October 31, 2024 
2024 Quarterly Report
(Unaudited)
 
BlackRock Long-Term Municipal Advantage Trust (BTA)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
October 31, 2024
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 3.8%
County of Jefferson Alabama Sewer Revenue, Refunding
RB, 5.25%, 10/01/49
$
320
$ 341,056
Energy Southeast A Cooperative District, RB, Series B,
5.25%, 07/01/54(a)
 
285
307,134
Hoover Industrial Development Board, RB, AMT,
Sustainability Bonds, 6.38%, 11/01/50(a)
 
1,040
1,151,040
Mobile County Industrial Development Authority, RB,
Series A, AMT, 5.00%, 06/01/54
 
1,620
1,645,257
Southeast Energy Authority A Cooperative District, RB(a)
 
Series A, 4.00%, 11/01/51
 
1,300
1,308,406
Series A-1, 5.50%, 01/01/53
 
470
503,212
Tuscaloosa County Industrial Development Authority,
Refunding RB, Series A, 5.25%, 05/01/44(b)
 
160
161,574
 
 
5,417,679
Arizona — 5.0%
Arizona Industrial Development Authority, Refunding RB(b)
 
Series A, 5.13%, 07/01/37
 
360
360,749
Series A, 5.38%, 07/01/50
 
925
913,586
Series A, 5.50%, 07/01/52
 
855
837,525
Series G, 5.00%, 07/01/47
 
135
127,774
Industrial Development Authority of the City of Phoenix
Arizona, RB, Series A, 5.00%, 07/01/46(b)
 
1,255
1,256,825
Industrial Development Authority of the County of Pima,
Refunding RB(b)
 
4.00%, 06/15/51
 
955
800,571
5.00%, 07/01/56
 
230
216,937
Maricopa County Industrial Development Authority, RB,
AMT, 4.00%, 10/15/47(b)
 
735
650,832
Maricopa County Industrial Development Authority,
Refunding RB, Series A, 4.13%, 09/01/38
 
375
376,354
Salt Verde Financial Corp., RB, 5.00%, 12/01/37
 
725
787,018
Sierra Vista Industrial Development Authority, RB(b)
 
5.75%, 06/15/53
 
510
524,910
6.38%, 06/15/64
 
235
236,678
 
 
7,089,759
Arkansas(b) — 3.7%
Arkansas Development Finance Authority, RB
 
AMT, 4.50%, 09/01/49
 
1,050
1,018,229
AMT, 4.75%, 09/01/49
 
3,570
3,500,954
Series A, AMT, Sustainability Bonds, 6.88%, 07/01/48
 
600
659,919
 
 
5,179,102
California — 9.8%
California County Tobacco Securitization Agency,
Refunding RB, Series A, 5.00%, 06/01/47
 
140
138,061
California Enterprise Development Authority, RB, 8.00%,
11/15/62(b)
 
205
212,290
California Infrastructure & Economic Development Bank,
RB, Series A-4, AMT, 8.00%, 01/01/50(a)(b)
 
4,120
4,244,268
City of Los Angeles Department of Airports, ARB, AMT,
Sustainability Bonds, 5.25%, 05/15/47
 
1,100
1,180,047
CSCDA Community Improvement Authority, RB, M/F
Housing(b)
 
Series A, 3.00%, 09/01/56
 
725
501,004
Mezzanine Lien, 4.00%, 03/01/57
 
330
245,946
Series B, Mezzanine Lien, Sustainability Bonds, 4.00%,
12/01/59
 
835
526,976
Security
 
Par
(000)
Value
California (continued)
CSCDA Community Improvement Authority, RB, M/F
Housing(b) (continued)
 
Series B, Sub Lien, Sustainability Bonds, 4.00%,
12/01/59
$
285
$ 189,460
Series B, Sustainability Bonds, 4.00%, 07/01/58
 
200
132,443
Golden State Tobacco Securitization Corp., Refunding RB,
CAB, Series B-2, Subordinate, 0.00%, 06/01/66(c)
 
6,440
694,214
Hastings Campus Housing Finance Authority, RB, CAB,
Sub-Series A, Sustainability Bonds, 6.75%,
07/01/61(b)(d)
 
830
369,604
Indio Finance Authority, Refunding RB, Series A, (BAM),
4.50%, 11/01/52
 
595
602,846
Inland Empire Tobacco Securitization Corp., RB,
Series C-1, 0.00%, 06/01/36(c)
 
1,455
673,182
Rancho Mirage Community Facilities District, ST, Series A,
5.00%, 09/01/54
 
170
172,053
Regents of the University of California Medical Center
Pooled Revenue, RB, Series P, 4.00%, 05/15/53
 
935
898,377
San Francisco City & County Redevelopment Agency
Successor Agency, TA, CAB, Series D, 0.00%,
08/01/31(b)(c)
 
1,265
914,233
San Marcos Unified School District, GO, CAB, Series B,
Election 2010, 0.00%, 08/01/38(c)
 
3,725
2,212,037
 
 
13,907,041
Colorado — 4.3%
Centerra Metropolitan District No. 1, TA, 5.00%,
12/01/47(b)
 
