BlackRock Long-Term Municipal Advantage Trust


Security	Par (000)		Value

Municipal Bonds

Alabama — 3.9%
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42	$	1,655	$	1,750,685
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50^(a)		1,040		1,159,832
Southeast Energy Authority A Cooperative District, RB^(a)
Series A, 4.00%, 11/01/51		1,300		1,291,837
Series A-1, 5.50%, 01/01/53		470		507,307
Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52^(a)		645		573,091
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44^(b)		160		140,900


				5,423,652

Arizona — 4.4%
Arizona Industrial Development Authority, Refunding RB^(b)
Series A, 5.13%, 07/01/37		360		351,878
Series A, 5.38%, 07/01/50		925		870,542
Series A, 5.50%, 07/01/52		855		825,546
Series G, 5.00%, 07/01/47		135		122,066
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46^(b)		1,255		1,134,614
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, Series A, 5.00%, 07/01/35^(b)		125		123,979
Industrial Development Authority of the County of Pima, Refunding RB^(b)
4.00%, 06/15/51		955		698,262
5.00%, 07/01/56		235		204,270
Maricopa County Industrial Development Authority, RB, AMT, 4.00%, 10/15/47^(b)		835		692,183
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38		375		377,113
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		725		754,076


				6,154,529

Arkansas^(b)— 2.9%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49		825		737,843
Series A, AMT, 4.75%, 09/01/49		3,570		3,280,701


				4,018,544

California — 9.7%
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47		140		131,203
California Enterprise Development Authority, RB, 8.00%, 11/15/62^(b)		205		203,286
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		70		70,521
Series A, 5.25%, 08/15/49		175		176,063
California State Public Works Board, RB, Series I, 5.00%, 11/01/38		355		358,836
City of Los Angeles Department of Airports, ARB AMT, 5.25%, 05/15/47		1,100		1,183,066
Series B, AMT, 5.00%, 05/15/46		2,700		2,737,697
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56^(b)		460		301,079
CSCDA Community Improvement Authority, RB, M/F Housing^(b)
4.00%, 12/01/56		665		477,257
Series A, 3.00%, 09/01/56		725		484,710


Security	Par (000)		Value

California (continued)
CSCDA Community Improvement Authority, RB, M/F Housing^(b)(continued)
Series B, 4.00%, 07/01/58	$	200	$	138,697
Mezzanine Lien, 4.00%, 03/01/57		330		233,375
Series B, Mezzanine Lien, 4.00%, 12/01/59		835		538,854
Series A, Senior Lien, 4.00%, 12/01/58		1,000		773,865
Series B, Sub Lien, 4.00%, 12/01/59		285		197,831
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66^(c)		625		67,271
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61^(b)(d)		830		294,093
Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52		595		594,624
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53		935		880,094
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47		500		519,694
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31^(b)(c)		1,265		853,125
San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/38^(c)		3,725		2,070,884
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23^(e)		165		167,165


				13,453,290

Colorado — 4.6%
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47^(b)		275		238,259
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 4.13%, 11/15/53		320		300,755
Series A, AMT, 5.50%, 11/15/53		340		371,161
Series D, AMT, 5.75%, 11/15/45		790		891,980
Colorado Health Facilities Authority, RB
5.25%, 11/01/39		145		156,796
5.50%, 11/01/47		90		96,667
5.25%, 11/01/52		220		231,160
Series A, 5.00%, 05/15/35		140		121,903
Series A, 5.00%, 05/15/44		180		144,772
Series A, 5.00%, 05/15/58		370		274,158
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49		500		434,394
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,550		1,563,384
Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A-1, 4.00%, 12/01/31		500		448,100
Loretto Heights Community Authority, RB, 4.88%, 12/01/51		500		387,024
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45^(b)		510		280,298
Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51		500		414,680


				6,355,491


Security	Par (000)		Value

Connecticut^(b)— 0.7%
Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/45	$	160	$	146,293
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30		860		881,126


				1,027,419

Delaware — 0.3%
Affordable Housing Opportunities Trust, RB, Series AH- 01, Class B, 6.88%, 05/01/39^(b)(f)		449		411,139


District of Columbia — 1.3%
District of Columbia, Refunding RB, Series A, 6.00%, 07/01/23^(e)		260		261,168
District of Columbia, TA, 5.13%, 06/01/41		750		751,362
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49		870		816,800


				1,829,330

Florida — 10.7%
Avenir Community Development District, SAB, 5.63%, 05/01/54		225		216,453
Brevard County Health Facilities Authority, Refunding RB^(b)
4.00%, 11/15/23		100		99,633
4.00%, 11/15/29		100		94,731
4.00%, 11/15/33		625		573,480
Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52		145		144,556
Capital Region Community Development District, Refunding SAB
Series A-1, 5.13%, 05/01/39		210		209,483
Series A-2, 4.60%, 05/01/31		510		509,689
Capital Trust Agency, Inc., RB 5.00%, 01/01/55^(b)		1,290		983,362
Series A, 5.75%, 06/01/54^(b)		450		385,199
Series B, 0.00%, 01/01/60^(c)		3,000		176,757
Capital Trust Agency, Inc., RB, CAB^(b)(c) 0.00%, 07/01/61		16,370		1,075,918
Subordinate, 0.00%, 01/01/61		5,815		290,134
Charlotte County Industrial Development Authority, RB, AMT, 5.00%, 10/01/34^(b)		120		118,229
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46		2,000		2,023,356
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52		350		372,194
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(c)
Series A-2, 0.00%, 10/01/46		775		210,632
Series A-2, 0.00%, 10/01/47		745		190,420
Series A-2, 0.00%, 10/01/48		525		126,192
Series A-2, 0.00%, 10/01/49		435		98,307
Florida Development Finance Corp., RB^(b)
5.25%, 06/01/55		525		408,972
5.00%, 06/15/56		550		471,359
6.50%, 06/30/57		250		247,262
Series B, 4.50%, 12/15/56		705		544,091
Series C, 5.75%, 12/15/56		250		213,836
Lakes of Sarasota Community Development District, SAB
Series A-1, 2.75%, 05/01/26		100		96,714
Series A-1, 3.90%, 05/01/41		285		239,417
Series B-1, 4.13%, 05/01/41		200		168,051


Security	Par (000)		Value

Florida (continued)
Lakes of Sarasota Community Development District, SAB (continued)
Series B-1, 4.30%, 05/01/51	$	100	$	83,898
Lakewood Ranch Stewardship District, SAB
4.25%, 05/01/26		75		74,676
5.13%, 05/01/46		315		300,310
Series 1B, 4.75%, 05/01/29		270		271,194
Series 1B, 5.30%, 05/01/39		310		311,314
Series 1B, 5.45%, 05/01/48		550		543,462
Poitras East Community Development District, SAB, 5.00%, 05/01/43		245		239,259
Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53		535		407,749
Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40^(d)		310		281,865
Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40^(g)(h)		340		3
Trout Creek Community Development District, SAB
5.00%, 05/01/28		160		162,122
5.50%, 05/01/49		570		565,117
Village Community Development District No. 14, SAB
5.38%, 05/01/42		415		416,510
5.50%, 05/01/53		310		303,148
West Villages Improvement District, SAB
4.75%, 05/01/39		220		209,268
5.00%, 05/01/50		450		413,664


				14,871,986

Georgia — 4.9%
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51^(b)		355		283,465
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62^(b)		110		98,600
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25^(e)		240		250,646
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/49		1,770		1,742,381
Series A, 5.00%, 06/01/53^(a)		1,230		1,295,548
Series B, 5.00%, 12/01/52^(a)		1,190		1,246,517
Municipal Electric Authority of Georgia, RB 4.00%, 01/01/59		1,640		1,471,490
Series A, 5.00%, 07/01/52		460		476,504


				6,865,151

Illinois — 9.7%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35		795		803,177
Series D, 5.00%, 12/01/46		1,035		1,023,018
Series H, 5.00%, 12/01/36		935		945,219
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25		350		356,238
Series C, 5.00%, 12/01/27		415		428,660
Series C, 5.00%, 12/01/34		940		962,291
Chicago O’Hare International Airport, ARB, Class A, AMT, Senior Lien, 5.50%, 01/01/55		645		683,867
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49		640		583,788
City of Chicago Illinois, Refunding GO, Series A, 6.00%, 01/01/38		595		634,207
Cook County Community College District No. 508, GO, 5.50%, 12/01/38		350		350,988


Security	Par (000)		Value

Illinois (continued)
Illinois Finance Authority, Refunding RB
Series A, 4.00%, 07/15/47	$	1,815	$	1,733,826
Series C, 5.00%, 02/15/41		1,500		1,560,873
Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52		890		980,778
Metropolitan Pier & Exposition Authority, RB
Series A, 5.50%, 06/15/53		200		203,307
Series A, 5.00%, 06/15/57		555		556,698
Metropolitan Pier & Exposition Authority, Refunding RB 4.00%, 06/15/50		410		353,521
Series B, 5.00%, 06/15/52		225		226,183
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54^(c)		500		97,243
State of Illinois, GO, 5.00%, 05/01/27		500		504,477
University of Illinois, RB, Series A, 5.00%, 04/01/44		475		479,587


				13,467,946

Indiana — 2.6%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		365		371,036
AMT, 7.00%, 01/01/44		885		897,758
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29^(b)(g)(h)		810		720,900
Indiana Finance Authority, RB
Series A, AMT, 5.00%, 07/01/23^(e)		160		160,377
Series A, AMT, 6.75%, 05/01/39		515		566,745
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40^(b)		595		496,121
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		445		445,360


				3,658,297

Iowa — 0.1%
Iowa Student Loan Liquidity Corp, Refunding RB, Series B, AMT, 3.00%, 12/01/39		195		183,440


Kentucky — 1.7%
Kentucky Public Energy Authority, RB, Series C, 4.00%, 02/01/50^(a)		1,690		1,679,451
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43^(d)		565		644,351


				2,323,802

Louisiana — 1.3%
Lafayette Parish School Board Sale Tax Revenue, RB
4.00%, 04/01/48		130		122,466
4.00%, 04/01/53		85		77,531
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54^(b)		445		390,014
Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62^(b)		105		102,750
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.25%, 05/15/33		360		364,558
Series A, 5.25%, 05/15/35		770		773,838


				1,831,157

Maine — 0.2%
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51^(b)		380		220,178


Maryland — 2.1%
City of Baltimore Maryland, RB, 4.88%, 06/01/42		120		115,583


Security	Par (000)		Value

Maryland (continued)
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43^(b)	$	925	$	882,282
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47		380		389,291
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55^(b)		1,480		1,549,325


				2,936,481

Massachusetts — 2.3%
Massachusetts Development Finance Agency, RB
Series A, 6.50%, 11/15/23^(b)(e)		1,000		1,017,958
Series A, 5.00%, 01/01/47		860		862,732
Massachusetts Housing Finance Agency, Refunding RB
Series A, AMT, 4.45%, 12/01/42		330		311,766
Series A, AMT, 4.50%, 12/01/47		1,090		1,054,453


				3,246,909

Michigan — 2.2%
City of Detroit Michigan, GO
5.00%, 04/01/34		140		145,518
5.00%, 04/01/35		140		145,097
5.00%, 04/01/36		95		98,131
5.00%, 04/01/37		155		159,585
5.00%, 04/01/38		70		71,815
Michigan Finance Authority, RB, 4.00%, 02/15/50		2,000		1,862,014
Michigan Strategic Fund, RB
5.00%, 11/15/42		165		150,713
AMT, 5.00%, 12/31/43		500		506,711


				3,139,584

Minnesota — 0.9%
Duluth Economic Development Authority, Refunding RB, Series A, 5.25%, 02/15/58		655		675,188
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53		520		567,902


				1,243,090

Missouri — 1.1%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43		115		115,000
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB
Series A, 4.38%, 11/15/35		330		268,662
Series A, 4.75%, 11/15/47		365		273,528
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54		850		870,622


				1,527,812

New Hampshire — 1.0%
New Hampshire Business Finance Authority, RB
Series A, 4.13%, 08/15/40		260		227,832
Series A, 4.25%, 08/15/46		290		244,052
Series A, 4.50%, 08/15/55		600		504,441
New Hampshire Business Finance Authority, Refunding RB^(a)(b)
Series A, 3.63%, 07/01/43		130		96,985
Series B, AMT, 3.75%, 07/01/45		375		283,594


				1,356,904

New Jersey — 11.6%
Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39		475		481,646
5.25%, 11/01/44		1,160		1,169,234


Security	Par (000)		Value

New Jersey (continued)
New Jersey Economic Development Authority, ARB, AMT, 5.13%, 09/15/23	$	385	$	383,419
New Jersey Economic Development Authority, RB
5.00%, 12/15/28^(e)		70		79,119
5.00%, 06/15/43		125		131,724
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26^(e)		1,225		1,346,285
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31		785		769,673
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50		1,340		1,225,865
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49		645		521,719
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.00%, 06/15/45		585		596,936
Series S, 5.25%, 06/15/43		2,535		2,704,538
New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46		1,300		1,419,700
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		730		773,150
Series A, 5.25%, 06/01/46		1,700		1,771,089
Sub-Series B, 5.00%, 06/01/46		2,825		2,802,671


				16,176,768

New York — 13.9%
City of New York, GO
Series A-1, 4.00%, 09/01/46		390		379,155
Series B, 5.25%, 10/01/39		245		282,065
Series B, 5.25%, 10/01/40		190		218,029
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		910		831,274
Metropolitan Transportation Authority, RB
Series B, 5.25%, 11/15/38		1,125		1,143,438
Series B, 5.25%, 11/15/39		400		406,545
Metropolitan Transportation Authority, Refunding RB, Series C-1, 4.75%, 11/15/45		985		996,983
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Sub-Series B-1, 4.00%, 11/01/45		5,000		4,893,430
Series A-1, Subordinate, 4.00%, 08/01/48		555		533,962
New York Counties Tobacco Trust IV, Refunding RB
Series A, 6.25%, 06/01/41^(b)		900		900,133
Series A, 5.00%, 06/01/42		1,505		1,387,167
New York Counties Tobacco Trust VI, Refunding RB, Series A-2B, 5.00%, 06/01/51		1,000		931,337
New York Liberty Development Corp., Refunding RB Class 2, 5.38%, 11/15/40^(b)		395		395,346
Series 1, 5.00%, 11/15/44^(b)		1,415		1,365,171
Series A, 3.00%, 11/15/51		505		365,861
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55		565		534,648
New York Transportation Development Corp., ARB, AMT, 5.00%, 12/01/40		555		579,514
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35		560		587,878
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36		730		730,998


Security	Par (000)		Value

New York (continued)
Westchester County Local Development Corp., Refunding RB^(b)
5.00%, 07/01/41	$	340	$	276,194
5.00%, 07/01/56		380		277,976
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42		1,295		1,277,707


				19,294,811

North Carolina — 0.4%
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53		560		611,354


Ohio — 3.9%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		2,385		2,222,388
Cleveland-Cuyahoga County Port Authority, Refunding TA^(b)
Series A, 4.00%, 12/01/55		120		101,122
Series S, 4.50%, 12/01/55		95		80,301
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50		800		745,642
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49^(b)		300		276,205
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50^(b)		185		138,297
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42^(b)		805		597,432
State of Ohio, RB, AMT, 5.00%, 06/30/53		1,220		1,220,827


				5,382,214

Oklahoma — 4.3%
Oklahoma Development Finance Authority, RB 7.25%, 09/01/51^(b)		2,205		2,309,934
Series B, 5.00%, 08/15/38		1,450		1,357,415
Series B, 5.25%, 08/15/48		270		245,727
Series B, 5.50%, 08/15/52		1,035		962,584
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41^(b)		155		126,764
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45		925		923,144


				5,925,568

Oregon — 0.2%
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38^(c)		625		324,012


Pennsylvania — 5.0%
Bucks County Industrial Development Authority, RB
4.00%, 07/01/46		100		77,445
4.00%, 07/01/51		100		73,503
Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/51		1,240		1,117,834
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45		95		90,126
Pennsylvania Economic Development Financing Authority, RB
AMT, 5.00%, 12/31/38		465		468,723
AMT, 5.75%, 06/30/48		335		363,970
AMT, 5.25%, 06/30/53		560		579,718
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		720		720,647


Security	Par (000)		Value

Pennsylvania (continued)
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44	$	805	$	784,909
Pennsylvania Turnpike Commission, RB
Series A, 5.50%, 12/01/42		1,685		1,765,932
Series A, 5.00%, 12/01/44		520		528,505
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52		355		379,931


				6,951,243

Puerto Rico — 6.9%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57^(c)		9,585		625,584
Commonwealth of Puerto Rico, GO 1.00%, 11/01/51^(a)		3,146		1,478,219
Series A1, Restructured, 5.75%, 07/01/31		784		844,877
Puerto Rico Highway & Transportation Authority, RB, CAB, Series B, Restructured, 0.00%, 07/01/32^(c)		892		559,339
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB
Series A-2, Convertible, Restructured, 4.33%, 07/01/40		72		67,111
Series A1, Restructured, 4.75%, 07/01/53		1,529		1,435,488
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series A1, Restructured, 0.00%, 07/01/46^(c)		1,914		520,442
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A1, Restructured, 5.00%, 07/01/58		2,376		2,284,911
Series A-2, Restructured, 4.78%, 07/01/58		1,038		961,411
Series A-2, Restructured, 4.33%, 07/01/40		851		790,485


				9,567,867

Rhode Island — 0.6%
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		395		377,067
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/40		420		420,966


				798,033

South Carolina — 3.5%
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62^(b)		225		217,831
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43		1,110		1,135,219
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		1,840		1,856,660
Series E, 5.00%, 12/01/48		420		420,876
Series E, 5.50%, 12/01/53		750		753,669
South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55		430		436,429


				4,820,684

Tennessee — 1.2%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49		290		223,498
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43^(b)(c)		450		156,212
Metropolitan Nashville Airport Authority, ARB Series B, AMT, 5.25%, 07/01/35		230		257,881


Security	Par (000)		Value

Tennessee (continued)
Metropolitan Nashville Airport Authority, ARB (continued)
Series B, AMT, 5.50%, 07/01/36	$	190	$	215,360
Tennergy Corp., RB, Series A, 5.50%, 10/01/53^(a)		750		806,823


				1,659,774

Texas — 10.2%
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45^(b)		335		238,127
Arlington Higher Education Finance Corp., RB
7.50%, 04/01/62^(b)		230		244,141
7.88%, 11/01/62^(b)		195		200,543
Series A, 5.75%, 08/15/62		500		439,893
Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41		180		163,708
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39		325		286,716
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		125		127,093
City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27		800		815,266
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48		160		157,464
Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/34^(c)		3,000		1,719,735
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27^(c)(e)		5,200		2,798,489
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31^(b)		430		420,848
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52		600		541,906
Newark Higher Education Finance Corp., RB^(b)
Series A, 5.50%, 08/15/35		135		138,893
Series A, 5.75%, 08/15/45		275		280,217
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		1,890		1,860,667
Port Beaumont Navigation District, RB, AMT, 2.75%, 01/01/36^(b)		710		512,278
Port Beaumont Navigation District, Refunding RB^(b)
Series A, AMT, 3.63%, 01/01/35		425		348,548
Series A, AMT, 4.00%, 01/01/50		815		579,420
San Antonio Education Facilities Corp., RB
Series A, 5.00%, 10/01/41		85		73,505
Series A, 5.00%, 10/01/51		115		90,706
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51		310		328,502
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55		1,025		1,016,970
Texas Transportation Commission State Highway 249 System, RB, CAB, 0.00%, 08/01/43^(c)		2,205		695,323
Texas Water Development Board, RB, 4.45%, 10/15/36		170		186,931


				14,265,889

Utah — 0.1%
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52^(b)		225		195,397


Vermont — 0.3%
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36		400		381,295


