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: 04/30/2015

 

Date of reporting period: 01/31/2015

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments January 31, 2015 (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 $ 521,438  
County of Jefferson Alabama Sewer Revenue, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42   1,655   1,871,308  
   
    2,392,746  
 
California — 5.3%  
California Health Facilities Financing Authority, RB:          
  St. Joseph Health System, Series A, 5.75%, 7/01/39   385   452,375  
  Sutter Health, Series B, 6.00%, 8/15/42   1,040   1,259,690  
California Health Facilities Financing Authority, Refunding RB, Series A:          
  Catholic Healthcare West, 6.00%, 7/01/39   680   803,332  
  St. Joseph Health System, 5.00%, 7/01/33   435   514,923  
California HFA, RB, S/F Housing, Home Mortgage, Series K, AMT, 5.50%, 2/01/42   115   117,367  
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:          
  5.25%, 8/15/39   70   79,196  
  5.25%, 8/15/49   175   196,857  
California Pollution Control Financing Authority, RB, County of San Diego California Water Authority Desalination Project Pipeline, 5.00%, 11/21/45 (a)   440   456,311  
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%, 5/15/39   270   311,607  
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38   165   197,305  
San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 8/01/38 (b)   3,725   1,502,739  
State of California, GO, Various Purposes, 6.50%, 4/01/33   2,000   2,466,540  
               
Municipal Bonds Par
(000)		   Value  
 
California (concluded)  
State of California Public Works Board, LRB, Various Capital Projects:          
  Series I, 5.00%, 11/01/38 $ 355 $ 414,640  
  Sub-Series I-1, 6.38%, 11/01/34   400   497,432  
   
    9,270,314  
 
Colorado — 0.7%  
North Range Metropolitan District No. 2, GO, Limited Tax, 5.50%, 12/15/37   1,200   1,221,912  
 
Delaware — 1.3%  
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40   750   863,595  
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45   1,240   1,370,646  
   
    2,234,241  
 
District of Columbia — 3.2%  
District of Columbia, RB, Methodist Home District of Columbia, Series A:          
  7.38%, 1/01/30   550   550,594  
  7.50%, 1/01/39   500   500,435  
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43   260   307,871  
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41   750   821,812  
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.25%, 5/15/24   2,065   2,065,434  
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:          
  5.00%, 10/01/39   170   192,454  
  5.25%, 10/01/44   1,000   1,139,980  
   
    5,578,580  
 
Florida — 2.0%  
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40   1,080   1,342,959  
               


BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20151
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
Florida (concluded)  
Tolomato Community Development District, Refunding, Special Assessment Bonds:          
  Series A2, 0.00%, 5/01/39 (c) $ 95 $ 69,579  
  Series A3, 0.00%, 5/01/40 (c)   225   134,273  
  Series A4, 0.00%, 5/01/40 (c)   120   53,011  
  Series A1, 6.65%, 5/01/40   355   363,470  
Tolomato Community Development District, Convertible CAB (d)(e):          
  Series 1, 6.65%, 5/01/40   15   15,484  
  Series 2, 6.65%, 5/01/40   815   484,640  
  Series 3, 6.65%, 5/01/40   275   3  
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43   865   983,003  
   
    3,446,422  
 
Georgia — 0.2%  
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54   240   287,083  
 
Guam — 1.3%  
Guam Government Waterworks Authority, RB, Water & Wastewater System:          
  5.25%, 7/01/33   640   741,261  
  5.50%, 7/01/43   1,065   1,258,297  
Territory of Guam, GO, Series A, 6.00%, 11/15/19   200   223,178  
   
    2,222,736  
 
Illinois — 9.9%  
City of Chicago Illinois, GARB,
O’Hare International Airport, 3rd Lien, Series A, 5.75%, 1/01/39		   2,500   2,958,025  
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34   480   506,078  
City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 1/01/32   1,090   1,189,626  
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38   280   315,367  
City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41   1,150   1,230,201  
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40   360   415,969  
               
Municipal Bonds Par
(000)		   Value  
 
Illinois (concluded)  
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 $ 1,625 $ 1,823,152  
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38   350   416,262  
Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44   1,845   2,084,961  
Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/39   550   639,831  
Illinois State Toll Highway Authority, RB, Senior, Series A, 5.00%, 1/01/38   815   938,424  
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:          
  Series B (AGM), 5.00%, 6/15/50   1,790   1,929,960  
  Series B-2, 5.00%, 6/15/50   600   645,552  
State of Illinois, GO, 5.00%, 2/01/39   745   806,716  
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34   215   244,595  
University of Illinois, RB, Auxiliary Facilities System, Series A:          
  5.00%, 4/01/39   390   450,080  
  5.00%, 4/01/44   475   546,943  
   
