Schedule of Investments (unaudited)
September 30, 2024
BlackRock 2037 Municipal Target Term Trust (BMN)
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 0.2%
County of Jefferson Alabama Sewer Revenue, Refunding RB,
5.25%, 10/01/42
$
325
$ 359,072
Arizona — 1.7%
Arizona Industrial Development Authority, RB, 5.00%,
07/01/38(a)
 
460
474,638
Salt Verde Financial Corp., RB, 5.00%, 12/01/37
 
2,000
2,221,905
 
 
2,696,543
California — 3.3%
California Community Choice Financing Authority, RB,
Series E-2, Sustainability Bonds, 4.91%, 02/01/54(b)
 
625
623,105
California Enterprise Development Authority, RB, 7.60%,
11/15/37(a)
 
1,000
1,049,683
California Public Finance Authority, RB, Sustainability Bonds,
5.00%, 11/15/36(a)
 
1,000
1,009,473
California School Finance Authority, Refunding RB,
Sustainability Bonds, 5.25%, 08/01/38(a)
 
125
134,499
California Statewide Communities Development Authority, RB,
Series A, 5.00%, 12/01/41(a)
 
2,500
2,539,641
 
 
5,356,401
Colorado — 5.3%
City & County of Denver Colorado Airport System Revenue,
Refunding ARB, Series D, AMT, 5.00%, 11/15/42
 
4,000
4,334,984
Colorado Health Facilities Authority, Refunding RB, Series A,
4.00%, 08/01/39
 
750
752,623
Denver Convention Center Hotel Authority, Refunding RB,
5.00%, 12/01/40
 
2,000
2,030,255
Eagle County Airport Terminal Corp., ARB, Series B, AMT,
5.00%, 05/01/41
 
1,000
1,010,490
Southlands Metropolitan District No. 1, Refunding GO,
Series A-1, 5.00%, 12/01/37
 
500
506,555
 
 
8,634,907
District of Columbia — 0.7%
District of Columbia, RB, Series A, AMT, Sustainability Bonds,
5.50%, 02/28/37
 
1,000
1,176,817
Florida — 2.7%
County of Miami-Dade Seaport Department, Refunding RB,
Series A, AMT, 5.00%, 10/01/42
 
2,000
2,117,413
Florida Development Finance Corp., RB, AMT, 6.13%,
07/01/32(a)(b)
 
400
410,846
Florida Development Finance Corp., Refunding RB, AMT,
(AGM), 5.00%, 07/01/44
 
315
330,350
Normandy Community Development District, SAB, 4.63%,
05/01/31(a)
 
600
599,074
Rookery Community Development District, SAB, 5.00%,
05/01/44
 
500
496,950
Village Community Development District No. 15, SAB, 4.85%,
05/01/38(a)
 
400
423,221
 
 
4,377,854
Georgia — 1.4%
Development Authority of Cobb County, RB, Series A, 5.70%,
06/15/38(a)
 
625
641,782
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/37
 
1,500
1,685,713
 
 
2,327,495
Illinois — 9.3%
Chicago Board of Education, GO, Series C, 5.25%, 12/01/39
 
2,675
2,678,159
Chicago O’Hare International Airport, Refunding ARB
 
Series A, AMT, Senior Lien, 5.25%, 01/01/42
 
100
109,622
Security
 
Par
(000)
Value
Illinois (continued)
Chicago O’Hare International Airport, Refunding
ARB (continued)
 
Series A, AMT, Senior Lien, 5.25%, 01/01/43
$
100
$ 109,301
City of Chicago Illinois, GO, Series A, 5.50%, 01/01/41
 
1,855
1,993,791
Illinois Finance Authority, RB, Series A, 6.50%, 05/15/42
 
250
273,557
Illinois Finance Authority, Refunding RB
 
4.00%, 08/15/41
 
1,170
1,172,811
Series A, 5.00%, 05/15/41
 
310
304,908
Illinois Housing Development Authority, RB, S/F Housing,
Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA),
4.85%, 10/01/42
 
5,000
5,217,275
Metropolitan Pier & Exposition Authority, RB, Series A,
(NPFGC), 0.00%, 06/15/37(c)
 
2,000
1,250,011
State of Illinois, GO, 5.00%, 02/01/39
 
1,850
1,862,079
 
 
14,971,514
Kansas — 0.2%
City of Manhattan KS, Refunding RB, Series A, 4.00%,
06/01/26
 
