BlackRock Long-Term Municipal Advantage Trust (BTA) NPORT-P BlackRock Long-Term Municipal Advantage Trust (Jul 2020 report)

Schedule of Investments  (unaudited)  July 31, 2020 BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 1.4%
County of Jefferson Alabama Sewer Revenue Refunding RB, Series D, Sub-Lien, 6.00%, 10/01/42	$	1,655	$	1,923,127
Tuscaloosa County Industrial Development Authority Refunding RB(a)
Series A, 4.50%, 05/01/32		180		193,082
Series A, 5.25%, 05/01/44		230		256,459
				2,372,668
Alaska — 0.6%
Northern Tobacco Securitization Corp. Refunding RB, Series A, 5.00%, 06/01/46		1,045		1,044,990
Arizona — 3.6%
Arizona Industrial Development Authority RB(a)
Series A, 5.50%, 07/01/52		855		919,971
Series G, 5.00%, 07/01/47		135		139,424
Arizona Industrial Development Authority Refunding RB(a)
Series A, 5.13%, 07/01/37		360		378,076
Series A, 5.38%, 07/01/50		925		967,411
Industrial Development Authority of the City of Phoenix RB
Series A, 5.00%, 07/01/33		870		893,812
Series A, 5.00%, 07/01/46(a)		1,255		1,316,508
Industrial Development Authority of the City of Phoenix Refunding RB, Series A, 5.00%, 07/01/35(a)		125		130,336
Maricopa County Industrial Development Authority Refunding RB, Series A, 4.13%, 09/01/38		375		434,610
Salt Verde Financial Corp. RB, 5.00%, 12/01/37		725		1,008,816
				6,188,964
Arkansas — 0.6%
Arkansas Development Finance Authority RB, AMT, 4.50%, 09/01/49(a)		925		935,980
California — 3.4%
California County Tobacco Securitization Agency Refunding RB, Series A, 5.00%, 06/01/47		140		139,997
California Municipal Finance Authority RB, S/F Housing
Series A, Senior, 5.25%, 08/15/39		70		77,768
Series A, Senior, 5.25%, 08/15/49		175		189,684
California State Public Works Board RB, Series I, 5.00%, 11/01/38		355		402,108
City of Los Angeles Department of Airports Refunding RB, Series A, 5.00%, 05/15/40		800		802,408
Golden State Tobacco Securitization Corp. Refunding RB, Series A-2, 5.00%, 06/01/47		535		546,872
San Francisco City & County Redevelopment Agency Successor Agency TA, CAB, Series D, 0.00%, 08/01/31(a)(b)		1,265		748,969
San Marcos Unified School District GO, CAB, Series B, 0.00%, 08/01/38(b)		3,725		2,616,887
Stockton Public Financing Authority RB, Series A, 6.25%, 10/01/23(c)		165		196,695
				5,721,388
Colorado — 2.5%
Centerra Metropolitan District No 1 TA, 5.00%, 12/01/47(a)		275		278,336
Constitution Heights Metropolitan District Refunding GO, 5.00%, 12/01/49		500		509,875

