Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

Schedule of Investments (unaudited)  October 31, 2023		BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

 

Security		Par (000)				Value
Municipal Bonds
Alabama — 4.1%
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42		$	1,655			$	1,690,036
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a)			1,040				1,085,176
Southeast Energy Authority A Cooperative District, RB(a)
Series A, 4.00%, 11/01/51			1,300				1,227,286
Series A-1, 5.50%, 01/01/53			470				474,414
Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52(a)			590				406,226
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b)			160				132,297
							5,015,435
Arizona — 5.0%
Arizona Industrial Development Authority, Refunding RB(b)
Series A, 5.13%, 07/01/37			360				330,489
Series A, 5.38%, 07/01/50			925				806,774
Series A, 5.50%, 07/01/52			855				722,463
Series G, 5.00%, 07/01/47			135				113,076
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b)			1,255				1,066,572
Industrial Development Authority of the County of Pima, Refunding RB(b) 4.00%, 06/15/51			955				646,241
5.00%, 07/01/56			230				177,387
Maricopa County Industrial Development Authority, RB, AMT, 4.00%, 10/15/47(b)			935				719,513
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38			375				329,697
Salt Verde Financial Corp., RB, 5.00%, 12/01/37			725				702,583
Sierra Vista Industrial Development Authority, RB, 5.75%, 06/15/53(b)			510				455,897
							6,070,692
Arkansas(b) — 3.7%
Arkansas Development Finance Authority, RB
AMT, 6.88%, 07/01/48			500				485,604
AMT, 4.75%, 09/01/49			3,570				3,276,960
Series A, AMT, 4.50%, 09/01/49			825				725,302
							4,487,866
California — 9.3%
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47			140				120,427
California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)			205				181,047
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39			70				68,359
Series A, 5.25%, 08/15/49			175				170,466
California State Public Works Board, RB, Series I, 5.00%, 11/01/38			355				355,414
City of Los Angeles Department of Airports, ARB
AMT, 5.25%, 05/15/47			1,100				1,092,623
Series B, AMT, 5.00%, 05/15/46			2,700				2,571,662
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b)			460				266,375
CSCDA Community Improvement Authority, RB, M/F Housing(b)
Series A, 3.00%, 09/01/56			725				431,754

Security		Par (000)				Value
California (continued)
CSCDA Community Improvement Authority, RB, M/F Housing(b) (continued)
Series B, 4.00%, 07/01/58		$	200			$	125,013
Mezzanine Lien, 4.00%, 03/01/57			330				213,598
Series B, Mezzanine Lien, 4.00%, 12/01/59			835				484,252
Series A, Senior Lien, 4.00%, 12/01/58			1,000				676,284
Series B, Sub Lien, 4.00%, 12/01/59			285				168,954
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(c)			425				34,997
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61(b)(d)			830				295,681
Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52			595				540,132
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53			935				794,127
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31(b)(c)			1,265				820,410
San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/38(c)			3,725				1,829,806
							11,241,381
Colorado — 4.5%
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b)			275				224,244
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 4.13%, 11/15/53			320				254,879
Series D, AMT, 5.75%, 11/15/45			790				822,870
Colorado Health Facilities Authority, RB 5.25%, 11/01/39			145				144,652
5.50%, 11/01/47			90				90,112
5.25%, 11/01/52			220				209,454
Series A, 5.00%, 05/15/35			140				108,974
Series A, 5.00%, 05/15/44			180				118,665
Series A, 5.00%, 05/15/49			290				180,997
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49			500				398,397
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40			1,550				1,422,908
Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A-1, 4.00%, 12/01/31			500				427,663
Loretto Heights Community Authority, RB, 4.88%, 12/01/51			500				353,649
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b)			510				343,210
Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51			500				377,996
							5,478,670
Connecticut — 0.1%
Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/45(b)			160				126,130
Delaware — 0.3%
Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39(b)(e)			448				417,517

