|
|
|
|
|
|
|
|
BlackRock Long-Term Municipal Advantage Trust |
|
|
|
|
Schedule of Investments July 31, 2009 (Unaudited) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
Par |
|
|
State |
|
Municipal Bonds |
|
|
(000) |
Value |
|
Arizona - 5.1% |
Phoenix & Pima County IDA, RB, Series 2007-1 (GNMA), AMT, |
|
|
|
|
|
5.25%, 8/01/38 |
|
|
$ 1,571 |
$ 1,607,312 |
|
Pima County IDA, RB, American Charter Schools Foundation, |
|
|
|
Series A, 5.63%, 7/01/38 |
|
|
1,700 |
1,141,176 |
|
|
|
Pima County IDA, RB, Arizona Charter Schools Project, |
|
|
|
|
|
Series O, 5.30%, 7/01/31 |
|
|
1,000 |
609,180 |
|
|
|
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/32 |
1,850 |
1,455,765 |
|
|
|
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |
2,590 |
1,970,524 |
|
|
|
|
|
|
|
6,783,957 |
|
California - 6.7% |
California HFA, RB, Home Mortgage, Series G, AMT, 5.50%, |
|
|
|
|
|
8/01/42 |
|
|
2,825 |
2,750,533 |
|
California HFA, RB, Home Mortgage, Series K, AMT, 5.50%, |
|
|
|
2/01/42 |
|
|
1,040 |
1,020,926 |
|
California Health Facilities Financing Authority, California, |
|
|
|
RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39 |
680 |
657,961 |
|
|
|
State of California, GO, Various Purpose, 6.50%, 4/01/33 |
2,000 |
2,162,240 |
|
|
|
State of California, TECP, 4.00%, 8/05/09 |
2,250 |
2,250,000 |
|
|
|
|
|
|
|
8,841,660 |
|
Colorado - 2.3% |
Colorado Health Facilities Authority, Refunding RB, |
|
|
|
|
|
Adventist Health, Sunbelt, Series D, 5.13%, 11/15/29 |
2,500 |
2,374,300 |
|
North Range Metropolitan District No. 2, GO, Limited Tax, |
|
|
|
5.50%, 12/15/37 |
|
|
1,200 |
641,964 |
|
|
|
|
|
|
|
3,016,264 |
|
District of Columbia - 10.3% |
District of Columbia Tobacco Settlement Financing Corp., |
|
|
|
|
|
RB, Asset Backed Bonds, 6.25%, 5/15/24 |
5,395 |
5,193,119 |
|
District of Columbia Tobacco Settlement Financing Corp., |
|
|
|
RB, Asset Backed Bonds, 6.50%, 5/15/33 |
10,000 |
8,460,000 |
|
|
|
|
|
|
|
13,653,119 |
|
Florida - 3.7% |
Jacksonville Health Facilities Authority, RB, Baptist Medical |
|
|
|
|
|
Center Project, Series A, 5.00%, 8/15/37 |
845 |
756,174 |
|
Orange County Health Facilities Authority, RB, 1st Mortgage, |
|
|
|
Orlando Lutheran Tower, 5.50%, 7/01/38 |
1,150 |
734,494 |
|
Sarasota County Health Facilities Authority, Refunding RB, |
|
|
|
Village On The Isle Project, 5.50%, 1/01/32 |
520 |
366,018 |
|
Sumter Landing Community Development District, Florida, |
|
|
|
RB, Sub-Series B, 5.70%, 10/01/38 |
|
1,435 |
919,491 |
|
|
|
Tolomato Community Development District, Special |
|
|
|
|
|
Assessment, Special Assessment, 6.65%, 5/01/40 |
1,750 |
1,192,573 |
|
|
|
Watergrass Community Development District, Special |
|
|
|
|
|
Assessment, Series A, 5.38%, 5/01/39 |
1,850 |
881,914 |
|
|
|
|
|
|
|
4,850,664 |
|
Georgia - 0.9% |
Rockdale County Development Authority, RB, Visy Paper |
|
|
|
|
|
Project, Series A, AMT, 6.13%, 1/01/34 |
1,600 |
1,150,720 |
|
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. |
|
|
|
|
|
AMT |
Alternative Minimum Tax (subject to) |
IDA |
Industrial Development Authority |
|
|
ARB |
Airport Revenue Bonds |
|
ISD |
Independent School District |
|
|
|
EDA |
Economic Development Authority |
MBIA Municipal Bond Investors Assurance |
|
|
FSA |
Financial Security Assurance Inc. |
|
(National Public Finance Guaranty Corp.) |
|
|
GO |
General Obligation Bonds |
|
RB |
Revenue Bonds |
|
|
|
GNMA |
Government National Mortgage Association |
TECP |
Tax-Exempt Commercial Paper |
|
|
HFA |
Housing Finance Agency |
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
BlackRock Long-Term Municipal Advantage Trust |
|
|
|
|
Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
