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: 04/30/2013

 

Date of reporting period: 07/31/2012

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments July 31, 2012 (Unaudited)   BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)

 

 Municipal Bonds   Par
(000)		 Value
Alabama — 0.3%      
County of Jefferson Alabama, RB,      
Series A, 5.25%, 1/01/19 $ 515 $ 515,567
Arizona — 0.7%      
Salt Verde Financial Corp., RB, Senior,    
5.00%, 12/01/37   1,090 1,131,474
California — 5.9%      
California Health Facilities Financing      
Authority, RB:      
Stanford Hospital and Clinics,      
Series A, 5.00%, 8/15/51   410 449,663
Sutter Health, Series B,      
6.00%, 8/15/42   1,040 1,249,040
California Health Facilities Financing      
Authority, Refunding RB, Series A:      
Catholic Healthcare West,      
6.00%, 7/01/39   680 802,359
St. Joseph Health System,      
5.75%, 7/01/39   385 444,698
California HFA, RB, Home Mortgage,      
Series K, AMT, 5.50%, 2/01/42   480 496,853
California State Public Works Board, RB,    
Various Capital Projects, Sub-Series I-1,    
6.38%, 11/01/34   400 485,900
City of Los Angeles Department of      
Airports, Refunding RB, Senior      
Series A:      
5.25%, 5/15/39   270 304,223
Los Angeles International      
Airport, 5.00%, 5/15/40   2,045 2,295,410
San Marcos Unified School District, GO,    
CAB, SAN, Election of 2010, Series B,    
5.14%, 8/01/38 (a)   3,725 995,544
State of California, GO, Various Purpose,    
6.50%, 4/01/33   2,000 2,498,120
      10,021,810
Colorado — 0.9%      
Colorado Health Facilities Authority,      
Refunding RB, Evangelical Lutheran    
Good Samaritan Society Project,      
5.00%, 12/01/42   315 333,809
North Range Metropolitan District No. 2,    
GO, Limited Tax, 5.50%, 12/15/37 1,200 1,161,672
      1,495,481
Connecticut — 1.3%      
State of Connecticut, GO, Refunding,    
Series C:      
5.00%, 6/01/23   1,095 1,381,649
5.00%, 6/01/24   700 875,112
      2,256,761
       
Municipal Bonds   Par
(000)		 Value
Delaware — 1.2%      
County of Sussex Delaware, RB, NRG    
Energy, Inc., Indian River Project,      
6.00%, 10/01/40 $ 750 $ 851,648
Delaware State EDA, RB, Exempt      
Facilities, Indian River Power, 5.38%,    
10/01/45   1,165 1,261,089
      2,112,737
District of Columbia — 6.5%      
District of Columbia, RB, Methodist      
Home District of Columbia, Series A:    
7.38%, 1/01/30   550 573,661
7.50%, 1/01/39   500 521,070
District of Columbia, Tax Allocation      
Bonds, City Market at O Street Project,    
5.13%, 6/01/41   750 807,945
District of Columbia Tobacco Settlement    
Financing Corp., Refunding RB, Asset-    
Backed:      
6.25%, 5/15/24   4,380 4,467,513
6.50%, 5/15/33   3,000 3,273,630
Metropolitan Washington Airports      
Authority, Refunding RB, First Senior    
Lien, Series A:      
5.00%, 10/01/39   170 186,709
5.25%, 10/01/44   1,000 1,107,360
      10,937,888
Florida — 2.7%      
Citizens Property Insurance Corp., RB,    
Senior Secured, Series A-1, 5.00%,    
6/01/21   590 680,648
Mid-Bay Bridge Authority, RB, Series A,    
7.25%, 10/01/40   745 940,346
Sumter Landing Community      
Development District Florida, RB, Sub-    
Series B, 5.70%, 10/01/38   1,375 1,258,276
Tolomato Community Development      
District, Special Assessment Bonds,    
6.65%, 5/01/40 (b)(c)   1,750 788,112
Watergrass Community Development    
District, Special Assessment Bonds,    
Series A, 5.38%, 5/01/39   1,845 964,714
      4,632,096
Guam — 0.1%      
Territory of Guam, GO, Series A, 6.00%,    
11/15/19   200 220,146
Illinois — 7.2%      
Chicago Board of Education Illinois, GO,    
Series A, 5.50%, 12/01/39   720 839,390
Chicago Transit Authority, RB, Sales Tax    
Receipts Revenue, 5.25%, 12/01/40 360 410,699
City of Chicago Illinois, GO, Project,      
Series A, 5.00%, 1/01/34   1,570 1,757,489

