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: 01/31/2013
Item 1 – Schedule of Investments
Schedule of Investments January 31, 2013 (Unaudited) |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Par (000) |
Value | ||||||||
Municipal Bonds | |||||||||
Alabama — 0.3% | |||||||||
County of Jefferson Limited Obligation School Alabama, RB, Series A, 5.25%, 1/01/19 | $ | 515 | $ | 515,021 | |||||
Arizona — 0.7% | |||||||||
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 | 1,090 | 1,251,167 | |||||||
California — 5.8% | |||||||||
California Health Facilities Financing Authority, RB: | |||||||||
St. Joseph Health System, Series A, 5.75%, 7/01/39 | 385 | 443,701 | |||||||
Stanford Hospital and Clinics, Series A, 5.00%, 8/15/51 | 410 | 459,151 | |||||||
Sutter Health, Series B, 6.00%, 8/15/42 | 1,040 | 1,249,882 | |||||||
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39 | 680 | 803,468 | |||||||
California HFA, RB, Home Mortgage, Series K, AMT, 5.50%, 2/01/42 | 400 | 414,328 | |||||||
California Pollution Control Financing Authority, RB: | |||||||||
Poseidon Resources (Channel Side) LP Desalination, AMT, 5.00%, 7/01/37 | 360 | 377,060 | |||||||
Poseidon Resources (Channel Side) LP Desalination, AMT, 5.00%, 11/21/45 | 905 | 940,802 | |||||||
San Diego County Water Authority Desalination Project Pipeline, 5.00%, 11/21/45 | 440 | 449,592 | |||||||
California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34 | 400 | 490,688 | |||||||
California Statewide Communities Development Authority, Refunding RB, Episcopal Communities & Services: | |||||||||
5.00%, 5/15/42 | 250 | 272,667 | |||||||
5.00%, 5/15/47 | 125 | 135,520 | |||||||
City of Los Angeles Department of Airports, Refunding RB, Senior Series A, 5.25%, 5/15/39 | 270 | 306,391 | |||||||
San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 4.76%, 8/01/38 (a) | 3,725 | 1,122,417 | |||||||
State of California, GO, Various Purpose, 6.50%, 4/01/33 | 2,000 | 2,486,800 | |||||||
9,952,467 | |||||||||
Par (000) |
Value | ||||||||
Municipal Bonds | |||||||||
Colorado — 0.9% | |||||||||
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42 | $ | 315 | $ | 338,556 | |||||
North Range Metropolitan District No. 2, GO, Limited Tax, 5.50%, 12/15/37 | 1,200 | 1,183,908 | |||||||
1,522,464 | |||||||||
Delaware — 1.2% | |||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40 | 750 | 848,093 | |||||||
Delaware State EDA, RB, Exempt Facilities, Indian River Power, 5.38%, 10/01/45 | 1,165 | 1,246,771 | |||||||
2,094,864 | |||||||||
District of Columbia — 4.5% | |||||||||
District of Columbia, RB, Methodist Home District of Columbia, Series A: | |||||||||
7.38%, 1/01/30 | 550 | 571,247 | |||||||
7.50%, 1/01/39 | 500 | 518,960 | |||||||
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41 | 750 | 813,457 | |||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.25%, 5/15/24 | 4,380 | 4,500,406 | |||||||
Metropolitan Washington Airports Authority, Refunding RB, First Senior Lien, Series A: | |||||||||
5.00%, 10/01/39 | 170 | 187,160 | |||||||
5.25%, 10/01/44 | 1,000 | 1,108,850 | |||||||
7,700,080 | |||||||||
Florida — 3.8% | |||||||||
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40 | 745 | 952,251 | |||||||
Sumter Landing Community Development District Florida, RB, Sub-Series B, 5.70%, 10/01/38 | 1,355 | 1,263,470 | |||||||
Tampa-Hillsborough County Expressway Authority, Refunding RB: | |||||||||
Series A, 5.00%, 7/01/42 | 485 | 548,322 | |||||||
