BTA - BlackRock Long-Term Municipal Advantage Trust

What this means for you

Sit Investment is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Feb 23, 2026

   The fund's shares stopped trading on the exchange.

   Original document →

2. Jan 6, 2026

   Sit Investment now owns 5.5%, as a passive investor.

   Original document →

3. Sept 11, 2025

   The fund said it will repay some borrowed money on Oct 11, 2025.

   Original document →

4. Sept 8, 2025

   The fund proposed folding into MUA. Holders vote on Oct 15, 2025. Latest document Aug 12, 2025.

   Original document →

5. Aug 29, 2025

   The fund proposed folding into MUA. Holders vote on Oct 15, 2025.

   Original document →

About this fund

• Run by BlackRock Advisors, LLC. Part of the BlackRock-advised Funds fund family. As of July 31, 2025, from the fund's yearly report. Original document →
• Size: about $134 million of holdings, as of Jan 31, 2026. As of Jan 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 39% on top of its own money, as of Jan 31, 2026. Borrowed money makes gains and losses bigger. About 90% of that is money the fund has borrowed by selling preferred shares. As of Jan 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.7% a year in management fees; 3.7% a year in total, including interest on borrowed money. Fiscal year ended July 31, 2025. As of July 31, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 41 charge a lower management fee and 62 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended July 31, 2025) the fund paid $0.58 a share. $0.44 of that was income; $0.14 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of July 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (July 31, 2025): $9.50. The shares traded at $8.86, about 6.7% below that. As of July 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 0.3% over the last three months we have (Nov 2025-Jan 2026), before the share price is taken into account. As of Jan 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2005.

How this has changed

• Payouts per share: $0.58 in the fiscal year ended July 31, 2025; $0.52 in the year ended July 31, 2024; $0.56 in the year ended July 31, 2023.As of July 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.14 in the year ended July 31, 2025; $0.08 in the year ended July 31, 2024; $0.02 in the year ended July 31, 2023.As of July 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.7% a year in the fiscal year ended July 31, 2025; 3.81% a year in the year ended July 31, 2024; 3.49% a year in the year ended July 31, 2023.As of July 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $128 million at July 31, 2025; $144 million at July 31, 2024; $139 million at July 31, 2023. From the fund's quarterly holdings reports. Original documents: July 31, 2025 →, July 31, 2024 →, July 31, 2023 →.
• Borrowing: about 40% on top of its own money at July 31, 2025; 38% at July 31, 2024; 39% at July 31, 2023. From the fund's quarterly holdings reports. Original documents: July 31, 2025 →, July 31, 2024 →, July 31, 2023 →.
• The fund had about 13.4 million shares at July 31, 2025, about the same as at July 31, 2023.As of July 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended July 31, 2025: the shares returned -9.7%, counting payouts; the holdings -6.1%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of July 31, 2025, from the fund's annual report. Original document →
• The year ended July 31, 2024: the shares returned +13%, counting payouts; the holdings +9.2%. As of July 31, 2024, from the fund's annual report. Original document →
• The year ended July 31, 2023: the shares returned -15.1%, counting payouts; the holdings -1.8%. As of July 31, 2023, from the fund's annual report. Original document →
• The year ended April 30, 2022: the shares returned -16.9%, counting payouts; the holdings -12.3%. As of April 30, 2022, from the fund's annual report. Original document →
• Those three years together: the shares returned -13.3%. $10,000 of shares bought at the start (Aug 1, 2022) would have become about $8,670 by July 31, 2025, with every payout counted, before tax. As of July 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Jan 31, 2026: +1.4%. The quarterly reports carry no share price, so this is the holdings alone. As of Jan 31, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly tax-free municipal bonds (99%), the rest cash and short-term holdings. All of it issued in the U.S.

3.1% of holdings are in default.

1. Black Belt Energy Gas District, Black Belt Energy Gas Dist Al Gas Project Revenue - 4.9%
2. New Hampshire Business Finance Authority, National Fin Auth NH Revenue - 4.6%
3. Main Street Natural Gas Inc GA Gas Supply Revenue - 4%
4. Tobacco Settlement Financing, Tobacco Settlement Fing Corp NJ - 2.9%
5. Commonwealth of Puerto Rico, Puerto Rico Cmwlth - 2.4%
6. Midland County Fresh Water Supply District No 1, Midland Cnty TX Fresh Wtr Sply Dist #1 Revenue - 2.3%
7. Cash and short-term - 2.3%
8. California Infrastructure & Economic Development Bank, California St Infrastructure & Econ Dev Bank Revenue - 2.1%
9. Chicago O'Hare International Airport, Chicago IL O'hare International Arpt Revenue - 2%
10. San Marcos Unified School District, San Marcos CA Unif Sch Dist - 1.8%

As of Jan 31, 2026, from the fund's quarterly holdings report. Original document →