 

 

 

1

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Schedule of Investments (unaudited) (continued) October 31, 2023		BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

 

Security		Par (000)				Value
District of Columbia — 1.2%
District of Columbia, TA, 5.13%, 06/01/41		$	750			$	750,178
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49			870				681,751
							1,431,929
Florida — 13.4%
Avenir Community Development District, SAB, 5.63%, 05/01/54			225				202,964
Brevard County Health Facilities Authority, Refunding RB(b)
4.00%, 11/15/23			100				99,929
4.00%, 11/15/29			100				91,007
4.00%, 11/15/33			625				538,168
Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52			145				136,365
Capital Region Community Development District, Refunding SAB
Series A-1, 5.13%, 05/01/39			210				191,906
Series A-2, 4.60%, 05/01/31			510				484,383
Capital Trust Agency, Inc., RB 5.00%, 01/01/55(b)			1,290				898,027
Series A, 5.75%, 06/01/54(b)			450				337,287
Series B, 0.00%, 01/01/60(c)			3,000				156,117
Capital Trust Agency, Inc., RB, CAB(b)(c) 0.00%, 07/01/61			16,370				863,447
Subordinate, 0.00%, 01/01/61			5,765				319,049
Charlotte County Industrial Development Authority, RB, AMT, 5.00%, 10/01/49(b)			120				101,494
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53			970				1,021,804
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46			2,000				1,923,749
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52			350				334,123
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c)
Series A-2, 0.00%, 10/01/47			745				165,174
Series A-2, 0.00%, 10/01/48			525				108,028
Series A-2, 0.00%, 10/01/49			435				93,793
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45			2,325				1,799,105
Florida Development Finance Corp., RB(b) 5.25%, 06/01/55			525				380,838
5.00%, 06/15/56			550				384,620
6.50%, 06/30/57			250				215,489
Series B, 4.50%, 12/15/56			705				456,660
Series C, 5.75%, 12/15/56			250				182,689
Lakes of Sarasota Community Development District, SAB
Series A-1, 2.75%, 05/01/26			100				96,325
Series A-1, 3.90%, 05/01/41			285				220,469
Series B-1, 4.13%, 05/01/41			200				155,003
Series B-1, 4.30%, 05/01/51			100				71,371
Lakewood Ranch Stewardship District, SAB 4.25%, 05/01/26			75				73,851
5.13%, 05/01/46			315				274,429
6.30%, 05/01/54			117				114,371
Series 1B, 4.75%, 05/01/29			270				263,862
Series 1B, 5.30%, 05/01/39			310				288,719
Series 1B, 5.45%, 05/01/48			550				490,672
Poitras East Community Development District, SAB, 5.00%, 05/01/43			245				213,257

