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October 31, 2025 
2025 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, 2025
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Construction & Engineering — 0.2%
TimberHp By Go Lab, Inc.(a)(b)
 
40,542
$     272,037
Total Common Stocks — 0.2%
(Cost: $ — )
272,037
 
 
 
Par
(000)
 
Municipal Bonds
Alabama — 5.6%
Baldwin County Industrial Development Authority, RB,
Series A, AMT, 5.00%, 06/01/55(c)(d)
$
500
514,681
Black Belt Energy Gas District, RB, Series A, 5.25%,
05/01/56(c)
 
535
557,458
County of Jefferson Alabama Sewer Revenue, Refunding
RB, 5.50%, 10/01/53
 
320
337,171
Energy Southeast A Cooperative District, RB, Series B,
5.25%, 07/01/54(c)
 
285
312,966
Hoover Industrial Development Board, RB, AMT,
Sustainability Bonds, 6.38%, 11/01/50(c)
 
1,040
1,147,050
Mobile County Industrial Development Authority, RB
 
Series A, AMT, 5.00%, 06/01/54
 
1,620
1,571,589
Series B, AMT, 4.75%, 12/01/54
 
650
606,678
Southeast Energy Authority A Cooperative District, RB(c)
 
Series A, 4.00%, 11/01/51
 
1,300
1,329,673
Series A, 5.00%, 01/01/56
 
500
535,257
Series A-1, 5.50%, 01/01/53
 
470
509,366
Tuscaloosa County Industrial Development Authority,
Refunding RB, Series A, 5.25%, 05/01/44(d)
 
160
161,036
 
 
7,582,925
Arizona — 5.1%
Arizona Industrial Development Authority, Refunding RB(d)
 
5.50%, 07/01/52
 
855
800,278
Series A, 5.13%, 07/01/37
 
360
361,196
Series A, 5.38%, 07/01/50
 
925
914,634
Series G, 5.00%, 07/01/47
 
135
128,606
Industrial Development Authority of the City of Phoenix
Arizona, RB, Series A, 5.00%, 07/01/46(d)
 
1,255
1,209,913
Industrial Development Authority of the County of Pima,
Refunding RB(d)
 
4.00%, 06/15/51
 
955
752,955
5.00%, 07/01/56
 
225
178,975
Maricopa County Industrial Development Authority, RB,
AMT, 4.00%, 10/15/47(d)
 
735
625,467
Maricopa County Industrial Development Authority,
Refunding RB, Series A, 4.13%, 09/01/38
 
375
377,328
Salt Verde Financial Corp., RB, 5.00%, 12/01/37
 
725
793,313
Sierra Vista Industrial Development Authority, RB(d)
 
5.75%, 06/15/53
 
510
513,404
6.38%, 06/15/64
 
235
241,089
 
 
6,897,158
Arkansas — 0.5%
Arkansas Development Finance Authority, RB, Series A,
AMT, Sustainability Bonds, 6.88%, 07/01/48(d)
 
600
646,404
California — 9.6%
California County Tobacco Securitization Agency, Refunding
RB, Series A, 5.00%, 06/01/47
 
140
126,275
Security
 
Par
(000)
Value
California (continued)
California Enterprise Development Authority, RB, 8.00%,
11/15/62(d)
$
205
$ 203,410
California Housing Finance Agency, RB, M/F Housing,
Series P-S, Subordinate, 8.00%, 07/01/67(c)(d)
 
660
669,812
California Infrastructure & Economic Development Bank,
Refunding RB, Series A, Class B, AMT, Sustainability
Bonds, 9.50%, 01/01/65(c)(d)
 
5,315
4,252,000
California Municipal Finance Authority, RB, M/F Housing,
Series A-S, Subordinate, 8.00%, 09/01/55(c)(d)
 
265
271,533
California Public Finance Authority, RB, Series A, 6.38%,
06/01/59(d)
 
825
775,516
CSCDA Community Improvement Authority, RB, M/F
Housing(d)
 
Series A, 3.00%, 09/01/56
 
725
496,381
Mezzanine Lien, 4.00%, 03/01/57
 
330
243,834
Series B, Sustainability Bonds, 4.00%, 07/01/58
 
200
109,806
Golden State Tobacco Securitization Corp., Refunding RB,
CAB, Series B-2, Subordinate, 0.00%, 06/01/66(e)
 
6,795
719,669
Hastings Campus Housing Finance Authority, RB, CAB,
Sub-Series A, Sustainability Bonds, 6.75%, 07/01/61(d)(f)
 
830
403,411
Indio Finance Authority, Refunding RB, Series A, (BAM),
4.50%, 11/01/52
 
595
603,893
Inland Empire Tobacco Securitization Corp., RB, Series C-1,
0.00%, 06/01/36(e)
 
1,800
873,809
Regents of the University of California Medical Center
Pooled Revenue, RB, Series P, 4.00%, 05/15/53
 
935
872,740
San Marcos Unified School District, GO, CAB, Series B,
Election 2010, 0.00%, 08/01/38(e)
 
3,725
2,373,963
 
 
12,996,052
Colorado — 8.1%
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(d)
 
275
272,637
City & County of Denver Colorado Airport System Revenue,
Refunding ARB
 
Series A, AMT, 4.13%, 11/15/53
 
320
289,498
Series D, AMT, 5.75%, 11/15/45
 
790
852,945
Colorado Educational & Cultural Facilities Authority, RB,
Series B, Subordinate Lien, 8.50%, 02/01/59(d)
 