275
265,070
City & County of Denver Colorado Airport System
Revenue, Refunding ARB
 
Series A, AMT, 4.13%, 11/15/53
 
320
297,724
Series D, AMT, 5.75%, 11/15/45
 
790
873,996
Colorado Health Facilities Authority, RB
 
5.25%, 11/01/39
 
145
159,952
5.50%, 11/01/47
 
90
98,778
5.25%, 11/01/52
 
220
234,004
Series A, 5.00%, 05/15/35
 
140
115,607
Series A, 5.00%, 05/15/44
 
180
130,009
Series A, 5.00%, 05/15/49
 
290
197,039
Constitution Heights Metropolitan District, Refunding GOL,
5.00%, 12/01/49
 
500
475,959
Denver Convention Center Hotel Authority, Refunding RB,
5.00%, 12/01/40
 
1,550
1,569,651
Fitzsimons Village Metropolitan District No. 3, Refunding
GOL, Series A-1, 4.00%, 12/01/31
 
500
487,563
Loretto Heights Community Authority, RB, 4.88%,
12/01/51
 
500
403,881
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b)
 
510
345,525
Waters’ Edge Metropolitan District No. 2, GOL, 5.00%,
12/01/51
 
500
455,805
 
 
6,110,563
Connecticut — 0.1%
Connecticut State Health & Educational Facilities
Authority, RB, Series A, 5.00%, 01/01/55(b)
 
160
134,348
Delaware(b) — 0.5%
Affordable Housing Opportunities Trust, RB, Series AH-01,
Class B, 6.88%, 05/01/39
 
446
434,596
1
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Delaware (continued)
Town of Bridgeville Delaware, ST
 
5.25%, 07/01/44
$
100
$ 105,141
5.63%, 07/01/53
 
100
105,955
 
 
645,692
District of Columbia — 1.0%
District of Columbia, TA, 5.13%, 06/01/41
 
590
590,596
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue, Refunding RB, Series B, Subordinate,
4.00%, 10/01/49
 
870
805,015
 
 
1,395,611
Florida — 16.7%
Antillia Community Development District, SAB, 5.88%,
05/01/54
 
110
112,739
Berry Bay II Community Development District, SAB,
Series 2024, 5.45%, 05/01/54
 
110
105,433
Brevard County Health Facilities Authority, Refunding
RB(b)
 
4.00%, 11/15/29
 
100
95,759
4.00%, 11/15/33
 
625
575,656
Buckhead Trails Community Development District, SAB,
Series 2022, 5.75%, 05/01/52
 
145
150,517
Capital Projects Finance Authority, RB, 6.63%,
06/15/59(b)
 
100
104,135
Capital Region Community Development District,
Refunding SAB
 
Series A-1, 5.13%, 05/01/39
 
195
195,558
Series A-2, 4.60%, 05/01/31
 
420
414,881
Capital Trust Agency, Inc., RB
 
5.00%, 01/01/55(b)
 
1,290
1,228,912
Series A, 5.75%, 06/01/54(b)
 
450
378,088
Series B, 0.00%, 01/01/60(c)
 
3,000
237,540
Capital Trust Agency, Inc., RB, CAB(b)(c)
 
0.00%, 07/01/61
 
8,315
611,294
Subordinate, 0.00%, 01/01/61
 
5,625
452,139
Charlotte County Industrial Development Authority, RB,
5.00%, 10/01/49(b)
 
120
117,918
City of Fort Lauderdale Florida Water & Sewer Revenue,
RB, Series B, 5.50%, 09/01/53
 
970
1,074,520
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46
 
2,000
2,021,993
City of Tampa Florida, Refunding SAB, Series 2015-2,
6.61%, 05/01/40(d)
 
225
225,142
Coral Creek Community Development District, SAB,
5.75%, 05/01/54
 
100
101,576
County of Lee Florida Airport Revenue, ARB, AMT, 5.25%,
10/01/49
 
275
294,071
County of Miami-Dade Seaport Department, Refunding
RB, Series A, AMT, 5.25%, 10/01/52
 
350
368,315
County of Osceola Florida Transportation Revenue,
Refunding RB, CAB(c)
 
Series A-2, 0.00%, 10/01/47
 
745
245,087
Series A-2, 0.00%, 10/01/48
 
525
164,154
Series A-2, 0.00%, 10/01/49
 
435
128,708
Crosswinds East Community Development District, SAB,
5.75%, 05/01/54
 
100
101,576
Escambia County Health Facilities Authority, Refunding
RB, 4.00%, 08/15/45
 
2,325
2,071,009
Florida Development Finance Corp., RB(b)
 
5.25%, 06/01/55
 
525
484,876
6.50%, 06/30/57(e)(f)
 
165
116,740
Series B, 4.50%, 12/15/56
 
705
522,477
Series C, 5.75%, 12/15/56
 
250
205,853
Security
 
Par
(000)
Value
Florida (continued)
Florida Development Finance Corp., RB(b) (continued)
 
Class A, AMT, 4.38%, 10/01/54(a)
$
310
$ 309,364
Florida Development Finance Corp., Refunding RB
 