Security	Par (000)		Value
Colorado (continued)
Denver Convention Center Hotel Authority Refunding RB, 5.00%, 12/01/40	$	1,550	$	1,635,668
Jefferson Center Metropolitan District No. 1 Refunding RB, Series B, 5.75%, 12/15/50(d)		770		755,054
Table Mountain Metropolitan District GO, Series A, 5.25%, 12/01/45		991		1,005,568
				4,184,501
Connecticut(a) — 0.8%
Connecticut State Health & Educational Facilities Authority RB
Series A, 5.00%, 01/01/45		160		167,738
Series A, 5.00%, 01/01/55		210		218,763
Mohegan Tribe of Indians of Connecticut Refunding RB, Series C, 6.25%, 02/01/30		860		921,713
				1,308,214
Delaware — 0.4%
County of Sussex Delaware RB, 6.00%, 10/01/40		750		761,250
District of Columbia — 1.2%
District of Columbia Refunding RB, Series A, 6.00%, 07/01/23(c)		260		304,234
District of Columbia TA, 5.13%, 06/01/41		750		777,750
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding RB, Series B, 4.00%, 10/01/49		870		963,934
				2,045,918
Florida — 5.7%
Capital Region Community Development District Refunding SAB
Series A-1, 5.13%, 05/01/39		210		228,793
Series A-2, 4.60%, 05/01/31		515		562,076
Capital Trust Agency, Inc. RB, Series A, 5.75%, 06/01/54(a)		450		458,662
Charlotte County Industrial Development Authority/FL RB(a)
AMT, 5.00%, 10/01/34		120		128,854
AMT, 5.00%, 10/01/49		560		569,128
County of Osceola Florida Transportation Revenue Refunding RB, CAB(b)
Series A-2, 0.00%, 10/01/46		775		317,115
Series A-2, 0.00%, 10/01/47		745		293,903
Series A-2, 0.00%, 10/01/48		525		199,778
Series A-2, 0.00%, 10/01/49		435		159,536
Florida Development Finance Corp. RB, AMT, 5.00%, 08/01/29(a)(e)		740		752,240
Lakewood Ranch Stewardship District SAB
4.00%, 05/01/21		54		54,233
4.25%, 05/01/26		100		104,406
4.75%, 05/01/29		270		295,866
5.30%, 05/01/39		310		345,560
5.13%, 05/01/46		380		401,546
5.45%, 05/01/48		550		615,615
Mid-Bay Bridge Authority RB, Series A, 7.25%, 10/01/21(c)		1,080		1,168,528
Tolomato Community Development District Refunding SAB, Series 2, 6.61%, 05/01/40(f)		310		203,518
Tolomato Community Development District Refunding SAB, CAB, Series A-4, Convertible, 6.61%, 05/01/40(f).		120		107,756
Tolomato Community Development District SAB(g)(h)
Series 1, 6.61%, 05/01/40(f)		505		426,089

1

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
Tolomato Community Development District SAB(g)(h) (continued)
Series 3, 6.61%, 05/01/40	$	340	$	3
Series 3, 6.65%, 05/01/40		275		3
Trout Creek Community Development District SAB
5.00%, 05/01/28		160		175,659
5.50%, 05/01/49		570		626,464
Village Community Development District No. 10 SAB, 5.13%, 05/01/43		765		787,239
West Villages Improvement District SAB
4.75%, 05/01/39		220		236,403
5.00%, 05/01/50		450		487,111
				9,706,084
Georgia — 3.5%
Gainesville & Hall County Hospital Authority Refunding RB, Series A, (GTD), 5.50%, 08/15/54		240		282,221
Main Street Natural Gas, Inc. RB, Series A, 5.00%, 05/15/49		1,770		2,627,211
Municipal Electric Authority of Georgia RB
4.00%, 01/01/49		865		948,663
4.00%, 01/01/59		1,640		1,771,462
Municipal Electric Authority of Georgia Refunding RB, Series A, 4.00%, 01/01/49		320		348,467
				5,978,024
Illinois — 8.2%
Chicago Board of Education GO
Series C, 5.25%, 12/01/35		795		845,411
Series D, 5.00%, 12/01/46		1,035		1,080,850
Series H, 5.00%, 12/01/36		935		1,012,493
Chicago Board of Education Refunding GO
Series C, 5.00%, 12/01/25		350		386,782
Series C, 5.00%, 12/01/27		415		469,157
Series C, 5.00%, 12/01/34		940		1,021,338
Series F, 5.00%, 12/01/22		325		341,838
Chicago O’Hare International Airport ARB, Series A, 3rd Lien, 5.75%, 01/01/39		400		407,408
Chicago Transit Authority RB, 5.25%, 12/01/40		360		377,230
City of Chicago Illinois Refunding GO, Series A, 6.00%, 01/01/38		595		688,867
Cook County Community College District No 508 GO, 5.50%, 12/01/38		350		384,559
Illinois Finance Authority Refunding RB, Series C, 5.00%, 02/15/41		1,500		1,800,015
Metropolitan Pier & Exposition Authority RB
Series A, 5.50%, 06/15/53		200		216,030
Series A, 5.00%, 06/15/57		555		594,288
Metropolitan Pier & Exposition Authority Refunding RB 4.00%, 06/15/50		570		569,761
Series B, 5.00%, 06/15/52		225		237,479
State of Illinois GO
5.00%, 05/01/27		500		545,460
5.00%, 01/01/28		1,005		1,127,901
5.00%, 03/01/37		755		782,724
Series A, 5.00%, 01/01/33		555		574,181
University of Illinois RB, Series A, 5.00%, 04/01/44		475		523,911
				13,987,683
Indiana — 5.1%
City of Anderson Indiana RB, 5.38%, 01/01/40		285		287,018

