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: 04/30/2012

 

Date of reporting period: 07/31/2011

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments July 31, 2011 (Unaudited)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Arizona — 2.6%

 

 

 

 

 

 

 

Pima County IDA, RB, Tucson Electric
Power Co., Series A, 5.25%,
10/01/40

 

$

1,345

 

$

1,237,158

 

Salt River Project Agricultural
Improvement & Power District, RB,
Series A, 5.00%, 1/01/38

 

 

665

 

 

679,996

 

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

 

 

2,090

 

 

1,870,675

 

 

 

 

 

 

 

3,787,829

 

Arkansas — 0.4%

 

 

 

 

 

 

 

County of Little River Arkansas,
Refunding RB, Georgia-Pacific Corp.
Project, AMT, 5.60%, 10/01/26

 

 

550

 

 

532,488

 

California — 18.2%

 

 

 

 

 

 

 

California HFA, RB, AMT, Home
Mortgage:

 

 

 

 

 

 

 

Series G, 5.50%, 8/01/42

 

 

1,895

 

 

1,888,633

 

Series K, 5.50%, 2/01/42

 

 

655

 

 

665,139

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

Catholic Healthcare West,
Series A, 6.00%, 7/01/39

 

 

680

 

 

712,674

 

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

 

 

385

 

 

389,370

 

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

 

 

1,040

 

 

1,107,891

 

California State Public Works Board, RB,
Various Capital Projects, Sub-Series I-
1, 6.38%, 11/01/34

 

 

400

 

 

424,704

 

California Statewide Communities
Development Authority, Refunding RB,
Senior Living, Southern California:

 

 

 

 

 

 

 

6.25%, 11/15/19

 

 

1,000

 

 

1,071,810

 

6.63%, 11/15/24

 

 

540

 

 

581,645

 

Los Angeles Department of Airports, RB,
Series A, 5.25%, 5/15/39

 

 

270

 

 

277,981

 

San Francisco City & County Public
Utilities Commission, RB,
Series B, 5.00%, 11/01/39

 

 

3,225

 

 

3,266,119

 

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

 

 

2,000

 

 

2,239,040

 

University of California, RB, Series B
(NPFGC), 4.75%, 5/15/38

 

 

15,000

 

 

14,194,650

 

 

 

 

 

 

 

26,819,656

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Colorado — 1.2%

 

 

 

 

 

 

 

Colorado Health Facilities Authority,
Refunding RB, Sisters Leavenworth,
Sisters A, 5.00%, 1/01/40

 

$

755

 

$

730,500

 

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

 

 

1,200

 

 

984,636

 

 

 

 

 

 

 

1,715,136

 

Delaware — 1.4%

 

 

 

 

 

 

 

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

 

 

750

 

 

755,812

 

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

 

 

1,415

 

 

1,276,288

 

 

 

 

 

 

 

2,032,100

 

District of Columbia — 8.5%

 

 

 

 

 

 

 

District of Columbia, RB, Methodist
Home District of Columbia, Series A:

 

 

 

 

 

 

 

7.38%, 1/01/30

 

 

550

 

 

551,958

 

7.50%, 1/01/39

 

 

910

 

 

912,903

 

District of Columbia Tobacco Settlement
Financing Corp., Refunding RB, Asset-
Backed,

 

 

 

 

 

 

 

6.25%, 5/15/24

 

 

4,845

 

 

4,850,378

 

6.50%, 5/15/33

 

 

5,700

 

 

5,819,814

 

Metropolitan Washington Airports
Authority, RB, First Senior Lien,

 

 

 

 

 

 

 

Series A:

 

 

 

 

 

 

 

5.00%, 10/01/39

 

 

170

 

 

170,328

 

5.25%, 10/01/44

 

 

270

 

 

271,404

 

 

 

 

 

 

 

12,576,785

 

Florida — 4.5%

 

 

 

 

 

 

 

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

 

 

1,950

 