AMT, 12.00%, 07/15/32(a)(b)
 
1,390
1,455,575
AMT, (AGM), 5.25%, 07/01/53
 
1,310
1,360,012
Golden Gem Community Development District, SAB,
6.00%, 05/01/55
 
605
615,267
Hammock Oaks Community Development District, SAB,
6.15%, 05/01/54
 
135
137,958
Hobe-St Lucie Conservancy District, SAB, 5.88%,
05/01/55
 
100
102,352
Lakes of Sarasota Community Development District, SAB
 
2.75%, 05/01/26
 
90
88,461
3.90%, 05/01/41
 
285
246,700
Series B-1, 4.13%, 05/01/41
 
200
183,483
Series B-1, 4.30%, 05/01/51
 
100
87,498
Lakewood Ranch Stewardship District, SAB
 
5.13%, 05/01/46
 
315
315,385
6.30%, 05/01/54
 
118
123,534
Series 1B, 4.75%, 05/01/29
 
270
271,090
Series 1B, 5.30%, 05/01/39
 
310
313,275
Series 1B, 5.45%, 05/01/48
 
550
551,402
Lee County Industrial Development Authority, RB,
Series B-1, 4.75%, 11/15/29
 
130
130,319
Marion Ranch Community Development District, SAB,
5.95%, 05/01/54
 
150
153,809
North AR-1 Pasco Community Development District, SAB
 
Series A, 5.75%, 05/01/44
 
100
103,765
Series A, 6.00%, 05/01/54
 
100
102,396
Parrish Plantation Community Development District, SAB
 
5.80%, 05/01/44
 
100
101,273
6.05%, 05/01/54
 
120
124,523
Poitras East Community Development District, SAB,
5.00%, 05/01/43
 
245
239,323
Sawyers Landing Community Development District, SAB,
4.25%, 05/01/53
 
535
438,323
Seminole Palms Community Development District, SAB,
5.50%, 05/01/55(b)
 
130
124,901
Tolomato Community Development District, SAB
 
4.80%, 05/01/44
 
280
266,921
5.13%, 05/01/54
 
280
267,372
Series 2015-3, 6.61%, 05/01/40(e)(f)
 
340
34
Trout Creek Community Development District, SAB
 
5.00%, 05/01/28
 
130
131,723
5.50%, 05/01/49
 
570
576,812
Village Community Development District No. 14, SAB
 
5.38%, 05/01/42
 
400
413,492
5.50%, 05/01/53
 
295
302,344
Volusia County Educational Facility Authority, RB, 5.25%,
06/01/49
 
365
381,670
West Villages Improvement District, SAB
 
4.75%, 05/01/39
 
220
219,178
5.00%, 05/01/50
 
450
441,217
 
 
23,587,417
Georgia — 5.8%
Atlanta Development Authority, TA(b)
 
Series A, 5.00%, 04/01/34
 
230
231,932
Series A, 5.50%, 04/01/39
 
355
361,205
Atlanta Urban Redevelopment Agency, RB, 3.88%,
07/01/51(b)
 
355
278,339
Development Authority of Cobb County, RB, Series A,
6.38%, 06/15/58(b)
 
100
101,737
Schedule of Investments
2
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Georgia (continued)
East Point Business & Industrial Development Authority,
RB, Series A, 5.25%, 06/15/62(b)
$
110
$ 108,740
Main Street Natural Gas, Inc., RB(a)
 
Series A, 5.00%, 06/01/53
 
3,500
3,701,012
Series B, 5.00%, 12/01/52
 
1,230
1,296,995
Main Street Natural Gas, Inc., Refunding RB, Series E-2,
4.93%, 12/01/53(a)
 
1,605
1,610,091
Municipal Electric Authority of Georgia, RB, Series A,
5.00%, 07/01/52
 
460
477,808
 
 
8,167,859
Illinois — 7.3%
Chicago Board of Education, GO
 
Series C, 5.25%, 12/01/35
 
795
795,424
Series D, 5.00%, 12/01/46
 
1,035
1,025,418
Series H, 5.00%, 12/01/36
 
935
940,578
Chicago Board of Education, Refunding GO
 
Series C, 5.00%, 12/01/27
 
415
426,369
Series C, 5.00%, 12/01/34
 
940
954,165
Chicago Transit Authority Sales Tax Receipts Fund,
Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49
 
640
591,032
City of Chicago Illinois, Refunding GO, Series A, 6.00%,
01/01/38
 
595
614,676
Illinois Finance Authority, Refunding RB, Series A, 4.00%,
07/15/47
 
1,815
1,718,790
Illinois Housing Development Authority, RB, S/F Housing,
Series G, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 6.25%, 10/01/52
 
795
858,118
Illinois State Toll Highway Authority, RB, Series A, 4.00%,
01/01/46
 
500
479,851
Metropolitan Pier & Exposition Authority, RB
 
5.00%, 06/15/57
 
555
565,300
Series A, 5.50%, 06/15/53
 
200
202,504
Metropolitan Pier & Exposition Authority, Refunding RB
 
4.00%, 06/15/50
 
410
377,256
Series B, 5.00%, 06/15/52
 
225
226,477
State of Illinois, GO, 5.00%, 05/01/27
 
500
501,155
 
 
10,277,113
Indiana — 0.8%
City of Vincennes Indiana, Refunding RB, 6.25%,
01/01/29(b)(e)(f)
 
