Schedule of Investments (unaudited)

March 31, 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     $ 358,454  
   

 

 

  
Arizona — 1.7%            

Arizona Industrial Development Authority, RB, 5.00%, 07/01/38(a)

     460    

 

458,845

 

Salt Verde Financial Corp., RB, 5.00%, 12/01/37

     2,000       2,184,503  
   

 

 

  
      2,643,348  
California — 3.3%            

California Community Choice Financing Authority, RB, Series E-2, Sustainability Bonds, 5.23%, 02/01/54(b)

     625       622,327  

California Enterprise Development Authority, RB, 7.60%, 11/15/37(a)

    1,000       1,008,027  

California Public Finance Authority, RB, 5.00%, 11/15/36(a)

     1,000       944,190  

California School Finance Authority, Refunding RB, Sustainability Bonds, 5.25%, 08/01/38(a)

     125       128,671  

California Statewide Communities Development Authority, RB, Series A, 5.00%, 12/01/41(a)

      2,500        2,526,253  
   

 

 

  
      5,229,468  
Colorado — 7.3%            

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.00%, 11/15/42

     4,000       4,313,610  

Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/39

     750       751,166  

Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40

     2,000       2,025,879  

E-470 Public Highway Authority, Refunding RB, Series A, 5.00%, 09/01/40

     3,000       3,022,535  

Eagle County Airport Terminal Corp., ARB, Series B, AMT, 5.00%, 05/01/41

     1,000       1,023,147  

Southlands Metropolitan District No. 1, Refunding GO, Series A-1, 5.00%, 12/01/37

     500       495,975  
   

 

 

  
      11,632,312  
District of Columbia — 0.7%            

District of Columbia, RB, Series A, AMT, Sustainability Bonds, 5.50%, 02/28/37

     1,000       1,184,098  
   

 

 

  
Florida — 1.8%            

County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.00%, 10/01/42

     2,000       2,120,436  

Florida Development Finance Corp., RB, AMT, 6.13%, 07/01/32(a)(b)

     400       408,280  

Village Community Development District No. 15, SAB, 4.85%, 05/01/38(a)

     400       414,762  
   

 

 

  
      2,943,478  
Georgia — 1.4%            

Development Authority of Cobb County, RB, Series A, 5.70%, 06/15/38(a)

     625       611,657  

Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/37

     1,500       1,599,112  
   

 

 

  
      2,210,769  
Illinois — 10.0%            

Chicago Board of Education, GO, Series C, 5.25%, 12/01/39

     2,650       2,666,227  

Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/34

     1,500       1,500,023  
Security  

Par

(000)

     Value  
Illinois (continued)            

City of Chicago Illinois, GO, Series A, 5.50%, 01/01/41

   $ 1,855     $ 2,003,865  

Illinois Finance Authority, RB, Series A, 6.50%, 05/15/42

     250       258,484  

Illinois Finance Authority, Refunding RB

    

4.00%, 08/15/41

     1,170       1,169,929  

Series A, 5.00%, 05/15/41

     310       270,369  

Illinois Housing Development Authority, RB, S/F Housing, Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 10/01/42

     5,000       5,152,411  

Metropolitan Pier & Exposition Authority, RB, Series A, (NPFGC), 0.00%, 06/15/37(c)

      2,000       1,197,147  

State of Illinois, GO, 5.00%, 02/01/39

     1,850       1,850,282  
   

 

 

  
       16,068,737  
Kansas — 0.2%            

City of Manhattan Kansas, Refunding RB, Series A, 4.00%, 06/01/26

     315       307,632  
   

 

 

  
Louisiana — 0.6%            

Louisiana Housing Corp., RB, S/F Housing, Series B, (FHLMC, FNMA, GNMA), 4.60%, 12/01/42

     1,000       1,016,205  
   

 

 

  
Maryland — 3.6%            

Maryland Community Development Administration, RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.95%, 09/01/42

     4,000       4,180,820  

Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.00%, 12/31/40

     1,500       1,573,743  
   

 

 

  
      5,754,563  
Massachusetts — 0.6%            

Massachusetts Development Finance Agency, RB, 5.00%, 07/01/42

     1,000       1,020,981  
   

 

 

  
Michigan — 7.9%            

Michigan Finance Authority, Refunding RB

    

5.00%, 11/15/41

     1,000       1,023,418  

Series A, 5.00%, 12/01/42

     4,865       5,037,564  

Michigan State Housing Development Authority, RB, S/F Housing

    

Series D, Sustainability Bonds, 5.10%, 12/01/37

     2,250       2,430,556  

Series D, Sustainability Bonds, 5.20%, 12/01/40

     2,750       2,932,657  

Wayne County Airport Authority, ARB, Series D, 5.00%, 12/01/40

     1,230       1,261,380  
   

 

 

  
      12,685,575  
Minnesota — 1.0%            

Minnesota Housing Finance Agency, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.10%, 07/01/42

     1,500       1,587,717  
   

 

 

