BlackRock Municipal 2030 Target Term Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22603

Name of Fund: BlackRock Municipal 2030 Target Term Trust (BTT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal 2030 Target

Term Trust, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 07/31/2018

Date of reporting period: 04/30/2018

 

Item 1 – Schedule of Investments

 

Schedule of Investments  (unaudited)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 133.7%

 

Alabama — 2.1%  

Alabama Federal Aid Highway Finance Authority, RB, Series A:

    

5.00%, 09/01/33

   $ 3,985     $ 4,664,681  

5.00%, 09/01/34

     3,500       4,072,075  

Alabama Special Care Facilities Financing Authority-Birmingham, Refunding RB, Children’s Hospital of Albama,
5.00%, 06/01/30

     10,000       11,212,800  

County of Jefferson Alabama Sewer Revenue, Refunding RB, CAB, Senior Lien-Warrants, Series B (AGM)(a):

    

0.00%, 10/01/31

     7,375       3,814,940  

0.00%, 10/01/32

     6,295       3,017,005  

0.00%, 10/01/33

     1,275       571,684  

Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University:

    

5.00%, 12/01/32

     290       327,433  

Series A, 5.00%, 12/01/33

     1,010       1,132,796  

Series A, 5.00%, 12/01/34

     1,380       1,533,001  

University of South Alabama, Refunding RB, AGM:

    

5.00%, 11/01/29

     1,105       1,277,756  

5.00%, 11/01/30

     2,000       2,304,540  
   

 

 

  
      33,928,711  
Alaska — 0.2%  

Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 06/01/23

     3,640       3,743,995  
   

 

 

  
Arizona — 2.2%  

Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital:

    

Series A, 5.00%, 02/01/34

     6,340       6,744,302  

Series B, 5.00%, 02/01/33

     1,810       1,912,283  

City of Phoenix Arizona IDA, RB, Facility:

    

Candeo Schools, Inc. Project,
6.00%, 07/01/23

     505       546,036  

Eagle College Preparatory Project, Series A, 4.50%, 07/01/22

     490       501,932  

Eagle College Preparatory Project, Series A, 5.00%, 07/01/33

     1,000       1,018,350  

Legacy Traditional Schools Project, Series A, 5.75%, 07/01/24(b)

     750       803,797  

County of Maricopa IDA, Refunding RB, Banner Health, Series A, 5.00%, 01/01/31

     16,280       18,707,185  

County of Pima Arizona IDA, Refunding RB, Tucson Electric Power Co. Project, Series A, 4.00%, 09/01/29

     6,000       6,284,280  
   

 

 

  
      36,518,165  
Security   Par
(000)		     Value  
California — 12.9%  

Alameda Corridor Transportation Authority, Refunding RB, CAB, Sub-Lien, Series A (AMBAC), 0.00%, 10/01/30(a)

   $ 10,530     $ 6,339,271  

Azusa Unified School District, GO, Refunding (AGM), 4.00%, 08/01/31

     4,825       5,175,054  

California Health Facilities Financing Authority, RB, Sutter Health, Series A:

    

5.00%, 11/15/32

     1,600       1,862,224  

5.00%, 11/15/33

     1,855       2,147,348  

California Health Facilities Financing Authority, Refunding RB, Sutter Health, Series A,
5.00%, 11/15/32

     1,700       1,978,613  

California Municipal Finance Authority, RB:

    

Biola University, 4.00%, 10/01/33

     2,500       2,545,025  

Senior, S/F Housing, Caritas Affordable Housing, Inc. Project, Series A,
5.00%, 08/15/30

     1,000       1,099,440  

California Municipal Finance Authority, Refunding RB, Eisenhower Medical Center, Series A:

    

5.00%, 07/01/30

     1,200       1,361,160  

5.00%, 07/01/31

     1,050       1,183,045  

California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 07/01/30(b)

     13,845       14,892,651  

California Statewide Communities Development Authority, RB:

    

American Baptist Homes of the West, Series A, 5.00%, 10/01/23

     1,500       1,651,800  

Eskaton Properties, Inc., 5.25%, 11/15/34

     2,500       2,710,375  

City of Long Beach California Harbor Revenue, RB, AMT, Series A:

    

5.00%, 05/15/31

     1,200       1,385,628  

5.00%, 05/15/32

     1,800       2,069,244  

5.00%, 05/15/33

     675       773,098  

5.00%, 05/15/34

     1,650       1,878,657  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A, AMT:

    

5.00%, 03/01/30

     500       572,460  

5.00%, 03/01/31

     1,500       1,709,925  

5.00%, 03/01/32

     1,000       1,135,000  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
California (continued)  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A, AMT (continued):

    

5.00%, 03/01/33

   $ 975     $ 1,103,427  

5.00%, 03/01/34

     1,250       1,407,500  

5.00%, 03/01/35

     2,000       2,248,740  

County of San Diego Regional Airport Authority, ARB, AMT, Sub-Series B, 5.00%, 07/01/33

     1,000       1,139,390  

El Camino Community College District, GO, CAB, Election of 2002, Series C(a):

    

0.00%, 08/01/30

     9,090       6,176,655  

0.00%, 08/01/31

     12,465       8,111,225  

0.00%, 08/01/32

     17,435       10,830,273  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/29

     14,500       16,335,265  

Los Angeles California Unified School District, GO, Election of 2008, Series A, 4.00%, 07/01/33

     3,000       3,164,250  

Los Angeles Regional Airports Improvement Corp., Refunding RB, LAXFuel Corp., Los Angeles International, AMT, 5.00%, 01/01/32

     4,110       4,330,214  

M-S-R Energy Authority, RB, Series C,
6.13%, 11/01/29

     2,500       3,074,100  

Monterey Peninsula Community College District, GO, Refunding, CAB(a):

    

0.00%, 08/01/30

     3,500       2,290,470  

0.00%, 08/01/31

     5,940       3,726,815  

Oakland Unified School District/Alameda County, GO:

     1,800       2,118,744  

Refunding, 5.00%, 08/01/30

    

Series A, 5.00%, 08/01/32

     1,100       1,257,696  

Series A, 5.00%, 08/01/33

     1,000       1,138,430  

Refunding Series C, 5.00%, 08/01/30

     1,300       1,551,394  

Poway Unified School District, GO, Election of 2008, Series A(a):

    

0.00%, 08/01/27

     10,000       7,503,600  

0.00%, 08/01/30

     10,000       6,593,400  

0.00%, 08/01/32

     12,500       7,529,250  

Riverside Public Financing Authority, Tax Allocation Bonds, University Corridor/Sycamore Canyon Merged Redevelopment Project, Series C (NPFGC), 4.50%, 08/01/30

     10,000       10,015,500  
Security   Par
(000)		     Value  
California (continued)  

San Bernardino Community College District, GO, Refunding, Series A:

    

4.00%, 08/01/31

   $   10,660     $ 11,263,889  

4.00%, 08/01/32

     12,010       12,624,432  

State of California, GO, Refunding:

    

5.00%, 08/01/30

     13,250       15,728,545  

Various Purpose, 4.00%, 09/01/34

     16,000       16,904,960  

Washington Township Health Care District, Refunding RB, Series B, 3.00%, 07/01/28

     1,815       1,724,431  
   

 

 

  
      212,362,613  
Colorado — 2.3%  

Central Platte Valley Metropolitan District, GO, Series A:

    

5.13%, 12/01/29

     700       763,168  

5.50%, 12/01/29

     750       835,875  

5.38%, 12/01/33

     1,500       1,644,600  

City of Lakewood Colorado Plaza Metropolitan District No. 1, Refunding, Tax Allocation
Bonds(b):