810
525,487
Indiana Finance Authority, RB, Series A, AMT, 6.75%,
05/01/39
 
515
568,802
 
 
1,094,289
Iowa — 1.2%
Iowa Finance Authority, Refunding RB, Series E, 4.00%,
08/15/46
 
1,815
1,698,700
Kentucky — 1.7%
Kentucky Public Energy Authority, RB, Series C, 4.00%,
02/01/50(a)
 
1,690
1,696,335
Kentucky Public Transportation Infrastructure Authority,
RB, CAB, Convertible, 6.75%, 07/01/43(d)
 
565
660,176
 
 
2,356,511
Security
 
Par
(000)
Value
Louisiana — 0.6%
Louisiana Public Facilities Authority, RB
 
Series A, 6.50%, 06/01/62(b)
$
105
$ 103,604
AMT, 5.50%, 09/01/59
 
660
702,722
 
 
806,326
Maine(b) — 0.8%
Finance Authority of Maine, RB, AMT, Sustainability
Bonds, 8.00%, 12/01/51
 
380
137,164
Maine Health & Higher Educational Facilities Authority,
Refunding RB, 4.00%, 07/01/37
 
1,100
1,014,607
 
 
1,151,771
Maryland — 1.4%
City of Baltimore Maryland, RB, 4.88%, 06/01/42
 
120
118,423
Maryland Economic Development Corp., RB, Class B,
AMT, Sustainability Bonds, 5.25%, 06/30/47
 
380
394,066
Maryland Health & Higher Educational Facilities Authority,
RB, 7.00%, 03/01/55(b)
 
1,480
1,525,698
 
 
2,038,187
Massachusetts — 1.5%
Massachusetts Development Finance Agency, RB,
Series A, 5.00%, 01/01/47
 
860
863,658
Massachusetts Housing Finance Agency, Refunding RB
 
Series A, AMT, 4.45%, 12/01/42
 
310
300,831
Series A, AMT, 4.50%, 12/01/47
 
1,030
1,007,919
 
 
2,172,408
Michigan — 1.8%
Michigan Finance Authority, RB, 4.00%, 02/15/50
 
2,000
1,809,372
Michigan Strategic Fund, RB
 
5.00%, 11/15/42
 
165
165,794
AMT, 5.00%, 12/31/43
 
500
507,843
 
 
2,483,009
Minnesota — 0.8%
Duluth Economic Development Authority, Refunding RB,
Series A, 5.25%, 02/15/58
 
655
668,306
Minnesota Housing Finance Agency, RB, S/F Housing,
Series M, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 6.00%, 01/01/53
 
460
491,515
 
 
1,159,821
Missouri — 1.0%
Industrial Development Authority of the City of St. Louis
Missouri, Refunding RB, Series A, 4.38%, 11/15/35
 
330
292,549
Kansas City Industrial Development Authority, ARB,
Class B, AMT, 5.00%, 03/01/54
 
850
866,420
Kansas City Industrial Development Authority, RB(b)
 
Series A-1, 5.00%, 06/01/46
 
130
127,694
Series A-1, 5.00%, 06/01/54
 
100
95,923
 
 
1,382,586
Nevada — 0.3%
State of Nevada Department of Business & Industry, RB,
Series A4, AMT, 8.13%, 01/01/50(a)
 
380
391,460
New Hampshire — 2.1%
New Hampshire Business Finance Authority, RB
 
5.25%, 12/01/35(b)
 
875
845,354
5.38%, 12/15/35(b)
 
820
800,589
Series A, 4.13%, 08/15/40
 
260
232,542
Series A, 4.25%, 08/15/46
 
290
246,677
3
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New Hampshire (continued)
New Hampshire Business Finance Authority,
RB (continued)
 
Series A, 4.50%, 08/15/55
$
600
$ 500,668
New Hampshire Business Finance Authority, RB, M/F
Housing, Series 2, Sustainability Bonds, 4.25%,
07/20/41
 
333
325,665
 
 
2,951,495
New Jersey — 7.9%
New Jersey Economic Development Authority, RB
 
5.00%, 12/15/28(g)
 
70
75,763
5.00%, 06/15/43
 
125
129,469
New Jersey Economic Development Authority, Refunding
RB, Series BBB, 5.50%, 12/15/26(g)
 
1,225
1,291,764
New Jersey Economic Development Authority, Refunding
SAB, 5.75%, 04/01/31
 
785
808,704
New Jersey Higher Education Student Assistance
Authority, RB
 
Series B, AMT, 4.25%, 12/01/45
 
140
136,425
Series C, AMT, Subordinate, 4.25%, 12/01/50
 
1,340
1,199,689
New Jersey Higher Education Student Assistance
Authority, Refunding RB, Sub-Series C, AMT, 3.63%,
12/01/49
 
