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: 01/31/2012

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments January 31, 2012 (Unaudited)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Arizona — 0.7%

 

 

 

 

 

 

 

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

 

$

1,090

 

$

1,082,108

 

California — 4.2%

 

 

 

 

 

 

 

California Health Facilities Financing
Authority, RB:

 

 

 

 

 

 

 

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

 

 

385

 

 

422,164

 

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

 

 

1,040

 

 

1,198,122

 

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

 

 

680

 

 

773,520

 

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

 

 

565

 

 

563,254

 

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

 

 

400

 

 

461,732

 

California Statewide Communities
Development Authority, Refunding RB,
Senior Living, Southern California,
6.63%, 11/15/24

 

 

540

 

 

608,375

 

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

 

 

270

 

 

300,518

 

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

 

 

2,000

 

 

2,459,880

 

 

 

 

 

 

 

6,787,565

 

Colorado — 0.7%

 

 

 

 

 

 

 

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

 

 

1,200

 

 

1,078,140

 

Delaware — 1.2%

 

 

 

 

 

 

 

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

 

 

750

 

 

777,555

 

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

 

 

1,165

 

 

1,176,557

 

 

 

 

 

 

 

1,954,112

 

District of Columbia — 8.5%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

7.38%, 1/01/30

 

 

550

 

 

564,724

 

7.50%, 1/01/39

 

 

910

 

 

934,261

 

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

 

 

750

 

 

785,707

 

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

 

 

 

 

 

 

 

6.25%, 5/15/24

 

 

4,845

 

 

4,918,692

 

6.50%, 5/15/33

 

 

5,700

 

 

6,176,292

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

District of Columbia (concluded)

 

 

 

 

 

 

 

Metropolitan Washington Airports
Authority, RB, First Senior Lien,
Series A:

 

 

 

 

 

 

 

5.00%, 10/01/39

 

$

170

 

$

184,391

 

5.25%, 10/01/44

 

 

270

 

 

293,193

 

 

 

 

 

 

 

13,857,260

 

Florida — 2.2%

 

 

 

 

 

 

 

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

 

 

745

 

 

796,129

 

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

 

 

1,375

 

 

1,179,338

 

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

 

 

1,750

 

 

742,385

 

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

 

 

1,850

 

 

938,283

 

 

 

 

 

 

 

3,656,135

 

Guam — 0.3%

 

 

 

 

 

 

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

 

200

 

 

220,064

 

6.75%, 11/15/29

 

 

295

 

 

314,039

 

 

 

 

 

 

 

534,103

 

Illinois — 5.8%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO,
Series A:

 

 

 

 

 

 

 

5.50%, 12/01/39

 

 

720

 

 

815,818

 

5.00%, 12/01/41

 

 

240

 

 

256,942

 

City of Chicago Illinois, RB:

 

 

 

 

 

 

 

General Third Lien, Series A,
5.75%, 1/01/39

 

 

2,500

 

 

2,853,500

 

Sales Tax Revenue, Series A,
5.25%, 1/01/38

 

 

280

 

 

315,745

 

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

 

 

360

 

 

401,540

 

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

 

 

1,845

 

 

1,981,401

 

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

 

 

550

 

 

601,408

 

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

 

 

 

 

 

 

 

Series B, 5.00%, 6/15/50

 

 

1,095

 

 

1,126,240

 

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

 

 

600

 

 

616,908

 

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

 

 

180

 

 

205,366

 

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

 

 

215

 

 

238,076

 

 

 

 

 

 

 

9,412,944

 

 

 

 

 

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST

JANUARY 31, 2012

1


 

 

 

 

Schedule of Investments (continued)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Indiana — 1.9%

 

 

 

 

 

 

 

Indiana Finance Authority, RB:

 

 

 

 

 

 

 

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

 

$

1,100

 

$

1,222,232

 

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

 

 

290

 

 

311,535

 

Wastewater Utility, Series
2011A, 5.25%, 10/01/38

 

 

540

 

 

603,753

 

Indiana Finance Authority, Refunding
RB, Ascension Health Senior Credit,
Series B-5, 5.00%, 11/15/36

 

 

500

 

 

522,895

 

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

 

 

350

 

 

399,175

 

 

 

 

 

 

 

3,059,590

 

Iowa — 0.6%

 

 

 

 

 

 

 

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

 

 

975

 

