BlackRock Long-Term Municipal Advantage Trust (BTA) NPORT-P BlackRock Long-Term Municipal Advantage Trust (Jan 2021 report)

Schedule of Investments (unaudited) January 31, 2021 BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 2.5%
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42	$	1,655	$	1,922,316
Health Care Authority of the City of Huntsville, RB, Series B1, 4.00%, 06/01/45		395		465,365
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a)		1,325		1,604,045
Tuscaloosa County Industrial Development Authority, Refunding RB(b)
Series A, 4.50%, 05/01/32		180		203,540
Series A, 5.25%, 05/01/44		230		263,803
				4,459,069
Alaska — 0.6%
Northern Tobacco Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/46		1,045		1,061,887
Arizona — 3.7%
Arizona Industrial Development Authority, Refunding RB(b)
Series A, 5.13%, 07/01/37		360		404,615
Series A, 5.38%, 07/01/50		925		1,021,662
Series A, 5.50%, 07/01/52		855		919,775
Series G, 5.00%, 07/01/47		135		149,278
Industrial Development Authority of the City of Phoenix, RB
Series A, 5.00%, 07/01/33		870		892,846
Series A, 5.00%, 07/01/46(b)		1,255		1,331,455
Industrial Development Authority of the City of Phoenix, Refunding RB, Series A, 5.00%, 07/01/35(b)		125		137,795
Industrial Development Authority of the County of Pima Refunding RB, 5.00%, 07/01/56(b)		235		241,540
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38		375		435,150
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		725		1,053,722
				6,587,838
Arkansas(b) — 2.8%
Arkansas Development Finance Authority, RB
AMT, 4.50%, 09/01/49		925		1,019,285
AMT, 4.75%, 09/01/49		3,570		4,023,926
				5,043,211
California — 3.6%
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47		140		141,508
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		70		77,088
Series A, 5.25%, 08/15/49		175		187,950
California Public Finance Authority RB, 6.25%, 07/01/54(b)		850		962,693
California State Public Works Board, RB, Series I, 5.00%, 11/01/38		355		399,844
Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/47		535		556,486
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61(b)(c)		830		453,205

Security	Par (000)		Value
California (continued)
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31(b)(d)	$	1,265	$	766,134
San Marcos Unified School District, GO, CAB, Series B, 0.00%, 08/01/38(d)		3,725		2,622,400
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(e)		165		191,852
				6,359,160
Colorado — 2.3%
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47(b)		275		285,783
Colorado Housing and Finance Authority RB, Class I, 2.55%, 10/01/55		490		497,149
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49		500		515,305
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,550		1,761,389
Table Mountain Metropolitan District, GO, Series A, 5.25%, 12/01/21(e)		977		1,015,875
				4,075,501
Connecticut(b) — 0.7%
Connecticut State Health & Educational Facilities Authority, RB
Series A, 5.00%, 01/01/45		160		174,369
Series A, 5.00%, 01/01/55		210		224,280
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30		860		893,824
				1,292,473
District of Columbia — 1.1%
District of Columbia, Refunding RB, Series A, 6.00%, 07/01/23(e)		260		296,668
District of Columbia, TA, 5.13%, 06/01/41		750		761,850
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49		870		988,877
				2,047,395
Florida — 6.5%
Capital Region Community Development District, Refunding SAB
Series A-1, 5.13%, 05/01/39		210		233,999
Series A-2, 4.60%, 05/01/31		515		575,276
Capital Trust Agency, Inc., RB, Series A, 5.75%, 06/01/54(b)		450		476,451
Charlotte County Industrial Development Authority, RB(b)
AMT, 5.00%, 10/01/34		120		136,830
AMT, 5.00%, 10/01/49		560		603,126
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d)
Series A-2, 0.00%, 10/01/46		775		331,282
Series A-2, 0.00%, 10/01/47		745		307,543
Series A-2, 0.00%, 10/01/48		525		208,467
Series A-2, 0.00%, 10/01/49		435		166,827
Florida Development Finance Corp., RB(b)
5.25%, 06/01/55		525		587,832
Series A, AMT, 5.00%, 08/01/29(a)		740		770,155
Series B, AMT, 7.38%, 01/01/49		1,195		1,158,791