Security	Par (000)		Value
Indiana (continued)
City of Valparaiso Indiana RB
AMT, 6.75%, 01/01/34	$	365	$	398,949
AMT, 7.00%, 01/01/44		885		984,261
City of Vincennes Indiana Refunding RB, 6.25%, 01/01/29(a)		960		966,509
County of Allen Indiana RB(a)
Series A-1, 6.63%, 01/15/34		135		113,125
Series A-1, 6.75%, 01/15/43		200		161,646
Series A-1, 6.88%, 01/15/52		560		444,897
Indiana Finance Authority RB
Series A, 1st Lien, 5.25%, 10/01/38		1,285		1,351,833
Series A, AMT, 5.00%, 07/01/44		160		170,522
Series A, AMT, 5.00%, 07/01/48		520		554,138
Series A, AMT, 5.25%, 01/01/51		2,190		2,343,760
Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 01/15/40		445		490,230
Town of Chesterton Indiana RB, Series A, 6.38%, 01/15/51(a)(g)(h)		560		416,830
				8,683,718
Iowa — 1.6%
Iowa Finance Authority Refunding RB 5.25%, 12/01/25		660		693,937
Series B, 5.25%, 12/01/50(e)		825		872,735
Iowa Student Loan Liquidity Corp. Refunding RB, Series B, AMT, 3.00%, 12/01/39		1,175		1,187,079
				2,753,751
Kentucky — 0.6%
Kentucky Economic Development Finance Authority RB, Series A, 5.25%, 01/01/23(c)		460		516,175
Kentucky Public Transportation Infrastructure Authority RB, CAB, Series C, 6.75%, 07/01/43(f)		565		553,909
				1,070,084
Louisiana — 2.4%
Louisiana Local Government Environmental Facilities & Community Development Authority RB 5.00%, 07/01/54(a)		445		450,078
Series A-1, 6.50%, 11/01/35		1,135		1,148,019
Tobacco Settlement Financing Corp. Refunding RB
Series A, 5.50%, 05/15/30		280		280,470
Series A, 5.25%, 05/15/31		300		307,584
Series A, 5.25%, 05/15/32		380		400,820
Series A, 5.25%, 05/15/33		415		437,339
Series A, 5.25%, 05/15/35		945		1,016,395
				4,040,705
Maine — 0.6%
Maine Health & Higher Educational Facilities Authority RB, 6.75%, 07/01/41		970		995,007
Maryland — 1.3%
Maryland Economic Development Corp. Refunding RB, 5.75%, 09/01/25		540		540,966
Maryland Health & Higher Educational Facilities Authority RB, Series A, 7.00%, 03/01/55(a)		1,480		1,618,247
				2,159,213
Massachusetts — 2.7%
Massachusetts Development Finance Agency RB
Series A, 6.50%, 11/15/23(a)(c)		1,000		1,207,400
Series A, 5.00%, 01/01/47		860		966,330