Security		Par (000)				Value
Florida (continued)
Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53		$	535			$	371,288
Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40(d)			310				270,515
Tolomato Community Development District, SAB,
Series 2015-3, 6.61%, 05/01/40(f)(g)			340				3
Trout Creek Community Development District, SAB 5.00%, 05/01/28			160				158,598
5.50%, 05/01/49			570				514,648
Village Community Development District No. 14, SAB 5.38%, 05/01/42			410				404,467
5.50%, 05/01/53			305				291,171
West Villages Improvement District, SAB 4.75%, 05/01/39			220				193,587
5.00%, 05/01/50			450				375,545
							16,328,366
Georgia — 6.8%
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51(b)			355				263,116
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)			110				86,736
Main Street Natural Gas, Inc., RB(a)
Series A, 5.00%, 06/01/53			3,500				3,441,105
Series B, 5.00%, 12/01/52			1,230				1,213,560
Main Street Natural Gas, Inc., Refunding RB, Series E-2, 5.26%, 12/01/53(a)			1,605				1,564,218
Municipal Electric Authority of Georgia, RB 4.00%, 01/01/59			1,640				1,291,802
Series A, 5.00%, 07/01/52			460				431,716
							8,292,253
Illinois — 10.3%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35			795				775,064
Series D, 5.00%, 12/01/46			1,035				914,517
Series H, 5.00%, 12/01/36			935				881,742
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/27			415				416,975
Series C, 5.00%, 12/01/34			940				913,948
Chicago O’Hare International Airport, ARB, Class A, AMT, Senior Lien, 5.50%, 01/01/55			645				644,108
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49			640				499,878
City of Chicago Illinois, Refunding GO, Series A, 6.00%, 01/01/38			595				609,043
Cook County Community College District No. 508, GO, 5.50%, 12/01/38			350				341,527
Illinois Finance Authority, Refunding RB
Series A, 4.00%, 07/15/47			1,815				1,497,771
Series C, 5.00%, 02/15/41			1,500				1,460,181
Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52			865				900,246
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46			500				416,955
Metropolitan Pier & Exposition Authority, RB 5.00%, 06/15/57			555				507,019
Series A, 5.50%, 06/15/53			200				198,204
Metropolitan Pier & Exposition Authority, Refunding RB 4.00%, 06/15/50			410				317,362
Series B, 5.00%, 06/15/52			225				207,186

 

 

 

S C H E D U L E   O F   I N V E S T M E N T S		2

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Schedule of Investments (unaudited) (continued) October 31, 2023		BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

 

Security		Par (000)				Value
Illinois (continued)
State of Illinois, GO, 5.00%, 05/01/27		$	500			$	501,553
University of Illinois, RB, Series A, 5.00%, 04/01/44			475				475,593
							12,478,872
Indiana — 2.0%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34			365				365,852
AMT, 7.00%, 01/01/44			885				886,917
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b)(f)(g)			810				669,951
Indiana Finance Authority, RB, Series A, AMT, 6.75%, 05/01/39			515				543,162
							2,465,882
Iowa — 0.1%
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39			120				105,626
Kentucky — 1.8%
Kentucky Public Energy Authority, RB, Series C, 4.00%, 02/01/50(a)			1,690				1,603,694
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43			565				618,932
							2,222,626
Louisiana — 1.1%
Lafayette Parish School Board Sale Tax Revenue, RB 4.00%, 04/01/48			130				111,578
4.00%, 04/01/53			85				70,923
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54(b)			445				316,762
Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62(b)			105				89,439
Tobacco Settlement Financing Corp. Refunding RB, Series A, 5.25%, 05/15/35			770				770,320
							1,359,022
Maine — 0.2%
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51(b)			380				228,138
Maryland — 1.6%
City of Baltimore Maryland, RB, 4.88%, 06/01/42			120				104,432
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47			380				356,637
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55(b)			1,480				1,464,752
							1,925,821
Massachusetts — 2.5%
Massachusetts Development Finance Agency, RB Series A, 6.50%, 11/15/23(b)(h)			1,000				1,000,900
Series A, 5.00%, 01/01/47			860				777,372
Massachusetts Housing Finance Agency, Refunding RB
Series A, AMT, 4.45%, 12/01/42			325				275,963
Series A, AMT, 4.50%, 12/01/47			1,075				926,009
							2,980,244
Michigan — 1.8%
Michigan Finance Authority, RB, 4.00%, 02/15/50			2,000				1,616,433