 

1,982,877

 

County of Miami-Dade Florida,
Refunding RB, Miami International
Airport, Series A, 5.38%, 10/01/41

 

 

400

 

 

402,416

 

Mid-Bay Bridge Authority, RB, Series A,
7.25%, 10/01/40

 

 

745

 

 

758,611

 

Sarasota County Health Facilities
Authority, Refunding RB, Village on
the Isle Project, 5.50%, 1/01/32

 

 

495

 

 

436,392

 

 

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)

CAB

Capital Appreciation Bonds

EDA

Economic Development Authority

EDC

Economic Development Corp.

ERB

Education Revenue Bonds

GO

General Obligation Bonds

HDA

Housing Development Authority

HFA

Housing Finance Agency

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

ISD

Independent School District

NPFGC

National Public Finance Guarantee Corp.

PSF-GTD

Permanent School Fund Guaranteed

RB

Revenue Bonds

SAN

State Aid Notes

S/F

Single-Family

 

 

 

 

 

 

 

 

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST

JULY 31, 2011

1


 

 

 

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)

 

 

 

 

 

 

 

Sumter Landing Community
Development District Florida, RB, Sub-
Series B, 5.70%, 10/01/38

 

$

1,395

 

$

1,095,996

 

Tolomato Community Development
District, Special Assessment Bonds,
Special Assessment, 6.65%, 5/01/40

 

 

1,750

 

 

1,063,737

 

Watergrass Community Development
District, Special Assessment Bonds,
Series A, 5.38%, 5/01/39

 

 

1,850

 

 

917,323

 

 

 

 

 

 

 

6,657,352

 

Georgia — 0.2%

 

 

 

 

 

 

 

DeKalb Private Hospital Authority,
Refunding RB, Childrens Healthcare,
5.25%, 11/15/39

 

 

285

 

 

289,187

 

Guam — 0.3%

 

 

 

 

 

 

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

 

200

 

 

198,652

 

6.75%, 11/15/29

 

 

295

 

 

300,201

 

 

 

 

 

 

 

498,853

 

Illinois — 14.9%

 

 

 

 

 

 

 

City of Chicago Illinois Custodial
Receipts, Series 1284, 5.00%,
1/01/33 (a)

 

 

15,000

 

 

14,690,400

 

City of Chicago Illinois, RB, General Third
Lien, Series A, 5.75%, 1/01/39

 

 

2,500

 

 

2,608,850

 

Illinois Finance Authority, RB, Advocate
Health Care, Series C, 5.38%,
4/01/44

 

 

1,845

 

 

1,855,794

 

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

 

 

550

 

 

557,964

 

Metropolitan Pier & Exposition Authority,
Refunding RB, McCormick Place
Expansion Project; (AGM)

 

 

 

 

 

 

 

Series B, 5.00%, 6/15/50

 

 

1,095

 

 

1,005,823

 

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

 

 

870

 

 

799,147

 

Railsplitter Tobacco Settlement
Authority, RB, 5.50%, 6/01/23

 

 

180

 

 

186,489

 

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

 

 

215

 

 

218,171

 

 

 

 

 

 

 

21,922,638

 

Indiana — 10.9%

 

 

 

 

 

 

 

Carmel Redevelopment Authority, RB,
Performing Arts Center:

 

 

 

 

 

 

 

4.75%, 2/01/33

 

 

5,365

 

 

5,393,059

 

5.00%, 2/01/33

 

 

6,580

 

 

6,648,629

 

Delaware County Hospital Authority
Indiana, RB, Cardinal Health System
Obligation Group, 5.25%, 8/01/36

 

 

2,000

 

 

1,746,400

 

Indiana Finance Authority, RB, Sisters of
St. Francis Health, 5.25%, 11/01/39

 

 

290

 

 

291,325

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Indiana (concluded)

 

 

 

 

 

 

 

Indiana Finance Authority, Refunding
RB:

