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: 07/31/2015

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2015 (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      $ 518,863   

County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42

          1,655        1,848,751   
    

 

 

  
                       2,367,614   

Arizona — 0.5%

     

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

      725        795,144   

California — 4.8%

     

California Health Facilities Financing Authority, RB:

     

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

      385        440,059   

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

      1,040        1,232,962   

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

      680        776,444   

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

      55        55,952   

California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:

     

5.25%, 8/15/39

      70        76,138   

5.25%, 8/15/49

      175        189,350   

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%, 5/15/39

      270        303,585   

City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38

      165        198,018   

San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 8/01/38 (a)

      3,725        1,378,213   

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

      2,000                2,372,740   

State of California Public Works Board, LRB, Various Capital Projects:

     

Series I, 5.00%, 11/01/38

      355        399,897   
Municipal Bonds   

Par  

(000)

     Value  

California (concluded)

     

State of California Public Works Board, LRB, Various Capital Projects (concluded):

     

Sub-Series I-1, 6.38%, 11/01/34

    $ 400      $ 481,296   
    

 

 

  
        7,904,654   

Colorado — 0.7%

     

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

          1,200        1,210,248   

Delaware — 1.3%

     

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

      750        853,808   

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

      1,240        1,341,221   
    

 

 

  
        2,195,029   

District of Columbia — 2.0%

     

District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43

      260        299,164   

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

      750        792,270   

District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.25%, 5/15/24

      900        899,892   

Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:

     

5.00%, 10/01/39

      170        185,607   

5.25%, 10/01/44

      1,000        1,115,060   
    

 

 

  
                3,291,993   

Florida — 2.5%

     

City of Miami Beach Florida Stormwater Revenue, RB, 4.00%, 9/01/45 (b)

      200        197,578   

County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45

      400        432,344   

Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21 (c)

      1,080        1,418,548   

 

                
   BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JULY 31, 2015    1

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Florida (concluded)

     

Tolomato Community Development District, Refunding, Special Assessment Bonds:

     

Convertible CAB, Series A2, 0.00%, 5/01/39 (d)

    $ 95      $ 69,687   

Convertible CAB, Series A3, 0.00%, 5/01/40 (d)

      225        134,516   

Convertible CAB, Series A4, 0.00%, 5/01/40 (d)

      120        53,118   

Series 2, 0.00%, 5/01/40 (d)

      310        161,603   

Series A1, 6.65%, 5/01/40

      355        359,828   

Tolomato Community Development District:

     

Series 1, 0.00%, 5/01/40 (d)

      505        311,267   

Series 1, 6.65%, 5/01/40 (e)(f)

      15        15,296   

Series 3, 6.61%, 5/01/40 (e)(f)

      340        3   

Series 3, 6.65%, 5/01/40 (e)(f)

      275        3   

Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43

      850        935,578   
    

 

 

  
                4,089,369   

Georgia — 0.2%

     

County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54

      240        272,592   

Guam — 1.3%

     

Guam Government Waterworks Authority, RB, Water & Wastewater System:

     

5.25%, 7/01/33

      640        714,029   

5.50%, 7/01/43

      1,065        1,204,067   

Territory of Guam, GO, Series A, 6.00%, 11/15/19

      200        218,490   
    

 

 

  
        2,136,586   

Illinois — 9.5%

     

City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A, 5.75%, 1/01/39

      2,500        2,866,325   

City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34

      150        139,245   

City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 1/01/32

          1,090        1,052,733   
Municipal Bonds   

Par  

(000)

     Value  

Illinois (concluded)

     

City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38

    $ 280      $ 292,533   

City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41

      1,150        1,004,962   

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

      360        378,763   

City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42

      1,625        1,678,901   

County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38

      350        399,385   

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

      1,845        2,018,153   

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

      550        627,556   

Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38

      815        895,343   

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

     

Series B (AGM), 5.00%, 6/15/50

      1,790        1,854,816   

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

      600        613,488   

State of Illinois, GO, 5.00%, 2/01/39

      745        748,583   

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

      215        238,938   

University of Illinois, RB, Auxiliary Facilities System, Series A:

     

5.00%, 4/01/39

      390        425,166   

5.00%, 4/01/44

      475        514,539   
    

 

 

  
        15,749,429   

Indiana — 3.4%

     

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:

     

6.75%, 1/01/34

      365        439,591   

7.00%, 1/01/44

      885                1,071,708   

Indiana Finance Authority, RB, Series A:

     

CWA Authority Project, 1st Lien, 5.25%, 10/01/38

          1,285        1,483,533   

 

                
2    BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JULY 31, 2015   

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Indiana (concluded)