S C H E D U L E  O F  I N V E S T M E N  T S 1

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
Lakewood Ranch Stewardship District, SAB
4.00%, 05/01/21	$	54	$	53,928
4.25%, 05/01/26		100		104,417
4.75%, 05/01/29		270		303,912
5.30%, 05/01/39		310		357,235
5.13%, 05/01/46		375		398,227
5.45%, 05/01/48		550		630,294
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21(e)		1,080		1,131,214
Tolomato Community Development District, Refunding SAB,
Series 2015-2, 6.61%, 05/01/40(c)		310		219,737
Tolomato Community Development District, Refunding
SAB, CAB, Series A-4, Convertible, 6.61%, 05/01/40(c)		120		113,405
Tolomato Community Development District, SAB(f)(g) 3rd Series, 6.65%, 05/01/40		275		3
Series 2015-1, 6.61%, 05/01/40(c)		505		455,884
Series 2015-3, 6.61%, 05/01/40		340		3
Trout Creek Community Development District, SAB 5.00%, 05/01/28		160		177,338
5.50%, 05/01/49		570		637,345
Village Community Development District No.10, SAB, 5.13%, 05/01/43		750		782,595
West Villages Improvement District, SAB 4.75%, 05/01/39		220		242,053
5.00%, 05/01/50		450		495,387
				11,659,556
Georgia — 3.5%
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54		240		285,350
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49		1,770		2,750,899
Municipal Electric Authority of Georgia, RB 4.00%, 01/01/49		865		988,955
4.00%, 01/01/59		1,640		1,847,017
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49		320		365,542
				6,237,763
Illinois — 7.6%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35		795		889,215
Series D, 5.00%, 12/01/46		1,035		1,147,484
Series H, 5.00%, 12/01/36		935		1,108,760
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25		350		414,810
Series C, 5.00%, 12/01/27		415		516,737
Series C, 5.00%, 12/01/34		940		1,123,112
Series F, 5.00%, 12/01/22		325		350,061
City of Chicago Illinois, Refunding GO, Series A, 6.00%, 01/01/38		595		718,570
Cook County Community College District No.508, GO, 5.50%, 12/01/38		350		391,458
Illinois Finance Authority, Refunding RB, Series C, 5.00%, 02/15/41		1,500		1,811,175
Metropolitan Pier & Exposition Authority, RB
Series A, 5.50%, 06/15/53		200		231,934
Series A, 5.00%, 06/15/57		555		647,346

Security	Par (000)		Value
Illinois (continued)
Metropolitan Pier & Exposition Authority, RB, CAB, Series A, 0.00%, 12/15/52(d)	$	750	$	263,970
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, 5.00%, 06/15/52		225		250,137
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54(d)		500		162,510
State of Illinois, GO 5.00%, 05/01/27		500		554,845
5.00%, 01/01/28		1,005		1,173,358
5.00%, 03/01/37		755		786,823
Series A, 5.00%, 01/01/33		555		576,051
University of Illinois, RB, Series A, 5.00%, 04/01/44		475		536,408
				13,654,764
Indiana — 4.9%
City of Anderson Indiana, RB, 5.38%, 01/01/40		285		294,416
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		365		400,620
AMT, 7.00%, 01/01/44		885		966,438
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b)		890		892,368
Indiana Finance Authority, RB
Series A, 1st Lien, 5.25%, 10/01/38		1,285		1,326,647
Series A, AMT, 6.75%, 05/01/39		515		637,642
Series A, AMT, 5.00%, 07/01/44		160		171,842
Series A, AMT, 5.00%, 07/01/48		520		558,386
Series A, AMT, 5.25%, 01/01/51		2,190		2,363,207
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40(b)		595		617,336
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		445		485,108
				8,714,010
Iowa — 1.6%
Iowa Finance Authority, Refunding RB 5.25%, 12/01/25		660		740,810
Series B, 5.25%, 12/01/50(a)		825		924,264
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39		1,175		1,210,485
				2,875,559
Kansas — 0.6%
Kansas City Industrial Development Authority, ARB, AMT, (AGM), 4.00%, 03/01/57		975		1,115,361
Kentucky — 0.6%
Kentucky Economic Development Finance Authority, RB, Series A, 5.25%, 01/01/23(e)		460		504,666
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43(c)		565		667,039
				1,171,705
Louisiana — 1.6%
Louisiana Local Government Environmental Facilities & Community Development Auth, RB, 5.00%, 07/01/54(b)		445		458,217
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.50%, 05/15/30		280		280,571
Series A, 5.25%, 05/15/31		300		303,501
Series A, 5.25%, 05/15/32		380		399,783

