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: 04/30/2019
Date of reporting period:
07/31/2018
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments (unaudited)
July 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds — 129.1% |
|
|
| Alabama — 1.1% |
|
| County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D,
6.00%, 10/01/42 |
|
$ |
1,655 |
|
|
$ |
1,899,113 |
|
|
|
|
|
|
|
|
|
|
| Alaska — 0.6% |
|
| Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series
A,
5.00%, 06/01/46 |
|
|
1,045 |
|
|
|
1,051,061 |
|
|
|
|
|
|
|
|
|
|
| Arizona — 3.2% |
|
| Arizona IDA, Refunding RB, Series A(a): |
|
|
|
|
|
|
|
|
| Basis Schools, Inc. Projects, 5.13%, 07/01/37 |
|
|
360 |
|
|
|
374,342 |
|
| Basis Schools, Inc. Projects, 5.38%, 07/01/50 |
|
|
925 |
|
|
|
964,590 |
|
| Odyssey Preparatory Academy Project,
5.50%, 07/01/52 |
|
|
725 |
|
|
|
719,447 |
|
| City of Phoenix Arizona IDA, RB, Series A: |
|
|
|
|
|
|
|
|
| Facility, Eagle College Preparatory Project,
5.00%, 07/01/33 |
|
|
870 |
|
|
|
888,548 |
|
| Legacy Traditional Schools
Projects,
5.00%, 07/01/46(a) |
|
|
1,255 |
|
|
|
1,287,931 |
|
| City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A(a): |
|
|
|
|
|
|
|
|
| 5.00%, 07/01/35 |
|
|
125 |
|
|
|
128,899 |
|
| 5.00%, 07/01/46 |
|
|
135 |
|
|
|
138,001 |
|
| Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |
|
|
725 |
|
|
|
859,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,361,608 |
|
| California — 10.9% |
|
| California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
| St. Joseph Health System, Series A, 5.75%, 07/01/39 |
|
|
385 |
|
|
|
400,007 |
|
| Sutter Health, Series B,
6.00%, 08/15/20(b) |
|
|
1,040 |
|
|
|
1,134,380 |
|
| California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West,
Series A,
6.00%, 07/01/19(b) |
|
|
680 |
|
|
|
708,934 |
|
| California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing,
Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 08/15/39 |
|
|
70 |
|
|
|
76,612 |
|
| 5.25%, 08/15/49 |
|
|
175 |
|
|
|
190,241 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
| City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay
South Redevelopment Project,
Series D, 0.00%, 08/01/31(a)(c) |
|
$ |
1,265 |
|
|
$ |
665,782 |
|
| City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport,
Series A: |
|
|
|
|
|
|
|
|
| Senior, 5.00%, 05/15/40 |
|
|
2,045 |
|
|
|
2,159,459 |
|
| 5.25%, 05/15/39 |
|
|
270 |
|
|
|
277,533 |
|
| City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series
A,
6.25%, 10/01/38 |
|
|
165 |
|
|
|
195,057 |
|
| County of California Tobacco Securitization Agency, Refunding RB, Golden Gate Tobacco Funding Corp., Series
A, 5.00%, 06/01/47 |
|
|
140 |
|
|
|
138,933 |
|
| County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County
Securitization Corp.: |
|
|
|
|
|
|
|
|
| 5.70%, 06/01/46 |
|
|
1,000 |
|
|
|
1,004,440 |
|
| 5.60%, 06/01/36 |
|
|
2,000 |
|
|
|
2,013,460 |
|
| Golden State Tobacco Securitization Corp., Refunding RB, Tobacco Settlement Asset-Backed Bonds, Series A-1, 5.25%, 06/01/47 |
|
|
535 |
|
|
|
556,191 |
|
| San Diego Tobacco Settlement Revenue Funding Corp., Refunding RB,
Sub-Series C,
4.00%, 06/01/32 |
|
|
780 |
|
|
|
801,052 |
|
| San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 08/01/38(c) |
|
|
3,725 |
|
|
|
1,758,163 |
|
| State of California, GO, Various Purpose: |
|
|
|
|
|
|
|
|
| 6.50%, 04/01/19(b) |
|
|
1,085 |
|
|
|
1,122,812 |
|
| 6.50%, 04/01/33 |
|
|
915 |
|
|
|
944,902 |
|
| State of California Public Works Board, LRB, Various Capital Projects: |
|
|
|
|
|
|
|
|
| Series I, 5.00%, 11/01/38 |
|
|
355 |
|
|
|
398,193 |
|
| Sub-Series I-1,
6.38%, 11/01/19(b) |
|
|
400 |
|
|
|
424,816 |
|
| Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed,
Senior Series A-1: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/37 |
|
|
2,150 |
|
|
|
2,161,567 |
|
| 5.13%, 06/01/46 |
|
|
1,005 |
|
|
|
1,010,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,142,941 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Colorado — 4.7% |
|
| Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(a) |
|
$
|
275 |
|
|
$
|
279,873 |
|
| Colorado Health Facilities Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| Sisters of Charity of Leavenworth Health System, 5.00%, 01/01/40 |
|
|
3,940 |
|
|
|
4,091,572 |
|
| Sunny Vista Living Center Project,
6.13%, 12/01/45(a) |
|
|
160 |
|
|
|
168,712 |
|
| Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |
|
|
1,550 |
|
|
|
1,682,835 |
|
| Denver Gateway Center Metropolitan District, GOL, Series A, 5.63%, 12/01/48 |
|
|
550 |
|
|
|
562,237 |
|
| Table Mountain Metropolitan District, GO, Series A, 5.25%, 12/01/45 |
|
|
1,000 |
|
|
|
1,040,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,826,079 |