    

4.00%, 12/01/23

     1,000       1,027,800  

4.10%, 12/01/24

     5,080       5,199,177  

4.20%, 12/01/25

     5,280       5,379,000  

4.50%, 12/01/30

     4,305       4,354,594  

Colorado Health Facilities Authority, Refunding RB:

    

Covenant Retirement Communities,
Series A, 4.50%, 12/01/33

     4,595       4,650,783  

Covenant Retirement Communities,
Series A, 5.00%, 12/01/33

     3,000       3,195,390  

NCMC, Inc. Project, 4.00%, 05/15/30

     2,860       3,016,814  

Copperleaf Metropolitan District No. 2, GO, Refunding, 5.25%, 12/01/30

     500       523,830  

Park Creek Metropolitan District, Refunding, Tax Allocation Bonds, Senior Limited Property, Series A:

    

5.00%, 12/01/27

     1,500       1,708,575  

5.00%, 12/01/28

     1,500       1,702,020  

5.00%, 12/01/30

     1,350       1,522,071  

5.00%, 12/01/31

     1,500       1,685,805  

Tallyns Reach Metropolitan District No. 3, GO, Refunding, 5.00%, 12/01/33

     503       531,007  
   

 

 

  
      37,740,509  
Connecticut — 1.3%  

State of Connecticut, GO:

    

Series A, 5.00%, 04/15/33

     7,000       7,776,440  

Series D, 4.00%, 08/15/29

     11,500       11,960,460  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Connecticut (continued)  

State of Connecticut Health & Educational Facilities Authority, RB, Sacred Heart University Issue, Series I-1:

    

5.00%, 07/01/31

   $ 400     $ 456,780  

5.00%, 07/01/32

     200       226,860  

5.00%, 07/01/33

     210       236,962  

5.00%, 07/01/34

     300       336,255  

5.00%, 07/01/35

     400       447,340  
   

 

 

  
      21,441,097  
District of Columbia — 0.5%  

District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 07/01/23(c)

     1,700       1,998,214  

Metropolitan Washington Airports Authority, Refunding RB, AMT:

    

5.00%, 10/01/32

     2,750       3,142,315  

5.00%, 10/01/33

     1,270       1,447,864  

5.00%, 10/01/34

     2,000       2,271,420  
   

 

 

  
      8,859,813  
Florida — 9.1%  

City of Lakeland Florida, Refunding RB, Lakeland Regional Health System, 5.00%, 11/15/30

     3,750       4,274,700  

City of Tampa Florida, Refunding RB, H. Lee Moffitt Cancer Center Project, Series A,
4.00%, 09/01/33

     10,000       10,231,200  

County of Alachua Florida Health Facilities Authority, RB, East Ridge Retirement Village, Inc. Project, 6.00%, 11/15/29

     5,000       5,307,200  

County of Broward Florida, ARB, AMT:

    

5.00%, 10/01/30

     2,290       2,634,760  

5.00%, 10/01/31

     2,000       2,290,580  

5.00%, 10/01/33

     2,000       2,273,160  

5.00%, 10/01/34

     1,500       1,694,505  

County of Broward Florida, RB, Fort Lauderdale Fuel Facilities, Series A, AMT (AGM):

    

5.00%, 04/01/30

     600       644,778  

5.00%, 04/01/33

     740       791,763  

County of Martin Florida IDA, Refunding RB, Indiantown Cogeneration, L.P. Project, AMT, 4.20%, 12/15/25(b)

     5,250       5,338,252  

County of Miami-Dade Florida, Refunding RB, Series B, 4.00%, 04/01/32

     6,690       7,004,162  

County of Miami-Dade Florida School Board, COP, Refunding, Series A, 5.00%, 05/01/32

     9,000       10,114,830  
Security   Par
(000)		     Value  
Florida (continued)  

County of Orange Florida Tourist Development Tax Revenue, Refunding RB:

    

5.00%, 10/01/30

   $   11,470     $ 13,925,727  

4.00%, 10/01/31

     16,485       17,425,799  

County of Palm Beach Florida Health Facilities Authority, Refunding RB, Acts Retirement-Life Communities, Inc. Obligated Group,
5.00%, 11/15/32

     19,790       21,994,804  

County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB, Series B(a):

    

0.00%, 06/01/30

     2,000       1,358,060  

0.00%, 06/01/31

     1,295       840,727  

0.00%, 06/01/32

     2,495       1,545,603  

Double Branch Community Development District, Refunding, Special Assessment Bonds, Senior Lien, Series A-1, 4.13%, 05/01/31

     1,200       1,229,124  

Greater Orlando Aviation Authority, Refunding RB, Jet Blue Airways Corp. Project, AMT, 5.00%, 11/15/26

     2,000       2,139,300  

Jacksonville Florida Port Authority, Refunding RB, AMT:

    

4.50%, 11/01/30

     2,895       3,034,163  

4.50%, 11/01/31

     3,200       3,351,104  

4.50%, 11/01/32

     2,300       2,403,707  

Miami Beach Health Facilities Authority, Refunding RB, Mont Sinai Medical Center, 5.00%, 11/15/30

     1,000       1,084,510  

Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/30

     3,825       4,329,709  

Village Community Development District No. 10, Special Assessment Bonds, Sumter County:

    

4.50%, 05/01/23

     2,005       2,130,714  

5.00%, 05/01/32

     5,475       6,012,262  

Village Community Development District No. 5, Refunding, Special Assessment Bonds, Sumter County:

    

Phase I, 3.50%, 05/01/28

     1,955       1,967,492  

Phase I, 3.50%, 05/01/28

     3,685       3,708,547  

Phase II, 4.00%, 05/01/33

     1,135       1,151,991  

Phase II, 4.00%, 05/01/34

     2,355       2,390,254  

Village Community Development District No. 6, Refunding, Special Assessment Bonds, Sumter County, 4.00%, 05/01/29

     5,895       6,050,333  
   

 

 

  
      150,673,820  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois — 13.9%  

Chicago Board of Education, GO, Refunding Dedicated Revenues:

    

Series C, 5.00%, 12/01/30

   $ 7,025     $ 7,126,230  

Series F, 5.00%, 12/01/22

     4,760       5,020,467  

Chicago Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/33

     5,000       5,422,200  

Chicago Transit Authority, Refunding RB:

    

Section 5307, Urbanized Area Formula Funds, 5.00%, 06/01/26

     2,000       2,252,980  

Section 5337, State of Good Repair Formula Funds, 5.00%, 06/01/26

     1,000       1,130,290  

City of Chicago Illinois, GO, Project, Series A, 5.00%, 01/01/33

     10,000       10,139,600  

City of Chicago Illinois, RB, Wastewater Transmission, 2nd Lien:

    

4.00%, 01/01/31

     10,375       10,434,345  

4.00%, 01/01/32

     10,790       10,815,033  

4.00%, 01/01/33

     11,220       11,207,209  

4.00%, 01/01/35

     9,135       9,090,604  

City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 01/01/27

     5,000       5,123,150  

City of Chicago Illinois Motor Fuel Tax Revenue, Refunding RB, (AGM), 5.00%, 01/01/30

     730       788,239  

City of Chicago O’Hare International Airport, Refunding GARB, Senior Lien, Series B,
5.00%, 01/01/33

     6,000       6,801,600  

City of St. Charles Illinois, GO, Refunding, Corporate Purpose:

    

4.00%, 12/01/30

     1,620       1,705,844  

4.00%, 12/01/31

     1,715       1,802,105  

Counties of Kane McHenry Cook & De Kalb Unit School District No. 300, GO, Refunding,
Series A, 5.00%, 01/01/30

