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: 04/30/2016
Date of reporting period:
01/31/2016
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments January 31, 2016 (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 |
|
|
$ |
520,047 |
|
| County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%,
10/01/42 |
|
|
1,655 |
|
|
|
1,926,734 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2,446,781 |
|
| Arizona — 1.2% |
|
| City of Phoenix Arizona IDA, RB, Series A, Facility, Eagle College Preparatory Project, 5.00%, 7/01/33 |
|
|
870 |
|
|
|
897,919 |
|
| City of Phoenix Arizona IDA, Refunding RB, Series A (a): |
|
|
|
|
|
|
|
|
| 5.00%, 7/01/35 |
|
|
125 |
|
|
|
131,914 |
|
| 5.00%, 7/01/46 |
|
|
135 |
|
|
|
139,367 |
|
| Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |
|
|
725 |
|
|
|
870,181 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2,039,381 |
|
| California — 10.3% |
|
| California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
| St. Joseph Health System, Series A, 5.75%, 7/01/39 |
|
|
385 |
|
|
|
442,161 |
|
| Sutter Health, Series B, 6.00%, 8/15/42 |
|
|
1,040 |
|
|
|
1,254,500 |
|
| California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39 |
|
|
680 |
|
|
|
781,694 |
|
| California HFA, RB, S/F Housing, Home Mortgage, Series K, AMT, 5.50%, 2/01/42 |
|
|
55 |
|
|
|
55,016 |
|
| California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing,
Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 8/15/39 |
|
|
70 |
|
|
|
79,089 |
|
| 5.25%, 8/15/49 |
|
|
175 |
|
|
|
196,936 |
|
| City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport,
Series A: |
|
|
|
|
|
|
|
|
| Senior, 5.00%, 5/15/40 |
|
|
2,045 |
|
|
|
2,320,073 |
|
| 5.25%, 5/15/39 |
|
|
270 |
|
|
|
303,847 |
|
| City of San Francisco California Public Utilities Commission Water Revenue, RB, Series B, 5.00%, 11/01/39 |
|
|
3,225 |
|
|
|
3,641,896 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
|
|
|
|
|
|
|
| City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A,
6.25%, 10/01/38 |
|
$ |
165 |
|
|
$ |
205,532 |
|
| County of California Tobacco Securitization Agency, RB, Asset-Backed, 5.60%, 6/01/36 |
|
|
2,000 |
|
|
|
2,002,420 |
|
| San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 8/01/38 (b) |
|
|
3,725 |
|
|
|
1,491,043 |
|
| State of California, GO, Various Purposes, 6.50%, 4/01/33 |
|
|
2,000 |
|
|
|
2,348,080 |
|
| State of California Public Works Board, LRB, Various Capital Projects: |
|
|
|
|
|
|
|
|
| Series I, 5.00%, 11/01/38 |
|
|
355 |
|
|
|
412,045 |
|
| Sub-Series I-1, 6.38%, 11/01/34 |
|
|
400 |
|
|
|
480,844 |
|
| Tobacco Securitization Authority of Southern California, Refunding RB, Senior Series A1, 5.00%, 6/01/37 |
|
|
1,500 |
|
|
|
1,420,785 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
17,435,961 |
|
| Colorado — 3.7% |
|
| Colorado Health Facilities Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 6.13%, 12/01/45 |
|
|
160 |
|
|
|
163,481 |
|
| 6.25%, 12/01/50 |
|
|
520 |
|
|
|
531,440 |
|
| Sisters of Charity of Leavenworth Health System, 5.00%, 1/01/40 |
|
|
3,940 |
|
|
|
4,367,963 |
|
| North Range Metropolitan District No. 2, GO, Limited Tax, 5.50%, 12/15/37 |
|
|
1,200 |
|
|
|
1,214,628 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
6,277,512 |
|
| Connecticut — 0.5% |
|
| Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority
Distribution, Series C, 6.25%, 2/01/30 (a) |
|
|
860 |
|
|
|
858,882 |
|
| Delaware — 2.2% |
|
|
|
|
|
|
|
|
| County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |
|
|
750 |
|
|
|
813,870 |
|
| Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |
|
|
2,240 |
|
|
|
2,322,656 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST |
|
JANUARY 31, 2016 |
|
1 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Long-Term Municipal Advantage Trust
(BTA) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Delaware (continued) |
