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.3)%

   

     (26,031,646 ) 
VRDP Shares, at Redemption Value — (44.8)%        (76,000,000 ) 
    

 

 

  
Net Assets Applicable to Common Shares — 100.0%      $ 169,830,051   
    

 

 

  

 

*   As of January 31, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 230,167,947   
 

 

 

  

Gross unrealized appreciation

   $ 21,289,965   

Gross unrealized depreciation

     (2,586,250 ) 
 

 

 

  

Net unrealized appreciation

   $ 18,703,715   
 

 

 

  
 
Notes to Schedule of Investments

 

*   Cost for federal income tax purposes.

 

(a)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

                
8    BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JANUARY 31, 2016   

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust  (BTA)

 

(b)   Zero-coupon bond.

 

(c)   When-issued security.

 

(d)   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.

 

(e)   Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

 

(f)   Non-income producing security.

 

(g)   Issuer filed for bankruptcy and/or is in default of interest payments.

 

(h)   Variable rate security. Rate as of period end.

 

(i)   Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

 

(j)   All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement(s), which expire between October 1, 2016 to February 15, 2031, is $4,124,557.

 

(k)   During the period ended January 31, 2016, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate     

Shares Held
at April 30,

2015

       

Net

Activity

       

Shares Held

at January 31,

2016

        Income  

FFI Institutional Tax-Exempt Fund

        364,342           (364,342 )         —         $ 297   

BlackRock Liquidity Funds: MuniCash

        —           2,377,390           2,377,390           —   

 

(l)   Current yield as of period end.

 

Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contracts

 

Contracts
Short		     Issue   Expiration   Notional
Value		     Unrealized
Depreciation		  
  (16 )    5-Year U.S. Treasury Note   March 2016   $ 1,930,750      $ (27,434 ) 
  (19 )    10-Year U.S. Treasury Note   March 2016   $ 2,461,984        (51,695 ) 
  (9 )    Long U.S. Treasury Bond   March 2016   $ 1,449,281        (50,816 ) 
  (3 )    U.S. Ultra Treasury Bond   March 2016   $ 498,563        (17,910 ) 

 

Total

  

   $ (147,855 ) 
       

 

 

  

 

Portfolio Abbreviations

 

AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
EDA    Economic Development Authority
EDC    Economic Development Corp.
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
HDA    Housing Development Authority
HFA    Housing Finance Agency
IDA    Industrial Development Authority

 

                
   BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JANUARY 31, 2016    9

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust  (BTA)

 

 

LRB    Lease Revenue Bonds
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
SAN    State Aid Notes
S/F    Single-Family

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

 

  •  

Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or 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 circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 
Investments:                 

Long-Term Investments1

     —         $ 272,523,460         —      $ 272,523,460   

Short-Term Securities

   $ 2,377,390           —         —        2,377,390   
 

 

 

  

Total

   $ 2,377,390         $ 272,523,460         —      $ 274,900,850   
 

 

 

  

1    See above Schedule of Investments for values in each state or political subdivision.

       

     Level 1        Level 2        Level 3      Total  
Derivative Financial Instruments1             

Liabilities:

                 

Interest rate contracts

   $ (147,855 )         —         —      $ (147,855 ) 

 

 

                
10    BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JANUARY 31, 2016   

Schedule of Investments (concluded)

   

BlackRock Long-Term Municipal Advantage Trust  (BTA)

 

1    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 

Cash

   $ 63           —         —      $ 63   

Cash pledged for financial futures contracts

     90,600           —         —        90,600   

Liabilities:

                 

TOB Trust Certificates

     —         $ (26,029,188 )       —        (26,029,188 ) 

VMTP Shares

     —           (76,000,000 )       —        (76,000,000 ) 
 

 

 

  

Total

   $ 90,663         $ (102,029,188 )       —      $ (101,938,525 ) 
 

 

 

  

During the period ended January 31, 2016, there were no transfers between levels.

 

 

                
   BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JANUARY 31, 2016    11

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/ John M. Perlowski                
  John M. Perlowski  
  Chief Executive Officer (principal executive officer) of
  BlackRock Long-Term Municipal Advantage Trust

Date: March 22, 2016

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/ John M. Perlowski                  
  John M. Perlowski  
  Chief Executive Officer (principal executive officer) of
  BlackRock Long-Term Municipal Advantage Trust
Date: March 22, 2016

By:    

   /s/ Neal J. Andrews                      
  Neal J. Andrews  
  Chief Financial Officer (principal financial officer) of
  BlackRock Long-Term Municipal Advantage Trust
Date: March 22, 2016