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20121
 

Schedule of Investments (continued)  BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par
(000)		 Value
Illinois (concluded)      
City of Chicago Illinois, Refunding RB,    
Sales Tax Revenue, Series A, 5.25%,    
1/01/38 $ 280 $ 321,434
City of Chicago Illinois O'Hare      
International Airport, RB, General      
Third Lien, Series A, 5.75%, 1/01/39 2,500 2,946,850
Illinois Finance Authority, RB, Advocate    
Health Care, Series C, 5.38%,      
4/01/44   1,845 2,032,876
Illinois Finance Authority, Refunding RB:    
5.00%, 11/15/37   335 373,133
5.00%, 11/15/42   610 675,361
Central DuPage Health,      
Series B, 5.50%, 11/01/39   550 619,119
Metropolitan Pier & Exposition Authority,    
Refunding RB, McCormick Place      
Expansion Project:      
Series B, 5.00%, 6/15/50   1,095 1,184,790
Series B-2, 5.00%, 6/15/50   600 648,990
Railsplitter Tobacco Settlement      
Authority, RB, 5.50%, 6/01/23   180 210,046
State of Illinois, RB, Build Illinois,      
Series B, 5.25%, 6/15/34   215 244,262
      12,264,439
Indiana — 1.5%      
Indiana Finance Authority, RB:      
Sisters of St. Francis Health,      
5.25%, 11/01/39   290 318,724
Wastewater Utility (CWA      
Authority Project), First Lien,      
Series A, 5.25%, 10/01/38   540 624,996
Indiana Finance Authority, Refunding    
RB:      
Ascension Health Senior      
Credit, Series B-5, 5.00%,      
11/15/36   500 530,420
Parkview Health System,      
Series A, 5.75%, 5/01/31   600 691,008
Indiana Municipal Power Agency, RB,    
Series B, 6.00%, 1/01/39   350 408,198
      2,573,346
Iowa — 0.7%      
Iowa Student Loan Liquidity Corp.,      
Refunding RB, Series A-1, AMT,      
5.15%, 12/01/22   975 1,100,102
Kentucky — 0.5%      
Kentucky Economic Development      
Finance Authority, RB, Series A,      
6.38%, 6/01/40   350 411,842
       