|
|
|
|
|
|
|
|
| Delaware Transportation Authority, RB, 5.00%, 6/01/55 |
|
$ |
580 |
|
|
$ |
655,180 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
3,791,706 |
|
| District of Columbia — 2.0% |
|
|
|
|
|
|
|
|
| District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43 |
|
|
260 |
|
|
|
301,972 |
|
| District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41 |
|
|
750 |
|
|
|
816,847 |
|
| District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.25%, 5/15/24 |
|
|
900 |
|
|
|
900,243 |
|
| Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 10/01/39 |
|
|
170 |
|
|
|
188,955 |
|
| 5.25%, 10/01/44 |
|
|
1,000 |
|
|
|
1,117,970 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
3,325,987 |
|
| Florida — 4.3% |
|
|
|
|
|
|
|
|
| County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45 |
|
|
645 |
|
|
|
723,064 |
|
| County of Miami-Dade FL Water & Sewer System Revenue, RB, Water & Sewer System,
5.00%, 10/01/34 |
|
|
1,950 |
|
|
|
2,225,301 |
|
| Lakewood Ranch Stewardship District, Refunding, Special Assessment Bonds, Lakewood Center & New Sector Projects
(c): |
|
|
|
|
|
|
|
|
| 4.00%, 5/01/21 |
|
|
100 |
|
|
|
101,173 |
|
| 4.25%, 5/01/26 |
|
|
100 |
|
|
|
99,994 |
|
| 5.00%, 5/01/36 |
|
|
215 |
|
|
|
216,699 |
|
| 5.13%, 5/01/46 |
|
|
430 |
|
|
|
432,687 |
|
| Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21 (d) |
|
|
1,080 |
|
|
|
1,426,777 |
|
| Tolomato Community Development District, Refunding, Special Assessment Bonds: |
|
|
|
|
|
|
|
|
| Convertible CAB, Series A2, 0.00%, 5/01/39 (e) |
|
|
95 |
|
|
|
76,088 |
|
| Convertible CAB, Series A3, 0.00%, 5/01/40 (e) |
|
|
225 |
|
|
|
134,701 |
|
| Convertible CAB, Series A4, 0.00%, 5/01/40 (e) |
|
|
120 |
|
|
|
53,198 |
|
| Series 2, 0.00%, 5/01/40 (e) |
|
|
310 |
|
|
|
161,901 |
|
| Series A1, 6.65%, 5/01/40 |
|
|
355 |
|
|
|
359,658 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Florida (continued) |
|
|
|
|
|
|
|
|
| Tolomato Community Development District, Special Assessment Bonds: |
|
|
|
|
|
|
|
|
| Series 1, 0.00%, 5/01/40 (e) |
|
$ |
505 |
|
|
$ |
311,787 |
|
| Series 1, 6.65%, 5/01/40 (f)(g) |
|
|
15 |
|
|
|
15,332 |
|
| Series 3, 6.61%, 5/01/40 (f)(g) |
|
|
340 |
|
|
|
3 |
|
| Series 3, 6.65%, 5/01/40 (f)(g) |
|
|
275 |
|
|
|
3 |
|
| Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43 |
|
|
835 |
|
|
|
926,933 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
7,265,299 |
|
| Georgia — 0.6% |
|
|
|
|
|
|
|
|
| County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project,
Series A, 5.50%, 8/15/54 |
|
|
240 |
|
|
|
286,207 |
|
| Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, Series A, 5.00%, 7/01/60 |
|
|
715 |
|
|
|
792,170 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
1,078,377 |
|
| Guam — 0.8% |
|
|
|
|
|
|
|
|
| Guam Government Waterworks Authority, RB, Water & Wastewater System, 5.50%, 7/01/43 |
|
|
1,065 |
|
|
|
1,213,589 |
|
| Territory of Guam, GO, Series A, 6.00%, 11/15/19 |
|
|
165 |
|
|
|
183,026 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
1,396,615 |
|
| Illinois — 10.8% |
|
|
|
|
|
|
|
|
| City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A, 5.75%, 1/01/39 |
|
|
2,500 |
|
|
|
2,919,450 |
|
| City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 1/01/32 |
|
|
1,090 |
|
|
|
1,097,674 |
|
| City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38 |
|
|
280 |
|
|
|
299,961 |
|
| City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
360 |
|
|
|
393,588 |
|
| City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 |
|
|
1,625 |
|
|
|
1,737,141 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 2 |
|
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST |
|
JANUARY 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Long-Term Municipal Advantage Trust
(BTA) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Illinois (continued) |
|
|
