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

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

Security	Par (000)		Value
Municipal Bonds
Alabama — 2.4%
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42	$	1,655	$	1,893,204
Health Care Authority of the City of Huntsville, RB, Series B1, 4.00%, 06/01/45		395		467,581
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a)		1,325		1,764,132
Tuscaloosa County Industrial Development Authority, Refunding RB(b)
Series A, 4.50%, 05/01/32		167		182,007
Series A, 5.25%, 05/01/44		130		149,372
				4,456,296
Arizona — 3.7%
Arizona Industrial Development Authority, Refunding RB(b)
Series A, 5.13%, 07/01/37		360		417,193
Series A, 5.38%, 07/01/50		925		1,060,577
Series A, 5.50%, 07/01/52		855		930,129
Series G, 5.00%, 07/01/47		135		156,518
Industrial Development Authority of the City of Phoenix, RB
Series A, 5.00%, 07/01/33		870		893,029
Series A, 5.00%, 07/01/46(b)		1,255		1,402,990
Industrial Development Authority of the City of Phoenix, Refunding RB, Series A, 5.00%, 07/01/35(b)		125		140,759
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 07/01/56(b)		235		264,095
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38		375		441,536
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		725		1,034,502
				6,741,328
Arkansas(b) — 2.8%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49		925		1,040,135
Series A, AMT, 4.75%, 09/01/49		3,570		4,125,206
				5,165,341
California — 4.1%
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47		140		141,353
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		70		76,322
Series A, 5.25%, 08/15/49		175		189,189
California Public Finance Authority, RB, Series A, 6.25%, 07/01/54(b)		850		990,692
California State Public Works Board, RB, Series I, 5.00%, 11/01/38		355		391,398
CSCDA Community Improvement Authority, RB, M/F Housing(b)
3.00%, 12/01/56		460		477,600
4.00%, 12/01/56		600		666,576
Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/47		535		552,981
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61(b)(c)		830		513,380

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	$	782,377
San Marcos Unified School District, GO, CAB, Series B, 0.00%, 08/01/38(d)		3,725		2,603,775
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(e)		165		186,912
				7,572,555
Colorado — 2.9%
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47(b)		275		288,852
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49		500		548,515
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,550		1,796,450
Loretto Heights Community Authority, RB, 4.88%, 12/01/51		500		519,500
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b)		650		753,909
Table Mountain Metropolitan District, GO, Series A, 5.25%, 12/01/45		977		1,013,588
Waters’ Edge Metropolitan District No.2, GO, 5.00%, 12/01/51		500		508,225
				5,429,039
Connecticut(b) — 0.8%
Connecticut State Health & Educational Facilities Authority, RB
Series A, 5.00%, 01/01/45		160		176,931
Series A, 5.00%, 01/01/55		210		229,946
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30		860		985,981
				1,392,858
District of Columbia — 1.1%
District of Columbia, Refunding RB, Series A, 6.00%, 07/01/23(e)		260		288,857
District of Columbia, TA, 5.13%, 06/01/41		750		752,520
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49		870		1,001,196
				2,042,573
Florida — 8.2%
Brevard County Health Facilities Authority, Refunding RB(b)
4.00%, 11/15/23		100		105,492
4.00%, 11/15/29		100		110,491
4.00%, 11/15/33		625		683,100
Capital Region Community Development District, Refunding SAB
Series A-1, 5.13%, 05/01/39		210		237,298
Series A-2, 4.60%, 05/01/31		515		580,199
Capital Trust Agency, Inc., RB, Series A, 5.75%, 06/01/54(b)		450		487,233
Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61(b)(d)		25,215		3,030,339
Charlotte County Industrial Development Authority, RB(b)
AMT, 5.00%, 10/01/34		120		135,776
AMT, 5.00%, 10/01/49		560		619,987
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d)
Series A-2, 0.00%, 10/01/46		775		351,362