2

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Louisiana (continued)
Tobacco Settlement Financing Corp., Refunding RB (continued)
Series A, 5.25%, 05/15/33	$	415	$	436,584
Series A, 5.25%, 05/15/35		945		1,030,740
				2,909,396
Maine — 0.6%
Maine Health & Higher Educational Facilities Authority, RB, 6.75%, 07/01/21(e)		970		998,809
Maryland(b) — 1.6%
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43		960		1,097,434
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55		1,480		1,687,274
				2,784,708
Massachusetts — 2.0%
Massachusetts Development Finance Agency, RB
Series A, 6.50%, 11/15/23(b)(e)		1,000		1,177,050
Series A, 5.00%, 01/01/47		860		958,865
Massachusetts Development Finance Agency, Refunding RB, Series A, 5.00%, 10/01/35		500		567,265
Massachusetts Housing Finance Agency RB, Series D-1, 2.55%, 12/01/50		195		197,738
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42		625		667,444
				3,568,362
Michigan — 2.2%
City of Detroit Michigan Sewage Disposal System Revenue, Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22(e)		1,970		2,112,667
City of Detroit Michigan, GO
5.00%, 04/01/34		140		165,624
5.00%, 04/01/35		140		165,141
5.00%, 04/01/36		95		111,800
5.00%, 04/01/37		155		181,922
5.00%, 04/01/38		70		81,949
Michigan Finance Authority, RB, Series C-1, Senior Lien, 5.00%, 07/01/22(e)		410		438,245
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48		500		602,710
				3,860,058
Minnesota — 2.1%
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		1,940		2,162,363
Series A, 5.25%, 02/15/58		655		777,321
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 5.50%, 09/01/36		690		789,602
				3,729,286
Missouri — 0.4%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43		115		122,021
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB
Series A, 4.38%, 11/15/35		330		319,776
Series A, 4.75%, 11/15/47		365		332,055
				773,852

Security	Par (000)		Value
Nebraska — 0.2%
Central Plains Energy Project, RB, 5.25%, 09/01/37	$	285	$	306,689
New Hampshire — 1.0%
New Hampshire Business Finance Authority, RB
Series A, 4.13%, 08/15/40		260		260,837
Series A, 4.25%, 08/15/46		290		290,212
Series A, 4.50%, 08/15/55		600		601,302
New Hampshire Business Finance Authority, Refunding RB(a)(b)
Series A, 3.63%, 07/01/43		230		239,135
Series B, AMT, 3.75%, 07/01/45		375		388,279
				1,779,765
New Jersey — 9.8%
Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39		475		509,628
5.25%, 11/01/44		1,160		1,238,544
New Jersey Economic Development Authority, RB
Series EEE, 5.00%, 06/15/43		195		236,096
AMT, 5.13%, 09/15/23		1,090		1,153,405
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 06/15/31		1,225		1,507,301
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31		785		828,301
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49		645		659,667
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.00%, 06/15/45		585		665,180
Series S, 5.25%, 06/15/43		2,535		3,144,591
New Jersey Transportation Trust Fund Authority, RB, CAB, Series B, 5.25%, 06/15/36		845		860,489
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48		245		282,578
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		730		918,515
Series A, 5.25%, 06/01/46		1,700		2,081,259
Sub-Series B, 5.00%, 06/01/46		2,825		3,362,852
				17,448,406
New York — 21.7%
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		910		918,235
Hudson Yards Infrastructure Corp., RB, 5.75%, 02/15/47		2,440		2,450,663
Metropolitan Transportation Authority, RB
Series B, 5.25%, 11/15/38		1,125		1,266,300
Series B, 5.25%, 11/15/39		400		450,232
Metropolitan Transportation Authority, Refunding RB, Series C-1, 4.75%, 11/15/45		985		1,191,436
New York City Housing Development Corp. RB, Series I-1, (FHA), 2.65%, 11/01/50		3,060		3,133,685
New York City Industrial Development Agency, Refunding RB, (AGM), 3.00%, 03/01/49		665		710,533
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series B-1, 4.00%, 11/01/45		5,000		5,886,550
New York Counties Tobacco Trust IV, Refunding RB
Series A, 6.25%, 06/01/41(b)		900		914,544
Series A, 5.00%, 06/01/42		1,505		1,521,209
Series A, 5.00%, 06/01/45		555		560,977

