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: 04/30/2014

 

Date of reporting period: 01/31/2014

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments January 31, 2014 (Unaudited) BlackRock Long-Term Municipal Advantage Trust (BTA)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Alabama — 2.3%  
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19 $ 515 $ 516,962  
County of Jefferson Alabama Sewer, Refunding RB:          
  Convertible CAB, Senior Lien, Series C (AGM), 0.00%, 10/01/38 (a)   270   151,880  
  Convertible CAB, Senior Lien, Series C (AGM), 0.00%, 10/01/42 (a)   235   130,484  
  Senior Lien, Series A (AGM), 5.00%, 10/01/44   375   365,220  
  Senior Lien, Series A (AGM), 5.25%, 10/01/48   710   698,803  
  Sub-Lien, Series D, 6.00%, 10/01/42   1,655   1,632,542  
   
    3,495,891  
 
California — 5.9%  
California Health Facilities Financing Authority, RB:          
  St. Joseph Health System, Series A, 5.75%, 7/01/39   385   431,431  
  Sutter Health, Series B, 6.00%, 8/15/42   1,040   1,195,418  
California Health Facilities Financing Authority, Refunding RB, Series A:          
  Catholic Healthcare West, 6.00%, 7/01/39   680   743,539  
  St. Joseph Health System, 5.00%, 7/01/33   435   457,672  
California HFA, RB, S/F Housing, Home Mortgage, Series K, AMT, 5.50%, 2/01/42   250   255,630  
California Pollution Control Financing Authority, RB:          
  County of San Diego California Water Authority Desalination Project Pipeline, 5.00%, 11/21/45   440   409,578  
  Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/37 (b)   360   326,765  
California State Public Works Board, RB, Various Capital Projects:          
  Series I, 5.00%, 11/01/38   355   368,859  
  Sub-Series I-1, 6.38%, 11/01/34   400   463,156  
             
Municipal Bonds Par
(000)		   Value  
 
California (concluded)  
California Statewide Communities Development Authority, Refunding RB, Episcopal Communities & Services:          
  5.00%, 5/15/42 $ 160 $ 150,760  
  5.00%, 5/15/47   125   116,874  
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%, 5/15/39   270   290,979  
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38   165   178,540  
San Diego Community College District California, GO, Election of 2006, 5.00%, 8/01/43   375   398,906  
San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 8/01/38 (c)   3,725   1,036,519  
State of California, GO, Various Purposes, 6.50%, 4/01/33   2,000   2,400,440  
   
    9,225,066  
 
Colorado — 1.1%  
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42   65   62,130  
Colorado State Board of Governors, Refunding RB, State University System Enterprise, Series A, 5.00%, 3/01/43   415   457,795  
North Range Metropolitan District No. 2, GO, Limited Tax, 5.50%, 12/15/37   1,200   1,128,636  
   
    1,648,561  
 
Delaware — 1.3%  
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40   750   786,960  
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45   1,240   1,216,775  
   
    2,003,735  
 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20141
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
District of Columbia — 3.8%  
District of Columbia, RB, Methodist Home District of Columbia, Series A:          
  7.38%, 1/01/30 $ 550 $ 550,165  
  7.50%, 1/01/39   500   497,720  
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43   260   274,526  
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41   750   763,477  
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset Backed, 6.25%, 5/15/24   2,675   2,661,411  
Metropolitan Washington Airports Authority, Refunding RB, 1st Senior Lien, Series A:          
  5.00%, 10/01/39   170   174,286  
  5.25%, 10/01/44   1,000   1,027,020  
   
    5,948,605  
 
Florida — 2.7%  
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40   1,080   1,196,111  
Tolomato Community Development District, Refunding, CAB Special Assessment Bonds:          
  Series A-1, 6.65%, 5/01/40   355   353,903  
  Series A-2, 0.00%, 5/01/39 (a)   95   69,734  
  Series A-3, 0.00%, 5/01/40 (a)   225   134,590  
  Series A-4, 0.00%, 5/01/40 (a)   120   53,142  
Tolomato Community Development District, Convertible (d)(e):          
  Series 1, 6.65%, 5/01/40   15   14,873  
  Series 2, 6.65%, 5/01/40   815   456,889  
  Series 3, 6.65%, 5/01/40   275   3  
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43   880   823,715  
Watergrass Community Development District, Special Assessment Bonds, Series A, 5.38%, 5/01/39   1,755   1,133,168  
   
    4,236,128  
       
 
Municipal Bonds Par
(000)		   Value  
 
Guam — 1.2%  
Guam Government Waterworks Authority, RB, Water & Wastewater System:          
  5.25%, 7/01/33 $ 640 $ 643,277  
  5.50%, 7/01/43   1,065   1,071,944  
Territory of Guam, GO, Series A, 6.00%, 11/15/19   200   211,936  
   