2

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Massachusetts (continued)
Massachusetts Development Finance Agency Refunding RB
Series A, 5.00%, 10/01/35	$	500	$	568,195
Series C, (AGM), 3.00%, 10/01/45		465		472,166
Series C, (AGM), 4.00%, 10/01/45		580		659,854
Massachusetts Housing Finance Agency Refunding RB, Series A, AMT, 4.45%, 12/01/42		625		663,450
				4,537,395
Michigan — 2.2%
City of Detroit Michigan GO
5.00%, 04/01/34		140		146,921
5.00%, 04/01/35		140		146,467
5.00%, 04/01/36		95		99,047
5.00%, 04/01/37		155		161,108
5.00%, 04/01/38		70		72,557
City of Detroit Michigan Sewage Disposal System
Revenue Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22(c)		1,970		2,162,607
Michigan Finance Authority RB, Series C-1, Senior Lien, 5.00%, 07/01/22(c)		410		447,954
Michigan Strategic Fund RB, AMT, 5.00%, 06/30/48		500		559,150
				3,795,811
Minnesota — 2.2%
Duluth Economic Development Authority Refunding RB
Series A, 4.25%, 02/15/48		1,940		2,169,696
Series A, 5.25%, 02/15/58		655		781,494
Housing & Redevelopment Authority of The City of St. Paul Minnesota Refunding RB, Series A, 5.50%, 09/01/36		690		751,465
				3,702,655
Missouri — 0.4%
Health & Educational Facilities Authority of the State of Missouri Refunding RB, 5.50%, 05/01/43		115		122,875
Industrial Development Authority of the City of St. Louis Missouri Refunding RB
Series A, 4.38%, 11/15/35		330		285,071
Series A, 4.75%, 11/15/47		365		316,586
				724,532
Nebraska — 0.2%
Central Plains Energy Project RB, 5.25%, 09/01/37		285		310,271
New Jersey — 10.4%
Casino Reinvestment Development Authority, Inc.
Refunding RB
5.25%, 11/01/39		475		491,601
5.25%, 11/01/44		1,160		1,192,782
Essex County Improvement Authority RB, AMT, 5.25%, 07/01/45(a)		505		505,450
New Jersey Economic Development Authority RB
Series EEE, 5.00%, 06/15/43		195		223,864
AMT, 5.13%, 09/15/23		1,410		1,444,587
New Jersey Economic Development Authority Refunding RB, Series BBB, 5.50%, 06/15/31		1,225		1,456,292
New Jersey Economic Development Authority Refunding SAB, 5.75%, 04/01/31		785		816,581

Security	Par (000)		Value
New Jersey (continued)
New Jersey Higher Education Student Assistance Authority Refunding RB, Series C, AMT, 3.63%, 12/01/49	$	645	$	656,629
New Jersey Transportation Trust Fund Authority RB
Series AA, 5.00%, 06/15/45		585		636,755
Series B, 5.25%, 06/15/36		845		869,387
Series S, 5.25%, 06/15/43		2,535		2,980,070
New Jersey Turnpike Authority RB, Series A, 4.00%, 01/01/48		245		276,965
Tobacco Settlement Financing Corp. Refunding RB
Series A, 5.00%, 06/01/35		730		896,951
Series A, 5.25%, 06/01/46		1,700		2,008,193
Sub-Series B, 5.00%, 06/01/46		2,825		3,178,153
				17,634,260
New York — 24.9%
Erie Tobacco Asset Securitization Corp. Refunding RB, Series A, 5.00%, 06/01/45		910		909,845
Hudson Yards Infrastructure Corp. RB
5.75%, 02/15/21(c)		4,030		4,149,691
5.75%, 02/15/47		2,480		2,542,843
Metropolitan Transportation Authority RB
Series B, 5.25%, 11/15/38		1,125		1,202,659
Series B, 5.25%, 11/15/39		400		426,908
Metropolitan Transportation Authority Refunding RB, Series C-1, 4.75%, 11/15/45		985		1,100,767
New York City Transitional Finance Authority Future Tax Secured Revenue RB, Sub-Series B-1, 4.00%, 11/01/45		5,000		5,884,650
New York City Water & Sewer System Refunding RB, Series HH, 5.00%, 06/15/31		2,830		2,946,370
New York Counties Tobacco Trust IV Refunding RB
Series A, 6.25%, 06/01/41(a)		900		900,450
Series A, 5.00%, 06/01/42		1,505		1,505,045
Series A, 5.00%, 06/01/45		555		555,000
New York Counties Tobacco Trust VI Refunding RB, Series A-2, 5.00%, 06/01/51		1,000		1,019,020
New York Liberty Development Corp. ARB, 5.25%, 12/15/43		6,140		6,488,445
New York Liberty Development Corp. Refunding RB
5.75%, 11/15/51		2,220		2,362,480
Class 1, 5.00%, 11/15/44(a)		2,355		2,503,059
Class 2, 5.15%, 11/15/34(a)		160		169,634
Class 2, 5.38%, 11/15/40(a)		395		421,781
New York Power Authority Refunding RB, Series A, 4.00%, 11/15/60		565		671,152
New York State Dormitory Authority Refunding RB, 5.00%, 12/01/33(a)		410		482,455
New York Transportation Development Corp. ARB, Series A, AMT, 5.25%, 01/01/50		1,000		1,093,360
New York Transportation Development Corp. Refunding ARB, AMT, 5.38%, 08/01/36		730		756,170
Port Authority of New York & New Jersey ARB, Series 221, AMT, 4.00%, 07/15/60		1,725		1,932,983

