NPORT-EX 1 NPORT_11108884959826379.htm BlackRock Long-Term Municipal Advantage Trust

Schedule of Investments  (unaudited)

July 31, 2019

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 131.1%

    

Alabama — 1.4%

    

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

   $ 1,655     $ 1,954,191  

County of Tuscaloosa IDA, Refunding RB, Hunt Refining Project, Series A(a):

    

4.50%, 05/01/32

     180       195,408  

5.25%, 05/01/44

     230       255,155  
   

 

 

  
      2,404,754  
Alaska — 0.6%            

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

     1,045       1,045,000  
   

 

 

  
Arizona — 4.2%            

Arizona IDA, RB:

    

Doral Academy of Neveda — Fire Mesa & Red Rock Campus Projects, Series A, 5.00%, 07/15/39(a)

     250       275,503  

Great Lakes Senior Living Communities LLC Project Second Tier, Series B, 5.13%, 01/01/54

     280       301,221  

Great Lakes Senior Living Communities LLC Project, Series A, 4.50%, 01/01/49

     500       525,080  

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

    

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

     360       392,310  

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

     925       999,814  

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

     855       818,201  

City of Phoenix Arizona IDA, RB, Series A:

    

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

     870       899,772  

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

     1,255       1,336,713  

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

    

5.00%, 07/01/35

     125       134,601  

5.00%, 07/01/46

     135       141,222  

County of Maricopa IDA, Refunding RB, Honorhealth, Series A, 4.13%, 09/01/38

     375       419,261  
Security   Par
(000)		     Value  
Arizona (continued)            

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

   $ 725     $ 949,554  
   

 

 

  
      7,193,252  
California — 8.3%            

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(b)

     1,040       1,093,934  

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

    

5.25%, 08/15/39

     70       78,608  

5.25%, 08/15/49

     175       194,016  

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

     1,265       727,033  

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior, Series A, 5.00%, 05/15/40

     2,045       2,100,011  

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

     165       193,913  

County of California Tobacco Securitization Agency, Refunding RB, Golden Gate Tobacco Funding Corp., Series A, 5.00%, 06/01/47

     140       140,021  

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

    

5.60%, 06/01/36

     2,000       2,021,620  

5.70%, 06/01/46

     1,000       1,010,860  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/47

     535       541,013  

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

     3,725       2,112,373  

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

    

Series I, 5.00%, 11/01/38

     355       402,858  

Sub-Series I-1, 6.38%, 11/01/19(b)

     400       405,236  

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

    

5.00%, 06/01/37

     2,150       2,173,112  
 

 

 

        1  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
California (continued)  

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

     

5.13%, 06/01/46

   $ 1,005      $ 1,006,347  
    

 

 

  
       14,200,955  
Colorado — 4.7%  

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

     275        289,091  

Colorado Health Facilities Authority, Refunding RB:

     

Catholic Health Initiatives, Series B-1,
4.00%, 11/09/22(b)

     840        916,104  

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

     3,940        3,991,969  

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

     1,550        1,789,831  

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

     1,000        1,056,450  
    

 

 

  
       8,043,445  
Connecticut — 0.9%  

Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Sub-Series B-1, 4.00%, 05/15/45

     515        543,984  

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

     860        961,678  
    

 

 

  
       1,505,662  
Delaware — 1.8%  

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

     750        783,225  

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

     2,240        2,304,266  
    

 

 

  
       3,087,491  
District of Columbia — 1.3%  

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

     260        307,510  

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

     750        790,125  
Security   Par
(000)		      Value  
District of Columbia (continued)  

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

     

5.00%, 10/01/39

   $ 170      $ 171,074  

5.25%, 10/01/44

     1,000        1,006,730  
    

 

 

  
       2,275,439  
Florida — 6.4%  

Capital Region Community Development District, Refunding, Special Assessment, Capital Improvement:

     

Revenue Bond, Series A-1, 5.13%, 05/01/39

     210        222,216  

Series A-2, 4.60%, 05/01/31

     515        538,000  

Capital Trust Agency, Inc., RB, Paragon Academy of Technology and Sunshine, Series A, 5.75%, 06/01/54(a)

     450        464,814  

County of Charlotte Florida IDA, RB, Town & Country Utilities Project, AMT(a):