     

Indiana Finance Authority, RB, Series A (concluded):

     

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44

    $ 160      $ 166,678   

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48

      520        538,782   

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

      290        321,091   

Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31

      600        682,512   

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

      350        399,746   

Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40

      445        490,920   
    

 

 

  
                5,594,561   

Iowa — 2.3%

     

Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:

     

5.50%, 12/01/22

      830        878,190   

5.25%, 12/01/25

      660        717,110   

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

      690        734,484   

Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46

          1,765        1,539,292   
    

 

 

  
        3,869,076   

Kentucky — 0.5%

     

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45

      440        480,885   
Municipal Bonds   

Par  

(000)

     Value  

Kentucky (concluded)

     

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43 (d)

    $ 565      $ 393,285   
    

 

 

  
        874,170   

Louisiana — 3.7%

     

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project:

     

6.75%, 11/01/32

          2,000        2,201,860   

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

      1,135        1,350,866   

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:

     

5.50%, 5/15/30

      350        392,462   

5.25%, 5/15/31

      300        332,148   

5.25%, 5/15/32

      380        427,033   

5.25%, 5/15/33

      415        456,786   

5.25%, 5/15/35

      945        1,044,026   
    

 

 

  
                6,205,181   

Maine — 0.7%

     

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

      970        1,098,894   

Maryland — 1.0%

     

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

      970        1,059,550   

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

      645        680,733   
    

 

 

  
        1,740,283   

Michigan — 1.5%

     

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39

      1,970        2,101,498   

 

                
   BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JULY 31, 2015    3

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Michigan (concluded)

     

Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1,
5.00%, 7/01/44

    $ 410      $ 424,764   
    

 

 

  
        2,526,262   

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        93,639   

State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project,
5.50%, 5/01/43

      115        124,794   
    

 

 

  
        218,433   

Nebraska — 0.2%

     

Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37

      285        310,259   

New Jersey — 3.8%

     

Casino Reinvestment Development Authority, Refunding RB:

     

5.25%, 11/01/39

      475        495,829   

5.25%, 11/01/44

      370        383,409   

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

     

4.88%, 9/15/19

      460        481,312   

5.13%, 9/15/23

          1,410        1,535,419   

New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31

      785        904,485   

New Jersey Transportation Trust Fund Authority, RB:

     

Transportation Program, Series AA, 5.00%, 6/15/44

      1,625        1,658,767   

Transportation System, Series B, 5.25%, 6/15/36

      845        886,228   
    

 

 

  
                6,345,449   

New York — 9.0%

     

City of New York New York Industrial Development Agency, ARB, AMT:

     

American Airlines, Inc., JFK International Airport, 7.63%, 8/01/25 (g)

      4,000        4,271,720   
Municipal Bonds   

Par  

(000)

     Value  

New York (concluded)

     

City of New York New York Industrial Development Agency, ARB, AMT (concluded):

     

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

    $ 1,000      $ 1,015,030   

County of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A,
6.25%, 6/01/41 (h)

      900        921,600   

Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45

      1,070        990,007   

Metropolitan Transportation Authority, RB, Series B:

     

5.25%, 11/15/38

      1,125                1,287,439   

5.25%, 11/15/39

      400        456,444   

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        473,562   

3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (h)

      1,895        1,906,199   

3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (h)

      160        165,602   

3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (h)

      395        414,853   

New York State Dormitory Authority, RB, Series A, 5.25%, 7/01/18 (c)

          1,000        1,121,860   

Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42

      730        849,669   

Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45

      1,100        1,037,784   
    

 

 

  
        14,911,769   

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        534,768   

 

                
4    BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JULY 31, 2015   

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

North Carolina (concluded)

     

North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41

    $ 260      $ 297,983   
    

 

 

  
        832,751   

Ohio — 3.1%

     

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed Bonds, Series A-2, 5.75%, 6/01/34

          2,295        1,822,666   

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

      2,650        2,947,833   

State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53

      375        395,689   
    

 

 

  
                5,166,188   

Pennsylvania — 1.2%

     

City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42

      580        607,509   

Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44

      720        734,105   

Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44

      520        571,194   
    

 

 

  
        1,912,808   

Rhode Island — 1.0%

     

Tobacco Settlement Financing Corp., Refunding RB:

     

Series A, 5.00%, 6/01/40

      420        429,471   

Series B, 4.50%, 6/01/45

      1,230        1,206,163   
    

 

 

  
        1,635,634   

South Carolina — 1.2%

     

State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54

      1,830        2,051,284   

Texas — 5.9%

     

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

      1,500        90,000   
Municipal Bonds   

Par  

(000)

