N-Q 1 e55473nq.htm FORM N-Q

 

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: 04/30/2014

 

Date of reporting period: 07/31/2013

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments July 31, 2013 (Unaudited) BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

                        
Municipal Bonds Par
(000)		   Value
Alabama  — 0.3%
County of Jefferson Alabama Limited Obligation School, RB, Series A, 5.25%, 1/01/19       $ 515   $ 513,156
Arizona  — 1.3%
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37   2,090   1,999,148
California  — 5.9%
California Health Facilities Financing Authority, RB:        
  St. Joseph Health System, Series A, 5.75%, 7/01/39   385   423,692
  Stanford Hospital Clinics, Series A, 5.00%, 8/15/51   410   391,242
  Sutter Health, Series B, 6.00%, 8/15/42   1,040   1,167,317
California Health Facilities Financing Authority, Refunding RB, Series A:        
  Catholic Healthcare West, 6.00%, 7/01/39   680   770,318
  St. Joseph Health System, 5.00%, 7/01/33   435   435,657
California HFA, RB, Home Mortgage, Series K, AMT, 5.50%, 2/01/42   320   330,944
California Pollution Control Financing Authority, RB:        
  Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/37 (a)   360   309,679
  San Diego County Water Authority Desalination Project Pipeline, 5.00%, 11/21/45   440   401,958
California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34   400   465,408
California Statewide Communities Development Authority, Refunding RB, Episcopal Communities & Services:        
  5.00%, 5/15/42   250   231,002
  5.00%, 5/15/47   125   114,667
City of Los Angeles Department of Airports, Refunding RB, Series A, 5.25%, 5/15/39   270   285,366
San Diego Community College District, GO, Election of 2006, Series 2013, 5.00%, 8/01/43   375   389,355
         
Municipal Bonds Par
(000)		   Value
California (concluded)
San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 5.67%, 8/01/38 (b) $ 3,725   $ 920,634
State of California, GO, Various Purpose, 6.50%, 4/01/33   2,000     2,340,600
    8,977,839
Colorado  — 1.2%
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42   315   296,090
Colorado State Board of Governors, Refunding RB, Series A, 5.00%, 3/01/43   415   424,707
North Range Metropolitan District No 2, GO, Limited Tax, 5.50%, 12/15/37   1,200     1,081,128
    1,801,925
Delaware  — 1.3%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40   750   773,753
Delaware State EDA, RB, Exempt Facilities, Indian River Power, 5.38%, 10/01/45   1,165     1,115,988
    1,889,741
 
District of Columbia  — 3.9%
District of Columbia, RB, Methodist Home District of Columbia, Series A:        
  7.38%, 1/01/30   550   546,079
  7.50%, 1/01/39   500   491,600
District of Columbia, Refunding RB, Kipp Charter School, 6.00%, 7/01/43   260   265,931
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41   750   738,465
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset Backed, 6.25%, 5/15/24   2,675   2,701,268
Metropolitan Washington Airports Authority, Refunding RB, First Senior Lien, Series A:          
  5.00%, 10/01/39   170   172,057
             
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20131
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

