BlackRock Long-Term Municipal Advantage Trust


Security	Par (000)		Value

Municipal Bonds

Alabama — 2.4%
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42	$	1,655	$	1,839,655
Health Care Authority of the City of Huntsville, RB, Series B1, 4.00%, 06/01/45		395		437,994
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50^(a)		1,325		1,662,123
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 4.50%, 05/01/32^(b)		167		173,909


				4,113,681

Arizona — 4.4%
Arizona Industrial Development Authority, Refunding RB^(b)
Series A, 5.13%, 07/01/37		360		401,370
Series A, 5.38%, 07/01/50		925		1,025,423
Series A, 5.50%, 07/01/52		855		912,284
Series G, 5.00%, 07/01/47		135		150,566
Industrial Development Authority of the City of Phoenix, RB
Series A, 5.00%, 07/01/33.		870		877,727
Series A, 5.00%, 07/01/46^(b)		1,255		1,346,532
Industrial Development Authority of the City of Phoenix, Refunding RB, Series A, 5.00%, 07/01/35^(b)		125		136,002
Industrial Development Authority of the County of Pima, Refunding RB^(b)
4.00%, 06/15/51^(c)		540		547,465
5.00%, 07/01/56		235		251,170
4.00%, 06/15/57^(c)		415		419,558
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38		375		413,585
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		725		938,566
Tempe Industrial Development Authority, RB, 4.00%, 12/01/56		165		175,522


				7,595,770

Arkansas^(b)— 2.9%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49		925		996,419
Series A, AMT, 4.75%, 09/01/49		3,570		3,927,007


				4,923,426

California — 7.9%
California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56^(b)		460		384,700
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47		140		140,657
California Health Facilities Financing Authority, Refunding RB, Series A, 4.00%, 08/15/48		415		469,783
California Housing Finance Agency, RB, M/F Housing, 3.25%, 08/20/36		648		692,416
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		70		73,354
Series A, 5.25%, 08/15/49		175		182,975
California Public Finance Authority, RB, Series A, 6.25%, 07/01/54^(b)		850		964,011
California State Public Works Board, RB, Series I, 5.00%, 11/01/38		355		377,929


Security	Par (000)		Value

California (continued)
CSCDA Community Improvement Authority, RB, M/F Housing^(b)
3.25%, 07/01/56	$	155	$	130,600
3.13%, 08/01/56		725		628,609
4.00%, 12/01/56		1,070		900,139
4.00%, 03/01/57		330		303,301
4.00%, 07/01/58		200		175,546
4.00%, 12/01/59		1,120		868,442
4.00%, 12/01/58		2,545		2,385,449
Golden State Tobacco Securitization Corp., Refunding RB
0.00%, 06/01/66^(d)		1,050		162,662
Series A-2, 5.00%, 06/01/22^(e)		535		543,005
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61^(b)(f)		830		488,479
Riverside County Transportation Commission, Refunding RB
4.00%, 06/01/47		180		198,795
3.00%, 06/01/49		120		120,608
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31^(b)(d)		1,265		802,806
San Marcos Unified School District, GO, CAB, Series B, 0.00%, 08/01/38^(d)		3,725		2,394,050
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23^(e)		165		179,510


				13,567,826

Colorado — 3.2%
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47^(b)		275		286,012
Colorado Health Facilities Authority, RB
Series A, 5.00%, 05/15/35		240		252,245
Series A, 5.00%, 05/15/44		180		186,120
Series A, 5.00%, 05/15/49		120		123,115
Series A, 5.00%, 05/15/58		250		254,462
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49		500		530,544
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,550		1,735,298
Fitzsimons Village Metropolitan District No 3, Refunding GO, Series A-1, 4.00%, 12/01/31		500		489,301
Loretto Heights Community Authority, RB, 4.88%, 12/01/51		500		491,131
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45^(b)		650		712,154
Waters’ Edge Metropolitan District No.2, GO, 5.00%, 12/01/51		500		477,149