Municipal Bonds    Par
(000)		 Value
Kentucky (concluded)      
Kentucky Economic Development      
Finance Authority, Refunding RB,      
Owensboro Medical Health System,    
Series B, 6.38%, 3/01/40 $ 370 $ 435,375
      847,217
Louisiana — 2.1%      
Louisiana Local Government      
Environmental Facilities & Community    
Development Authority, RB:      
Series A-1, 6.50%, 11/01/35   1,135 1,314,829
Westlake Chemical Corp.      
Projects, 6.75%, 11/01/32   2,000 2,247,900
      3,562,729
Maine — 0.9%      
Maine Health & Higher Educational      
Facilities Authority, RB, Maine General    
Medical Center, 6.75%, 7/01/41   970 1,131,127
Maine State Turnpike Authority, RB,      
5.00%, 7/01/42   310 356,518
      1,487,645
Maryland — 2.2%      
Maryland EDC, RB, Transportation      
Facilities Project, Series A, 5.75%,      
6/01/35   970 1,057,591
Maryland EDC, Refunding RB, CNX      
Marine Terminals, Inc., 5.75%,      
9/01/25   1,000 1,082,470
Maryland Health & Higher Educational    
Facilities Authority, RB, 5.00%,      
11/15/51   1,445 1,605,857
      3,745,918
Massachusetts — 0.8%      
Massachusetts Development Finance    
Agency, RB, Wellesley College,      
Series J, 5.00%, 7/01/42   630 736,193
Massachusetts Health & Educational    
Facilities Authority, Refunding RB,      
Partners Healthcare, Series J1,      
5.00%, 7/01/39   615 670,430
      1,406,623
Michigan — 2.4%      
City of Detroit Michigan Sewage      
Disposal System, RB, Senior Lien,      
Series B (AGM), 7.50%, 7/01/33   560 703,976
City of Detroit Michigan Water Supply    
System, RB, Senior Lien, Series A,      
5.25%, 7/01/41   1,500 1,573,950
Royal Oak Hospital Finance Authority    
Michigan, Refunding RB, William      
Beaumont Hospital, 8.25%, 9/01/39 1,400 1,805,874
      4,083,800

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20122
 

Schedule of Investments (continued)  BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par
(000)		 Value
Minnesota — 1.5%      
Tobacco Securitization Authority      
Minnesota, Refunding RB, Series B:    
5.25%, 3/01/25 $ 1,540 $ 1,786,877
5.25%, 3/01/31   650 731,205
      2,518,082
Nebraska — 0.5%      
Central Plains Energy Project Nebraska,    
RB, Gas Project No. 3:      
5.25%, 9/01/37   285 302,422
5.00%, 9/01/42   500 514,345
      816,767
New Jersey — 1.4%      
New Jersey EDA, RB, Continental Airlines    
Inc. Project, AMT, 6.40%, 9/15/23 1,000 1,004,100
New Jersey EDA, Refunding RB,      
Cigarette Tax Revenue, 5.00%,      
6/15/24   335 379,558
New Jersey Transportation Trust Fund    
Authority, RB, Transportation System,    
Series B, 5.25%, 6/15/36   845 973,618
      2,357,276
New York — 5.7%      
Metropolitan Transportation Authority,    
RB, Series E, 5.00%, 11/15/42   190 213,562
Metropolitan Transportation Authority,    
Refunding RB, Transportation, Series    
D, 5.25%, 11/15/40   410 463,419
New York City Industrial Development    
Agency, RB, AMT:      
American Airlines, JFK      
International Airport, 7.63%,    
8/01/25 (b)(c)(d)   4,000 4,217,080
British Airways Place Project,      
7.63%, 12/01/32   1,000 1,027,790
New York City Transitional Finance    
Authority, RB, Sub-Series E, 5.00%,    
2/01/42   850 981,265
New York Liberty Development Corp.,    
Refunding RB, Second Priority, Bank    
of America Tower at One Bryant Park    
Project, 6.38%, 7/15/49   420 479,073
New York State Dormitory Authority, RB,    
New York University, Series A, 5.25%,    
7/01/48   1,000 1,119,690
New York State Thruway Authority, RB,    
Series I, 5.00%, 1/01/42   615 693,179
Port Authority of New York & New Jersey,    
RB, JFK International Air Terminal,    
6.00%, 12/01/42   430 486,988
      9,682,046
       
