BTA - BlackRock Long-Term Municipal Advantage Trust

What this means for you

One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

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 →
• 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. 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. Over the last 12 months: +1.4%. As of Jan 31, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended July 31, 2025): the value of the holdings returned -6.1%. How the share price did: the shares returned -9.7% over the same year, counting payouts and the change in the market price. As of July 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 2005.

What the fund holds

Mostly tax-free municipal bonds (99%), the rest cash and short-term holdings. About 100% issued in the U.S.

3.1% of holdings are in default.

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

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