Par |
|
|
State |
Municipal Bonds |
|
(000) |
Value |
|
Guam - 0.8% |
Territory of Guam, GO, Series A, 5.75%, 11/15/14 |
$ 160 |
$ 158,878 |
|
|
Territory of Guam, GO, Series A, 6.00%, 11/15/19 |
200 |
196,120 |
|
|
Territory of Guam, GO, Series A, 6.75%, 11/15/29 |
365 |
364,869 |
|
|
Territory of Guam, GO, Series A, 7.00%, 11/15/39 |
375 |
373,541 |
|
|
|
|
|
1,093,408 |
|
Illinois - 3.3% |
Illinois Finance Authority, RB, Illinois Rush University |
|
|
|
|
Medical Center, Series C, 6.63%, 11/01/39 |
|
850 |
853,213 |
|
|
Illinois Finance Authority, RB, Monarch Landing Inc. |
|
|
|
|
Facilities, Series A, 7.00%, 12/01/37 |
|
580 |
328,297 |
|
Illinois Finance Authority, Refunding RB, Proctor Hospital, |
|
|
Series A, 5.13%, 1/01/25 |
|
4,000 |
3,143,240 |
|
|
|
|
|
4,324,750 |
|
Indiana - 1.3% |
Delaware County Hospital Authority, Indiana, RB, Cardinal |
|
|
|
|
Health System Obligation Group, 5.25%, 8/01/36 |
2,000 |
1,339,040 |
|
Indiana Municipal Power Agency, Indiana, RB, Indiana Muni |
|
|
Power Agency Series B, 6.00%, 1/01/39 |
|
350 |
363,492 |
|
|
|
|
|
1,702,532 |
|
Kansas - 1.2% |
City of Lenexa Kansas, RB, Refunding & Improvement, |
|
|
|
|
5.50%, 5/15/39 |
|
650 |
476,119 |
|
|
Kansas Development Finance Authority, RB, Adventist |
|
|
|
|
Health, 5.75%, 11/15/38 |
|
1,150 |
1,152,541 |
|
|
|
|
|
1,628,660 |
|
Louisiana - 1.3% |
Louisiana Local Government Environmental Facilities & |
|
|
|
Community Development Authority, RB, Westlake Chemical |
|
|
Corp. Projects, 6.75%, 11/01/32 |
|
2,000 |
1,663,560 |
|
Maryland - 0.6% |
Maryland Health & Higher Educational Facilities Authority, RB, |
|
|
|
|
King Farm Presbyterian Community, Series B, 5.00%, 1/01/17 |
960 |
801,619 |
|
Michigan - 2.3% |
City of Detroit Michigan, RB, Senior Lien, Series B, |
|
|
|
|
Remarketed (FSA), 7.50%, 7/01/33 |
|
560 |
648,413 |
|
|
Garden City Hospital Finance Authority, Michigan, Refunding RB, |
|
|
|
|
Garden City Hospital Obligation, Series A, 5.00%, 8/15/38 |
1,540 |
779,887 |
|
Royal Oak Hospital Finance Authority, Michigan, RB, William |
|
|
Beaumont Hospital, 8.25%, 9/01/39 |
|
1,400 |
1,579,298 |
|
|
|
|
|
3,007,598 |
|
Missouri - 1.6% |
Missouri Housing Development Commission, RB, |
|
|
|
|
Homeownership Loan Program, Series B-1 (GNMA), AMT, |
|
|
|
|
5.05%, 3/01/38 |
|
2,085 |
2,086,501 |
|
Montana - 0.6% |
Two Rivers Authority, RB, Senior Lien, 7.25%, 11/01/21 (a)(b) |
1,500 |
294,075 |
|
|
Two Rivers Authority, RB, Senior Lien, 7.375%, |
|
|
|
|
11/01/27 (a)(b) |
|
2,600 |
507,494 |
|
|
|
|
|
801,569 |
|
New Jersey - 1.7% |
New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24 |
2,670 |
2,283,437 |
|
New York - 9.1% |
Nassau County Tobacco Settlement Corp., RB, Asset Backed, |
|
|
|
|
Senior Convertible, Series A-2, 5.25%, 6/01/26 |
5,000 |
4,080,600 |
|
New York City Industrial Development Agency, RB, American |
|
|
Airlines, JFK International Airport, AMT, 7.63%, 8/01/25 |
7,600 |
5,972,080 |
|
|
New York City Transitional Finance Authority, RB, Fiscal |
|
|
|
|
2008, Series S-1, 4.50%, 1/15/38 |
|
370 |
331,239 |
|
New York Liberty Development Corp., RB, Goldman Sachs |
|
|
Headquarters, 5.25%, 10/01/35 |
|
1,700 |
1,598,238 |
|
|
|
|
|
11,982,157 |
|
|
|
|
|
|
BlackRock Long-Term Municipal Advantage Trust |
|
|
|
|
Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
Par |
|
|
State |
Municipal Bonds |
|
(000) |
Value |
|
Pennsylvania - 4.0% |
Allegheny County Hospital Development Authority, RB, |
|
|
|
|
Health System, West Penn, Series A, 5.38%, 11/15/40 |
$ 2,080 |
$ 1,243,382 |
|
Harrisburg Authority, RB, Harrisburg University of Science, |
|
|
Series A, 5.40%, 9/01/16 |
|
230 |
221,989 |
|
|
