NPORT-EX 2 NPORT_902947182414070.htm BlackRock Long-Term Municipal Advantage Trust

Schedule of Investments  (unaudited)

January 31, 2020

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 126.2%

 

Alabama — 1.4%

 

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

   $ 1,655     $ 1,956,773  

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

    

4.50%, 05/01/32

     180       203,659  

5.25%, 05/01/44

     230       270,583  
   

 

 

  
      2,431,015  
Alaska — 0.6%  

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

     1,045       1,049,880  
   

 

 

  
Arizona — 3.8%  

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

     250       281,390  

Arizona IDA, Refunding RB,

    

Basis Schools, Inc. Projects, Series A(a): 5.13%, 07/01/37

     360       401,724  

Basis Schools, Inc. Projects, Series A(a): 5.38%, 07/01/50

     925       1,029,386  

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

     855       917,860  

City of Phoenix Arizona IDA, RB, Series A:

    

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

     870       901,363  

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

     1,255       1,362,905  

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

    

5.00%, 07/01/35

     125       137,320  

5.00%, 07/01/46

     135       144,651  

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

     375       432,818  

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

     725       1,000,986  
   

 

 

  
      6,610,403  
California — 6.2%  

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

     1,040       1,068,361  
Security   Par
(000)		     Value  
California (continued)  

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

    

5.25%, 08/15/39

   $ 70     $ 79,685  

5.25%, 08/15/49

     175       196,382  

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       746,780  

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

     2,045       2,067,863  

City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/23(b)

     165       196,972  

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

     140       140,043  

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

    

5.70%, 06/01/46

     1,000       1,010,830  

5.60%, 06/01/36

     2,000       2,021,580  

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

     535       562,627  

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

     3,725       2,352,524  

State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.00%, 11/01/38

     355       405,073  
   

 

 

  
      10,848,720  
Colorado — 1.8%  

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

     275       292,875  

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

     1,550       1,779,431  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Colorado (continued)  

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

   $ 991     $ 1,049,826  
   

 

 

  
      3,122,132  
Connecticut — 0.9%  

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

     515       567,927  

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

     860       972,961  
   

 

 

  
      1,540,888  
Delaware — 1.7%  

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

     750       775,350  

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

     2,240       2,287,622  
   

 

 

  
      3,062,972  
District of Columbia — 1.2%  

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

     260       303,909  

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

     750       786,795  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail And Capital Improvement Projects, Series B, 4.00%, 10/01/53

     870       985,658  
   

 

 

  
      2,076,362  
Florida — 8.7%  

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

    

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

     210       229,948  

Series A-2, 4.60%, 05/01/31

     515       556,823  

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

     450       483,638  

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

    

5.00%, 10/01/34

     120       134,184  

5.00%, 10/01/49

     560       610,770  
Security   Par
(000)		     Value  
Florida (continued)  

County of Escambia Health Facilities Authority, Refunding RB, Health Care Facilities Revenue
Bond(e):

    

4.00%, 08/15/50

   $ 2,325     $ 2,583,238  

(AGM), 3.00%, 08/15/50

     770       783,059  

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

     1,950       2,002,377  

County of Osceola Florida Transportation Revenue, Refunding RB, Series A-2(c):

    

0.00%, 10/01/46

     775       316,123  

0.00%, 10/01/47

     745       294,007  

0.00%, 10/01/48

     525       197,888  

0.00%, 10/01/49

     435       158,727  

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

     740       790,808  

Lakewood Ranch Stewardship District, Special Assessment Bonds, Northeast Sector Project - Phase 1B, Village of Lakewood Ranch Sector Projects:

    

4.75%, 05/01/29

     270       297,313  

5.30%, 05/01/39

     310       352,473  

5.45%, 05/01/48

     550       619,371  

Lakewood Ranch Stewardship District Special Assessment Bonds:

    

4.00%, 05/01/21

     100       101,060  

4.25%, 05/01/26

     100       105,614  

5.13%, 05/01/46

     380       408,952  

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

     1,080       1,190,192  

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

    

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

     120       107,648  

Series 2015-2, 6.61%, 05/01/40

     310       231,561  

Tolomato Community Development District(g)(h):

    

Series 1, 6.61%, 05/01/40(d)

     505       457,278  

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       620,610  

5.00%, 05/01/28

     160       174,749  

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

     780       833,984  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)  