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 $ 530,155
Ohio — 0.6%      
State of Ohio, RB, Ford Motor Co.      
Project, AMT, 5.75%, 4/01/35   1,000 1,033,550
Oregon — 0.1%      
City of Tigard Washington County      
Oregon, Refunding RB, Water System,    
5.00%, 8/01/37   90 104,439
Pennsylvania — 0.5%      
Allegheny County Hospital Development    
Authority, Refunding RB, Health      
System, West Penn, Series A, 5.38%,    
11/15/40   1,115 910,509
Puerto Rico — 2.6%      
Puerto Rico Sales Tax Financing Corp.,    
RB, First Sub-Series A, 6.50%,      
8/01/44   1,705 2,035,310
Puerto Rico Sales Tax Financing Corp.,    
Refunding RB, CAB (a):      
First Sub-Series C, 5.71%,      
8/01/38   1,490 342,983
Series C, 5.41%, 8/01/39   8,540 2,010,145
      4,388,438
Tennessee — 0.1%      
Rutherford County Health & Educational    
Facilities Board, RB, Ascension      
Health, Series C, 5.00%, 11/15/47 75 84,486
Texas — 6.4%      
Brazos River Authority, RB, TXU Electric,    
Series A, AMT, 8.25%, 10/01/30   1,500 169,035
Central Texas Regional Mobility      
Authority, Refunding RB, Senior Lien,    
6.25%, 1/01/46   730 846,369
City of Austin Texas, Refunding RB,      
Water & Wastewater System      
Revenue, 5.00%, 11/15/37   220 256,784
City of Dallas Texas, Refunding RB,      
Waterworks & Sewer System, 5.00%,    
10/01/35   525 605,462
City of Houston Texas, Refunding RB,    
Senior Lien, Series A, 5.50%,      
7/01/39   250 280,763
HFDC of Central Texas Inc., RB, Village    
at Gleannloch Farms, Series A, 5.50%,    
2/15/27   1,150 1,043,855
Houston Higher Education Finance      
Corp., RB, Cosmos Foundation, Inc.,    
Series A, 6.88%, 5/15/41   200 246,752

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20123
 

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)      
Matagorda County Navigation District    
No. 1 Texas, Refunding RB, Central    
Power & Light Co. Project, Series A,    
6.30%, 11/01/29 $ 700 $ 813,071
North Texas Tollway Authority,      
Refunding RB, Toll, Second Tier,      
Series F, 6.13%, 1/01/31   2,290 2,532,442
Tarrant County Cultural Education      
Facilities Finance Corp., RB, Scott &    
White Healthcare, 6.00%, 8/15/45 1,390 1,642,313
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 1,220,800
University of Texas System, Refunding    
RB, Financing System, Series B,      
5.00%, 8/15/43   1,070 1,257,346
      10,914,992
Virginia — 2.8%      
Peninsula Ports Authority, Refunding RB,    
Virginia Baptist Homes, Series C,      
5.38%, 12/01/26   1,600 1,239,680
Virginia HDA, RB, Rental Housing,      
Series F, 5.00%, 4/01/45   1,000 1,068,150
Virginia Small Business Financing      
Authority, RB, Elizabeth River      
Crossings Project, AMT:      
5.25%, 1/01/32   275 297,517
6.00%, 1/01/37   1,500 1,713,165
5.50%, 1/01/42   400 440,784
      4,759,296
Washington — 0.5%      
Washington Health Care Facilities      
Authority, RB, Swedish Health      
Services, Series A, 6.75%, 5/15/21 660 920,542
Wisconsin — 1.8%      
Wisconsin Health & Educational      
Facilities Authority, RB, Ascension      
Health Credit Group, Series A, 5.00%,    
11/15/31   2,835 3,047,285
Wyoming — 0.1%      
Wyoming Municipal Power Agency, RB,    
Series A, 5.00%, 1/01/42   100 108,252
Total Municipal Bonds – 62.8%     106,571,894
 