3

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Port Authority of New York & New Jersey RB, Series 8, 6.00%, 12/01/42	$	730	$	740,330
Westchester Tobacco Asset Securitization Corp. Refunding RB, Series C, 4.00%, 06/01/42		1,635		1,649,175
				42,414,272
North Carolina — 0.4%
North Carolina Medical Care Commission Refunding RB, Series A, 7.75%, 03/01/21(c)		260		271,456
North Carolina Turnpike Authority RB, Senior Lien, (AGM), 4.00%, 01/01/55		320		358,051
				629,507
Ohio — 4.5%
Buckeye Tobacco Settlement Financing Authority Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		4,570		5,037,648
County of Hamilton Ohio Refunding RB, 4.00%, 08/15/50		800		917,312
Ohio Air Quality Development Authority RB, AMT, 5.00%, 07/01/49(a)		400		407,196
State of Ohio RB, AMT, 5.00%, 06/30/53		1,220		1,353,419
				7,715,575
Oklahoma — 2.5%
Oklahoma Development Finance Authority RB
Series B, 5.00%, 08/15/38		1,450		1,700,415
Series B, 5.25%, 08/15/43		1,305		1,540,148
Tulsa County Industrial Authority Refunding RB, 5.25%, 11/15/45		925		961,389
				4,201,952
Oregon — 0.4%
Clackamas County School District No. 12 North Clackamas GO, CAB, Series A, 0.00%, 06/15/38(b)		625		337,281
Medford Hospital Facilities Authority Refunding RB, Series A, 4.00%, 08/15/50		365		418,418
				755,699
Pennsylvania — 2.1%
Allentown Neighborhood Improvement Zone Development Authority RB, 5.00%, 05/01/42(a)		470		484,871
Hospitals & Higher Education Facilities Authority of Philadelphia RB, Series A, 5.63%, 07/01/42		300		314,202
Pennsylvania Economic Development Financing Authority RB, AMT, 5.00%, 12/31/38		465		510,393
Pennsylvania Economic Development Financing Authority Refunding RB, AMT, 5.50%, 11/01/44		720		739,051
Pennsylvania Higher Educational Facilities Authority RB, 4.00%, 08/15/44		805		928,399
Pennsylvania Turnpike Commission RB, Series A, 5.00%, 12/01/44		520		602,685
				3,579,601
Puerto Rico — 6.9%
Children’s Trust Fund RB, Series B, 0.00%, 05/15/57(b)		19,900		746,250
Children’s Trust Fund Refunding RB, 5.63%, 05/15/43		820		820,164
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB, Series A, Senior Lien, 5.25%, 07/01/42		1,875		1,922,306
Puerto Rico Commonwealth Aqueduct & Sewer Authority Refunding RB
Series A, Senior Lien, 6.00%, 07/01/38		395		398,504
Series A, Senior Lien, 6.00%, 07/01/44		715		721,263