Series B, 5.00%, 7/01/42 | 890 | 993,258 | |||||||
Tolomato Community Development District, Special Assessment Bonds (b)(c): | |||||||||
Series 1, 6.65%, 5/01/40 | 25 | 13,420 | |||||||
Series 2, 6.65%, 5/01/40 | 815 | 370,817 | |||||||
Series 3, 6.65%, 5/01/40 | 275 | 3 | |||||||
Tolomato Community Development District, Special Assessment Bonds, Refunding: | |||||||||
6.61%, 5/01/17 (d) | 95 | 68,180 | |||||||
6.61%, 5/01/19 (d) | 225 | 129,643 | |||||||
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | JANUARY 31, 2013 | 1 |
Schedule of Investments (continued) |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||||||||
Municipal Bonds | ||||||||||
Florida (concluded) | ||||||||||
Tolomato Community Development District, Special Assessment Bonds, Refunding (concluded): | ||||||||||
6.61%, 5/01/22 (d) | $ | 120 | $ | 50,867 | ||||||
6.65%, 5/01/40 | 355 | 349,920 | ||||||||
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43 | 880 | 866,624 | ||||||||
Watergrass Community Development District, Special Assessment Bonds, Series A, 5.38%, 5/01/39 | 1,845 | 962,167 | ||||||||
6,568,942 | ||||||||||
Guam — 0.1% | ||||||||||
Territory of Guam, GO, Series A, 6.00%, 11/15/19 | 200 | 220,128 | ||||||||
Illinois — 7.1% | ||||||||||
Chicago Illinois Board of Education, GO, Series A, 5.50%, 12/01/39 | 720 | 841,687 | ||||||||
Chicago Illinois Transit Authority, RB, Sales Tax Receipts Revenue, 5.25%, 12/01/40 | 360 | 412,207 | ||||||||
City of Chicago Illinois, GARB, O'Hare International Airport, General Third Lien, Series A, 5.75%, 1/01/39 | 2,500 | 2,944,575 | ||||||||
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34 | 1,570 | 1,750,267 | ||||||||
City of Chicago Illinois, Sales Tax Revenue, Refunding RB, Series A, 5.25%, 1/01/38 | 280 | 323,042 | ||||||||
Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44 | 1,845 | 2,047,175 | ||||||||
Illinois Finance Authority, Refunding RB: | ||||||||||
5.00%, 11/15/37 | 335 | 380,865 | ||||||||
5.00%, 11/15/42 | 610 | 688,525 | ||||||||
Central DuPage Health, Series B, 5.50%, 11/01/39 | 550 | 624,432 | ||||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: | ||||||||||
Series B, 5.00%, 6/15/50 | 1,095 | 1,196,780 | ||||||||
Series B-2, 5.00%, 6/15/50 | 600 | 655,566 | ||||||||
Railsplitter Tobacco Settlement Authority, RB, 5.50%, 6/01/23 | 180 | 214,139 | ||||||||
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34 | 215 | 246,349 | ||||||||
12,325,609 | ||||||||||
Indiana — 2.2% | ||||||||||
Carmel Redevelopment Authority, Refunding RB, Series A: | ||||||||||
4.00%, 8/01/35 | 400 | 422,008 | ||||||||
4.00%, 8/01/38 | 645 | 674,593 | ||||||||
Par (000) |
Value | |||||||||
Municipal Bonds | ||||||||||
Indiana (concluded) | ||||||||||
Indiana Finance Authority, RB: | ||||||||||
Sisters of St. Francis Health, 5.25%, 11/01/39 | $ | 290 | $ | 320,259 | ||||||
Wastewater Utility (CWA Authority Project), First Lien, Series A, 5.25%, 10/01/38 | 540 | 625,844 | ||||||||
Indiana Finance Authority, Refunding RB: | ||||||||||
Community Health Network Project, Series A, 5.00%, 5/01/42 | 665 | 732,185 | ||||||||
Parkview Health System, Series A, 5.75%, 5/01/31 | 600 | 694,104 | ||||||||
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39 | 350 | 419,317 | ||||||||
3,888,310 | ||||||||||
Iowa — 0.6% | ||||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Series A-1, AMT, 5.15%, 12/01/22 | 975 | 1,121,484 | ||||||||
Kentucky — 0.5% | ||||||||||