       
    Par
(000)		 Value
Municipal Bonds Transferred to      
Tender Option Bond (TOB) Trusts (e)    
Arizona — 0.5%      
Salt River Project Agricultural      
Improvement & Power District, RB,    
Series A, 5.00%, 1/01/38 $ 820 $ 911,300
California — 12.7%      
Bay Area Toll Authority, Refunding RB,    
San Francisco Bay Area, Series F-1,    
5.63%, 4/01/44   1,090 1,261,869
California Educational Facilities      
Authority, RB, University of Southern    
California, Series A, 5.25%, 10/01/39 840 983,262
San Diego Community College District    
California, GO, Election of 2002,      
5.25%, 8/01/33   553 649,010
San Francisco City & County Public      
Utilities Commission, RB, Series B,    
5.00%, 11/01/39   3,225 3,626,674
University of California, RB, Series B      
(NPFGC), 4.75%, 5/15/13 (f)   14,500 15,038,240
      21,559,055
Colorado — 3.0%      
Colorado Health Facilities Authority,      
Refunding RB, Series A:      
Catholic Health, 5.50%,      
7/01/34   740 845,624
Sisters of Leavenworth,      
5.00%, 1/01/40   3,930 4,282,560
      5,128,184
Florida — 1.3%      
County of Miami-Dade Florida, RB,      
Water & Sewer System, 5.00%,      
10/01/34   1,950 2,194,142
Illinois — 7.0%      
City of Chicago Illinois, RB, O'Hare      
International, Third Lien, Series A      
(NPFGC), 5.00%, 1/01/33   4,995 5,322,023
City of Chicago Illinois Waterworks,      
Refunding RB, 5.00%, 11/01/42   3,299 3,755,016
Illinois Finance Authority, RB, Carle      
Foundation, Series A (AGM), 6.00%,    
8/15/41   2,340 2,709,346
      11,786,385
Indiana — 7.6%      
Carmel Redevelopment Authority, RB,    
Performing Arts Center:      
4.75%, 2/01/33   5,365 5,671,073
5.00%, 2/01/33   6,580 7,246,423
      12,917,496
Massachusetts — 4.1%      
Massachusetts HFA, Refunding HRB,    
Series D, AMT, 5.45%, 6/01/37   5,090 5,201,562

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20124
 

Schedule of Investments (continued)  BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
    Par
(000)		 Value
Municipal Bonds Transferred to      
Tender Option Bond (TOB) Trusts (e)    
Massachusetts (concluded)      
Massachusetts School Building      
Authority, RB, Senior, Series B, 5.00%,    
10/15/41 $ 1,560 $ 1,802,486
      7,004,048
Michigan — 0.6%      
Detroit Water and Sewerage      
Department, Refunding RB, Senior    
Lien, Series A:      
5.00%, 7/01/32   550 578,527
5.25%, 7/01/39   475 500,680
      1,079,207
Nebraska — 3.1%      
Omaha Public Power District, RB,      
System, Sub-Series B (NPFGC),      
4.75%, 2/01/36   5,000 5,271,650
New Hampshire — 0.5%      
New Hampshire Health & Education      
Facilities Authority, RB, Dartmouth      
College, 5.25%, 6/01/39   660 787,255
New York — 23.9%      
Hudson New York Yards Infrastructure    
Corp., Senior RB, Series A, 5.75%,      
2/15/47   1,510 1,769,675
New York City Municipal Water Finance    
Authority, Refunding RB:      
Series D, 5.00%, 6/15/39   7,500 8,297,700
Water & Sewer System, Second      
General Resolution, Series HH,    
5.00%, 6/15/31   2,835 3,333,653
Water & Sewer, Series FF-2,      
5.50%, 6/15/40   495 582,948
New York Liberty Development Corp.,    
RB, World Trade Center Port Authority    
Construction, 5.25%, 12/15/43   6,135 7,076,416
New York Liberty Development Corp.,    
Refunding RB, World Trade Center      
Project, 5.75%, 11/15/51   2,220 2,626,593
New York State Dormitory Authority,      
ERB:      
Series B, 5.75%, 3/15/36   11,250 13,597,537
Series F, 5.00%, 3/15/35   3,000 3,263,621
      40,548,143
North Carolina — 9.8%      
University of North Carolina at Chapel    
Hill, Refunding RB, General, Series A,    
4.75%, 12/01/34   15,170 16,605,953
Ohio — 4.8%      
County of Allen Ohio, Refunding RB,      
Catholic Healthcare, Series A, 5.25%,    
6/01/38   2,650 2,928,886
       
