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BTT

Municipal 2030 Target Term Trust

Fixed Income

BTT

Municipal 2030 Target Term Trust

  • NAV as of Oct 18, 2019 $25.85
    52 WK: 22.86 - 26.26
  • 1 Day NAV Change as of Oct 18, 2019 0.00 (0.00%)
  • Market Price as of Oct 18, 2019 $24.00
  • 1 Day Price Change as of Oct 18, 2019 -0.01 (-0.04%)
  • Distribution Rate as of Oct 18, 2019 3.12%
  • Premium Discount as of Oct 18, 2019 -7.16%

Overview

Investment Approach

BlackRock Municipal Target Term Trust’s (BTT) (the 'Trust') investment objectives are to provide current income exempt from regular federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances) and to return $25.00 per common share (the initial offering price per share) to holders of common shares on or about December 31, 2030. The Trust seeks to achieve its investment objectives by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust actively manages the maturity of its bonds to seek to have a dollar weighted average effective maturity approximately equal to the Trust’s maturity date. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objectives, including its investment objective of returning $25.00 per share, will be achieved.
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Performance

Performance

  • Returns

  2014 2015 2016 2017 2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 31.46 6.73 0.23 10.81 1.11
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. 23.71 12.43 5.48 6.50 -4.63

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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NAV Market Price

Distributions

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Ex-Date Payable Date Record Date Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end. Return of Capital

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Year Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.

Past distributions are not indicative of future distributions.


If a Fund estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; a portion of its distribution may be a return of capital. A return of capital may occur, for example, when some or all of a shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. Although the character of income will not be determined until the end of the fund’s fiscal year, please refer to the 'Closed-End Fund Resources' section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be not be relied upon for tax reporting purposes. A Form 1099-DIV for the calendar year will be sent to shareholders to illustrate how the Fund’s distributions should be reported for federal income tax purposes.

Key Facts

Key Facts

Net Assets as of Oct 18, 2019 $1,822,254,940
Managed Assets as of Oct 18, 2019 $2,834,074,854.82
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 0.64%
Gross Expense Ratio 2.07%
Shares Outstanding as of Oct 18, 2019 70,505,571
Number of Holdings as of Sep 30, 2019 534
Premium/Discount The amount the Fund is trading above or below the reported NAV expressed as a percentage of NAV. When the Fund’s closing price is greater than the Fund’s NAV, it is said to be trading at a "Premium" and the percentage is expressed as a positive number. When the Fund’s closing price is less than the Fund’s NAV, it is said to be trading at a "Discount" and the percentage is expressed as a negative number. Closing price is determined using the last traded price on the Fund’s listed exchange and NAV is calculated daily (usually 4:00pm eastern time). -

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate The annual yield an investor would receive if the most recent fund distribution and current fund price stayed the same going forward. It is calculated by annualizing the most recent distribution and dividing by the fund's market price from the as-of-date. The distribution rate may include a return of capital. Please refer to the "Closed-End Fund Resources" section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be relied upon for tax reporting purposes. as of Oct 18, 2019 3.12%
Tax Equiv. Yield Tax equivalent yield (TEY) is used by investors to compare yields on taxable and tax-exempt securities after accounting for taxes. TEY represents the yield a taxable bond would have to earn in order to match, after taxes, the yield available on a tax-exempt municipal bond.<br /><br />Tax Equivalent Yield (TEY) = Tax Free Municipal Bond Yield/(1 - Tax Rate*)<br /><br />For example, an investor in the 43.4% tax bracket would have to earn a yield of 3.53% on a taxable bond to match a 2.00% yield on a tax-exempt security.<br /><br />The highest Federal individual income tax rate of 43.4% is assumed. as of Oct 17, 2019 5.27%
Yield to Maturity Yield to Maturity (YTM) is the discount rate that equates the present value of a bond's cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund's individual bond holding YTMs based upon Net Asset Value ('NAV'). The measure does not include fees and expenses. For callable bonds, YTM is the yield-to-worst. as of Sep 30, 2019 4.97%
Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of Sep 30, 2019 3.50%
Average Coupon as of Sep 30, 2019 4.05%
Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives.<br />As the method for calculating duration in municipal bond funds changed as of Sept. 26, please see the 'Literature' section for more information on that measure. as of Sep 30, 2019 9.00 yrs
WAL to Maturity as of Sep 30, 2019 15.83 yrs
Leverage The amount of borrowed funds used to purchase assets in order to enhance returns. as of Sep 30, 2019 $ 1,013,552,579.00
% Leveraged The relative amount of total managed assets financed through leverage. as of Sep 30, 2019 35.69%
% AMT Bonds Amount of assets in the portfolio that are Alternative Minimum Tax bonds, relative to the total managed assets. These are bonds subject to the federal alternative minimum tax, a separate tax computation that creates a tax liability after allowed deductions. as of Sep 30, 2019 17.36%
% Insured Amount of assets in the portfolio that have their principal and interest backed by an additional entity in the form of insurance, relative to the total managed assets. as of Sep 30, 2019 6.75%

Ratings

Holdings

Holdings

as of Sep 30, 2019
Name Weight (%)
TOB 3.44 BROAPT 114894RR1 3.61
TOB 3.29 DENAPT 249182FJ0 3.05
TOB 3.01 SANFAC 796334AX8 2.99
TOB 3.22 DALAPT 235036YZ7 2.71
TOB 3.27 IASMED 46256QFX9 1.59
Name Weight (%)
MATAGORDA CNTY TEX NAV DIST NO 1 P 4.4 05/01/2030 1.33
DENVER COLO CITY & CNTY ARPT R 5 12/01/2033 1.11
TEXAS MUN GAS ACQUISITION & SU 5 12/15/2031 0.98
PUERTO RICO SALES TAX FING CO (RST 0 07/01/2033 0.96
PEFA INC IOWA GAS PROJ REV 5 09/01/2049 0.90

Exposure Breakdowns

Exposure Breakdowns

as of Sep 30, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund
as of Sep 30, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund
as of Sep 30, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund
as of Sep 30, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund
as of Sep 30, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund
as of Sep 30, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the 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 Sep 30, 2019
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
Ted Jaeckel, CFA
Head Portfolio Manager, Municipal Mutual Fund

    

Read More

Theodore R. Jaeckel, Jr., CFA, Managing Director, is a member of Americas Fixed Income within Alpha Strategies. He is head portfolio manager on the Municipal Mutual Fund Desk.

 

He is also a member of BlackRock's Municipal Bond Operating Committee, which oversees all municipal bond portfolio management, research and trading activities.

 

Mr. Jaeckel's service with the firm dates back to 1991, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a portfolio manager for municipal bond alternative and high yield strategies. Prior to joining MLIM, Mr. Jaeckel was a municipal bond trader with Chemical Bank.

 

Mr. Jaeckel earned a BA degree in history from Hamilton College in 1981.

Portfolio Manager

Literature

Literature

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