Fixed Income

BTA

Long-Term Municipal Advantage Trust

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
1.92 5.15 5.74 6.84
Market Price Total Return (%) -1.72 4.50 7.01 6.32
  YTD 1m 1y 3y 5y 10y
1.02 - 1.92 16.26 32.20 93.75
Market Price Total Return (%) -4.03 - -1.72 14.10 40.32 84.62
  2015 2016 2017 2018 2019
NAV Total Return (%) 5.95 1.05 10.73 1.31 11.70
Market Price Total Return (%) 8.26 3.64 12.37 -5.81 25.66

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.

Key Facts

Key Facts

Net Assets as of Nov 24, 2020 $171,773,183
Managed Assets as of Nov 24, 2020 $286,474,864.03
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 2.54%
Shares Outstanding as of Nov 24, 2020 13,427,241
Number of Holdings as of Oct 30, 2020 293
Premium Discount as of Nov 24, 2020 -2.42%

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate as of Nov 24, 2020 4.86%
Tax Equiv. Yield as of Nov 23, 2020 8.26%
Yield to Maturity as of Oct 30, 2020 6.82%
Yield to Worst as of Oct 30, 2020 4.79%
Average Coupon as of Oct 30, 2020 4.07%
Effective Duration as of Oct 30, 2020 12.96 yrs
WAL to Maturity as of Oct 30, 2020 30.56 yrs
Leverage as of Oct 30, 2020 $ 114,836,079.00
% Leveraged as of Oct 30, 2020 40.91%
% AMT Bonds as of Oct 30, 2020 11.65%
% Insured as of Oct 30, 2020 1.90%

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for Long-Term Municipal Advantage Trust, -, as of Oct 31, 2020 rated against 17 High Yield Muni Funds based on risk adjusted total return.

Holdings

Holdings

as of Oct 30, 2020
Name Weight (%)
TOB 3.501 SANUTL 7962532Q4 144A 4.27
TOB 4.38 MASEDU 576000LP6 2.64
NEW YORK LIBERTY DEV CORP LIBE 5.25 12/15/2043 2.32
NEW YORK N Y CITY TRANSITIONAL 4 11/01/2045 2.03
BUCKEYE OHIO TOB SETTLEMENT FI 5 06/01/2055 1.76
Name Weight (%)
ARKANSAS ST DEV FIN AUTH INDL 4.75 09/01/2049 1.27
PUERTO RICO SALES TAX FING CO (RST 5 07/01/2058 1.18
TOBACCO SETTLEMENT FING CORP N 5 06/01/2046 1.15
PUCS 3.75 LOSAPT 544445CC1 1.10
NEW JERSEY ST TRANSN TR FD AUT 5.25 06/15/2043 1.05

Exposure Breakdowns

Exposure Breakdowns

as of Oct 30, 2020

% Notional Value

Type Fund
as of Oct 30, 2020

% Notional Value