Fixed Income

BTA

Long-Term Municipal Advantage Trust

Overview

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Performance

Performance

  • Returns

  1y 3y 5y 10y Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
4.96 6.08 7.43 6.84 5.16
Market Price (%) Market price return represents changes to the fund’s closing market price on its primary exchange and accounts for distributions from the fund. 0.80 7.27 6.13 6.74 3.95
  YTD 1m 1y 3y 5y 10y Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
1.12 0.24 4.96 19.36 43.11 93.77 85.97
Market Price (%) Market price return represents changes to the fund’s closing market price on its primary exchange and accounts for distributions from the fund. -3.52 -0.23 0.80 23.43 34.66 92.06 61.25
  2013 2014 2015 2016 2017
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. -6.75 21.05 5.95 1.05 10.73
Market Price (%) Market price return represents changes to the fund’s closing market price on its primary exchange and accounts for distributions from the fund. -13.40 18.28 8.26 3.64 12.37

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.


Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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Distributions

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Key Facts

Key Facts

Net Assets as of Aug 17, 2018 $165,625,360
Managed Assets as of Aug 17, 2018 $279,233,337.83
Share Class launch date Feb 28, 2006
Exchange New York Stock Exchange Inc.
Asset Class Fixed Income
Morningstar Category High Yield Muni
Lipper Classification Gen & Ins Leveraged
CUSIP 09250B103
Management Fee 1.00%
Gross Expense Ratio 2.33%
Shares Outstanding as of Aug 17, 2018 13,422,247
Number of Holdings as of Jul 31, 2018 265

Portfolio Characteristics

Portfolio Characteristics

Average Coupon as of Jul 31, 2018 5.19%
WAL to Maturity as of Jul 31, 2018 26.26 yrs

Ratings

Holdings

Holdings

as of Jun 29, 2018
Name Weight (%)
TOB 3.501 SANUTL 7962532Q4 144A 4.33
NEW YORK ST DORM AUTH ST PERS INCO 5.75 03/15/2036 4.17
TOB 4.38 MASEDU 576000LP6 2.74
HUDSON YDS INFRASTRUCTURE CORP 5.75 02/15/2047 2.57
NEW YORK LIBERTY DEV CORP LIBE 5.25 12/15/2043 2.39
Name Weight (%)
TOB 5.41 OSHMED 677561FV9 1.72
COLORADO HEALTH FACS AUTH REV 5 01/01/2040 1.48
METROPOLITAN PIER & EXPOSITION AUT 5 06/15/2050 1.16
TOB 4.65 VASMED 928105AV7 1.11
NEW YORK N Y CITY MUN WTR FIN AUTH 5 06/15/2031 1.09
Holdings shown are unaudited and are based on the fund’s unofficial books and records, and may not be representative of current or future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

The holdings report provided represents certain information regarding the traded positions held within the portfolio as of the specified date. It does not include cash, accrued income and/or payables/receivables. The total assets reflected on the holdings report provided will not match to the net asset value of the fund as these items are excluded.

Exposure Breakdowns

Exposure Breakdowns

Type Fund
Type Fund
Type Fund
Type Fund
Type Fund
Type Fund
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

as of Jun 29, 2018
Type Fund
Notional value represents a fund’s use of derivatives, including but not limited to futures, options, and swaps. This value captures the fund exposures as if the derivative was replaced with the underlying asset and the corresponding financing or lending, such that all exposures sum to the net asset value. For non-derivatives, the market value and the notional value are identical.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Ted Jaeckel, CFA
Head Portfolio Manager, Municipal Mutual Fund

    

Michael Perilli
Michael Perilli
Portfolio Manager

Literature

Literature