West Villages Improvement District, Special Assessment Bonds:

    

4.75%, 05/01/39

   $ 220     $ 236,790  

5.00%, 05/01/50

     450       480,038  
   

 

 

  
      15,359,229  
Georgia — 3.0%  

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

     240       283,361  

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

     1,270       1,829,562  

Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project:

    

4.00%, 01/01/49

     865       951,085  

4.00%, 01/01/59

     1,640       1,785,173  

Municipal Electric Authority of Georgia, Refunding RB, Series A, 4.00%, 01/01/49

     320       352,195  
   

 

 

  
      5,201,376  
Illinois — 11.4%  

Chicago Board of Education, GO, Series D:

    

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

     935       1,095,212  

Project, Series C, 5.25%, 12/01/35

     795       892,515  

Chicago Board of Education, GO, Refunding:

    

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

     415       502,171  

Dedicated Revenues, 5.00%, 12/01/34

     940       1,106,230  

Dedicated Revenues, 5.00%, 12/01/22

     325       353,964  

Series C, 5.00%, 12/01/25

     350       409,587  

Chicago Board of Education, GO:

    

5.00%, 12/01/46

     290       338,172  

5.00%, 12/01/46

     745       805,248  

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

     595       747,963  

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

    

5.75%, 01/01/21(b)

     2,100       2,192,022  

5.75%, 01/01/39

     400       416,060  

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

     360       383,242  
Security   Par
(000)		     Value  
Illinois (continued)  

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

   $ 350     $ 391,632  

Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 02/15/41

     1,500       1,800,840  

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

     200       233,040  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:

    

4.00%, 06/15/50(e)

     570       627,513  

5.00%, 06/15/50(e)

     555       664,762  

Series B (AGM), 5.00%, 06/15/50

     1,790       1,813,431  

Series B-2, 5.00%, 06/15/50

     1,400       1,419,698  

Series B, 5.00%, 06/15/52

     225       253,449  

State of Illinois, GO:

    

5.00%, 05/01/27

     500       562,150  

5.00%, 01/01/28

     1,005       1,165,076  

5.00%, 03/01/37

     755       799,311  

Series A, 5.00%, 01/01/33

     555       586,208  

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

     475       534,959  
   

 

 

  
      20,094,455  
Indiana — 5.1%  

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

    

6.75%, 01/01/34

     365       424,780  

7.00%, 01/01/44

     885       1,031,273  

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

     960       986,256  

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

    

6.63%, 01/15/34

     135       151,222  

6.75%, 01/15/43

     200       221,360  

6.88%, 01/15/52

     560       618,408  

Indiana Finance Authority, RB, Series A:

    

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

     1,285       1,369,193  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Indiana (continued)  

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

   $ 160     $ 175,885  

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

     520       570,939  

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

     2,190       2,422,687  

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

     445       492,027  

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

     560       608,681  
   

 

 

  
      9,072,711  
Iowa — 0.9%  

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

    

Series B, 5.25%, 12/01/50(f)

     825       913,819  

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

     660       737,187  
   

 

 

  
      1,651,006  
Kentucky — 0.7%  

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

     460       516,773  

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

     565       643,693  
   

 

 

  
      1,160,466  
Louisiana — 2.4%  

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

    

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

     445       489,077  

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

     1,135       1,174,396  

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

    

5.50%, 05/15/30

     350       354,539  

5.25%, 05/15/31

     300       313,362  

5.25%, 05/15/32

     380       409,431  
Security   Par
(000)		     Value  
Louisiana (continued)  

5.25%, 05/15/33

   $ 415     $ 446,926  

5.25%, 05/15/35

     945       1,046,002  
   

 

 

  
      4,233,733  
Maine — 0.6%  

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

     970       1,015,086  
   

 

 

  
Maryland — 0.9%  

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

     970       985,481  

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

     645       658,507  
   

 

 

  
      1,643,988  
Massachusetts — 3.2%  

Massachusetts Development Finance Agency, RB:

    

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

     860       1,000,438  

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

     1,000       1,131,690  

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

     1,000       1,210,880  

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

     945       1,083,064  

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

     500       588,965  

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

     625       663,419  
   

 

 

  
      5,678,456  
Michigan — 2.2%  

City of Detroit Michigan, GO:

    