S C H E D U L E  O F  I N V E S T M E N  T S 3

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/51	$	1,000	$	1,057,200
New York Liberty Development Corp., ARB, 5.25%, 12/15/43		6,140		6,405,801
New York Liberty Development Corp., Refunding RB
5.75%, 11/15/51		2,220		2,309,755
Series 1, Class 1, 5.00%, 11/15/44(b)		2,355		2,555,646
Series 2, Class 2, 5.15%, 11/15/34(b)		160		175,509
Series 2, Class 2, 5.38%, 11/15/40(b)		395		434,579
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		565		666,796
New York State Dormitory Authority, Refunding RB, 5.00%, 12/01/33(b)		410		487,018
New York State Housing Finance Agency, RB, M/F Housing, Series L-1, (SONYMA), 2.60%, 11/01/50		1,025		1,052,398
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50		1,000		1,135,320
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		190		236,104
AMT, 5.00%, 10/01/40		535		660,222
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36		730		849,026
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42		1,635		1,783,278
				38,813,016
North Carolina — 0.1%
North Carolina Medical Care Commission, Refunding RB, Series A, 7.75%, 03/01/21(e)		260		261,581
Ohio — 4.9%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		4,470		5,210,366
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50		800		934,920
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)		400		448,192
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b)		805		871,324
State of Ohio, RB, AMT, 5.00%, 06/30/53		1,220		1,363,570
				8,828,372
Oklahoma — 2.4%
Oklahoma Development Finance Authority, RB
Series B, 5.00%, 08/15/38		1,450		1,709,188
Series B, 5.25%, 08/15/43		1,305		1,549,113
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45		925		981,425
				4,239,726
Oregon — 0.2%
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(d)		625		347,781
Pennsylvania — 2.1%
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42(b)		470		532,985
Hospitals & Higher Education Facilities Authority of Philadelphia, RB, Series A, 5.63%, 07/01/42		300		311,703
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 12/31/38		465		540,637
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		720		765,151

Security	Par (000)		Value
Pennsylvania (continued)
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44	$	805	$	947,557
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		520		607,313
				3,705,346
Puerto Rico — 6.6%
Children’s Trust Fund, RB, Series B, 0.00%, 05/15/57(d)		19,900		1,055,695
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43		820		829,963
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, Senior Lien, 5.25%, 07/01/42		1,875		1,982,662
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		1,529		1,711,242
Series A-1, Restructured, 5.00%, 07/01/58		3,066		3,481,934
Series A-2, Restructured, 4.33%, 07/01/40		923		1,020,247
Series A-2, Restructured, 4.78%, 07/01/58		1,038		1,163,245
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d)		1,914		605,302
				11,850,290
Rhode Island — 2.5%
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		515		550,046
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/40		420		483,823
Series B, 4.50%, 06/01/45		1,875		1,992,600
Series B, 5.00%, 06/01/50		1,360		1,470,459
				4,496,928
South Carolina — 3.1%
South Carolina Jobs-Economic Development Authority, RB, Series A, 5.00%, 11/15/54		165		172,174
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43		1,110		1,334,830
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		1,840		2,136,994
Series E, 5.00%, 12/01/48		420		468,712
Series E, 5.50%, 12/01/53		750		852,630
South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55		430		516,340
				5,481,680
Tennessee — 1.7%
Memphis-Shelby County Industrial Development Board, Refunding TA
Series A, 5.50%, 07/01/37		490		488,947
Series A, 5.63%, 01/01/46		570		570,570
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.25%, 10/01/58		1,430		1,674,001
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Refunding RB, Series A, 4.00%, 10/01/49		290		310,355
				3,043,873
Texas — 6.7%
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39		325		341,260
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40		285		274,295
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		125		145,948

