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  
 

 

 

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

 

 

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

 

 

 

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

 

 

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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