 

 

 

 

 

 

 

Ascension Health Senior
Credit, Series B-5, 5.00%,
11/15/36

 

$

500

 

$

501,345

 

Parkview Health System,
Series A, 5.75%, 5/01/31

 

 

1,100

 

 

1,139,534

 

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

 

 

350

 

 

371,466

 

 

 

 

 

 

 

16,091,758

 

Kentucky — 0.5%

 

 

 

 

 

 

 

Kentucky Economic Development
Finance Authority, Refunding RB,
Owensboro Medical Health System:

 

 

 

 

 

 

 

Series A, 6.38%, 6/01/40

 

 

350

 

 

356,706

 

Series B, 6.38%, 3/01/40

 

 

370

 

 

377,089

 

 

 

 

 

 

 

733,795

 

Louisiana — 2.2%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Projects, 6.75%, 11/01/32

 

 

2,000

 

 

2,088,680

 

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

 

 

1,135

 

 

1,174,645

 

 

 

 

 

 

 

3,263,325

 

Maine — 0.7%

 

 

 

 

 

 

 

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

 

 

970

 

 

963,763

 

Maryland — 1.0%

 

 

 

 

 

 

 

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

 

 

970

 

 

950,571

 

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

 

 

500

 

 

493,330

 

 

 

 

 

 

 

1,443,901

 

Massachusetts — 8.5%

 

 

 

 

 

 

 

Massachusetts Health & Educational
Facilities Authority, Refunding RB,
Partners Healthcare, Series J1,
5.00%, 7/01/39

 

 

615

 

 

616,968

 

Massachusetts HFA, Refunding HRB,
Series D, AMT, 5.45%, 6/01/37

 

 

11,855

 

 

11,915,223

 

 

 

 

 

 

 

12,532,191

 

 

 

 

 

 

 

 

 

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST

JULY 31, 2011

2


 

 

 

 

Schedule of Investments (continued)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan — 2.6%

 

 

 

 

 

 

 

City of Detroit Michigan, RB, Senior Lien,
Series B (AGM), 7.50%, 7/01/33

 

$

560

 

$

660,257

 

Garden City Hospital Finance Authority
Michigan, Refunding RB, Garden City
Hospital Obligation, Series A, 5.00%,
8/15/38

 

 

1,540

 

 

1,075,197

 

Kalamazoo Hospital Finance Authority,
Refunding RB, Bronson Methodist
Hospital, 5.50%, 5/15/36

 

 

475

 

 

473,684

 

Royal Oak Hospital Finance Authority
Michigan, Refunding RB, William
Beaumont Hospital, 8.25%, 9/01/39

 

 

1,400

 

 

1,616,286

 

 

 

 

 

 

 

3,825,424

 

Montana — 0.4%

 

 

 

 

 

 

 

Two Rivers Authority, RB, Senior Lien (c) (d)

 

 

 

 

 

 

 

7.25%, 11/01/21

 

 

1,500

 

 

232,380

 

7.38%, 11/01/27

 

 

2,600

 

 

398,294

 

 

 

 

 

 

 

630,674

 

Nebraska — 3.4%

 

 

 

 

 

 

 

Omaha Public Power District, RB,
System, Sub-Series B (NPFGC),
4.75%, 2/01/36

 

 

5,000

 

 

4,957,050

 

New Jersey — 0.3%

 

 

 

 

 

 

 

New Jersey EDA, RB, Continental
Airlines Inc. Project, AMT, 6.63%,
9/15/12

 

 

500

 

 

506,110

 

New York — 11.0%

 

 

 

 

 

 

 

Metropolitan Transportation Authority,
Refunding RB, Transportation, Series
D, 5.25%, 11/15/40

 

 

410

 

 

415,080

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

American Airlines, JFK
International Airport, AMT,
7.63%, 8/01/25 (e)

 

 

4,000

 

 

4,117,000

 

British Airways Place Project,
7.63%, 12/01/32

 