Pennsylvania HFA, RB, Series 97A, AMT, 4.60%, 10/01/27 |
450 |
401,909 |
|
|
Pennsylvania Higher Educational Facilities Authority, RB, |
|
|
|
|
Allegheny Delaware Valley Obligation, Series A (MBIA), |
|
|
|
|
5.88%, 11/15/16 |
|
1,345 |
1,199,471 |
|
Pennsylvania Turnpike Commission, RB, Sub-Series B, 5.25%, |
|
|
6/01/39 |
|
2,300 |
2,221,869 |
|
|
|
|
|
5,288,620 |
|
Puerto Rico - 1.3% |
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series |
|
|
|
|
A, 6.50%, 8/01/44 |
|
1,705 |
1,785,391 |
|
South Carolina - 3.4% |
Scago Educational Facilities Corp. for Colleton School District, |
|
|
|
|
RB, Williamsburg County Project (Radian), 5.00%, 12/01/31 |
1,775 |
1,449,021 |
|
|
South Carolina Jobs-EDA, RB, Senior Lien, Burroughs & |
|
|
|
|
Chapin, Series A (Radian), 4.70%, 4/01/35 |
|
2,500 |
1,931,275 |
|
|
South Carolina Jobs-EDA, Refunding RB, First Mortgage, |
|
|
|
|
Lutheran Homes, 5.50%, 5/01/28 |
|
600 |
432,612 |
|
|
South Carolina Jobs-EDA, Refunding RB, First Mortgage, |
|
|
|
|
Lutheran Homes, 5.63%, 5/01/42 |
|
1,000 |
663,940 |
|
|
|
|
|
4,476,848 |
|
South Dakota - 0.7% |
South Dakota Health & Educational Facilities Authority, |
|
|
|
|
South Dakota, RB, Sanford Health, 5.00%, 11/01/40 |
1,040 |
909,709 |
|
Texas - 4.0% |
Brazos River Authority, Refunding RB, TXU Electric Co. |
|
|
|
|
Project, Series C, AMT, 5.75%, 5/01/36 (c) |
|
225 |
174,427 |
|
Brazos River Authority, Refunding RB, TXU Electric, Series A, |
|
|
Remarketed, AMT, 8.25%, 10/01/30 |
|
1,500 |
735,000 |
|
HFDC of Central Texas Inc, RB, Village at Gleannloch Farms, |
|
|
Series A, 5.50%, 2/15/27 |
|
1,150 |
869,883 |
|
|
Houston Texas Airport Systems Revenue, Refunding ARB, |
|
|
|
|
Senior Lien, Series A, 5.50%, 7/01/39 |
|
510 |
500,070 |
|
|
Matagorda County Navigation District No. 1, Texas, |
|
|
|
Refunding RB, Central Power & Light Co. Project, Series A, |
|
|
Remarketed, 6.30%, 11/01/29 |
|
700 |
726,110 |
|
North Texas Tollway Authority, Refunding RB, Toll 2nd Tier |
|
|
Series F, 6.13%, 1/01/31 |
|
2,290 |
2,307,335 |
|
|
|
|
|
5,312,825 |
|
Vermont - 2.0% |
Vermont HFA, Vermont, RB, Series 27 (FSA), AMT, 4.90%, |
|
|
|
|
5/01/38 |
|
3,035 |
2,690,315 |
|
Virginia - 2.6% |
Fairfax County EDA, RB, Goodwin House Inc., 5.13%, |
|
|
|
|
10/01/42 |
|
850 |
642,872 |
|
|
Peninsula Ports Authority, Refunding RB, Virginia Baptist |
|
|
|
|
Homes, Series C, 5.38%, 12/01/26 |
|
2,600 |
1,911,026 |
|
|
Reynolds Crossing Community Development Authority, Special |
|
|
|
|
Assessment, Reynolds Crossing Project, 5.10%, 3/01/21 |
1,000 |
835,010 |
|
|
|
|
|
3,388,908 |
|
Wisconsin - 4.0% |
Wisconsin Health & Educational Facilities Authority, RB, |
|
|
|
|
Ascension Health Senior Credit, Series A, 5.00%, 11/15/31 |
5,335 |
5,285,064 |
|
|
Total Municipal Bonds - 74.8% |
|
|
98,809,855 |
|
|
|
|
|
|
BlackRock Long-Term Municipal Advantage Trust |
|
|
|
Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
Municipal Bonds Transferred to |
Par |
|
|
State |
Tender Option Bond Trusts (d) |
(000) |
Value |
|
California - 14.8% |
California Educational Facilities Authority, RB, University |
|
|
|
|
Southern California, Series A, 5.25%, 10/01/39 |
$ 835 |
$ 860,668 |
|
|
Golden State Tobacco Securitization Corp., California |
|
|
|
|
Custodial Receipts, Series 1271, 5.00%, 6/01/45 |
5,000 |
4,008,550 |
|
|
San Diego Community College District, California, GO, |
|
|
|
|
Election of 2002, 5.25%, 8/01/33 |
545 |
553,905 |
|
|
University of California, RB, Series B (MBIA), 4.75%, 5/15/38 |
15,000 |
14,082,000 |
|
|
|
|
|
19,505,123 |
|
Illinois - 10.8% |
City of Chicago Illinois Custodial Receipts, Series 1284, |
|
|
|
|
5.00%, 1/01/33 |
|
15,000 |
14,322,300 |
|