				5,537,531

Connecticut^(b)— 0.8%
Connecticut State Health & Educational Facilities Authority, RB
Series A, 5.00%, 01/01/45.		160		173,577
Series A, 5.00%, 01/01/55		210		226,212
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30		860		944,860


				1,344,649


Security	Par (000)		Value

District of Columbia — 1.2%
District of Columbia, Refunding RB, Series A, 6.00%, 07/01/23^(e)	$	260	$	279,279
District of Columbia, TA, 5.13%, 06/01/41		750		752,537
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49		870		956,271

				1,988,087

Florida — 9.3%
Brevard County Health Facilities Authority, Refunding RB^(b)
4.00%, 11/15/23		100		102,597
4.00%, 11/15/29		100		107,773
4.00%, 11/15/33		625		677,144
Capital Region Community Development District, Refunding SAB
Series A-1, 5.13%, 05/01/39		210		229,927
Series A-2, 4.60%, 05/01/31		515		558,242
Capital Trust Agency, Inc., RB, Series A, 5.75%, 06/01/54^(b)		450		474,208
Capital Trust Agency, Inc., RB, CAB^(b)(d)
0.00%, 01/01/61		5,945		381,187
0.00%, 07/01/61		25,215		2,354,173
Charlotte County Industrial Development Authority, RB^(b)
AMT, 5.00%, 10/01/34		120		132,478
AMT, 5.00%, 10/01/49		560		597,536
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(d)
Series A-2, 0.00%, 10/01/46.		775		336,321
Series A-2, 0.00%, 10/01/47		745		311,232
Series A-2, 0.00%, 10/01/48		525		211,152
Series A-2, 0.00%, 10/01/49		435		168,552
Florida Development Finance Corp. RB, 5.00%, 06/15/56^(b)		550		576,250
Florida Development Finance Corp., RB^(b)
5.25%, 06/01/55		525		596,123
Series B, 4.50%, 12/15/56		705		647,648
Series C, 5.75%, 12/15/56		250		232,511
Series A, AMT, 5.00%, 08/01/29^(a)		740		753,713
Florida Development Finance Corp., Refunding RB, 5.00%, 06/01/51		165		185,111
Lakes of Sarasota Community Development District, SAB
Series A-1, 2.75%, 05/01/26		100		99,309
Series A-1, 3.90%, 05/01/41		285		286,224
Series B-1, 3.00%, 05/01/26		100		99,309
Series B-1, 4.13%, 05/01/41		200		200,467
Series B-1, 4.30%, 05/01/51		100		100,993
Lakewood Ranch Stewardship District, SAB
4.25%, 05/01/26		100		103,333
5.13%, 05/01/46		375		397,260
Series 1B, 4.75%, 05/01/29		270		292,927
Series 1B, 5.30%, 05/01/39		310		347,030
Series 1B, 5.45%, 05/01/48		550		612,677
Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53		535		557,582
Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40^(f)		310		247,098
Tolomato Community Development District, Refunding SAB, CAB, Series A-4, Convertible, 6.61%, 05/01/40^(f).		120		118,624


Security	Par (000)		Value

Florida (continued)
Tolomato Community Development District, SAB^(g)(h)3rd Series, 6.65%, 05/01/40	$	275	$	3
Series 2015-1, 6.61%, 05/01/40		505		493,909
Series 2015-3, 6.61%, 05/01/40		340		3
Trout Creek Community Development District, SAB
5.00%, 05/01/28		160		173,056
5.50%, 05/01/49		570		624,310
Village Community Development District No.10, SAB, 5.13%, 05/01/43		720		733,335
West Villages Improvement District, SAB
4.75%, 05/01/39		220		237,315
5.00%, 05/01/50		450		484,187


