N-Q 1 d527289dnq.htm BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST 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: 04/30/2018

Date of reporting period: 01/31/2018

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited) 

January 31, 2018

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds

 

Alabama — 1.1%        

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

   $ 1,655     $ 1,919,717  
   

 

 

  
Alaska — 0.6%        

Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%, 06/01/46

     1,000       976,240  
   

 

 

  
Arizona — 3.2%        

Arizona IDA, Refunding RB, Series A(a):

    

Basis Schools, Inc. Projects, 5.13%, 07/01/37

     360       378,432  

Basis Schools, Inc. Projects, 5.38%, 07/01/50

     925       976,495  

Odyssey Preparatory Academy Project, 5.50%, 07/01/52

     725       705,331  

City of Phoenix Arizona IDA, RB, Series A:

    

Facility, Eagle College Preparatory Project, 5.00%, 07/01/33

     870       891,402  

Legacy Traditional Schools Projects, 5.00%, 07/01/46(a)

     1,255       1,293,177  

City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A(a):

    

5.00%, 07/01/35

     125       130,178  

5.00%, 07/01/46

     135       139,468  

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

     725       863,373  
   

 

 

  
      5,377,856  
California — 10.5%            

California Health Facilities Financing Authority, RB:

    

St. Joseph Health System, Series A, 5.75%, 07/01/39

     385       406,464  

Sutter Health, Series B, 6.00%, 08/15/42

     1,040       1,142,638  

California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 07/01/19(b)

     680       723,132  

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

    

5.25%, 08/15/39

     70       76,536  

5.25%, 08/15/49

     175       190,066  
Security   Par
(000)		     Value  
California (continued)        

City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D, 0.00%, 08/01/31(a)(c)

   $ 1,265     $ 612,209  

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:

    

Senior, 5.00%, 05/15/40

     2,045       2,192,301  

5.25%, 05/15/39

     270       282,560  

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

     165       197,675  

County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County Securitization Corp.:

    

5.70%, 06/01/46

     1,000       1,003,850  

5.60%, 06/01/36

     2,000       2,031,680  

Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 06/01/47

     860       868,187  

San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 08/01/38(c)

     3,725       1,718,529  

State of California, GO, Various Purposes, 6.50%, 04/01/33

     2,000       2,112,020  

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

    

Series I, 5.00%, 11/01/38

     355       400,603  

Sub-Series I-1, 6.38%, 11/01/19(b)

     400       434,292  

Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1:

    

5.00%, 06/01/37

     2,150       2,156,235  

5.13%, 06/01/46

     1,005       1,006,739  
      17,555,716  
Colorado — 4.7%        

Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(a)

     275       281,784  

Colorado Health Facilities Authority, Refunding RB, Series A:

    

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

     3,940       4,142,555  

Sunny Vista Living Center Project, 6.13%, 12/01/45(a)

     160       168,251  

Sunny Vista Living Center Project, 6.25%, 12/01/50(a)

     520       547,534  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

    
Security		   Par
(000)		     Value  
Colorado (continued)        

Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40

   $ 1,550     $ 1,733,970  

Table Mountain Metropolitan District, GO, Series A, 5.25%, 12/01/45

     1,000       1,043,020  
   

 

 

  
      7,917,114  
Connecticut — 0.5%        

Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C, 6.25%, 02/01/30(a)

     860       912,125  
   

 

 

  
Delaware — 1.9%        

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

     750       791,925  

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

     2,240       2,331,930  
   

 

 

  
      3,123,855  
District of Columbia — 1.4%        

District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 07/01/23(b)

     260       313,552  

District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 06/01/41

     750       813,262  

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

    

5.00%, 10/01/39

     170       177,902  

5.25%, 10/01/44

     1,000       1,049,200  
   

 

 

  
      2,353,916  
Florida — 5.1%        

County of Miami-Dade Florida Water & Sewer System Revenue, RB, Water & Sewer System, 5.00%, 10/01/20(b)

     1,950       2,120,586  

Florida Development Finance Corp., RB, AMT(a)(d):

    