|
|
|
|
|
|
| City of Springfield Illinois Electric Revenue, Refunding RB, 5.00%, 3/01/40 |
|
$ |
2,200 |
|
|
$ |
2,491,566 |
|
| County of Cook Illinois Community College District No. 508, GO, City College of Chicago,
5.50%, 12/01/38 |
|
|
350 |
|
|
|
406,196 |
|
| Illinois Finance Authority, Advocate Health Care Network, RB: |
|
|
|
|
|
|
|
|
| 5.38%, 4/01/19 (d) |
|
|
870 |
|
|
|
991,330 |
|
| 5.38%, 4/01/44 |
|
|
975 |
|
|
|
1,069,322 |
|
| Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/39 |
|
|
550 |
|
|
|
630,031 |
|
| Illinois State Toll Highway Authority, RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 1/01/38 |
|
|
815 |
|
|
|
915,106 |
|
| Series B, 5.00%, 1/01/40 |
|
|
770 |
|
|
|
888,434 |
|
| Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |
|
|
|
|
|
|
|
|
| Series B (AGM), 5.00%, 6/15/50 |
|
|
1,790 |
|
|
|
1,901,016 |
|
| Series B-2, 5.00%, 6/15/50 |
|
|
600 |
|
|
|
623,118 |
|
| State of Illinois, GO, 5.00%, 2/01/39 |
|
|
745 |
|
|
|
784,127 |
|
| State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34 |
|
|
215 |
|
|
|
239,411 |
|
| University of Illinois, RB, Auxiliary Facilities System, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 4/01/39 |
|
|
390 |
|
|
|
435,653 |
|
| 5.00%, 4/01/44 |
|
|
475 |
|
|
|
526,661 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
18,349,785 |
|
| Indiana — 11.8% |
|
|
|
|
|
|
|
|
| Carmel Redevelopment Authority, RB, Performing Arts Center (d): |
|
|
|
|
|
|
|
|
| 4.75%, 2/01/16 |
|
|
5,365 |
|
|
|
5,366,341 |
|
| 5.00%, 2/01/16 |
|
|
6,580 |
|
|
|
6,581,777 |
|
| City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |
|
|
|
|
|
|
|
|
| 6.75%, 1/01/34 |
|
|
365 |
|
|
|
447,008 |
|
| 7.00%, 1/01/44 |
|
|
885 |
|
|
|
1,090,771 |
|
| Indiana Finance Authority, RB, Series A: |
|
|
|
|
|
|
|
|
| CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |
|
|
1,285 |
|
|
|
1,516,737 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 1/01/51 |
|
|
2,190 |
|
|
|
2,387,713 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Indiana (continued) |
|
|
|
|
|
|
|
|
| Indiana Finance Authority, RB, Series A (continued): |
|
|
|
|
|
|
|
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT,
5.00%, 7/01/44 |
|
$ |
160 |
|
|
$ |
173,064 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT,
5.00%, 7/01/48 |
|
|
520 |
|
|
|
560,014 |
|
| Sisters of St. Francis Health Services,
5.25%, 11/01/39 |
|
|
290 |
|
|
|
324,037 |
|
| Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31 |
|
|
600 |
|
|
|
682,968 |
|
| Indiana Municipal Power Agency, RB, Series B,
6.00%, 1/01/39 |
|
|
350 |
|
|
|
397,338 |
|
| Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40 |
|
|
445 |
|
|
|
500,238 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
20,028,006 |
|
| Iowa — 2.4% |
|
|
|
|
|
|
|
|
| Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project: |
|
|
|
|
|
|
|
|
| 5.50%, 12/01/22 |
|
|
830 |
|
|
|
872,844 |
|
| 5.25%, 12/01/25 |
|
|
660 |
|
|
|
720,298 |
|
| Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT,
5.15%, 12/01/22 |
|
|
660 |
|
|
|
702,227 |
|
| Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46 |
|
|
1,765 |
|
|
|
1,756,193 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
4,051,562 |
|
| Kentucky — 0.5% |
|
|
|
|
|
|
|
|
| Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A,
5.25%, 1/01/45 |
|
|
440 |
|
|
|
495,017 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST |
|
JANUARY 31, 2016 |
|
3 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Long-Term Municipal Advantage Trust
(BTA) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Kentucky (continued) |
|
|
|
|
|
|
|
|
| Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%,
7/01/43 (e) |
|
$ |
565 |
|
|
$ |
427,321 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
922,338 |
|
| Louisiana — 3.7% |
|
|
|
|
|
|
|
|
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp.