315
314,949
Louisiana — 0.8%
Louisiana Housing Corp., RB, S/F Housing, Series B,
(FHLMC, FNMA, GNMA), 4.60%, 12/01/42
 
995
1,030,663
Louisiana Public Facilities Authority, Refunding RB, Series A2,
12/15/43(a)(d)
 
335
338,548
 
 
1,369,211
Maryland — 3.6%
Maryland Community Development Administration, RB, S/F
Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA),
4.95%, 09/01/42
 
4,000
4,237,199
Maryland Economic Development Corp., RB, Class B, AMT,
Sustainability Bonds, 5.00%, 12/31/40
 
1,500
1,578,989
 
 
5,816,188
Massachusetts — 0.6%
Massachusetts Development Finance Agency, RB, 5.00%,
07/01/42
 
1,000
1,045,313
Michigan — 7.9%
Michigan Finance Authority, Refunding RB
 
5.00%, 11/15/41
 
1,000
1,025,396
Series A, 5.00%, 12/01/42
 
4,865
5,024,703
Michigan State Housing Development Authority, RB, S/F
Housing
 
Series D, Sustainability Bonds, 5.10%, 12/01/37
 
2,250
2,468,518
Series D, Sustainability Bonds, 5.20%, 12/01/40
 
2,750
3,006,184
Wayne County Airport Authority, ARB, Series D, 5.00%,
12/01/40
 
1,230
1,255,520
 
 
12,780,321
Minnesota — 1.0%
Minnesota Housing Finance Agency, RB, S/F Housing,
Series M, Sustainability Bonds, (FHLMC, FNMA, GNMA),
5.10%, 07/01/42
 
1,500
1,606,221
Missouri — 0.9%
St Louis County Industrial Development Authority, RB,
Series A, 5.00%, 09/01/38
 
1,500
1,525,520
Nevada(a) — 0.7%
City of North Las Vegas Nevada, SAB
 
5.50%, 06/01/37
 
495
535,980
5.75%, 06/01/42
 
495
537,042
 
 
1,073,022
Schedule of Investments
1
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock 2037 Municipal Target Term Trust (BMN)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New Jersey — 5.2%
New Jersey Economic Development Authority, RB, Series A,
5.00%, 06/15/42
$
1,500
$ 1,558,470
New Jersey Transportation Trust Fund Authority, RB, 5.00%,
06/15/42
 
2,200
2,421,918
South Jersey Port Corp., Refunding ARB, Series S, 5.00%,
01/01/39
 
1,350
1,368,474
South Jersey Transportation Authority, Refunding RB,
Series A, 5.00%, 11/01/39
 
3,000
3,000,458
 
 
8,349,320
New Mexico — 0.6%
City of Santa Fe New Mexico, Refunding RB, 5.00%, 05/15/32
 
1,000
1,000,578
New York — 8.2%
Build NYC Resource Corp., RB, Sustainability Bonds, 5.00%,
06/01/32(a)
 
400
411,468
Metropolitan Transportation Authority, Refunding RB
 
Series B, 5.00%, 11/15/40
 
1,000
1,011,290
Series C, Sustainability Bonds, 5.00%, 11/15/42
 
500
532,701
Monroe County Industrial Development Corp., RB, Series A,
5.00%, 12/01/37
 
1,670
1,669,971
New York City Housing Development Corp., RB, M/F Housing,
Class F-1, Sustainability Bonds, 4.60%, 11/01/42
 
1,500
1,533,481
New York Convention Center Development Corp., Refunding
RB, 5.00%, 11/15/40
 
2,500
2,526,865
New York State Environmental Facilities Corp., RB, AMT,
5.13%, 09/01/50(a)(b)
 
250
264,818
New York Transportation Development Corp., ARB, AMT,
5.00%, 01/01/36
 
1,500
1,542,042
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/40
 
1,500
1,559,866
AMT, Sustainability Bonds, 5.50%, 06/30/38
 
1,000
1,094,497
Onondaga Civic Development Corp., RB, 5.00%, 07/01/40
 
1,075
1,086,055
 
 
13,233,054
North Carolina — 1.1%
North Carolina Medical Care Commission, RB
 
Series B-1, 4.25%, 10/01/28
 
175
175,345
Series B-2, 3.75%, 10/01/28
 
100
98,638
North Carolina Medical Care Commission, Refunding RB,
5.00%, 10/01/30
 
500
500,534
North Carolina Turnpike Authority, Refunding RB, Series A,
5.00%, 07/01/42
 