|
| Connecticut — 0.9% |
|
| Connecticut Housing Finance Authority, Refunding RB, S/F Housing,
Sub-Series B-1, 4.00%, 05/15/45 |
|
|
575 |
|
|
|
580,922 |
|
| Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C,
6.25%, 02/01/30(a) |
|
|
860 |
|
|
|
950,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,531,764 |
|
| Delaware — 1.9% |
|
| County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project,
6.00%, 10/01/40 |
|
|
750 |
|
|
|
796,725 |
|
| State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |
|
|
2,240 |
|
|
|
2,334,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,131,499 |
|
| District of Columbia — 1.4% |
|
| District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 07/01/23(b) |
|
|
260 |
|
|
|
307,770 |
|
| District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 06/01/41 |
|
|
750 |
|
|
|
802,178 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| District of Columbia (continued) |
|
| Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series
A: |
|
|
|
|
|
|
|
|
| 5.00%, 10/01/39 |
|
$ |
170 |
|
|
$ |
175,535 |
|
| 5.25%, 10/01/44 |
|
|
1,000 |
|
|
|
1,035,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,320,543 |
|
| Florida — 4.8% |
|
| Capital Region Community Development District, Refunding, Special Assessment, Capital Improvement: |
|
|
|
|
|
|
|
|
| Revenue Bond, Series A-1, 5.13%, 05/01/39 |
|
|
210 |
|
|
|
210,622 |
|
| Series A-2, 4.60%, 05/01/31 |
|
|
515 |
|
|
|
516,251 |
|
| County of Miami-Dade Florida Water & Sewer System Revenue, RB, Water & Sewer System,
5.00%, 10/01/20(b) |
|
|
1,950 |
|
|
|
2,087,826 |
|
| Florida Development Finance Corp., RB, Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT,
5.00%, 08/01/29(a)(d) |
|
|
740 |
|
|
|
768,194 |
|
| Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector
Projects: |
|
|
|
|
|
|
|
|
| 4.00%, 05/01/21 |
|
|
100 |
|
|
|
101,626 |
|
| 4.25%, 05/01/26 |
|
|
100 |
|
|
|
102,330 |
|
| 5.13%, 05/01/46 |
|
|
400 |
|
|
|
414,320 |
|
| Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A,
7.25%, 10/01/21(b) |
|
|
1,080 |
|
|
|
1,252,951 |
|
| Tolomato Community Development District, Refunding, Special Assessment Bonds(e): |
|
|
|
|
|
|
|
|
| Convertible CAB, Series A3, 6.61%, 05/01/40 |
|
|
225 |
|
|
|
215,872 |
|
| Convertible CAB, Series A4, 6.61%, 05/01/40 |
|
|
120 |
|
|
|
96,611 |
|
| Series 2015-2, 6.61%, 05/01/40 |
|
|
310 |
|
|
|
203,134 |
|
| Tolomato Community Development District: |
|
|
|
|
|
|
|
|
| Series 1, 6.61%, 05/01/40(e)(f) |
|
|
505 |
|
|
|
402,202 |
|
| Series 1, 6.65%, 05/01/40(f)(g) |
|
|
15 |
|
|
|
14,513 |
|
| Series 3, 6.61%, 05/01/40(f)(g) |
|
|
340 |
|
|
|
3 |
|
| Series 3, 6.65%, 05/01/40(f)(g) |
|
|
275 |
|
|
|
3 |
|
| Trout Creek Community Development District, Special Assessment Bonds: |
|
|
|
|
|
|
|
|
| 5.50%, 05/01/49 |
|
|
570 |
|
|
|
567,435 |
|
| 5.00%, 05/01/28 |
|
|
160 |
|
|
|
159,744 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Florida (continued) |
|
| Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43 |
|
$ |
795 |
|
|
$ |
874,564 |
|
|
|
|
|
|
|
|
7,988,201 |
|
|
|
|
|
|
|
|
|
|
| Georgia — 0.7% |
|
| City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, Series B,
3.50%, 11/01/43 |
|
|
290 |
|
|
|
281,918 |
|
| County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health
System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 |
|
|
240 |
|
|
|
274,757 |
|
| County of Georgia Housing & Finance Authority, RB, S/F Housing, Series A: |
|
|
|
|
|
|
|
|
| 3.95%, 12/01/43 |
|
|
415 |
|
|
|
416,212 |
|
| 4.00%, 12/01/48 |
|
|
215 |
|
|
|
215,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,188,035 |
|
| Guam — 0.1% |
|
| Territory of Guam, GO, Series A, 6.00%, 11/15/19 |
|
|
85 |
|
|
|
86,990 |
|
|
|
|
|
|
|
|
|
|
| Idaho — 0.5% |
|
| Idaho Health Facilities Authority, Refunding RB,
St. Luke’s Health System Project, Series A(h): |
|
|
|
|
|
|
|
|
| 4.00%, 03/01/43 |
|
|
215 |
|
|
|
213,663 |
|
| 4.00%, 03/01/38 |
|
|
430 |
|
|
|
430,344 |
|
| 4.00%, 03/01/48 |
|
|
215 |
|
|
|
214,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
858,263 |
|
| Illinois — 12.3% |
|
| Chicago Board of Education, GO, Dedicated Revenues: |
|
|
|
|
|
|
|
|
| Series H, 5.00%, 12/01/36 |
|
|
935 |
|
|
|
965,210 |
|
| Project, Series C, 5.25%, 12/01/35 |
|
|
795 |
|
|
|
827,476 |
|
| Chicago Board of Education, GO, Refunding,
Series C: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/27 |
|
|
415 |
|
|
|
438,091 |
|
| 5.00%, 12/01/34 |
|
|
940 |
|
|
|
974,705 |
|
| Chicago Board of Education, GO, Refunding
Series F, 5.00%, 12/01/22 |
|
|
325 |
|
|
|
340,158 |
|
| City of Chicago Illinois, GO, Refunding,
Series A: |
|
|
|
|
|
|
|
|
| 6.00%, 01/01/38 |
|
|
595 |
|
|
|
670,226 |
|
| Project, 5.25%, 01/01/32 |
|
|