Project: |
|
|
|
|
|
|
|
|
| 6.75%, 11/01/32 |
|
|
2,000 |
|
|
|
2,163,000 |
|
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project
(continued): |
|
|
|
|
|
|
|
|
| Series A-1, 6.50%, 11/01/35 |
|
|
1,135 |
|
|
|
1,345,713 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
|
|
|
|
|
|
|
|
| 5.50%, 5/15/30 |
|
|
350 |
|
|
|
393,645 |
|
| 5.25%, 5/15/31 |
|
|
300 |
|
|
|
336,627 |
|
| 5.25%, 5/15/32 |
|
|
380 |
|
|
|
431,304 |
|
| 5.25%, 5/15/33 |
|
|
415 |
|
|
|
463,260 |
|
| 5.25%, 5/15/35 |
|
|
945 |
|
|
|
1,058,476 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
6,192,025 |
|
| Maine — 0.7% |
|
|
|
|
|
|
|
|
| Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical
Center, 6.75%, 7/01/41 |
|
|
970 |
|
|
|
1,103,899 |
|
| Maryland — 1.0% |
|
|
|
|
|
|
|
|
| Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 |
|
|
970 |
|
|
|
1,062,703 |
|
| Maryland EDC, Refunding RB, CNX Marine
Terminals, Inc., 5.75%, 9/01/25 |
|
|
645 |
|
|
|
616,897 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
1,679,600 |
|
| Massachusetts — 3.2% |
|
|
|
|
|
|
|
|
| Massachusetts Development Finance Agency, RB: |
|
|
|
|
|
|
|
|
| 5.00%, 9/01/45 |
|
|
2,000 |
|
|
|
2,125,800 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Massachusetts (continued) |
|
|
|
|
|
|
|
|
| Massachusetts Development Finance Agency, RB: (continued) |
|
|
|
|
|
|
|
|
| Boston Medical Center, Series D, 5.00%, 7/01/44 |
|
$ |
3,000 |
|
|
$ |
3,340,620 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
5,466,420 |
|
| Michigan — 2.0% |
|
|
|
|
|
|
|
|
| City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39 |
|
|
1,970 |
|
|
|
2,190,640 |
|
| Michigan Finance Authority, Beaumont Health System, RB, 5.00%, 11/01/44 (c) |
|
|
745 |
|
|
|
836,531 |
|
| Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%,
7/01/44 |
|
|
410 |
|
|
|
444,108 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
3,471,279 |
|
| Minnesota — 0.1% |
|
|
|
|
|
|
|
|
| City of Brooklyn Park Minnesota, Athlos Leadership Academy Project, RB, 5.75%,
7/01/46 |
|
|
180 |
|
|
|
182,390 |
|
| Missouri — 0.5% |
|
|
|
|
|
|
|
|
| Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%,
10/01/44 |
|
|
85 |
|
|
|
95,754 |
|
| State of Missouri Health & Educational Facilities Authority, Lutheran Senior Services RB: |
|
|
|
|
|
|
|
|
| 5.00%, 2/01/36 |
|
|
175 |
|
|
|
194,810 |
|
| 5.00%, 2/01/46 |
|
|
315 |
|
|
|
345,395 |
|
| State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%,
5/01/43 |
|
|
115 |
|
|
|
127,596 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
763,555 |
|
| Nebraska — 3.1% |
|
|
|
|
|
|
|
|
| Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37 |
|
|
285 |
|
|
|
322,161 |
|
| Omaha Public Power District, RB, Sub-Series B (NPFGC), 4.75%, 2/01/16 (d) |
|
|
5,000 |
|
|
|
5,001,250 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
5,323,411 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 4 |
|
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST |
|
JANUARY 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Long-Term Municipal Advantage Trust
(BTA) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| New Jersey — 5.1% |
|
|
|
|
|
|
|
|
| Casino Reinvestment Development Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| 5.25%, 11/01/39 |
|
$ |
475 |
|
|
$ |
494,579 |
|
| 5.25%, 11/01/44 |
|
|
760 |
|
|
|
785,802 |
|
| County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 7/01/45 (a) |
|
|
505 |
|
|
|
524,735 |
|
| New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23 |
|
|
1,410 |
|
|
|
1,564,057 |
|
| New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31 |
|
|
785 |
|
|
|
917,076 |
|
| New Jersey State Turnpike Authority, RB, Series E, 5.00%, 1/01/45 (c) |
|
|
1,215 |
|
|
|
1,381,528 |
|
| New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
| Transportation Program, Series AA, 5.00%, 6/15/44 |
|
|
1,625 |
|
|
|
1,710,069 |
|
| Transportation System, Series B, 5.25%, 6/15/36 |
|
|
845 |
|
|
|
904,049 |
|
| Tobacco Settlement Financing Corp., New Jersey, Refunding RB, Series 1A, 5.00%, 6/01/41 |
|
|
500 |
|
|
|
417,605 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
8,699,500 |
|
| New York — 29.1% |
|
|
|
|
|
|
|
|
| City of New York New York IDA, ARB, American Airlines, Inc., JFK International Airport Project, AMT,