4

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27	$	800	$	934,064
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23(e)		210		237,308
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/34(d)		3,000		1,813,380
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/37(d)		5,200		2,838,264
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b)		430		459,691
Newark Higher Education Finance Corp., RB(b)
Series A, 5.50%, 08/15/35		135		157,032
Series A, 5.75%, 08/15/45		275		318,321
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		1,890		2,197,654
Texas Municipal Gas Acquisition & Supply Corp. III Refunding RB, 5.00%, 12/15/32(h)		190		261,041
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55		1,025		1,164,646
Texas Transportation Commission, RB, CAB, 0.00%, 08/01/43(d)		2,205		882,441
				12,025,345
Vermont — 0.5%
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36		775		826,018
Virginia — 2.4%
Ballston Quarter Community Development Authority, TA
Series A, 5.00%, 03/01/26		260		264,547
Series A, 5.13%, 03/01/31		510		516,171
Norfolk Redevelopment & Housing Authority, RB
Series A, 5.00%, 01/01/34		235		255,189
Series A, 5.00%, 01/01/49		455		486,855
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47		1,025		1,036,121
Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 6.00%, 01/01/37		1,540		1,657,748
				4,216,631
Washington — 0.8%
Port of Seattle Washington, ARB, Series C, AMT, 5.00%, 04/01/40		350		402,399
Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23(e)		1,020		1,129,344
				1,531,743
Wisconsin — 4.0%
Public Finance Authority, RB 5.00%, 06/15/41(b)		165		171,897
5.00%, 01/01/42(b)		290		302,461
5.00%, 06/15/55(b)		440		447,256
5.00%, 01/01/56(b)		710		727,331
Series A, 6.25%, 10/01/31(b)		290		335,924
Series A, 5.00%, 11/15/41		95		112,849
Series A, 7.00%, 10/01/47(b)		290		335,426
Series A, 5.00%, 10/15/50(b)		530		570,773
Series A-1, 4.50%, 01/01/35(b)		600		616,578
Series A-1, 5.50%, 12/01/48(b)(f)(g)		9		3,163
Series A-1, 5.00%, 01/01/55(b)		1,290		1,338,285
Series B, 0.00%, 01/01/35(b)(d)		1,120		470,355

Security	Par (000)		Value
Wisconsin (continued)
Public Finance Authority, RB (continued) Series B, 0.00%, 01/01/60(b)(d)	$	16,025	$	1,065,823
Wisconsin Health & Educational Facilities Authority, Refunding RB
5.00%, 11/01/46		230		246,919
5.00%, 11/01/54		380		402,059
				7,147,099
Total Municipal Bonds — 123.8% (Cost: $198,964,426)				221,330,012
Municipal Bonds Transferred to Tender Option Bond Trusts(i)
California — 2.1%
City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46		2,700		3,195,018
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47		495		602,884
				3,797,902
Colorado — 1.2%
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49(j)		1,810		2,042,802
Florida — 1.5%
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45(j)		2,321		2,683,918
Georgia — 0.7%
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48		1,025		1,174,435
Idaho — 1.4%
Idaho State Building Authority, RB, Series A, 4.00%, 09/01/48		2,120		2,407,303
Illinois — 2.3%
Illinois Finance Authority, RB, Series A, (AGM), 6.00%, 08/15/41		2,340		2,407,556
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/38		1,498		1,739,998
				4,147,554
Iowa — 1.1%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46		1,815		2,012,871
Massachusetts — 5.4%
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47		2,058		2,247,767
Massachusetts School Building Authority, RB, Series B, 5.00%, 10/15/21(e)		7,113		7,357,307
				9,605,074
Michigan — 1.3%
Michigan Finance Authority, RB, 4.00%, 02/15/47		2,000		2,302,299
New Jersey — 0.8%
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, 4.25%, 12/01/50		1,338		1,395,955
New York — 4.1%
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		2,390		2,695,322