645
513,980
New Jersey Transportation Trust Fund Authority, RB,
Series AA, 5.00%, 06/15/45
 
585
589,739
New Jersey Turnpike Authority, RB, Series B, 5.00%,
01/01/46
 
1,300
1,407,379
Tobacco Settlement Financing Corp., Refunding RB
 
Series A, 5.00%, 06/01/35
 
730
759,553
Series A, 5.25%, 06/01/46
 
1,700
1,745,512
Sub-Series B, 5.00%, 06/01/46
 
2,460
2,465,115
 
 
11,123,092
New York — 15.6%
Erie Tobacco Asset Securitization Corp., Refunding RB,
Series A, 5.00%, 06/01/45
 
910
830,542
Metropolitan Transportation Authority, Refunding RB,
Series C-1, Sustainability Bonds, 4.75%, 11/15/45
 
985
1,009,712
New York City Housing Development Corp., Refunding
RB, Series A, Sustainability Bonds, 4.15%, 11/01/38
 
1,955
1,931,962
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB
 
Sub-Series B-1, 4.00%, 11/01/45
 
4,000
3,846,774
Series A-1, Subordinate, 4.00%, 08/01/48
 
555
543,196
New York Counties Tobacco Trust IV, Refunding RB
 
Series A, 6.25%, 06/01/41(b)
 
900
900,275
Series A, 5.00%, 06/01/42
 
1,505
1,422,046
New York Counties Tobacco Trust VI, Refunding RB,
Series A-2B, 5.00%, 06/01/51
 
1,000
933,200
New York Liberty Development Corp., Refunding RB
 
Class 1, 5.00%, 11/15/44(b)
 
1,415
1,408,242
Class 2, 5.38%, 11/15/40(b)
 
395
395,056
Series A, Sustainability Bonds, 3.00%, 11/15/51
 
505
371,571
New York Power Authority, Refunding RB, Series A,
Sustainability Bonds, 4.00%, 11/15/55
 
565
545,170
New York State Dormitory Authority, Refunding RB,
Series A, 4.00%, 03/15/54
 
880
850,186
New York Transportation Development Corp., ARB
 
AMT, 5.63%, 04/01/40
 
260
278,711
AMT, 5.00%, 12/01/40
 
555
577,516
Security
 
Par
(000)
Value
New York (continued)
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/35
$
560
$ 582,394
AMT, Sustainability Bonds, (AGM), 5.13%, 06/30/60
 
1,750
1,796,808
New York Transportation Development Corp., Refunding
ARB, Series A, AMT, 5.38%, 08/01/36
 
730
771,981
New York Transportation Development Corp., Refunding
RB, Series A, AMT, Sustainability Bonds, (AGC),
12/31/54(h)
 
1,230
1,297,515
Westchester County Local Development Corp., Refunding
RB(b)
 
5.00%, 07/01/41
 
340
342,896
5.00%, 07/01/56
 
380
364,997
Westchester Tobacco Asset Securitization Corp.,
Refunding RB, Sub-Series C, 4.00%, 06/01/42
 
1,170
1,092,337
 
 
22,093,087
North Carolina — 0.4%
North Carolina Housing Finance Agency, RB, S/F
Housing, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 6.00%, 07/01/53
 
530
565,561
North Dakota — 0.4%
City of Grand Forks North Dakota, RB, Series A, (AGM),
5.00%, 12/01/53
 
525
550,585
Ohio — 1.8%
Buckeye Tobacco Settlement Financing Authority,
Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55
 
500
450,913
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50
 
800
736,842
Port of Greater Cincinnati Development Authority, RB,
4.25%, 12/01/50(b)
 
180
161,355
State of Ohio, RB, AMT, 5.00%, 06/30/53
 
1,220
1,222,814
 
 
2,571,924
Oklahoma — 2.8%
Oklahoma Development Finance Authority, RB
 
7.25%, 09/01/51(b)
 
2,180
2,170,901
Series B, 5.50%, 08/15/52
 
765
783,125
Tulsa Authority for Economic Opportunity, TA, 4.38%,
12/01/41(b)
 
155
139,111
Tulsa County Industrial Authority, Refunding RB, 5.25%,
11/15/45
 
925
944,582
 
 
4,037,719
Oregon — 0.2%
Clackamas County School District No. 12 North
Clackamas, GO, CAB, Series A, (GTD), 0.00%,
06/15/38(c)
 
625
339,218
Pennsylvania — 6.9%
Allentown Neighborhood Improvement Zone Development
Authority, RB, 5.00%, 05/01/42(b)
 
1,280
1,310,389
Bucks County Industrial Development Authority, RB,
4.00%, 07/01/46
 
200
163,344
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, (AGM), 4.50%,
09/01/48
 
800
815,354
Doylestown Hospital Authority, Refunding RB(b)
 
5.00%, 07/01/31
 
100
104,080
5.38%, 07/01/39
 
155
166,922
Lancaster Municipal Authority, RB, Series B, 5.00%,
05/01/59
 
140
140,412
Montgomery County Higher Education and Health
Authority, Refunding RB, 4.00%, 09/01/51
 