 

1,000

 

 

1,012,080

 

New York City Municipal Water Finance
Authority, Refunding RB, Series D,
5.00%, 6/15/39

 

 

7,500

 

 

7,655,775

 

New York Liberty Development Corp.,
Refunding RB, Second Priority, Bank
of America Tower at One Bryant Park
Project, 6.38%, 7/15/49

 

 

420

 

 

431,999

 

New York State Dormitory Authority, RB,
New York University, Series A, 5.25%,
7/01/48

 

 

2,000

 

 

2,056,540

 

Port Authority of New York & New
Jersey, RB, JFK International Air
Terminal, 6.00%, 12/01/42

 

 

430

 

 

435,014

 

 

 

 

 

 

 

16,123,488

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

North Carolina — 10.7%

 

 

 

 

 

 

 

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

 

$

480

 

$

483,994

 

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

 

 

15,170

 

 

15,328,981

 

 

 

 

 

 

 

15,812,975

 

Ohio — 0.6%

 

 

 

 

 

 

 

State of Ohio, RB, Ford Motor Co.
Project, AMT, 5.75%, 4/01/35

 

 

1,000

 

 

933,870

 

Pennsylvania — 0.9%

 

 

 

 

 

 

 

Allegheny County Hospital Development
Authority, Refunding RB, Health
System, West Penn, Series A, 5.38%,
11/15/40

 

 

1,500

 

 

1,261,290

 

Puerto Rico — 1.4%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub, Series A, 6.50%,
8/01/44

 

 

1,705

 

 

1,842,849

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB, First Sub-Series
C, 6.52%, 8/01/38 (f)

 

 

1,490

 

 

245,493

 

 

 

 

 

 

 

2,088,342

 

South Carolina — 1.6%

 

 

 

 

 

 

 

South Carolina Jobs-EDA, Refunding RB:

 

 

 

 

 

 

 

First Mortgage, Lutheran
Homes, 5.50%, 5/01/28

 

 

600

 

 

502,080

 

First Mortgage, Lutheran
Homes, 5.63%, 5/01/42

 

 

1,000

 

 

791,170

 

Senior Lien, Burroughs & Chapin,
Series A (Radian), 4.70%, 4/01/35

 

 

1,340

 

 

1,061,052

 

 

 

 

 

 

 

2,354,302

 

Texas — 14.0%

 

 

 

 

 

 

 

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

 

 

1,500

 

 

570,300

 

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

 

 

730

 

 

727,394

 

City of Dallas Texas, Refunding RB,
5.00%, 10/01/35

 

 

525

 

 

552,584

 

City of Houston Texas, RB, Senior Lien,
Series A, 5.50%, 7/01/39

 

 

250

 

 

258,260

 

HFDC of Central Texas Inc., RB, Village
at Gleannloch Farms, Series A, 5.50%,
2/15/27

 

 

1,150

 

 

907,086

 

Houston Higher Education Finance
Corp., RB, Cosmos Foundation, Inc.
Series A, 6.88%, 5/15/41

 

 

200

 

 

209,926

 

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

 

 

700

 

 

738,514

 

 

 

 

 

 

 

 

 

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST

JULY 31, 2011

3


 

 

 

 

Schedule of Investments (continued)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

New Caney ISD, GO, School Building
(PSF-GTD), 5.00%, 2/15/35

 

$

9,150

 

$

9,404,095

 

North Texas Tollway Authority, RB, Toll,
Second Tier, Series F, 6.13%,
1/01/31

 

 

2,290

 

 

2,364,402

 

Sabine River Authority Texas, Refunding
RB, TXU Electric Co. Project, Series B,
Mandatory Put Bonds, AMT, 5.75%,
5/01/30 (e)

 

 

1,000

 

 

981,870

 

Tarrant County Cultural Education
Facilities Finance Corp., RB, Scott &
White Healthcare, 6.00%, 8/15/45