				15,842,829

Georgia — 3.6%
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51^(b)		355		356,863
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25^(e)		240		269,529
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49		1,770		2,512,243
Municipal Electric Authority of Georgia, RB
4.00%, 01/01/49		865		944,213
4.00%, 01/01/59		1,640		1,778,252
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49		320		349,382


				6,210,482

Idaho — 0.4%
Idaho Health Facilities Authority, Refunding RB, 3.00%, 03/01/51		700		684,435


Illinois — 7.5%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35		795		856,262
Series D, 5.00%, 12/01/46		1,035		1,108,602
Series H, 5.00%, 12/01/36		935		1,058,751
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25		350		393,851
Series C, 5.00%, 12/01/27		415		481,697
Series C, 5.00%, 12/01/34		940		1,057,648
Series F, 5.00%, 12/01/22		325		336,345
City of Chicago Illinois, Refunding GO, Series A, 6.00%, 01/01/38		595		700,329
Cook County Community College District No. 508, GO, 5.50%, 12/01/38		350		371,779
Illinois Finance Authority, Refunding RB, Series C, 5.00%, 02/15/41		1,500		1,738,647
Metropolitan Pier & Exposition Authority, RB
Series A, 5.50%, 06/15/53		200		222,692
Series A, 5.00%, 06/15/57		555		627,096
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, 5.00%, 06/15/52		225		243,438
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54^(d)		500		155,078
State of Illinois, GO
5.00%, 05/01/27		500		536,259
5.00%, 01/01/28		1,005		1,129,853
5.00%, 03/01/37		755		757,433
Series A, 5.00%, 01/01/33		555		556,508
University of Illinois, RB, Series A, 5.00%, 04/01/44		475		510,749


				12,843,017


Security	Par (000)		Value

Indiana — 4.2%
City of Anderson Indiana, RB, 5.38%, 01/01/40	$	285	$	290,520
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		365		399,867
AMT, 7.00%, 01/01/44		885		968,561
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29^(b)		810		810,998
Indiana Finance Authority, RB
Series A, AMT, 5.00%, 07/01/23^(e)		680		717,958
Series A, AMT, 5.25%, 07/01/23^(e)		2,190		2,319,711
Series A, AMT, 6.75%, 05/01/39		515		662,446
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40^(b)		595		609,068
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		445		461,158

				7,240,287

Iowa — 1.6%
Iowa Finance Authority, Refunding RB
5.25%, 12/01/25		660		703,276
Series B, 5.25%, 12/01/50^(a)		825		884,825
Iowa Student Loan Liquidity Corp., Series B, AMT, 3.00%, 12/01/39		1,175		1,195,359

				2,783,460

Kentucky — 0.7%
Kentucky Economic Development Finance Authority, RB, Series A, 5.25%, 01/01/23^(e)		460		478,484
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43^(f)		565		675,032

				1,153,516

Louisiana — 1.4%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54^(b)		445		460,227
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.25%, 05/15/31		110		110,255
Series A, 5.25%, 05/15/32		380		384,411
Series A, 5.25%, 05/15/33		415		419,779
Series A, 5.25%, 05/15/35		945		991,960

				2,366,632

Maine — 0.2%
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51^(b).		380		372,358


Maryland^(b)— 1.6%
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43		940		1,075,336
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55		1,480		1,654,667

				2,730,003

Massachusetts — 1.7%
Massachusetts Development Finance Agency, RB
Series A, 6.50%, 11/15/23^(b)(e)		1,000		1,097,730
Series A, 5.00%, 01/01/47		860		961,477
Massachusetts Development Finance Agency, Refunding RB
4.00%, 07/01/45		100		107,806


Security	Par (000)		Value

Massachusetts (continued)
Massachusetts Development Finance Agency, Refunding RB (continued)
4.00%, 07/01/50	$	150	$	160,658
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42		610		626,719