     

5.00%, 10/01/34

     120        131,590  

5.00%, 10/01/49

     560        598,730  

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

     1,950        2,037,652  

Florida Development Finance Corp., RB, Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT, 5.00%, 08/01/29(a)(d)

     740        781,706  

Lakewood Ranch Stewardship District, Special Assessment Bonds, Northeast Sector Project — Phase 1B, Village of Lakewood Ranch Sector Projects(a):

     

4.75%, 05/01/29

     270        291,735  

5.30%, 05/01/39

     310        339,186  

5.45%, 05/01/48

     550        599,703  

Lakewood Ranch Stewardship District Special Assessment Bonds:

     

4.00%, 05/01/21

     100        101,381  

4.25%, 05/01/26

     100        104,646  

5.13%, 05/01/46

     385        405,055  

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

     1,080        1,220,681  

Tolomato Community Development District, Refunding, Special Assessment Bonds,(e):

     

Convertible CAB, Series A4, 6.61%, 05/01/40

     120        103,459  

Series 2015-2, 6.61%, 05/01/40

     310        226,880  
 

 

 

2      

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Florida (continued)  

Tolomato Community Development District,(f)(g):

 

   

Series 1, 6.61%, 05/01/40(e)

   $ 505      $ 436,285  

Series 3, 6.61%, 05/01/40

     340        3  

Series 3, 6.65%, 05/01/40

     275        3  

Trout Creek Community Development District, Special Assessment Bonds:

     

5.50%, 05/01/49

     570        606,229  

5.00%, 05/01/28

     160        172,578  

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

     785        842,509  

West Villages Improvement District, Special Assessment Bonds:

     

4.75%, 05/01/39

     220        226,395  

5.00%, 05/01/50

     450        464,796  
    

 

 

  
       10,916,232  
Georgia — 3.0%  

Brookhaven Development Authority, RB, Children’s Healthcare of Atlanta,
Series A(h):

     

3.00%, 07/01/46

     1,365        1,346,190  

4.00%, 07/01/49

     1,680        1,843,094  

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

     240        278,285  

Main Street Natural Gas, Inc., RB,
Series A, 5.00%, 05/15/49

     1,270        1,714,818  
    

 

 

  
       5,182,387  
Guam — 0.0%  

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

     45        45,574  
    

 

 

  
Illinois — 11.1%  

Chicago Board of Education, GO, Series D:

 

   

Dedicated Revenues, Series H, 5.00%, 12/01/36

     935        1,035,410  

Project, Series C, 5.25%, 12/01/35

     795        863,465  

Chicago Board of Education, GO, Refunding:

     

Dedicated Revenues, Series C,
5.00%, 12/01/27

     415        481,749  

Dedicated Revenues, Series C,
5.00%, 12/01/34

     940        1,048,382  

Dedicated Revenues, Series F,
5.00%, 12/01/22

     325        349,642  

Series C, 5.00%, 12/01/25

     350        395,675  

Chicago Board of Education, GO:

     

5.00%, 12/01/46

     290        320,183  

5.00%, 12/01/46

     745        783,218  
Security   Par
(000)		      Value  
Illinois (continued)  

City of Chicago Illinois, GO, Refunding, Series A, 6.00%, 01/01/38

   $ 595      $ 695,936  

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

     

5.75%, 01/01/21(b)

     2,100        2,236,143  

5.75%, 01/01/39

     400        421,456  

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

     360        383,562  

County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38

     350        381,335  

Illinois Finance Authority, Refunding RB:

     

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

     550        555,940  

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

     1,500        1,777,965  

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

     200        225,120  

Metropolitan Pier & Exposition Authority, Refunding RB:

     

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

     1,790        1,841,606  

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

     1,400        1,420,594  

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

     225        242,701  

State of Illinois, GO:

     

5.00%, 05/01/27

     500        546,590  

5.00%, 01/01/28

     1,005        1,114,063  

5.00%, 03/01/37

     755        786,181  

Series A, 5.00%, 01/01/33

     555        579,514  

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

     475        533,202  
    

 

 

  
       19,019,632  
Indiana — 5.5%  

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

     