1,065
1,178,329
Colorado Health Facilities Authority, RB
 
5.25%, 11/01/39
 
145
158,057
5.50%, 11/01/47
 
90
94,856
5.25%, 11/01/52
 
220
227,088
Series A, 5.00%, 05/15/35
 
140
129,093
Series A, 5.00%, 05/15/49
 
290
214,579
Constitution Heights Metropolitan District, Refunding GOL,
5.00%, 12/01/49
 
500
474,735
Creekwalk Marketplace Business Improvement District,
Refunding RB
 
Series A, 6.00%, 12/01/54
 
890
884,064
Series B, 8.00%, 12/15/54
 
228
228,663
Denver Convention Center Hotel Authority, Refunding RB,
5.00%, 12/01/40
 
1,550
1,555,997
Elbert County Independence Water & Sanitation District,
Refunding RB, 5.13%, 12/01/33
 
500
518,480
Fitzsimons Village Metropolitan District No. 3, Refunding
GOL, Series A-1, 4.00%, 12/01/31
 
500
497,248
Gold Hill North Business Improvement District, GOL,
Series A, 5.60%, 12/01/54(d)
 
500
493,013
Independence Metropolitan District No. 3, GOL, Series B,
Subordinate, 7.13%, 12/15/54
 
500
503,612
2
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Colorado (continued)
Independence Metropolitan District No. 3, Refunding GOL,
Series A, 5.38%, 12/01/54
$
500
$ 501,331
Loretto Heights Community Authority, RB, 4.88%, 12/01/51
 
500
396,593
Redtail Ridge Metropolitan District, GOL, CAB, 0.00%,
12/01/32(e)
 
1,717
1,066,826
Waters’ Edge Metropolitan District No. 2, GOL, 5.00%,
12/01/51
 
500
467,133
 
 
11,004,777
Connecticut — 0.3%
Connecticut State Health & Educational Facilities Authority,
RB, Series A, 5.00%, 01/01/55(d)
 
160
132,859
Stamford Housing Authority, Refunding RB
 
Series A, 6.50%, 10/01/55
 
155
158,121
Series A, 6.25%, 10/01/60
 
110
110,050
 
 
401,030
Delaware(d) — 0.5%
Affordable Housing Opportunities Trust, RB, Series AH-01,
Class B, 6.88%, 05/01/39
 
444
446,327
Town of Bridgeville Delaware, ST
 
5.25%, 07/01/44
 
100
101,130
5.63%, 07/01/53
 
100
101,778
 
 
649,235
District of Columbia — 1.1%
District of Columbia Tobacco Settlement Financing Corp.,
RB, Series A, 0.00%, 06/15/46(e)
 
310
71,830
District of Columbia, TA, 5.13%, 06/01/41
 
590
590,398
Metropolitan Washington Airports Authority Dulles Toll Road
Revenue, Refunding RB, Series B, Subordinate, 4.00%,
10/01/49
 
870
774,964
 
 
1,437,192
Florida — 16.4%
Alachua County Housing Finance Authority, RB, M/F
Housing, Series A, 6.30%, 07/01/55(c)(d)
 
250
261,876
Antillia Community Development District, SAB, 5.88%,
05/01/54
 
95
96,774
Bella Tara Community Development District, SAB
 
5.88%, 05/01/45
 
130
134,678
6.13%, 05/01/56
 
195
202,143
Berry Bay II Community Development District, SAB,
Series 2024, 5.45%, 05/01/54
 
110
108,347
Brevard County Health Facilities Authority, Refunding RB(d)
 
4.00%, 11/15/29
 
100
97,311
4.00%, 11/15/33
 
625
592,053
Buckhead Trails Community Development District, SAB,
Series 2022, 5.75%, 05/01/52
 
145
148,235
Capital Region Community Development District, Refunding
SAB
 
Series A-1, 5.13%, 05/01/39
 
185
187,930
Series A-2, 4.60%, 05/01/31
 
300
305,679
Capital Trust Agency, Inc., RB
 
5.00%, 01/01/55(d)
 
1,290
1,093,370
Series A, 5.75%, 06/01/54(d)
 
450
377,886
Series B, 0.00%, 01/01/60(e)
 
3,000
265,852
Capital Trust Agency, Inc., RB, CAB(d)(e)
 
0.00%, 07/01/61
 
5,995
529,626
Subordinate, 0.00%, 01/01/61
 
5,470
451,541
Capital Trust Authority, Refunding RB(d)
 
Series A, 4.75%, 06/15/40
 
100
96,280
Series A, 5.13%, 06/15/50
 
100
91,538
Security
 
Par
(000)
Value
Florida (continued)
Capital Trust Authority, Refunding RB(d) (continued)
 
Series A, 5.25%, 06/15/59
$
100
$ 91,136
City of Fort Lauderdale Florida Water & Sewer Revenue,
RB, Series B, 5.50%, 09/01/53
 
970
1,052,294
Coral Creek Community Development District, SAB, 5.75%,
05/01/54
 
95
96,365
County of Miami-Dade Seaport Department, Refunding RB,
Series A, AMT, 5.25%, 10/01/52
 
350
357,585
County of Okaloosa Florida, RB, 5.75%, 05/15/55(d)
 
190
192,952
County of Osceola Florida Transportation Revenue,
Refunding RB, CAB(e)
 