				2,954,390

Michigan — 2.4%
City of Detroit Michigan Sewage Disposal System Revenue, Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22^(e)		1,970		2,008,833
City of Detroit Michigan, GO 5.00%, 04/01/34		140		160,208
5.00%, 04/01/35		140		159,849
5.00%, 04/01/36		95		108,162
5.00%, 04/01/37		155		176,013
5.00%, 04/01/38		70		79,289
Michigan Finance Authority, RB, Series C-1, Senior Lien, 5.00%, 07/01/22^(e)		410		417,659
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.70%, 10/01/56		460		425,155
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48		500		572,949

				4,108,117

Minnesota — 1.7%
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		1,940		2,112,454
Series A, 5.25%, 02/15/58		655		764,833

				2,877,287

Missouri — 1.1%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43		115		119,993
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB
Series A, 4.38%, 11/15/35		330		323,046
Series A, 4.75%, 11/15/47		365		342,223
Kansas City Industrial Development Authority, ARB, AMT, (AGM), 4.00%, 03/01/57		975		1,072,449

				1,857,711

Nebraska — 0.2%
Central Plains Energy Project, RB, 5.25%, 09/01/37		285		291,888


New Hampshire — 1.0%
New Hampshire Business Finance Authority, RB
Series A, 4.13%, 08/15/40		260		261,917
Series A, 4.25%, 08/15/46		290		290,685
Series A, 4.50%, 08/15/55		600		604,892
New Hampshire Business Finance Authority, Refunding RB^(a)(b)
Series A, 3.63%, 07/01/43		230		237,106
Series B, AMT, 3.75%, 07/01/45		375		385,018

				1,779,618

New Jersey — 9.1%
Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39		475		510,422
5.25%, 11/01/44		1,160		1,237,523
New Jersey Economic Development Authority, RB Series EEE, 5.00%, 06/15/43		195		226,856


Security	Par (000)		Value



New Jersey (continued)
New Jersey Economic Development Authority, RB (continued)
AMT, 5.13%, 09/15/23	$	750	$	771,885
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26^(e)		1,225		1,461,761
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31		785		821,881
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49		645		631,218
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.00%, 06/15/45		585		636,843
Series S, 5.25%, 06/15/43		2,535		2,995,498
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48		245		271,352
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		730		858,290
Series A, 5.25%, 06/01/46		1,700		1,958,257
Sub-Series B, 5.00%, 06/01/46		2,825		3,179,964


				15,561,750

New York — 14.4%
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		910		915,515
Metropolitan Transportation Authority, RB
Series B, 5.25%, 11/15/38		1,125		1,214,194
Series B, 5.25%, 11/15/39		400		431,446
Metropolitan Transportation Authority, Refunding RB, Series C-1, 4.75%, 11/15/45		985		1,125,487
New York City Industrial Development Agency, Refunding RB, (AGM), 3.00%, 03/01/49		665		673,752
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series B-1, 4.00%, 11/01/45		5,000		5,592,705
New York Counties Tobacco Trust IV, Refunding RB
Series A, 6.25%, 06/01/41^(b)		900		913,369
Series A, 5.00%, 06/01/42		1,505		1,519,824
Series A, 5.00%, 06/01/45		555		560,460
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/51		1,000		1,088,203
New York Liberty Development Corp., Refunding RB
Series 1, Class 1, 5.00%, 11/15/44^(b)		2,355		2,533,565
Series 2, Class 2, 5.15%, 11/15/34^(b)		160		175,630
Series 2, Class 2, 5.38%, 11/15/40^(b)		395		434,565
Series A, 2.88%, 11/15/46		1,290		1,229,582
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		565		627,597
New York State Dormitory Authority, Refunding RB, 5.00%, 12/01/33^(b)		410		476,431
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50		1,000		1,061,388
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		190		227,287
AMT, 5.00%, 10/01/40		535		632,717
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36		730		876,222


Security	Par (000)		Value



New York (continued)
Westchester County Local Development Corp., Refunding RB, 5.00%, 07/01/46^(b)	$	755	$	791,888
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42		1,485		1,569,341


