Fixed Income

BTT

Municipal 2030 Target Term 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
-10.19 -0.55 2.39 3.86
Market Price Total Return (%)

as of Dec 31, 2022

-15.14 -1.16 2.32 3.13
  YTD 1m 1y 3y 5y 10y
-10.19 0.49 -10.19 -1.63 12.53 46.01
Market Price Total Return (%)

as of Dec 31, 2022

-15.14 -1.76 -15.14 -3.45 12.16 36.12
  2018 2019 2020 2021 2022
NAV Total Return (%) 1.11 13.13 6.62 2.74 -10.19
Market Price Total Return (%) -4.63 21.80 9.48 3.93 -15.14

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 Jan 26, 2023 $2,440,001,360
Size of Fund (Millions) as of Jan 26, 2023 $2,440.0 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 1.17%
Shares Outstanding as of Jan 26, 2023 70,505,571
Number of Holdings as of Dec 30, 2022 629
Managed Assets -
Premium Discount as of Jan 26, 2023 -8.09%

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate as of Jan 25, 2023 3.08%
Tax Equiv. Yield as of Jan 20, 2023 5.17%
Yield to Maturity as of Dec 30, 2022 6.03%
Yield to Worst as of Dec 30, 2022 5.54%
Average Coupon as of Dec 30, 2022 4.04%
Effective Duration as of Dec 30, 2022 6.31 yrs
WAL to Maturity as of Dec 30, 2022 10.60 yrs
Leverage as of Dec 30, 2022 $ 820,089,194.00
% Leveraged as of Dec 30, 2022 33.30%
% AMT Bonds as of Dec 30, 2022 13.95%
% Insured as of Dec 30, 2022 8.76%

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities with ESG coverage 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.

Fees

Fees

on net assets
Management Fee 0.62%
Interest Expense 0.52%
Other Expenses 0.03%
Acquired Fund Fees and Expenses 0.00%
Gross Expense Ratio 1.17%
on managed assets
Management Fee 0.40%
Interest Expense 0.33%
Other Expenses 0.02%
Acquired Fund Fees and Expenses 0.00%
Gross Expense Ratio 0.75%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Municipal 2030 Target Term Trust, -, as of Dec 31, 2022 rated against 42 Muni National Long Funds based on risk adjusted total return.

Holdings

Holdings

as of Dec 30, 2022
Name Weight (%)
TOB 3.44 BROAPT 114894RR1 3.96
NEW JERSEY ST 4 06/01/2030 1.39
SOUTHEAST ENERGY AUTH COMMODIT 5.301 01/01/2053 1.17
MATAGORDA CNTY TEX NAV DIST NO 1 P 4.4 05/01/2030 1.12
DENVER COLO CITY & CNTY ARPT R 5 12/01/2033 1.11
Name Weight (%)
PUERTO RICO SALES TAX FING CO (RST 0 07/01/2031 1.03
PUERTO RICO SALES TAX FING CO (RST 0 07/01/2033 1.02
NEW JERSEY ST TRANSN TR FD AUT 5 12/15/2030 0.96
INDIANA FIN AUTH HOSP REV 4 05/01/2035 0.95
PEFA INC IOWA GAS PROJ REV 5 09/01/2049 0.93

Exposure Breakdowns

Exposure Breakdowns

as of Dec 30, 2022

% Notional Value

Type Fund
as of Dec 30, 2022

% Notional Value

Type Fund
as of Dec 30, 2022

% Notional Value

Type Fund
as of Dec 30, 2022

% Notional Value

Type Fund
as of Dec 30, 2022

% Notional Value

Type Fund
as of Dec 30, 2022

% 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 Dec 30, 2022
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

    

Walter O'Connor, CFA
Managing Director is a Co-head and Portfolio Manager for the Municipal Bond Funds team

  

Christian Romaglino
Christian Romaglino
Portfolio Manager

Literature

Literature