Series A-2, 0.00%, 10/01/47
 
745
234,469
Series A-2, 0.00%, 10/01/48
 
525
155,492
Series A-2, 0.00%, 10/01/52
 
435
102,297
Crosswinds East Community Development District, SAB,
5.75%, 05/01/54
 
100
101,640
Curiosity Creek Community Development District, SAB(d)
 
5.40%, 05/01/44
 
50
50,215
5.70%, 05/01/55
 
80
80,136
Escambia County Health Facilities Authority, Refunding RB,
4.00%, 08/15/45
 
2,325
2,081,110
Florida Development Finance Corp., RB(d)
 
5.25%, 06/01/55
 
525
486,588
Series B, 4.50%, 12/15/56
 
705
465,716
Series C, 5.75%, 12/15/56
 
250
182,145
Class A, AMT, 4.38%, 10/01/54(c)
 
310
314,645
Series A, AMT, 0.00%, 07/15/59(b)(c)(g)
 
860
404,200
Florida Development Finance Corp., Refunding RB
 
AMT, 0.00%, 07/15/32(b)(c)(d)(g)
 
550
258,500
AMT, (AGM), 5.00%, 07/01/44
 
1,010
1,005,543
AMT, (AGM), 5.25%, 07/01/47
 
300
298,454
Florida Local Government Finance Commission, RB, 6.75%,
11/15/55(d)
 
525
545,831
Golden Gem Community Development District, SAB, 6.00%,
05/01/55
 
605
615,233
Hammock Oaks Community Development District, SAB,
6.15%, 05/01/54
 
120
122,417
Hobe-St Lucie Conservancy District, SAB, 5.88%, 05/01/55
 
100
102,412
Ibis Landing Community Development District, SAB
 
5.70%, 06/15/45
 
40
41,484
5.88%, 06/15/55
 
50
51,449
Kissimmee Park Community Development District, SAB
 
5.88%, 05/01/45
 
115
119,138
6.13%, 05/01/56
 
100
103,663
Lakes of Sarasota Community Development District, SAB
 
3.90%, 05/01/41
 
285
261,191
Series B-1, 4.13%, 05/01/41
 
200
187,377
Lakewood Ranch Stewardship District, SAB
 
5.13%, 05/01/46
 
315
315,175
6.30%, 05/01/54
 
118
123,979
Series 1B, 4.75%, 05/01/29
 
235
239,371
Series 1B, 5.30%, 05/01/39
 
310
316,358
Series 1B, 5.45%, 05/01/48
 
550
557,347
Lee County Industrial Development Authority, RB,
Series B-1, 4.75%, 11/15/29
 
130
130,858
Marion Ranch Community Development District, SAB,
5.95%, 05/01/54
 
140
142,843
North AR-1 Pasco Community Development District, SAB
 
Series A, 5.75%, 05/01/44
 
60
61,583
Series A, 6.00%, 05/01/54
 
65
66,625
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Florida (continued)
Orange County Health Facilities Authority, Refunding RB,
Series A, 5.25%, 10/01/56
$
460
$ 483,554
Ormond Crossings West Community Development District(h)
 
11/01/47
 
100
100,032
11/01/57
 
100
99,990
Parrish Plantation Community Development District, SAB
 
5.80%, 05/01/44
 
100
103,390
6.05%, 05/01/54
 
115
118,886
Poitras East Community Development District, SAB, 5.00%,
05/01/43
 
245
249,595
Seminole Palms Community Development District, SAB,
5.50%, 05/01/55(d)
 
120
117,169
Sunrise Community Development District, SAB, 5.63%,
05/01/45(d)
 
400
396,297
Tolomato Community Development District, SAB
 
4.80%, 05/01/44
 
280
273,980
5.13%, 05/01/54
 
280
272,609
Trout Creek Community Development District, SAB
 
5.00%, 05/01/28
 
100
101,567
5.50%, 05/01/49
 
570
575,359
Village Community Development District No. 14, SAB
 
5.38%, 05/01/42
 
390
402,265
5.50%, 05/01/53
 
285
290,148
Village Community Development District No. 16, SAB,
05/01/45(h)
 
400
399,528
Volusia County Educational Facility Authority, RB, 5.25%,
06/01/49
 
365
375,564
West Villages Improvement District, SAB
 
4.75%, 05/01/39
 
220
220,511
5.00%, 05/01/50
 
450
444,787
 
 
22,182,166
Georgia — 5.8%
Atlanta Development Authority, TA(d)
 
Series A, 5.00%, 04/01/34
 
230
234,780
Series A, 5.50%, 04/01/39
 
355
364,719
Development Authority of Cobb County, RB, Series A,
6.38%, 06/15/58(d)
 
100
98,098
East Point Business & Industrial Development Authority, RB,
Series A, 5.25%, 06/15/62(d)
 
110
72,171
Main Street Natural Gas, Inc., RB(c)
 
Series A, 5.00%, 06/01/53
 
3,500
3,710,510
Series B, 5.00%, 12/01/52
 
1,230
1,291,957
Main Street Natural Gas, Inc., Refunding RB, Series E-2,
4.56%, 12/01/53(c)
 
1,605
1,662,321
Municipal Electric Authority of Georgia, RB, Series A,
5.00%, 07/01/52
 
460
466,317
 
 
7,900,873
Illinois — 8.8%
Chicago Board of Education, GO
 
Series A, 6.25%, 12/01/50
 
865
904,231
Series C, 5.25%, 12/01/35
 
270
269,995
Series D, 5.00%, 12/01/46
 
1,035
939,139
Series H, 5.00%, 12/01/36
 
935
929,929
Chicago Board of Education, Refunding GO
 
Series B, 12/01/44(h)
 
