Blackrock Long-Term Municipal Advantage Trust

blackrock long-term municipal advantage trust (the trust) is a non-diversified, closed-end management investment company. the trust's investment objective is to provide current income exempt from regular federal income tax. the trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal obligations and derivative instruments with exposure to such municipal obligations, in each case that are exempt from federal income tax (except that the interest may be subject to the federal alternative minimum tax). the trust invests primarily in long-term municipal bonds with a maturity of more than 10 years at the time of investment. the trust's municipal bond portfolio will have a dollar-weighted average maturity of more than 10 years. the trust may invest directly in such securities or synthetically through the use of derivatives. blackrock advisors, llc is the investment manager of the trust.