Security	Par (000)		Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB, Series A-2, Restructured, 4.33%, 07/01/40	$	72	$	74,763
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB, CAB, Restructured, Series A-1, 0.00%, 07/01/46(b)		1,914		557,873
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB, Restructured
Series A-1, 4.75%, 07/01/53		1,529		1,623,492
Series A-1, 5.00%, 07/01/58		2,693		2,900,415
Series A-2, 4.33%, 07/01/40		851		885,134
Series A-2, 4.78%, 07/01/58		1,038		1,105,418
				11,755,582
Rhode Island — 2.6%
Rhode Island Student Loan Authority RB, Series A, AMT, 3.63%, 12/01/37		515		531,248
Tobacco Settlement Financing Corp. Refunding RB
Series A, 5.00%, 06/01/40		420		465,629
Series B, 4.50%, 06/01/45		1,875		1,981,688
Series B, 5.00%, 06/01/50		1,360		1,470,051
				4,448,616
South Carolina — 3.1%
South Carolina Jobs-Economic Development Authority RB, Series A, 5.00%, 11/15/54		165		159,654
South Carolina Jobs-Economic Development Authority Refunding RB, Series A, 5.00%, 05/01/43		1,110		1,271,849
South Carolina Public Service Authority RB
Series A, 5.50%, 12/01/54		1,840		2,084,481
Series E, 5.00%, 12/01/48		420		465,070
Series E, 5.50%, 12/01/53		750		842,310
South Carolina Public Service Authority Refunding RB, Series E, 5.25%, 12/01/55		430		503,969
				5,327,333
Tennessee — 1.8%
Memphis-Shelby County Industrial Development Board Refunding TA
Series A, 5.50%, 07/01/37		490		494,694
Series A, 5.63%, 01/01/46		570		564,956
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd Refunding RB
Series A, 4.00%, 10/01/49		290		306,724
Series A, 5.25%, 10/01/58		1,430		1,669,968
				3,036,342
Texas — 7.5%
Brazoria County Industrial Development Corp. RB, AMT, 7.00%, 03/01/39		325		342,469
Brazos Higher Education Authority, Inc. RB, Series 1B, AMT, 3.00%, 04/01/40		285		275,028
Central Texas Regional Mobility Authority Refunding RB, Senior Lien, 6.25%, 01/01/21(c)		730		748,111
City of Houston Texas Airport System Revenue Refunding ARB, Series B-2, AMT, 5.00%, 07/15/27		125		131,551
City of Houston Texas Airport System Revenue Refunding RB, Series C, AMT, 5.00%, 07/15/27		800		840,624
Harris County Cultural Education Facilities Finance Corp. RB, Series B, 7.00%, 01/01/23(c)		210		244,308