440
455,479
Series C, 5.00%, 12/01/34
 
940
940,023
Chicago Transit Authority Sales Tax Receipts Fund,
Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49
 
640
578,523
City of Chicago Illinois, GO, Series A, 6.00%, 01/01/50
 
680
713,309
Security
 
Par
(000)
Value
Illinois (continued)
City of Chicago Illinois, Refunding GO, Series A, 6.00%,
01/01/38
$
595
$ 607,399
City of Marion Illinois Sales Tax Revenue, Refunding RB
 
6.38%, 06/01/45
 
250
249,656
6.63%, 06/01/55
 
460
461,631
County of Cook Illinois, RB, M/F Housing, 6.50%, 01/01/45
 
750
755,194
Illinois Finance Authority, Refunding RB
 
5.25%, 08/01/35(d)
 
130
132,174
Series A, 4.00%, 07/15/47
 
1,815
1,656,362
Illinois Housing Development Authority, RB, S/F Housing,
Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA),
6.25%, 10/01/52
 
665
713,008
Illinois State Toll Highway Authority, RB, Series A, 4.00%,
01/01/46
 
500
463,079
Metropolitan Pier & Exposition Authority, RB, 5.00%,
06/15/57
 
555
552,558
Metropolitan Pier & Exposition Authority, Refunding RB
 
4.00%, 06/15/50
 
410
354,534
Series B, 5.00%, 06/15/52
 
225
224,074
 
 
11,900,297
Indiana — 0.4%
Indiana Finance Authority, RB, Series A, AMT, 6.75%,
05/01/39
 
515
576,735
Iowa — 1.2%
Iowa Finance Authority, Refunding RB, Series E, 4.00%,
08/15/46
 
1,815
1,682,737
Kentucky — 0.5%
Kentucky Public Transportation Infrastructure Authority, RB,
CAB, Convertible, 6.75%, 07/01/43(f)
 
565
640,611
Louisiana(d) — 0.2%
Louisiana Public Facilities Authority, RB
 
6.00%, 06/15/59
 
200
200,842
Series A, 6.50%, 06/01/62
 
105
94,863
 
 
295,705
Maine — 1.0%
Finance Authority of Maine, RB
 
Series B, 9.50%, 06/01/32
 
75
38,467
Series A, AMT, 8.50%, 06/01/32
 
75
38,526
AMT, Sustainability Bonds, 8.50%, 06/01/35
 
340
173,573
Finance Authority of Maine, Refunding RB, AMT, 4.63%,
12/01/47(c)(d)
 
175
176,709
Maine Health & Higher Educational Facilities Authority,
Refunding RB, 4.00%, 07/01/37(d)
 
1,100
958,252
 
 
1,385,527
Maryland — 1.5%
City of Baltimore Maryland, RB, 4.88%, 06/01/42
 
120
121,475
Maryland Economic Development Corp., RB, Class B, AMT,
Sustainability Bonds, 5.25%, 06/30/47
 
380
381,674
Maryland Health & Higher Educational Facilities Authority,
RB, 7.00%, 03/01/55(d)
 
1,480
1,509,624
 
 
2,012,773
Massachusetts — 1.8%
Massachusetts Development Finance Agency, RB
 
Series A, 5.00%, 01/01/47
 
860
836,696
Series A-1, 6.38%, 07/15/45(d)
 
375
379,431
4
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Massachusetts (continued)
Massachusetts Housing Finance Agency, Refunding RB
 
Series A, AMT, 4.45%, 12/01/42
$
310
$ 299,913
Series A, AMT, 4.50%, 12/01/47
 
1,030
963,916
 
 
2,479,956
Michigan — 1.8%
Michigan Finance Authority, RB, 4.00%, 02/15/50
 
2,000
1,771,832
Michigan Strategic Fund, RB
 
5.00%, 11/15/42
 
165
163,480
AMT, 5.00%, 12/31/43
 
500
500,542
 
 
2,435,854
Minnesota — 0.8%
Duluth Economic Development Authority, Refunding RB,
Series A, 5.25%, 02/15/58
 
655
658,808
Minnesota Housing Finance Agency, RB, S/F Housing,
Series M, Sustainability Bonds, (FHLMC, FNMA, GNMA),
6.00%, 01/01/53
 
385
408,271
 
 
1,067,079
Missouri — 1.0%
Industrial Development Authority of the City of St. Louis
Missouri, Refunding RB, Series A, 4.38%, 11/15/35
 
330
302,777
Kansas City Industrial Development Authority, ARB
 
Class B, AMT, (AGM), 5.00%, 03/01/49
 
425
427,308
Class B, AMT, (AGM), 5.00%, 03/01/55
 
425
426,096
Kansas City Industrial Development Authority, RB(d)
 
Series A-1, 5.00%, 06/01/46
 
130
126,877
Series A-1, 5.00%, 06/01/54
 
100
94,430
 
 
1,377,488
Nebraska — 0.2%
Omaha Airport Authority, ARB, AMT, (AGM), 5.25%,
12/15/54
 
275
286,657
New Hampshire — 8.6%
New Hampshire Business Finance Authority, RB
 
5.88%, 12/15/33(d)
 
520
523,785
5.25%, 12/01/35(d)
 
602
602,108
5.38%, 12/15/35(d)
 