SCHEDULE OF INVESTMENTS 1

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

Security	Par (000)		Value
Florida (continued)
County of Osceola Florida Transportation Revenue,
Refunding RB, CAB(d) (continued)
Series A-2, 0.00%, 10/01/47	$	745	$	324,783
Series A-2, 0.00%, 10/01/48		525		220,180
Series A-2, 0.00%, 10/01/49		435		175,562
Florida Development Finance Corp., RB(b) 5.25%, 06/01/55		525		617,825
Series A, AMT, 5.00%, 08/01/29(a)		740		765,271
Series B, AMT, 7.38%, 01/01/49		625		689,056
Florida Development Finance Corp., Refunding RB, 5.00%, 06/01/51		165		191,306
Lakes of Sarasota Community Development District, SAB
Series A-1, 2.75%, 05/01/26		100		100,542
Series A-1, 3.90%, 05/01/41		285		297,500
Series B-1, 3.00%, 05/01/26		100		100,501
Series B-1, 4.13%, 05/01/41		200		208,526
Series B-1, 4.30%, 05/01/51		100		103,706
Lakewood Ranch Stewardship District, SAB 4.25%, 05/01/26		100		106,133
5.13%, 05/01/46		375		410,164
Series 1B, 4.75%, 05/01/29		270		305,905
Series 1B, 5.30%, 05/01/39		310		362,359
Series 1B, 5.45%, 05/01/48		550		640,073
Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40(c)		310		241,642
Tolomato Community Development District, Refunding SAB, CAB, Series A-4, Convertible, 6.61%, 05/01/40(c)		120		116,330
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		493,471
Series 2015-3, 6.61%, 05/01/40		340		3
Trout Creek Community Development District, SAB 5.00%, 05/01/28		160		178,030
5.50%, 05/01/49		570		642,709
Village Community Development District No.10, SAB, 5.13%, 05/01/43		735		760,813
West Villages Improvement District, SAB 4.75%, 05/01/39		220		244,682
5.00%, 05/01/50		450		499,005
				15,137,357
Georgia — 3.6%
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54		240		278,861
George L Smith II Congress Center Authority, RB, 4.00%, 01/01/54		260		303,384
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49		1,770		2,797,290
Municipal Electric Authority of Georgia, RB 4.00%, 01/01/49		865		986,965
4.00%, 01/01/59		1,640		1,869,173
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49		320		366,061
				6,601,734
Illinois — 7.3%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35		795		897,285
Series D, 5.00%, 12/01/46		1,035		1,153,323
Series H, 5.00%, 12/01/36		935		1,139,129

Security	Par (000)		Value
Illinois (continued)
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25	$	350	$	411,859
Series C, 5.00%, 12/01/27		415		515,874
Series C, 5.00%, 12/01/34		940		1,155,646
Series F, 5.00%, 12/01/22		325		344,191
City of Chicago Illinois, Refunding GO, Series A, 6.00%, 01/01/38		595		749,658
Cook County Community College District No. 508, GO, 5.50%, 12/01/38		350		382,505
Illinois Finance Authority, Refunding RB, Series C, 5.00%, 02/15/41		1,500		1,804,815
Metropolitan Pier & Exposition Authority, RB
Series A, 5.50%, 06/15/53		200		238,428
Series A, 5.00%, 06/15/57		555		666,078
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, 5.00%, 06/15/52		225		260,048
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54(d)		500		213,735
State of Illinois, GO 5.00%, 05/01/27		500		558,925
5.00%, 01/01/28		1,005		1,192,563
5.00%, 03/01/37		755		773,505
Series A, 5.00%, 01/01/33		555		564,912
University of Illinois, RB, Series A, 5.00%, 04/01/44		475		529,435
				13,551,914
Indiana — 4.8%
City of Anderson Indiana, RB, 5.38%, 01/01/40		285		298,834
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		365		403,519
AMT, 7.00%, 01/01/44		885		979,562
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b)		890		891,460
Indiana Finance Authority, RB
Series A, 1st Lien, 5.25%, 10/01/38		1,285		1,295,704
Series A, AMT, 6.75%, 05/01/39		515		692,103
Series A, AMT, 5.00%, 07/01/44		160		171,523
Series A, AMT, 5.00%, 07/01/48		520		560,066
Series A, AMT, 5.25%, 01/01/51		2,190		2,373,610
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40(b)		595		627,957
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		445		474,739
				8,769,077
Iowa — 1.6%
Iowa Finance Authority, Refunding RB 5.25%, 12/01/25		660		727,380
Series B, 5.25%, 12/01/50(a)		825		908,036
Iowa Student Loan Liquidity Corp., Refunding RB,
Series B, AMT, 3.00%, 12/01/39		1,175		1,227,170
				2,862,586
Kentucky — 0.6%
Kentucky Economic Development Finance Authority, RB, Series A, 5.25%, 01/01/23(e)		460		493,341
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43(c)		565		698,583
				1,191,924