Municipal Bonds Par
(000)		   Value
District of Columbia (concluded)          
Metropolitan Washington Airports Authority, Refunding RB, First Senior Lien, Series A  (concluded):          
  5.25%, 10/01/44 $ 1,000   $ 1,021,030
            5,936,430
Florida  — 4.1%        
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40   745     865,414
Sumter Landing Community Development District Florida, RB, Sub-Series B, 5.70%, 10/01/38   1,355     1,117,455
Tampa-Hillsborough County Expressway Authority, Refunding RB:          
  Series A, 5.00%, 7/01/37   485     486,019
  Series B, 5.00%, 7/01/42   890     890,596
Tolomato Community Development District, Special Assessment Bonds:          
  Refunding, CAB, Series A-1, 6.65%, 5/01/40   355     341,489
  Refunding, CAB, Series A-2, 5.05%, 5/01/39 (c)   95     70,249
  Refunding, CAB, Series A-3, 4.48%, 5/01/40 (c)   225     135,691
  Refunding, CAB, Series A-4, 7.88%, 5/01/40 (c)   120     53,624
  Series 1, 6.65%, 5/01/40 (d)(e)   25     18,418
  Series 2, 6.65%, 5/01/40 (d)(e)   815     306,130
  Series 3, 6.65%, 5/01/40 (d)(e)   275     3
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43   880     804,311
Watergrass Community Development District, Special Assessment Bonds, Series A, 5.38%, 5/01/39   1,755     1,134,730
            6,224,129
Guam  — 0.1%      
Territory of Guam, GO, Series A, 6.00%, 11/15/19   200     206,416
Illinois  — 7.4%      
Chicago Illinois Board of Education, GO, Series A, 5.50%, 12/01/39   720     742,752
             
Municipal Bonds Par
(000)		   Value
Illinois (concluded)      
Chicago Illinois Transit Authority, RB, Sales Tax Receipts Revenue, 5.25%, 12/01/40 $ 360   $ 366,782
City of Chicago Illinois, GARB, O’Hare International Airport, Third Lien, Series A, 5.75%, 1/01/39   2,500     2,600,750
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34   1,570     1,528,788
City of Chicago Illinois, Refunding RB, Sales Tax Revenue, Series A, 5.25%, 1/01/38   280     291,777
Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44   1,845     1,881,383
Illinois Finance Authority, Refunding RB:          
  Ascension Health, Series A, 5.00%, 11/15/37   335     335,201
  Central Dupage Health, Series B, 5.50%, 11/01/39   550     571,824
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38   815     824,731
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:        
  Series B (AGM), 5.00%, 6/15/50   600     585,168
  Series B-2, 5.00%, 6/15/50   1,095     1,083,021
Railsplitter Tobacco Settlement Authority, RB, 5.50%, 6/01/23   180     200,095
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34   215     224,752
          11,237,024
Indiana  — 2.9%      
Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A:          
  4.00%, 8/01/35   400     359,832
  4.00%, 2/01/38   645     570,277
Indiana Finance Authority, RB:          
  CWA Authority Project, First Lien, Series A, 5.25%, 10/01/38   540     553,651
  Ohio River Bridges East End Crossing Project, Series A, AMT, 5.00%, 7/01/44   160     143,163
  Ohio River Bridges East End Crossing Project, Series A, AMT, 5.00%, 7/01/48   520     459,399
             
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20132
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

                         
Municipal Bonds Par
(000)		     Value  
Indiana (concluded)  
Indiana Finance Authority, RB  (concluded):            
  Sisters of St. Francis Health, 5.25%, 11/01/39 $ 290   $ 295,229  
Indiana Finance Authority, Refunding RB, Series A:            
  Community Health Network Project, 5.00%, 5/01/42   340     324,523  
  Parkview Health System, 5.75%, 5/01/31   600     635,400  
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39   350     393,190  
Indianapolis Local Public Improvement Bond Bank, RB, Series A:            
  5.00%, 1/15/36   140     142,746  
  5.00%, 1/15/40   445     449,330  
      4,326,740  
Iowa  — 1.5%  
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:            
  5.00%, 12/01/19   340     332,404  
  5.50%, 12/01/22   830     819,808  
  5.25%, 12/01/25   160     151,366  
Iowa Student Loan Liquidity Corp., Refunding RB, Senior Series A-1, AMT, 5.15%, 12/01/22   885     964,544  
      2,268,122  
Louisiana  — 3.4%  
Louisiana Local Government Environmental Facilities & Community Development Authority, RB:            
  Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35   1,135     1,197,822  
  Westlake Chemical Corp. Projects, 6.75%, 11/01/32   2,000     2,099,940  
Terrebonne Levee & Conservation District, RB, Sales Tax, 4.25%, 7/01/32   290     272,962  
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:            
  5.50%, 5/15/30   350     361,770  
  5.25%, 5/15/31   300     300,735  
  5.25%, 5/15/32   380     380,232  
  5.25%, 5/15/33   415     412,946  
               