783
783,497
Series A, 4.13%, 08/15/40
 
260
235,251
Series A, 4.25%, 08/15/46
 
290
249,196
Series A, 4.50%, 08/15/55
 
600
500,029
Series A, Sustainability Bonds, 5.50%, 06/01/55
 
6,000
6,311,816
New Hampshire Business Finance Authority, RB, CAB,
0.00%, 12/15/33(d)(e)
 
2,020
1,240,605
New Hampshire Business Finance Authority, RB, M/F
Housing
 
1st Series, Class B, 5.75%, 04/28/42
 
320
334,067
Series 2025, Subordinate, 5.15%, 09/28/37
 
610
617,029
Series 2, Sustainability Bonds, 4.25%, 07/20/41
 
329
327,826
 
 
11,725,209
New Jersey — 5.4%
New Jersey Economic Development Authority, RB
 
5.00%, 12/15/28(i)
 
70
75,208
5.00%, 06/15/43
 
125
128,660
New Jersey Economic Development Authority, Refunding
SAB, 5.75%, 04/01/31
 
785
789,600
New Jersey Higher Education Student Assistance Authority,
RB
 
Series B, AMT, 4.25%, 12/01/45
 
140
139,194
Series C, AMT, Subordinate, 4.25%, 12/01/50
 
1,340
1,175,883
Security
 
Par
(000)
Value
New Jersey (continued)
New Jersey Higher Education Student Assistance Authority,
Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49
$
645
$ 497,602
New Jersey Transportation Trust Fund Authority, RB,
Series AA, 5.00%, 06/15/45
 
585
585,177
Tobacco Settlement Financing Corp., Refunding RB
 
Series A, 5.25%, 06/01/46
 
1,700
1,704,305
Sub-Series B, 5.00%, 06/01/46
 
2,315
2,253,972
 
 
7,349,601
New York — 14.6%
Erie Tobacco Asset Securitization Corp., Refunding RB,
Series A, 5.00%, 06/01/45
 
910
751,553
Metropolitan Transportation Authority, Refunding RB,
Series C-1, Sustainability Bonds, 4.75%, 11/15/45
 
985
988,158
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB
 
Sub-Series B-1, 4.00%, 11/01/45
 
4,000
3,835,765
Series A-1, Subordinate, 4.00%, 08/01/48
 
555
520,474
New York Counties Tobacco Trust IV, Refunding RB
 
Series A, 6.25%, 06/01/41(d)
 
884
850,622
Series A, 5.00%, 06/01/42
 
1,505
1,292,663
New York Counties Tobacco Trust VI, Refunding RB,
Series A-2B, 5.00%, 06/01/51
 
1,000
844,363
New York Liberty Development Corp., Refunding RB
 
Class 2, 5.38%, 11/15/40(d)
 
395
395,073
Series A, Sustainability Bonds, 3.00%, 11/15/51
 
505
364,920
New York Power Authority, Refunding RB, Series A,
Sustainability Bonds, 4.00%, 11/15/55
 
565
522,046
New York State Dormitory Authority, Refunding RB
 
Series A, 5.00%, 03/15/50
 
1,610
1,684,429
Series B, 5.00%, 03/15/54
 
740
774,210
New York Transportation Development Corp., ARB
 
AMT, 5.63%, 04/01/40
 
260
273,011
AMT, 5.00%, 12/01/40
 
555
576,453
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/35
 
560
585,801
AMT, Sustainability Bonds, (AGM), 5.13%, 06/30/60
 
1,750
1,758,510
AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60
 
1,230
1,252,118
New York Transportation Development Corp., Refunding
ARB, Series A, AMT, 5.38%, 08/01/36
 
730
762,318
Ulster County Capital Resource Corp., RB, 09/15/59(d)(h)
 
200
197,743
Westchester County Local Development Corp., Refunding
RB(d)
 
5.00%, 07/01/41
 
340
338,482
5.00%, 07/01/56
 
380
334,560
Westchester Tobacco Asset Securitization Corp., Refunding
RB, Sub-Series C, 4.00%, 06/01/42
 
1,170
954,957
 
 
19,858,229
North Carolina — 0.4%
North Carolina Housing Finance Agency, RB, S/F Housing,
Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%,
07/01/53
 
465
492,825
North Dakota — 0.4%
City of Grand Forks North Dakota, RB, Series A, (AGM),
5.00%, 12/01/53
 
525
536,750
Ohio — 2.5%
Buckeye Tobacco Settlement Financing Authority, Refunding
RB, Series B-2, Class 2, 5.00%, 06/01/55
 
500
419,020
Buckeye Tobacco Settlement Financing Authority, Refunding
RB, CAB, Series B-3, Class 2, 0.00%, 06/01/57(e)
 
1,400
132,293
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Ohio (continued)
Cleveland-Cuyahoga County Port Authority, Refunding RB(d)
 
Series A, 5.38%, 01/01/39
$
100
$ 101,542
Series A, 5.88%, 01/01/49
 
150
148,943
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50
 
800
725,343
Ohio Air Quality Development Authority, RB, AMT, 4.50%,
01/15/48(d)
 
705
655,597
State of Ohio, RB, AMT, 5.00%, 06/30/53
 
1,220
1,219,338
 
 
3,402,076
Oklahoma — 3.4%
Oklahoma Development Finance Authority, RB
 
7.25%, 09/01/51(d)
 
2,160
2,163,777
Series B, 5.50%, 08/15/52
 
765
767,987
Tulsa Authority for Economic Opportunity, TA, 4.38%,
12/01/41(d)
 