7.63%, 8/01/25 (h) |
|
|
4,000 |
|
|
|
4,168,280 |
|
| City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH,
5.00%, 6/15/31 |
|
|
2,830 |
|
|
|
3,312,147 |
|
| Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41
(a) |
|
|
900 |
|
|
|
940,077 |
|
| County of Dutchess New York IDA, Refunding RB, Bard College Civic Facility, 5.00%, 8/01/46 |
|
|
1,500 |
|
|
|
1,427,955 |
|
| Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45 |
|
|
910 |
|
|
|
885,366 |
|
| Hudson Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47 |
|
|
6,510 |
|
|
|
7,579,332 |
|
| Metropolitan Transportation Authority, RB, Series B: |
|
|
|
|
|
|
|
|
| 5.25%, 11/15/38 |
|
|
1,125 |
|
|
|
1,328,614 |
|
| 5.25%, 11/15/39 |
|
|
400 |
|
|
|
470,776 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| New York (continued) |
|
|
|
|
|
|
|
|
| New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated, 5.25%, 12/15/43 |
|
$ |
6,140 |
|
|
$ |
7,137,689 |
|
| 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 |
|
|
|
474,323 |
|
| 3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (a) |
|
|
2,355 |
|
|
|
2,501,104 |
|
| 3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (a) |
|
|
160 |
|
|
|
169,381 |
|
| 3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (a) |
|
|
395 |
|
|
|
421,619 |
|
| 4 World Trade Center Project, 5.75%, 11/15/51 |
|
|
2,220 |
|
|
|
2,596,423 |
|
| New York State Dormitory Authority, RB: |
|
|
|
|
|
|
|
|
| Series A, 5.25%, 7/01/18 (d) |
|
|
1,000 |
|
|
|
1,107,550 |
|
| Series B, 5.75%, 3/15/36 |
|
|
11,250 |
|
|
|
12,907,800 |
|
| Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%,
12/01/42 |
|
|
730 |
|
|
|
851,100 |
|
| Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45 |
|
|
1,100 |
|
|
|
1,094,962 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
49,374,498 |
|
| North Carolina — 9.4% |
|
|
|
|
|
|
|
|
| North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%,
6/01/42 |
|
|
480 |
|
|
|
535,090 |
|
| North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%,
3/01/41 |
|
|
260 |
|
|
|
298,672 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST |
|
JANUARY 31, 2016 |
|
5 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Long-Term Municipal Advantage Trust
(BTA) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| North Carolina (continued) |
|
|
|
|
|
|
|
|
| University of North Carolina at Chapel Hil, Refunding RB, General, Series A, 4.75%, 12/01/34 |
|
$ |
15,155 |
|
|
$ |
15,208,346 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
16,042,108 |
|
| Ohio — 5.1% |
|
|
|
|
|
|
|
|
| Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Series A-2: |
|
|
|
|
|
|
|
|
| Senior Turbo Term, 5.88%, 6/01/47 |
|
|
1,260 |
|
|
|
1,108,812 |
|
| 5.75%, 6/01/34 |
|
|
2,295 |
|
|
|
2,023,364 |
|
| County of Allen Ohio Hospital Facilities, Refunding RB: |
|
|
|
|
|
|
|
|
| Catholic Healthcare Partners, Series A, 5.25%, 6/01/38 |
|
|
2,650 |
|
|
|
2,976,798 |
|
| Mercy Health, Series A, 4.00%, 11/01/44 |
|
|
1,170 |
|
|
|
1,205,720 |
|
| State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53 |
|
|
1,220 |
|
|
|
1,328,690 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
8,643,384 |
|
| Pennsylvania — 1.3% |
|
|
|
|
|
|
|
|
| City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System,
Series A, 5.63%, 7/01/42 |
|
|
300 |
|
|
|
324,360 |
|
| Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Bridge Finco LP, AMT, 5.00%, 12/31/38 |
|
|
465 |
|
|
|
513,049 |
|
| Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44 |
|
|
720 |
|
|
|
751,442 |
|
| Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |
|
|
520 |
|
|
|
585,572 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2,174,423 |
|
| Rhode Island — 2.2% |
|
|
|
|
|
|
|
|
| Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 6/01/40 |
|
|
420 |
|
|
|
449,400 |
|
| Series B, 4.50%, 6/01/45 |
|
|
1,875 |
|
|
|
1,900,613 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Rhode Island (continued) |
|
|
|
|
|
|
|
|
| Tobacco Settlement Financing Corp., Refunding RB: (continued) |
|
|
|
|
|
|
|
|
| Series B, 5.00%, 6/01/50 |
|
$ |
1,360 |
|
|
$ |
1,410,252 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
3,760,265 |
|
| South Carolina — 2.9% |
|
|
|
|
|
|
|
|
| South Carolina State Ports Authority, RB, AMT, 5.25%, 7/01/55 |