Municipal Bonds Par
(000)		     Value  
Louisiana (concluded)  

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed,

Series A (concluded):

            
  5.25%, 5/15/35 $ 175   $ 171,427  
      5,197,834  
Maine  — 0.9%  
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41   970     1,072,461  
Maine Turnpike Authority, RB, Series A, 5.00%, 7/01/42   310     319,433  
      1,391,894  
Maryland  — 2.3%  
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35   970     1,037,347  
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25   1,000     1,043,320  
Maryland Health & Higher Educational Facilities Authority, RB, Ascension Health Alliance, Series B, 5.00%, 11/15/51   1,445     1,444,885  
      3,525,552  
Massachusetts  — 1.2%  
Massachusetts Development Finance Agency, RB, Wellesley College, Series J, 5.00%, 7/01/42   630     654,312  
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare, Series J1, 5.00%, 7/01/39   615     616,537  
Massachusetts School Building Authority, RB, Dedicated Sales Tax Revenue, Senior Series A, 5.00%, 5/15/43   495     514,389  
      1,785,238  
Michigan  — 3.0%  
City of Detroit Michigan, Refunding RB, Sewage Disposal System, Senior Lien (AGM): Series B, 7.50%, 7/01/33   560     601,395  
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20133
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

                         
Municipal Bonds Par
(000)		   Value
Michigan (concluded)  
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A:            
  5.00%, 7/01/32 $ 545   $ 492,969  
  5.25%, 7/01/39   470     429,087  
City of Detroit Michigan Water Supply System, RB, Senior Lien, Series A, 5.25%, 7/01/41   1,500     1,369,170  
Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39   1,400     1,690,248  
      4,582,869  
Missouri  — 0.1%  
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combination Lien, Series A, 5.00%, 10/01/44 (f)   85     87,386  
Nebraska  — 0.2%  
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37   285     285,393  
New Jersey  — 2.0%  
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23   525     500,047  
New Jersey EDA, Refunding, Special Assessment Kapkowski Road Landfill Project, 5.75%, 4/01/31   785     785,793  
New Jersey State Turnpike Authority, RB, Series A, 5.00%, 1/01/38   455     464,168  
New Jersey Transportation Trust Fund Authority, RB, Series B, 5.25%, 6/15/36   845     877,490  
Rutgers The State University of New Jersey, Refunding RB, Series L:            
  5.00%, 5/01/38   175     181,692  
  5.00%, 5/01/43   185     190,602  
      2,999,792  
New York  — 6.5%  
Metropolitan Transportation Authority, Refunding RB, Transportation, Series D, 5.25%, 11/15/40   410     418,425  
             
Municipal Bonds Par
(000)		     Value  
New York (concluded)  
New York City IDA, RB, British Airways PLC Project, AMT, 7.63%, 12/01/32 $ 1,000   $ 1,007,180  
New York City Industrial Development Agency, RB, American Airlines, Inc., JFK International Airport, AMT, 7.63%, 8/01/25 (g)   4,000     4,390,440  
New York City Transitional Finance Authority, RB, Future Tax Secured, Sub-Series E-1, 5.00%, 2/01/42   850     876,715  
New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49   420     456,582  
New York State Dormitory Authority, RB:            
  New York University, Series A, 5.25%, 7/01/48   1,000     1,050,430  
  Series F, 5.00%, 3/15/35   580     594,680  
Oneida County Local Development Corp., RB, Hamilton College Project, 4.00%, 7/01/38   600     548,082  
Port Authority of New York & New Jersey, RB, Special Project, JFK International Air Terminal LLC Project, Series 8, AMT (NPFGC), 6.00%, 12/01/42   430     475,533  
      9,818,067  
North Carolina  — 0.3%  
North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%, 6/01/42   480     484,315  
Ohio  — 1.8%  
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed Bonds, Series A-2, 5.75%, 6/01/34   2,295     1,737,545  
State of Ohio, RB, Ford Motor Co. Project, AMT, 5.75%, 4/01/35   1,000     1,032,620  
      2,770,165  
Oregon  — 0.1%  
City of Tigard Washington County Oregon, Refunding RB, Water System, 5.00%, 8/01/37   90     93,706  
 