Brightline Passenger Rail Project, 5.63%, 01/01/47

     1,355       1,404,390  

Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, 5.00%, 08/01/29

     740       769,874  

Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector Projects:

    

4.00%, 05/01/21

     100       101,157  

4.25%, 05/01/26

     100       101,887  

5.13%, 05/01/46

     410       425,174  
    
Security		   Par
(000)		     Value  
Florida (continued)        

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

   $ 1,080     $ 1,284,368  

Tolomato Community Development District, Refunding, Special Assessment Bonds:

    

Convertible CAB, Series A2, 6.61%, 05/01/39

     95       94,660  

Convertible CAB, Series A3, 0.00%, 05/01/40(e)

     225       209,920  

Convertible CAB, Series A4, 0.00%, 05/01/40(e)

     120       93,779  

Series 2015-2, 0.00%, 05/01/40(e)

     310       204,098  

Series A1, 6.65%, 05/01/40

     335       333,030  

Tolomato Community Development District:

    

Series 1, 0.00%, 05/01/40(e)

     505       403,859  

Series 1, 6.65%, 05/01/40(f)(g)

     15       14,476  

Series 3, 6.61%, 05/01/40(f)(g)

     340       3  

Series 3, 6.65%, 05/01/40(f)(g)

     275       3  

Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43

     800       889,896  
   

 

 

  
      8,451,160  
Georgia — 0.7%        

County of Burke Georgia Development Authority, Refunding RB, Oglethorpe Power Corporation Vogtle Project, Series C, 4.13%, 11/01/45

     610       609,469  

County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 08/15/54

     240       278,513  

Dahlonega Downtown Development Authority, Refunding RB, North Georgia MAC, LLC Project:

    

3.00%, 07/01/35

     160       150,832  

3.13%, 07/01/40

     195       181,687  
   

 

 

  
      1,220,501  
Guam — 0.1%        

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

     85       88,667  
   

 

 

  
Illinois — 13.6%        

Chicago Board of Education, GO, Dedicated Revenues, Series H, 5.00%, 12/01/36

     935       959,039  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)        

Chicago Board of Education, GO, Refunding, Dedicated Revenues, Series C:

    

5.00%, 12/01/27

   $ 415     $ 438,750  

5.00%, 12/01/34

     940       968,661  

Chicago Board of Education, GO, Refunding Dedicated Revenues, Series F, 5.00%, 12/01/22

     325       345,140  

City of Chicago Illinois, GO, Refunding, Series A:

    

6.00%, 01/01/38

     595       679,633  

Project, 5.25%, 01/01/32

     1,090       1,162,267  

City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series A:

    

5.75%, 01/01/21(b)

     2,100       2,344,566  

5.75%, 01/01/39

     400       440,692  

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

     360       391,813  

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

     1,000       1,073,630  

County of Cook Illinois Community College District No. 508, GO:

    

City College of Chicago, 5.50%, 12/01/38

     350       373,107  

City Colleges of Chicago (BAM), 5.00%, 12/01/47

     1,100       1,200,782  

Illinois Finance Authority, RB:

    

Advocate Health Care Network, Series C, 5.38%, 04/01/19(b)

     870       908,524  

Advocate Health Care Network, Series C, 5.38%, 04/01/19(b)

     975       1,018,173  

Chicago LLC, University of Illinois at Chicago Project, 5.00%, 02/15/47

     145       157,719  

Chicago LLC, University of Illinois at Chicago Project, 5.00%, 02/15/50

     75       80,651  

Illinois Finance Authority, Refunding RB:

    

Central Dupage Health, Series B,
5.50%, 11/01/19(b)

     550       587,389  

Presence Health Network, Series C, 5.00%, 02/15/41

     1,500       1,649,805  

Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project, Series A, 5.50%, 06/15/53

     200       220,072  
Security   Par
(000)		     Value  
Illinois (continued)        

Metropolitan Pier & Exposition Authority, Refunding RB:

    