     6,350       7,213,790  

County of Cook Illinois, GO, Refunding, Series C, 4.00%, 11/15/29

     19,750       20,437,300  

Illinois Finance Authority, Refunding RB:

    

DePaul University, Series A, 5.00%, 10/01/30

     1,000       1,142,130  

DePaul University, Series A, 4.00%, 10/01/31

     1,000       1,037,620  
Security   Par
(000)		     Value  
Illinois (continued)  

Illinois Finance Authority, Refunding RB (continued):

    

DePaul University, Series A, 4.00%, 10/01/32

   $ 1,000     $ 1,033,200  

Lutheran Home & Services Obligated Group:

5.00%, 05/15/22

     3,185       3,319,598  

5.50%, 05/15/27

     4,350       4,627,573  

5.50%, 05/15/30

     4,900       5,175,086  

Presence Health Network, Series C,
5.00%, 02/15/30

     12,000       13,563,960  

Rush University Medical Center, Series A, 5.00%, 11/15/31

     8,415       9,396,105  

Series A, 5.00%, 11/15/32

     2,075       2,307,234  

Series A, 5.00%, 11/15/33

     2,125       2,355,775  

The Peoples Gas Light & Coke Company Project, 4.00%, 02/01/33

     11,000       11,256,080  

The University of Chicago Medical Centre, Series B, 5.00%, 08/15/30

     3,205       3,654,213  

Illinois State Toll Highway Authority, Refunding RB, Senior, Series A, 4.00%, 12/01/31

     20,000       20,844,000  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:

    

5.00%, 12/15/28

     1,200       1,303,980  

5.00%, 12/15/30

     1,385       1,494,637  

State of Illinois, GO, Series D, 5.00%, 11/01/26

     10,025       10,433,218  

Winnebago & Boone Counties School District No. 205 Rockford, GO:

    

4.00%, 02/01/29

     9,080       9,397,255  

4.00%, 02/01/30

     9,835       10,034,946  
   

 

 

  
      228,887,596  
Indiana — 3.3%  

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 5.88%, 01/01/24

     1,780       1,970,567  

City of Whiting Indiana, RB, BP Products North America, Inc. Project, AMT, 5.00%, 03/01/46(d)

     8,500       9,506,145  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Indiana (continued)  

Indiana Finance Authority, Refunding RB:

    

Community Health Network Project, Series A, 4.00%, 05/01/35

   $ 23,565     $ 23,917,061  

Earlham College Project, 5.00%, 10/01/32

     11,255       11,419,661  

Indiana University Health Obligated Group, VRDN (Wells Fargo Bank NA),
1.54%, 12/01/31(d)

     4,500       4,500,000  

Northern Indiana Commuter Transportation District, RB:

    

5.00%, 07/01/32

     1,000       1,126,090  

5.00%, 07/01/33

     1,400       1,570,114  
   

 

 

  
      54,009,638  
Iowa — 0.9%  

Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:

    

5.50%, 12/01/22

     60       60,872  

5.25%, 12/01/25

     14,345       15,262,937  
   

 

 

  
      15,323,809  
Kansas — 0.1%  

Wyandotte County-Kansas City Unified Government Utility System Revenue, RB,
Series A, 5.00%, 09/01/33

     1,370       1,527,098  
   

 

 

  
Kentucky — 0.6%  

Countyof Louisville/Jefferson Metropolitan Government, Refunding RB, Norton Healthcare, Inc., Series A, 5.00%, 10/01/32

     7,300       8,176,584  

Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier-DownTown Crossing Project:

    

Series B, 0.00%, 07/01/30(a)

     1,230       713,621  

Convertible Series C, 0.00%, 07/01/33(e)

     1,500       1,402,350  
   

 

 

  
      10,292,555  
Louisiana — 3.0%  

City of Ruston Louisiana, RB (AGM):

    

5.00%, 06/01/29

     1,060       1,202,962  

5.00%, 06/01/30

     1,000       1,132,580  

5.00%, 06/01/31

     1,020       1,151,345  

5.00%, 06/01/32

     1,225       1,377,170  

Louisiana Public Facilities Authority, Refunding RB:

    

5.00%, 05/15/29

     1,235       1,394,216  

5.00%, 05/15/30

     990       1,113,146  

3.00%, 05/15/31

     2,225       2,107,097  

5.00%, 05/15/32

     1,485       1,651,929  

5.00%, 05/15/33

     2,175       2,413,032  

Entergy Louisiana, Series B, 3.50%, 06/01/30

     5,990       6,031,691  
Security   Par
(000)		     Value  
Louisiana (continued)  

Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A, 5.00%, 07/01/30

   $ 3,000     $ 3,327,360  

Port New Orleans Board of Commissioners, Refunding RB, Series B, AMT:

    

5.00%, 04/01/31

     300       323,658  

5.00%, 04/01/32

     1,000       1,074,160  

5.00%, 04/01/33

     1,575       1,685,896  

State of Louisiana, GO, Series A, 4.00%, 05/15/30

     6,540       6,818,604  

Terrebonne Levee & Conservation District, RB, Sales Tax, 5.00%, 07/01/29

     1,925       2,122,351  

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:

    

5.25%, 05/15/31

     3,425       3,681,019  

5.25%, 05/15/32

     4,375       4,751,731  

5.25%, 05/15/33

     4,750       5,119,645  

5.25%, 05/15/35

     1,500       1,622,385  
   

 

 

  
      50,101,977  
Maryland — 1.9%  

City of Baltimore Maryland, Refunding RB, Convention Center Hotel, 5.00%, 09/01/31

     1,250       1,420,488  

County of Anne Arundel Maryland Consolidated, Special Taxing District, Special Tax Bonds, Villages At Two Rivers Project:

    

4.20%, 07/01/24

     700       695,464  

4.90%, 07/01/30

     1,315       1,326,046  

County of Howard Maryland Housing Commission, RB, Woodfield Oxford Square Apartments,
5.00%, 12/01/33

     1,765       2,003,487  

Maryland EDC, RB, Purple Line Light Rail Project, Series D, AMT, 5.00%, 03/31/30

     1,325       1,494,415  

Maryland EDC, Refunding RB:

    

CNX Marine Terminals, Inc., 5.75%, 09/01/25

     3,225       3,364,546  

Salisbury University Project, 5.00%, 06/01/34

     500       521,830  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Maryland (continued)  

Maryland Health & Higher Educational Facilities Authority, Refunding RB:

    

Charlestown Community, Series A,
5.00%, 01/01/31

   $   2,865     $ 3,221,864  

Charlestown Community,

Series A, 5.00%, 01/01/32

     3,010       3,373,457  

Series A, 5.00%, 01/01/33

     3,165       3,535,178  

LifeBridge Health Issue,

5.00%, 07/01/31

     1,000       1,146,220  

5.00%, 07/01/32

     500       570,545  

5.00%, 07/01/33

     385       434,134  

5.00%, 07/01/33

     1,000       1,136,840  

5.00%, 07/01/34

     775       875,804  

Meritus Medical Center,

5.00%, 07/01/29

     2,200       2,432,342  

5.00%, 07/01/31

     1,400       1,531,978  

5.00%, 07/01/33

     1,200       1,298,112  
   

 

 

  
      30,382,750  
Massachusetts — 1.5%  

Massachusetts Development Finance Agency, RB, Emmanuel College Issue, Series A,
5.00%, 01/01/33

     1,070       1,176,411  

Massachusetts Development Finance Agency, Refunding RB, Series A:

    