155
144,051
Tulsa County Industrial Authority, Refunding RB, 5.25%,
11/15/45
 
925
924,825
Tulsa Municipal Airport Trust Trustees, Refunding ARB,
AMT, 6.25%, 12/01/40
 
540
605,584
 
 
4,606,224
Oregon(e) — 0.3%
Clackamas County School District No. 12 North Clackamas,
GO, CAB
 
Series A, (GTD), 0.00%, 06/15/27(i)
 
65
38,031
Series A, (GTD), 0.00%, 06/15/38
 
560
318,064
 
 
356,095
Pennsylvania — 6.5%
Allentown Neighborhood Improvement Zone Development
Authority, RB, 5.00%, 05/01/42(d)
 
1,235
1,261,324
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, (AGM), 4.50%,
09/01/48
 
800
808,506
Doylestown Hospital Authority, Refunding RB(d)
 
5.00%, 07/01/31
 
100
106,295
5.38%, 07/01/39
 
155
170,085
Lancaster Municipal Authority, RB, Series B, 5.00%,
05/01/59
 
140
134,674
Montgomery County Industrial Development Authority, RB,
Series C, 5.00%, 11/15/45
 
95
95,036
Pennsylvania Economic Development Financing Authority,
RB
 
5.00%, 06/30/42
 
465
466,140
6.88%, 09/01/47(d)
 
990
1,030,030
AMT, 5.75%, 06/30/48
 
335
349,272
AMT, 5.25%, 06/30/53
 
560
567,217
Pennsylvania Economic Development Financing Authority,
Refunding RB
 
Series B, 5.25%, 12/01/38(c)
 
240
242,004
Series C, 5.25%, 12/01/37(c)
 
415
418,719
AMT, 5.50%, 11/01/44
 
720
720,416
Pennsylvania Higher Education Assistance Agency, RB,
Sub-Series 1C, AMT, 5.00%, 06/01/51
 
100
97,552
Pennsylvania Housing Finance Agency, RB, S/F Housing,
Series 143A, Sustainability Bonds, 5.38%, 10/01/46
 
960
1,006,416
Philadelphia Authority for Industrial Development, RB
 
5.25%, 11/01/52
 
355
367,232
Series A, 4.00%, 07/01/49
 
805
749,363
School District of Philadelphia, GOL, Series A, (SAW),
5.50%, 09/01/48
 
220
234,576
 
 
8,824,857
Security
 
Par
(000)
Value
Puerto Rico — 5.7%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(e)
$
6,945
$ 328,119
Commonwealth of Puerto Rico, GO, Series A-1,
Restructured, 5.75%, 07/01/31
 
784
869,373
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51(b)(c)(g)
 
5,503
3,260,439
Puerto Rico Industrial Tourist Educational Medical & Envirml
Ctl Facs Fing Authority, ARB
 
Series A-1, AMT, 6.75%, 01/01/45
 
100
113,346
Series A-2, AMT, 6.50%, 01/01/42
 
100
113,318
Series A-2, AMT, 6.75%, 01/01/45
 
100
112,968
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue,
RB
 
Series A-2, Convertible, Restructured, 4.33%, 07/01/40
 
72
69,804
Series A-1, Restructured, 4.75%, 07/01/53
 
593
560,683
Series A-1, Restructured, 5.00%, 07/01/58
 
924
897,426
Series A-2, Restructured, 4.78%, 07/01/58
 
1,038
976,131
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue,
RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(e)
 
1,414
492,118
 
 
7,793,725
South Carolina — 1.4%
South Carolina Jobs-Economic Development Authority, RB,
7.50%, 08/15/62(d)
 
225
200,965
South Carolina Jobs-Economic Development Authority, RB,
M/F Housing, Series A, 6.75%, 12/01/60(d)
 
550
582,204
South Carolina Jobs-Economic Development Authority,
Refunding RB, Series A, 5.00%, 05/01/43
 
1,110
1,131,371
 
 
1,914,540
Tennessee — 1.4%
Metropolitan Government Nashville & Davidson County
Health & Educational Fcilities Board, Refunding RB,
4.00%, 10/01/49
 
290
242,215
Metropolitan Government Nashville & Davidson County
Industrial Development Board, SAB, CAB, 0.00%,
06/01/43(d)(e)
 
430
183,236
Metropolitan Government Nashville & Davidson County
Sports Authority, RB, Series A, Senior Lien, (AGM),
5.25%, 07/01/48
 
585
618,745
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(c)
 
750
813,277
 
 
1,857,473
Texas — 11.1%
Alamo Heights Independent School District, GO, (PSF),
4.00%, 02/01/51
 
610
572,210
Angelina & Neches River Authority, RB, Series A, AMT,
7.50%, 12/01/45(b)(d)(g)
 
335
7,223
Arlington Higher Education Finance Corp., RB
 
7.50%, 04/01/62(d)
 
230
115,000
7.88%, 11/01/62(d)
 
195
117,000
Series A, 5.75%, 08/15/62
 
500
260,000
City of Buda Texas, SAB(d)
 
6.00%, 09/01/55
 
150
148,627
6.75%, 09/01/55
 
300
297,450
City of Corpus Christi Texas, SAB
 
5.38%, 09/15/31
 
100
103,878
6.13%, 09/15/44
 
100
99,868
6.50%, 09/15/54
 
106
106,368
City of Crandall Texas, SAB(d)
 