				24,671,168

Ohio — 4.5%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		3,455		3,784,503
Cleveland-Cuyahoga County Port Authority, Refunding TA^(b)4.00%, 12/01/55		120		123,748
4.50%, 12/01/55		100		103,188
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50		800		887,834
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49^(b)		400		444,538
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50^(b)		185		182,225
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42^(b)		805		896,530
State of Ohio, RB, AMT, 5.00%, 06/30/53		1,220		1,318,321


				7,740,887

Oklahoma — 4.1%
Oklahoma Development Finance Authority, RB 7.25%, 09/01/51^(b)		2,205		2,560,794
Series B, 5.00%, 08/15/38		1,450		1,707,365
Series B, 5.25%, 08/15/43		1,305		1,550,657
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41^(b)		155		146,750
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45		925		1,028,064


				6,993,630

Oregon — 0.9%
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38^(d)		625		344,066
Oregon Health & Science University, Refunding RB, Series A, 3.00%, 07/01/51		1,230		1,216,305


				1,560,371

Pennsylvania — 3.2%
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42^(b)		470		518,515
Bucks County Industrial Development Authority, RB
4.00%, 07/01/46		100		109,142
4.00%, 07/01/51		100		108,601
Hospitals & Higher Education Facilities Authority of Philadelphia, RB, Series A, 5.63%, 07/01/42		300		306,036
Montgomery County Higher Education and Health Authority, Refunding RB, Class B, 4.00%, 05/01/56^(c)		1,610		1,733,165
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 12/31/38		465		521,396
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		720		753,722
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44		805		895,904
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		520		569,705


				5,516,186


Security	Par (000)		Value



Puerto Rico — 6.5%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57^(d)	$	9,585	$	614,648
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43		820		836,600
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series A, Senior Lien, 5.25%, 07/01/42		1,875		1,910,141
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		1,529		1,672,975
Series A-1, Restructured, 5.00%, 07/01/58		3,066		3,411,293
Series A-2, Restructured, 4.33%, 07/01/40		923		1,001,739
Series A-2, Restructured, 4.78%, 07/01/58		1,038		1,139,766
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(d)		1,914		619,028


				11,206,190

Rhode Island — 2.6%
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		475		479,693
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/40		420		456,159
Series B, 4.50%, 06/01/45		1,875		1,989,184
Series B, 5.00%, 06/01/50		1,360		1,477,401


				4,402,437

South Carolina — 3.0%
South Carolina Jobs-Economic Development Authority, RB, Series A, 5.00%, 11/15/54		165		178,929
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43		1,110		1,293,009
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		1,840		2,002,461
Series E, 5.00%, 12/01/48		420		447,769
Series E, 5.50%, 12/01/53		750		803,492
South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55		430		483,423


				5,209,083

Tennessee — 1.8%
Memphis-Shelby County Industrial Development Board, Refunding TA
Series A, 5.50%, 07/01/37		490		447,875
Series A, 5.63%, 01/01/46		570		500,807
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB
Series A, 4.00%, 10/01/49.		290		305,751
Series A, 5.25%, 10/01/58		1,430		1,634,493
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43^(b)(d)		450		172,625


				3,061,551

Texas — 7.7%
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45^(b)		335		321,838
Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41		180		191,609
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39		325		355,103
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40		285		253,822


Security	Par (000)		Value



Texas (continued)
City of Houston Texas Airport System Revenue, RB, AMT, 4.00%, 07/15/41	$	305	$	321,955
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		125		142,819
City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27		800		915,424
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23^(e)		210		222,079
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/34^(d)		3,000		1,798,521
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/37^(d)		5,200		2,763,639
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31^(b)		430		452,075
Newark Higher Education Finance Corp., RB^(b)
Series A, 5.50%, 08/15/35		135		150,802
Series A, 5.75%, 08/15/45		275		307,885
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		1,890		2,077,770
Port Beaumont Navigation District, RB, AMT, 2.75%, 01/01/36^(b)		710		649,650
San Antonio Education Facilities Corp., RB
Series A, 5.00%, 10/01/41		85		88,692
Series A, 5.00%, 10/01/51		115		117,750
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55		1,025		1,131,627
Texas Transportation Commission, RB, CAB, 0.00%, 08/01/43^(d)		2,205		882,562