McCormick Place Expansion Project Refunding Bonds, Series B-2, 5.25%, 06/15/50

   $ 900     $ 928,440  

McCormick Place Expansion Project, Series B (AGM), 5.00%, 06/15/50

     1,790       1,882,561  

McCormick Place Expansion Project, Series B-2, 5.00%, 06/15/50

     715       733,418  

McCormick Place Expansion Project, Series B, 5.00%, 06/15/52

     225       240,208  

State of Illinois, GO:

    

5.25%, 02/01/30

     1,000       1,055,160  

5.00%, 03/01/35

     555       570,007  

5.00%, 03/01/37

     745       764,579  

State of Illinois, RB, Build Illinois, Series B, 5.25%, 06/15/19(b)

     215       225,913  

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

     815       907,054  

University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44

     475       519,408  
   

 

 

  
      22,827,161  
Indiana — 6.1%        

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

    

6.75%, 01/01/34

     365       431,065  

7.00%, 01/01/44

     885       1,049,663  

City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project, 6.25%, 01/01/29(a)

     1,095       1,060,486  

County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1(a):

    

6.63%, 01/15/34

     135       142,015  

6.75%, 01/15/43

     200       209,560  

6.88%, 01/15/52

     410       430,500  

Indiana Finance Authority, RB, Series A:

    

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

     1,285       1,425,065  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44

     160       171,658  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48

     520       556,296  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

    
Security		   Par
(000)		     Value  
Indiana (continued)        

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

    

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51

   $ 2,190     $ 2,363,995  

Sisters of St. Francis Health Services, 5.25%, 11/01/19(b)

     290       308,731  

Indiana Finance Authority, Refunding RB, Parkview Health System, Series A:

    

5.75%, 05/01/19(b)

     495       520,126  

5.75%, 05/01/31

     105       110,071  

Indiana Municipal Power Agency, RB, Series B, 6.00%, 01/01/19(b)

     350       364,630  

Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40

     445       498,280  

Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series A-1,
6.38%, 01/15/51(a)

     560       582,618  
   

 

 

  
      10,224,759  
Iowa — 1.2%        

Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:

    

Series B, 5.25%, 12/01/50(d)

     825       825,000  

Midwestern Disaster Area, 5.50%, 12/01/22

     5       5,087  

Midwestern Disaster Area, 5.25%, 12/01/25

     660       697,567  

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

     440       459,202  
   

 

 

  
      1,986,856  
Kentucky — 0.6%        

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

     450       482,171  

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 07/01/43(e)

     565       521,314  
   

 

 

  
      1,003,485  
Louisiana — 2.3%        

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35

     1,135       1,263,402  
    
Security		   Par
(000)		     Value  
Louisiana (continued)        

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

    

5.50%, 05/15/30

   $ 350     $ 376,250  

5.25%, 05/15/31

     300       324,675  

5.25%, 05/15/32

     380       415,412  

5.25%, 05/15/33

     415       450,014  

5.25%, 05/15/35

     945       1,027,933  
   

 

 

  
      3,857,686  
Maine — 0.6%        

Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 07/01/41

     970       1,058,173  
   

 

 

  
Maryland — 1.0%        

Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20(b)

     970       1,061,006  

Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25

     645       677,398  
   

 

 

  
      1,738,404  
Massachusetts — 5.9%        

Massachusetts Development Finance Agency, RB:

    

Emerson College Issue, Series A, 5.00%, 01/01/47

     860       962,916  

Boston Medical Center, Series D, 5.00%, 07/01/44

     1,000       1,093,760  

North Hill Communities Issue, Series A, 6.50%, 11/15/23(a)(b)

     1,000       1,244,060  

Seven Hills Foundation and Affiliates, Series A, 5.00%, 09/01/45

     2,000       2,117,540  

UMass Boston Student Housing Project, 5.00%, 10/01/48

     945       1,030,919  

Massachusetts Development Finance Agency, Refunding RB, Emmanuel College Issue, Series A, 5.00%, 10/01/35

     500       555,220  

Massachusetts HFA, Refunding RB, Series A, AMT:

    

4.45%, 12/01/42

     645       672,793  
 

 

 

4   

   