5.25%, 09/15/45
 
50
49,597
5.50%, 09/15/55
 
100
100,013
City of Friendswood Texas, SAB, 7.00%, 09/15/54
 
301
303,204
City of Houston Texas Airport System Revenue, ARB
 
Series B, AMT, 5.50%, 07/15/38
 
200
217,146
6
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Texas (continued)
City of Houston Texas Airport System Revenue,
ARB (continued)
 
Series B-1, AMT, 5.00%, 07/15/30
$
240
$ 240,002
City of Houston Texas Airport System Revenue, Refunding
ARB, Series A, AMT, 1st Lien, Subordinate, (AGM),
5.25%, 07/01/48
 
340
355,584
City of Oak Point Texas, SAB, 5.25%, 09/15/54(d)
 
140
134,632
Clifton Higher Education Finance Corp., RB, Series A,
6.00%, 06/15/54(d)
 
100
92,896
Club Municipal Management District No. 1, SAB, 5.38%,
09/01/55(d)
 
100
100,383
Dallas Independent School District, Refunding GO, (PSF),
4.00%, 02/15/53
 
500
466,886
Del Valle Independent School District Texas, GO, (PSF),
4.00%, 06/15/47
 
810
774,552
Eagle Mountain & Saginaw Independent School District,
GO, (PSF), 4.00%, 08/15/54
 
210
194,585
Midland County Fresh Water Supply District No. 1, RB,
CAB, Series A, 0.00%, 09/15/27(e)(i)
 
5,200
2,985,900
New Hope Cultural Education Facilities Finance Corp., RB,
01/01/60(h)
 
600
584,661
New Hope Cultural Education Facilities Finance Corp.,
Refunding RB, Series A, 6.75%, 10/01/52
 
600
604,168
North Texas Tollway Authority, Refunding RB, 4.25%,
01/01/49
 
890
828,955
Port of Beaumont Navigation District, Refunding RB(d)
 
Series A, AMT, 3.63%, 01/01/35
 
215
200,186
Series A, AMT, 4.00%, 01/01/50
 
815
627,559
San Antonio Education Facilities Corp., RB, Series A,
5.00%, 10/01/41
 
85
72,608
Tarrant County Cultural Education Facilities Finance Corp.,
RB, 5.00%, 11/15/51
 
310
319,526
Texas Community Housing & Economic Development Corp.,
RB, M/F Housing, Series A1, Senior Lien, 6.25%,
01/01/65(d)
 
570
533,374
Texas Municipal Gas Acquisition & Supply Corp. III,
Refunding RB, 5.00%, 12/15/32
 
1,300
1,419,460
Texas Private Activity Bond Surface Transportation Corp.,
RB, AMT, Senior Lien, 5.50%, 12/31/58
 
800
832,192
Texas Transportation Commission State Highway
249 System, RB, CAB, 0.00%, 08/01/43(e)
 
2,205
936,129
Texas Water Development Board, RB, 4.45%, 10/15/36
 
170
182,332
 
 
14,984,154
Utah — 2.2%
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53(d)
 
205
207,077
County of Utah, RB, Series B, 4.00%, 05/15/47
 
750
703,200
Downtown Revitalization Public Infrastructure District, RB,
Series B, 2nd Lien, (AGM), 5.50%, 06/01/55
 
175
188,368
Mida Mountain Village Public Infrastructure District, TA,
Series 1, Subordinate, 5.13%, 06/15/54(d)
 
500
497,067
Ridges Estates Infrastructure Financing District, SAB,
12/01/53(d)(h)
 
594
614,388
SkyRidge Pegasus Infrastructure Financing District, SAB,
5.25%, 12/01/44(d)
 
530
523,399
Utah Charter School Finance Authority, RB, Series A,
5.00%, 06/15/52(d)
 
225
183,930
Security
 
Par
(000)
Value
Utah (continued)
Utah Infrastructure Agency, RB
 
5.50%, 10/15/44
$
55
$ 57,075
5.50%, 10/15/48
 
50
51,260
 
 
3,025,764
Virginia — 2.5%
Ballston Quarter Community Development Authority, TA,
Series A-1, 5.50%, 03/01/46
 
267
266,654
Ballston Quarter Community Development Authority, TA,
CAB, Series A-2, 7.13%, 03/01/59(f)
 
640
564,683
Hampton Roads Transportation Accountability Commission,
RB, Series A, Senior Lien, 4.00%, 07/01/55
 
245
227,782
James City County Economic Development Authority, RB,
Series A, 6.88%, 12/01/58
 
175
189,411
Norfolk Redevelopment & Housing Authority, RB, Series A,
5.00%, 01/01/49
 
455
416,629
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47
 
920
770,965
Virginia Beach Development Authority, RB
 
Series A, 7.00%, 09/01/53
 
240
264,039
Series B3, 5.38%, 09/01/29
 
155
156,189
Virginia Housing Development Authority, RB, M/F Housing,
Series G, 4.90%, 11/01/42
 
500
519,959
 
 
3,376,311
Washington — 1.1%
Washington Health Care Facilities Authority, Refunding RB
 
Series A, 5.00%, 08/01/44
 
485
491,533
Series A, 5.50%, 09/01/55
 
200
212,402
Washington State Housing Finance Commission, RB(d)
 