S C H E D U L E  O F   I N V E S T M E  N T S 5

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series C, 3.00%, 05/01/46	$	1,187	$	1,289,910
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60		1,725		1,967,328
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		1,215		1,451,135
				7,403,695
North Carolina — 1.5%
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25(e)		1,180		1,433,511
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48		1,088		1,183,867
				2,617,378
Pennsylvania — 2.8%
County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49(j)		2,501		2,901,405
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		1,680		2,093,414
				4,994,819
Rhode Island — 1.5%
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47		2,448		2,751,298
Texas(e) — 7.4%
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23		11,000		12,062,710
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Refunding RB, Series A, 5.00%, 11/01/21		1,170		1,212,670
				13,275,380
Virginia(j) — 2.1%
Hampton Roads Transportation Accountability Commission, RB
Series A, Senior Lien, 5.50%, 07/01/57		2,224		2,848,152
Series A, Senior Lien, 4.00%, 07/01/60		795		942,035
				3,790,187
West Virginia — 1.2%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(j)		1,891		2,185,433
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 38.4% (Cost: $63,122,150)				68,588,303
Total Long-Term Investments — 162.2% (Cost: $262,086,576)				289,918,315

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(k)(l)		1,280,280	$	1,280,536
Total Short-Term Securities — 0.7% (Cost: $1,280,536)				1,280,536
Total Investments — 162.9% (Cost: $263,367,112)				291,198,851
Other Assets Less Liabilities — 1.1%				1,864,798
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.7)%				(38,708,030	)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (42.3)%				(75,623,509	)
Net Assets Applicable to Common Shares — 100.0%			$	178,732,110

(a) Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) 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.

(d) Zero-coupon bond.

(e) 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.

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

(g) Non-income producing security.

(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 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 July 1, 2028, is $6,953,518.

(k) Affiliate of the Trust.

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

6

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock Long-Term Municipal Advantage Trust (BTA)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/21		Shares Held at 01/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	677,105	$	603,363	(a)	$	—	$	75	$	(7	)	$	1,280,536		1,280,280	$	183	$	—

^(a)  Represents net amount purchased (sold).

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		54		03/22/21	$	7,400	$	54,333
Long U.S. Treasury Bond		28		03/22/21		4,724		183,321
							$	237,654

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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); and

• 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 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 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 financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s investments and derivative financial instruments 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	$	—	$	221,330,012	$	—	$	221,330,012
Municipal Bonds Transferred to Tender Option Bond Trusts		—		68,588,303		—		68,588,303
Short-Term Securities
Money Market Funds		1,280,536		—		—		1,280,536
	$	1,280,536	$	289,918,315	$	—	$	291,198,851

S C H E D U L E  OF  I N V E S T M E N T  S 7

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock Long-Term Municipal Advantage Trust (BTA)

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	237,654	$	—	$	—	$	237,654

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of 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	$	—	$	(38,688,944	)	$	—		$	(38,688,944)
VRDP Shares at Liquidation Value		—		(76,000,000	)		—	��		(76,000,000)
	$	—	$	(114,688,944	)	$	—		$	(114,688,944)

Portfolio Abbreviation
AGM	Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
CAB	Capital Appreciation Bonds
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation Bonds
GTD	GTD Guaranteed
M/F	Multi-Family
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bond
S/F	Single-Family
SAB	Special Assessment Bonds
SONYMA	State of New York Mortgage Agency
TA	Tax Allocation

8