5.00%, 04/01/34

     140       161,136  

5.00%, 04/01/35

     140       160,796  

5.00%, 04/01/36

     95       108,906  

5.00%, 04/01/37

     155       177,376  

5.00%, 04/01/38

     70       79,965  

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

     1,970       2,153,663  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Michigan (continued)  

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

   $ 410     $ 444,161  

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

     500       601,620  
   

 

 

  
      3,887,623  
Minnesota — 2.4%  

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

    

4.25%, 02/15/48

     1,940       2,188,611  

5.25%, 02/15/58

     655       790,834  

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

     690       788,994  

Minnesota Housing Finance Agency, RB, S/F Housing, Series B (Ginnie Mae, Fannie Mae & Freddie Mac), 2.80%, 01/01/44(e)

     500       503,625  
   

 

 

  
      4,272,064  
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       92,490  

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

    

4.38%, 11/15/35

     330       363,287  

4.75%, 11/15/47

     365       402,325  

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

     115       124,930  
   

 

 

  
      983,032  
Nebraska — 0.2%  

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

     285       312,676  
   

 

 

  
New Jersey — 10.3%  

Casino Reinvestment Development Authority, Inc., Refunding RB:

    

5.25%, 11/01/39

     475       517,589  

5.25%, 11/01/44

     1,160       1,259,609  

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

     505       509,575  

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

     1,410       1,518,993  
Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey EDA, RB, School Facilities Construction, 5.00%, 06/15/44

   $ 195     $ 233,854  

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

     1,225       1,504,275  

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

     785       906,220  

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

     645       669,291  

New Jersey Transportation Trust Fund Authority, RB:

    

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

     2,535       3,056,272  

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

     585       659,933  

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

     845       884,985  

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

     245       281,302  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/35

     730       891,060  

Series A, 5.00%, 06/01/46

     1,700       1,986,450  

Sub-Series B, 5.00%, 06/01/46

     2,825       3,247,422  
   

 

 

  
      18,126,830  
New Mexico — 0.4%  

New Mexico Mortgage Finance Authority, RB, S/F Housing (Ginnie Mae, Fannie Mae & Freddie Mac), 3.00%, 07/01/50(e)

     700       706,916  
   

 

 

  
New York — 19.9%  

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

     2,830       2,987,659  

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

    

6.25%, 06/01/41(a)

     900       908,820  

5.00%, 06/01/42

     1,505       1,505,181  

5.00%, 06/01/45

     555       555,017  

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

     1,000       1,062,360  

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

     910       910,528  

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

    

5.75%, 02/15/21(b)

     4,030       4,233,354  

5.75%, 02/15/47

     2,480       2,590,509  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

Metropolitan Transportation Authority, RB, Series B:

    

5.25%, 11/15/38

   $ 1,125     $ 1,301,738  

5.25%, 11/15/39

     400       462,096  

Metropolitan Transportation Authority, Refunding RB, Green Bond, Series A-1 (AGM), 4.00%, 11/15/44

     900       1,040,634  

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

     6,140       6,632,919  

New York Liberty Development Corp., Refunding RB:

    

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

     2,355       2,586,708  

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

     160       179,155  

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

     395       443,952  

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

     2,220       2,400,686  

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

     1,000       1,141,080  

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

     730       755,127  

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

     410       488,810  

State of New York Thruway Authority, Refunding RB, Subordinate, Series B, 4.00%, 01/01/50

     1,000       1,143,340  

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

     1,690       1,778,978  
   

 

 

  
      35,108,651  
North Carolina — 0.4%  

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

     260       279,097  
Security   Par
(000)		     Value  
North Carolina (continued)  

North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System (AGM), 4.00%, 01/01/55

   $ 320     $ 361,443  
   

 

 

  
      640,540  
Ohio — 4.5%  

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

    

5.75%, 06/01/34

     2,295       2,305,121  

5.88%, 06/01/47

     1,100       1,104,862  

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

     2,650       2,687,444  

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

     400       453,796  

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

     1,220       1,374,977  
   

 

 

  
      7,926,200  
Oklahoma — 2.5%  

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

    

5.00%, 08/15/38

     1,450       1,737,086  

5.25%, 08/15/43

     1,305       1,580,068  

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

     925       1,058,320  
   

 

 

  
      4,375,474  
Oregon — 0.2%  

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

     625       334,081  
   

 

 

  
Pennsylvania — 2.1%  

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

     470       534,376  

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

     300       324,075  

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

     465       537,665  

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

     720       764,194  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System Obligation, 4.00%, 08/15/49