 

 

1,390

 

 

1,457,123

 

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

 

 

1,063,260

 

NTE Mobility Partners LLC, North
Tarrant Express Managed
Lanes Project: 6.88%,
12/31/39

 

 

1,315

 

 

1,385,668

 

 

 

 

 

 

 

20,620,482

 

Utah — 0.7%

 

 

 

 

 

 

 

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

 

 

955

 

 

955,602

 

Virginia — 2.8%

 

 

 

 

 

 

 

Fairfax County EDA, Refunding RB,
Goodwin House, Inc., 5.13%,
10/01/42

 

 

600

 

 

537,126

 

Peninsula Ports Authority, Refunding
RB, Virginia Baptist Homes, Series C,
5.38%, 12/01/26

 

 

2,600

 

 

1,700,816

 

Reynolds Crossing Community
Development Authority, Special
Assessment Bonds, Reynolds
Crossing Project, 5.10%, 3/01/21

 

 

993

 

 

955,355

 

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

 

 

1,000

 

 

991,880

 

 

 

 

 

 

 

4,185,177

 

Washington — 0.5%

 

 

 

 

 

 

 

Washington Health Care Facilities
Authority, RB, Swedish Health Services,
Series A, 6.75%, 11/15/41

 

 

660

 

 

706,279

 

Wisconsin — 1.9%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, RB, Ascension
Health Credit Group, Series A, 5.00%,
11/15/31

 

 

2,835

 

 

2,851,812

 

Wyoming — 0.1%

 

 

 

 

 

 

 

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

 

 

100

 

 

100,860

 

Total Municipal Bonds – 128.9%

 

 

 

 

 

189,774,494

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (g)

 

Par
(000)

 

Value

 

California — 3.2%

 

 

 

 

 

 

 

Bay Area Toll Authority, Refunding RB,
San Francisco Bay Area, Series F-1,
5.63%, 4/01/44

 

$

1,090

 

$

1,148,695

 

California Educational Facilities
Authority, RB, University of Southern
California, Series A, 5.25%, 10/01/39

 

 

840

 

 

879,774

 

Los Angeles Department of Airports,
Refunding RB, Senior, Los Angeles
International Airport, Series A, 5.00%,
5/15/40

 

 

2,050

 

 

2,078,987

 

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

 

 

553

 

 

582,915

 

 

 

 

 

 

 

4,690,371

 

Colorado — 0.5%

 

 

 

 

 

 

 

Colorado Health Facilities Authority,
Refunding RB, Catholic Healthcare,
Series A, 5.50%, 7/01/34

 

 

740

 

 

763,239

 

Illinois — 1.6%

 

 

 

 

 

 

 

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

 

 

2,340

 

 

2,405,660

 

New Hampshire — 0.5%

 

 

 

 

 

 

 

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

 

 

660

 

 

698,729

 

New York — 12.9%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB, Series FF-2 Water &
Sewer, 5.50%, 6/15/40

 

 

495

 

 

529,394

 

New York City Municipal Water Finance
Authority, Water & Sewer, RB, Second
General Resolution, Series HH,
5.00%, 6/15/31

 

 

2,835

 

 

3,009,253

 

New York State Dormitory Authority,
ERB:

 

 

 

 

 

 

 

Series B, 5.75%, 3/15/36

 

 

11,250

 

 

12,385,125

 

Series F, 5.00%, 3/15/35

 

 

3,000

 

 

3,057,131

 

 

 

 

 

 

 

18,980,903

 

Ohio — 5.1%

 

 

 

 

 

 

 

County of Allen Ohio, Refunding RB,
Catholic Healthcare, Series A, 5.25%,
6/01/38

 

 

2,650

 

 

2,659,089

 

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

 

$

4,630

 

$

4,792,189

 

 

 

 

 

 

 

7,451,278

 

 

 

 

 

 

 

 

 

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST

JULY 31, 2011

4


 