2

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

Security	Par (000)		Value
Louisiana — 1.3%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54(b)	$	445	$	467,424
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.25%, 05/15/31		110		110,241
Series A, 5.25%, 05/15/32		380		393,680
Series A, 5.25%, 05/15/33		415		429,882
Series A, 5.25%, 05/15/35		945		1,019,579
				2,420,806
Maryland(b) — 1.5%
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43		940		1,138,396
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55		1,480		1,700,639
				2,839,035
Massachusetts — 1.7%
Massachusetts Development Finance Agency, RB
Series A, 6.50%, 11/15/23(b)(e)		1,000		1,146,330
Series A, 5.00%, 01/01/47		860		1,019,779
Massachusetts Development Finance Agency, Refunding RB
4.00%, 07/01/45		100		117,263
4.00%, 07/01/50		150		174,137
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42		610		645,978
				3,103,487
Michigan — 3.5%
City of Detroit Michigan Sewage Disposal System
Revenue, Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22(e)		1,970		2,063,023
City of Detroit Michigan, GO 5.00%, 04/01/34		140		168,706
5.00%, 04/01/35		140		168,235
5.00%, 04/01/36		95		113,869
5.00%, 04/01/37		155		185,347
5.00%, 04/01/38		70		83,487
Michigan Finance Authority, RB, Series C-1, Senior Lien, 5.00%, 07/01/22(e)		410		428,401
Michigan State Housing Development Authority, RB, M/F Housing
Series A, 2.55%, 10/01/51		1,320		1,316,436
Series A, 2.70%, 10/01/56		1,265		1,271,945
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48		500		608,835
				6,408,284
Minnesota — 1.6%
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		1,940		2,232,086
Series A, 5.25%, 02/15/58		655		813,484
				3,045,570
Missouri — 1.1%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43		115		124,617
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB
Series A, 4.38%, 11/15/35		330		337,329

Security	Par (000)		Value
Missouri (continued)
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB (continued)
Series A, 4.75%, 11/15/47	$	365	$	369,709
Kansas City Industrial Development Authority, ARB, AMT, (AGM), 4.00%, 03/01/57		975		1,127,968
				1,959,623
Nebraska — 0.2%
Central Plains Energy Project, RB, 5.25%, 09/01/37		285		299,994
New Hampshire — 1.0%
New Hampshire Business Finance Authority, RB
Series A, 4.13%, 08/15/40		260		272,763
Series A, 4.25%, 08/15/46		290		302,546
Series A, 4.50%, 08/15/55		600		629,796
New Hampshire Business Finance Authority, Refunding RB(a)(b)
Series A, 3.63%, 07/01/43		230		244,370
Series B, AMT, 3.75%, 07/01/45		375		396,596
				1,846,071
New Jersey — 9.1%
Casino Reinvestment Development Authority, Inc., Refunding RB 5.25%, 11/01/39		475		531,767
5.25%, 11/01/44		1,160		1,284,584
New Jersey Economic Development Authority, RB Series EEE, 5.00%, 06/15/43		195		242,231
AMT, 5.13%, 09/15/23		1,090		1,153,645
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 06/15/31		1,225		1,522,552
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31		785		842,211
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49		645		665,582
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.00%, 06/15/45		585		674,441
Series S, 5.25%, 06/15/43		2,535		3,225,939
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48		245		285,959
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		730		915,829
Series A, 5.25%, 06/01/46		1,700		2,087,260
Sub-Series B, 5.00%, 06/01/46		2,825		3,383,531
				16,815,531
New York — 19.7%
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		910		916,561
Hudson Yards Infrastructure Corp., RB, 5.75%, 02/15/47		2,115		2,124,517
Metropolitan Transportation Authority, RB
Series B, 5.25%, 11/15/38		1,125		1,265,805
Series B, 5.25%, 11/15/39		400		449,784
Metropolitan Transportation Authority, Refunding RB, Series C-1, 4.75%, 11/15/45		985		1,222,168
New York City Housing Development Corp., RB, M/F Housing, Series I-1, (FHA 542 (C)), 2.65%, 11/01/50		980		1,003,285
New York City Industrial Development Agency, Refunding RB, (AGM), 3.00%, 03/01/49		665		714,250
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series B-1, 4.00%, 11/01/45		5,000		5,942,950