				13,145,622

Utah^(b)— 0.1%
Utah Charter School Finance Authority, RB
Series A, 5.00%, 06/15/41.		100		110,209
Series A, 5.00%, 06/15/52		125		135,341


				245,550

Vermont — 0.3%
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36		555		554,174


Virginia — 2.5%
Ballston Quarter Community Development Authority, TA
Series A, 5.00%, 03/01/26.		235		236,771
Series A, 5.13%, 03/01/31		510		508,595
Lynchburg Economic Development Authority, Refunding RB
3.00%, 01/01/51		130		121,554
4.00%, 01/01/55		100		110,336
Norfolk Redevelopment & Housing Authority, RB
Series A, 5.00%, 01/01/34		235		252,057
Series A, 5.00%, 01/01/49		455		483,818
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,025		1,032,537
Virginia Small Business Financing Authority, Refunding RB, AMT, Senior Lien, 6.00%, 01/01/37		1,540		1,570,300


				4,315,968

Washington — 1.4%
Port of Seattle Washington, ARB, Series C, AMT, 5.00%, 04/01/40		350		381,087


Security	Par (000)		Value



Washington (continued)
Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23^(e)	$	1,020	$	1,068,213
Washington State Convention Center Public Facilities District, RB, 3.00%, 07/01/58		425		391,080
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35		475		500,441

				2,340,821

Wisconsin — 6.0%
Public Finance Authority, ARB, AMT, 4.25%, 07/01/54		750		760,701
Public Finance Authority, RB 5.00%, 06/15/41^(b)		165		169,281
5.00%, 01/01/42^(b)		290		305,685
4.00%, 04/01/52^(b)(c)		255		262,523
5.00%, 06/15/55^(b)		440		442,210
5.00%, 01/01/56^(b)		710		738,324
4.75%, 06/15/56^(b)		735		678,234
5.00%, 06/15/56^(b)		230		224,387
Series A, 6.25%, 10/01/31^(b)		290		299,845
Series A, 5.00%, 11/15/41		95		112,392
Series A, 7.00%, 10/01/47^(b)		290		297,227
Series A, 5.00%, 10/15/50^(b)		530		565,136
Series A-1, 4.50%, 01/01/35^(b)		600		637,470
Series A-1, 5.50%, 12/01/48^(b)(g)(h)		10		3,163
Series A-1, 5.00%, 01/01/55^(b)		1,290		1,385,641
Series B, 0.00%, 01/01/35^(b)(d)		1,080		459,930
Series B, 0.00%, 01/01/60^(b)(d)		16,025		1,238,540
AMT, 4.00%, 09/30/51		455		483,882
AMT, 4.00%, 03/31/56		475		500,596
Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61^(b)(d)		6,715		470,735
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 11/01/46		230		251,667

				10,287,569


Total Municipal Bonds — 129.5% (Cost: $206,439,761)				221,979,957


Municipal Bonds Transferred to Tender Option Bond Trusts⁽ⁱ⁾

California — 2.9%
City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46		2,700		3,008,424
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47		495		569,225
San Diego County Regional Airport Authority, ARB^(j)
Series B, AMT, Subordinate, 4.00%, 07/01/56		357		386,704
Series B, AMT, Subordinate, 5.00%, 07/01/56		854		1,005,819

				4,970,172

Colorado — 1.2%
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49^(j)		1,810		1,973,307


Florida — 1.5%
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45^(j)		2,321		2,506,366