Kentucky Economic Development Finance Authority, RB, Series A, 6.38%, 6/01/40 | 350 | 417,060 | ||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Owensboro Medical Health System, Series B, 6.38%, 3/01/40 | 370 | 440,892 | ||||||||
857,952 | ||||||||||
Louisiana — 2.2% | ||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB: | ||||||||||
Series A-1, 6.50%, 11/01/35 | 1,135 | 1,343,999 | ||||||||
Westlake Chemical Corp. Projects, 6.75%, 11/01/32 | 2,000 | 2,273,600 | ||||||||
Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A, 5.00%, 7/01/36 | 125 | 142,889 | ||||||||
3,760,488 | ||||||||||
Maine — 0.9% | ||||||||||
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41 | 970 | 1,177,561 | ||||||||
Maine State Turnpike Authority, RB, 5.00%, 7/01/42 | 310 | 356,683 | ||||||||
1,534,244 | ||||||||||
Maryland — 1.3% | ||||||||||
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 | 970 | 1,107,342 | ||||||||
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | JANUARY 31, 2013 | 2 |
Schedule of Investments (continued) |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Par (000) |
Value | ||||||||
Municipal Bonds | |||||||||
Maryland (concluded) | |||||||||
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 | $ | 1,000 | $ | 1,116,930 | |||||
2,224,272 | |||||||||
Massachusetts — 0.8% | |||||||||
Massachusetts Development Finance Agency, RB, Wellesley College, Series J, 5.00%, 7/01/42 | 630 | 734,372 | |||||||
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare, Series J1, 5.00%, 7/01/39 | 615 | 673,136 | |||||||
1,407,508 | |||||||||
Michigan — 2.4% | |||||||||
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series B (AGM), 7.50%, 7/01/33 | 560 | 699,770 | |||||||
City of Detroit Michigan Water Supply System, RB, Senior Lien, Series A, 5.25%, 7/01/41 | 1,500 | 1,621,695 | |||||||
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39 | 1,400 | 1,790,124 | |||||||
4,111,589 | |||||||||
Nebraska — 0.5% | |||||||||
Central Plains Energy Project Nebraska, RB, Gas Project No. 3: | |||||||||
5.25%, 9/01/37 | 285 | 322,121 | |||||||
5.00%, 9/01/42 | 500 | 548,370 | |||||||
870,491 | |||||||||
New Jersey — 0.5% | |||||||||
New Jersey EDA, RB, Continental Airlines Inc. Project, AMT, 6.40%, 9/15/23 | 525 | 539,039 | |||||||
New Jersey EDA, Refunding RB, Cigarette Tax Revenue, 5.00%, 6/15/24 | 335 | 387,712 | |||||||
926,751 | |||||||||
New York — 5.9% | |||||||||
Metropolitan Transportation Authority, RB, Series E, 5.00%, 11/15/42 | 190 | 214,955 | |||||||
Metropolitan Transportation Authority, Refunding RB, Transportation, Series D, 5.25%, 11/15/40 | 410 | 463,894 | |||||||
Par (000) |
Value | ||||||||
Municipal Bonds | |||||||||
New York (concluded) | |||||||||
New York City Industrial Development Agency, RB, AMT: | |||||||||
American Airlines Inc., JFK International Airport, 7.63%, 8/01/25 (b)(c)(e) | $ | 4,000 | $ | 4,599,520 | |||||
British Airways Place Project, 7.63%, 12/01/32 | 1,000 | 1,025,090 | |||||||
New York City Transitional Finance Authority, RB, Sub-Series E, 5.00%, 2/01/42 | 850 | 976,709 | |||||||
New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49 | 420 | 499,099 | |||||||
New York State Dormitory Authority, RB, New York University, Series A, 5.25%, 7/01/48 | 1,000 | 1,153,270 | |||||||
New York State Thruway Authority, Refunding RB, Series I, 5.00%, 1/01/42 | 615 | 692,644 | |||||||
Port Authority of New York & New Jersey, RB, JFK International Air Terminal, 6.00%, 12/01/42 | 430 | 511,175 | |||||||