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20134
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

                         
Municipal Bonds Par
(000)		     Value  
 
Puerto Rico  — 2.0%  
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB (b):            
  First Sub-Series C, 6.91%, 8/01/38 $ 1,490   $ 287,555  
  Series A (NPFGC), 6.72%, 8/01/46   9,600     1,083,264  
  Series C, 6.54%, 8/01/39   8,540     1,602,531  
      2,973,350  
South Dakota  — 0.2%  
South Dakota Health & Educational Facilities Authority, RB, Sanford, Series E, 5.00%, 11/01/42   375     366,518  
Tennessee  — 0.1%  
Rutherford County Health & Educational Facilities Board, RB, Ascension Health, Series C, 5.00%, 11/15/47   75     76,319  
Texas  — 9.2%  
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30   1,500     116,190  
Central Texas Regional Mobility Authority, Refunding RB:            
  Senior Lien, 6.25%, 1/01/46   730     782,662  
  Senior Lien, Series A, 5.00%, 1/01/33   35     34,191  
  Subordinate Lien, 5.00%, 1/01/33   125     117,026  
  Subordinate Lien, 5.00%, 1/01/42   110     100,082  
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35   525     547,759  
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39   250     271,870  
City of San Antonio Texas, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43   865     889,376  
HFDC of Central Texas, Inc., RB, Village at Gleannloch Farms, Series A, 5.50%, 2/15/27   1,150     1,068,971  
Houston Higher Education Finance Corp., RB, Cosmos Foundation, Inc., Series A, 6.88%, 5/15/41   200     223,518  
             
Municipal Bonds Par
(000)		     Value  
Texas (concluded)  
Matagorda County Navigation District No. 1 Texas, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29 $ 700   $ 769,776  
Midland County Fresh Water Supply District No 1, RB, City of Midland Projects, Series A, 5.10%, 9/15/37 (b)   5,200     1,543,204  
North Texas Tollway Authority, Refunding RB, Toll, Second Tier, Series F, 6.13%, 1/01/31   2,290     2,446,705  
Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45   1,390     1,541,496  
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Scott & White Healthcare, Series A, 5.00%, 8/15/43   125     121,960  
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40   1,000     1,135,690  
University of Texas System, Refunding RB, Financing System, Series B, 5.00%, 8/15/43   2,170     2,279,411  
      13,989,887  
Utah  — 1.2%  
County of Utah, RB, IHC Health Services, Inc., 5.00%, 5/15/43   710     726,969  
University of Utah, RB, General, Series A, 5.00%, 8/01/43   220     227,704  
Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy:            
  3.25%, 10/15/36   700     513,261  
  3.25%, 10/15/42   425     295,664  
      1,763,598  
Virginia  — 3.0%  
Peninsula Ports Authority, Refunding RB, Virginia Baptist Homes, Series C, 5.38%, 12/01/26   1,600     1,406,496  
Virginia HDA, RB, Rental Housing, Series F, 5.00%, 4/01/45   1,000     1,015,300  
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20135
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

                         
Municipal Bonds Par
(000)		     Value  
 
Virginia (concluded)  
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings Project, AMT:            
  5.25%, 1/01/32 $ 275   $ 258,896  
  6.00%, 1/01/37   1,875     1,889,044  
      4,569,736  
 
Wisconsin  — 0.8%  
WPPI Energy Wisconsin, Refunding RB, Power Supply System, Series A:            
  5.00%, 7/01/29   135     141,006  
  5.00%, 7/01/30   170     176,457  
  5.00%, 7/01/31   365     377,096  
  5.00%, 7/01/37   445     447,056  
      1,141,615  
 