    17,141,742  
 
Indiana — 3.3%  
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:          
  6.75%, 1/01/34   365   452,100  
  7.00%, 1/01/44   885   1,102,834  
Indiana Finance Authority, RB, Series A:          
  CWA Authority Project, 1st Lien, 5.25%, 10/01/38   1,285   1,513,923  
  Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44   160   175,168  
  Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48   520   568,505  
               


BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20152
 
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, Series A (concluded):          
  Sisters of St. Francis Health Services, 5.25%, 11/01/39 $ 290 $ 328,437  
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31   600   687,576  
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39   350   404,666  
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40   445   510,980  
   
    5,744,189  
 
Iowa — 2.5%  
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:          
  5.00%, 12/01/19   340   364,211  
  5.50%, 12/01/22   830   882,929  
  5.25%, 12/01/25   660   729,142  
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22   730   776,019  
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46   1,765   1,596,143  
   
    4,348,444  
 
Kentucky — 0.5%  
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45   440   507,637  
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43 (c)   565   419,004  
   
    926,641  
 
Louisiana — 3.7%  
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project:          
  6.75%, 11/01/32   2,000   2,299,040  
  Series A-1, 6.50%, 11/01/35   1,135   1,376,131  
               
Municipal Bonds Par
(000)		   Value  
 
Louisiana (concluded)  
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:          
  5.50%, 5/15/30 $ 350 $ 393,613  
  5.25%, 5/15/31   300   335,961  
  5.25%, 5/15/32   380   430,684  
  5.25%, 5/15/33   415   468,336  
  5.25%, 5/15/35   945   1,066,338  
   
    6,370,103  
 
Maine — 0.6%  
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41   970   1,119,671  
 
Maryland — 1.3%  
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35   970   1,058,571  
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25   1,000   1,124,950  
   
    2,183,521  
 
Michigan — 2.5%  
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39   1,970   2,169,167  
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44   410   443,464  
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (f)   1,400   1,767,962  
   
    4,380,593  
 
Missouri — 0.1%  
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44   85   97,823  
               


BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20153
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
Missouri (concluded)  
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43 $ 115 $ 130,475  
   
    228,298  
 
Nebraska — 0.9%  
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37   285   323,042  
County of Hall Nebraska School District No. 2, GO, Grand Island Public Schools, 5.00%, 12/15/39   1,100   1,293,985  
   
    1,617,027  
 
New Jersey — 3.0%  
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23   1,410   1,541,313  
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31   785   935,940  
New Jersey Transportation Trust Fund Authority, RB:          
  Transportation Program, Series AA, 5.00%, 6/15/44   1,625   1,803,230  
  Transportation System, Series B, 5.25%, 6/15/36   845   945,699  
   
    5,226,182  
 
New York — 7.7%  
City of New York New York Industrial Development Agency, ARB, AMT:          
  American Airlines, Inc., JFK International Airport, 7.63%, 8/01/25 (g)   4,000   4,384,120  
  British Airways PLC Project, 7.63%, 12/01/32   1,000   1,005,740  
Metropolitan Transportation Authority, RB, Series B:          
  5.25%, 11/15/38   1,125   1,348,054  
  5.25%, 11/15/39   400   478,588  
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   479,858  
               
Municipal Bonds Par
(000)		   Value  
 
New York (concluded)  
New York Liberty Development Corp., Refunding RB (concluded):          
  3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (a) $ 1,895 $ 2,026,570  
  3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (a)   160   179,182  
  3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (a)   395   445,793  
New York State Dormitory Authority, RB, Series A, 5.25%, 7/01/48   1,000   1,123,290  
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42   730   867,919  
Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45   1,100   1,042,481  
   
    13,381,595  
 
North Carolina — 0.5%  
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42   480   547,776  
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41   260   297,838  
   
    845,614  
 
Ohio — 3.5%  
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed Bonds, Series A-2, 5.75%, 6/01/34   2,295   1,933,423  
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38   2,650   3,059,080  
               


BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20154
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
Ohio (concluded)  
State of Ohio, RB, Ford Motor Co. Project, AMT, 5.75%, 4/01/35 $ 1,000 $ 1,004,060  
   
    5,996,563  
 
Pennsylvania — 1.1%  
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42   580   626,441  
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44   720   744,933  
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44   520   605,587  
   
    1,976,961  
 
South Carolina — 1.3%  
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54   1,830   2,183,593  
 
Texas — 5.7%  
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (d)(e)   1,500   75,000  
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 1/01/46   730   859,947  
City of Austin Texas Airport System, RB, AMT, 5.00%, 11/15/44   285   328,337  
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35   525   613,835  
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39   250   284,420  
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   248,636  
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29   700   812,903  
               
Municipal Bonds Par
(000)		   Value  
 
Texas (concluded)  
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 $ 1,990,196  
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45   1,390   1,671,489  
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (NPFGC), 0.00%, 11/15/34 (b)   3,000   1,258,230  
HFDC of Central Texas, Inc., RB, Village at Gleannloch Farms, Series A, 5.50%, 2/15/27   1,150   1,176,002  
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   612,455  
   
    9,931,450  
 
Utah — 0.6%  
Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A:          
  3.25%, 10/15/36   675   639,832  
  3.25%, 10/15/42   425   394,719  
   
    1,034,551  
 
Virginia — 1.9%  
Virginia HDA, RB, Rental Housing, Series F, 5.00%, 4/01/45   1,000   1,068,940  
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37   1,875   2,193,056  
   
    3,261,996  
 
Washington — 0.7%  
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45   1,020   1,230,763  
 
Wyoming — 0.1%  
Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 1/01/42   100   110,756  
 
Total Municipal Bonds — 66.8%   115,894,287  
 
               


BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20155
 
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 Trusts (h)

 Par
(000)		   Value  
 
California — 5.2%  
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44 (f) $ 1,090 $ 1,303,692  
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (i)   840   956,474  
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39   3,225   3,719,973  
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 5/15/40   2,039   2,346,963  
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33   553   646,713  
   
    8,973,815  
 
Colorado — 3.0%  
Colorado Health Facilities Authority, Refunding RB, Series A:          
  Catholic Health Initiatives, 5.50%, 7/01/34 (i)   740   857,616  
  Sisters of Leavenworth Health System, 5.00%, 1/01/40   3,930   4,411,071  
   
    5,268,687  
 
Florida — 1.3%  
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34   1,950   2,264,820  
 
Illinois — 4.6%  
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A (NPFGC), 5.00%, 1/01/33   4,995   5,211,783  
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 8/15/41   2,340   2,773,976  
   
    7,985,759  
 
Indiana — 7.2%  
Carmel Redevelopment Authority, RB, Performing Arts Center (f):          
  4.75%, 2/01/16   5,365   5,607,283  
               

Municipal Bonds Transferred to

Tender Option Bond Trusts (h)

 Par
(000)		   Value  
 
Indiana (concluded)  
Carmel Redevelopment Authority, RB, Performing Arts Center (f) (concluded):          
  5.00%, 2/01/16 $ 6,580 $ 6,893,603  
   
    12,500,886  
 
Massachusetts — 4.8%  
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41   7,112   8,337,385  
 
Nebraska — 3.0%  
Omaha Public Power District, RB, Sub-Series B (NPFGC), 4.75%, 2/01/16 (f)   5,000   5,226,800  
 
New Hampshire — 0.4%  
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (i)   660   763,019  
 
New York — 23.2%  
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution:          
  Fiscal 2013, Series CC, 5.00%, 6/15/47   4,780   5,537,212  
  Series FF-2, 5.50%, 6/15/40   495   580,250  
  Series HH, 5.00%, 6/15/31 (i)   2,835   3,322,284  
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (i)   6,509   7,653,267  
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated, 5.25%, 12/15/43   6,135   7,219,852  
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (i)   2,220   2,649,659  
State of New York Dormitory Authority, ERB, Series B, 5.75%, 3/15/36   11,240   13,209,698  
   
    40,172,222  
 
North Carolina — 9.1%  
University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.75%, 12/01/34   15,170   15,710,338  
 
               


BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20156
 
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 Trusts (h)

 Par
(000)		   Value  
Ohio — 3.1%  
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 1/01/39 $ 4,634 $ 5,282,198  
 