 

 

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Massachusetts (continued)        

Massachusetts HFA, Refunding RB, Series A, AMT (continued):

    

4.50%, 12/01/47

   $ 2,135     $ 2,225,610  
   

 

 

  
      9,902,818  
Michigan — 1.5%        

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39

     1,970       2,141,725  

Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44

     410       447,552  
   

 

 

  
      2,589,277  
Minnesota — 0.5%        

City of Brooklyn Park Minnesota, RB, Athlos Leadership Academy Project, Series A, 5.75%, 07/01/46

     180       181,609  

Housing & Redevelopment Authority of The City of State Paul Minnesota, Refunding RB, Hmong College Academy Project, Series A, 5.50%, 09/01/36

     690       713,122  
   

 

 

  
      894,731  
Mississippi — 0.4%        

Mississippi Business Finance Corp., RB, Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT, 5.00%, 02/01/36(a)(d)

     295       306,909  

Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Facilities Refinancing, Series A, 4.00%, 08/01/43

     415       429,604  
   

 

 

  
      736,513  
Missouri — 0.6%        

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44

     85       95,132  

City of St. Louis Missouri IDA, Refunding RB, BallPark Village Development Project, Series A:

    

4.38%, 11/15/35

     330       337,600  

4.75%, 11/15/47

     365       375,267  
Security   Par
(000)		     Value  
Missouri (continued)        

State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43

   $ 115     $ 124,498  
   

 

 

  
      932,497  
Montana — 0.4%        

Montana State Board of Regents, RB, Montana State University Facilities Improvement(h):

    

3.00%, 11/15/33

     160       155,475  

3.25%, 11/15/37

     65       63,879  

3.38%, 11/15/47

     420       410,323  
   

 

 

  
      629,677  
Nebraska — 0.2%        

Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 09/01/37

     285       320,292  
   

 

 

  
New Jersey — 5.4%        

Casino Reinvestment Development Authority, Refunding RB:

    

5.25%, 11/01/39

     475       505,666  

5.25%, 11/01/44

     1,160       1,229,449  

County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a)

     505       507,247  

New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 09/15/23

     1,410       1,560,715  

New Jersey EDA, Refunding RB, Series BBB, 5.50%, 06/15/31

     1,225       1,400,334  

New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31

     785       878,713  

New Jersey Transportation Trust Fund Authority, RB:

    

Transportation Program, Series AA, 5.00%, 06/15/45

     585       620,077  

Transportation System, Series B, 5.25%, 06/15/36

     845       892,404  

South Jersey Port Corp., ARB, Sub Marine Terminal, Series B, AMT, 5.00%, 01/01/37

     250       268,803  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)        

Tobacco Settlement Financing Corp., Refunding RB, Series 1A, 5.00%, 06/01/41

   $ 1,180     $ 1,163,138  
   

 

 

  
      9,026,546  
New York — 30.0%        

City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%, 06/15/31

     2,830       3,113,990  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A:

    

6.25%, 06/01/41(a)

     900       929,781  

5.00%, 06/01/42

     1,505       1,457,547  

5.00%, 06/01/45

     555       531,063  

Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B, 5.00%, 06/01/51

     1,000       1,042,830  

County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 08/01/46

     1,500       1,298,205  

Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45

     910       878,396  

Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:

    

5.75%, 02/15/21(b)

     4,030       4,509,691  

5.75%, 02/15/47

     2,480       2,723,362  

Metropolitan Transportation Authority, RB, Series B:

    

5.25%, 11/15/38

     1,125       1,296,113  

5.25%, 11/15/39

     400       460,592  

Metropolitan Transportation Authority, Refunding RB, Series D, 4.00%, 11/15/42

     1,630       1,692,674  

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

     6,140       6,835,662  

New York Liberty Development Corp., Refunding RB:

    

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49

     420       450,076  

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

     2,355       2,529,812  

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

     160       175,411  
Security   Par
(000)		     Value  
New York (continued)        

New York Liberty Development Corp., Refunding RB (continued):

 

  