995
1,016,092
 
 
1,790,609
Ohio — 3.0%
County of Franklin Ohio, RB, 5.00%, 05/15/40
 
3,140
3,167,077
State of Ohio, RB, Series P3, AMT, 5.00%, 12/31/39
 
1,680
1,690,456
 
 
4,857,533
Oklahoma — 2.2%
Tulsa Airports Improvement Trust, Refunding RB, AMT, 5.00%,
06/01/35(b)
 
2,490
2,526,864
Tulsa County Industrial Authority, Refunding RB, 5.25%,
11/15/37
 
1,000
1,021,464
 
 
3,548,328
Oregon — 1.2%
Port of Portland Oregon Airport Revenue, ARB, Series 24B,
AMT, 5.00%, 07/01/42
 
1,835
1,864,852
Pennsylvania — 8.6%
Allentown Neighborhood Improvement Zone Development
Authority, RB, 5.00%, 05/01/42(a)
 
920
966,313
Security
 
Par
(000)
Value
Pennsylvania (continued)
Allentown Neighborhood Improvement Zone Development
Authority, Refunding RB, 5.00%, 05/01/42
$
2,580
$ 2,726,492
Montgomery County Industrial Development Authority,
Refunding RB, 5.00%, 11/15/36
 
350
358,016
Pennsylvania Economic Development Financing Authority, RB,
AMT, 5.50%, 06/30/43
 
5,000
5,501,637
Pennsylvania Higher Educational Facilities Authority,
Refunding RB, 5.00%, 05/01/41
 
1,500
1,526,954
Pennsylvania Turnpike Commission, RB, Sub-Series B-1,
5.00%, 06/01/42
 
1,500
1,554,425
Philadelphia Gas Works Co., Refunding RB, 5.00%, 08/01/42
 
1,170
1,215,688
 
 
13,849,525
Puerto Rico — 4.4%
Commonwealth of Puerto Rico, GO, Series A-1, Restructured,
5.75%, 07/01/31
 
3,447
3,850,312
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue,
RB
 
Series A-2, Convertible, Restructured, 4.33%, 07/01/40
 
1,500
1,493,138
Series A-1, Restructured, 4.55%, 07/01/40
 
1,750
1,759,026
 
 
7,102,476
South Carolina — 1.6%
Patriots Energy Group Financing Agency, RB, Series A1,
5.25%, 10/01/54(b)
 
805
875,850
South Carolina Public Service Authority, RB, Series E, 5.50%,
12/01/42
 
1,500
1,694,723
 
 
2,570,573
Tennessee — 3.6%
Metropolitan Government Nashville & Davidson County Health
& Educational Facilities Board, Refunding RB
 
5.00%, 10/01/38
 
1,000
1,053,831
Series A, 5.00%, 10/01/41
 
1,000
1,015,612
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(b)
 
2,500
2,741,583
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%,
05/01/52(b)
 
925
1,006,089
 
 
5,817,115
Texas — 6.7%
Central Texas Turnpike System, RB, Series C, 5.00%,
08/15/42
 
1,500
1,502,720
Clifton Higher Education Finance Corp., RB, Series D, 6.00%,
08/15/38
 
1,000
1,015,013
EP Royal Estates PFC, RB, M/F Housing, 4.25%, 10/01/39
 
2,000
1,986,252
Harris County Cultural Education Facilities Finance Corp.,
Refunding RB, 5.00%, 01/01/27
 
560
567,730
New Hope Cultural Education Facilities Finance Corp., RB,
5.00%, 08/15/39(a)
 
425
425,076
San Antonio Water System, Refunding RB, Series A, Junior
Lien, 4.00%, 05/15/40
 
810
819,644
Tarrant County Cultural Education Facilities Finance Corp.,
Refunding RB
 
5.00%, 11/15/40
 
1,500
1,498,437
Series A-1, 5.00%, 10/01/44
 
3,020
3,020,000
 
 
10,834,872
Vermont — 0.8%
Vermont Economic Development Authority, RB, AMT, 4.63%,
04/01/36(a)(b)
 