Security		Par (000)				Value
Michigan (continued)
Michigan Strategic Fund, RB 5.00%, 11/15/42		$	165			$	137,257
AMT, 5.00%, 12/31/43			500				464,893
							2,218,583
Minnesota — 1.0%
Duluth Economic Development Authority, Refunding RB, Series A, 5.25%, 02/15/58			655				627,431
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53			510				528,559
							1,155,990
Missouri — 1.0%
Industrial Development Authority of the City of St Louis Missouri, Refunding RB
Series A, 4.38%, 11/15/35			330				245,861
Series A, 4.75%, 11/15/47			365				244,857
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54			850				784,919
							1,275,637
New Hampshire — 1.0%
New Hampshire Business Finance Authority, RB Series A, 4.13%, 08/15/40			260				199,339
Series A, 4.25%, 08/15/46			290				208,963
Series A, 4.50%, 08/15/55			600				424,419
New Hampshire Business Finance Authority, Refunding RB(a)(b)
Series A, 3.63%, 07/01/43			130				86,451
Series B, AMT, 3.75%, 07/01/45			375				250,325
							1,169,497
New Jersey — 12.0%
Casino Reinvestment Development Authority, Inc., Refunding RB 5.25%, 11/01/39			475				459,137
5.25%, 11/01/44			1,160				1,079,896
New Jersey Economic Development Authority, RB 5.00%, 12/15/28(h)			70				74,468
5.00%, 06/15/43			125				123,191
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26(h)			1,225				1,290,411
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31			785				702,179
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50			1,340				1,048,304
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49			645				447,148
New Jersey Transportation Trust Fund Authority, RB Series AA, 5.00%, 06/15/45			585				575,661
Series S, 5.25%, 06/15/43			2,535				2,560,126
New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46			1,300				1,305,041
Tobacco Settlement Financing Corp., Refunding RB Series A, 5.00%, 06/01/35			730				744,731
Series A, 5.25%, 06/01/46			1,700				1,671,184
Sub-Series B, 5.00%, 06/01/46			2,635				2,446,903
							14,528,380

 

 

 

3

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Schedule of Investments (unaudited) (continued) October 31, 2023		BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

 

Security		Par (000)				Value
New York — 13.8%
City of New York, GO
Series A-1, 4.00%, 09/01/46		$	390			$	331,425
Series B, 5.25%, 10/01/39			245				256,735
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45			910				788,158
Metropolitan Transportation Authority, RB
Series B, 5.25%, 11/15/38			1,125				1,125,436
Series B, 5.25%, 11/15/39			400				400,260
Metropolitan Transportation Authority, Refunding RB, Series C-1, 4.75%, 11/15/45			985				905,925
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Sub-Series B-1, 4.00%, 11/01/45			4,000				3,419,938
Series A-1, Subordinate, 4.00%, 08/01/48			555				469,376
New York Counties Tobacco Trust IV, Refunding RB Series A, 6.25%, 06/01/41(b)			900				899,972
Series A, 5.00%, 06/01/42			1,505				1,314,890
New York Counties Tobacco Trust VI, Refunding RB, Series A-2B, 5.00%, 06/01/51			1,000				855,954
New York Liberty Development Corp., Refunding RB
Class 1, 5.00%, 11/15/44(b)			1,415				1,262,688
Class 2, 5.38%, 11/15/40(b)			395				365,093
Series A, 3.00%, 11/15/51			505				327,375
New York Power Authority, Refunding RB, Series A, 4.00 %, 11/15/55			565				458,976
New York Transportation Development Corp., ARB, AMT, 5.00%, 12/01/40			555				533,765
New York Transportation Development Corp., RB 5.63 %, 04/01/40(i)			260				257,276
AMT, 5.00%, 10/01/35			560				534,410
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36			730				713,093
Westchester County Local Development Corp., Refunding RB(b)
5.00%, 07/01/41			340				268,052
5.00%, 07/01/56			380				268,240
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42			1,200				1,064,559
							16,821,596
North Carolina — 0.5%
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53			560				578,733
North Dakota — 0.4%
City of Grand Forks North Dakota, RB, Series A, (AGM), 5.00%, 12/01/53			525				499,181
Ohio — 3.9%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, 5.00%, 06/01/55			2,360				1,929,776
Cleveland-Cuyahoga County Port Authority, Refunding TA(b)
Series A, 4.00%, 12/01/55			120				88,994
Series S, 4.50%, 12/01/55			95				69,806
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50			800				645,761
Ohio Air Quality Development Authority, RB, AMT, 5.00 %, 07/01/49(b)			300				239,132