1,090 |
|
|
|
1,148,642 |
|
| City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series A: |
|
|
|
|
|
|
|
|
| 5.75%, 01/01/21(b) |
|
|
2,100 |
|
|
|
2,293,998 |
|
| 5.75%, 01/01/39 |
|
|
400 |
|
|
|
433,196 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Illinois (continued) |
|
| City of Chicago Illinois Transit Authority, RB,
Sales Tax Receipts, 5.25%, 12/01/40 |
|
$ |
360 |
|
|
$ |
383,944 |
|
| County of Cook Illinois Community College District No. 508, GO, City College of Chicago,
5.50%, 12/01/38 |
|
|
350 |
|
|
|
369,456 |
|
| Illinois Finance Authority, RB, Advocate Health Care Network, Series C(b): |
|
|
|
|
|
|
|
|
| 5.38%, 04/01/19 |
|
|
870 |
|
|
|
892,167 |
|
| 5.38%, 04/01/19 |
|
|
975 |
|
|
|
999,843 |
|
| Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Central Dupage Health, Series B, 5.50%, 11/01/19(b) |
|
|
550 |
|
|
|
576,158 |
|
| Presence Health Network, Series C, 5.00%, 02/15/41 |
|
|
1,500 |
|
|
|
1,694,295 |
|
| Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project, Series A,
5.50%, 06/15/53 |
|
|
200 |
|
|
|
216,850 |
|
| Metropolitan Pier & Exposition Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| McCormick Place Expansion Project, Series B (AGM), 5.00%, 06/15/50 |
|
|
1,790 |
|
|
|
1,855,550 |
|
| McCormick Place Expansion Project, Series B-2,
5.00%, 06/15/50 |
|
|
1,400 |
|
|
|
1,426,180 |
|
| McCormik Place Expansion Project, Series B, 5.00%, 06/15/52 |
|
|
225 |
|
|
|
237,026 |
|
| State of Illinois, GO: |
|
|
|
|
|
|
|
|
| 5.00%, 05/01/27 |
|
|
500 |
|
|
|
530,690 |
|
| 5.00%, 01/01/28 |
|
|
1,005 |
|
|
|
1,070,888 |
|
| 5.00%, 03/01/37 |
|
|
755 |
|
|
|
773,346 |
|
| Series A, 5.00%, 01/01/33 |
|
|
555 |
|
|
|
570,562 |
|
| State of Illinois, RB, Build Illinois, Series B, 5.25%, 06/15/19(b) |
|
|
215 |
|
|
|
221,934 |
|
| University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44 |
|
|
475 |
|
|
|
514,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,425,187 |
|
| Indiana — 6.3% |
|
| City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |
|
|
|
|
|
|
|
|
| 6.75%, 01/01/34 |
|
|
365 |
|
|
|
425,378 |
|
| 7.00%, 01/01/44 |
|
|
885 |
|
|
|
1,037,955 |
|
| City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project,
6.25%, 01/01/29(a) |
|
|
1,095 |
|
|
|
1,123,174 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Indiana (continued) |
|
| County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series
A-1(a): |
|
|
|
|
|
|
|
|
| 6.63%, 01/15/34 |
|
$
|
135 |
|
|
$
|
145,247 |
|
| 6.75%, 01/15/43 |
|
|
200 |
|
|
|
214,896 |
|
| 6.88%, 01/15/52 |
|
|
560 |
|
|
|
602,851 |
|
| Indiana Finance Authority, RB, Series A: |
|
|
|
|
|
|
|
|
| CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |
|
|
1,285 |
|
|
|
1,403,695 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 |
|
|
160 |
|
|
|
170,298 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48 |
|
|
520 |
|
|
|
552,022 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51 |
|
|
2,190 |
|
|
|
2,345,227 |
|
| Sisters of St. Francis Health Services,
5.25%, 11/01/19(b) |
|
|
290 |
|
|
|
303,270 |
|
| Indiana Finance Authority, Refunding RB, Parkview Health System, Series A: |
|
|
|
|
|
|
|
|
| 5.75%, 05/01/19(b) |
|
|
495 |
|
|
|
510,637 |
|
| 5.75%, 05/01/31 |
|
|
105 |
|
|
|
108,348 |
|
| Indiana Municipal Power Agency, RB, Series B, 6.00%, 01/01/19(b) |
|
|
350 |
|
|
|
356,717 |
|
| Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |
|
|
445 |
|
|
|
492,192 |
|
| Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series
A-1, 6.38%, 01/15/51(a) |
|
|
560 |
|
|
|
584,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,376,581 |
|
| Iowa — 1.2% |
|
| Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |
|
|
|
|
|
|
|
|
| Series B, 5.25%, 12/01/50 (d) |
|
|
825 |
|
|
|
876,612 |
|
| Midwestern Disaster Area, 5.50%, 12/01/22 |
|
|
5 |
|
|
|
5,041 |
|
| Midwestern Disaster Area, 5.25%, 12/01/25 |
|
|
660 |
|
|
|
704,768 |
|
| Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series
A-1, AMT, 5.15%, 12/01/22 |
|
|
360 |
|
|
|
375,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,961,786 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Kansas — 0.1% |
|
| Kansas Development Finance Authority, RB, Viillage Shalom Project, Series A, 5.25%, 11/15/53 |
|
$ |
105 |
|
|
$ |
104,490 |
|
|
|
|
|
|
|
|
|
|
| Kentucky — 0.6% |
|
| Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A,
5.25%, 01/01/45 |
|
|
460 |
|
|
|
491,284 |
|
| Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st
Tier, Series C, 6.75%, 07/01/43(e) |
|
|
565 |
|
|
|
529,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,020,904 |
|
| Louisiana — 2.3% |
|
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake
Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |
|
|