Wyoming  — 0.1%  
Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 1/01/42   100     100,798  
Total Municipal Bonds — 68.3%     103,384,702  
 
   
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (h)  
Arizona  — 0.6%  
Salt River Project Agricultural Improvement & Power District, RB, Series A, 5.00%, 1/01/38   820     842,145  
California  — 5.3%  
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44   1,090     1,170,004  
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (i)   840     897,238  
City of Los Angeles California Department of Airports, Refunding RB, Senior, Los Angeles International Airport, Series A, 5.00%, 5/15/40   2,040     2,070,330  
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33   553     612,389  
             
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (h) Par
(000)		     Value  
California (concluded)  
San Francisco City & County Public Utilities Commission, RB, Series B, 5.00%, 11/01/39 $ 3,225   $ 3,281,695  
      8,031,656  
Colorado  — 3.1%  
Colorado Health Facilities Authority, Refunding RB, Series A:          
  Catholic Health Initiatives, 5.50%, 7/01/34 (i)   740     797,465  
  Sisters of Leavenworth Health System, 5.00%, 1/01/40   3,930     3,901,350  
      4,698,815  
Florida  — 1.3%  
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34   1,950     2,008,765  
Illinois  — 7.1%  
City of Chicago Illinois, GARB, O’Hare International Airport, Third Lien, Series A (NPFGC), 5.00%, 1/01/33 (i)   4,995     5,025,719  
City of Chicago Illinois, Refunding RB, Waterworks, Second Lien, 5.00%, 11/01/42   3,299     3,249,873  
Illinois Finance Authority, RB, Carle Foundation, Series A (AGM), 6.00%, 8/15/41   2,340     2,490,111  
      10,765,703  
Indiana  — 8.1%  
Carmel Redevelopment Authority, RB, Performing Arts Center:            
  4.75%, 2/01/33   5,365     5,412,695  
  5.00%, 2/01/33   6,580     6,830,237  
      12,242,932  
Massachusetts  — 4.4%  
Massachusetts HFA, Refunding HRB, Series D, AMT, 5.45%, 6/01/37   5,090     5,114,785  
Massachusetts School Building Authority, RB, Senior Series B, 5.00%, 10/15/41   1,560     1,615,084  
      6,729,869  
 
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20136
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

                         
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (h) Par
(000)		   Value
Nebraska  — 3.3%  
Omaha Public Power District, RB, Sub-Series B (NPFGC), 4.75%, 2/01/36 (i) $ 5,000   $ 5,002,350  
New Hampshire  — 0.5%  
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (i)   660     708,424  
New York  — 20.7%  
Hudson New York Yards Infrastructure Corp., RB, Senior Series A, 5.75%, 2/15/47 (i)   1,510     1,603,039  
New York City Municipal Water Finance Authority, Refunding RB:            
 

Second General Resolution,
Series HH, 5.00%, 6/15/31 (i)

   2,835     2,996,864  
  Series FF-2, 5.50%, 6/15/40   495     538,938  
  Water & Sewer System, Second General Resolution, Series CC, 5.00%, 6/15/47   4,780     4,903,372  
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43   6,135     6,374,414  
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (i)   2,220     2,403,661  
New York State Dormitory Authority, ERB, Series B, 5.75%, 3/15/36   11,250     12,585,937  
      31,406,225  
North Carolina  — 10.3%  
University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.75%, 12/01/34   15,170     15,580,493  
Ohio  — 5.1%  
County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A, 5.25%, 6/01/38   2,650     2,703,133  
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 1/01/39   4,634     4,986,345  
      7,689,478  
 
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (h) Par
(000)		     Value  
South Carolina  — 1.5%  