Series A, 5.75%, 01/01/53
 
100
96,606
Series B2, 3.95%, 07/01/29
 
380
380,009
Washington State Housing Finance Commission, Refunding
RB
 
Series A, 5.00%, 07/01/43
 
125
126,588
Series A, 5.00%, 07/01/48
 
115
114,307
 
 
1,421,445
West Virginia — 1.3%
Morgantown Utility Board, Inc., RB, Series B, 4.00%,
12/01/48
 
1,895
1,785,435
Wisconsin — 8.8%
Public Finance Authority, RB
 
6.25%, 10/01/31(b)(d)(g)
 
290
29,000
5.00%, 06/15/41(d)
 
165
142,128
7.00%, 10/01/47(b)(d)(g)
 
290
29,000
5.75%, 12/01/54(d)
 
445
446,637
5.00%, 06/15/55(d)
 
440
339,479
5.00%, 01/01/56(d)
 
710
592,158
Class A, 5.00%, 06/15/56(d)
 
230
194,105
Class A, 6.45%, 04/01/60(d)
 
150
143,735
Series A, 7.75%, 07/01/43(d)
 
1,190
1,204,795
Series A, 4.75%, 06/15/56(d)
 
720
568,059
Series A, 7.50%, 07/01/59(d)
 
1,080
1,216,553
Series A, 7.25%, 01/01/61(d)
 
720
773,839
Series A-1, 4.50%, 01/01/35(d)
 
530
518,962
Series A-4, 5.50%, 11/15/32(d)
 
870
872,146
Series B, 0.00%, 01/01/35(d)(e)
 
890
524,893
Series B, 0.00%, 01/01/60(d)(e)
 
16,025
1,420,094
AMT, 5.75%, 12/31/65
 
660
683,592
AMT, 6.50%, 12/31/65
 
540
593,076
AMT, Sustainability Bonds, 4.00%, 09/30/51
 
475
394,064
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Wisconsin (continued)
Public Finance Authority, RB (continued)
 
AMT, Sustainability Bonds, 4.00%, 03/31/56
$
455
$ 368,188
Public Finance Authority, RB, CAB, Series B, 0.00%,
01/01/61(d)(e)
 
6,455
532,851
Public Finance Authority, RB, M/F Housing, Series A,
Subordinate, 7.13%, 07/01/65(c)(d)
 
300
297,546
 
 
11,884,900
Wyoming — 0.3%
University of Wyoming, RB, Series C, (AGM), 4.00%,
06/01/51
 
500
461,926
Total Municipal Bonds — 150.1%
(Cost: $207,065,469)
203,496,770
Municipal Bonds Transferred to Tender Option Bond Trusts(j)
Alabama — 4.9%
Black Belt Energy Gas District, RB, Series C-1, 5.25%,
02/01/53(c)
 
6,194
6,603,639
Illinois — 2.0%
Chicago O’Hare International Airport, Refunding ARB,
Series A, AMT, Senior Lien, 5.50%, 01/01/59
 
2,620
2,767,295
New York — 1.1%
Port Authority of New York & New Jersey, ARB, Series 221,
AMT, 4.00%, 07/15/55
 
1,720
1,545,200
Pennsylvania — 1.3%
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, (AGM), 5.50%,
09/01/53
 
1,601
1,727,506
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 9.3%
(Cost: $12,334,000)
12,643,640
Total Long-Term Investments — 159.6%
(Cost: $219,399,469)
216,412,447
 
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Liquidity Funds, MuniCash, Institutional Shares,
3.01%(k)(l)
 
353,798
$     353,833
Total Short-Term Securities — 0.2%
(Cost: $353,830)
353,833
Total Investments — 159.8%
(Cost: $219,753,299)
216,766,280
Other Assets Less Liabilities — 1.2%
1,591,241
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (5.2)%
(7,036,216
)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(55.8)%
(75,710,645
)
Net Assets Applicable to Common Shares — 100.0%
$ 135,610,660
 
(a)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(b)
Non-income producing security.
(c)
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.
(d)
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.
(e)
Zero-coupon bond.
(f)
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.
(g)
Issuer filed for bankruptcy and/or is in default.
(h)
When-issued security.
(i)
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.
(j)
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.
(k)
Affiliate of the Fund.
(l)
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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
10/31/25
Shares
Held at
10/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 3,119,565
$ —
$ (2,765,732
)(a)
$ —
$ —
$ 353,833
353,798
$ 12,921
$ —
 
(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
8
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock Long-Term Municipal Advantage Trust (BTA)
 
Fair Value Hierarchy as of Period End (continued)
• 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 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 that may not have a secondary market and/or may have 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 
Common Stocks
$ —
$ —
$ 272,037
$ 272,037
Municipal Bonds
—
203,496,770
—
203,496,770
Municipal Bonds Transferred to Tender Option Bond Trusts
—
12,643,640
—
12,643,640
Short-Term Securities 
Money Market Funds
353,833
—
—
353,833
 
$353,833
$216,140,410
$272,037
$216,766,280
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
$—
$(6,990,013
)
$—
$(6,990,013
)
VRDP Shares at Liquidation Value
—
(76,000,000
)
—
(76,000,000
)
 
$—
$(82,990,013
)
$—
$(82,990,013
)
 
Portfolio Abbreviation 
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
PSF
 Permanent School Fund
RB
 Revenue Bonds
S/F
 Single-Family
SAB
 Special Assessment Bonds
SAN
 State Aid Notes
Portfolio Abbreviation (continued)
SAW
 State Aid Withholding
ST
 Special Tax
TA
 Tax Allocation
Schedule of Investments
9