1,135 |
|
|
|
1,238,773 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/30 |
|
|
350 |
|
|
|
367,839 |
|
| 5.25%, 05/15/31 |
|
|
300 |
|
|
|
320,304 |
|
| 5.25%, 05/15/32 |
|
|
380 |
|
|
|
411,643 |
|
| 5.25%, 05/15/33 |
|
|
415 |
|
|
|
446,316 |
|
| 5.25%, 05/15/35 |
|
|
945 |
|
|
|
1,017,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,802,678 |
|
| Maine — 0.6% |
|
| Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center,
6.75%, 07/01/41 |
|
|
970 |
|
|
|
1,044,855 |
|
|
|
|
|
|
|
|
|
|
| Maryland — 1.0% |
|
| Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20(b) |
|
|
970 |
|
|
|
1,041,945 |
|
| Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 |
|
|
645 |
|
|
|
671,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,713,822 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Massachusetts — 4.6% |
|
|
|
|
| Massachusetts Development Finance Agency, RB: |
|
|
|
|
| Emerson College Issue, Series A, 5.00%, 01/01/47 |
|
$ |
860 |
|
|
$ |
936,927 |
|
| Boston Medical Center, Series D, 5.00%, 07/01/44 |
|
|
1,000 |
|
|
|
1,080,540 |
|
| North Hill Communities Issue, Series A,
6.50%, 11/15/23(a)(b) |
|
|
1,000 |
|
|
|
1,216,220 |
|
| UMass Boston Student Housing Project, 5.00%, 10/01/48 |
|
|
945 |
|
|
|
1,020,467 |
|
| Massachusetts Development Finance Agency, Refunding RB, Emmanuel College Issue, Series A,
5.00%, 10/01/35 |
|
|
500 |
|
|
|
549,480 |
|
| Massachusetts HFA, Refunding RB, Series A, AMT: |
|
|
|
|
|
|
|
|
| 4.45%, 12/01/42 |
|
|
645 |
|
|
|
668,762 |
|
| 4.50%, 12/01/47 |
|
|
2,135 |
|
|
|
2,212,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,684,790 |
|
| Michigan — 2.1% |
|
|
|
|
| City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A,
5.25%, 07/01/39 |
|
|
1,970 |
|
|
|
2,140,838 |
|
| Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien,
Series C-1, 5.00%, 07/01/44 |
|
|
410 |
|
|
|
441,000 |
|
| State of Michigan Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 |
|
|
825 |
|
|
|
823,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,405,370 |
|
| Minnesota — 0.6% |
|
|
|
|
| City of Brooklyn Park Minnesota, RB, Athlos Leadership Academy Project, Series A,
5.75%, 07/01/46 |
|
|
180 |
|
|
|
184,943 |
|
| Housing & Redevelopment Authority of The City of State Paul Minnesota, Refunding RB, Hmong College
Academy Project, Series A, 5.50%, 09/01/36 |
|
|
690 |
|
|
|
725,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
910,726 |
|
| Missouri — 0.6% |
|
|
|
|
| Bi-State Development Agency of the Missouri-Illinois Metropolitan
District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 |
|
|
85 |
|
|
|
93,776 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Missouri (continued) |
|
|
|
|
| City of St. Louis Missouri IDA, Refunding RB, BallPark Village Development Project, Series A: |
|
|
|
|
|
|
|
|
| 4.38%, 11/15/35 |
|
$ |
330 |
|
|
$ |
338,171 |
|
| 4.75%, 11/15/47 |
|
|
365 |
|
|
|
375,045 |
|
| State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of
Pharmacy Project, 5.50%, 05/01/43 |
|
|
115 |
|
|
|
123,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
930,145 |
|
| Nebraska — 0.2% |
|
| Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 09/01/37 |
|
|
285 |
|
|
|
314,403 |
|
|
|
|
|
|
|
|
|
|
| New Jersey — 6.6% |
|
| Casino Reinvestment Development Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| 5.25%, 11/01/39 |
|
|
475 |
|
|
|
509,134 |
|
| 5.25%, 11/01/44 |
|
|
1,160 |
|
|
|
1,241,362 |
|
| County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a) |
|
|
505 |
|
|
|
510,096 |
|
| New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23 |
|
|
1,410 |
|
|
|
1,526,903 |
|
| New Jersey EDA, Refunding RB, Series BBB, 5.50%, 06/15/31 |
|
|
1,225 |
|
|
|
1,394,699 |
|
| New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project,
5.75%, 04/01/31 |
|
|
785 |
|
|
|
871,264 |
|
| New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
| Transportation Program, Series AA, 5.00%, 06/15/45 |
|
|
585 |
|
|
|
620,527 |
|
| Transportation System, Series B, 5.25%, 06/15/36 |
|
|
845 |
|
|
|
881,014 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/36 |
|
|
530 |
|
|
|
591,883 |
|
| 5.00%, 06/01/46 |
|
|
1,700 |
|
|
|
1,867,416 |
|
| Tobacco Settlement Financing Corp. New Jersey, Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.25%, 06/01/46 |
|
|
440 |
|
|
|
492,672 |
|
| Sub-Series B, 5.00%, 06/01/46 |
|
|
420 |
|
|
|
449,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,956,924 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New York — 28.4% |
|
|
|
|
| City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution,
Series HH,
5.00%, 06/15/31 |
|
$ |
2,830 |
|
|
$ |
3,068,031 |
|
| Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A: |
|
|
|
|
|
|
|
|
| 6.25%, 06/01/41(a) |