|
|
940 |
|
|
|
1,040,477 |
|
| State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |
|
|
1,830 |
|
|
|
2,106,915 |
|
| State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |
|
|
1,560 |
|
|
|
1,770,210 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
4,917,602 |
|
| Texas — 5.4% |
|
|
|
|
|
|
|
|
| Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (f)(g) |
|
|
1,500 |
|
|
|
44,850 |
|
| Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 1/01/46 |
|
|
730 |
|
|
|
844,668 |
|
| City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35 |
|
|
525 |
|
|
|
605,225 |
|
| City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39 |
|
|
250 |
|
|
|
275,365 |
|
| 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 |
|
|
|
250,079 |
|
| County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A,
6.30%, 11/01/29 |
|
|
700 |
|
|
|
799,484 |
|
| 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 |
|
|
|
2,119,884 |
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., RB: |
|
|
|
|
|
|
|
|
| Buckingham Senior Living Community, Inc. Project, 5.50%, 11/15/45 |
|
|
180 |
|
|
|
187,880 |
|
| Scott & White Healthcare, 6.00%, 8/15/20 (d) |
|
|
105 |
|
|
|
127,447 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 6 |
|
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST |
|
JANUARY 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Long-Term Municipal Advantage Trust
(BTA) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
|
|
|
|
|
|
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., RB: (continued) |
|
|
|
|
|
|
|
|
| Scott & White Healthcare, 6.00%, 8/15/45 |
|
$ |
1,285 |
|
|
$ |
1,536,847 |
|
| Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (AGM) (NPFGC), 0.00%, 11/15/34 (b) |
|
|
3,000 |
|
|
|
1,385,040 |
|
| Newark Higher Education Finance Corp., RB, Series A (a): |
|
|
|
|
|
|
|
|
| 5.50%, 8/15/35 |
|
|
135 |
|
|
|
138,729 |
|
| 5.75%, 8/15/45 |
|
|
275 |
|
|
|
280,247 |
|
| 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 |
|
|
|
603,630 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
9,199,375 |
|
| Utah — 1.4% |
|
|
|
|
|
|
|
|
| City of Riverton Utah, RB, IHC Health Services, Inc.,
5.00%, 8/15/41 |
|
|
1,815 |
|
|
|
1,987,352 |
|
| Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A, 3.25%, 10/15/42 |
|
|
425 |
|
|
|
381,931 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2,369,283 |
|
| Virginia — 2.0% |
|
|
|
|
|
|
|
|
| Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 7/01/45 (a) |
|
|
240 |
|
|
|
246,156 |
|
| Virginia HDA, RB, Rental Housing, Series F, 5.00%, 4/01/45 |
|
|
1,000 |
|
|
|
1,045,600 |
|
| Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%,
1/01/37 |
|
|
1,875 |
|
|
|
2,166,956 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
3,458,712 |
|
| Washington — 1.6% |
|
|
|
|
|
|
|
|
| Port of Seattle Washington, RB, Series C, AMT,
5.00%, 4/01/40 |
|
|
350 |
|
|
|
390,068 |
|
| Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45 |
|
|
1,020 |
|
|
|
1,208,833 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Washington (continued) |
|
|
|
|
|
|
|
|
| Washington State Housing Finance Commission, RB, Series A: |
|
|
|
|
|
|
|
|
| Heron’s Key, 7.00%, 7/01/45 (a) |
|
$ |
100 |
|
|
$ |
104,477 |
|
| 5.63%, 1/01/38 |
|
|
1,000 |
|
|
|
1,008,770 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2,712,148 |
|
| Wisconsin — 1.1% |
|
|
|
|
|
|
|
|
| Public Finance Authority, RB, Series A: |
|
|
|
|
|
|
|
|
| 4.75%, 12/01/35 |
|
|
365 |
|
|
|
369,271 |
|
| 5.00%, 12/01/45 |
|
|
885 |
|
|
|
897,310 |
|
| 5.15%, 12/01/50 |
|
|
555 |
|
|
|
562,920 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
1,829,501 |
|
| Wyoming — 0.1% |
|
|
|
|
|
|
|
|
| Wyoming Municipal Power Agency, Inc., RB,
Series A, 5.00%, 1/01/42 |
|
|
100 |
|
|
|
108,681 |
|
| Total Municipal Bonds — 133.5% |
|
|
|
|
|
|
226,740,251 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to
Tender Option Bond Trusts (i) |
|
| California — 1.7% |
|
|
|
|
|
|
|
|
| Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1,
5.63%, 4/01/19 (d) |
|
|
1,090 |
|
|
|
1,252,931 |
|
| California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (j) |
|
|
840 |
|
|
|
937,499 |
|
| San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 |
|
|
553 |
|
|
|