Security	Par (000)		Value


Virginia — 2.1%
Ballston Quarter Community Development Authority, TA
Series A, 5.00%, 03/01/26	$	180	$	172,158
Series A, 5.13%, 03/01/31		490		413,140
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55		245		235,126
Norfolk Redevelopment & Housing Authority, RB
Series A, 5.00%, 01/01/34		235		218,504
Series A, 5.00%, 01/01/49		455		373,645
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,025		961,739
Virginia Housing Development Authority, RB, M/F Housing, Series G, 4.90%, 11/01/42		500		528,144


				2,902,456

Washington — 0.2%
Port of Seattle Washington, ARB, Series C, AMT, 5.00%, 04/01/40		350		354,515


Wisconsin — 5.0%
Public Finance Authority, ARB, AMT, 4.25%, 07/01/54		750		540,042
Public Finance Authority, RB
5.00%, 06/15/41^(b)		165		152,680
5.00%, 01/01/42^(b)		290		264,127
5.00%, 06/15/55^(b)		440		383,370
5.00%, 01/01/56^(b)		710		602,481
Class A, 5.00%, 06/15/56^(b)		230		184,804
Series A, 6.25%, 10/01/31^(b)		290		208,800
Series A, 7.00%, 10/01/47^(b)		290		208,800
Series A, 5.00%, 10/15/50^(b)		530		473,835
Series A, 4.75%, 06/15/56^(b)		735		539,094
Series A-1, 4.50%, 01/01/35^(b)		600		534,875
Series A-1, 5.50%, 12/01/48^(b)(g)(h)		9		2,109
Series B, 0.00%, 01/01/35^(b)(c)		1,030		459,727
Series B, 0.00%, 01/01/60^(b)(c)		16,025		944,001
AMT, 4.00%, 09/30/51		475		387,801
AMT, 4.00%, 03/31/56		455		360,324
Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61^(b)(c)		6,655		410,407
Public Finance Authority, Refunding RB, 5.25%, 05/15/52^(b)		165		142,787
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 11/01/46		230		183,850


				6,983,914


Total Municipal Bonds — 138.0% (Cost: $199,322,425)				192,141,925


Municipal Bonds Transferred to Tender Option Bond Trusts⁽ⁱ⁾

Alabama — 1.2%
Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53^(a)		1,604		1,700,800


Florida — 1.5%
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45^(j)		2,321		2,069,466


Georgia — 1.7%
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52^(a)		2,230		2,335,908


Security	Par (000)		Value


Iowa — 1.2%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46	$	1,810	$	1,704,730


Nebraska — 3.6%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53^(a)		4,771		4,978,432


New York — 2.8%
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		2,340		2,274,141
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/55		1,720		1,570,661


				3,844,802

Rhode Island — 1.6%
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47		2,450		2,263,735


West Virginia — 1.3%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48^(j)		1,891		1,794,089


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 14.9% (Cost: $21,554,327)				20,691,962


Total Long-Term Investments — 152.9% (Cost: $220,876,752)				212,833,887


	Shares


Short-Term Securities

Money Market Funds — 7.2%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.27%^(k)(l)		10,069,780		10,068,773


Total Short-Term Securities — 7.2% (Cost: $10,068,160)				10,068,773


Total Investments — 160.1% (Cost: $230,944,912)				222,902,660

Other Assets Less Liabilities — 2.1%				2,893,744

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (7.8)%				(10,923,561	)

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (54.4)%				(75,664,112	)


Net Assets Applicable to Common Shares — 100.0%			$	139,208,731

^(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Zero-coupon bond.

^(d)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

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

^(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 Fund. These bonds serve as collateral in a secured borrowing.

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 April 30, 2023 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 04/30/23		Shares Held at 04/30/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, MuniCash, Institutional Class	$	505,057	$	9,560,897	^(a)	$	—	$	2,357	$	462	$	10,068,773		10,069,780	$	79,455	$	—




	Level 1		Level 2			Level 3		Total


Liabilities
TOB Trust Certificates	$	—	$	(10,836,558	)	$	—	$	(10,836,558	)
VRDP Shares at Liquidation Value		—		(76,000,000	)		—		(76,000,000	)


	$	—	$	(86,836,558	)	$	—	$	(86,836,558	)


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.

PSF		Permanent School Fund

RB		Revenue Bond

S/F		Single-Family

SAB		Special Assessment Bonds

TA		Tax Allocation