     Value  

Texas (continued)

     

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

    $ 730      $ 840,485   

Central Texas Turnpike System, Refunding RB, Series C, 5.00%, 8/15/42

      275        294,176   

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

      525        599,644   

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

      250        277,563   

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        248,686   

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

      700        794,689   

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A,
0.00%, 9/15/37 (a)

          5,200        1,881,308   

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB:

     

Buckingham Senior Living Community, Inc. Project, 5.50%, 11/15/45 (b)

      180        180,405   

Scott & White Healthcare, 6.00%, 8/15/20 (c)

      105        127,545   

Scott & White Healthcare, 6.00%, 8/15/45

      1,285        1,522,751   

Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (AGM) (NPFGC), 0.00%, 11/15/34 (a)

      3,000        1,225,230   

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

      1,150                1,165,007   

 

                
   BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JULY 31, 2015    5

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)

     

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      $ 595,945   
    

 

 

  
        9,843,434   

Utah — 0.6%

     

Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A:

     

3.25%, 10/15/36

      675        593,548   

3.25%, 10/15/42

      425        354,947   
    

 

 

  
        948,495   

Virginia — 2.1%

     

Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 7/01/45 (h)

      240        235,243   

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

      1,000        1,040,310   

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT,
6.00%, 1/01/37

      1,875        2,141,513   
    

 

 

  
        3,417,066   

Washington — 1.0%

     

Port of Seattle Washington, RB, Series C, AMT, 5.00%, 4/01/40 (b)

      350        379,414   

Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45

          1,020        1,169,461   

Washington State Housing Finance Commission, RB, Herons Key Senior Living, Series A, 7.00%, 7/01/45 (b)(h)

      100        101,490   
    

 

 

  
                1,650,365   

Wyoming — 0.1%

     

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

      100        106,553   

Total Municipal Bonds — 67.1%

  

     111,271,573   
    
                  

Municipal Bonds Transferred to

Tender Option Bond Trusts

   

Par  

(000)

     Value  

California — 5.3%

     

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/19 (c)

    $ 1,090      $ 1,272,311   

California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (j)

      840        935,735   

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

      3,225        3,632,866   

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

      2,039        2,301,110   

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

      553        633,644   
    

 

 

  
        8,775,666   

Colorado — 3.1%

     

Colorado Health Facilities Authority, Refunding RB, Series A:

     

Catholic Health Initiatives, 5.50%, 7/01/34 (j)

      740        837,303   

Sisters of Leavenworth Health System, 5.00%, 1/01/40

      3,930        4,257,840   
    

 

 

  
        5,095,143   

Florida — 1.3%

     

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

          1,950        2,213,613   

Illinois — 4.7%

     

City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A (NPFGC), 5.00%, 1/01/33 (j)

      4,995        5,074,221   

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

      2,340        2,754,765   
    

 

 

  
                7,828,986   

Indiana — 7.4%

     

Carmel Redevelopment Authority, RB, Performing Arts Center (c):

     

4.75%, 2/01/16

      5,365        5,486,893   

 

                
6    BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JULY 31, 2015   

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 Trusts

   

Par  

(000)

     Value  

Indiana (concluded)

     

Carmel Redevelopment Authority, RB, Performing Arts Center (c) (concluded):

     

5.00%, 2/01/16

    $ 6,580      $ 6,737,722   
    

 

 

  
        12,224,615   

Massachusetts — 4.8%

     

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

      7,112        8,022,981   

Nebraska — 3.1%

     

Omaha Public Power District, RB, Sub-Series B (NPFGC), 4.75%, 2/01/16 (c)(j)

      5,000                5,113,600   

New Hampshire — 0.4%

     

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

      660        743,897   

New York — 23.5%

     

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        5,290,612   

Series FF-2, 5.50%, 6/15/40

      495        566,281   

Series HH, 5.00%, 6/15/31 (j)

          2,835        3,244,473   

Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (j)

      6,509        7,412,201   

New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43

      6,135        7,045,005   

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (j)

      2,220        2,559,172   

State of New York Dormitory Authority, ERB, Series B, 5.75%, 3/15/36

      11,240        12,881,827   
    

 

 

  
        38,999,571   

North Carolina — 9.3%

     

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

      15,170        15,376,136   

Municipal Bonds Transferred to

Tender Option Bond Trusts

   

Par  

(000)

     Value  

Ohio — 3.1%

     

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

    $ 4,634      $ 5,232,850   

South Carolina — 0.9%

     

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

          1,450        1,476,470   

Texas — 11.0%

     