6.75%, 01/01/34

     365        423,287  

7.00%, 01/01/44

     885        1,018,529  
 

 

 

        3  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Indiana (continued)  

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

   $ 1,025     $ 1,054,694  

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

    

6.63%, 01/15/34

     135       149,314  

6.75%, 01/15/43

     200       219,098  

6.88%, 01/15/52

     560       612,315  

Indiana Finance Authority, RB, Series A:

    

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

     1,285       1,375,181  

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

     160       173,944  

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

     520       563,342  

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

     2,190       2,392,707  

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

     290       292,874  

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

     445       490,248  

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

     560       597,111  
   

 

 

  
      9,362,644  
Iowa — 1.0%  

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

    

Series B, 5.25%, 12/01/50(d)

     825       905,074  

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

     660       723,076  

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

     70       72,089  
   

 

 

  
      1,700,239  
Kentucky — 0.6%  

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(b)

     460       522,629  
Security   Par
(000)		     Value  
Kentucky (continued)  

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43(e)

   $ 565     $ 595,702  
   

 

 

  
      1,118,331  
Louisiana — 2.5%  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB:

    

S/F Housing, University of Louisiana Monroe Project, 5.00%, 07/01/54(a)

     445       474,726  

Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35

     1,135       1,198,027  

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

    

5.50%, 05/15/30

     350       359,534  

5.25%, 05/15/31

     300       316,572  

5.25%, 05/15/32

     380       411,415  

5.25%, 05/15/33

     415       448,839  

5.25%, 05/15/35

     945       1,040,832  
   

 

 

  
      4,249,945  
Maine — 0.6%  

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

     970       1,039,268  
   

 

 

  
Maryland — 1.0%  

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

     970       1,007,132  

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

     645       664,027  
   

 

 

  
      1,671,159  
Massachusetts — 3.3%  

Massachusetts Development Finance Agency, RB:

    

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

     860       980,374  

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

     1,000       1,115,060  

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

     1,000       1,224,210  

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

     945       1,056,841  
 

 

 

4      

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

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, Emmanuel College Issue, Series A, 5.00%, 10/01/35

   $ 500     $ 572,905  

Massachusetts HFA, Refunding RB, Series A, AMT, 4.45%, 12/01/42

     645       666,833  
   

 

 

  
      5,616,223  
Michigan — 2.2%  

City of Detroit Michigan, GO:

    

5.00%, 04/01/34

     140       154,027  

5.00%, 04/01/35

     140       153,303  

5.00%, 04/01/36

     95       103,608  

5.00%, 04/01/37

     155       168,356  

5.00%, 04/01/38

     70       75,715  

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

     1,970       2,155,042  

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

     410       443,481  

Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48

     500       582,180  
   

 

 

  
      3,835,712  
Minnesota — 2.2%  

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

     180       192,137  

Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A:

    

4.25%, 02/15/48

     1,940       2,107,558  

5.25%, 02/15/58

     655       775,134  

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

     690       754,080  
   

 

 

  
      3,828,909  
Missouri — 0.6%  

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

     85       92,822  

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

    

4.38%, 11/15/35

     330       355,502  
Security   Par
(000)		     Value  
Missouri (continued)  

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

    

4.75%, 11/15/47

   $ 365     $ 387,327  

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

     115       124,025  
   

 

 

  
      959,676  
Nebraska — 0.2%  

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

     285       313,862  
   

 

 

  
New Jersey — 10.2%  

Casino Reinvestment Development Authority, Refunding RB:

    

5.25%, 11/01/39

     475       517,959  

5.25%, 11/01/44

     1,160       1,265,003  

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

     505       512,176  

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

     1,410       1,533,304  

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

     1,225       1,459,502  

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

     785       914,949  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49

     645       652,527  

New Jersey Transportation Trust Fund Authority, RB,:

    

Transportation Program Bonds, Series S, 5.25%, 06/15/43

     2,535       2,943,617  

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

     585       645,670  

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

     845       889,701  

New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48

     245       270,799  

Tobacco Settlement Financing Corp., Refunding RB, Series A:

    

5.00%, 06/01/35

     730       860,874  

5.00%, 06/01/46

     1,700       1,901,535  
 

 

 

        5  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Sub-Series B, 5.00%, 06/01/46

