Fixed Income

BBN

Taxable Municipal Bond 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
10.67 7.12 7.32 10.13
Market Price Total Return (%) 19.54 9.43 8.04 10.87
  YTD 1m 1y 3y 5y 10y
-3.83 -1.87 10.67 22.93 42.37 162.42
Market Price Total Return (%) -7.69 -0.56 19.54 31.04 47.20 180.71
  2016 2017 2018 2019 2020
NAV Total Return (%) 8.03 13.30 0.73 14.62 10.14
Market Price Total Return (%) 10.24 14.96 -2.88 22.67 17.08

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 Jun 23, 2021 $1,477,102,097
Managed Assets -
Share Class launch date Aug 27, 2010
Exchange New York Stock Exchange Inc.
Asset Class Fixed Income
Morningstar Category Long-Term Bond
Lipper Classification General Bond Funds
CUSIP 09248X100
Management Fee 0.55%
Gross Expense Ratio 1.97%
Shares Outstanding as of Jun 23, 2021 58,452,594
Number of Holdings as of May 28, 2021 157
Premium Discount as of Jun 23, 2021 1.42%

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate as of Jun 22, 2021 5.44%
Yield to Maturity as of May 28, 2021 4.21%
Yield to Worst as of May 28, 2021 4.06%
Average Coupon as of May 28, 2021 8.64%
Effective Duration as of May 28, 2021 13.41 yrs
WAL to Maturity as of May 28, 2021 27.41 yrs
Leverage as of May 28, 2021 $ 667,618,136.00
% Leveraged as of May 28, 2021 31.63%
% AMT Bonds as of May 28, 2021 0.00%
% Insured as of May 28, 2021 3.63%

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.

Holdings

Holdings

as of May 28, 2021
Name Weight (%)
NEW JERSEY ST TPK AUTH TPK REV 7.102 01/01/2041 2.60
MET GOVT NASHVILLE & DAVIDSON 7.431 07/01/2043 2.50
CHICAGO IL WASTEWATER TRANSMISSION 6.9 01/01/2040 2.38
FRANKLIN CNTY OHIO CONVENTION FACS 6.64 12/01/2042 2.24
ILLINOIS ST 7.35 07/01/2035 2.21
Name Weight (%)
TOBACCO SETTLEMENT FIN AUTH WE 4.306 06/01/2049 1.99
MUNICIPAL ELEC AUTH GA 6.637 04/01/2057 1.87
MUNICIPAL ELEC AUTH GA 6.655 04/01/2057 1.76
UTAH TRAN AUTH SALES TAX REV 5.705 06/15/2040 1.73
REGIONAL TRANSN DIST COLO CTFS PAR 7.672 06/01/2040 1.72

Exposure Breakdowns

Exposure Breakdowns

as of May 28, 2021

% Notional Value

Type Fund
as of May 28, 2021

% Notional Value

Type Fund
as of May 28, 2021

% Notional Value

Type Fund
as of May 28, 2021

% Notional Value

Type Fund
Sorry, industry breakdowns are not available at this time.
as of May 28, 2021

% Notional Value

Type Fund
as of May 28, 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 May 28, 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

Michael Kalinoski, CFA
Portfolio Manager, Municipal Mutual Fund

   

Peter Hayes
Head of Municipal Bonds

 

 

Ted Jaeckel, CFA
Head Portfolio Manager, Municipal Mutual Fund

    

Christian Romaglino
Christian Romaglino
Portfolio Manager

Literature

Literature