 

1,045,678

 

Kentucky — 0.5%

 

 

 

 

 

 

 

Kentucky Economic Development
Finance Authority, RB, Series A,
6.38%, 6/01/40

 

 

350

 

 

386,456

 

Kentucky Economic Development
Finance Authority, Refunding RB,
Owensboro Medical Health System,
Series B, 6.38%, 3/01/40

 

 

370

 

 

408,539

 

 

 

 

 

 

 

794,995

 

Louisiana — 2.1%

 

 

 

 

 

 

 

Louisiana Local Government
Environmental Facilities & Community
Development Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,135

 

 

1,239,556

 

Westlake Chemical Corp.
Projects, 6.75%, 11/01/32

 

 

2,000

 

 

2,159,380

 

 

 

 

 

 

 

3,398,936

 

Maine — 0.6%

 

 

 

 

 

 

 

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

 

 

970

 

 

1,047,037

 

Maryland — 1.3%

 

 

 

 

 

 

 

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

 

 

970

 

 

1,000,662

 

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

 

 

1,000

 

 

1,036,520

 

 

 

 

 

 

 

2,037,182

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Massachusetts — 0.4%

 

 

 

 

 

 

 

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

 

$

615

 

$

655,738

 

Michigan — 1.5%

 

 

 

 

 

 

 

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

 

 

560

 

 

706,860

 

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

 

 

1,400

 

 

1,731,268

 

 

 

 

 

 

 

2,438,128

 

Minnesota — 1.5%

 

 

 

 

 

 

 

Tobacco Securitization Authority
Minnesota, Refunding RB, Tobacco
Settlement, Series B:

 

 

 

 

 

 

 

5.25%, 3/01/25

 

 

1,540

 

 

1,740,431

 

5.25%, 3/01/31

 

 

650

 

 

705,055

 

 

 

 

 

 

 

2,445,486

 

New Jersey — 1.8%

 

 

 

 

 

 

 

New Jersey EDA, RB, Continental Airlines
Inc. Project, AMT:

 

 

 

 

 

 

 

6.63%, 9/15/12

 

 

500

 

 

508,880

 

6.40%, 9/15/23

 

 

1,000

 

 

999,900

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System,
Series B, 5.25%, 6/15/36

 

 

845

 

 

950,752

 

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

 

 

430

 

 

463,871

 

 

 

 

 

 

 

2,923,403

 

New York — 9.8%

 

 

 

 

 

 

 

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

 

 

410

 

 

454,690

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

American Airlines, JFK
International Airport, AMT,
7.63%, 8/01/25 (a)(b)(c)

 

 

4,000

 

 

3,603,240

 

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

 

 

1,000

 

 

1,000,600

 

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

 

 

7,500

 

 

8,250,675

 

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

 

 

420

 

 

454,650

 

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

 

 

2,000

 

 

2,192,920

 

 

 

 

 

 

 

15,956,775

 

 

 

 

 

 

 

 

 

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST

JANUARY 31, 2012

2


 

 

 

 

Schedule of Investments (continued)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

North Carolina — 0.3%

 

 

 

 

 

 

 

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

 

$

480

 

$

510,221

 

Ohio — 0.6%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,001,770

 

Pennsylvania — 0.7%

 

 

 

 

 

 

 

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

 

 

1,500

 

 

1,223,310

 

Puerto Rico — 2.7%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB:

 

 

 

 

 

 

 

CAB, First Sub-Series A,
6.50%, 8/01/44

 

 

1,705

 

 

2,009,069

 

CAB, First Sub-Series C,
6.52%, 8/01/38 (d)

 

 

1,490

 

 

341,255

 

CAB, Series C, 6.25%,
8/01/39 (d)

 

 

8,540

 

 

1,988,710

 

 

 

 

 

 

 

4,339,034

 

South Carolina — 1.6%

 

 

 

 

 

 

 

South Carolina Jobs-EDA, Refunding RB:

 

 

 

 

 

 

 

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

 

 

1,000

 

 

858,430

 

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

 

 

1,340

 

 

1,160,708

 

South Carolina State Public Service
Authority, Refunding RB, Santee
Cooper Project, Series C, 5.00%,
12/01/36

 

 

530

 

 

599,880

 

 

 

 

 

 

 

2,619,018

 

Texas — 6.4%

 

 

 

 

 

 

 

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

 

 

1,500

 

 

285,060

 

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

 

 

730

 

 

781,414

 

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

 

 

525

 

 

598,568

 

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

 

 

250

 

 

275,788

 

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

 

 

1,150

 

 

974,958

 

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

 

 

200

 

 

223,318

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

700

 

$

804,076

 

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

 

 

2,290

 

 

2,523,145

 

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

 

 

1,390

 

 

1,579,693

 

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

 

 

1,126,460

 

Texas State Public Finance Authority,
RB, Charter School Finance Corp.,
Cosmos Foundation, Series A, 5.38%,
2/15/37

 

 

1,250

 

 

1,251,175

 

 

 

 

 

 

 

10,423,655

 

Utah — 0.6%

 

 

 

 

 

 

 

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

 

 

955

 

 

1,028,201

 

Virginia — 1.8%

 

 

 

 

 

 

 

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

 

 

2,600

 

 

1,927,718

 

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

 

 

1,000

 

 

1,037,310

 

 

 

 

 

 

 

2,965,028

 

Washington — 0.5%

 

 

 

 

 

 

 

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

 

 

660

 

 

774,411

 

Wisconsin — 1.9%

 

 

 

 

 

 

 

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

 

 

2,835

 

 

3,011,847

 

Wyoming — 0.1%

 

 

 

 

 

 

 

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

 

 

100

 

 

106,484

 

Total Municipal Bonds – 62.8%

 

 

 

 

 

102,168,294

 

 

 

 

 

 

 

 

 

 

 


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

 

 

 

 

 

 

 

Arizona — 0.5%

 

 

 

 

 

 

 

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

 

 

820

 

 

897,922

 

 

 

 

 

 

 

 

 

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST

JANUARY 31, 2012

3


 

 

 

 

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 (e)

 

Par
(000)

 

Value

 

California — 14.5%

 

 

 

 

 

 

 

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

 

$

1,090

 

$

1,233,616

 

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

 

 

840

 

 

942,069

 

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

 

 

2,050

 

 

2,266,378

 

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

 

 

553

 

 

635,255

 

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

 

 

3,225

 

 

3,562,238

 

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

 

 

14,500

 

 

14,868,155

 

 

 

 

 

 

 

23,507,711

 

Colorado — 0.5%

 

 

 

 

 

 

 

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

 

 

740

 

 

818,909

 

Florida — 1.3%

 

 

 

 

 

 

 

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

 

 

1,950

 

 

2,166,604

 

Illinois — 11.2%

 

 

 

 

 

 

 

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

 

 

15,000

 

 

15,516,300

 

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

 

 

2,340

 

 

2,652,460

 

 

 

 

 

 

 

18,168,760

 

Indiana — 7.9%

 

 

 

 

 

 

 

Carmel Redevelopment Authority, RB,
Performing Arts Center:

 

 

 

 

 

 

 

4.75%, 2/01/33

 

 

5,365

 

 

5,670,751

 

5.00%, 2/01/33

 

 

6,580

 

 

7,241,685

 

 

 

 

 

 

 

12,912,436

 

Massachusetts — 8.5%

 

 

 

 

 

 

 

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

 

 

11,855

 

 

12,061,040

 

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

 

 

1,560

 

 

1,768,931

 

 

 

 

 

 

 

13,829,971

 

Nebraska — 3.2%

 

 

 

 

 

 

 

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

 

 

5,000

 

 

5,260,000

 

 

 

 

 

 

 

 

 

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

 

Par
(000)

 

Value

 

New Hampshire — 0.5%

 

 

 

 

 

 

 

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

 

$

660

 

$

754,875

 

New York — 17.7%

 

 

 

 

 

 

 

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

 

 

1,510

 

 

1,706,171

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

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

 

 

2,835

 

 

3,297,251

 

Water & Sewer, Series FF-2,
5.50%, 6/15/40

 

 

495

 

 

569,786

 

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

 

 

3,675

 

 

4,174,910

 

New York Liberty Development Corp.,
Refunding RB, World Trade Center
Project, 5.75%, 11/15/51

 

 

2,220

 

 

2,526,205

 

New York State Dormitory
Authority, ERB:

 

 

 

 

 

 

 

Series B, 5.75%, 3/15/36

 

 

11,250

 

 

13,267,688

 

Series F, 5.00%, 3/15/35

 

 

3,000

 

 

3,255,551

 

 

 

 

 

 

 

28,797,562

 

North Carolina — 9.9%

 

 

 

 

 

 

 

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

 

 

15,170

 

 

16,050,618

 

Ohio — 4.9%

 

 

 

 

 

 

 

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

 

 

2,650

 

 

2,820,766

 

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

 

 

4,634

 

 

5,073,978

 

 

 

 

 

 

 

7,894,744

 

South Carolina — 1.8%

 

 

 

 

 

 

 

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

 

 

2,719

 

 

2,868,656

 

Texas — 8.5%

 

 

 

 

 

 

 

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

 

 

2,130

 

 

2,343,042

 

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

 

 

1,170

 

 

1,322,112

 

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

 

 

9,150

 

 

10,180,473

 

 

 

 

 

 

 

13,845,627

 

Virginia — 0.7%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,073,597

 

 

 

 

 

 

 

 

 

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST

JANUARY 31, 2012

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 (e)

 

Par
(000)

 

Value

 

Wisconsin — 1.3%

 

 

 

 

 

 

 

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

 

$

1,990

 

$

2,117,576

 

Total Municipal Bonds Transferred to Tender Option
Bond (TOB) Trusts – 92.9%

 

 

 

 

 

150,965,568

 

Total Long-Term Investments
(Cost – $242,828,832) – 155.7%

 

 

 

 

 

253,133,862

 

 

 

 

 

 

 

 

 

 

 


Short-Term Securities

 

 

 

 

 

 

 

Michigan - 0.7%

 

 

 

 

 

 

 

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

 

 

1,085

 

 

1,085,000

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

Money Market – 2.3%

 

 

 

 

 

 

 

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

 

 

3,794,272

 

 

3,794,272

 

Total Short-Term Securities
(Cost – $4,879,272) – 3.0%

 

 

 

 

 

4,879,272

 

Total Investments (Cost - $247,708,104*) – 158.7%

 

 

 

 

 

258,013,134

 

Liabilities in Excess of Other Assets – (37.9)%

 

 

 

 

 

(61,675,722

)

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (20.8)%

 

 

 

 

 

(33,777,456

)

Net Assets – 100.0%

 

 

 

 

$

162,559,956

 

 

 


*


As of January 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


 

 

 

 

 

Tax Cost

 

$

213,951,398

 

Gross unrealized appreciation

 

$

15,853,969

 

Gross unrealized depreciation

 

 

(5,569,690

)

Net unrealized appreciation

 

$

10,284,279

 

 

 

(a)

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

 

 

(b)

Non-income producing security.

 

 

(c)

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

 

 

(d)

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

 

 

(e)

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.

 

 

(f)

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

 

 

(g)

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
January 31,
2012

 

Income

 

FFI Institutional Tax-Exempt Fund

 

 

1,227,518

 

 

2,566,754

 

 

3,794,272

 

$

427

 

 

 

(h)

Represents the current yield as of report date.

 

 

•

For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.


 

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

ISD

Independent School District

NPFGC

National Public Finance Guarantee Corp.

PSF-GTD

Permanent School Fund Guaranteed

Radian

Radian Financial Guaranty

RB

Revenue Bonds

SAN

State Aid Notes

 

 

 

 

 

 

 

 

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST

JANUARY 31, 2012

5


 

 

 

 

Schedule of Investments (concluded)

BlackRock Long-Term Municipal Advantage Trust (BTA)


 

 

•

Financial futures contracts sold as of January 31, 2012 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

36

 

10-Year US Treasury Note

 

Chicago Board of Trade

 

March 2012

 

$

4,761,000

 

$

(63,068

)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

 

 

 

•

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets 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)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 semi-annual report.

The following tables summarize the inputs used as of January 31, 2012 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

 

 

—

 

$

253,133,862

 

 

—

 

$

253,133,862

 

Short-Term Securities

 

$

3,794,272

 

 

1,085,000

 

 

—

 

 

4,879,272

 

Total

 

$

3,794,272

 

$

254,218,862

 

 

—

 

$

258,013,134

 

 

 

 

 

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

 

$

(63,068

)

 

—

 

 

—

 

$

(63,068

)

 

 

 

 

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

JANUARY 31, 2012

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: March 23, 2012
   
  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 23, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Long-Term Municipal Advantage Trust
     
  Date: March 23, 2012