   $ 2,825     $ 3,058,034  
   

 

 

  
      17,425,650  
New York — 19.8%  

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

     2,830       3,024,449  

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

    

6.25%, 06/01/41(a)

     900       919,692  

5.00%, 06/01/42

     1,505       1,505,000  

5.00%, 06/01/45

     555       554,983  

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

     1,000       1,059,070  

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

     410       410,021  

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

     910       910,282  

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

    

5.75%, 02/15/21(b)

     4,030       4,321,087  

5.75%, 02/15/47

     2,480       2,620,021  

Metropolitan Transportation Authority, RB, Series B:

    

5.25%, 11/15/38

     1,125       1,292,996  

5.25%, 11/15/39

     400       458,852  

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

     6,140       6,677,189  

New York Liberty Development Corp.,
Refunding RB:

    

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

     420       427,367  

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

     2,355       2,582,752  

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

     160       177,584  

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

     395       442,321  

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

     2,220       2,423,441  
Security   Par
(000)		     Value  
New York (continued)  

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

   $ 1,000     $ 1,116,290  

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

     730       765,631  

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

     410       479,228  

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

     1,690       1,729,597  
   

 

 

  
      33,897,853  
North Carolina — 0.2%  

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

     260       287,001  
   

 

 

  
Ohio — 5.2%  

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

    

5.75%, 06/01/34

     2,295       2,282,469  

5.88%, 06/01/47

     1,100       1,081,245  

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

     2,650       2,739,703  

Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a)

     400       429,544  

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

     1,220       1,338,645  
 

 

 

6      

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Ohio (continued)  

State of Ohio Higher Educational Facility Commission, Refunding RB, Ohio Wesleyan University, 4.00%, 10/01/49(h)

   $ 1,015     $ 1,093,043  
   

 

 

  
      8,964,649  
Oklahoma — 2.5%  

Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B:

    

5.00%, 08/15/38

     1,450       1,668,138  

5.25%, 08/15/43

     1,305       1,522,269  

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

     925       1,040,551  
   

 

 

  
      4,230,958  
Oregon — 0.2%  

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

     625       304,037  
   

 

 

  
Pennsylvania — 2.3%  

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

     470       517,212  

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

     300       322,818  

Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38

     465       528,286  

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

     720       768,391  

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

     1,190       1,265,398  

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

     520       593,596  
   

 

 

  
      3,995,701  
Puerto Rico — 5.6%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43

     820       833,751  
Security   Par
(000)		     Value  
Puerto Rico (continued)  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:

    

6.00%, 07/01/38

   $ 395     $ 399,215  

6.00%, 07/01/44

     715       722,150  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A, 5.25%, 07/01/42

     2,250       2,278,102  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructure:

    

Series A-1, 4.50%, 07/01/34

     15       15,471  

Series A-1, 4.75%, 07/01/53

     1,374       1,339,128  

Series A-1, 5.00%, 07/01/58

     2,364       2,359,059  

Series A-2, 4.55%, 07/01/40

     750       720,435  

Series A-2, 5.00%, 07/01/58

     1,000       959,790  
   

 

 

  
      9,627,101  
Rhode Island — 2.2%  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/40

     420       460,156  

Series B, 4.50%, 06/01/45

     1,875       1,919,288  

Series B, 5.00%, 06/01/50

     1,360       1,422,764  
   

 

 

  
      3,802,208  
South Carolina — 3.0%  

State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A,
5.00%, 05/01/43

     1,110       1,311,376  

State of South Carolina Public Service Authority, RB:

    

Santee Cooper, Series A, 5.50%, 12/01/54

     1,840       2,074,747  

Series E, 5.00%, 12/01/48

     420       462,668  

Series E, 5.50%, 12/01/53

     750       832,658  

State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55

     430       493,223  
   

 

 

  
      5,174,672  
Tennessee — 1.8%  

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

    

5.50%, 07/01/37

     490       545,125  

5.63%, 01/01/46

     570       628,596  
 

 

 

        7  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Tennessee (continued)  

County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project,
Series A:

    

4.00%, 10/01/49

   $ 290     $ 302,377  

5.25%, 10/01/58

     1,430       1,697,253  
   

 

 