4

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
Harris County-Houston Sports Authority Refunding RB, CAB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/34(b)	$	3,000	$	1,801,680
Midland County Fresh Water Supply District No. 1 RB, CAB, Series A, 0.00%, 09/15/37(b)		5,200		2,838,056
Mission Economic Development Corp. Refunding RB, Senior Lien, AMT, 4.63%, 10/01/31(a)		430		456,445
Newark Higher Education Finance Corp. RB(a)
Series A, 5.50%, 08/15/35		135		151,493
Series A, 5.75%, 08/15/45		275		308,503
North Texas Tollway Authority Refunding RB, 4.25%, 01/01/49		1,890		2,149,818
Texas Private Activity Bond Surface Transportation Corp. RB
Senior Lien, 7.00%, 06/30/40		500		502,030
Senior Lien, AMT, 5.00%, 12/31/55		1,025		1,082,021
Texas Transportation Commission RB, CAB, 0.00%, 08/01/43(b)		2,205		850,336
				12,722,473
Vermont — 0.5%
Vermont Student Assistance Corp. RB, Series A, AMT, 3.38%, 06/15/36		850		864,390
Virginia — 2.9%
Ballston Quarter Community Development Authority TA
Series A, 5.00%, 03/01/26		260		259,009
Series A, 5.13%, 03/01/31		510		498,622
Norfolk Redevelopment & Housing Authority RB
Series A, 5.00%, 01/01/34		235		247,032
Series A, 5.00%, 01/01/49		455		464,141
Tobacco Settlement Financing Corp. Refunding RB, Series B-1, 5.00%, 06/01/47		1,025		1,024,990
Virginia Housing Development Authority RB, S/F Housing, Series E, 2.80%, 07/01/55		850		870,604
Virginia Small Business Financing Authority RB, Senior Lien, AMT, 6.00%, 01/01/37		1,540		1,655,038
				5,019,436
Washington — 0.9%
Port of Seattle Washington ARB, Series C, AMT, 5.00%, 04/01/40		350		395,692
Washington Health Care Facilities Authority RB, Series A, 5.75%, 01/01/45		1,020		1,150,081
				1,545,773
Wisconsin — 3.2%
Public Finance Authority RB
Series A, 6.25%, 10/01/31(a)		290		305,381
Series A, 5.00%, 11/15/41		95		111,720
Series A, 7.00%, 10/01/47(a)		290		299,486
Series A-1, 4.50%, 01/01/35(a)		600		612,066
Series A-1, 5.50%, 12/01/48(a)(g)(h)		9		8,819
Series A-1, 5.00%, 01/01/55(a)		1,090		1,109,544
Series B, 0.00%, 01/01/35(a)(b)		1,135		453,932
Series B, 0.00%, 01/01/60(a)(b)		13,585		905,033
Public Finance Authority Refunding RB
Series A, 5.25%, 10/01/48		695		755,458

Security	Par (000)		Value
Wisconsin (continued)
Public Finance Authority Refunding RB (continued)
Series A, 3.00%, 01/01/50	$	295	$	297,484
Wisconsin Health & Educational Facilities Authority Refunding RB
5.00%, 11/01/46		230		234,398
5.00%, 11/01/54		380		381,679
				5,475,000
Total Municipal Bonds — 125.8% (Cost: $198,554,515)				214,134,617
Municipal Bonds Transferred to Tender Option Bond Trusts(i)
California — 2.2%
City of Los Angeles Department of Airports ARB, Series B, AMT, 5.00%, 05/15/46		2,700		3,162,537
Sacramento Area Flood Control Agency Refunding SAB, 5.00%, 10/01/47		495		598,707
				3,761,244
Colorado — 1.2%
Colorado Health Facilities Authority Refunding RB, Series A, 4.00%, 08/01/49(j)		1,810		1,978,059
Florida — 1.5%
Escambia County Health Facilities Authority Refunding RB, 4.00%, 08/15/45(j)		2,321		2,547,355
Georgia — 0.7%
Dalton Whitfield County Joint Development Authority RB, 4.00%, 08/15/48		1,025		1,154,027
Idaho — 1.4%
Idaho State Building Authority RB, Series A, 4.00%, 09/01/48		2,120		2,442,579
Illinois — 2.5%
Illinois Finance Authority RB, Series A, (AGM), 6.00%, 08/15/41		2,340		2,461,212
Illinois State Toll Highway Authority RB, Series C, 5.00%, 01/01/38		1,498		1,727,412
				4,188,624
Iowa — 1.2%
Iowa Finance Authority Refunding RB, Series E, 4.00%, 08/15/46		1,815		1,979,911
Massachusetts — 5.7%
Massachusetts Housing Finance Agency Refunding RB, Series A, AMT, 4.50%, 12/01/47		2,058		2,234,506
Massachusetts School Building Authority RB, Series B, 5.00%, 10/15/21(c)		7,113		7,525,873
				9,760,379
Michigan — 1.3%
Michigan Finance Authority RB, 4.00%, 02/15/47		2,000		2,283,419
New Jersey — 0.8%
New Jersey Higher Education Student Assistance Authority RB, Series C, AMT, 4.25%, 12/01/50		1,338		1,391,701