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

   $ 395     $ 433,370  

4 World Trade Center Project, 5.75%, 11/15/51

     2,220       2,506,424  

New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50

     1,000       1,098,520  

New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/26

     1,275       1,370,472  

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

     730       806,329  

State of New York Dormitory Authority, RB, Series B, 5.75%, 03/15/19(b)

     11,250       11,788,875  

State of New York Dormitory Authority, Refunding RB, Orange Regional Medical Center, 5.00%, 12/01/33(a)

     455       498,280  

Westchester Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 4.00%, 06/01/42

     1,750       1,704,710  
   

 

 

  
      50,132,185  
North Carolina — 0.5%        

North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 06/01/19(b)

     480       501,777  

North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(b)

     260       307,011  
   

 

 

  
      808,788  
Ohio — 4.5%        

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Series A-2:

    

Senior Turbo Term, 5.88%, 06/01/47

     1,100       1,064,239  

5.75%, 06/01/34

     2,295       2,196,361  

County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 06/01/20(b)

     2,650       2,868,439  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Ohio (continued)        

State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53

   $ 1,220     $ 1,338,511  
   

 

 

  
      7,467,550  
Oklahoma — 1.5%        

Oklahoma Development Finance Authority, RB, Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%, 08/01/57

     1,290       1,415,311  

Tulsa County Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/45

     925       1,046,526  
   

 

 

  
      2,461,837  
Oregon — 0.2%        

County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38(c)

     625       276,544  
   

 

 

  
Pennsylvania — 2.8%        

Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 05/01/42(a)

     470       501,137  

City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42

     300       327,831  

Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Bridge Finco LP, 5.00%, 12/31/38

     465       516,499  

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

     720       761,443  

Pennsylvania HFA, RB, ACE, M/F Housing, Series 125B, AMT, 3.70%, 10/01/47

     785       761,544  

Pennsylvania Housing Finance Agency, RB, S/F Housing Mortgage, Series 123-B, 4.00%, 10/01/42

     1,200       1,212,216  

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

     520       583,097  
   

 

 

  
      4,663,767  
Puerto Rico — 1.0%        

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:

    

5.50%, 05/15/39

     40       36,800  
Security   Par
(000)		     Value  
Puerto Rico (continued)        

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds (continued):

    

5.63%, 05/15/43

   $ 1,860     $ 1,699,984  
   

 

 

  
      1,736,784  
Rhode Island — 2.3%        

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/40

     420       450,849  

Series B, 4.50%, 06/01/45

     1,875       1,900,613  

Series B, 5.00%, 06/01/50

     1,360       1,418,371  
   

 

 

  
      3,769,833  
South Carolina — 1.2%        

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

     1,840       2,051,674  
   

 

 

  
Tennessee — 0.7%        

County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Senior Tax Increment, Graceland Project, Series A:

    

5.50%, 07/01/37

     490       512,315  

5.63%, 01/01/46

     570       592,555  
   

 

 

  
      1,104,870  
Texas — 6.8%        

Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 01/01/21(b)

     730       823,134  

City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB:

    

5.00%, 10/01/20(b)

     240       260,340  

5.00%, 10/01/35

     285       307,606  

City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 07/01/39

     250       253,990  

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23(b)

     210       259,125  

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

     700       754,320  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 09/15/37(c)

   $ 5,200     $ 2,287,948  

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

    

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

     180       183,060  

Scott & White Healthcare, 6.00%, 08/15/20(b)

     105       116,215  

Scott & White Healthcare, 6.00%, 08/15/20(b)

     1,285       1,423,947  

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

     3,000       1,497,330  

Mission Economic Development Corp., RB, Senior Lien, Natgasoline Project, Series B, AMT, 5.75%, 10/01/31(a)

     875       913,176  

New Hope Cultural Education Facilities Finance Corp., Refunding RB, Children’s Health System, Series A, 4.00%, 08/15/40

     215       220,141  

Newark Higher Education Finance Corp., RB, Series A(a):

    

5.50%, 08/15/35

     135       140,740  

5.75%, 08/15/45

     275       288,340  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:

    