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) July 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 IV, Refunding RB
Series A, 6.25%, 06/01/41(b)	$	900	$	912,897
Series A, 5.00%, 06/01/42		1,505		1,519,012
Series A, 5.00%, 06/01/45		555		560,139
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/51		1,000		1,067,840
New York Liberty Development Corp., ARB, 5.25%, 12/15/43		6,140		6,251,871
New York Liberty Development Corp., Refunding RB 5.75%, 11/15/51		2,220		2,252,412
Series 1, Class 1, 5.00%, 11/15/44(b)		2,355		2,602,181
Series 2, Class 2, 5.15%, 11/15/34(b)		160		180,237
Series 2, Class 2, 5.38%, 11/15/40(b)		395		446,243
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		565		673,898
New York State Dormitory Authority, Refunding RB, 5.00%, 12/01/33(b)		410		499,360
New York State Housing Finance Agency, RB, M/F
Housing, Series L-1, (SONYMA), 2.60%, 11/01/50		1,025		1,047,201
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50		1,000		1,131,540
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		190		245,991
AMT, 5.00%, 10/01/40		535		684,030
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36		730		930,407
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42		1,485		1,640,999
				36,285,578
Ohio — 4.3%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		3,455		4,054,028
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50		800		949,496
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)		400		470,788
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b)		185		188,881
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b)		805		935,161
State of Ohio, RB, AMT, 5.00%, 06/30/53		1,220		1,347,673
				7,946,027
Oklahoma — 3.9%
Oklahoma Development Finance Authority, RB 7.25%, 09/01/51(b)		2,205		2,715,392
Series B, 5.00%, 08/15/38		1,450		1,773,814
Series B, 5.25%, 08/15/43		1,305		1,612,784
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45		925		1,045,805
				7,147,795
Oregon — 0.2%
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(d)		625		358,350
Pennsylvania — 2.1%
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42(b)		470		546,445
Bucks County Industrial Development Authority, RB 4.00%, 07/01/46		100		113,834
4.00%, 07/01/51		100		112,766

Security	Par (000)		Value
Pennsylvania (continued)
Hospitals & Higher Education Facilities Authority of Philadelphia, RB, Series A, 5.63%, 07/01/42	$	300	$	311,670
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 12/31/38		465		551,895
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		720		769,586
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44		805		953,547
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		520		594,417
				3,954,160
Puerto Rico — 6.3%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(d)		9,585		641,237
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43		820		829,545
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, Senior Lien, 5.25%, 07/01/42		1,875		1,931,925
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		1,529		1,758,885
Series A-1, Restructured, 5.00%, 07/01/58		3,066		3,572,289
Series A-2, Restructured, 4.33%, 07/01/40		923		1,048,256
Series A-2, Restructured, 4.78%, 07/01/58		1,038		1,193,492
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d)		1,914		639,429
				11,615,058
Rhode Island — 2.5%
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		515		559,718
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/40		420		475,339
Series B, 4.50%, 06/01/45		1,875		2,087,606
Series B, 5.00%, 06/01/50		1,360		1,557,091
				4,679,754
South Carolina — 2.9%
South Carolina Jobs-Economic Development Authority, RB, Series A, 5.00%, 11/15/54		165		182,312
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43		1,110		1,368,286
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		1,840		2,074,894
Series E, 5.00%, 12/01/48		420		462,794
Series E, 5.50%, 12/01/53		750		829,673
South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55		430		502,790
				5,420,749
Tennessee — 1.7%
Memphis-Shelby County Industrial Development Board, Refunding TA
Series A, 5.50%, 07/01/37		490		485,928
Series A, 5.63%, 01/01/46		570		567,589
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB
Series A, 4.00%, 10/01/49		290		328,454
Series A, 5.25%, 10/01/58		1,430		1,757,427
				3,139,398
Texas — 6.7%
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b)		335		339,419

