BlackRock Long-Term Municipal Advantage Trust

BlackRock Long-Term Municipal Advantage Trust is a diversified, closed-end management investment company focused on fixed income. Its primary purpose is to provide investors with current income that is generally exempt from regular U.S. federal income tax. The trust achieves this by allocating at least 80% of its assets to municipal bonds and related securities, including derivatives with exposure to such bonds, predominantly investing in long-term municipal obligations with maturities exceeding ten years at the time of purchase. These securities are typically issued by state and local governments to finance a variety of public projects, which can impact sectors such as infrastructure, education, and healthcare. The fund, managed by BlackRock Advisors, LLC, may also incorporate residual interest municipal tender option bonds, which offer specialized exposure to tax-exempt municipal markets. While the interest from these bonds is generally federal tax-exempt, some may be subject to the Alternative Minimum Tax. The trust is a perpetual vehicle, designed to provide steady, tax-advantaged income to shareholders, and plays a significant role for investors seeking diversification through municipal debt exposure within the broader financial market.