1,240
1,143,193
Schedule of Investments
4
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Pennsylvania (continued)
Montgomery County Industrial Development Authority, RB,
Series C, 5.00%, 11/15/45
$
95
$ 97,169
Pennsylvania Economic Development Financing Authority,
RB
 
5.00%, 06/30/42
 
465
469,530
AMT, 5.75%, 06/30/48
 
335
358,316
AMT, 5.25%, 06/30/53
 
560
576,087
Pennsylvania Economic Development Financing Authority,
Refunding RB
 
Series B, 5.25%, 12/01/38(a)
 
240
243,004
Series C, 5.25%, 12/01/37(a)
 
415
420,196
AMT, 5.50%, 11/01/44
 
720
720,252
Pennsylvania Higher Education Assistance Agency, RB,
Sub-Series 1C, AMT, 5.00%, 06/01/51
 
100
98,861
Pennsylvania Higher Educational Facilities Authority, RB,
4.00%, 08/15/44
 
805
778,355
Pennsylvania Housing Finance Agency, RB, S/F Housing,
Series 143A, Sustainability Bonds, 5.38%, 10/01/46
 
960
1,010,226
Pennsylvania Turnpike Commission, RB, Series A, 5.00%,
12/01/44
 
520
520,674
Philadelphia Authority for Industrial Development, RB,
5.25%, 11/01/52
 
355
374,142
School District of Philadelphia, GOL, Series A, (SAW),
5.50%, 09/01/48
 
220
243,637
 
 
9,754,143
Puerto Rico — 9.4%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(c)
 
6,945
444,850
Commonwealth of Puerto Rico, GO, Series A-1,
Restructured, 5.75%, 07/01/31
 
784
862,165
Commonwealth of Puerto Rico, RB, 0.00%,
11/01/51(a)(e)(f)
 
11,532
6,101,371
Puerto Rico Industrial Tourist Educational Medical &
Envirml Ctl Facs Fing Authority, ARB
 
Series A-1, AMT, 6.75%, 01/01/45
 
100
117,096
Series A-2, AMT, 6.50%, 01/01/42
 
100
116,579
Series A-2, AMT, 6.75%, 01/01/45
 
100
117,135
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-2, Convertible, Restructured, 4.33%, 07/01/40
 
72
71,245
Series A-1, Restructured, 4.75%, 07/01/53
 
1,529
1,508,566
Series A-1, Restructured, 5.00%, 07/01/58
 
2,376
2,378,863
Series A-2, Restructured, 4.78%, 07/01/58
 
1,038
1,026,786
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured, 0.00%,
07/01/46(c)
 
1,714
549,547
 
 
13,294,203
Rhode Island — 0.5%
Rhode Island Student Loan Authority, RB, Series A, AMT,
3.63%, 12/01/37
 
370
340,214
Tobacco Settlement Financing Corp., Refunding RB,
Series A, 5.00%, 06/01/40
 
420
420,952
 
 
761,166
Security
 
Par
(000)
Value
South Carolina — 1.0%
South Carolina Jobs-Economic Development Authority,
RB, 7.50%, 08/15/62(b)
$
225
$ 217,500
South Carolina Jobs-Economic Development Authority,
Refunding RB, Series A, 5.00%, 05/01/43
 
1,110
1,134,881
 
 
1,352,381
Tennessee — 1.6%
Metropolitan Government Nashville & Davidson County
Health & Educational Facilities Board, Refunding RB,
4.00%, 10/01/49
 
290
239,158
Metropolitan Government Nashville & Davidson County
Industrial Development Board, SAB, CAB, 0.00%,
06/01/43(b)(c)
 
450
178,273
Metropolitan Government Nashville & Davidson County
Sports Authority, RB, Series A, Senior Lien, (AGM),
5.25%, 07/01/48
 
585
635,968
Metropolitan Nashville Airport Authority, ARB
 
Series B, AMT, 5.25%, 07/01/35
 
230
249,297
Series B, AMT, 5.50%, 07/01/36
 
190
209,458
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)
 
750
809,708
 
 
2,321,862
Texas — 11.7%
Angelina & Neches River Authority, RB, Series A, AMT,
7.50%, 12/01/45(b)
 
335
232,562
Arlington Higher Education Finance Corp., RB
 
7.50%, 04/01/62(b)
 
230
234,357
7.88%, 11/01/62(b)
 
195
204,035
Series A, 5.75%, 08/15/62
 
500
454,670
City of Corpus Christi Texas, SAB
 
5.38%, 09/15/31
 
100
98,977
6.13%, 09/15/44
 
100
96,472
6.50%, 09/15/54
 
106
103,453
City of Houston Texas Airport System Revenue, ARB,
Series B-1, AMT, 5.00%, 07/15/30
 
240
241,003
City of Houston Texas Airport System Revenue, Refunding
ARB
 
AMT, 5.00%, 07/15/27
 
125
127,421
Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%,
07/01/48
 
340
360,612
City of Hutto Texas, GOL, (BAM), 4.25%, 08/01/54
 
715
675,241
City of Oak Point Texas, SAB, 5.25%, 09/15/54(b)
 
