BTA

BlackRock Long-Term Municipal Advantage Trust is a closed-end management investment company that seeks to provide high current income exempt from federal income taxes by investing primarily in long-term municipal bonds. Managed by BlackRock Advisors, LLC, the fund focuses on longer-duration municipal securities issued by or on behalf of states, territories, possessions of the United States, and their political subdivisions, agencies, and instrumentalities. The longer duration positioning aims to capture additional yield from the term premium while accepting higher interest rate sensitivity. The fund's portfolio includes municipal bonds issued for various public purposes including infrastructure, education, healthcare, utilities, transportation, and other governmental functions, with emphasis on bonds with longer maturities (typically 10 years or longer). Longer-duration municipal bonds offer higher yields to compensate investors for greater interest rate risk and longer time horizons. The fund's investment team conducts credit analysis across the quality spectrum including both investment-grade and below-investment-grade municipal bonds, balancing yield enhancement with credit risk management while maintaining portfolio diversification. As a closed-end fund, BlackRock Long-Term Municipal Advantage Trust issues a fixed number of shares that trade on exchanges, often at premiums or discounts to net asset value (NAV). The fund employs leverage through borrowings or tender option bonds to potentially enhance returns and income generation, though leverage significantly increases interest rate sensitivity and volatility. The trust provides monthly distributions of tax-exempt income to shareholders. The fund particularly appeals to investors in higher tax brackets seeking substantial federal tax-exempt income and willing to accept higher interest rate risk from the longer duration positioning. The "Long-Term" in the fund name signals the portfolio's duration profile, making it more sensitive to interest rate changes than shorter-duration municipal funds. The fund's performance is heavily influenced by interest rate movements, credit conditions in municipal markets, state and local fiscal health, and the fund's discount/premium to NAV. The longer duration amplifies both gains when rates fall and losses when rates rise compared to shorter-duration alternatives.