BlackRock Long-Term Municipal Advantage Trust (the Trust) is a diversified, closed-end management investment company. The Trust's investment objective is to provide current income exempt from regular United States 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 expected to pay interest or income that is exempt from the United States federal income tax (except that the interest may be subject to the United States federal alternative minimum tax). 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. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust's investment adviser is BlackRock Advisors, LLC.