Fixed Income

BTT

Municipal 2030 Target Term Trust

Overview

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Performance

Performance

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Distributions

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  1y 3y 5y 10y Incept.
6.62 6.84 6.25 - 5.77
Market Price Total Return (%) 9.48 8.34 7.39 - 4.64
  YTD 1m 1y 3y 5y 10y Incept.
6.62 1.26 6.62 21.96 35.42 - 59.66
Market Price Total Return (%) 9.48 2.44 9.48 27.17 42.86 - 45.95
  2016 2017 2018 2019 2020
NAV Total Return (%) 0.23 10.81 1.11 13.13 6.62
Market Price Total Return (%) 5.48 6.50 -4.63 21.80 9.48

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 Mar 05, 2021 $1,880,277,127
Size of Fund (Millions) as of Mar 05, 2021 $1,880.3 M
Share Class launch date Aug 30, 2012
Exchange New York Stock Exchange Inc.
Asset Class Fixed Income
Morningstar Category Muni National Long
Lipper Classification Gen & Ins Leveraged
CUSIP 09257P105
Management Fee 0.40%
Gross Expense Ratio 1.56%
Shares Outstanding as of Mar 05, 2021 70,505,571
Number of Holdings as of Jan 29, 2021 573
Premium/Discount -
Managed Assets as of Mar 05, 2021 $2,863,497,079.64

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate as of Mar 05, 2021 2.94%
Tax Equiv. Yield as of Mar 05, 2021 4.97%
Yield to Maturity as of Feb 26, 2021 3.99%
Yield to Worst as of Feb 26, 2021 2.15%
Average Coupon as of Feb 26, 2021 3.79%
Effective Duration as of Feb 26, 2021 8.26 yrs
WAL to Maturity as of Feb 26, 2021 12.81 yrs
Leverage as of Feb 26, 2021 $ 984,112,750.00
% Leveraged as of Feb 26, 2021 34.46%
% AMT Bonds as of Feb 26, 2021 13.36%
% Insured as of Feb 26, 2021 6.52%

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. For newly launched funds, sustainability characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.


Where applicable, the Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Ratings

Holdings

Holdings

as of Feb 26, 2021
Name Weight (%)
TOB 3.01 SANFAC 796334AX8 2.43
TOB 3.44 BROAPT 114894RR1 2.02
TOB 3.29 DENAPT 249182FJ0 1.73
MATAGORDA CNTY TEX NAV DIST NO 1 P 4.4 05/01/2030 1.69
DENVER COLO CITY & CNTY ARPT R 5 12/01/2033 1.66
Name Weight (%)
PUERTO RICO SALES TAX FING CO (RST 0 07/01/2033 1.62
PUERTO RICO SALES TAX FING CO (RST 0 07/01/2031 1.56
PEFA INC IOWA GAS PROJ REV 5 09/01/2049 1.41
NEW JERSEY ST TRANSN TR FD AUT 5 12/15/2030 1.40
INDIANA FIN AUTH HOSP REV 4 05/01/2035 1.32

Exposure Breakdowns

Exposure Breakdowns

as of Feb 26, 2021

% Notional Value

Type Fund
as of Feb 26, 2021

% Notional Value

Type Fund
as of Feb 26, 2021

% Notional Value

Type Fund
as of Feb 26, 2021

% Notional Value

Type Fund
as of Feb 26, 2021

% Notional Value

Type Fund
as of Feb 26, 2021

% Notional Value

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 Feb 26, 2021
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

Phillip Soccio
Phillip Soccio
Ted Jaeckel, CFA
Head Portfolio Manager, Municipal Mutual Fund

    

Portfolio Manager

Literature

Literature

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