10,136,356 | |||||||||
North Carolina — 0.3% | |||||||||
North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%, 6/01/42 | 480 | 533,962 | |||||||
Ohio — 1.8% | |||||||||
Buckeye Tobacco Settlement Financing Authority, RB, Tobacco Settlement Asset-Backed Bonds, Series A-2, 5.75%, 6/01/34 | 2,295 | 2,041,976 | |||||||
State of Ohio, RB, Ford Motor Co. Project, AMT, 5.75%, 4/01/35 | 1,000 | 1,039,290 | |||||||
3,081,266 | |||||||||
Oregon — 0.1% | |||||||||
City of Tigard Washington County Oregon, Refunding RB, Water System, 5.00%, 8/01/37 | 90 | 104,541 | |||||||
Puerto Rico — 3.3% | |||||||||
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.50%, 8/01/44 | 1,705 | 1,935,379 | |||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB (a): | |||||||||
First Sub-Series C, 5.95%, 8/01/38 | 1,490 | 334,088 | |||||||
Series A (NPFGC), 5.65%, 8/01/46 | 9,600 | 1,483,776 | |||||||
Series C, 5.57%, 8/01/39 | 8,540 | 1,991,528 | |||||||
5,744,771 | |||||||||
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | JANUARY 31, 2013 | 3 |
Schedule of Investments (continued) |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Par (000) |
Value | ||||||||
Municipal Bonds | |||||||||
South Dakota — 0.2% | |||||||||
South Dakota Health and Educational Facilities Authority, RB, (Sanford), Series E, 5.00%, 11/01/42 | $ | 375 | $ | 411,356 | |||||
Tennessee — 0.0% | |||||||||
Rutherford County Health & Educational Facilities Board, RB, Ascension Health, Series C, 5.00%, 11/15/47 | 75 | 84,961 | |||||||
Texas — 8.1% | |||||||||
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 | 1,500 | 268,155 | |||||||
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 1/01/46 | 730 | 861,101 | |||||||
City of Austin Texas, Refunding RB, Water & Wastewater System Revenue, 5.00%, 11/15/37 | 220 | 257,074 | |||||||
City of Dallas Texas, Refunding RB, Waterworks & Sewer System, 5.00%, 10/01/35 | 525 | 604,957 | |||||||
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39 | 250 | 289,278 | |||||||
Clifton Higher Education Finance Corp., RB, 5.00%, 8/15/32 | 205 | 226,599 | |||||||
HFDC of Central Texas Inc., RB, Village at Gleannloch Farms, Series A, 5.50%, 2/15/27 | 1,150 | 1,159,476 | |||||||
Houston Higher Education Finance Corp., RB, Cosmos Foundation, Inc. Series A, 6.88%, 5/15/41 | 200 | 254,332 | |||||||
Matagorda County Navigation District No. 1 Texas, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29 | 700 | 825,615 | |||||||
Midland County Fresh Water Supply District Number 1, RB, City of Midland Project, CAB, Series A, 4.57%, 9/15/37 (a) | 5,500 | 1,809,610 | |||||||
North Texas Tollway Authority, Refunding RB, Toll, Second Tier, Series F, 6.13%, 1/01/31 | 2,290 | 2,532,259 | |||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45 | 1,390 | 1,648,860 | |||||||
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/29 | 670 | 731,084 | |||||||
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 | 1,216,640 | |||||||
Par (000) |
Value | ||||||||
Municipal Bonds | |||||||||
Texas (concluded) | |||||||||
University of Texas System, Refunding RB, Financing System, Series B, 5.00%, 8/15/43 | $ | 1,070 | $ | 1,257,036 | |||||
13,942,076 | |||||||||
Utah — 1.1% | |||||||||
County of Utah, RB, IHC Health Services, Inc., 5.00%, 5/15/43 | 710 | 800,717 | |||||||
Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy: | |||||||||
3.25%, 10/15/36 | 700 | 651,693 | |||||||
3.25%, 10/15/42 | 425 | 384,208 | |||||||
1,836,618 | |||||||||
Virginia — 3.2% | |||||||||
Peninsula Ports Authority, Refunding RB, Virginia Baptist Homes, Series C, 5.38%, 12/01/26 | 1,600 | 1,553,536 | |||||||
Route 460 Funding Corp. of Virginia Toll Road, RB, Senior Lien, Series A, 5.13%, 7/01/49 | 435 | 475,681 | |||||||
Virginia HDA, RB, Rental Housing, Series F, 5.00%, 4/01/45 | 1,000 | 1,074,910 | |||||||
Virginia Small Business Financing Authority, RB, Elizabeth River Crossings Project, AMT: | |||||||||
5.25%, 1/01/32 | 275 | 301,290 | |||||||
6.00%, 1/01/37 | 1,500 | 1,724,520 | |||||||
5.50%, 1/01/42 | 400 | 436,832 | |||||||
5,566,769 | |||||||||
Wisconsin — 1.8% | |||||||||
Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Credit Group, Series A, 5.00%, 11/15/31 | 2,835 | 3,131,541 | |||||||
Wyoming — 0.1% | |||||||||
Wyoming Municipal Power Agency, RB, Series A, 5.00%, 1/01/42 | 100 | 108,451 | |||||||
Total Municipal Bonds – 62.2% | 107,536,499 | ||||||||
| |||||||||
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f) | |||||||||
Arizona — 0.5% | |||||||||
Salt River Project Agricultural Improvement & Power District, RB, Series A, 5.00%, 1/01/38 | 820 | 932,915 | |||||||
California — 13.7% | |||||||||
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44 | 1,090 | 1,265,444 | |||||||
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | JANUARY 31, 2013 | 4 |
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 (f) |
||||||||||
California (concluded) | ||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/39 (g) | $ | 840 | $ | 983,581 | ||||||
City of Los Angeles California Department of Airports, Refunding RB, Senior, Los Angeles International Airport, Series A, 5.00%, 5/15/40 | 2,040 | 2,308,066 | ||||||||
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 | 553 | 672,668 | ||||||||
San Francisco City & County Public Utilities Commission, RB, Series B, 5.00%, 11/01/39 | 3,225 | 3,659,537 | ||||||||
University of California, RB, Series B (NPFGC), 4.75%, 5/15/38 | 14,500 | 14,868,300 | ||||||||
23,757,596 | ||||||||||
Colorado — 3.0% | ||||||||||
Colorado Health Facilities Authority, Refunding RB: | ||||||||||
Catholic Health, Series A, 5.50%, 7/01/34 (g) | 740 | 847,037 | ||||||||
Sisters of Leavenworth, Series A,, 5.00%, 1/01/40 | 3,930 | 4,296,826 | ||||||||
5,143,863 | ||||||||||
Florida — 1.3% | ||||||||||
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34 | 1,950 | 2,206,378 | ||||||||
Illinois — 6.9% | ||||||||||
City of Chicago Illinois, RB, O'Hare International, Third Lien, Series A (NPFGC), 5.00%, 1/01/33 | 4,995 | 5,418,926 | ||||||||
City of Chicago Illinois Waterworks, Refunding RB, 5.00%, 11/01/42 | 3,299 | 3,730,373 | ||||||||
Illinois Finance Authority, RB, Carle Foundation, Series A (AGM), 6.00%, 8/15/41 | 2,340 | 2,770,443 | ||||||||
11,919,742 | ||||||||||
Indiana — 7.6% | ||||||||||
Carmel Redevelopment Authority, RB, Performing Arts Center: | ||||||||||
4.75%, 2/01/33 | 5,365 | 5,847,850 | ||||||||
5.00%, 2/01/33 | 6,580 | 7,220,168 | ||||||||
13,068,018 | ||||||||||
Maryland — 0.9% | ||||||||||
Maryland Health & Higher Educational Facilities Authority, RB, Ascension Health, Series B, 5.00%, 11/15/51 | 1,440 | 1,611,360 | ||||||||
Par (000) |
Value | |||||||||
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f) |
||||||||||
Massachusetts — 4.0% | ||||||||||
Massachusetts HFA, Refunding HRB, Series D, AMT, 5.45%, 6/01/37 | $ | 5,090 | $ | 5,186,351 | ||||||
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 | 1,560 | 1,798,711 | ||||||||
6,985,062 | ||||||||||
Michigan — 0.6% | ||||||||||
Detroit Water and Sewerage Department, Refunding RB, Senior Lien, Series A: | ||||||||||
5.00%, 7/01/32 | 550 | 595,478 | ||||||||
5.25%, 7/01/39 | 475 | 517,081 | ||||||||
1,112,559 | ||||||||||
Nebraska — 3.2% | ||||||||||
Omaha Public Power District, RB, System, Sub-Series B (NPFGC), 4.75%, 2/01/36 (g) | 5,000 | 5,442,350 | ||||||||
New Hampshire — 0.5% | ||||||||||
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (g) | 660 | 776,407 | ||||||||
New Jersey — 0.6% | ||||||||||
New Jersey Transportation Trust Fund Authority, RB, Transportation, Series B, 5.25%, 6/15/36 | 860 | 985,835 | ||||||||
New York — 23.4% | ||||||||||
Hudson New York Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47 | 1,510 | 1,801,740 | ||||||||
New York City Municipal Water Finance Authority, Refunding RB: | ||||||||||
Series D, 5.00%, 6/15/39 (g) | 7,500 | 8,116,500 | ||||||||
Second General Resolution Series HH, 5.00%, 6/15/31 (g) | 2,835 | 3,373,985 | ||||||||
Series FF-2, 5.50%, 6/15/40 | 495 | 584,121 | ||||||||
New York Liberty Development Corp., RB, World Trade Center Port Authority Construction, 5.25%, 12/15/43 | 6,135 | 7,058,467 | ||||||||
New York Liberty Development Corp., Refunding RB, World Trade Center Project, 5.75%, 11/15/51 | 2,220 | 2,633,764 | ||||||||
New York State Dormitory Authority, ERB: | ||||||||||
Series B, 5.75%, 3/15/36 | 11,250 | 13,647,600 | ||||||||
Series F, 5.00%, 3/15/35 | 3,000 | 3,239,111 | ||||||||
40,455,288 | ||||||||||
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | JANUARY 31, 2013 | 5 |
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 (f) | |||||||||||||
North Carolina — 9.6% | |||||||||||||
University of North Carolina at Chapel Hill, Refunding RB, General, Series A, 4.75%, 12/01/34 | $ | 15,170 | $ | 16,619,635 | |||||||||
Ohio — 4.8% | |||||||||||||
County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A, 5.25%, 6/01/38 | 2,650 | 2,974,863 | |||||||||||
State of Ohio, Refunding RB, Cleveland Clinic Health, Series A, 5.50%, 1/01/39 | 4,634 | 5,391,661 | |||||||||||
8,366,524 | |||||||||||||
South Carolina — 1.5% | |||||||||||||
South Carolina State Housing Finance & Development Authority, Refunding RB, Series B-1, 5.55%, 7/01/39 | 2,419 | 2,610,679 | |||||||||||
Texas — 8.1% | |||||||||||||
County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (g) | 2,130 | 2,435,549 | |||||||||||
Harris County Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 | 1,170 | 1,340,130 | |||||||||||
New Caney ISD, GO, School Building (PSF-GTD), 5.00%, 2/15/35 (g) | 9,150 | 10,167,937 | |||||||||||
13,943,616 | |||||||||||||
Utah — 0.6% | |||||||||||||
City of Riverton Utah Hospital, RB, IHC Health Services Inc., 5.00%, 8/15/41 | 960 | 1,062,144 | |||||||||||
Virginia — 0.6% | |||||||||||||
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 | 1,000 | 1,106,405 | |||||||||||
Par (000) |
Value | ||||||||||||
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f) | |||||||||||||
Wisconsin — 1.3% | |||||||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., 5.25%, 4/01/39 (g) | $ | 1,990 | $ | 2,211,375 | |||||||||
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts – 92.7% |
160,317,751 | ||||||||||||
Total Long-Term Investments (Cost – $247,639,336) – 154.9% |
267,854,250 | ||||||||||||
| |||||||||||||
Shares |
|||||||||||||
Short-Term Securities | |||||||||||||