   $ 805     $ 923,327  

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

     520       600,444  
   

 

 

  
      3,684,081  
Puerto Rico — 6.2%  

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

     820       833,850  

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

     2,250       2,411,280  

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

    

6.00%, 07/01/38

     395       403,113  

6.00%, 07/01/44

     715       729,693  

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

    

Series A-1, 4.75%, 07/01/53

     1,608       1,779,172  

Series A-1, 5.00%, 07/01/58

     2,503       2,811,169  

Series A-2, 4.33%, 07/01/40

     750       814,275  

Series A-2, 4.78%, 07/01/58

     1,000       1,105,840  
   

 

 

  
      10,888,392  
Rhode Island — 2.3%  

Rhode Island Turnpike & Bridge Authority, RB, Series A, 4.00%, 10/01/44

     145       164,030  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/40

     420       473,273  

Series B, 4.50%, 06/01/45

     1,875       1,970,006  

Series B, 5.00%, 06/01/50

     1,360       1,466,352  
   

 

 

  
      4,073,661  
South Carolina — 3.1%  

South Carolina Jobs-Economic Development Authority, RB, The Woodlands at Furman, Series A, 5.00%, 11/15/54

     165       181,875  

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

     1,110       1,326,883  

State of South Carolina Public Service Authority, RB:

    

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

     1,840       2,088,032  

Series E, 5.00%, 12/01/48

     420       465,192  

Series E, 5.50%, 12/01/53

     750       846,577  
Security   Par
(000)		     Value  
South Carolina (continued)  

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

   $ 430     $ 498,271  
   

 

 

  
      5,406,830  
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       560,668  

5.63%, 01/01/46

     570       647,702  

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

    

4.00%, 10/01/49

     290       317,202  

5.25%, 10/01/58

     1,430       1,733,403  
   

 

 

  
      3,258,975  
Texas — 7.4%  

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

     730       765,142  

County of Brazoria Industrial Development Corp., RB, Gladieux Metals Recycling, AMT, 7.00%, 03/01/39

     325       361,143  

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       246,815  

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       2,726,360  

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

    

6.00%, 08/15/20

     105       107,806  

6.00%, 08/15/20

     1,285       1,319,335  

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

     3,000       1,938,690  

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

     430       465,707  

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

    

5.50%, 08/15/35

     135       155,604  

5.75%, 08/15/45

     275       315,950  

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

     1,890       2,145,868  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

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

    

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

   $ 1,025     $ 1,173,051  

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

     500       512,545  

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

     2,205       824,384  
   

 

 

  
      13,058,400  
Virginia — 2.8%  

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

    

5.00%, 03/01/26

     260       282,295  

5.13%, 03/01/31

     510       572,664  

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

    

5.00%, 01/01/34

     235       261,560  

4.38%, 01/01/39

     345       374,960  

5.00%, 01/01/49

     455       494,844  

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

     1,025       1,032,728  

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

     240       258,398  

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

     1,540       1,702,424  
   

 

 

  
      4,979,873  
Washington — 0.9%  

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

     350       400,568  

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

     1,020       1,149,418  
   

 

 

  
      1,549,986  
Wisconsin — 1.5%  

Public Finance Authority, RB(a):

    

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

     290       327,575  

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

     290       326,059  

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

     10       9,635  

Public Finance Authority, Refunding RB, Wingate University, Series A, 5.25%, 10/01/48

     695       806,172  
Security   Par
(000)		     Value  
Wisconsin (continued)  

Wisconsin Health & Educational Facilities Authority, RB, ST. Camillus Health System:

    

5.00%, 11/01/39

   $ 210     $ 229,574  

5.00%, 11/01/46

     230       248,865  

5.00%, 11/01/54

     380       410,803  

Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 3.38%, 05/01/57

     340       351,543  
   

 

 

  
      2,710,226  
   

 

 

  

Total Municipal Bonds — 126.2%
(Cost — $202,446,214)

 

     222,137,389  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond
Trusts(i) — 40.0%

 

California — 2.2%

 

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

     2,700       3,211,947  

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

     495       597,870  
   

 

 

  
      3,809,817  
Colorado — 1.1%  

Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A,
4.00%, 08/01/49(j)

     1,810       2,008,485  
   

 

 

  
Georgia — 0.6%  

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

     1,025       1,127,295  
   

 

 