City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43

      11,000        12,133,550   

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

      2,122        2,359,362   

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

      1,170        1,319,947   

University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43

      2,175                2,461,451   
    

 

 

  
        18,274,310   

Utah — 1.2%

     

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

      1,829        1,991,002   

Virginia — 2.0%

     

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

      2,949        3,260,504   

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        2,155,116   

Total Municipal Bonds Transferred to

Tender Option Bond Trusts — 82.4%

              136,784,460   

Total Long-Term Investments

(Cost — $233,068,030) — 149.5%

              248,056,033   

 

                
   BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JULY 31, 2015    7

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Short-Term Securities    Shares     Value  

FFI Institutional Tax-Exempt Fund, 0.02% (k)(l)

      1,898,819      $ 1,898,819   

Total Short-Term Securities

(Cost — $1,898,819) — 1.1%

              1,898,819   

Total Investments

(Cost — $234,969,203) — 150.6%

        249,954,852   

Liabilities in Excess of Other Assets — (6.9)%

        (11,523,820 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (43.7)%

        (72,516,329 ) 
    

 

 

  

Net Assets Applicable to Common Shares — 100.0%

      $ 165,914,703   
    

 

 

  

 

Notes to Schedule of Investments

 

*  As of July 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

     

Tax cost

   $ 162,782,511   
 

 

 

  

Gross unrealized appreciation

   $ 17,724,992   

Gross unrealized depreciation

     (3,049,852 ) 
 

 

 

  

Net unrealized appreciation

   $ 14,675,140   
 

 

 

  

 

(a)   Zero-coupon bond.

 

(b)   When-issued security. Unsettled when-issued transactions were as follows:

 

Counterparty      Value        Unrealized
Appreciation		  

Morgan Stanley & Co. LLC

      $ 379,414         $ 4,491   

Pershing LLC

        281,895           839   

Wells Fargo Securities, LLC

        340,822           4,678   

 

(c)   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.

 

(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)   Non-income producing security.

 

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

 

(g)   Variable rate security. Rate shown is as of report date.

 

(h)   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.

 

(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, 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 agreement, which expires from October 1, 2016 to January 1, 2033 is $14,163,680.

 

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

 

(l)   During the period ended July 31, 2015, investments in issuers considered to be an affiliate 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 July 31,
2015		        Income  

FFI Institutional Tax-Exempt Fund

        364,342           1,534,477           1,898,819         $ 93   

 

                
8    BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JULY 31, 2015   

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

 

Portfolio Abbreviations

 

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
HAD    Housing Development Authority
HFA    Housing Finance Agency
LRB    Lease Revenue Bonds
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
SAN    State Aid Notes
S/F    Single-Family

 

•  

As of July 31, 2015, financial futures contracts outstanding were as follows:

 

Contracts
(Short)		     Issue   Exchange   Expiration  

Notional

Value

     Unrealized
Depreciation		  
  (36 )    10-Year U.S. Treasury Note   Chicago Board of Trade   September 2015   $ 4,587,750      $ (9,341 ) 

 

                
   BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JULY 31, 2015    9

Schedule of Investments (continued)

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

 

Fair Value Hierarchy as of July 31, 2015

 

•  

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 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 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 Investments 1

     —         $ 248,056,032         —      $ 248,056,032   

Short-Term Securities

   $ 1,898,819           —         —        1,898,819   
 

 

 

       

 

 

       

 

     

 

 

  

Total

   $ 1,898,819         $ 248,056,032         —      $ 249,954,851   
 

 

 

       

 

 

       

 

     

 

 

  
                
     Level 1        Level 2        Level 3      Total  
Derivative Financial Instruments 2             

Liabilities:

                 

Interest rate contracts

   $ (9,341 )         —         —      $ (9,341 ) 

 

  1   

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

 

  2   

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 July 31, 2015, 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

   $ 48,600           —         —      $ 48,600   

Liabilities:

                 

TOB Trust Certificates

     —         $ (84,807,201 )       —        (84,807,201 ) 
 

 

 

       

 

 

       

 

     

 

 

  

Total

   $       48,600         $ (84,807,201 )       —      $ (84,758,601 ) 
 

 

 

       

 

 

       

 

     

 

 

  

 

                
10    BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JULY 31, 2015   

Schedule of Investments (concluded)

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

 

During the period ended July 31, 2015, there were no transfers between levels.

 

                
   BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST    JULY 31, 2015    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: September 22, 2015

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 22, 2015
By:      /s/ Neal J. Andrews                            
     Neal J. Andrews
     Chief Financial Officer (principal financial officer) of  
     BlackRock Long-Term Municipal Advantage Trust
Date: September 22, 2015