Indiana - 10.2% |
Carmel Redevelopment Authority, RB, Performing Arts |
|
|
|
|
Center, 4.75%, 2/01/33 |
7,230 |
6,914,338 |
|
|
Carmel Redevelopment Authority, RB, Performing Arts |
|
|
|
|
Center, 5.00%, 2/01/33 |
6,580 |
6,517,161 |
|
|
|
|
|
13,431,499 |
|
Massachusetts - 8.7% |
Massachusetts HFA, Massachusetts, RB, Housing, Series D, |
|
|
|
|
AMT, 5.45%, 6/01/37 |
11,855 |
11,507,174 |
|
Nebraska - 3.6% |
Omaha Public Power District, RB, System, Sub-Series B |
|
|
|
|
(MBIA), 4.75%, 2/01/36 |
5,000 |
4,789,250 |
|
New Hampshire - 0.5% |
New Hampshire Health & Education Facilities Authority, RB, |
|
|
|
|
Dartmouth College, 5.25%, 6/01/39 |
660 |
687,746 |
|
New York - 15.2% |
New York City Municipal Water Finance Authority, RB, Series |
|
|
|
|
D, 5.00%, 6/15/39 |
7,500 |
7,442,025 |
|
New York City Municipal Water Finance Authority, RB, Series |
|
|
FF-2, 5.50%, 6/15/40 |
500 |
525,425 |
|
New York State Dormitory Authority, RB, Education, Series |
|
|
B, 5.75%, 3/15/36 |
11,250 |
12,092,175 |
|
|
|
|
|
20,059,625 |
|
North Carolina - 11.4% |
University of North Carolina at Chapel Hill, Refunding RB, |
|
|
|
|
General, Series A, 4.75%, 12/01/34 |
15,170 |
15,058,501 |
|
Texas - 8.6% |
County of Harris Texas, RB, Senior Lien, Toll Road, Series A, |
|
|
|
|
5.00%, 8/15/38 |
|
2,130 |
2,113,812 |
|
|
New Caney ISD, Texas, GO, School Building, 5.00%, 2/15/35 |
9,150 |
9,220,364 |
|
|
|
|
|
11,334,176 |
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
Tender Option Bond Trusts - 83.8% |
|
110,695,394 |
|
|
Total Investments (Cost - $238,088,340*) - 158.6% |
|
209,505,249 |
|
|
Other Assets Less Liabilities - 1.5% |
|
1,988,995 |
|
|
Liability for Trust Certificates, Including |
|
|
|
|
Interest Expense and Fees Payable - (60.1)% |
|
(79,365,000) |
|
|
Net Assets - 100.0% |
|
$ 132,129,244 |
|
* The cost and unrealized appreciation (depreciation) of investments as of July 31, 2009, as computed for |
|
|
federal income tax purposes, were as follows: |
|
|
|
|
Aggregate cost |
$ 237,810,142 |
|
|
|
Gross unrealized appreciation |
$ 1,308,987 |
|
|
|
Gross unrealized depreciation |
|
(29,613,880) |
|
|
|
Net unrealized depreciation |
$ (28,304,893) |
|
|
|
(a) Non-income producing security. |
|
|
|
|
(b) Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
|
(c) Variable rate security. Rate shown is as of report date. |
|
|
|
(d) Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired |
|
|
residual interest certificates. These securities serve as collateral in a financing transaction. |
|
|
|
|
|
4 |
|
|
|
|
|
|
|
BlackRock Long-Term Municipal Advantage Trust |
|
|
Schedule of Investments July 31, 2009 (Unaudited) |
|
|
|
• Investments in companies considered to be an affiliate of the Trust for purposes
of |
|
Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
Net |
|
|
|
Affiliate |
Activity |
|
Income |
|
FFI Institutional Tax- |
|
|
|
|
Exempt Fund |
(1,400,185) |
$ 4,005 |
|
• Financial Accounting Standards Board Statement of Financial Accounting Standards No.
157, "Fair Value |
|
Measurements" clarifies the definition of fair value, establishes a framework for measuring fair values and |
|
requires additional disclosures about the use of fair value measurements. Various inputs are used in |
|
determining the fair value of investments, which are as follows: |
|
|
• Level 1 - price quotations in active markets/exchanges for
identical securities |
|
• 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated |
|
with investing in those securities. For information about the Trust's policy regarding valuation of investments |
|
and other significant accounting policies, please refer to the Trust's most recent financial statements as |