Emmanuel College Issue,

5.00%, 10/01/30

     780       864,014  

5.00%, 10/01/31

     3,635       4,012,604  

5.00%, 10/01/32

     980       1,078,059  

5.00%, 10/01/33

     1,285       1,408,694  

5.00%, 01/01/32

     2,020       2,249,007  

5.00%, 01/01/33

     1,500       1,663,590  

5.00%, 01/01/34

     2,085       2,305,239  

5.00%, 01/01/35

     2,000       2,204,420  

Massachusetts Educational Financing Authority, Refunding RB, Series K, AMT, 5.25%, 07/01/29

     6,820       7,245,773  
   

 

 

  
      24,207,811  
Michigan — 1.3%  

Michigan Finance Authority, Refunding RB:

    

MidMichigan Health, 5.00%, 06/01/33

     2,750       3,051,950  

Oakwood Obligation Group, 5.00%, 08/15/30

     2,105       2,317,942  

Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32

     8,195       8,374,388  
Security   Par
(000)		     Value  
Michigan (continued)  

Saginaw Valley State University, Refunding RB, Series A:

    

5.00%, 07/01/31

   $ 2,070     $ 2,335,747  

5.00%, 07/01/32

     1,430       1,607,034  

State of Michigan, Refunding RB, GAN,
5.00%, 03/15/27

     3,750       4,406,737  
   

 

 

  
      22,093,798  
Minnesota — 0.3%  

Sartell-St Stephen Independent School District No. 748, GO, Series B(a):

    

0.00%, 02/01/30

     3,915       2,616,473  

0.00%, 02/01/31

     2,190       1,396,015  

0.00%, 02/01/32

     1,450       881,354  
   

 

 

  
      4,893,842  
Mississippi — 1.3%  

Mississippi Development Bank, Refunding RB, Municipal Energy Agency of Mississippi, Series A (AGM):

    

5.00%, 03/01/30

     2,280       2,579,045  

5.00%, 03/01/31

     1,595       1,795,938  

5.00%, 03/01/32

     2,000       2,241,640  

5.00%, 03/01/33

     1,275       1,424,379  

State of Mississippi, RB, Series E, 5.00%, 10/15/33

     12,225       13,812,049  
   

 

 

  
      21,853,051  
Missouri — 0.7%  

City of St. Louis Missouri IDA, Refunding RB, Ballpark Village Development Project, Series A, 3.88%, 11/15/29

     1,105       1,111,785  

Missouri State Health & Educational Facilities Authority, Refunding RB:

    

CoxHealth, Series A, 4.00%, 11/15/33

     2,010       2,071,386  

St. Louis College of Pharmacy,
5.00%, 05/01/30

     3,000       3,314,580  

The Children’s Mercy Hospital,
5.00%, 05/15/31

     1,175       1,319,384  

4.00%, 05/15/32

     1,680       1,741,958  

4.00%, 05/15/33

     2,000       2,066,660  
   

 

 

  
      11,625,753  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Nebraska — 1.2%  

Central Plains Nebraska Energy Project, RB:

    

Energy Project No. 3, 5.00%, 09/01/27

   $ 5,000     $ 5,443,350  

Gas Project No. 3, 5.00%, 09/01/32

     4,500       4,899,015  

Public Power Generation Agency, Refunding RB, Whelan Energy Center Unit 2, Series A,
5.00%, 01/01/32

     7,630       8,615,414  
   

 

 

  
      18,957,779  
Nevada — 0.0%  

Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/27(b)

     335       351,700  
   

 

 

  
New Hampshire — 0.3%  

New Hampshire State Turnpike System, RB, Series C, 4.00%, 08/01/33

     4,350       4,478,282  
   

 

 

  
New Jersey — 15.5%  

Casino Reinvestment Development Authority, Refunding RB:

    

5.00%, 11/01/21

     2,465       2,662,397  

5.00%, 11/01/22

     1,890       2,057,889  

County of Gloucester New Jersey Pollution Control Financing Authority, Refunding RB, Keystone Urban Renewal Project, Series A, AMT, 5.00%, 12/01/24

     1,500       1,612,020  

New Jersey EDA, RB:

    

Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29

     12,230       13,269,061  

Private Activity Bond, The Goethals Bridge Replacement Project, AMT,
5.00%, 01/01/28

     4,705       5,165,902  

Series A, 5.63%, 11/15/30

     1,740       1,946,956  

Series B, 5.63%, 11/15/30

     1,315       1,471,406  

Series DDD, 5.00%, 06/15/35

     2,000       2,134,140  

New Jersey EDA, Refunding RB:

    

Cigarette Tax, 5.00%, 06/15/23

     13,000       14,010,490  

Cigarette Tax, 5.00%, 06/15/26

     10,610       11,358,217  

Cigarette Tax, 4.25%, 06/15/27

     16,500       17,047,140  

Continental Airlines, Inc. Project, AMT, 5.75%, 09/15/27

     6,200       6,834,322  

Provident Group - Montclaire Properties LLC (AGM), 5.00%, 06/01/30

     1,500       1,704,945  
Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey EDA, Refunding RB (continued):

 

Provident Group - Montclaire Properties LLC (AGM),

5.00%, 06/01/31

   $ 1,750     $ 1,978,813  

4.00%, 06/01/32

     2,125       2,183,650  

Series BBB, 5.50%, 06/15/29

     10,000       11,333,400  

Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31

     5,000       5,536,950  

Sub-Series A, 4.00%, 07/01/32

     9,855       9,780,890  

New Jersey Health Care Facilities Financing Authority, Refunding RB:

    

Princeton HealthCare System,
5.00%, 07/01/29

     2,900       3,292,370  

Princeton HealthCare System,
5.00%, 07/01/30

     2,400       2,721,024  

RWJ Barnabas Health Obligated Group, Series A, 5.00%, 07/01/30

     11,245       12,723,155  

St. Joseph Health System,

5.00%, 07/01/28

     1,500       1,655,145  

St. Joseph Health System,

5.00%, 07/01/29

     1,250       1,374,638  

St. Joseph Health System Obligated Group Issue, 5.00%, 07/01/30

     1,100       1,205,600  

New Jersey Higher Education Student Assistance Authority, RB, Senior Student Loan, Series 1A, AMT:

    

5.00%, 12/01/23

     3,475       3,818,365  

5.00%, 12/01/24

     6,000       6,636,120  

5.00%, 12/01/25

     5,500       6,130,245  

5.00%, 12/01/26

     2,250       2,498,242  

New Jersey Transportation Trust Fund Authority, RB:

    

Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/31

     2,250       2,256,772  

Federal Highway Reimbursement Revenue Notes, Series A-2, 5.00%, 06/15/30

     5,000       5,015,100  

Transportation Program, Series AA,
5.25%, 06/15/27

     4,225       4,661,992  

Transportation Program, Series AA,
5.25%, 06/15/28

     4,500       4,947,660  

Transportation Program, Series AA,
4.00%, 06/15/30

     13,315       13,334,573  

Transportation System, CAB, Series A,
0.00%, 12/15/28(a)

     31,000       19,405,690  

Transportation System, Series C,
5.25%, 06/15/32

     10,000       10,756,300  

Transportation System, Series D,
5.00%, 06/15/32

     5,000       5,305,950  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

Newark Housing Authority, Refunding RB, Newark Redevelopment Project (NPFGC), 5.25%, 01/01/27

   $ 5,000     $ 5,745,550  

South Jersey Transportation Authority, Refunding RB, Transportation System,
Series A:

    

5.00%, 11/01/33

     500       548,425  

5.00%, 11/01/34

     500       545,980  

Tobacco Settlement Financing Corp., Refunding RB, Series A:

    

5.00%, 06/01/30

     16,740       18,948,173  

5.00%, 06/01/32

     5,620       6,300,301  

Township of Irvington New Jersey, GO, Refunding, Series A (AGM):

    

5.00%, 07/15/30

     2,000       2,200,980  

5.00%, 07/15/31

     1,450       1,597,436  
   

 

 

  
      255,714,374  
New Mexico — 1.1%  

New Mexico Educational Assistance Foundation, RB, Education Loan, AMT:

    

Series A-1, 3.75%, 09/01/31

     6,250       6,315,375  

Series A-2, 3.80%, 11/01/32

     5,850       5,903,878  

Series A-2, 3.80%, 09/01/33

     5,000       5,033,700  
   

 

 

  
      17,252,953  
New York — 3.7%  

Build NYC Resource Corp., Refunding RB, Pratt Paper, Inc. Project, AMT, 4.50%, 01/01/25(b)

     900       979,254  

New York City Housing Development Corp., RB, M/F Housing, VRDN, Series C-4,
1.49%, 05/01/57(d)

     14,000       14,000,000  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB:

    

1.26%, 08/01/43(d)

     8,800       8,800,000  

Series A-2, 5.00%, 08/01/33

     9,780       11,323,186  
Security   Par
(000)		     Value  
New York (continued)  

New York Transportation Development Corp., RB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT:

    

4.00%, 07/01/32

   $ 5,500     $ 5,565,780  

4.00%, 07/01/33

     6,000       6,052,020  

New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/31

     3,465       3,632,810  

Onondaga Civic Development Corp., Refunding RB, St. Joseph’s Hospital Health Center Project, 4.50%, 07/01/22(c)

     9,115       9,959,778  
   

 

 

  
      60,312,828  
North Carolina — 0.4%  

North Carolina Medical Care Commission, Refunding RB, Mission Health Combined Group:

    

4.00%, 10/01/31

     1,250       1,282,325  

5.00%, 10/01/32

     3,700       3,796,940  

4.00%, 10/01/33

     1,500       1,536,615  
   

 

 

  
      6,615,880  
Ohio — 1.4%  

American Municipal Power, Inc., RB, Meldahl Hydroelectric Project, Green Bond, Series A:

    

5.00%, 02/15/29

     700       793,422  

5.00%, 02/15/30

     885       999,183  

5.00%, 02/15/31

     800       899,688  

5.00%, 02/15/32

     1,000       1,119,480  

5.00%, 02/15/33

     1,195       1,333,429  

County of Butler Ohio, Refunding RB, UC Health:

    

5.00%, 11/15/30

     1,225       1,395,250  

5.00%, 11/15/31

     2,500       2,832,125  

5.00%, 11/15/32

     2,200       2,478,894  

County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities, Series A:

    

5.25%, 07/01/28

     500       510,500  

5.63%, 07/01/32

     1,000       1,024,320  

County of Hamilton Ohio Sales Tax Revenue, Refunding RB, Series A, 5.00%, 12/01/30

     4,500       5,198,400  

Ohio Air Quality Development Authority, Refunding RB, AMT, 3.95%, 11/01/32(d)

     1,500       693,750  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Ohio (continued)  

State of Ohio, RB, Portsmouth Bypass Project, AMT (AGM):

    

5.00%, 12/31/29

   $   1,625     $ 1,815,206  

5.00%, 12/31/30

     2,400       2,672,784  
   

 

 

  
      23,766,431  
Oklahoma — 0.8%  

Norman Regional Hospital Authority, Refunding RB:

    

5.00%, 09/01/27

     2,100       2,387,574  

5.00%, 09/01/28

     2,000       2,264,480  

5.00%, 09/01/29

     2,150       2,425,910  

5.00%, 09/01/30

     5,130       5,768,428  
   

 

 

  
      12,846,392  
Oregon — 0.5%  

Oregon Health & Science University, Refunding RB, Series B, 5.00%, 07/01/35

     7,390       8,407,012  
   

 

 

  
Pennsylvania — 23.1%  

Allentown Neighborhood Improvement Zone Development Authority, RB, City Center
Project(b):

    

5.00%, 05/01/23

     640       679,744  

5.00%, 05/01/28

     835       911,887  

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB,
Series A:

    

5.00%, 05/01/27

     6,750       7,168,635  

5.00%, 05/01/28

     5,000       5,296,650  

5.00%, 05/01/29

     3,745       3,957,154  

5.00%, 05/01/30

     5,300       5,584,027  

Chester County Health & Education Facilities Authority, Refunding RB, Series A:

    

Main Line Health System, 5.00%, 10/01/31

     1,350       1,560,384  

Main Line Health System, 5.00%, 10/01/32

     1,450       1,668,297  

Main Line Health System, 5.00%, 10/01/33

     2,300       2,636,168  

Simpson Senior Services Project,
5.00%, 12/01/30

     2,180       2,253,510  

City of Philadelphia Pennsylvania, GO, Refunding:

    

(AGM), 5.00%, 08/01/30

     9,235       10,684,156  

Series A, 5.00%, 08/01/30

     4,500       5,147,595  

Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment:

    

5.00%, 06/01/30

     3,500       3,964,870  

5.00%, 06/01/32

     6,000       6,737,100  
Security   Par
(000)		     Value  
Pennsylvania (continued)  

Commonwealth of Pennsylvania, GO, Refunding, , 1st Series, 4.00%, 01/01/30

   $ 7,000     $ 7,366,380  

County of Beaver Pennsylvania IDA, Refunding RB, First Energy Nuclear Energy Project(d):

    

Series A, 4.00%, 01/01/35

     9,765       4,516,312  

Series B, 3.50%, 12/01/35

     890       411,625  

County of Berks IDA, Refunding RB, Tower Health Project:

    

5.00%, 11/01/29

     2,000       2,270,040  

5.00%, 11/01/30

     2,000       2,257,880  

5.00%, 11/01/34

     2,500       2,768,825  

5.00%, 11/01/35

     3,325       3,674,092  

County of Bucks Pennsylvania IDA, Refunding RB, VRDN, Grand View Hospital, Series A (TD Bank NA LOC), 1.48%, 07/01/34(d)

     23,800       23,800,000  

County of Cumberland Pennsylvania Municipal Authority, Refunding RB:

    

Asbury Pennsylvania Obligated Group,
5.00%, 01/01/22

     615       649,256  

Asbury Pennsylvania Obligated Group,
5.25%, 01/01/27

     1,275       1,328,741  

Asbury Pennsylvania Obligated Group,
5.25%, 01/01/32

     3,350       3,453,180  

Diakon Lutheran Social Ministries Project, 5.00%, 01/01/29

     1,300       1,429,545  

Diakon Lutheran Social Ministries Project, 5.00%, 01/01/30

     2,675       2,931,506  

Diakon Lutheran Social Ministries Project, 5.00%, 01/01/32

     1,510       1,657,844  

County of Dauphin General Authority, Refunding RB, Pinnacle Health System Project, Series A, 4.00%, 06/01/31

     2,275       2,349,552  

County of Delaware Authority, Refunding RB, Cabrini University:

    

5.00%, 07/01/26

     1,180       1,297,658  

5.00%, 07/01/28

     800       880,824  

5.00%, 07/01/29

     1,365       1,497,337  

5.00%, 07/01/30

     1,435       1,568,297  

County of Delaware Pennsylvania Authority, Refunding RB, Villanova University:

    

4.00%, 12/01/30

     1,000       1,058,050  

4.00%, 12/01/31

     1,000       1,054,980  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

County of Lancaster Hospital Authority, Refunding RB, University of Pennsylvania Health System Obligation, Series A, 3.00%, 08/15/30

   $ 2,535     $ 2,448,658  

County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University:

    

5.00%, 09/01/31

     1,750       2,001,912  

5.00%, 09/01/32

     1,315       1,498,127  

County of Montgomery Pennsylvania IDA, Refunding RB:

    

Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/26

     2,500       2,702,550  

Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/33

     15,015       16,687,821  

Albert Einstein Healthcare Network, Series A, 5.25%, 01/15/29

     3,250       3,516,370  

Albert Einstein Healthcare Network, Series A, 5.25%, 01/15/30

     6,185       6,672,935  

Whitemarsh Continuing Care Retirement Community Project, 5.00%, 01/01/30

     2,000       2,027,000  

County of Northampton Pennsylvania General Purpose Authority, RB, St. Luke’s Hospital of Bethlehem, Series A, 5.00%, 08/15/33

     13,055       13,978,902  

County of Northampton Pennsylvania General Purpose Authority, Refunding RB, Lafayette College, 5.00%, 11/01/34

     4,000       4,603,360  

County of Westmoreland Municipal Authority, Refunding RB (BAM):

    

5.00%, 08/15/27

     1,500       1,723,530  

5.00%, 08/15/30

     4,000       4,622,960  

5.00%, 08/15/31

     17,010       19,584,974  

5.00%, 08/15/32

     17,945       20,568,021  

Geisinger Authority, Refunding RB, Geisinger Health System, Series A-2:

    

5.00%, 02/15/32

     4,000       4,577,120  

5.00%, 02/15/34

     1,750       1,983,782  

Pennsylvania Economic Development Financing Authority, RB:

    

PA Bridges Finco LP, AMT,
5.00%, 12/31/34

     16,500       17,913,555  

Pennsylvania Bridge Finco LP, 5.00%, 12/31/29

     5,000       5,535,700  

Pennsylvania Rapid Bridge Replacement Project, AMT, 5.00%, 12/31/30

     13,100       14,454,540  
Security   Par
(000)		     Value  
Pennsylvania (continued)  

Pennsylvania Economic Development Financing Authority, Refunding RB, University of Pittsburgh Medical Center:

    

5.00%, 03/15/30

   $   5,250     $   6,009,360  

5.00%, 03/15/31

     4,500       5,118,795  

Pennsylvania Higher Educational Facilities Authority, RB:

    

Series AT-1, 5.00%, 06/15/30

     7,910       9,054,498  

Shippensburg University Student Services, 5.00%, 10/01/30

     5,250       5,507,985  

Pennsylvania Higher Educational Facilities Authority, Refunding RB:

    

Drexel University, 5.00%, 05/01/30

     425       479,562  

Drexel University, 5.00%, 05/01/31

     1,000       1,124,620  

Drexel University, 5.00%, 05/01/32

     1,750       1,960,227  

Drexel University, 5.00%, 05/01/33

     3,320       3,706,448  

Drexel University, 5.00%, 05/01/35

     1,000       1,108,260  

La Salle University, 4.00%, 05/01/32

     3,000       2,949,450  

Pennsylvania Housing Finance Agency, Refunding RB, Series 125-A, AMT,
3.40%, 10/01/32

     9,000       8,739,540  

Pennsylvania Turnpike Commission, RB, Sub-Series B-1:

    

5.00%, 06/01/31

     3,000       3,362,280  

5.00%, 06/01/32

     4,075       4,546,885  

5.00%, 06/01/33

     4,000       4,446,760  

Pennsylvania Turnpike Commission, Refunding RB:

    

Motor License Fund, Enhanced Turnpike, 5.00%, 12/01/30

     5,000       5,698,700  

Subordinate, Series B-2 (AGM),
5.00%, 06/01/34

     5,000       5,607,900  

Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/32

     1,000       1,121,180  

Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/33

     1,815       2,027,101  

Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/34

     1,500       1,665,000  

Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/35

     2,005       2,220,417  

Philadelphia Authority for Industrial Development, Refunding RB, Refunding RB, Wesley Enhanced Living Obligated Group, Series A:

    

5.00%, 07/01/31

     200       215,366  

5.00%, 07/01/32

     500       536,430  

Philadelphia Gas Works Co., Refunding RB, General Ordinance, Series 14-T,
5.00%, 10/01/30

     425       483,042  
 

 

 

10   

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

State Public School Building Authority, RB, School District of Philadelphia Project:

    

5.00%, 04/01/27

   $ 4,130     $ 4,402,910  

5.00%, 04/01/28

     8,000       8,498,320  

5.00%, 04/01/29

     6,000       6,324,120  

5.00%, 04/01/30

     5,500       5,811,520  

Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc. Student Housing Project:

    

5.00%, 07/01/30

     825       888,682  

5.00%, 07/01/30

     1,280       1,364,314  

Upper Moreland Township School District, GO, 5.00%, 10/01/33

     250       283,340  

Wayne County Hospital & Health Facilities Authority, RB, Wayne Memorial Hospital Project, Series A:

    

5.00%, 07/01/30

     280       322,868  

5.00%, 07/01/31

     355       407,519  

4.00%, 07/01/32

     230       237,300  

4.00%, 07/01/33

     440       452,232  
   

 

 

  
      380,256,849  
Rhode Island — 1.7%  

Rhode Island Health & Educational Building Corp., RB, Hospital Financing, LifeSpan Obligation, 5.00%, 05/15/30

     1,500       1,659,720  

Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Homeownership Opportunity Bonds, Series 68-B,
3.00%, 10/01/31

     13,500       12,907,890  

Tobacco Settlement Financing Corp., Refunding RB, Series A:

    

5.00%, 06/01/28

     2,750       3,061,327  

5.00%, 06/01/29

     4,500       4,976,415  

5.00%, 06/01/30

     4,215       4,633,339  
   

 

 

  
      27,238,691  
South Carolina — 0.1%  

South Carolina Jobs EDA, Refunding RB, The Lutheran Homes of South Carolina, Inc., 5.00%, 05/01/28

     2,000       2,092,540  
   

 

 

  
Tennessee — 0.5%  

Chattanooga-Hamilton County Hospital Authority, Refunding RB, Erlanger Health System,
Series A, 5.00%, 10/01/31

     6,210       6,751,947  
Security   Par
(000)		     Value  
Tennessee (continued)  

Counties of Nashville & Davidson Tennessee Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/31

   $ 1,300     $ 1,462,916  

County of Memphis-Shelby Industrial Development Board, Refunding, Tax Allocation Bonds, Graceland Project, Series A, 4.75%, 07/01/27

     605       636,647  
   

 

 

  
      8,851,510  
Texas — 17.3%  

Central Texas Regional Mobility Authority, RB, Senior Lien, Series A:

    

5.00%, 01/01/30

     1,600       1,785,184  

5.00%, 01/01/31

     1,175       1,306,212  

5.00%, 01/01/33

     1,500       1,656,405  

Central Texas Turnpike System, Refunding RB, Series C:

    

5.00%, 08/15/32

     12,500       13,682,000  

5.00%, 08/15/33

     14,000       15,282,400  

City of Houston Texas, Refunding RB, Series B-2, AMT, 5.00%, 07/15/20

     5,970       6,283,783  

City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 07/01/29

     2,665       2,882,944  

City of Houston Texas Combined Utility System Revenue, Refunding RB, First Lien, Series B:

    

5.25%, 11/15/33

     10,000       11,749,100  

5.00%, 11/15/34

     19,815       22,651,319  

Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 08/15/33

     1,650       1,870,374  

Clifton Higher Education Finance Corp., Refunding RB, Series A:

    

Idea Public Schools (PSF- GTD), 4.00%, 08/15/31

     1,250       1,326,913  

Idea Public Schools (PSF- GTD), 4.00%, 08/15/33

     1,200       1,259,532  

Uplift Education, 3.10%, 12/01/22

     775       772,365  

Uplift Education, 3.95%, 12/01/32

     1,800       1,792,044  

County of Harris Texas, Refunding RB, Toll Road, Senior Lien, Series C, 4.00%, 08/15/33

     12,325       12,872,353  

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B:

    

5.75%, 01/01/28

     500       548,900  

6.38%, 01/01/33

     460       515,375  
 

 

 

     11  

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

County of Harris Texas Cultural Education Facilities Finance Corp., Refunding RB,
Series A:

    

Brazos Presbyterian Homes, Inc. Project, 5.00%, 01/01/33

   $ 1,090     $ 1,131,202  

YMCA of the Greater Houston Area,
5.00%, 06/01/28

     1,150       1,229,074  

YMCA of the Greater Houston Area,
5.00%, 06/01/33

     3,000       3,171,930  

County of Matagorda Texas Navigation District No. 1, Refunding RB:

    

Series A (AMBAC), 4.40%, 05/01/30

     31,120       32,967,283  

Series B (AMBAC), AMT, 4.55%, 05/01/30

     10,000       10,687,400  

Series B-2, 4.00%, 06/01/30

     12,995       13,319,355  

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A(a):

    

0.00%, 09/15/31

     6,235       3,828,539  

0.00%, 09/15/32

     15,135       8,819,619  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A:

    

4.00%, 11/15/31

     5,500       5,690,135  

4.00%, 11/15/32

     15,420       15,916,832  

County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project, Series A-1, 5.00%, 10/01/29

     1,000       1,080,110  

Leander ISD, GO, CAB, Refunding, Series D (PSF-GTD)(a):

    

0.00%, 08/15/31

     1,200       714,204  

0.00%, 08/15/32

     2,000       1,129,140  

0.00%, 08/15/33

     4,485       2,402,884  

New Hope Cultural Education Facilities Corp., RB, Series A:

    

Station 1 LLC Texas A&M University Project, 5.00%, 04/01/29

     2,290       2,488,566  

Stephenville LLC Tarleton State University Project, 5.38%, 04/01/28

     1,150       1,283,918  

Stephenville LLC Tarleton State University Project, 5.00%, 04/01/24

     420       464,234  

Stephenville LLC Tarleton State University Project, 5.00%, 04/01/25

     240       266,909  
Security   Par
(000)		     Value  
Texas (continued)  

New Hope Cultural Education Facilities Corp., RB, Series A (continued):

    

Stephenville LLC Tarleton State University Project, 5.00%, 04/01/29

   $ 725     $ 802,829  

New Hope Cultural Education Facilities Corp., Refunding RB, 1st Mortgage, Morningside Ministries Project, 6.25%, 01/01/33

     1,600       1,772,480  

New Hope Cultural Education Facilities Finance Corp., RB, Jubilee Academic Center Project, Series A(b):

    

3.63%, 08/15/22

     295       290,669  

4.25%, 08/15/27

     450       438,512  

North Texas Tollway Authority, Refunding RB, 1st Tier, Series A, 5.00%, 01/01/35

     5,750       6,513,542  

Red River Health Facilities Development Corp., RB, Wichita Falls Retirement Foundation Project:

    

4.70%, 01/01/22

     520       538,366  

5.50%, 01/01/32

     1,000       1,047,470  

Socorro Independent School District, GO, Refunding Series B, 4.00%, 08/15/34

     3,000       3,188,880  

Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements:

    

5.00%, 12/15/30

     13,000       14,107,470  

5.00%, 12/15/31

     25,000       27,073,750  

Texas Public Finance Authority, Refunding RB, Midwestern State University:

    

4.00%, 12/01/29

     2,000       2,122,260  

4.00%, 12/01/30

     2,000       2,109,960  

4.00%, 12/01/31

     1,650       1,735,668  

Texas Transportation Commission State Highway Fund, Refunding RB, 1st Tier:

    

5.00%, 10/01/22

     5,000       5,583,500  

Series A, 5.00%, 04/01/22

     5,000       5,530,100  
 

 

 

12   

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security

   Par
(000)		     Value  
Texas (continued)  

University of Texas System, Refunding RB, Financing System, Series C, 5.00%, 08/15/20

   $ 7,410     $ 7,914,399  
   

 

 

  
      285,598,392  
Vermont — 0.2%  

Vermont EDA, Refunding, MRB, Wake Robin Corp. Project, 5.40%, 05/01/33

     2,400       2,542,992  
   

 

 

  
Virginia — 0.8%  

County of Fairfax Virginia EDA, RB, Vinson Hall LLC, Series A, 5.00%, 12/01/32

     2,000       2,115,480  

County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A:

    

4.50%, 07/01/30

     3,000       3,051,090  

4.50%, 07/01/32

     1,100       1,113,684  

Dulles Town Center Community Development Authority, Refunding, Special Assessment, Dulles Town Center Project, 4.25%, 03/01/26

     500       498,655  

Virginia College Building Authority, RB, Green Bonds, Marymount University Project, Series B, 5.25%, 07/01/30(b)

     2,000       2,172,440  

Virginia Small Business Financing Authority, RB, Senior Lien, Express Lanes LLC, AMT, 5.00%, 07/01/34

     3,940       4,207,093  
   

 

 

  
      13,158,442  
Washington — 3.9%  

Grant & Douglas Counties School District No. 144-101 Quincy, GO, 4.00%, 12/01/34

     7,475       7,832,529  

Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A:

    

3.50%, 09/01/18

     1,025       1,026,179  

5.00%, 09/01/27

     1,000       1,024,550  

5.25%, 09/01/32

     1,850       1,890,774  

Port of Seattle Washington, Refunding RB, Intermediate Lien, AMT, Series C:

    

5.00%, 05/01/33

     6,695       7,625,069  

5.00%, 05/01/34

     6,000       6,798,420  

Port of Seattle Washington Industrial Development Corp., Refunding RB, Special Facilities, Delta Airline, Inc. Project, AMT, 5.00%, 04/01/30

     5,000       5,439,250  

State of Washington, GO, Various Purpose, Series A, 5.00%, 08/01/33

     11,925       13,869,371  

Security

   Par
(000)		     Value  
Washington (continued)  

Washington Biomedical Research Properties 3.2, RB, Series A:

    

5.00%, 01/01/31

   $ 1,000     $ 1,138,390  

5.00%, 01/01/32

     1,140       1,293,022  

5.00%, 01/01/33

     3,345       3,782,459  

Washington Health Care Facilities Authority, Refunding RB, MultiCare Health System, Series B, 5.00%, 08/15/35

     9,485       10,815,177  

Washington State Housing Finance Commission, Refunding RB, Emerald Heights Project:

    

5.00%, 07/01/28

     1,000       1,093,480  

5.00%, 07/01/33

     1,100       1,189,155  
   

 

 

  
      64,817,825  
West Virginia — 0.2%  

West Virginia Hospital Finance Authority, RB, West Virginia University Health System, Series A:

    

5.00%, 06/01/31

     1,950       2,182,245  

5.00%, 06/01/33

     1,100       1,221,957  
   

 

 

  
      3,404,202  
Wisconsin — 1.6%  

Public Finance Authority, Refunding RB, AMT:

    

National Gypsum Co., 5.25%, 04/01/30

     6,690       7,140,638  

Waste Management, Inc. Project, 2.63%, 11/01/25

     3,000       2,887,770  

Wisconsin Airport Facilities, Senior Obligated Group, Series B, 5.25%, 07/01/28

     2,250       2,428,380  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Marquette University, 4.00%, 10/01/32

     4,520       4,652,617  

Wisconsin Housing & Economic Development Authority, Refunding RB, S/F Housing, Series D, 3.00%, 09/01/32

     9,000       8,613,810  
   

 

 

  
      25,723,215  
   

 

 

  

Total Municipal Bonds — 133.7%
(Cost — $2,199,431,614)

 

     2,202,856,690  
   

 

 

  
 

 

 

     13  

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security

   Par
(000)		     Value  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

Colorado — 5.1%  

City & County of Denver Colorado, Refunding ARB, Department of Aviation,
Series A, AMT(g):

    

4.25%, 11/15/29

   $   33,820     $   35,573,441  

4.25%, 11/15/30

     35,210       37,035,508  

4.25%, 11/15/31

     8,085       8,504,177  

4.25%, 11/15/32

     2,230       2,345,617  
   

 

 

  
      83,458,743  
Florida — 5.9%  

County of Broward Florida, ARB, Series Q-1(g):

    

4.00%, 10/01/29

     17,200       17,762,525  

4.00%, 10/01/30

     18,095       18,686,795  

4.00%, 10/01/31

     18,820       19,435,506  

4.00%, 10/01/32

     19,575       20,215,199  

4.00%, 10/01/33

     20,355       21,020,708  
   

 

 

  
      97,120,733  
Iowa — 2.6%  

Iowa State Board of Regents, RB, University of Iowa Hospitals & Clinics:

    

4.00%, 09/01/28

     3,375       3,490,916  

4.00%, 09/01/29

     6,524       6,749,104  

4.00%, 09/01/30

     6,324       6,542,235  

4.00%, 09/01/31

     8,649       8,947,089  

4.00%, 09/01/32

     7,749       8,016,178  

4.00%, 09/01/33

     9,374       9,696,989  
   

 

 

  
      43,442,511  
Nevada — 1.1%  

Clark County Nevada, 4.00%, 11/01/34

     17,710       18,595,276  
   

 

 

  
Pennsylvania — 1.4%  

Lehigh Cnty Pa Gen Purpose Hos,
4.00%, 07/01/33

     22,285       22,695,061  
   

 

 

  
Texas — 9.6%  

City of San Antonio Texas Public Facilities Corp., Refunding LRB, Convention Center Refinancing & Expansion Project:

    

4.00%, 09/15/30

     15,000       15,475,394  

Security

   Par
(000)		     Value  
Texas (continued)  

City of San Antonio Texas Public Facilities Corp., Refunding LRB, Convention Center Refinancing & Expansion Project (continued):

    

4.00%, 09/15/31

   $ 19,475     $ 20,092,221  

4.00%, 09/15/32

     18,075       18,647,850  

4.00%, 09/15/33

     11,000       11,348,623  

4.00%, 09/15/34

     11,885       12,261,671  

4.00%, 09/15/35

     4,500       4,642,618  

Dallas Fort Worth International Airport, Refunding RB, AMT(g):

    

Series E, 4.00%, 11/01/32

     6,915       7,233,228  

Series E, 4.13%, 11/01/35

     10,435       10,915,218  

Series F, 5.00%, 11/01/29

     12,820       13,409,975  

Series F, 5.00%, 11/01/30

     15,565       16,281,300  

Series F, 5.00%, 11/01/31

     10,000       10,460,199  

Series F, 5.00%, 11/01/32

     17,170       17,960,162  
   

 

 

  
      158,728,459  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 25.7%
(Cost — $417,345,805)

 

     424,040,783  
   

 

 

  

Total Long-Term Investments — 159.4%
(Cost — $2,616,777,419)

 

     2,626,897,473  
   

 

 

  
     Shares         
Short-Term Securities — 0.0%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.48%(h)(i)

     248,553       248,553  
   

 

 

  

Total Short-Term Securities — 0.0%
(Cost — $248,553)

       248,553  
   

 

 

  

Total Investments — 159.4%
(Cost — $2,617,025,972)

 

     2,627,146,026  

Other Asset Less Liabilities — 1.4%

 

     23,593,699  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.3)%

 

     (252,781,206 ) 

RVMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (45.5)%

 

     (749,603,497 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $   1,648,355,022  
   

 

 

  
 
(a)  Zero-coupon bond.
(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c) U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.
(d) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

 

 

14   

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

 

(e) Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.
(f)  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.
(g)  All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expires between November 1, 2018 to November 15, 2020, is $128,621,860. See Note 4 of the Notes to Financial Statements for details.
(h)  Annualized 7-day yield as of period end.
(i)  During the period ended April 30, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated    Shares
Held at
07/31/17		      Net
Activity		      Shares
Held at
04/30/18		      Value at
04/30/18		      Income      Net Realized
Gain (Loss)(a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      47,738,777        (47,490,224 )       248,553      $ 248,553      $ 287,529      $ 6,651      $ (14,500 ) 
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a)  Includes net capital gain distributions, if applicable.  

Portfolio Abbreviations

 

AGM    Assured Guaranty Municipal Corp.
AMBAC    American Municipal Bond Assurance Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
EDA    Economic Development Authority
EDC    Economic Development Corp.
GAN    Grant Anticipation Notes
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
IDA    Industrial Development Authority
ISD    Independent School District
LOC    Letter of Credit
LRB    Lease Revenue Bonds
M/F    Multi-Family
MRB    Mortgage Revenue Bonds
NPFGC    National Public Finance Guarantee Corp.
PSF- GTD    Permanent School Fund Guaranteed
RB    Revenue Bonds
S/F    Single-Family
VRDN    Variable Rate Demand Notes

 

 

  15

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock Municipal 2030 Target Term Trust (BTT)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •   Level 1 — Unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that Trust has the ability to access

 

  •   Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

  •   Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including Trust’s own assumptions used in determining the fair value of investments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

As of April 30, 2018, the following table summarizes the Trust’s investments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Long-Term Investments(a)

   $ —        $ 2,626,897,473        $ —        $ 2,626,897,473  

Short-Term Securities

     248,553          —          —          248,553  
  

 

 

       

 

 

       

 

 

       

 

 

  

Total

    $ 248,553        $ 2,626,897,473        $ —        $ 2,627,146,026  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)  See above Schedule of Investments for values in each state or political subdivision.  

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

 

TOB Trust Certificates

   $ —        $ (251,819,915 )       $ —        $ (251,819,915 ) 

RVMTP Shares at Liquidation Value

     —          (750,000,000 )         —          (750,000,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (1,001,819,915 )       $ —        $ (1,001,819,915 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

During the period ended April 30, 2018, there were no transfers between levels.

 

 

16  

Item 2 – Controls and Procedures

 

2(a) –      The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) –      There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Municipal 2030 Target Term Trust

 

By:    /s/ John M. Perlowski                    
   John M. Perlowski
   Chief Executive Officer (principal executive officer) of BlackRock Municipal 2030 Target Term Trust

Date: June 18, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:    /s/ John M. Perlowski                    
   John M. Perlowski
   Chief Executive Officer (principal executive officer) of BlackRock Municipal 2030 Target Term Trust

Date: June 18, 2018

 

By:    /s/ Neal J. Andrews                      
   Neal J. Andrews
   Chief Financial Officer (principal financial officer) of BlackRock Municipal 2030 Target Term Trust

Date: June 18, 2018