4

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

Security	Par (000)		Value
Texas (continued)
Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41	$	180	$	200,280
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39		325		351,205
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40		285		275,538
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27.		125		148,940
City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27		800		945,424
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23(e)		210		230,408
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/34(d)		3,000		1,812,660
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/37(d)		5,200		2,838,524
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b)		430		453,663
Newark Higher Education Finance Corp., RB(b)
Series A, 5.50%, 08/15/35		135		157,810
Series A, 5.75%, 08/15/45		275		321,890
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		1,890		2,228,215
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55		1,025		1,162,965
Texas Transportation Commission, RB, CAB, 0.00%, 08/01/43(d)		2,205		904,160
				12,371,101
Utah(b) — 0.1%
Utah Charter School Finance Authority, RB
Series A, 5.00%, 06/15/41		100		117,031
Series A, 5.00%, 06/15/52		125		142,338
				259,369
Vermont — 0.4%
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36		645		675,302
Virginia — 2.3%
Ballston Quarter Community Development Authority, TA
Series A, 5.00%, 03/01/26		260		265,304
Series A, 5.13%, 03/01/31		510		520,608
Norfolk Redevelopment & Housing Authority, RB
Series A, 5.00%, 01/01/34		235		255,041
Series A, 5.00%, 01/01/49		455		486,077
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47		1,025		1,041,615
Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 6.00%, 01/01/37		1,540		1,618,078
				4,186,723
Washington — 1.4%
Port of Seattle Washington, ARB, Series C, AMT, 5.00%, 04/01/40		350		395,048
Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23(e)		1,020		1,101,396

Security	Par (000)		Value
Washington (continued)
Washington State Convention Center Public Facilities District, RB, 4.00%, 07/01/58	$	380 $		444,410
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35		479		565,287
				2,506,141
Wisconsin — 4.3%
Public Finance Authority, RB 5.00%, 06/15/41(b)		165		178,726
5.00%, 01/01/42(b)		290		319,629
5.00%, 06/15/55(b)		440		461,666
5.00%, 01/01/56(b)		710		765,210
Series A, 6.25%, 10/01/31(b)		290		309,157
Series A, 5.00%, 11/15/41		95		117,798
Series A, 7.00%, 10/01/47(b)		290		308,186
Series A, 5.00%, 10/15/50(b)		530		585,099
Series A-1, 4.50%, 01/01/35(b)		600		689,586
Series A-1, 5.50%, 12/01/48(b)(f)(g)		10		3,163
Series A-1, 5.00%, 01/01/55(b)		1,290		1,486,041
Series B, 0.00%, 01/01/35(b)(d)		1,100		511,907
Series B, 0.00%, 01/01/60(b)(d)		16,025		1,481,031
Wisconsin Health & Educational Facilities Authority,
Refunding RB
5.00%, 11/01/46		230		250,440
5.00%, 11/01/54		380		410,165
				7,877,804
Total Municipal Bonds — 123.7% (Cost: $201,128,187)				228,076,292
Municipal Bonds Transferred to Tender Option Bond Trusts(h)
California — 2.1%
City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46		2,700		3,198,177
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47		495		596,851
				3,795,028
Colorado — 1.1%
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49(i)		1,810		2,089,573
Florida — 1.5%
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45(i)		2,321		2,712,419
Georgia — 0.7%
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48		1,025		1,188,405
Idaho — 1.3%
Idaho State Building Authority, RB, Series A, 4.00%, 09/01/48		2,120		2,441,477
Illinois — 2.2%
Illinois Finance Authority, RB, Series A, (AGM), 6.00%, 08/15/41		2,340		2,344,516
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/38		1,498		1,722,677
				4,067,193
Iowa — 1.1%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46		1,815		2,036,194

