BlackRock Long-Term Municipal Advantage Trust (the Trust) is a perpetual closed-end municipal bond fund. Its investment objective is to provide current income exempt from regular federal income tax. The Trust will invest at least 80% of its total assets in municipal bonds, municipal securities and derivative instruments with exposure to such bonds and securities, in each case that are expected to pay interest or income that is exempt from regular Federal income tax. The Trust may invest up to 25% of its net assets in residual interest municipal tender option bonds. The Trust invests, under normal market conditions, primarily in long-term municipal bonds with a maturity of more than 10 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. BlackRock Advisors, LLC serves as the investment manager.