FFI Institutional Tax-Exempt Fund, 0.01% (h)(i) | 1,008,681 | 1,008,681 | |||||||||||
Total Short-Term Securities (Cost – $1,008,681) – 0.6% |
1,008,681 | ||||||||||||
Total Investments (Cost - $248,648,017*) – 155.5% | 268,862,931 | ||||||||||||
Other Assets Less Liabilities – 1.2% | 1,977,889 | ||||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (56.7)% | (97,966,902) | ||||||||||||
Net Assets – 100.0% | $ | 172,873,918 | |||||||||||
* | As of January 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: | ||||
Tax cost | $ | 176,468,040 | |||
Gross unrealized appreciation | $ | 23,281,882 | |||
Gross unrealized depreciation | (4,119,853) | ||||
Net unrealized appreciation | $ | 19,162,029 | |||
Notes to Schedule of Investments |
(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) | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date. |
(e) | Variable rate security. Rate shown is as of report date. |
(f) | 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. |
(g) | All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements is $21,283,688. |
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | JANUARY 31, 2013 | 6 |
Schedule of Investments (continued) |
BlackRock Long-Term Municipal Advantage Trust (BTA) |
(h) | Investments in issuers considered to be an affiliate of the Trust during the period ended January 31, 2013, 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 January 31, 2013 |
Income | |||||
FFI Institutional Tax-Exempt Fund | 3,415,500 | (2,406,819) | 1,008,681 | $ | 244 |
(i) | 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) |
ARB | Airport Revenue Bonds |
CAB | Capital Appreciation Bonds |
EDA | Economic Development Authority |
EDC | Economic Development Corp. |
ERB | Education Revenue Bonds |
GARB | General Airport Revenue Bonds |
GO | General Obligation Bonds |
HDA | Housing Development Authority |
HFA | Housing Finance Agency |
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 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) | |
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 level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | ||
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 semi-annual report. | ||
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | JANUARY 31, 2013 | 7 |
Schedule of Investments (concluded) |
BlackRock Long-Term Municipal Advantage Trust (BTA) |
The following table summarizes the Trust's investments categorized in the disclosure hierarchy as of January 31, 2013: |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | ||||||||||||
Investments: | ||||||||||||
Long-Term Investments1 | — | $ | 267,854,250 | — | $ | 267,854,250 | ||||||
Short-Term Securities | $ | 1,008,681 | — | — | 1,008,681 | |||||||
Total | $ | 1,008,681 | $ | 267,854,250 | — | $ | 268,862,931 | |||||
1 See 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 January 31, 2013, TOB trust certificates of $97,937,862 are categorized as Level 2 within the disclosure hierarchy.
There were no transfers between levels during the period ended January 31, 2013.
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | JANUARY 31, 2013 | 8 |
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 26, 2013 | |||
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 26, 2013 | |||
By: | /s/ Neal J. Andrews | ||
Neal J. Andrews | |||
Chief Financial Officer (principal financial officer) of | |||
BlackRock Long-Term Municipal Advantage Trust | |||
Date: March 26, 2013 |