|
|
900 |
|
|
|
934,209 |
|
| 5.00%, 06/01/42 |
|
|
1,505 |
|
|
|
1,500,741 |
|
| 5.00%, 06/01/45 |
|
|
555 |
|
|
|
550,238 |
|
| Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through,
Series A-2B, 5.00%, 06/01/51 |
|
|
1,000 |
|
|
|
1,042,690 |
|
| County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 08/01/46 |
|
|
730 |
|
|
|
710,013 |
|
| Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 |
|
|
910 |
|
|
|
902,192 |
|
| Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012: |
|
|
|
|
|
|
|
|
| 5.75%, 02/15/21(b) |
|
|
4,030 |
|
|
|
4,433,443 |
|
| 5.75%, 02/15/47 |
|
|
2,480 |
|
|
|
2,698,538 |
|
| Metropolitan Transportation Authority, RB, Series B: |
|
|
|
|
|
|
|
|
| 5.25%, 11/15/38 |
|
|
1,125 |
|
|
|
1,270,598 |
|
| 5.25%, 11/15/39 |
|
|
400 |
|
|
|
451,540 |
|
| New York Liberty Development Corp., RB, World Trade Center Port Authority Consolidated,
5.25%, 12/15/43 |
|
|
6,140 |
|
|
|
6,732,203 |
|
| New York Liberty Development Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49 |
|
|
420 |
|
|
|
442,579 |
|
| 3 World Trade Center Project, Class 1,
5.00%, 11/15/44(a) |
|
|
2,355 |
|
|
|
2,484,619 |
|
| 3 World Trade Center Project, Class 2,
5.15%, 11/15/34(a) |
|
|
160 |
|
|
|
175,477 |
|
| 3 World Trade Center Project, Class 2,
5.38%, 11/15/40(a) |
|
|
395 |
|
|
|
434,358 |
|
| 4 World Trade Center Project, 5.75%, 11/15/51 |
|
|
2,220 |
|
|
|
2,471,415 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New York (continued) |
|
|
|
|
| New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A,
AMT, 5.25%, 01/01/50 |
|
$ |
1,000 |
|
|
$ |
1,082,730 |
|
| New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT,
5.00%, 08/01/26 |
|
|
1,275 |
|
|
|
1,343,825 |
|
| Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC
Project, Series 8, 6.00%, 12/01/42 |
|
|
730 |
|
|
|
796,145 |
|
| State of New York Dormitory Authority, RB,
Series B, 5.75%, 03/15/19(b) |
|
|
11,250 |
|
|
|
11,552,737 |
|
| State of New York Dormitory Authority, Refunding RB, Orange Regional Medical Center, 5.00%, 12/01/33(a) |
|
|
455 |
|
|
|
505,710 |
|
| Westchester New York Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 4.00%, 06/01/42 |
|
|
1,700 |
|
|
|
1,664,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,248,110 |
|
| North Carolina — 0.5% |
|
|
|
|
| North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A,
5.00%, 06/01/19(b) |
|
|
480 |
|
|
|
494,006 |
|
| North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project,
Series A, 7.75%, 03/01/21(b) |
|
|
260 |
|
|
|
297,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
791,844 |
|
| Ohio — 4.6% |
|
|
|
|
| Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term,
Series A-2: |
|
|
|
|
|
|
|
|
| 5.75%, 06/01/34 |
|
|
2,295 |
|
|
|
2,300,737 |
|
| 5.88%, 06/01/47 |
|
|
1,100 |
|
|
|
1,109,460 |
|
| County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A,
5.25%, 06/01/20(b) |
|
|
2,650 |
|
|
|
2,817,798 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Ohio (continued) |
|
| State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53 |
|
$ |
1,220 |
|
|
$ |
1,328,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,556,307 |
|
|
|
|
|
|
|
|
|
|
| Oklahoma — 3.2% |
|
| Oklahoma Development Finance Authority, RB: |
|
|
|
|
|
|
|
|
| OU Medicine Project, Series B, 5.00%, 08/15/38 |
|
|
1,450 |
|
|
|
1,611,950 |
|
| OU Medicine Project, Series B, 5.25%, 08/15/43 |
|
|
1,305 |
|
|
|
1,472,105 |
|
| Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A,
5.25%, 08/01/57 |
|
|
1,290 |
|
|
|
1,264,652 |
|
| Tulsa County Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/45 |
|
|
925 |
|
|
|
1,017,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,366,152 |
|
| Oregon — 0.2% |
|
| County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A,
0.00%, 06/15/38(c) |
|
|
625 |
|
|
|
279,700 |
|
|
|
|
|
|
|
|
|
|
| Pennsylvania — 2.7% |
|
| Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 05/01/42(a) |
|
|
470 |
|
|
|
506,171 |
|
| City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple
University Health System, Series A, 5.63%, 07/01/42 |
|
|
300 |
|
|
|
323,916 |
|
| County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University,
Series A, 4.00%, 09/01/49 |
|
|
660 |
|
|
|
659,980 |
|
| Pennsylvania Economic Development Financing Authority, RB, PA Bridges Finco LP, 5.00%, 12/31/38 |
|
|
465 |
|
|
|
506,450 |
|
| Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT,
5.50%, 11/01/44 |
|
|
720 |
|
|
|
759,183 |
|
| Pennsylvania Housing Finance Agency, RB, S/F Housing Mortgage, Series
123-B, 4.00%, 10/01/42 |
|
|
1,200 |
|
|
|
1,217,508 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Pennsylvania (continued) |
|
| Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |
|
$ |
520 |
|
|
$ |