  
      3,173,351  
Texas — 8.0%  

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

     730       780,618  

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

     210       250,536  

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

     5,200       2,594,696  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare(b):

    

6.00%, 08/15/20

     105       110,191  

6.00%, 08/15/20

     1,285       1,348,531  

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

     3,000       1,805,820  

Mission EDC, Refunding RB, Senior Lien, NatGasoline Project, AMT, 4.63%, 10/01/31(a)

     430       461,089  

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

    

5.50%, 08/15/35

     135       149,203  

5.75%, 08/15/45

     275       303,663  

North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49

     1,890       2,074,937  

Texas Private Activity Bond Surface Transportation Corp., RB:

    

Segment 3C Project, AMT, 5.00%, 06/30/58(h)

     1,205       1,391,028  

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

     1,025       1,128,238  

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

     500       524,250  
Security   Par
(000)		     Value  
Texas (continued)  

Texas Transportation Commission, RB, First Tier Toll Revenue, 0.00%, 08/01/43(c)

   $ 2,205     $ 765,488  
   

 

 

  
      13,688,288  
Utah — 1.1%  

City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19(b)

     1,815       1,817,523  
   

 

 

  
Virginia — 3.5%  

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

    

5.00%, 03/01/26

     260       277,932  

5.13%, 03/01/31

     510       556,058  

Norfolk Redevelopment & Housing Authority, RB, Fort Norfolk Retirement Community, Inc. — Harbor’s Edge Project, Series A:

    

5.00%, 01/01/34

     235       256,684  

4.38%, 01/01/39

     345       365,510  

5.00%, 01/01/49

     455       486,686  

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

     1,025       1,012,741  

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

     240       255,658  

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

     1,000       1,002,950  

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 01/01/37

     1,540       1,701,546  
   

 

 

  
      5,915,765  
Washington — 0.9%  

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

     350       396,459  

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

     1,020       1,152,692  
   

 

 

  
      1,549,151  
Wisconsin — 1.2%  

Public Finance Authority, RB,(a):

    

Alabama Proton Therapy Center, Series A,
6.25%, 10/01/31

     290       324,809  

Alabama Proton Therapy Center, Series A,
7.00%, 10/01/47

     290       323,109  

Minnesota College of Osteopathic Medicine, Series A-1, 5.50%, 12/01/48

     315       344,235  
 

 

 

8      

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Wisconsin (continued)  

Public Finance Authority, Refunding RB:

    

Celanese Project, Series D, 4.05%, 11/01/30

   $ 200     $ 212,194  

Wingate University, Series A, 5.25%, 10/01/48

     695       780,534  
   

 

 

  
      1,984,881  

Total Municipal Bonds — 131.1%
(Cost — $208,490,939)

 

     224,454,580  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(i)

 

California — 2.5%

 

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

     2,700       3,125,250  

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

     495       592,495  

San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19(b)

     553       553,517  
   

 

 

  
      4,271,262  
Colorado — 0.4%  

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

     740       741,302  
   

 

 

  
Georgia — 0.6%  

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

     1,025       1,098,390  
   

 

 

  
Idaho — 1.3%  

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

     2,120       2,319,640  
   

 

 

  
Illinois — 2.5%  

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

     2,340       2,537,215  
Security   Par
(000)		     Value  
Illinois (continued)  

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

   $ 1,498     $ 1,712,293  
   

 

 

  
      4,249,508  
Iowa — 1.1%  

Iowa Finance Authority, Refunding RB, UnityPoint Health, Series E, 4.00%, 08/15/46

     1,815       1,912,175  
   

 

 

  
Massachusetts — 5.8%  

Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47

     2,130       2,255,947  

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

     7,112       7,669,685  
   

 

 

  
      9,925,632  
Michigan — 1.3%  

Michigan Finance Authority, RB, Multi Model- McLaren Health Care, 4.00%, 02/15/47

     2,000       2,163,240  
   

 

 

  
New York — 2.4%  

City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38

     2,390       2,621,591  

Port Authority of New York & New Jersey, Refunding ARB, Series194th, 5.25%, 10/15/55

     1,215       1,441,452  
   

 

 

  
      4,063,043  
North Carolina — 1.6%  

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

     1,180       1,374,676  
 

 

 