Blueridge Transportation Group, AMT, 5.00%, 12/31/55

     1,025       1,119,341  

LBJ Infrastructure Group LLC, 7.00%, 06/30/40

     500       555,170  
   

 

 

  
      11,403,923  
Utah — 1.1%        

City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/41

     1,815       1,896,766  
   

 

 

  
Virginia — 4.6%        

Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A:

    

5.00%, 03/01/26

     260       269,209  

5.13%, 03/01/31

     510       533,139  

Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57(h)

     2,240       2,646,313  

Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 06/01/47

     1,025       992,897  
Security   Par
(000)		     Value  
Virginia (continued)  

Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 07/01/45(a)

   $ 240     $ 253,680  

Virginia HDA, RB, Rental Housing, Series F, 5.00%, 04/01/45

     1,000       1,040,130  

Virginia Small Business Financing Authority, RB, AMT:

    

Senior Lien, Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37

     1,540       1,738,460  

Transform 66 P3 Project, 5.00%, 12/31/52

     140       154,466  
   

 

 

  
      7,628,294  
Washington — 0.9%  

Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40

     350       388,633  

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

     1,020       1,123,714  
   

 

 

  
      1,512,347  
Wisconsin — 1.5%  

Public Finance Authority, RB, Series A:

    

Alabama Proton Therapy Center, 6.25%, 10/01/31(a)

     290       284,238  

Alabama Proton Therapy Center, 7.00%, 10/01/47(a)

     290       294,637  

5.00%, 12/01/45

     825       873,122  

5.15%, 12/01/50

     555       589,083  

Public Finance Authority, Refunding RB, Celanese Project:

    

Series C, AMT, 4.30%, 11/01/30

     200       205,160  

Series D, 4.05%, 11/01/30

     200       205,214  
   

 

 

  
      2,451,454  
   

 

 

  

Total Municipal Bonds — 129.7%
(Cost — $204,685,577)

 

     216,992,358  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(i)

 

Alabama — 0.8%  

Auburn University, Refunding RB, Series A, 4.00%, 06/01/41

     1,240       1,292,619  
   

 

 

  
California — 3.7%  

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 04/01/44(b)

     1,090       1,143,740  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
California (continued)  

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

   $ 840      $ 861,616  

City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Series B, AMT, 5.00%, 05/15/46

     2,700        3,037,352  

Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47

     495        568,183  

San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/33(b)

     554        584,478  
    

 

 

  
       6,195,369  
Colorado — 0.5%  

Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 07/01/34(j)

     740        769,637  
    

 

 

  
Georgia — 0.6%  

County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System, 4.00%, 08/15/48

     1,025        1,047,117  
    

 

 

  
Idaho — 1.3%  

Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48

     2,120        2,217,912  
    

 

 

  
Illinois — 2.6%  

Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41

     2,340        2,614,821  
Security   Par
(000)		      Value  
Illinois (continued)  

State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/38

   $ 1,498      $ 1,670,303  
    

 

 

  
       4,285,124  
Massachusetts — 4.6%  

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

     7,112        7,796,504  
    

 

 

  
New Hampshire — 0.4%  

New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 06/01/39(b)(j)

     660        692,174  
    

 

 

  
New York — 2.4%  

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40

     495        520,863  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56

     1,860        2,134,439  

Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55

     1,215        1,392,621  
    

 

 

  
       4,047,923  
North Carolina — 0.8%  

North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55

     1,180        1,318,721  
    

 

 

  
Ohio — 2.9%  

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

     4,634        4,801,162  
    

 

 

  
Pennsylvania — 1.2%  

Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42

     1,680        1,945,826  
    

 

 

  
Rhode Island — 1.5%  

Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47

     2,447        2,521,906  
    

 

 

  
Texas — 9.4%  

City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43

     11,000        12,214,648  

County of Harris Texas, RB, Toll Road, Senior Lien, Series A:

     

5.00%, 08/15/38(b)(j)

     1,202        1,257,851  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Texas (continued)  

County of Harris Texas, RB, Toll Road, Senior Lien, Series A (continued):

     