Security	Par (000)		Value



Georgia — 0.6%
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48	$	1,025	$	1,111,839


Idaho — 1.4%
Idaho State Building Authority, RB, Series A, 4.00%, 09/01/48		2,120		2,366,133


Illinois — 1.0%
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/38		1,498		1,647,036


Iowa — 1.1%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46		1,815		1,916,586


Massachusetts — 1.2%
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47		2,009		2,087,532


Michigan — 1.3%
Michigan Finance Authority, RB, 4.00%, 02/15/47		2,000		2,212,994


New Jersey — 0.8%
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, 4.25%, 12/01/50		1,338		1,391,531


New York — 4.1%
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		2,390		2,550,254
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series C, Subordinate, 3.00%, 05/01/46		1,187		1,205,026
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60		1,725		1,873,652
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		1,215		1,371,111

				7,000,043

North Carolina — 1.1%
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25^(e)		1,180		1,338,398
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48		569		595,146

				1,933,544

Pennsylvania — 2.7%
County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49^(j)		2,501		2,734,077
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		1,680		1,965,284

				4,699,361

Rhode Island — 1.6%
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47.		2,448		2,708,851


Texas — 6.7%
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23^(e)		11,000		11,458,574


Security	Par (000)		Value



Virginia^(j)— 2.1%
Hampton Roads Transportation Accountability Commission, RB
Series A, Senior Lien, 5.50%, 07/01/57	$	2,224	$	2,672,461
Series A, Senior Lien, 4.00%, 07/01/60		795		892,500


				3,564,961

West Virginia — 1.2%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48^(j)		1,891		2,067,607


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 32.5% (Cost: $53,027,114)				55,616,437


Total Long-Term Investments — 162.0% (Cost: $259,466,875)				277,596,394


		Shares



Short-Term Securities

Money Market Funds — 1.8%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%^(k)(l)		3,205,139		3,205,140


Total Short-Term Securities — 1.8% (Cost: $3,205,449)				3,205,140


Total Investments — 163.8% (Cost: $262,672,324)				280,801,534

Liabilities in Excess of Other Assets — (0.7)%				(1,133,106	)

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.0)%				(32,639,247	)

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (44.1)%				(75,641,915	)


Net Assets Applicable to Common Shares — 100.0%			$	171,387,266

^(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)	When-issued security.

^(d)	Zero-coupon bond.

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

^(f)	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)	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 July 1, 2029, is $7,781,840.

^(k)	Affiliate of the Trust.

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

Investments in issuers considered to be affiliate(s) of the Trust during the period ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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

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

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:



Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, MuniCash, Institutional Class	$	133,660	$	3,071,645	^(a)	$	—	$	144	$	(309	)	$	3,205,140		3,205,139	$	214	$	—



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Short Contracts
10-Year U.S. Treasury Note.		44		03/22/22	$	5,631	$	84,795
U.S. Long Bond		46		03/22/22		7,154		138,140
5-Year U.S. Treasury Note		34		03/31/22		4,053		40,831

							$	263,766



	Level 1		Level 2			Level 3		Total

Liabilities
TOB Trust Certificates	$	—	$	(32,629,406	)	$	—	$	(32,629,406	)
VRDP Shares at Liquidation Value		—		(76,000,000	)		—		(76,000,000	)

	$	—	$	(108,629,406	)	$	—	$	(108,629,406	)


AGM		Assured Guaranty Municipal Corp.

AMT		Alternative Minimum Tax

ARB		Airport Revenue Bonds

CAB		Capital Appreciation Bonds

FHLMC		Federal Home Loan Mortgage Corp.

FNMA		Federal National Mortgage Association

GNMA		Government National Mortgage Association

GO		General Obligation Bonds

GTD		GTD Guaranteed

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

RB		Revenue Bond

S/F		Single-Family

SAB		Special Assessment Bonds

TA		Tax Allocation