        9  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
North Carolina (continued)  

North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 01/01/48

   $ 1,232     $ 1,287,486  
   

 

 

  
      2,662,162  
Pennsylvania — 1.2%  

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

     1,680       2,003,215  
   

 

 

  
Rhode Island — 1.5%  

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

     2,447       2,610,178  
   

 

 

  
Texas — 8.3%  

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

     11,000       12,078,316  

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

    

5.00%, 08/15/19(b)

     522       523,575  

5.00%, 08/15/38

     400       400,489  

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

     1,170       1,250,426  
   

 

 

  
      14,252,806  
Virginia — 3.4%  

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

     2,224       2,740,660  
Security   Par
(000)		     Value  
Virginia (continued)  

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

   $ 2,949     $ 3,016,257  
   

 

 

  
      5,756,917  
West Virginia — 1.2%  

Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(j)

     1,891       2,032,502  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 35.1%
(Cost — $56,702,259)

 

     60,061,972  
   

 

 

  

Total Long-Term Investments — 166.2%
(Cost — $265,193,198)

 

     284,516,552  
   

 

 

  
     Shares         
Short-Term Securities — 0.2%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.27%(k)(l)

     394,853       394,931  
   

 

 

  

Total Short-Term Securities — 0.2%
(Cost — $394,931)

 

     394,931  
   

 

 

  

Total Investments — 166.4%
(Cost — $265,588,129)

 

     284,911,483  

Liabilities in Excess of Other Assets — (1.9)%

 

     (3,263,358 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.3)%

 

     (34,823,139 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (44.2)%

 

     (75,600,599 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 171,224,387  
   

 

 

  
 
(a) 

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

(b) 

U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

(c) 

Zero-coupon bond.

(d) 

Variable 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.

(e) 

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(f) 

Non-income producing security.

(g) 

Issuer filed for bankruptcy and/or is in default.

(h) 

When-issued security.

(i) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

(j) 

All or a portion of 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, 2034, is $3,637,279.

(k) 

Annualized 7-day yield as of period end.

 

 

10      

Schedule of Investments  (unaudited) (continued)

July 31, 2019

    BlackRock Long-Term Municipal Advantage Trust (BTA)

 

 

(l) 

During the period ended July 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows

 

Affiliate   Shares
Held at
04/30/19		      Net
Activity		      Shares
Held at
07/31/19		      Value at
07/31/19		      Income      Net
Realized
Gain
(Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

     393,555        1,298        394,853      $ 394,931      $ 1,967      $ 350      $ —  
          

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a)

Includes net capital gain distributions, if applicable.

 

 

Portfolio Abbreviations
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
EDA    Economic Development Authority
EDC    Economic Development Corp.
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
GTD    Guaranteed
HDA    Housing Development Authority
HFA    Housing Finance Agency
IDA    Industrial Development Authority
LRB    Lease Revenue Bonds
NPFGC    National Public Finance Guarantee Corp.
OTC    Over-the-Counter
RB    Revenue Bonds
SAN    State Aid Notes
S/F    Single-Family
 

 

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

      11          09/19/19        $ 1,402        $ (10,896 ) 

Long U.S. Treasury Bond

      63          09/19/19          9,802          (133,326 ) 

5-Year U.S. Treasury Note

      15          09/30/19          1,763          1,955  
                 

 

 

  
                  $ (142,267 ) 
                 

 

 

  

 

 

        11  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

    BlackRock Long-Term Municipal Advantage Trust (BTA)

 

Fair Value Hierarchy as of Period End

 

•  

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

 

  •  

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Long-Term Investments(a)

    $ —        $ 284,516,552        $ —        $ 284,516,552  

Short-Term Securities

     394,931          —          —          394,931  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 394,931        $ 284,516,552        $          $ 284,911,483  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

 

Assets:

 

Interest rate contracts

   $ 1,955        $ —        $ —        $ 1,955  

Liabilities:

 

Interest rate contracts

     (144,222 )         —          —          (144,222 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ (142,267 )       $ —        $ —        $ (142,267 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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

 
  (b) 

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

   $ —        $ (34,699,733 )       $ —        $ (34,699,733 ) 

VRDP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (110,699,733 )       $ —        $ (110,699,733 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

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