633,488 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2,823,918 |
|
| Colorado — 0.5% |
|
|
|
|
|
|
|
|
| Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series
A,
5.50%, 7/01/34 (j) |
|
|
740 |
|
|
|
834,705 |
|
| Illinois — 1.6% |
|
|
|
|
|
|
|
|
| Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%,
8/15/41 |
|
|
2,340 |
|
|
|
2,785,559 |
|
| Massachusetts — 4.9% |
|
|
|
|
|
|
|
|
| Massachusetts School Building Authority, RB, Senior, Series B, 5.00%,
10/15/41 |
|
|
7,112 |
|
|
|
8,361,654 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST |
|
JANUARY 31, 2016 |
|
7 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Long-Term Municipal Advantage Trust
(BTA) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (i) |
|
Par
(000) |
|
|
Value |
|
| New Hampshire — 0.4% |
|
|
|
|
|
|
|
|
| New Hampshire Health & Education Facilities Authority, RB, Dartmouth
College,
5.25%, 6/01/39 (j) |
|
$ |
660 |
|
|
$ |
748,383 |
|
| New York — 1.2% |
|
|
|
|
|
|
|
|
| City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution,
Series FF-2, 5.50%, 6/15/40 |
|
|
495 |
|
|
|
564,787 |
|
| Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |
|
|
1,215 |
|
|
|
1,438,025 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2,002,812 |
|
| North Carolina — 0.8% |
|
|
|
|
|
|
|
|
| North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project,
Series B, 5.00%, 10/01/55 |
|
|
1,180 |
|
|
|
1,375,738 |
|
| Ohio — 3.1% |
|
|
|
|
|
|
|
|
| State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series
A,
5.50%, 1/01/39 |
|
|
4,634 |
|
|
|
5,229,049 |
|
| South Carolina — 0.1% |
|
|
|
|
|
|
|
|
| State of South Carolina Housing Finance & Development Authority, Refunding RB, S/F
Housing, Series B-1, 5.55%, 7/01/39 |
|
|
79 |
|
|
|
80,991 |
|
| Texas — 9.5% |
|
|
|
|
|
|
|
|
| City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien,
5.00%, 2/01/43 |
|
|
11,000 |
|
|
|
12,365,980 |
|
| County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (j) |
|
|
2,122 |
|
|
|
2,362,972 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (i) |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
|
|
|
|
|
|
|
| County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A,
5.00%, 11/01/41 |
|
$ |
1,170 |
|
|
$ |
1,359,037 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
16,087,989 |
|
| Virginia — 1.9% |
|
|
|
|
|
|
|
|
| Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare,
5.00%,
11/01/40 |
|
|
2,949 |
|
|
|
3,289,016 |
|
| Wisconsin — 1.3% |
|
|
|
|
|
|
|
|
| Wisconsin Health & Educational Facilities Authority, Refunding RB,
Froedtert & Community Health, Inc., Obligated Group, Series C, 5.25%, 4/01/39 (j) |
|
|
1,989 |
|
|
|
2,163,395 |
|
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 27.0% |
|
|
|
45,783,209 |
|
| Total Long-Term Investments
(Cost — $253,509,236) — 160.5% |
|
|
|
272,523,460 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Securities |
|
Shares |
|
|
|
|
| BlackRock Liquidity Funds,
MuniCash, 0.02% (k)(l) |
|
|
2,377,390 |
|
|
|
2,377,390 |
|
Total Short-Term Securities
(Cost — $2,377,390) — 1.4% |
|
|
|
2,377,390 |
|
| Total Investments (Cost — $255,886,626*) — 161.9% |
|
|
|
274,900,850 |
|
| Liabilities in Excess of Other Assets — (1.8)% |
|
|
|
(3,039,153 |
) |
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(15.3)% |
|
|
|
(26,031,646 |
) |
| VRDP Shares, at Redemption Value — (44.8)% |
|
|
|
(76,000,000 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
169,830,051 |
|
|
|
|
|
|
|
|
|
|
| * |
|
As of January 31, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
| Tax cost |
|
$ |
230,167,947 |
|
|
|
|
|
|
| Gross unrealized appreciation |
|
$ |
21,289,965 |
|
| Gross unrealized depreciation |
|
|
(2,586,250 |
) |
|
|
|
|
|
| Net unrealized appreciation |
|
$ |
18,703,715 |
|
|
|
|
|
|
|
| Notes to Schedule of Investments |
| * |
|
Cost for federal income tax purposes. |
| (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. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 8 |
|
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST |
|
JANUARY 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Long-Term Municipal Advantage Trust
(BTA) |
| (c) |
|
When-issued security. |
| (d) |
|
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. |
| (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) |