  
Missouri — 0.9%            

St Louis County Industrial Development Authority, RB, Series A, 5.00%, 09/01/38

     1,500       1,468,142  
   

 

 

  
Nevada(a) — 0.6%            

City of North Las Vegas Nevada, SAB

    

5.50%, 06/01/37

     500       513,240  

5.75%, 06/01/42

     500       515,570  
   

 

 

  
      1,028,810  
New Jersey — 5.2%            

New Jersey Economic Development Authority, RB, Series A, 5.00%, 06/15/42

     1,500       1,551,761  
 

 

 

S C H E D U L E  O F  I N V E S T M E N T S   1

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock 2037 Municipal Target Term Trust (BMN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New Jersey (continued)            

New Jersey Transportation Trust Fund Authority, RB, 5.00%, 06/15/42

   $  2,200     $  2,418,318  

South Jersey Port Corp., Refunding ARB, Series S, 5.00%, 01/01/39

     1,350       1,375,428  

South Jersey Transportation Authority, Refunding RB, Series A, 5.00%, 11/01/39

     3,000       3,000,074  
   

 

 

  
      8,345,581  
New Mexico — 0.6%            

City of Santa Fe New Mexico, Refunding RB, 5.00%, 05/15/32

     1,000       959,913  
   

 

 

  
New York — 8.9%            

Build NYC Resource Corp., RB, Sustainability Bonds, 5.00%, 06/01/32(a)

     400       415,417  

Metropolitan Transportation Authority, RB,
Series B, 5.25%, 11/15/37

     1,000       1,003,271  

Metropolitan Transportation Authority, Refunding RB

    

Series B, 5.00%, 11/15/40

     1,000       1,010,959  

Series C, Sustainability Bonds, 5.00%, 11/15/42

     500       528,834  

Monroe County Industrial Development Corp., RB, Series A, 5.00%, 12/01/37

     1,670       1,670,693  

New York City Housing Development Corp., RB, M/F Housing, Class F-1, Sustainability Bonds, 4.60%, 11/01/42

     1,500       1,516,832  

New York Convention Center Development Corp., Refunding RB, 5.00%, 11/15/40

     2,500       2,539,429  

New York State Environmental Facilities Corp., RB, AMT, 5.13%, 09/01/50(a)(b)

     250       256,971  

New York Transportation Development Corp., ARB, AMT, 5.00%, 01/01/36

     1,500       1,551,424  

New York Transportation Development Corp., RB AMT, 5.00%, 10/01/40

     1,500       1,550,790  

AMT, Sustainability Bonds, 5.50%, 06/30/38

     1,000       1,109,647  

Onondaga Civic Development Corp., RB, 5.00%, 07/01/40

     1,075       1,084,057  
   

 

 

  
      14,238,324  
North Carolina — 1.1%            

North Carolina Medical Care Commission, RB

    

Series B-1, 4.25%, 10/01/28

     175       175,505  

Series B-2, 3.75%, 10/01/28

     100       98,429  

North Carolina Medical Care Commission, Refunding RB, 5.00%, 10/01/30

     500       498,350  

North Carolina Turnpike Authority, Refunding RB, Series A, 5.00%, 07/01/42

     995       1,006,956  
   

 

 

  
      1,779,240  
Ohio — 3.1%            

County of Franklin Ohio, RB, 5.00%, 05/15/40

     3,140       3,192,245  

State of Ohio, RB, AMT, 5.00%, 12/31/39

     1,680       1,690,627  
   

 

 

  
      4,882,872  
Oklahoma — 2.2%            

Tulsa Airports Improvement Trust, Refunding RB, AMT, 5.00%, 06/01/35(b)

     2,490       2,525,130  

Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37

     1,000       1,004,649  
   

 

 

  
      3,529,779  
Oregon — 1.2%            

Port of Portland Oregon Airport Revenue, ARB, Series 24B, AMT, 5.00%, 07/01/42

     1,835       1,886,109  
   

 

 

  
Security  

Par

(000)

     Value  
Pennsylvania — 8.6%            

Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42(a)

   $ 920     $ 928,281  

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, 5.00%, 05/01/42

      2,580       2,659,305  

Montgomery County Industrial Development Authority, Refunding RB, 5.00%, 11/15/36

     350       358,750  

Pennsylvania Economic Development Financing Authority, RB, AMT, 5.50%, 06/30/43

     5,000       5,542,873  

Pennsylvania Higher Educational Facilities Authority, Refunding RB, 5.00%, 05/01/41

     1,500       1,535,094  

Pennsylvania Turnpike Commission, RB,
Sub-Series B-1, 5.00%, 06/01/42

     1,500       1,558,620  

Philadelphia Gas Works Co., Refunding RB, 5.00%, 08/01/42

     1,170       1,209,027  
   

 

 

  
       13,791,950  
Puerto Rico — 4.4%            

Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.75%, 07/01/31

     3,447       3,851,486  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-2, Convertible, Restructured, 4.33%, 07/01/40