  
Idaho — 1.4%  

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

     2,120       2,365,263  
   

 

 

  
Illinois — 2.4%  

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

     2,340       2,512,528  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

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

   $ 1,498     $ 1,745,438  
   

 

 

  
      4,257,966  
Iowa — 1.8%  

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

     1,815       1,959,891  

Iowa Student Loan Liquidity Corp., Refunding RB, Senior Series B, AMT, 3.00%, 12/01/39

     1,170       1,191,411  
   

 

 

  
      3,151,302  
Massachusetts — 5.6%  

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

     2,058       2,232,630  

Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/21(b)

     7,113       7,612,359  
   

 

 

  
      9,844,989  
Michigan — 1.3%  

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

     2,000       2,268,999  
   

 

 

  
New York — 5.6%  

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

     2,390       2,667,097  

City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series B-1, 4.00%, 11/01/47

     5,000       5,776,023  

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

     1,215       1,466,177  
   

 

 

  
      9,909,297  
North Carolina — 1.5%  

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

     1,180       1,405,227  

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

     1,180       1,288,759  
   

 

 

  
      2,693,986  
Pennsylvania — 2.8%  

County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, 4.00%, 07/01/49(j)

     2,501       2,808,251  
Security   Par
(000)		     Value  
Pennsylvania (continued)  

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

   $ 1,680     $ 2,060,873  
   

 

 

  
      4,869,124  
Rhode Island — 1.5%  

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

     2,447       2,712,849  
   

 

 

  
Texas — 7.7%  

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

     11,000       12,225,790  

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

     1,170       1,246,132  
   

 

 

  
      13,471,922  
Virginia — 3.3%  

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

     2,224       2,783,563  

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

     2,949       2,978,183  
   

 

 

  
      5,761,746  
West Virginia — 1.2%  

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

     1,891       2,128,984  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 40.0%
(Cost — $65,634,747)

 

     70,382,024  
   

 

 

  

Total Long-Term Investments — 166.2%
(Cost — $268,080,961)

 

     292,519,413  
   

 

 

  
     Shares         
Short-Term Securities — 1.6%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.81%(k)(l)

     2,911,779       2,912,361  
   

 

 

  

Total Short-Term Securities — 1.6%
(Cost — $2,912,361)

 

     2,912,361  
   

 

 

  

Total Investments — 167.8%
(Cost — $270,993,322)

 

     295,431,774  

Liabilities in Excess of Other Assets — (2.1)%

 

     (3,792,663 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (22.7)%

 

     (40,020,934 ) 

VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs — (43.0)%

 

     (75,608,409 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 176,009,768  
 

 

 

  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

(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) 

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.

(e) 

When-issued security.

(f) 

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.

(g) 

Issuer filed for bankruptcy and/or is in default.

(h) 

Non-income producing security.

(i) 

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

(j) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between January 1, 2026 to August 1, 2027 is $5,199,468.

(k) 

Annualized 7-day yield as of period end.

(l) 

During the period ended January 31, 2020, 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
01/31/20		      Value at
01/31/20		      Income     

Net

Realized
Gain (Loss) (a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      393,555        2,518,224        2,911,779      $ 2,912,361      $ 5,947      $ 82      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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
HFA    Housing Finance Agency
IDA    Industrial Development Authority
LRB    Lease Revenue Bonds
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
SAN    State Aid Notes
S/F    Single-Family

 

 

10   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

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          03/20/20        $ 1,448        $ (24,875 ) 

U.S. Treasury Long Bond

      82          03/20/20          13,410          (382,543 ) 

5-Year U.S. Treasury Note

      11          03/31/20          1,324          (13,052 ) 
                 

 

 

  
                  $ (420,470 ) 
                 

 

 

  

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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) 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 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 semi-annual report.

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

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

    $ —        $ 292,519,413        $             —        $ 292,519,413  

Short-Term Securities

     2,912,361          —          —          2,912,361  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 2,912,361        $ 292,519,413        $ —        $ 295,431,774  

Derivative Financial Instruments(b)

                  

Liabilities:

                 

Interest Rate Contracts

   $ (420,470 )       $ —        $ —        $ (420,470 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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.

 

 

 

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Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

Fair Value Hierarchy as of Period End (continued)

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

   $             —        $ (39,873,548 )       $             —        $ (39,873,548 ) 

VRDP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (115,873,548 )       $ —        $ (115,873,548 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

12