Security		Par (000)				Value
Ohio (continued)
Port of Greater Cincinnati Development Authority, RB, 4.25 %, 12/01/50(b)		$	180			$	133,492
Southern Ohio Port Authority, RB, Series A, AMT, 7.00 %, 12/01/42(b)			805				541,313
State of Ohio, RB, AMT, 5.00%, 06/30/53			1,220				1,097,367
							4,745,641
Oklahoma — 4.1%
Oklahoma Development Finance Authority, RB
7.25%, 09/01/51(b)			2,205				2,139,466
Series B, 5.00%, 08/15/38			1,450				1,246,574
Series B, 5.50%, 08/15/52			765				658,918
Tulsa Authority for Economic Opportunity, TA, 4.38 %, 12/01/41(b)			155				129,255
Tulsa County Industrial Authority, Refunding RB, 5.25 %, 11/15/45			925				827,984
							5,002,197
Oregon — 0.2%
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c)			625				277,671
Pennsylvania — 8.2%
Bucks County Industrial Development Authority, RB, 4.00 %, 07/01/46			200				131,578
City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB Series B, (AGM), 4.50%, 09/01/48			800				704,288
Series B, (AGM), 5.50%, 09/01/53			1,605				1,649,008
Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/51			1,240				969,112
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45			95				85,016
Pennsylvania Economic Development Financing Authority, RB
AMT, 5.00%, 06/30/42			465				427,330
AMT, 5.75%, 06/30/48			335				342,637
AMT, 5.25%, 06/30/53			560				542,270
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44			720				645,239
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44			805				679,150
Pennsylvania Housing Finance Agency, RB, 5.38%, 10/01/46(i)			960				964,395
Pennsylvania Turnpike Commission, RB
Series A, 5.50%, 12/01/42			1,685				1,714,070
Series A, 5.00%, 12/01/44			520				515,245
Philadelphia Authority for Industrial Development, RB, 5.25 %, 11/01/52			355				345,332
School District of Philadelphia, GO, Series A, 5.50%, 09/01/48(i)			220				225,550
							9,940,220
Puerto Rico — 8.5%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(c)			9,585				497,303
Commonwealth of Puerto Rico, GO
0.00%, 11/01/51(a)			4,922				2,510,041
Series A-1, Restructured, 5.75%, 07/01/31			784				806,076
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51(a)			3,171				483,533

 

 

 

S C H E D U L E   O F   I N V E S T M E N T S		4

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Schedule of Investments (unaudited) (continued) October 31, 2023		BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

 

Security		Par (000)				Value
Puerto Rico (continued)
Puerto Rico Highway & Transportation Authority, RB, CAB, Series B, Restructured, 0.00%, 07/01/32(c)		$	892			$	570,315
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-2, Convertible, Restructured, 4.33%, 07/01/40			72				62,171
Series A-1, Restructured, 4.75%, 07/01/53			1,529				1,289,799
Series A-1, Restructured, 5.00%, 07/01/58			2,376				2,059,121
Series A-2, Restructured, 4.78%, 07/01/58			1,038				869,075
Series A-2, Restructured, 4.33%, 07/01/40			851				734,849
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)			1,914				473,119
							10,355,402
Rhode Island — 2.2%
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47			2,450				1,973,957
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37			395				335,141
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/40			420				399,520
							2,708,618
South Carolina — 4.4%
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)			1,130				1,125,836
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(b)			225				186,666
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43			1,110				1,072,439
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54			1,840				1,802,194
Series E, 5.00%, 12/01/48			420				398,580
Series E, 5.50%, 12/01/53			750				733,300
							5,319,015
Tennessee — 1.8%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB,
Series A, 4.00%, 10/01/49			290				214,976
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(c)			450				148,475
Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48			585				599,152
Metropolitan Nashville Airport Authority, ARB
Series B, AMT, 5.25%, 07/01/35			230				236,632
Series B, AMT, 5.50%, 07/01/36			190				197,981
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)			750				752,425
							2,149,641
Texas — 13.1%
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b)			335				211,152
Arlington Higher Education Finance Corp., RB
7.50%, 04/01/62(b)			230				201,231
7.88%, 11/01/62(b)			195				183,588
Series A, 5.75%, 08/15/62			500				398,239
Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41			180				144,481