|
Non-income producing security. |
| (g) |
|
Issuer filed for bankruptcy and/or is in default of interest payments. |
| (h) |
|
Variable rate security. Rate as of period end. |
| (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
agreement(s), which expire between October 1, 2016 to February 15, 2031, is $4,124,557. |
| (k) |
|
During the period ended January 31, 2016, investments in issuers considered to be affiliates 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, 2015 |
|
|
Net
Activity |
|
|
Shares Held
at January 31, 2016 |
|
|
Income |
|
| FFI Institutional Tax-Exempt Fund |
|
|
364,342 |
|
|
|
(364,342 |
) |
|
|
— |
|
|
$ |
297 |
|
| BlackRock Liquidity Funds: MuniCash |
|
|
— |
|
|
|
2,377,390 |
|
|
|
2,377,390 |
|
|
|
— |
|
| (l) |
|
Current yield as of period end. |
|
| Derivative Financial Instruments Outstanding as of Period
End |
Financial Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
Short |
|
|
Issue |
|
Expiration |
|
Notional
Value |
|
|
Unrealized
Depreciation |
|
| |
(16 |
) |
|
5-Year U.S. Treasury Note |
|
March 2016 |
|
$ |
1,930,750 |
|
|
$ |
(27,434 |
) |
| |
(19 |
) |
|
10-Year U.S. Treasury Note |
|
March 2016 |
|
$ |
2,461,984 |
|
|
|
(51,695 |
) |
| |
(9 |
) |
|
Long U.S. Treasury Bond |
|
March 2016 |
|
$ |
1,449,281 |
|
|
|
(50,816 |
) |
| |
(3 |
) |
|
U.S. Ultra Treasury Bond |
|
March 2016 |
|
$ |
498,563 |
|
|
|
(17,910 |
) |
| |
Total |
|
|
$ |
(147,855 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
| HDA |
|
Housing Development Authority |
| HFA |
|
Housing Finance Agency |
| IDA |
|
Industrial Development Authority |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST |
|
JANUARY 31, 2016 |
|
9 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Long-Term Municipal Advantage Trust
(BTA) |
|
|
|
| LRB |
|
Lease Revenue Bonds |
| NPFGC |
|
National Public Finance Guarantee Corp. |
| RB |
|
Revenue Bonds |
| SAN |
|
State Aid Notes |
| S/F |
|
Single-Family |
|
| 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) |
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 significant unobservable inputs used by the Global Valuation
Committee in determining the price for Fair Valued Investments are typically categorized as Level 3.
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 semi-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 Investments1 |
|
|
— |
|
|
$ |
272,523,460 |
|
|
— |
|
$ |
272,523,460 |
|
| Short-Term Securities |
|
$ |
2,377,390 |
|
|
|
— |
|
|
— |
|
|
2,377,390 |
|
|
|
|
|
|
| Total |
|
$ |
2,377,390 |
|
|
$ |
272,523,460 |
|
|
— |
|
$ |
274,900,850 |
|
|
|
|
|
|
| 1 See above Schedule
of Investments for values in each state or political subdivision. |
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Total |
|
| Derivative Financial Instruments1 |
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate contracts |
|
$ |
(147,855 |
) |
|
|
— |
|
|
— |
|
$ |
(147,855 |
) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 10 |
|
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST |
|
JANUARY 31, 2016 |
|
|
|
|
|
| Schedule of Investments (concluded) |
|
BlackRock Long-Term Municipal Advantage Trust
(BTA) |
|
|
|
|
|
|
|
|
|
| 1 Derivative financial instruments are financial 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 |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash |
|
$ |
63 |
|
|
|
— |
|
|
— |
|
$ |
63 |
|
| Cash pledged for financial futures contracts |
|
|
90,600 |
|
|
|
— |
|
|
— |
|
|
90,600 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOB Trust Certificates |
|
|
— |
|
|
$ |
(26,029,188 |
) |
|
— |
|
|
(26,029,188 |
) |
| VMTP Shares |
|
|
— |
|
|
|
(76,000,000 |
) |
|
— |
|
|
(76,000,000 |
) |
|
|
|
|
|
| Total |
|
$ |
90,663 |
|
|
$ |
(102,029,188 |
) |
|
— |
|
$ |
(101,938,525 |
) |
|
|
|
|
|
During the period ended January 31, 2016, there were no transfers between levels.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST |
|
JANUARY 31, 2016 |
|
11 |
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 22, 2016 |
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 22, 2016 |
|
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
|
|
Neal J. Andrews |
|
|
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock Long-Term Municipal Advantage Trust |
|
| Date: March 22, 2016 |