5

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York — 3.2%
New York City Housing Development Corp. Refunding RB, Series A, 4.15%, 11/01/38	$	2,390	$	2,675,485
New York City Transitional Finance Authority Future Tax Secured Revenue RB, Series C, 3.00%, 05/01/46		1,187		1,274,323
Port Authority of New York & New Jersey Refunding RB, 194th Series, 5.25%, 10/15/55		1,215		1,434,150
				5,383,958
North Carolina — 1.6%
North Carolina Capital Facilities Finance Agency Refunding RB, Series B, 5.00%, 10/01/25(c)		1,180		1,463,837
North Carolina Housing Finance Agency RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48		1,144		1,253,015
				2,716,852
Pennsylvania — 2.8%
County of Lehigh Pennsylvania Refunding RB, Series A, 4.00%, 07/01/49(j)		2,501		2,816,581
Pennsylvania Turnpike Commission RB, Series A, 5.50%, 12/01/42		1,680		2,014,673
				4,831,254
Rhode Island — 1.6%
Rhode Island Health and Educational Building Corp. RB, Series A, 4.00%, 09/15/47		2,448		2,715,150
Texas — 7.8%
City of San Antonio Texas Electric & Gas Systems Revenue RB, Junior Lien, 5.00%, 02/01/43		11,000		12,125,080
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue Refunding RB, Series A, 5.00%, 11/01/21(c)		1,170		1,240,855
				13,365,935
Virginia — 1.6%
Hampton Roads Transportation Accountability Commission RB, Series A, Senior Lien, 5.50%, 07/01/57(j)		2,224		2,803,025
West Virginia — 1.3%
Morgantown Utility Board, Inc. RB, Series B, 4.00%, 12/01/48(j)		1,891		2,165,349
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 38.4% (Cost: $60,544,610)				65,468,821
Total Long-Term Investments — 164.2% (Cost: $259,099,125)				279,603,438

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.04%(k)(l)		2,423,174	$	2,423,659
Total Short-Term Securities — 1.4% (Cost: $2,423,659)				2,423,659
Total Investments — 165.6% (Cost: $261,522,784)				282,027,097
Other Assets Less Liabilities — 0.6%				927,790
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.8)%				(37,062,394	)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (44.4)%				(75,615,844	)
Net Assets Applicable to Common Shares — 100.0%			$	170,276,649

^(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)  Zero-coupon bond.

^(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)  When-issued security.

^(e)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(f)  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.

^(g)  Issuer filed for bankruptcy and/or is in default.

^(h)  Non-income producing 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 the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between January 1, 2026 to February 15, 2028, is $6,412,176.

^(k)  Affiliate of the Trust.

^(l)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be an affiliate/affiliates of the Trust during the period ended July 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 04/30/20		Shares Purchased			Shares Sold		Shares Held at 07/31/20		Value at 07/31/20		Income		Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		676,970		1,746,204	(b)		—		2,423,174	$	2,423,659	$	121	$	(198	)	$	(7	)

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

(b) Represents net shares purchased (sold).

6

Schedule of Investments  (unaudited) (continued) July 31, 2020 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. 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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the 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 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. The categorization of a value determined for investments is based on the pricing transparency of the investments 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, refer to its most recent financial statements.

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	214,134,617	$	—	$	214,134,617
Municipal Bonds Transferred to Tender Option Bond Trusts		—		65,468,821		—		65,468,821
Short-Term Securities
Money Market Funds		2,423,659		—		—		2,423,659
	$	2,423,659	$	279,603,438	$	—	$	282,027,097

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	$	—	��	$	(37,045,997	)	$	—	$	(37,045,997	)
VRDP Shares at Liquidation Value		—			(76,000,000	)		—		(76,000,000	)
	$	—		$	(113,045,997	)	$	—	$	(113,045,997	)

Portfolio Abbreviation
AGM	Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
CAB	Capital Appreciation Bonds
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation Bonds
GTD	GTD Guaranteed
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bond

Portfolio Abbreviation (continued)
S/F	Single-Family
SAB	Special Assessment Bonds
TA	Tax Allocation

7