140
132,031
Clifton Higher Education Finance Corp., RB, Series A,
6.00%, 06/15/54(b)
 
100
97,272
Dallas Independent School District, Refunding GO, (PSF-
GTD), 4.00%, 02/15/53
 
500
483,662
Del Valle Independent School District Texas, GO, (PSF-
GTD), 4.00%, 06/15/47
 
810
782,884
Fort Worth Independent School District, GO, (PSF-GTD),
4.00%, 02/15/48
 
160
152,991
Harris County-Houston Sports Authority, Refunding RB,
Series A, Senior Lien, (AGM NPFGC), 0.00%,
11/15/34(c)
 
3,000
1,786,813
Midland County Fresh Water Supply District No. 1, RB,
CAB, Series A, 0.00%, 09/15/27(c)(g)
 
5,200
2,894,487
New Hope Cultural Education Facilities Finance Corp.,
Refunding RB, Series A, 6.75%, 10/01/52
 
600
576,567
Newark Higher Education Finance Corp., RB(b)
 
Series A, 5.50%, 08/15/35
 
135
135,633
Series A, 5.75%, 08/15/45
 
275
277,364
5
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Texas (continued)
North Texas Tollway Authority, Refunding RB, 4.25%,
01/01/49
$
890
$ 886,431
Port of Beaumont Navigation District, ARB(b)
 
Series A, AMT, 5.00%, 01/01/39
 
620
629,905
Series A, AMT, 5.13%, 01/01/44
 
275
278,177
Port of Beaumont Navigation District, Refunding RB(b)
 
Series A, AMT, 3.63%, 01/01/35
 
215
196,659
Series A, AMT, 4.00%, 01/01/50
 
815
687,022
San Antonio Education Facilities Corp., RB
 
Series A, 5.00%, 10/01/41
 
85
75,007
Series A, 5.00%, 10/01/51
 
115
93,698
Tarrant County Cultural Education Facilities Finance
Corp., RB, 5.00%, 11/15/51
 
310
328,195
Texas Municipal Gas Acquisition & Supply Corp. III,
Refunding RB, 5.00%, 12/15/32
 
1,300
1,375,453
Texas Private Activity Bond Surface Transportation Corp.,
RB, AMT, Senior Lien, 5.50%, 12/31/58
 
800
858,998
Texas Transportation Commission State Highway
249 System, RB, CAB, 0.00%, 08/01/43(c)
 
2,205
902,783
Texas Water Development Board, RB, 4.45%, 10/15/36
 
170
182,147
 
 
16,642,982
Utah — 1.2%
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53(b)
 
205
208,880
County of Utah, RB, Series B, 4.00%, 05/15/47
 
750
709,358
SkyRidge Pegasus Infrastructure Financing District, SAB,
5.25%, 12/01/44(b)
 
530
523,764
Utah Charter School Finance Authority, RB, Series A,
5.00%, 06/15/52(b)
 
225
195,160
Utah Infrastructure Agency, RB
 
5.50%, 10/15/44
 
55
59,962
5.50%, 10/15/48
 
50
53,916
 
 
1,751,040
Vermont — 0.2%
Vermont Student Assistance Corp., RB, Series A, AMT,
3.38%, 06/15/36
 
285
255,693
Virginia — 2.7%
Ballston Quarter Community Development Authority, TA,
Series A-1, 5.50%, 03/01/46
 
267
236,516
Ballston Quarter Community Development Authority, TA,
CAB, Series A-2, 7.13%, 03/01/59(d)
 
640
470,398
Hampton Roads Transportation Accountability
Commission, RB, Series A, Senior Lien, 4.00%,
07/01/55
 
245
226,731
James City County Economic Development Authority, RB
 
Series A, 6.88%, 12/01/58
 
175
191,208
Series C3, 5.25%, 12/01/27
 
125
125,101
Norfolk Redevelopment & Housing Authority, RB
 
Series A, 5.00%, 01/01/34
 
235
236,315
Series A, 5.00%, 01/01/49
 
455
421,705
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47
 
1,025
991,259
Virginia Beach Development Authority, RB
 
Series A, 7.00%, 09/01/53
 
240
273,613
Security
 
Par
(000)
Value
Virginia (continued)
Virginia Beach Development Authority, RB (continued)
 
Series B3, 5.38%, 09/01/29
$
155
$ 159,012
Virginia Housing Development Authority, RB, M/F
Housing, Series G, 4.90%, 11/01/42
 
500
518,306
 
 
3,850,164
Washington — 0.9%
Washington Health Care Facilities Authority, Refunding
RB, Series A, 5.00%, 08/01/44
 
485
497,964
Washington State Housing Finance Commission, RB(b)
 
Series A, 5.75%, 01/01/53
 
100
96,635
Series A, 5.88%, 01/01/59
 
100
97,049
Series B2, 3.95%, 07/01/29
 
380
365,170
Washington State Housing Finance Commission,
Refunding RB
 
Series A, 5.00%, 07/01/43
 
125
130,678
Series A, 5.00%, 07/01/48
 
115
118,225
 
 
1,305,721
West Virginia — 1.2%
Morgantown Utility Board, Inc., RB, Series B, 4.00%,
12/01/48
 