1,300
1,321,562
2
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock 2037 Municipal Target Term Trust (BMN)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Washington — 2.6%
University of Washington, Refunding RB, Series C, 4.00%,
12/01/40
$
2,500
$ 2,499,977
Washington State Housing Finance Commission, Refunding
RB, Series A, 5.00%, 07/01/38
 
1,590
1,725,532
 
 
4,225,509
Wisconsin — 2.6%
Public Finance Authority, RB
 
5.00%, 07/15/30(a)
 
250
256,105
5.00%, 06/15/34
 
430
452,221
Public Finance Authority, Refunding RB
 
5.25%, 05/15/42(a)
 
1,230
1,242,848
Series B, AMT, 5.00%, 07/01/42
 
1,500
1,501,573
Wisconsin Health & Educational Facilities Authority, Refunding
RB, 5.00%, 11/01/27
 
745
745,315
 
 
4,198,062
Wyoming — 1.3%
Wyoming Community Development Authority, Refunding RB,
S/F Housing, Series 1, 4.40%, 12/01/43
 
2,000
2,021,061
Total Municipal Bonds — 94.0%
(Cost: $145,203,333)
152,016,377
Municipal Bonds Transferred to Tender Option Bond Trusts(e)
Pennsylvania — 12.5%
Allegheny County Airport Authority, ARB
 
Series A, AMT, (AGM), 5.25%, 01/01/37
 
1,640
1,827,974
Series A, AMT, (AGM), 5.25%, 01/01/40
 
1,700
1,894,630
Series A, AMT, (AGM), 5.50%, 01/01/41
 
1,660
1,850,434
Series A, AMT, (AGM), 5.50%, 01/01/42
 
1,500
1,672,201
General Authority of Southcentral Pennsylvania, Refunding
RB, 5.00%, 06/01/39
 
5,000
5,359,887
Pennsylvania Housing Finance Agency, RB, S/F Housing,
Series 143A, Sustainability Bonds, 5.13%, 10/01/41
 
7,000
7,625,015
 
 
20,230,141
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 12.5%
(Cost: $18,780,363)
20,230,141
Total Long-Term Investments — 106.5%
(Cost: $163,983,696)
172,246,518
Security
 
Par
(000)
Value
Short-Term Securities
Commercial Paper — 0.6%
Dallas Fort Worth International Airport, Refunding ARB, 3.80%,
10/25/24
$
1,000
$   1,000,088
Total Short-Term Securities — 0.6%
(Cost: $1,000,000)
1,000,088
Total Investments — 107.1%
(Cost: $164,983,696)
173,246,606
Other Assets Less Liabilities — 0.6%
1,041,597
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (7.7)%
(12,491,489
)
Net Assets — 100.0%
$ 161,796,714
 
(a)
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.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(c)
Zero-coupon bond.
(d)
When-issued security.
(e)
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.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/23
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/24
Shares
Held at
09/30/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares(a)
$ 2,059,735
$ —
$ (2,059,735
)(b)
$ 116
$ (116
)
$ —
—
$ 38,177
$ —
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock 2037 Municipal Target Term Trust (BMN)
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 price quotations in active markets/exchanges that the Trust has the ability to access for identical, unrestricted assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
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 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. The categorization of a value determined for financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Municipal Bonds
$ —
$ 152,016,377
$ —
$ 152,016,377
Municipal Bonds Transferred to Tender Option Bond Trusts
—
20,230,141
—
20,230,141
Short-Term Securities 
Commercial Paper
—
1,000,088
—
1,000,088
 
$—
$173,246,606
$—
$173,246,606
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, TOB Trust Certificates of $12,335,000 are categorized as Level 2 within the fair value hierarchy.
 
Portfolio Abbreviation 
AGM
 Assured Guaranty Municipal Corp.
AMT
 Alternative Minimum Tax
ARB
 Airport Revenue Bonds
FHLMC
 Federal Home Loan Mortgage Corp.
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
M/F
 Multi-Family
NPFGC
 National Public Finance Guarantee Corp.
RB
 Revenue Bond
S/F
 Single-Family
SAB
 Special Assessment Bonds
4
BlackRock 2037 Municipal... (NYSE:BMN)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more BlackRock 2037 Municipal... Charts.
BlackRock 2037 Municipal... (NYSE:BMN)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more BlackRock 2037 Municipal... Charts.