SCHEDULE OF INVESTMENTS 5

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

Security	Par (000)			Value
Massachusetts — 5.1%
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47	$	2,009		$	2,166,541
Massachusetts School Building Authority, RB, Series B, 5.00%, 10/15/21(e)		7,112			7,183,266
					9,349,807
Michigan — 1.3%
Michigan Finance Authority, RB, 4.00%, 02/15/47		2,000			2,334,159
New Jersey — 0.8%
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, 4.25%,12/01/50		1,338			1,445,108
New York — 4.0%
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		2,390			2,683,874
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series C, 3.00%, 05/01/46		1,187			1,289,850
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60		1,725			2,006,416
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		1,215			1,440,540
					7,420,680
North Carolina — 1.3%
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25(e)		1,180			1,407,929
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48		965			1,051,563
					2,459,492
Pennsylvania — 2.7%
County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49(i)		2,501			2,911,910
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		1,680			2,082,293
			��
					4,994,203
Rhode Island — 1.5%
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47		2,448			2,802,817
Texas(e) — 7.0%
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23		11,000			11,806,080
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Refunding RB, Series A, 5.00%, 11/01/21		1,170			1,184,274
					12,990,354
Virginia(i) — 2.0%
Hampton Roads Transportation Accountability
Commission, RB
Series A, Senior Lien, 5.50%, 07/01/57		2,224			2,789,702
Series A, Senior Lien, 4.00%, 07/01/60		795			943,260
					3,732,962

Security	Par (000)		Value
West Virginia — 1.2%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(i)	$	1,891	$	2,201,318
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 36.9% (Cost: $62,764,143)				68,061,189
Total Long-Term Investments — 160.6% (Cost: $263,892,330)				296,137,481
	Shares
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(j)(k)		427,088		427,173
Total Short-Term Securities — 0.2% (Cost: $427,173)				427,173
Total Investments — 160.8% (Cost: $264,319,503)				296,564,654
Other Assets Less Liabilities — 1.1%				2,098,113
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.9)%				(38,578,798	)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (41.0)%				(75,632,822	)
Net Assets Applicable to Common Shares — 100.0%			$	184,451,147

^(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 coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(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)  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.

(ⁱ⁾ 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

^(j)  Affiliate of the Trust.

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

6

Schedule of Investments  (unaudited) (continued) July 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 July 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 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 07/31/21		Shares Held at 07/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	133,660	$	293,513	(a)	$	—	$	—	$	—	$	427,173		427,088	$	6	$	—

^(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		62		09/21/21	$	8,341	$	(143,644)
U.S. Long Bond		56		09/21/21		9,238		(426,128)
5-Year U.S. Treasury Note		47		09/30/21		5,851		(54,635)
							$	(624,407)

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.

SCHEDULE OF INVESTMENTS 7

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

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments 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	$	—		$	228,076,292	$	—	$	228,076,292
Municipal Bonds Transferred to Tender Option Bond Trusts		—			68,061,189		—		68,061,189
Short-Term Securities
Money Market Funds		427,173			—		—		427,173
	$	427,173		$	296,137,481	$	—	$	296,564,654
Derivative Financial Instruments(a)
Liabilities
Interest Rate Contracts	$	(624,407	)	$	—	$	—	$	(624,407	)

^(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 fair value hierarchy as follows:

	Level 1	Level 2	Level 3		Total
Liabilities
TOB Trust Certificates	$—	$ (38,573,682)	$	—	$(38,573,682)
VRDP Shares at Liquidation Value	—	(76,000,000)		—	(76,000,000)
	$—	$ (114,573,682)	$	—	$ (114,573,682)

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