Fund Description: BlackRock Long-Term Municipal Advantage Trust is an exchange-traded closed-end fund (CEF) or a closed-end ETF that is officially described as a non-diversified, closed-end management investment company. <p> INVESTMENT OBJECTIVE: The BlackRock Long-Term Municipal Advantage Trust seeks to provide current income exempt from regular Federal income tax. <p> TRUST STRATEGY: 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, under normal market conditions, primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment and, under normal market conditions, the Trust’s municipal bond portfolio will have a dollar-weighted average maturity of greater than 10 years. The Trust may invest directly in such securities or synthetically through the use of derivatives. <p> TRUST MANAGEMENT: The Fund's Investment Advisor is BlackRock Advisors LLC and the sub-advisor is BlackRock Financial Management, Inc.