Security		Par (000)				Value
Texas (continued)
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39		$	325			$	268,491
City of Houston Texas Airport System Revenue, Refunding ARB
AMT, 5.00%, 07/15/27			125				120,696
Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48			340				332,575
City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27			800				776,183
Dallas Independent School District, Refunding GO, (PSF), 4.00%, 02/15/53			500				413,368
Del Valle Independent School District Texas, GO, (PSF), 4.00%, 06/15/47			810				702,127
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48			160				137,501
Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/34(c)			3,000				1,621,450
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(h)			5,200				2,722,049
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b)			430				404,520
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52			600				490,811
Newark Higher Education Finance Corp., RB(b)
Series A, 5.50%, 08/15/35			135				130,724
Series A, 5.75%, 08/15/45			275				255,523
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49			890				749,368
Port Beaumont Navigation District, RB, AMT, 2.75%, 01/01/36(b)			710				477,606
Port Beaumont Navigation District, Refunding RB(b)
Series A, AMT, 3.63%, 01/01/35			425				322,168
Series A, AMT, 4.00%, 01/01/50			815				522,819
San Antonio Education Facilities Corp., RB
Series A, 5.00%, 10/01/41			85				66,100
Series A, 5.00%, 10/01/51			115				81,384
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51			310				295,648
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32			1,300				1,259,877
Texas Private Activity Bond Surface Transportation Corp., RB
AMT, Senior Lien, 5.00%, 12/31/55			1,025				945,491
AMT, Senior Lien, 5.50%, 12/31/58			800				803,706
Texas Transportation Commission State Highway 249 System, RB, CAB, 0.00%, 08/01/43(c)			2,205				662,203
Texas Water Development Board, RB, 4.45%, 10/15/36			170				169,683
							15,870,762
Utah — 0.6%
County of Utah Utah, RB, Series B, 4.00%, 05/15/47			750				617,022
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52(b)			225				168,983
							786,005
Vermont — 0.3%
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36			355				305,131

 

 

 

5

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Schedule of Investments (unaudited) (continued) October 31, 2023		BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

 

Security		Par (000)				Value
Virginia — 2.2%
Ballston Quarter Community Development Authority, TA(f)(g)
Series A, 5.00%, 03/01/26		$	180			$	172,276
Series A, 5.13%, 03/01/31			490				396,601
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55			245				201,652
Norfolk Redevelopment & Housing Authority, RB
Series A, 5.00%, 01/01/34			235				200,780
Series A, 5.00%, 01/01/49			455				336,093
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47			1,025				882,884
Virginia Housing Development Authority, RB, M/F Housing, Series G, 4.90%, 11/01/42			500				476,965
							2,667,251
Washington — 0.8%
Port of Seattle Washington, ARB, Series C, AMT, 5.00%, 04/01/40			350				332,671
Washington Health Care Facilities Authority, Refunding RB, Series A, Refunding RB, 5.00%, 08/01/44			485				459,221
Washington State Housing Finance Commission, Refunding RB
Series A, 5.00%, 07/01/43			125				115,656
Series A, 5.00%, 07/01/48			115				103,057
							1,010,605
West Virginia — 1.3%
Morgantown Utility Board, Inc. RB, 4.00%, 12/01/48			1,895				1,523,393
Wisconsin — 5.6%
Public Finance Authority, ARB, AMT, 4.25%, 07/01/54			750				474,718
Public Finance Authority, RB
5.00%, 06/15/41(b)			165				144,512
7.75%, 07/01/43(b)			1,190				1,115,012
5.00%, 06/15/55(b)			440				357,678
5.00%, 01/01/56(b)			710				531,140
Class A, 5.00%, 06/15/56(b)			230				160,678
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				396,656
Series A, 4.75%, 06/15/56(b)			730				463,677
Series A-1, 4.50%, 01/01/35(b)			595				498,968
Series A-1, 5.50%, 12/01/48(b)(f)(g)			10				2,109
Series B, 0.00%, 01/01/35(b)(c)			1,005				442,192
Series B, 0.00%, 01/01/60(b)(c)			16,025				833,716
AMT, 4.00%, 09/30/51			475				344,438
AMT, 4.00%, 03/31/56			455				319,385
Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61(b)(c)			6,620				285,729
							6,788,208
Wyoming — 0.3%
University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51			500				400,657
Total Municipal Bonds — 157.0% (Cost: $212,851,696)							190,754,484
Municipal Bonds Transferred to Tender Option Bond Trusts(j)
Alabama — 1.3%
Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53(a)			1,604				1,606,144