5.00%, 08/15/38

   $ 920      $ 962,148  

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

     1,170        1,290,492  
    

 

 

  
       15,725,139  
Virginia — 1.9%  

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

     2,949        3,129,234  
    

 

 

  
Wisconsin — 1.2%  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series C, 5.25%, 04/01/39(b)(j)

     1,989        2,074,757  
    

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 35.8%
(Cost — $57,352,238)

 

      59,861,124  
    

 

 

  

Total Long-Term Investments — 165.5%
(Cost — $262,037,815)

 

      276,853,482  
    

 

 

  
    
Security		   Shares      Value  
Short-Term Securities — 1.0%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.59%(k)(l)

     1,684,764      $ 1,684,933  
    

 

 

  

Total Short-Term Securities — 1.0%
(Cost — $1,684,922)

 

      1,684,933  
  

 

 

  

Total Investments— 166.5%
(Cost — $263,722,737)

 

      278,538,415  

Liabilities in Excess of Other Assets — (0.1)%

 

      (53,794 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.2)%

 

      (35,592,894 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (45.2)%

 

      (75,577,855 ) 
    

 

 

  

Net Assets Applicable to Common
Shares — 100.0%

 

    $ 167,313,872  
    

 

 

  
 
(a)  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.
(b)  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.
(c)  Zero-coupon bond.
(d)  Variable rate security. Rate shown is the rate in effect as of period end.
(e)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.
(f)  Non-income producing security.
(g)  Issuer filed for bankruptcy and/or is in default.
(h)  When-issued security.
(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. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements which expire between May 7, 2018 to February 15, 2031, is $4,124,562.
(k)  Annualized 7-day yield as of period end.
(l)  During the period ended January 31, 2018, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

10   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

Affiliate   

Shares

Held at

04/30/17

     

Net

Activity

      Shares
Held at
01/31/18		      Value at
01/31/18		      Income     

Net

Realized
Gain

(Loss)(a)

     

Change in

Unrealized

Appreciation

(Depreciation)

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      1,586,090        98,674        1,684,764      $ 1,684,933      $ 5,231      $ 733      $ 11  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)  Includes net capital gain distributions, if applicable.  

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts		        Expiration
Date		        Notional
Amount (000)		        Value /
Unrealized
Appreciation
(Depreciation)		  

Short Contracts

                  

10-Year U.S. Treasury Note

      18          03/20/18        $ 2,188        $ 50,005  

Long U.S. Treasury Bond

      74          03/20/18          10,938          353,325  

5-Year U.S. Treasury Note

      26          03/29/18          2,982          42,514  
                 

 

 

  
                  $ 445,844  
                 

 

 

  

Portfolio Abbreviations

 

AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
EDA    Economic Development Authority
EDC    Economic Development Corp.
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
HDA    Housing Development Authority
HFA    Housing Finance Agency
IDA    Industrial Development Authority
LRB    Lease Revenue Bonds
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
SAN    State Aid Notes
S/F    Single-Family

 

 

     11  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

Fair Value Hierarchy as of Period End

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 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. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

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 semi-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(a)

    $ —        $ 276,853,482        $ —        $ 276,853,482  

Short-Term Securities

     1,684,933          —          —          1,684,933  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 1,684,933        $ 276,853,482        $ —        $ 278,538,415  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

 

Assets:

 

Interest rate contracts

   $ 445,844        $ —        $ —        $ 445,844  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

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

 

(b)  Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.  

 

 

12   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

 

TOB Trust Certificates

   $ —        $ (35,470,867 )       $ —        $ (35,470,867 ) 

VRDP Shares at Liquidation Value

     —          (76,000,000 )         —          (76,000,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (111,470,867 )       $ —        $ (111,470,867 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

During the period ended January 31, 2018, there were no transfers between levels.

 

 

     13  

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 21, 2018

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 21, 2018
By:    /s/ Neal J. Andrews            
   Neal J. Andrews
   Chief Financial Officer (principal financial officer) of
   BlackRock Long-Term Municipal Advantage Trust

Date: March 21, 2018