BlackRock Long-Term Municipal Advantage Trust (BTA) NPORT-P BlackRock Long-Term Municipal Advantage Trust (Oct 2023 report)

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

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

SCHEDULE   OF   INVESTMENTS 2

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

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

SCHEDULE   OF   INVESTMENTS 4

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

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.

SCHEDULE   OF   INVESTMENTS 6

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

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

SCHEDULE   OF   INVESTMENTS 8