Security		Par (000)				Value
Iowa — 1.2%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46		$	1,810			$	1,461,522
Nebraska — 3.9%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a)			4,771				4,704,047
New York — 2.7%
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38			2,181				1,926,316
Port Authority of New York & New Jersey, RB, Series 221, AMT, 4.00%, 07/15/55			1,720				1,323,220
							3,249,536
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 9.1% (Cost: $12,304,012)							11,021,249
Total Long-Term Investments — 166.1% (Cost: $225,155,708)							201,775,733
		Shares
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(k)(l)			452,725				452,725
Total Short-Term Securities — 0.4% (Cost: $452,635)							452,725
Total Investments — 166.5% (Cost: $225,608,343)							202,228,458
Other Assets Less Liabilities — 1.0%						1,282,849
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.2)%							(6,353,606	)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (62.3)%							(75,672,192	)
Net Assets Applicable to Common Shares — 100.0%						$	121,485,509

 

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

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

(g)	Non-income producing security.

(h)	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.

(i)	When-issued 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)	Affiliate of the Fund.

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

 

 

 

S C H E D U L E   O F   I N V E S T M E N T S		6

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Schedule of Investments (unaudited) (continued) October 31, 2023		BlackRock Long-Term Municipal Advantage Trust (BTA)

 

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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer		Value at 07/31/23				Purchases at Cost				Proceeds from Sales				Net Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Value at 10/31/23				Shares Held at 10/31/23				Income				Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class		$	12,588,591			$	—			$	(12,135,848	)(a)		$	1,610			$	(1,628	)		$	452,725				452,725			$	61,769			$	—

 

(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

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

 

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

 

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

 

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

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

 

		Level 1				Level 2				Level 3				Total
Assets
Investments
Long-Term Investments
Municipal Bonds		$	—			$	190,336,967			$	417,517			$	190,754,484
Municipal Bonds Transferred to Tender Option Bond Trusts			—				11,021,249				—				11,021,249
Short-Term Securities
Money Market Funds			452,725				—				—				452,725
		$	452,725			$	201,358,216			$	417,517			$	202,228,458

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

 

		Level 1				Level 2				Level 3				Total
Liabilities
TOB Trust Certificates		$	—			$	(6,309,680	)		$	—			$	(6,309,680	)
VRDP Shares at Liquidation Value			—				(76,000,000	)			—				(76,000,000	)
		$	—			$	(82,309,680	)		$	—			$	(82,309,680	)

 

 

7

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Schedule of Investments (unaudited) (continued) October 31, 2023		BlackRock Long-Term Municipal Advantage Trust (BTA)

 

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
ST		Special Tax
TA		Tax Allocation

 

 

S C H E D U L E   O F   I N V E S T M E N T S		8

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