South Carolina — 0.9%  
State of South Carolina Housing Finance & Development Authority, Refunding RB, S/F Housing, Series B-1, 5.55%, 7/01/39   1,593   1,634,351  
 
Texas — 11.0%  
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43   11,000   12,690,150  
County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (i)   2,122   2,413,380  
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41   1,170   1,361,049  
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43   2,175   2,545,485  
   
    19,010,064  
 
Utah — 1.2%  
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41   1,829   2,057,504  
 
Virginia — 1.9%  
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40   2,949   3,356,455  
 
               

Municipal Bonds Transferred to

Tender Option Bond Trusts (h)

 Par
(000)		   Value  
Wisconsin — 1.3%  
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series C, 5.25%, 4/01/39 (i) $ 1,989 $ 2,223,871  
 

Total Municipal Bonds Transferred to

Tender Option Bond Trusts — 81.2%

   140,768,174  
 
Total Long-Term Investments
(Cost — $233,497,359) — 148.0%		   256,662,461  
 
 
 
Short-Term Securities   Shares
 
FFI Institutional Tax-Exempt Fund, 0.03% (j)(k)   434,222   434,222   
 
Total Short-Term Securities
(Cost — $434,222) — 0.3%		   434,222   
 
Total Investments
(Cost — $233,931,581*) — 148.3%		   257,096,683   
Other Assets Less Liabilities — 0.7%   1,209,649   
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (49.0%)   (84,928,205)  
   
Net Assets Applicable to Common Shares — 100.0% $ 173,378,127   
   

*
As of January 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

  
Tax cost $ 161,665,044   
   
Gross unrealized appreciation $ 25,301,548   
Gross unrealized depreciation   (2,475,010)  
   
Net unrealized appreciation $ 22,826,538   
   
               


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) Zero-coupon bond.
(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 is as of report date.
(d) Non-income producing security.
(e) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(f) 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.
(g) Variable rate security. Rate shown is as of report date.
(h) Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as collateral in a financing transaction.

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20157
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)
   
(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 agreement, which expire from October 1, 2016 to February 15, 2031 is $10,705,336.
(j) Represents the current yield as of report date.
(k) During the period ended January 31, 2015, 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, were as follows:

 

 
  Affiliate   Shares
Held at
April 30, 2014		   Net
Activity		   Shares
Held at
January 31, 2015		   Income  
 
  FFI Institutional Tax-Exempt Fund   787,037   (352,815)   434,222 $ 362  
 
                                           

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.
ERB Education Revenue Bonds
GARB General Airport Revenue Bonds
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
LRB Lease Revenue Bonds
NPFGC National Public Finance Guarantee Corp.
RB Revenue Bonds
SAN State Aid Notes
S/F Single Family
     

•
As of January 31, 2015, financial futures contracts outstanding were as follows:
Contracts
Short		 Issue Exchange Expiration Notional
Value		   Unrealized
Depreciation		  
(144) 10-Year U.S. Treasury Note Chicago Board of Trade March
2015		 $ 18,846,000 $ (466,645)  
                 

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20158
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)
   
•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. 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 categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

 

  • Level 1 – unadjusted quoted prices 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)
 
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. 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.

As of January 31, 2015, 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 1   — $ 256,662,461   — $ 256,662,461  
  Short-Term Securities $ 434,222   —   —   434,222  
Total $ 434,222 $ 256,662,461   — $ 257,096,683  
                                 
1 See above Schedule of Investments for values in each state or political subdivision.

 

 

 
  Level 1   Level 2   Level 3   Total  
 
Derivative Financial Instruments 2  
Liabilities:  
Interest rate contracts $ (466,645)   —   — $ (466,645)  
                               
2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
   
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20159
 
Schedule of Investments (concluded) BlackRock Long-Term Municipal Advantage Trust (BTA)
   

 

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of January 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
  

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
  Cash $ 1   —   — $ 1  
  Cash pledged for financial futures contracts   196,000   —   —   196,000  
Liabilities:    
  TOB trust certificates   — $ (84,915,101)   —   (84,915,101)  
Total $ 196,001 $ (84,915,101)   — $ (84,719,100)  
                                   

During the period ended January 31, 2015, there were no transfers between levels.
 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 201510
 
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 25, 2015

 

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 25, 2015
     
  By: /s/ Neal J. Andrews
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Long-Term Municipal Advantage Trust
     
  Date: March 25, 2015