570,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,543,315 |
|
| Puerto Rico — 1.1% |
|
| Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds,
5.63%, 05/15/43 |
|
|
1,860 |
|
|
|
1,876,219 |
|
|
|
|
|
|
|
|
|
|
| Rhode Island — 2.7% |
|
| Rhode Island Student Loan Authority, Refunding RB, Senior-Series A, AMT, 3.50%, 12/01/34 |
|
|
655 |
|
|
|
654,980 |
|
| Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 06/01/40 |
|
|
420 |
|
|
|
446,670 |
|
| Series B, 4.50%, 06/01/45 |
|
|
1,875 |
|
|
|
1,909,125 |
|
| Series B, 5.00%, 06/01/50 |
|
|
1,360 |
|
|
|
1,419,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,429,799 |
|
| South Carolina — 1.9% |
|
| State of South Carolina Public Service Authority, RB: |
|
|
|
|
|
|
|
|
| Santee Cooper, Series A, 5.50%, 12/01/54 |
|
|
1,840 |
|
|
|
2,004,110 |
|
| Series E, 5.50%, 12/01/53 |
|
|
750 |
|
|
|
811,710 |
|
| State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |
|
|
380 |
|
|
|
410,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,226,725 |
|
| Tennessee — 0.7% |
|
| County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Senior Tax
Increment, Graceland Project, Series A: |
|
|
|
|
|
|
|
|
| 5.50%, 07/01/37 |
|
|
490 |
|
|
|
526,750 |
|
| 5.63%, 01/01/46 |
|
|
570 |
|
|
|
607,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,133,908 |
|
| Texas — 6.8% |
|
| Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 01/01/21(b) |
|
|
730 |
|
|
|
804,197 |
|
| City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 07/01/39 |
|
|
250 |
|
|
|
250,528 |
|
| County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian
Homes, Inc. Project, Series B, 7.00%, 01/01/23(b) |
|
|
210 |
|
|
|
253,058 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
| County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co.,
Project, Series A, 6.30%, 11/01/29 |
|
$ |
700 |
|
|
$ |
740,656 |
|
| County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects,
Series
A, 0.00%, 09/15/37(c) |
|
|
5,200 |
|
|
|
2,322,996 |
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare(b): |
|
|
|
|
|
|
|
|
| 6.00%, 08/15/20 |
|
|
105 |
|
|
|
113,887 |
|
| 6.00%, 08/15/20 |
|
|
1,285 |
|
|
|
1,395,112 |
|
| Del Mar College District, GOL, Series B,
4.00%, 08/15/48(h) |
|
|
975 |
|
|
|
988,689 |
|
| Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (AGM) (NPFGC), 0.00%, 11/15/34(c) |
|
|
3,000 |
|
|
|
1,512,900 |
|
| Mission Texas Economic Development Corp., RB, Senior Lien, Natural Gasoline Project, Series B, AMT, 5.75
%, 10/01/31(a) |
|
|
875 |
|
|
|
904,050 |
|
| Newark Higher Education Finance Corp., RB,
Series
A(a): |
|
|
|
|
|
|
|
|
| 5.50%, 08/15/35 |
|
|
135 |
|
|
|
142,979 |
|
| 5.75%, 08/15/45 |
|
|
275 |
|
|
|
292,462 |
|
| Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |
|
|
|
|
|
|
|
|
| Blueridge Transportation Group, AMT, 5.00%, 12/31/55 |
|
|
1,025 |
|
|
|
1,099,681 |
|
| LBJ Infrastructure Group LLC, 7.00%, 06/30/40 |
|
|
500 |
|
|
|
541,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,362,915 |
|
| Utah — 1.1% |
|
| City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19(b) |
|
|
1,815 |
|
|
|
1,879,106 |
|
|
|
|
|
|
|
|
|
|
| Virginia — 2.9% |
|
| Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 03/01/26 |
|
|
260 |
|
|
|
268,305 |
|
| 5.13%, 03/01/31 |
|
|
510 |
|
|
|
530,252 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1,
5.00%, 06/01/47 |
|
|
1,025 |
|
|
|
1,024,969 |
|
| Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 07/01/45(a) |
|
|
240 |
|
|
|
252,290 |
|
| Virginia HDA, RB, Rental Housing, Series F,
5.00%, 04/01/45 |
|
|
1,000 |
|
|
|
1,027,540 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Virginia (continued) |
|
| Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project,
AMT, 6.00%, 01/01/37 |
|
$ |
1,540 |
|
|
$ |
1,703,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,806,719 |
|
| Washington — 0.9% |
|
| Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 |
|
|
350 |
|
|
|
382,925 |
|
| Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A,
5.75%, 01/01/45 |
|
|
1,020 |
|
|
|
1,115,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,498,621 |
|
| Wisconsin — 1.5% |
|
| Public Finance Authority, RB, Series A: |
|
|
|
|
|
|
|
|
| Alabama Proton Therapy Center,
6.25%, 10/01/31(a) |
|
|
290 |
|
|
|
283,371 |
|
| Alabama Proton Therapy Center,
7.00%, 10/01/47(a) |
|
|
290 |
|
|
|
289,962 |
|
| 5.00%, 12/01/45 |
|
|
825 |
|
|
|
865,697 |
|
| 5.15%, 12/01/50 |
|
|
555 |
|
|
|
584,360 |
|
| Public Finance Authority, Refunding RB, Celanese Project: |
|
|
|
|
|
|
|
|
| Series C, AMT, 4.30%, 11/01/30 |
|
|
200 |
|
|
|
207,054 |
|
| Series D, 4.05%, 11/01/30 |
|
|
200 |
|
|
|
203,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,433,494 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 129.1%