 

 

 

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 (g)

 

Par
(000)

 

Value

 

South Carolina — 1.9%

 

 

 

 

 

 

 

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

 

 

2,799

 

 

2,868,636

 

Texas — 1.5%

 

 

 

 

 

 

 

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

 

 

2,130

 

 

2,173,772

 

Virginia — 0.7%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,016,558

 

Wisconsin — 1.3%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Froedtert & Community Health Inc.,
5.25%, 4/01/39

 

 

1,990

 

 

1,996,883

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 29.2%

 

 

 

 

 

43,046,029

 

Total Long-Term Investments
(Cost – $241,634,627) – 158.1%

 

 

 

 

 

232,820,523

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.01% (h)(i)

 

 

1,335,397

 

 

1,335,397

 

 

 

 

 

 

 

 

 

 

 

Par
(000)

 

 

 

 

Michigan Finance Authority, RB, SAN,
Detroit Schools, Series A-1,
6.45%, 2/20/12

 

 

1,085

 

 

1,103,608

 

Total Short-Term Securities
(Cost – $2,420,397) – 1.7%

 

 

 

 

 

2,439,005

 

Total Investments
(Cost – $244,055,024*) – 159.8%

 

 

 

 

 

235,259,528

 

Liabilities in Excess of Other Assets – (43.6)%

 

 

 

 

 

(64,251,754

)

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (16.2)%

 

 

 

 

 

(23,824,749

)

Net Assets – 100.0%

 

 

 

 

$

147,183,025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of July 31, 2011, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

Aggregate Cost

 

$

217,798,620

 

 

Gross unrealized appreciation

 

 

3,592,136

 

 

Gross unrealized depreciation

 

 

(12,837,931

)

 

Net unrealized depreciation

 

$

(9,245,795

)

 

 

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

(b)

When-issued security. Unsettled when-issued transactions were as follows:

 

 

 

 

 

 

 

 

 
 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

 

Merrill Lynch & Co.

 

$

963,763

 

$

24,075

 

 

 

(c)

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

 

 

(d)

Non-income producing security.

 

 

(e)

Variable rate security. Rate shown is as of report date.

 

 

(f)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(g)

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.

 

 

(h)

Investments in companies considered to be an affiliate of the Trust during the period, 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, 2011

 

Net
Activity

 

Shares
Held at
July 31, 2011

 

Income

 

FFI Institutional Tax-Exempt Fund

 

 

1,227,518

 

 

107,879

 

 

1,335,397

 

$

245

 

 

 

(i)

Represents the current yield as of report date.

 

 

•

Financial futures contracts sold as of July 31, 2011 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

76

 

10-Year US Treasury Note

 

Chicago Board of Trade

 

September 2011

 

$

9,522,250

 

$

(241,566

)

 

 

 

 

 

 

 

 

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST

JULY 31, 2011

5


 

 

 

 

Schedule of Investments (concluded)

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 are categorized in three broad levels for financial reporting purposes as follows:

 

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The 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 does not necessarily correspond to the Trust’s perceived risk of investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the inputs used as of July 31, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

232,820,523

 

 

—

 

$

232,820,523

 

Short-Term Securities

 

$

1,335,397

 

 

1,103,608

 

 

—

 

 

2,439,005

 

Total

 

$

1,335,397

 

$

233,924,131

 

 

—

 

$

235,259,528

 

 

 

1

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Contracts

 

$

(241,566

)

 

—

 

 

—

 

$

(241,566

)

 

 

2

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

 

 

 

 

 

 

 

 

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST

JULY 31, 2011

6

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 26, 2011 

 

 

 

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 26, 2011 

 

 

 

 By: /s/ Neal J. Andrews

 

 

 

Neal J. Andrews 

 

 

Chief Financial Officer (principal financial officer) of 

 

 

BlackRock Long-Term Municipal Advantage Trust 

 

 

 

 

Date: September 26, 2011