    1,927,157  
 
Illinois — 8.1%  
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A, 5.75%, 1/01/39   2,500   2,647,325  
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34   1,570   1,569,937  
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38   280   290,447  
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40   360   370,685  
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42   1,875   1,885,425  
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38   350   375,816  
Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44   1,845   1,908,247  
Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/39   550   592,037  
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38   815   838,594  
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:          
  Series B (AGM), 5.00%, 6/15/50   1,020   1,020,194  
  Series B-2, 5.00%, 6/15/50   600   588,138  
Railsplitter Tobacco Settlement Authority, RB, 5.50%, 6/01/23   180   201,443  
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34   215   224,694  
   
    12,512,982  
 
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20142
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Indiana — 3.9%  
Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A:          
  4.00%, 8/01/35 $ 130 $ 126,164  
  4.00%, 2/01/38   645   609,738  
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:          
  6.75%, 1/01/34   365   378,859  
  7.00%, 1/01/44   885   924,798  
Indiana Finance Authority, RB, Series A:          
  CWA Authority Project, 1st Lien, 5.25%, 10/01/38   1,285   1,369,116  
  Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44   160   150,712  
  Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48   520   484,546  
  Sisters of St. Francis Health Services, 5.25%, 11/01/39   290   299,999  
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31   600   641,034  
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39   350   385,543  
Indianapolis Local Public Improvement Bond Bank, RB, Series A:          
  5.00%, 1/15/36   140   148,715  
  5.00%, 1/15/40   445   467,944  
   
    5,987,168  
 
Iowa — 1.7%  
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:          
  5.00%, 12/01/19   340   335,920  
  5.50%, 12/01/22   830   800,136  
  5.25%, 12/01/25   660   612,619  
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22   810   851,480  
   
    2,600,155  
       
 
Municipal Bonds Par
(000)		   Value  
 
Kentucky — 0.5%  
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 $ 440 $ 449,724  
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crosing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43 (a)   565   317,971  
   
    767,695  
 
Louisiana — 3.7%  
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project:          
  6.75%, 11/01/32   2,000   2,133,620  
  Series A-1, 6.50%, 11/01/35   1,135   1,232,769  
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:          
  5.50%, 5/15/30   350   357,707  
  5.25%, 5/15/31   300   301,146  
  5.25%, 5/15/32   380   380,600  
  5.25%, 5/15/33   415   414,718  
  5.25%, 5/15/35   945   940,729  
   
    5,761,289  
 
Maine — 0.7%  
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41   970   1,015,930  
 
Maryland — 1.3%  
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35   970   990,166  
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25   1,000   1,048,440  
   
    2,038,606  
 
Massachusetts — 0.3%  
Massachusetts School Building Authority, RB, Series A, Dedicated Sales Tax, Senior, 5.00%, 5/15/43   495   529,096  
 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20143
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Michigan — 3.0%  
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien:          
  Series A, 5.00%, 7/01/32 $ 545 $ 497,754  
  Series A, 5.25%, 7/01/39   1,970   1,817,936  
  Series B (AGM), 7.50%, 7/01/33   560   596,853  
Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39   1,400   1,700,888  
   
    4,613,431  
 
Missouri — 0.1%  
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44   85   89,325  
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43   115   118,520  
   
    207,845  
 
Nebraska — 0.2%  
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37   285   291,507  
 
New Jersey — 2.2%  
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23   1,410   1,370,816  
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31   785   812,750  
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36   845   898,506  
Rutgers - The State University of New Jersey, Refunding RB, Series L:          
  5.00%, 5/01/38   175   189,112  
  5.00%, 5/01/43   185   197,698  
   
    3,468,882  
       
 
Municipal Bonds Par
(000)		   Value  
 
New York — 6.4%  
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT, 7.63%, 8/01/25 (f) $ 4,000 $ 4,389,280  
City of New York New York Industrial Development Agency, RB, British Airways PLC Project, AMT, 7.63%, 12/01/32   1,000   1,004,830  
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   449,194  
New York State Dormitory Authority, RB, New York University, Series A, 5.25%, 7/01/48   1,000   1,090,610  
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42   730   790,181  
Utility Debt Securitization Authority, Refunding RB, Restructuring, Series E, 5.00%, 12/15/41   2,025   2,181,877  
   
    9,905,972  
 
North Carolina — 0.5%  
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42   480   510,993  
North Carolina Medical Care Commission, Refunding RB, Retirement Facilities, 1st Mortgage, Whitestone Project, Series A, 7.75%, 3/01/41   260   275,777  
   
