BTT - BlackRock Municipal 2030 Target Term Trust

What this means for you

Karpus is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Sept 10, 2026

   The fund said it will repay some borrowed money on Oct 2, 2026.

   Original document →

2. Feb 27, 2026

   The fund said it will repay some borrowed money on April 1, 2026.

   Original document →

3. Nov 14, 2025

   Karpus raised its stake to 6.9% (from 5.6%), as a passive investor.

   Original document →

4. Sept 11, 2025

   The fund said it will repay some borrowed money on Oct 11, 2025.

   Original document →

5. Aug 14, 2025

   Karpus now owns 5.6%, as a passive investor.

   Original document →

About this fund

• Run by BlackRock Advisors, LLC. Part of the BlackRock-advised Funds fund family. As of July 31, 2026, from the fund's yearly report. Original document →
• Size: about $1.55 billion of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 35% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 88% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.4% a year in management fees; 2.5% a year in total, including interest on borrowed money. Fiscal year ended July 31, 2026. As of July 31, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, one charges a lower management fee and 19 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended July 31, 2026) the fund paid $0.56 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of July 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (July 31, 2026): $24.43. The shares traded at $22.40, about 8.3% below that. As of July 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 0.1% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2011.

How this has changed

• Payouts per share: $0.56 in the fiscal year ended July 31, 2026; $0.56 in the year ended July 31, 2025; $0.58 in the year ended July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of July 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.47% a year in the fiscal year ended July 31, 2026; 2.69% a year in the year ended July 31, 2025; 2.96% a year in the year ended July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $1.55 billion at July 31, 2026; $1.55 billion at July 31, 2025; $1.57 billion at July 31, 2024. From the fund's quarterly holdings reports. Original documents: July 31, 2026 →, July 31, 2025 →, July 31, 2024 →.
• Borrowing: about 35% on top of its own money at July 31, 2026; 35% at July 31, 2025; 35% at July 31, 2024. From the fund's quarterly holdings reports. Original documents: July 31, 2026 →, July 31, 2025 →, July 31, 2024 →.
• The fund had about 63.6 million shares at July 31, 2026, down 3% from July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended July 31, 2026: the shares returned +3.6%, counting payouts; the holdings +3.3%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of July 31, 2026, from the fund's annual report. Original document →
• The year ended July 31, 2025: the shares returned +7.7%, counting payouts; the holdings +4.1%. As of July 31, 2025, from the fund's annual report. Original document →
• The year ended July 31, 2024: the shares returned +3.4%, counting payouts; the holdings +4.3%. As of July 31, 2024, from the fund's annual report. Original document →
• The year ended July 31, 2023: the shares returned -8.2%, counting payouts; the holdings +0.3%. As of July 31, 2023, from the fund's annual report. Original document →
• The year ended July 31, 2022: the shares returned -7.2%, counting payouts; the holdings -8.4%. As of July 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned -1.7%. $10,000 of shares bought at the start (Aug 1, 2021) would have become about $9,830 by July 31, 2026, with every payout counted, before tax. As of July 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +3.4%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 33 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 32 reported a higher share return for that year and 0 a lower one. As of July 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Almost all tax-free municipal bonds (99%). All of it issued in the U.S.

1. County of Broward FL Airport System Revenue - 4.9%
2. Southeast Energy Authority A Cooperative District - 3.7%
3. Main Street Natural Gas Inc GA Gas Supply Revenue - 3.3%
4. Black Belt Energy Gas District, Black Belt Energy Gas Dist Al Gas Project Revenue - 2.2%
5. New Jersey Transportation Trust Fund Authority, New Jersey St Transprtn Trust Fund Auth - 1.9%
6. City & County of Denver CO Airport System Revenue, Denver City & Cnty Co Arpt Revenue - 1.7%
7. North Carolina Medical Care Commission, North Carolina St Med Care Commission Hlth Care Facs Revenue - 1.6%
8. Northern California Energy Authority, Nrthrn CA Energy Auth Commodity Sply Revenue - 1.5%
9. California Housing Finance Agency, California Hsg Fin Agy Ltd Oblig Mf Hsg Revenue - 1.5%
10. State of New Jersey, New Jersey St - 1.4%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →