BlackRock Long-Term Municipal Advantage Trust


Security	Par (000)		Value

Municipal Bonds

Alabama — 4.2%
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42	$	1,655	$	1,723,328
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50^(a)		1,040		1,119,578
Southeast Energy Authority A Cooperative District, RB^(a)
Series A-1, 5.50%, 01/01/53^(b)		470		479,080
Series B-1, 5.00%, 05/01/53		1,300		1,277,693
Sumter County Industrial Development Authority/AL, RB, AMT, 6.00%, 07/15/52^(a)		645		583,976
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44^(c)		160		129,926


				5,313,581

Arizona — 5.3%
Arizona Industrial Development Authority, Refunding RB^(c)
Series A, 5.13%, 07/01/37		360		338,531
Series A, 5.38%, 07/01/50		925		841,943
Series A, 5.50%, 07/01/52		855		794,947
Series G, 5.00%, 07/01/47		135		117,849
Industrial Development Authority of the City of Phoenix, RB
Series A, 5.00%, 07/01/33		870		833,504
Series A, 5.00%, 07/01/46^(c)		1,255		1,100,463
Industrial Development Authority of the City of Phoenix, Refunding RB, Series A, 5.00%, 07/01/35^(c)		125		117,829
Industrial Development Authority of the County of Pima, Refunding RB^(c)
4.00%, 06/15/51		540		364,057
5.00%, 07/01/56		235		197,477
4.00%, 06/15/57		415		267,956
Maricopa County Industrial Development Authority, RB, AMT, 4.00%, 10/15/47^(c)		835		612,802
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38		375		335,139
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		725		712,418


				6,634,915

Arkansas^(c)— 2.8%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49		825		647,131
Series A, AMT, 4.75%, 09/01/49		3,570		2,899,233


				3,546,364

California — 9.6%
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47		140		122,739
California Housing Finance Agency, RB, M/F Housing, Class A, 3.25%, 08/20/36		641		524,701
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		70		70,128
Series A, 5.25%, 08/15/49		175		175,199
California Public Finance Authority, RB, Series A, 6.25%, 07/01/54^(c)		850		916,034
California State Public Works Board, RB, Series I, 5.00%, 11/01/38		355		359,276
City of Los Angeles Department of Airports, ARB, AMT, 5.25%, 05/15/47		1,100		1,110,217


Security	Par (000)		Value

California (continued)
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56^(c)	$	460	$	270,063
CSCDA Community Improvement Authority, RB, M/F Housing^(c)
4.00%, 12/01/56		1,265		809,199
Series A, 3.00%, 09/01/56		725		432,251
Series B, 4.00%, 07/01/58		200		123,394
Series B, 4.00%, 12/01/59		835		529,970
Senior Lien, 4.00%, 03/01/57		330		205,603
Series A, Senior Lien, 4.00%, 12/01/58		1,100		746,995
Series B, Sub Lien, 4.00%, 12/01/59		285		177,665
Golden State Tobacco Securitization Corp., Refunding RB, Series B-2, Subordinate, 0.00%, 06/01/66^(d)		7,135		587,717
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61^(c)(e)		830		271,380
Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52		595		527,717
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53		935		775,723
Riverside County Transportation Commission, Refunding RB
2nd Lien, 4.00%, 06/01/47		180		145,842
Class B1, Senior Lien, 3.00%, 06/01/49		120		77,673
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 4.00%, 07/01/56		355		272,335
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31^(c)(d)		1,265		832,725
San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/38^(d)		3,725		1,784,942
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23^(f)		165		169,619


				12,019,107

Colorado — 5.4%
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47^(c)		275		230,731
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 4.13%, 11/15/53		320		255,135
Series A, AMT, 5.50%, 11/15/53		340		345,121
Colorado Health Facilities Authority, RB
5.25%, 11/01/39		145		146,738
5.50%, 11/01/47		90		90,998
5.25%, 11/01/52		220		215,983
Series A, 5.00%, 05/15/35		140		123,240
Series A, 5.00%, 05/15/44		180		145,717
Series A, 5.00%, 05/15/49		120		92,801
Series A, 5.00%, 05/15/58		250		183,775
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49^(b)		1,815		1,406,326
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49		500		406,607
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,550		1,529,924
Fitzsimons Village Metropolitan District No.3, Refunding GO, Series A-1, 4.00%, 12/01/31		500		437,114


Security	Par (000)		Value

Colorado (continued)
Loretto Heights Community Authority, RB, 4.88%, 12/01/51	$	500	$	367,437
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45^(c)		510		393,414
Waters’ Edge Metropolitan District No.2, GO, 5.00%, 12/01/51		500		379,567


				6,750,628

Connecticut^(c)— 1.0%
Connecticut State Health & Educational Facilities Authority, RB
Series A, 5.00%, 01/01/45		160		144,361
Series A, 5.00%, 01/01/55		210		179,714
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30		860		877,902


				1,201,977

Delaware — 0.3%
Affordable Housing Opportunities Trust, RB, Series AH- 01, Class B, 6.88%, 05/01/39^(c)(g)		450		398,557


District of Columbia — 1.4%
District of Columbia, Refunding RB, Series A, 6.00%, 07/01/23^(f)		260		264,882
District of Columbia, TA, 5.13%, 06/01/41		750		750,146
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49		870		692,540


				1,707,568

Florida — 9.8%
Brevard County Health Facilities Authority, Refunding RB^(c)
4.00%, 11/15/23		100		99,039
4.00%, 11/15/29		100		91,827
4.00%, 11/15/33		625		548,273
Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52		145		126,485
Capital Region Community Development District, Refunding SAB
Series A-1, 5.13%, 05/01/39		210		196,979
Series A-2, 4.60%, 05/01/31		515		488,687
Capital Trust Agency, Inc., RB
5.00%, 01/01/55^(c)		1,290		1,016,158
Series A, 5.75%, 06/01/54^(c)		450		370,787
Series B, 0.00%, 01/01/60^(d)		3,000		179,073
Capital Trust Agency, Inc., RB, CAB^(c)(d)
0.00%, 07/01/61		25,215		1,035,177
Subordinate, 0.00%, 01/01/61		5,865		232,441
Charlotte County Industrial Development Authority, RB^(c)
AMT, 5.00%, 10/01/34		120		109,218
AMT, 5.00%, 10/01/49		560		453,786
County of Osceola Florida Transportation Revenue, Refunding RB^(d)
Series A-2, 0.00%, 10/01/46		775		183,738
Series A-2, 0.00%, 10/01/47		745		165,539
Series A-2, 0.00%, 10/01/48		525		109,178
Series A-2, 0.00%, 10/01/49		435		75,534
Florida Development Finance Corp., RB^(c)
5.25%, 06/01/55		525		438,220
5.00%, 06/15/56		550		431,628
6.50%, 06/30/57		250		228,673
Series B, 4.50%, 12/15/56		705		498,265


Security	Par (000)		Value

Florida (continued)
Florida Development Finance Corp., RB^(c)(continued)
Series C, 5.75%, 12/15/56	$	250	$	197,764
Lakes of Sarasota Community Development District, SAB
Series A-1, 2.75%, 05/01/26		100		95,195
Series A-1, 3.90%, 05/01/41		285		215,791
Series B-1, 3.00%, 05/01/26		100		95,209
Series B-1, 4.13%, 05/01/41		200		151,801
Series B-1, 4.30%, 05/01/51		100		79,049
Lakewood Ranch Stewardship District, SAB
4.25%, 05/01/26		100		98,003
5.13%, 05/01/46		340		292,080
Series 1B, 4.75%, 05/01/29		270		263,053
Series 1B, 5.30%, 05/01/39		310		296,526
Series 1B, 5.45%, 05/01/48		550		516,804
Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51		130		80,528
Palm Beach County Health Facilities Authority, RB
Series A, 5.00%, 11/01/47		110		100,662
Series A, 5.00%, 11/01/52		150		135,119
Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53		535		419,904
Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40^(e)		310		262,358
Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40^(h)(i)		340		3
Trout Creek Community Development District, SAB
5.00%, 05/01/28		160		157,596
5.50%, 05/01/49		570		507,934
Village Community Development District No.14, SAB
5.38%, 05/01/42		415		417,622
5.50%, 05/01/53		310		311,100
West Villages Improvement District, SAB
4.75%, 05/01/39		220		190,852
5.00%, 05/01/50		450		370,246


				12,333,904

Georgia — 4.8%
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51^(c)		355		267,400
Dalton Whitfield County Joint Development Authority, 4.00%, 08/15/48		1,025		842,939
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62^(c)		110		91,793
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25^(f)		240		251,414
Georgia Ports Authority, ARB, 4.00%, 07/01/47		370		313,346
Main Street Natural Gas Inc., RB, Series A, 5.00%, 05/15/49		1,770		1,606,673
Municipal Electric Authority of Georgia, RB
4.00%, 01/01/49		865		696,127
4.00%, 01/01/59		1,640		1,254,803
Series A, 5.00%, 07/01/52		460		427,675
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49		320		257,095


				6,009,265

Idaho — 0.3%
Idaho Health Facilities Authority, Refunding RB, 3.00%, 03/01/51		700		420,356


Security	Par (000)		Value

Illinois — 8.0%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35	$	795	$	758,141
Series D, 5.00%, 12/01/46		1,035		897,968
Series H, 5.00%, 12/01/36		935		861,162
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25		350		349,081
Series C, 5.00%, 12/01/27		415		410,722
Series C, 5.00%, 12/01/34		940		887,124
Chicago O’Hare International Airport RB, Class A, AMT, Senior Lien, 5.50%, 01/01/55		645		651,951
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49		640		500,279
City of Chicago Illinois, Refunding GO, Series A, 6.00%, 01/01/38		595		605,449
Cook County Community College District No.508, GO, 5.50%, 12/01/38		350		353,197
Illinois Finance Authority, Refunding RB, Series C, 5.00%, 02/15/41		1,500		1,511,817
Metropolitan Pier & Exposition Authority, RB
Series A, 5.50%, 06/15/53		200		196,426
Series A, 5.00%, 06/15/57		555		500,986
Metropolitan Pier & Exposition Authority, Refunding RB
4.00%, 06/15/50		410		308,787
Series B, 5.00%, 06/15/52		225		201,568
Series B, 0.00%, 12/15/54^(d)		500		71,830
State of Illinois, GO, 5.00%, 05/01/27		500		501,453
University of Illinois, RB, Series A, 5.00%, 04/01/44		475		477,043


				10,044,984

Indiana — 3.0%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		365		370,554
AMT, 7.00%, 01/01/44		885		898,791
City of Vincennes IN, Refunding RB, 6.25%, 01/01/29^(c)		810		810,049
Indiana Finance Authority, RB
Series A, AMT, 5.00%, 07/01/23^(f)		160		160,774
Series A, AMT, 6.75%, 05/01/39		515		564,662
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40^(c)		595		469,074
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		445		446,146


				3,720,050

Iowa — 0.4%
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39		195		153,131
Iowa Tobacco Settlement Authority, Refunding RB, Series B2, Subordinate, 0.00%, 06/01/65^(d)		3,225		296,855


				449,986

Kentucky — 0.5%
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43^(e)		565		589,535


Louisiana — 1.4%
Louisiana Local Government Environmental Facilities & Community Development Auth, RB, 5.00%, 07/01/54^(c)		445		361,592


Security	Par (000)		Value

Louisiana (continued)
Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62^(c)	$	105	$	100,287
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.25%, 05/15/33		360		366,596
Series A, 5.25%, 05/15/35		945		949,661


				1,778,136

Maine — 0.2%
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51^(c)		380		295,476


Maryland — 2.2%
City of Baltimore Massachusettsryland, RB, 4.88%, 06/01/42		120		109,947
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43^(c)		925		822,149
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47		380		370,303
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55^(c)		1,480		1,497,596


				2,799,995

Massachusetts — 2.0%
Massachusetts Development Finance Agency, RB
Series A, 6.50%, 11/15/23^(c)(f)		1,000		1,029,646
Series A, 5.00%, 01/01/47		860		807,584
Massachusetts Development Finance Agency, Refunding RB
4.00%, 07/01/45		100		73,937
4.00%, 07/01/50		150		105,500
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42		505		439,235


				2,455,902

Michigan — 2.4%
City of Detroit Michigan, GO
5.00%, 04/01/34		140		134,900
5.00%, 04/01/35		140		134,253
5.00%, 04/01/36		95		90,666
5.00%, 04/01/37		155		147,218
5.00%, 04/01/38		70		66,147
Michigan Finance Authority, RB, 4.00%, 02/15/47^(b)		2,000		1,606,458
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.70%, 10/01/56		460		269,031
Michigan Strategic Fund, RB
5.00%, 11/15/42		165		150,380
AMT, 5.00%, 12/31/43		500		442,275


				3,041,328

Minnesota — 1.8%
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		1,940		1,642,540
Series A, 5.25%, 02/15/58		655		655,217


				2,297,757

Missouri — 1.7%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43		115		116,282
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB
Series A, 4.38%, 11/15/35		330		270,132


Security	Par (000)		Value

Missouri (continued)
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB (continued)
Series A, 4.75%, 11/15/47	$	365	$	271,491
Kansas City Industrial Development Authority, ARB
AMT, (AGM), 4.00%, 03/01/57		975		738,436
Class B, AMT, 5.00%, 03/01/54		850		790,066


				2,186,407

New Hampshire — 1.0%
New Hampshire Business Finance Authority, RB
Series A, 4.13%, 08/15/40		260		206,709
Series A, 4.25%, 08/15/46		290		220,225
Series A, 4.50%, 08/15/55		600		452,379
New Hampshire Business Finance Authority, Refunding RB^(a)(c)
Series A, 3.63%, 07/01/43		130		100,894
Series B, AMT, 3.75%, 07/01/45		375		285,791


				1,265,998

New Jersey — 12.8%
Casino Reinvestment Development Authority, Inc., Refunding RB
Class D, 5.25%, 11/01/39		475		476,967
Class D, 5.25%, 11/01/44		1,160		1,160,477
New Jersey Economic Development Authority, ARB, AMT, 5.13%, 09/15/23		385		385,268
New Jersey Economic Development Authority, RB, Series EEE, 5.00%, 06/15/43		195		187,703
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26^(f)		1,225		1,329,055
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31		785		698,257
New Jersey Health Care Facilities Financing Authority, RB, 3.00%, 07/01/51		1,230		802,582
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50		1,340		1,057,263
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49		645		484,708
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.00%, 06/15/45		585		558,958
Series S, 5.25%, 06/15/43		2,535		2,522,348
New Jersey Turnpike Authority, RB
Series A, 4.00%, 01/01/48		245		209,229
Series B, 5.00%, 01/01/46^(b)		1,300		1,323,183
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		730		730,480
Series A, 5.25%, 06/01/46		1,700		1,630,390
Sub-Series B, 5.00%, 06/01/46		2,825		2,588,104


				16,144,972

New York — 16.1%
City of New York, GO
Series A-1, 4.00%, 09/01/46		390		329,906
Series B, 5.25%, 10/01/39		245		261,751
Series B, 5.25%, 10/01/40		190		202,983
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		910		832,251


Security	Par (000)		Value

New York (continued)
Metropolitan Transportation Authority, RB
Series B, 5.25%, 11/15/38	$	1,125	$	1,119,736
Series B, 5.25%, 11/15/39		400		396,907
Metropolitan Transportation Authority, Refunding RB, Series C-1, 4.75%, 11/15/45		985		870,240
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Sub-Series B-1, 4.00%, 11/01/45		5,000		4,386,325
Subordinate, 3.00%, 05/01/46		1,180		829,489
Series A-1, Subordinate, 4.00%, 08/01/48		555		466,874
Series F-1, Subordinate, 4.00%, 02/01/51		190		159,742
New York Counties Tobacco Trust IV, Refunding RB
Series A, 6.25%, 06/01/41^(c)		900		894,943
Series A, 5.00%, 06/01/42		1,505		1,303,539
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/51		1,000		835,568
New York Liberty Development Corp., Refunding RB
Series 1, 5.00%, 11/15/44^(c)		1,415		1,238,392
Series 2, 5.15%, 11/15/34^(c)		160		154,140
Series 2, 5.38%, 11/15/40^(c)		395		380,618
Series A, 2.88%, 11/15/46		950		596,022
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		565		466,757
New York Transportation Development Corp., ARB
AMT, 5.00%, 12/01/39		555		513,004
Series A, AMT, 5.00%, 07/01/46		1,000		907,339
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35		560		542,419
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36		730		704,218
Westchester County Local Development Corp.,
Refunding RB^(c)
5.00%, 07/01/41		340		276,206
5.00%, 07/01/46		415		322,572
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42		1,295		1,227,638


				20,219,579

Ohio — 3.5%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		1,820		1,527,775
Cleveland-Cuyahoga County Port Authority, Refunding TA^(c)
4.50%, 12/01/55		100		72,928
Class A, 4.00%, 12/01/55		120		86,939
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50		800		628,734
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49^(c)		300		251,667
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50^(c)		185		136,610
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42^(c)		805		644,378
State of Ohio, RB, AMT, 5.00%, 06/30/53		1,220		1,101,133


				4,450,164

Oklahoma — 4.2%
Oklahoma Development Finance Authority, RB
7.25%, 09/01/51^(c)		2,205		2,062,233
Series B, 5.00%, 08/15/38		1,450		1,199,692


Security	Par (000)		Value

Oklahoma (continued)
Oklahoma Development Finance Authority, RB (continued)
Series B, 5.25%, 08/15/48	$	270	$	215,835
Series B, 5.50%, 08/15/52		1,035		845,412
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41^(c)		155		115,940
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45		925		877,041


				5,316,153

Oregon — 0.4%
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38^(d)		625		294,742
Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52		235		189,030


				483,772

Pennsylvania — 4.5%
Bucks County Industrial Development Authority, RB
4.00%, 07/01/46		100		70,314
4.00%, 07/01/51		100		65,545
County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49		640		506,660
Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/51		1,240		995,698
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 12/31/38		465		442,443
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		720		686,618
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44		805		693,202
Pennsylvania Turnpike Commission, RB
Series A, 5.50%, 12/01/42		1,685		1,714,375
Series A, 5.00%, 12/01/44		520		504,973


				5,679,828

Puerto Rico — 5.4%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57^(d)		9,585		536,731
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43		820		819,957
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-2, Convertiable, Restructured, 4.33%, 07/01/40		72		60,568
Series A-1, Restructured, 4.75%, 07/01/53		1,529		1,279,070
Series A-1, Restructured, 5.00%, 07/01/58		2,376		2,032,718
Series A-2, Restructured, 4.78%, 07/01/58		1,038		860,764
Series A-2, Restructured, 4.33%, 07/01/40		851		722,099
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(d)		1,914		415,380


				6,727,287

Rhode Island — 2.9%
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		410		357,110
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/40		420		413,558


Security	Par (000)		Value

Rhode Island (continued)
Tobacco Settlement Financing Corp., Refunding RB (continued)
Series B, 4.50%, 06/01/45	$	1,630	$	1,505,254
Series B, 5.00%, 06/01/50		1,360		1,323,155


				3,599,077

South Carolina — 4.1%
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62^(c)		225		203,043
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43		1,110		1,076,616
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		1,840		1,843,726
Series E, 5.00%, 12/01/48		420		404,134
Series E, 5.50%, 12/01/53		750		750,167
South Carolina Public Service Authority, Refunding RB
Series A, 4.00%, 12/01/33		550		503,106
Series E, 5.25%, 12/01/55		430		414,193


				5,194,985

Tennessee — 0.3%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49		290		214,150
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43^(c)(d)		450		129,309


				343,459

Texas — 9.7%
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45^(c)		335		244,052
Arlington Higher Education Finance Corp., RB, Series A, 5.75%, 08/15/62		500		415,657
Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41		180		160,444
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39		325		293,848
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40		285		194,681
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		125		122,996
City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27		800		792,332
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23^(f)		210		211,278
Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/34^(d)		3,000		1,600,587
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/27^(d)(f)		5,200		2,639,203
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31^(c)		430		403,919
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52		600		533,452
Newark Higher Education Finance Corp., RB^(c)
Series A, 5.50%, 08/15/35		135		135,707
Series A, 5.75%, 08/15/45		275		275,499
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		1,890		1,623,431


Security	Par (000)		Value

Texas (continued)
Port Beaumont Navigation District, RB, AMT, 2.75%, 01/01/36^(c)	$	710	$	496,861
Port Beaumont Navigation District, Refunding RB, Series A, AMT, 3.63%, 01/01/35^(c)		325		256,287
San Antonio Education Facilities Corp., RB
Series A, 5.00%, 10/01/41		85		70,766
Series A, 5.00%, 10/01/51		115		88,831
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55		1,025		913,127
Texas Transportation Commission, RB, CAB, 0.00%, 08/01/43^(d)		2,205		608,238
Texas Water Development Board, RB, 4.45%, 10/15/36		170		172,828


				12,254,024

Utah — 0.1%
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52^(c)		225		178,090


Vermont — 0.3%
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36		455		393,211


Virginia — 2.2%
Ballston Quarter Community Development Authority, TA
Series A, 5.00%, 03/01/26		235		222,708
Series A, 5.13%, 03/01/31		510		413,250
Hampton Roads Transportation Accountability Commission, RB
Series A, Senior Lien, 4.00%, 07/01/55		245		207,299
Series A, Senior Lien, 4.00%, 07/01/60		545		446,404
Norfolk Redevelopment & Housing Authority, RB
Series A, 5.00%, 01/01/34		235		218,672
Series A, 5.00%, 01/01/49		455		377,769
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,025		891,083


				2,777,185

Washington — 0.8%
Port of Seattle Washington, ARB, Series C, AMT, 5.00%, 04/01/40		350		345,603
Washington State Convention Center Public Facilities District, RB, Series B, 3.00%, 07/01/58		425		231,115
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35		470		402,690


				979,408

Wisconsin — 5.5%
Public Finance Authority, ARB, AMT, 4.25%, 07/01/54		750		489,763
Public Finance Authority, RB
5.00%, 06/15/41^(c)		165		139,257
5.00%, 01/01/42^(c)		290		263,361
5.00%, 06/15/55^(c)		440		337,911
5.00%, 01/01/56^(c)		710		589,271
Class A, 5.00%, 06/15/56^(c)		230		169,426
Series A, 6.25%, 10/01/31^(c)		290		238,341
Series A, 5.00%, 11/15/41		95		89,828
Series A, 7.00%, 10/01/47^(c)		290		218,610
Series A, 5.00%, 10/15/50^(c)		530		431,414
Series A, 4.75%, 06/15/56^(c)		735		493,495
Series A-1, 4.50%, 01/01/35^(c)		600		527,630
Series A-1, 5.50%, 12/01/48^(c)(h)(i)		9		2,109


Security	Par (000)		Value

Wisconsin (continued)
Public Finance Authority, RB (continued)
Series B, 0.00%, 01/01/35^(c)(d)	$	1,055	$	451,458
Series B, 0.00%, 01/01/60^(c)(d)		16,025		956,404
AMT, 4.00%, 09/30/51		475		334,601
AMT, 4.00%, 03/31/56		455		308,857
Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61^(c)(d)		6,685		412,237
Public Finance Authority, Refunding RB^(c)
4.00%, 04/01/52		255		181,112
5.25%, 05/15/52		165		134,883
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 11/01/46		230		184,478


				6,954,446


Total Municipal Bonds — 142.3% (Cost: $203,008,260)				178,957,416


Municipal Bonds Transferred to Tender Option Bond Trusts^(j)

California — 2.5%
City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46		2,700		2,624,813
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47		495		500,772


				3,125,585

Florida — 1.4%
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45^(k)		2,321		1,810,936


Georgia — 1.7%
Main Street Natural Gas Inc., RB, Series B, 5.00%, 12/01/52^(a)		2,230		2,201,636


Iowa — 1.1%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46		1,810		1,436,941


Massachusetts — 1.2%
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47		1,667		1,472,699


Nebraska — 3.7%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53^(a)		4,771		4,673,732


New York — 2.8%
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		2,339		2,121,530
Port Authority of New York & New Jersey, Refunding ARB, Series 221, AMT, 4.00%, 07/15/55		1,720		1,376,462


				3,497,992

North Carolina — 1.2%
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48		226		221,568
Township of North Bergen New Jersey, Refunding GO, Series B, 5.00%, 10/01/25		1,180		1,240,559


				1,462,127


Security	Par (000)		Value


Rhode Island — 1.7%
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47	$	2,450	$	2,079,921


West Virginia — 1.2%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48^(k)		1,891		1,545,803


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 18.5% (Cost: $26,393,071)				23,307,372


Total Long-Term Investments — 160.8% (Cost: $229,401,331)				202,264,788


	Shares


Short-Term Securities

Money Market Funds — 7.8%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.83%^(l)(m)		9,878,613		9,877,626


Total Short-Term Securities — 7.8% (Cost: $9,877,626)				9,877,626


Total Investments — 168.6% (Cost: $239,278,957)				212,142,414

Other Assets Less Liabilities — 2.1%				2,690,775

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (10.6)%				(13,369,246	)

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (60.1)%				(75,653,903	)


Net Assets Applicable to Common Shares — 100.0%			$	125,810,040

^(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)	When-issued security.

^(c)	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.

^(d)	Zero-coupon bond.

^(e)	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.

^(f)	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.

^(g)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(h)	Issuer filed for bankruptcy and/or is in default.

⁽ⁱ⁾	Non-income producing security.

^(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)	All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between June 1, 2026 to February 15, 2028, is $2,193,553.

^(l)	Affiliate of the Fund.

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

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 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 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.

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:



Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, MuniCash, Institutional Class	$	505,057	$	9,372,987	^(a)	$	—	$	(266	)	$	(152	)	$	9,877,626		9,878,613	$	11,784	$	—



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

Short Contracts
10-Year U.S. Treasury Note		85		12/20/22	$	9,408	$	486,369
U.S. Long Bond		143		12/20/22		17,285		1,768,550
5-Year U.S. Treasury Note		74		12/30/22		7,891		274,450


							$	2,529,369




	Level 1		Level 2			Level 3		Total


Liabilities
TOB Trust Certificates	$	—	$	(13,315,012	)	$	—	$	(13,315,012	)
VRDP Shares at Liquidation Value		—		(76,000,000	)		—		(76,000,000	)


	$	—	$	(89,315,012	)	$	—	$	(89,315,012	)


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

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