    786,770  
 
Ohio — 3.6%  
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed Bonds, Series A-2, 5.75%, 6/01/34   2,295   1,777,569  
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38   2,650   2,770,178  

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20144
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Ohio (concluded)  
State of Ohio, RB, Ford Motor Co. Project, AMT, 5.75%, 4/01/35 $ 1,000 $ 1,007,970  
   
    5,555,717  
 
Tennessee — 0.4%  
City of Chattanooga Tennessee Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45   615   628,592  
 
Texas — 6.6%  
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (d)(e)   1,500   46,875  
Central Texas Regional Mobility Authority, Refunding RB:          
  Senior Lien, 6.25%, 1/01/46   730   763,879  
  Sub-Lien, 5.00%, 1/01/33   125   117,255  
  Sub-Lien, 5.00%, 1/01/42   110   98,735  
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35   525   570,218  
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39   250   275,832  
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   213,879  
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29   700   783,517  
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 9/15/37 (c)   5,200   1,630,200  
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45   1,390   1,594,789  
HFDC of Central Texas, Inc., RB, Village at Gleannloch Farms, Series A, 5.50%, 2/15/27   1,150   1,086,543  
North Texas Tollway Authority, Refunding RB, 2nd Tier System, Series F, 6.13%, 1/01/31   2,290   2,435,484  
           
Municipal Bonds Par
(000)		   Value  
 
Texas (concluded)  
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 $ 552,410  
   
    10,169,616  
 
Utah — 0.5%  
Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A:          
  3.25%, 10/15/36   700   538,167  
  3.25%, 10/15/42   425   309,625  
   
    847,792  
 
Virginia — 2.9%  
Peninsula Ports Authority, Refunding RB, Virginia Baptist Homes, Series C, 5.38%, 12/01/26   1,600   1,448,016  
Virginia HDA, RB, Rental Housing, Series F, 5.00%, 4/01/45   1,000   1,022,190  
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings LLC Project, AMT, 6.00%, 1/01/37   1,875   1,959,206  
   
    4,429,412  
 
Washington — 0.7%  
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45   1,020   1,086,524  
 
Wyoming — 0.1%  
Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 1/01/42   100   101,387  
 
Total Municipal Bonds — 65.7%   101,791,511  
 

 

 

Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (g)  
 
California — 5.4%  
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44   1,090   1,179,999  
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (h)   840   919,019  
             

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20145
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (g) Par
(000)		   Value  
 
California (concluded)  
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39 $ 3,225 $ 3,433,432  
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 5/15/40   2,039   2,138,182  
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33   553   621,201  
   
    8,291,833  
 
Colorado — 3.1%  
Colorado Health Facilities Authority, Refunding RB, Series A:          
  Catholic Health Initiatives, 5.50%, 7/01/34 (h)   740   820,715  
  Sisters of Leavenworth Health System, 5.00%, 1/01/40   3,930   4,004,356  
   
    4,825,071  
 
Florida  — 1.3%  
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34   1,950   2,059,222  
 
Illinois — 4.9%  
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A (NPFGC), 5.00%, 1/01/33 (h)   4,995   5,050,245  
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 8/15/41   2,340   2,543,556  
   
    7,593,801  
 
Indiana — 8.0%  
Carmel Redevelopment Authority, RB, Performing Arts Center:          
  4.75%, 2/01/33   5,365   5,535,070  
  5.00%, 2/01/33   6,580   6,908,408  
   
    12,443,478  
 
Massachusetts — 8.2%  
Massachusetts HFA, Refunding, HRB, Series D, AMT, 5.45%, 6/01/37   5,090   5,097,521  
           
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (g) Par
(000)		   Value  
 
Massachusetts (concluded)  
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 $ 7,112 $ 7,555,333  
   
    12,652,854  
 
Nebraska — 3.3%  
Omaha Public Power District, RB, Sub-Series B (NPFGC), 4.75%, 2/01/36 (h)   5,000   5,096,150  
 
New Hampshire — 0.5%  
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (h)   660   732,600  
 
New York — 24.1%  
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System 2nd General Resolution:          
  Fiscal 2013, Series CC, 5.00%, 6/15/47   4,780   4,990,033  
  Series FF-2, 5.50%, 6/15/40   495   532,953  
  Series HH, 5.00%, 6/15/31 (h)   2,835   3,079,921  
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (h)   6,509   7,034,068  
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated, 5.25%, 12/15/43   6,135   6,524,634  
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (h)   2,220   2,394,403  
State of New York Dormitory Authority, ERB, Series B, 5.75%, 3/15/36   11,240   12,765,605  
   