South Carolina State Housing Finance & Development Authority, Refunding RB,

Series B-1, 5.55%, 7/01/39

 $ 2,269   $ 2,334,271  
Texas  — 8.7%  
County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (i)   2,130     2,249,323  
Harris County Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41   1,170     1,190,487  
New Caney Independent School District, GO, School Building, 5.00%, 2/15/35 (i)   9,150     9,673,105  
      13,112,915  
Utah  — 0.6%  
City of Riverton Utah Hospital, RB, IHC Health Services, Inc., 5.00%, 8/15/41   960     959,747  
Virginia  — 0.7%  
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40   1,000     1,005,365  
Wisconsin  — 1.3%  
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., 5.25%, 4/01/39 (i)   1,990     2,032,394  
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts — 82.6%     125,151,547  
Total Long-Term Investments
(Cost — $230,490,413) — 150.9%		     228,536,249  
         
   
Short-Term Securities
Shares		        
FFI Institutional Tax-Exempt Fund, 0.03% (j)(k)   1,866,553     1,866,553  
Total Short-Term Securities
(Cost — $1,866,553) — 1.2%		     1,866,553  
 
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20137
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

  Value
Total Investments
(Cost — $232,356,966*) — 152.1%		 $ 230,402,802  
Other Assets Less Liabilities — 0.9%   1,263,179  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (53.0%)   (80,185,610)  
Net Assets — 100.0% $ 151,480,371  
       
* As of July 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:  
Tax cost. $ 153,349,770  
Gross unrealized appreciation $ 6,596,422  
Gross unrealized depreciation   (9,703,410)  
Net unrealized depreciation. $ (3,106,988)  
 
                       
   

Notes to Schedule of Investments

 
(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.  
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.  
(c) 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 current yield as of the report date.  
(d) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.  
(e) Non-income producing.  
(f) When-issued security. Unsettled when-issued transactions were as follows:  
   
  Counterparty   Value   Depreciation  
  RBC Capital Markets   $ 87,386        $ (1,097)  
                     
(g) Variable rate security. Rate shown is as of report date.  
(h) Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction.  
(i) All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire from February 1, 2014 to February 15, 2031 is $21,516,880.  
(j) Investments in issuers considered to be an affiliate of the Trust during the period ended July 31, 2013, 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, 2013		   Net
Activity		   Shares
Held at
July 31, 2013		   Income  
  FFI Institutional Tax-Exempt Fund   920,424   946,129   1,866,553 $ 216  
                     
(k) Represents the current yield as of report date.  
                                                             

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20138
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)

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 following list:
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.
ERB Education Revenue Bonds
GARB General Airport Revenue Bonds
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
HRB Housing Revenue Bonds
IDA Industrial Development Authority
NPFGC National Public Finance Guarantee Corp.
RB Revenue Bonds
SAN State Aid Notes
 
• Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure 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)
 
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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment 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, please refer to the Trust's most recent financial statements as contained in its annual report.

The following table summarizes the Trust's investments categorized in the disclosure hierarchy as of July 31, 2013:

  Level 1   Level 2   Level 3   Total
 
Assets:  
Investments:
  Long-Term Investments 1   — $ 228,536,249   — $ 228,536,249
  Short-Term Securities $ 1,866,553   —   —   1,866,553
 
Total $ 1,866,553 $ 228,536,249   — $ 230,402,802
                 
1 See above Schedule of Investments for values in each state or political subdivision.
                                   

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20139
 
Schedule of Investments (concluded) BlackRock Long-Term Municipal Advantage Trust (BTA)

Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:

 

  Level 1   Level 2   Level 3   Total  
   
Liabilities:    
  Bank overdraft   — $ (3,296)   — $ (3,296)  
  TOB trust certificates   —   (80,160,020)   —   (80,160,020)  
Total   — $ (80,163,316)   — $ (80,163,316)  
 

There were no transfers between levels during the period ended July 31, 2013.
                                 

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 201310
 

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 15d-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: September 24, 2013

 

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: September 24, 2013

 

By:       /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Long-Term Municipal Advantage Trust

 

Date: September 24, 2013