(Cost — $202,998,586) |
|
|
|
214,471,692 |
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts(i) |
|
|
| California — 3.7% |
|
| Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series
F-1, 5.63%, 04/01/19(b) |
|
|
1,090 |
|
|
|
1,121,678 |
|
| California Educational Facilities Authority, RB, University of Southern California, Series B,
5.25%, 10/01/18(b)(j) |
|
|
840 |
|
|
|
845,160 |
|
| City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Series B, AMT,
5.00%, 05/15/46 |
|
|
2,700 |
|
|
|
2,996,217 |
|
| Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds,
5.00%, 10/01/47 |
|
|
495 |
|
|
|
562,205 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
| San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19(b) |
|
$ |
553 |
|
|
$ |
574,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,099,695 |
|
|
| Colorado — 0.5% |
|
| Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A,
5.50%, 07/01/34(j) |
|
|
740 |
|
|
|
758,925 |
|
|
|
|
|
|
|
|
|
|
|
| Georgia — 0.6% |
|
| County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation,
4.00%, 08/15/48 |
|
|
1,025 |
|
|
|
1,046,199 |
|
|
|
|
|
|
|
|
|
|
|
| Idaho — 1.3% |
|
| Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48 |
|
|
2,120 |
|
|
|
2,200,125 |
|
|
|
|
|
|
|
|
|
|
|
| Illinois — 2.5% |
|
| Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41 |
|
|
2,340 |
|
|
|
2,572,970 |
|
| State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/38 |
|
|
1,498 |
|
|
|
1,650,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,223,093 |
|
|
| Iowa — 1.1% |
|
| Iowa Finance Authority, Refunding RB, UnityPoint Health, Series E, 4.00%, 08/15/46 |
|
|
1,815 |
|
|
|
1,819,665 |
|
|
|
|
|
|
|
|
|
|
|
| Massachusetts — 4.6% |
|
| Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 |
|
|
7,112 |
|
|
|
7,658,143 |
|
|
|
|
|
|
|
|
|
|
|
| New Hampshire — 0.4% |
|
| New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 06/01/19(b)(j) |
|
|
660 |
|
|
|
680,034 |
|
|
|
|
|
|
|
|
|
|
|
| New York — 1.1% |
|
| City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General
Resolution, Series FF-2, 5.50%, 06/15/40 |
|
|
495 |
|
|
|
511,139 |
|
| Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |
|
|
1,215 |
|
|
|
1,383,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,895,105 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| North Carolina — 1.5% |
|
| North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B,
5.00%, 10/01/55 |
|
$
|
1,180 |
|
|
$
|
1,324,131 |
|
| North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B
(Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 01/01/48 |
|
|
1,232 |
|
|
|
1,236,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,560,686 |
|
|
| Ohio — 2.8% |
|
| State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 01/01/19(b) |
|
|
4,634 |
|
|
|
4,713,050 |
|
|
|
|
|
|
|
|
|
|
|
| Pennsylvania — 1.2% |
|
| Pennsylvania Turnpike Commission, RB, Sub-Series A,
5.50%, 12/01/42 |
|
|
1,680 |
|
|
|
1,918,706 |
|
|
|
|
|
|
|
|
|
|
|
| Rhode Island — 1.5% |
|
| Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47 |
|
|
2,447 |
|
|
|
2,477,252 |
|
|
|
|
|
|
|
|
|
|
|
| Texas — 9.3% |
|
| City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43 |
|
|
11,000 |
|
|
|
12,009,690 |
|
| County of Harris Texas, RB, Toll Road, Senior Lien, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 08/15/19(b)(j) |
|
|
1,202 |
|
|
|
1,238,884 |
|
| 5.00%, 08/15/38 |
|
|
920 |
|
|
|
947,639 |
|
| County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |
|
|
1,170 |
|
|
|
1,266,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,462,833 |
|
|
| Virginia — 3.5% |
|
| Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A,
5.50%, 07/01/57(j) |
|
|
2,224 |
|
|
|
2,646,096 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Virginia (continued) |
|
| Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00 %, 11/01/40 |
|
$ |
2,949 |
|
|
$ |
3,103,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,749,209 |
|
| Wisconsin — 1.2% |
|
| Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community
Health, Inc., Obligated Group, Series C, 5.25%, 04/01/19(b)(j) |
|
|
1,989 |
|
|
|
2,039,159 |
|
|
|
|
|
|
|
|
|
|
| West Virginia— 1.1% |
|
| Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(j) |
|
|
1,891 |
|
|
|
1,900,160 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 38.0%
(Cost —
$61,231,224) |
|
|
|
63,202,038 |
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments — 167.1%
(Cost — $264,229,810) |
|
|
|
|
|
|
277,673,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Shares |
|
|
Value |
|
| Short-Term Securities — 0.5% |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class,
0.85%(k)(l) |
|
|
843,663 |
|
|
$ |
843,832 |