    37,321,617  
 
North Carolina — 10.3%  
University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.75%, 12/01/34   15,170   15,912,990  
 
Ohio — 3.3%  
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 1/01/39   4,634   5,115,507  
 
             

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20146
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (g) Par
(000)		   Value  
 
South Carolina — 1.3%  
State of South Carolina Housing Finance & Development Authority, Refunding RB, S/F Housing, Series B-1, 5.55%, 7/01/39 $ 2,019 $ 2,079,477  
 
Texas — 11.2%  
City of San Antonio Texas, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43   11,000   11,536,140  
County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (h)   2,122   2,318,308  
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41   1,170   1,240,832  
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43   2,175   2,329,834  
   
    17,425,114  
 
Utah — 1.2%  
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41   1,829   1,887,686  
 
Virginia — 2.0%  
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40   2,949   3,049,542  
           
 
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (g) Par
(000)		   Value  
 
Wisconsin — 1.3%  
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series C, 5.25%, 4/01/39 (h) $ 1,989 $ 2,061,974  
 
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts — 89.4%   138,548,916  
 
Total Long-Term Investments
(Cost — $236,457,596) — 155.1%		   240,340,427  
 

 

Short-Term Securities
Shares		      
 
   
FFI Institutional Tax-Exempt Fund, 0.03% (i)(j)   706,028   706,028  
 
Total Short-Term Securities
(Cost — $706,028) — 0.4%		   706,028  
 
Total Investments
(Cost — $237,163,624*) — 155.5%		   241,046,455  
Other Assets Less Liabilities — 6.3%   9,679,704  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (61.8%)   (95,717,918)  
   
Net Assets Applicable to Common Shares — 100.0% $ 155,008,241  
 
             
* As of January 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost $ 142,670,932  
 
Gross unrealized appreciation $ 8,971,094  
Gross unrealized depreciation   (6,241,087)  
 
Net unrealized appreciation $ 2,730,007  
 
 

 

Notes to Schedule of Investments

(a) 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.
(b) 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.
(c) Zero-coupon bond.
(d) Non-income producing security.
(e) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(f) Variable rate security. Rate shown is as of report date.
(g) Represent bonds transferred to a TOB. In exchange for which the Trust acquired residual interest certificates. These bonds serve as collateral in a financing transaction.
(h) 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, which expire from February 1, 2014 to February 15, 2031, is $24,690,545.
     

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20147
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)

 

(i) Investments in issuers considered to be an affiliate of the Trust during the period ended January 31, 2014, 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, 2013		   Net
Activity		   Shares
Held at
January 31, 2014		   Income  
 
  FFI Institutional Tax-Exempt Fund   920,424     (214,396)   706,028 $ 412  
 
                                           
(j) 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
NPFGC National Public Finance Guarantee Corp.
RB Revenue Bonds
S/F Single-Family
SAN State Aid Notes
     
• Financial futures contracts outstanding as of January 31, 2014 were as follows:  
 

 

Contracts
Sold		 Issue Exchange Expiration Notional
Value		   Unrealized
Depreciation		  
 
(49) 10-Year US Treasury Note Chicago Board of Trade March
2014		   6,161,750      $ (87,231)  
 
 
   
                 
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20148
 
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)

 

• Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs 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 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.

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 and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument 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, please 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 as of January 31, 2014:

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
Investments:  
  Long-Term Investments 1   — $ 240,340,427   — $ 240,340,427  
  Short-Term Securities $ 706,028   —   —   706,028  
 
Total $ 706,028 $ 240,340,427   — $ 241,046,455  
 
                                 

 

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

 

 
  Level 1   Level 2   Level 3   Total  
 
Derivative Financial Instruments 2  
Liabilities:  
Interest rate contracts $ (87,231)   —   — $ (87,231)  
 
   
                               

 

2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 20149
 
Schedule of Investments (concluded) BlackRock Long-Term Municipal Advantage Trust (BTA)

 

 

The carrying amount for certain of the Fund's assets and/or liabilities approximates fair value for financial reporting purposes. As of January 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:  

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
  Cash pledged for financial futures contracts $ 80,000   —   — $ 80,000  
Liabilities:    
  TOB trust certificates   — $ (95,645,516)   —   (95,645,516)  
   
 
Total $ 80,000 $ (95,645,516)   — $ (95,565,516)  
 
                                   

 


There were no transfers between levels during the period ended January 31, 2014.

 

 

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUSTJANUARY 31, 201410
 

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 25, 2014

 

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 25, 2014

 

By: /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Long-Term Municipal Advantage Trust

 

Date: March 25, 2014