1,895
1,771,414
Wisconsin — 6.7%
Public Finance Authority, ARB, AMT, 4.25%, 07/01/54
 
750
619,937
Public Finance Authority, RB
 
6.25%, 10/01/31(b)(e)(f)
 
290
24,650
5.00%, 06/15/41(b)
 
165
164,553
7.00%, 10/01/47(b)(e)(f)
 
290
24,650
5.00%, 06/15/55(b)
 
440
414,854
5.00%, 01/01/56(b)
 
710
606,167
Class A, 5.00%, 06/15/56(b)
 
230
193,813
Series A, 7.75%, 07/01/43(b)
 
1,190
1,224,669
Series A, 4.75%, 06/15/56(b)
 
725
535,246
Series A, 7.50%, 07/01/59(b)
 
1,080
1,194,130
Series A-1, 4.50%, 01/01/35(b)
 
570
561,385
Series A-4, 5.50%, 11/15/32(b)
 
870
847,038
Series B, 0.00%, 01/01/35(b)(c)
 
950
512,336
Series B, 0.00%, 01/01/60(b)(c)
 
16,025
1,268,952
AMT, Sustainability Bonds, 4.00%, 09/30/51
 
475
412,009
AMT, Sustainability Bonds, 4.00%, 03/31/56
 
455
386,531
Public Finance Authority, RB, CAB, Series B, 0.00%,
01/01/61(b)(c)
 
6,540
505,560
 
 
9,496,480
Wyoming — 0.3%
University of Wyoming, RB, Series C, (AGM), 4.00%,
06/01/51
 
500
456,048
Total Municipal Bonds — 145.4%
(Cost: $205,775,517)
205,893,230
Municipal Bonds Transferred to Tender Option Bond Trusts(i)
Alabama — 4.6%
Black Belt Energy Gas District, RB, Series C-1, 5.25%,
02/01/53(a)
 
6,194
6,563,372
Florida — 1.9%
Hillsborough County Aviation Authority, ARB, Class B,
AMT, 5.50%, 10/01/54
 
2,520
2,738,520
Schedule of Investments
6
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New York — 1.1%
Port Authority of New York & New Jersey, ARB,
Series 221, AMT, 4.00%, 07/15/55
$
1,720
$ 1,550,723
Pennsylvania — 1.3%
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, (AGM), 5.50%,
09/01/53
 
1,601
1,757,286
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 8.9%
(Cost: $12,433,441)
12,609,901
Total Long-Term Investments — 154.3%
(Cost: $218,208,958)
218,503,131
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 2.9%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.19%(j)(k)
 
4,165,269
4,165,686
Total Short-Term Securities — 2.9%
(Cost: $4,165,670)
4,165,686
Total Investments — 157.2%
(Cost: $222,374,628)
222,668,817
Other Assets Less Liabilities — 1.1%
1,589,225
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (4.9)%
(6,960,212
)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(53.4)%
(75,688,265
)
Net Assets Applicable to Common Shares — 100.0%
$ 141,609,565
 
(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)
Zero-coupon bond.
(d)
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.
(e)
Issuer filed for bankruptcy and/or is in default.
(f)
Non-income producing security.
(g)
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.
(h)
When-issued security.
(i)
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates
received by the Fund. These bonds serve as collateral in a secured borrowing.
(j)
Affiliate of the Fund.
(k)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
10/31/24
Shares
Held at
10/31/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 3,173,120
$ 992,566
(a)
$ —
$ 34
$ (34
)
$ 4,165,686
4,165,269
$ 11,331
$ —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the 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
7
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Long-Term Municipal Advantage Trust (BTA)
 
Fair Value Hierarchy as of Period End (continued)
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 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 Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Fund’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
$ —
$ 205,893,230
$ —
$ 205,893,230
Municipal Bonds Transferred to Tender Option Bond Trusts
—
12,609,901
—
12,609,901
Short-Term Securities 
Money Market Funds
4,165,686
—
—
4,165,686
 
$4,165,686
$218,503,131
$—
$222,668,817
The Fund 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
$—
$(6,915,013
)
$—
$(6,915,013
)
VRDP Shares at Liquidation Value
—
(76,000,000
)
—
(76,000,000
)
 
$—
$(82,915,013
)
$—
$(82,915,013
)
 
Portfolio Abbreviation 
AGC
 Assured Guaranty Corp.
AGM
 Assured Guaranty Municipal Corp.
AMT
 Alternative Minimum Tax
ARB
 Airport Revenue Bonds
BAM
 Build America Mutual Assurance Co.
CAB
 Capital Appreciation Bonds
FHLMC
 Federal Home Loan Mortgage Corp.
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
GTD
 GTD Guaranteed
M/F
 Multi-Family
NPFGC
 National Public Finance Guarantee Corp.
PSF-GTD
 Permanent School Fund Guaranteed
RB
 Revenue Bond
S/F
 Single-Family
SAB
 Special Assessment Bonds
SAW
 State Aid Withholding
ST
 Special Tax
TA
 Tax Allocation
Schedule of Investments
8
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