    Par
(000)		 Value
Municipal Bonds Transferred to      
Tender Option Bond (TOB) Trusts (e)    
Ohio (concluded)      
State of Ohio, Refunding RB, Cleveland    
Clinic Health, Series A, 5.50%,      
1/01/39 $ 4,634 $ 5,202,305
      8,131,191
South Carolina — 1.7%      
South Carolina State Housing Finance &    
Development Authority, Refunding RB,    
Series B-1, 5.55%, 7/01/39   2,659 2,857,912
Texas — 8.2%      
County of Harris Texas, RB, Senior Lien,    
Toll Road, Series A, 5.00%, 8/15/38 2,130 2,398,487
Harris County Texas Metropolitan      
Transit Authority, Refunding RB,      
Series A, 5.00%, 11/01/41   1,170 1,339,428
New Caney ISD, GO, School Building      
(PSF-GTD), 5.00%, 2/15/35   9,150 10,186,054
      13,923,969
Utah — 0.6%      
City of Riverton Utah Hospital, RB, IHC    
Health Services Inc., 5.00%, 8/15/41 960 1,048,880
Virginia — 0.7%      
Virginia Small Business Financing      
Authority, Refunding RB, Sentara      
Healthcare, 5.00%, 11/01/40   1,000 1,104,206
Wisconsin — 1.3%      
Wisconsin Health & Educational      
Facilities Authority, Refunding RB,      
Froedtert & Community Health, Inc.,    
5.25%, 4/01/39   1,990 2,207,375
Total Municipal Bonds Transferred to    
Tender Option Bond (TOB) Trusts – 91.4% 155,066,351
Total Long-Term Investments      
(Cost – $244,154,357) – 154.2%     261,638,245
 
 
    Shares  
Short-Term Securities      
FFI Institutional Tax-Exempt Fund,      
0.01% (g)(h)   893,392 893,392
Total Short-Term Securities      
(Cost – $893,392) – 0.5%     893,392

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20125
 

Schedule of Investments (concluded)  
BlackRock Long-Term Municipal Advantage Trust (BTA)

 

  Value
Total Investments (Cost - $245,047,749*) – 154.7%   $ 262,531,637
Other Assets Less Liabilities – 1.2% 2,055,223
Liability for TOB Trust Certificates, Including  
Interest Expense and Fees Payable – (55.9)% (94,923,245)
Net Assets – 100.0% $ 169,663,615
* As of July 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
 
Tax cost     $ 176,002,705
Gross unrealized appreciation $ 21,476,649
Gross unrealized depreciation (5,045,646)
Net unrealized appreciation $ 16,431,003

 

(a)Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(b)Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(c)Non-income producing security.
(d)Variable rate security. Rate shown is 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)US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.
(g)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, 2012		 Net
Activity		 Shares
Held at
July 31, 2012		 Income
FFI Institutional        
Tax-Exempt        
Fund 3,415,500 (2,522,108) 893,392 $104

 

(h)Represents the current yield as of report date.

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
RB Revenue Bonds
SAN State Aid Notes

 

•Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques 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)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment 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 other significant accounting policies, please refer to the Trust's most recent financial statements as contained in its annual report.

The following table summarizes the Trust's investments categorized in the disclosure hierarchy as of July 31, 2012:

  Level 1 Level 2 Level 3 Total
Assets:        
Investments:        
Long-Term        
Investments1            — $261,638,245 — $261,638,245
Short-Term        
Securities $ 893,392                 — —          893,392
Total $ 893,392 $261,638,245 — $262,531,637

 

1See above Schedule of Investments for values in each state or political subdivision.

Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2012, TOB Trust Certificates of $94,802,929 are categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended July 31, 2012.

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJULY 31, 20126
 

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 25, 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: September 25, 2012

 

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

 

Date: September 25, 2012