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Securities — 0.5%
(Cost — $843,832) |
|
|
|
843,832 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments — 167.6%
(Cost — $265,073,642) |
|
|
|
278,517,562 |
|
| Other Assets Less Liabilities — 0.6% |
|
|
|
998,919 |
|
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(22.7)% |
|
|
|
(37,708,161 |
) |
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (45.5)% |
|
|
|
(75,585,394 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
166,222,926 |
|
|
|
|
|
|
|
|
|
|
| (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) |
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. |
| (d) |
Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates
and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| (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) |
Issuer filed for bankruptcy and/or is in default. |
| (g) |
Non-income producing security. |
| (h) |
When-issued security. |
| (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 agreements, which expire between October 1, 2018 to February 15, 2031, $6,676,288. |
| (k) |
Annualized 7-day yield as of period end. |
| (l) |
During the period ended July 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliate |
|
Shares
Held at 04/30/18 |
|
|
Net
Activity |
|
|
Shares
Held at 07/31/18 |
|
|
Value at
07/31/18 |
|
|
Income |
|
|
Net
Realized
Gain
(Loss)(a) |
|
|
Change
in
Unrealized Appreciation
(Depreciation) |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
2,374,394 |
|
|
|
(1,530,731 |
) |
|
|
843,663 |
|
|
$ |
843,832 |
|
|
$ |
2,003 |
|
|
$ |
313 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Includes net capital gain distributions, if applicable. |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA) |
|
|
|
| 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 |
| GTD |
|
Guaranteed |
| HDA |
|
Housing Development Authority |
| HFA |
|
Housing Finance Agency |
| IDA |
|
Industrial Development Authority |
| LRB |
|
Lease Revenue Bonds |
| M/F |
|
Multi-Family |
| NPFGC |
|
National Public Finance Guarantee Corp. |
| RB |
|
Revenue Bonds |
| S/F |
|
Single-Family |
| SAN |
|
State Aid Notes |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Number of
Contracts |
|
|
Expiration
Date |
|
|
Notional
Amount (000) |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
| Short Contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 10-Year U.S. Treasury Note |
|
|
20 |
|
|
|
09/19/18 |
|
|
$ |
2,388 |
|
|
$ |
7,471 |
|
| Long U.S. Treasury Bond |
|
|
50 |
|
|
|
09/19/18 |
|
|
|
7,148 |
|
|
|
(4,724 |
) |
| 5-Year U.S. Treasury Note |
|
|
14 |
|
|
|
09/28/18 |
|
|
|
1,584 |
|
|
|
2,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA) |
Fair Value Hierarchy as of Period End (continued)
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. Investments classified within
Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include
equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.
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 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 Investments(a) |
|
$ |
— |
|
|
$ |
277,673,730 |
|
|
$ |
— |
|
|
$ |
277,673,730 |
|
| Short-Term Securities |
|
|
843,832 |
|
|
|
— |
|
|
|
— |
|
|
|
843,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
843,832 |
|
|
$ |
277,673,730 |
|
|
$ |
— |
|
|
$ |
278,517,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial
Instruments(b) |
|
| Assets: |
|
| Interest rate contracts |
|
$ |
10,219 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,219 |
|
| Liabilities: |
|
| Interest rate contracts |
|
|
(4,724 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,724 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,495 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
See above Schedule of Investments for values in each state or political subdivision. |
|
| |
(b) |
Derivative financial instruments are 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 |
|
| Liabilities: |
|
| TOB Trust Certificates |
|
$ |
— |
|
|
$ |
(37,607,978 |
) |
|
$ |
— |
|
|
$ |
(37,607,978 |
) |
| VRDP Shares at Liquidation Value |
|
|
— |
|
|
|
(76,000,000 |
) |
|
|
— |
|
|
|
(76,000,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(113,607,978 |
) |
|
$ |
— |
|
|
$ |
(113,607,978 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period ended July 31, 2018, there were no transfers between levels.
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: |
|
September 20, 2018 |
|
| 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 20, 2018 |
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
Neal J. Andrews |
|
|
Chief Financial Officer (principal financial officer) of
BlackRock Long-Term Municipal Advantage Trust |
|
|
| Date: |
|
September 20, 2018 |