|
contained in its annual report. |
|
|
|
|
The following table summarizes the inputs used as of July 31, 2009 in determining the fair valuation of the |
|
Trust's investments: |
|
|
|
|
Valuation |
|
|
Investments in |
|
Inputs |
|
|
Securities |
|
|
|
|
Assets |
|
Level 1 |
|
|
- |
|
Level 21 |
|
$ 209,505,249 |
|
Level 3 |
|
|
- |
|
Total |
|
$ 209,505,249 |
|
1 See above Schedule of Investments for the values in each
state or political classification. |
|
|
|
5 |
|
|
|
|
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 |
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30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as |
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of a date within 90 days of the filing of this report based on the evaluation of these controls and |
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procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities |
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Exchange Act of 1934, as amended. |
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2(b) – |
There were no changes in the registrant's internal control over financial reporting (as defined in Rule |
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30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have |
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materially affected, or are reasonably likely to materially affect, the registrant's internal control over |
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financial reporting. |
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Item 3 – Exhibits |
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Certifications – Attached hereto |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company |
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Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, |
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thereunto duly authorized. |
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BlackRock Long-Term Municipal Advantage Trust |
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By: /s/ Anne F. Ackerley |
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Anne F. Ackerley |
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Chief Executive Officer of |
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BlackRock Long-Term Municipal Advantage Trust |
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Date: September 22, 2009 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company |
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Act of 1940, this report has been signed below by the following persons on behalf of the registrant |
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and in the capacities and on the dates indicated. |
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By: /s/ Anne F. Ackerley |
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Anne F. Ackerley |
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Chief Executive Officer (principal executive officer) of |
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BlackRock Long-Term Municipal Advantage Trust |
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Date: September 22, 2009 |
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By: /s/ Neal J. Andrews |
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Neal J. Andrews |
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Chief Financial Officer (principal financial officer) of |
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BlackRock Long-Term Municipal Advantage Trust |
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Date: September 22, 2009 |