     1,500       1,489,795  

Series A1, Restructured, 4.55%, 07/01/40

     1,750       1,759,699  
   

 

 

  
      7,100,980  
South Carolina — 1.6%            

Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(b)

     805       861,796  

South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/42

     1,500       1,677,688  
   

 

 

  
      2,539,484  
Tennessee — 3.6%            

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB
5.00%, 10/01/38

     1,000       1,029,953  

Series A, 5.00%, 10/01/41

     1,000       1,010,347  

Tennergy Corp., RB, Series A, 5.50%, 10/01/53(b)

     2,500       2,668,215  

Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(b)

     925       977,116  
   

 

 

  
      5,685,631  
Texas — 4.8%            

Central Texas Turnpike System, RB, Series C, 5.00%, 08/15/42

     1,500       1,505,459  

Harris County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 01/01/27

     560       552,465  

New Hope Cultural Education Facilities Finance Corp., RB, 5.00%, 08/15/39(a)

     425       417,546  

San Antonio Water System, Refunding RB, Series A, Junior Lien, 4.00%, 05/15/40

     810       825,188  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB
5.00%, 11/15/40

     1,500       1,376,575  

Series A-1, 5.00%, 10/01/44

     3,020       2,937,933  
   

 

 

  
      7,615,166  
Vermont — 0.8%            

Vermont Economic Development Authority, RB, AMT, 4.63%, 04/01/36(a)(b)

     1,300       1,301,180  
   

 

 

  
 

 

 

2  

Schedule of Investments (unaudited) (continued)

March 31, 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     $ 2,502,030  

Washington State Housing Finance Commission, Refunding RB, Series A, 5.00%, 07/01/38

     1,590       1,635,786  
   

 

 

  
      4,137,816  
Wisconsin — 2.1%            

Public Finance Authority, Refunding RB 5.25%, 05/15/42(a)

     1,230       1,145,986  

Series B, AMT, 5.00%, 07/01/42

     1,500       1,500,217  

Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 11/01/27

     745       727,820  
   

 

 

  
      3,374,023  
Wyoming — 1.2%            

Wyoming Community Development Authority, Refunding RB, S/F Housing, Series 1, 4.40%, 12/01/43

     2,000       1,992,397  
   

 

 

  

Total Municipal Bonds — 93.8%
(Cost: $145,046,558)

        150,300,734  
   

 

 

  
   

Municipal Bonds Transferred to Tender Option Bond Trusts(d)

 

Pennsylvania — 12.5%            

Allegheny County Airport Authority, ARB

    

Series A, AMT, (AGM), 5.25%, 01/01/37

     1,640       1,840,048  

Series A, AMT, (AGM), 5.25%, 01/01/40

     1,700       1,907,145  

Series A, AMT, (AGM), 5.50%, 01/01/41

     1,660       1,862,657  

Series A, AMT, (AGM), 5.50%, 01/01/42

     1,500       1,683,247  

General Authority of Southcentral Pennsylvania, Refunding RB, 5.00%, 06/01/39

     5,000       5,333,765  

Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 143A, Sustainability Bonds, 5.13%, 10/01/41

     7,000       7,490,476  
   

 

 

  
      20,117,338  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 12.5%
(Cost: $18,796,152)

 

     20,117,338  
   

 

 

  

Total Long-Term Investments — 106.3%
(Cost: $163,842,710)

       170,418,072  
   

 

 

  
Security  

 

Shares

     Value  

 

  

Short-Term Securities

    
Money Market Funds — 0.3%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.48%(e)(f)

     445,184     $ 445,228  
   

 

 

  

Total Short-Term Securities — 0.3%
(Cost: $445,141)

      445,228  
   

 

 

  

Total Investments — 106.6%
(Cost: $164,287,851)

       170,863,300  

Other Assets Less Liabilities — 1.2%

      1,797,626  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (7.8)%

 

     (12,438,806 ) 
   

 

 

  

Net Assets — 100.0%

     $  160,222,120  
   

 

 

  

 

(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)

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.

(e)

Affiliate of the Trust.

(f)

Annualized 7-day yield as of period end.

 

 

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 March 31, 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

03/31/24

     

Shares

Held at

03/31/24

      Income     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  2,059,735      $ —      $  (1,614,507 )(a)    $ 29      $ (29 )    $  445,228        445,184      $  9,770      $ —  
         

 

 

     

 

 

    

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

 

S C H E D U L E  O F  I N V E S T M E N T S   3

Schedule of Investments (unaudited) (continued)

March 31, 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. 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 for identical assets or liabilities that the 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); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (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

   $ —        $ 150,300,734        $ —        $ 150,300,734  

Municipal Bonds Transferred to Tender Option Bond Trusts

     —          20,117,338          —          20,117,338  

Short-Term Securities

                 

Money Market Funds

     445,228          —          —          445,228  
 

 

 

       

 

 

       

 

 

       

 

 

  
  $   445,228        $  170,418,072        $      —        $  170,863,300  
 

 

 

       

 

 

       

 

 

       

 

 

  

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  
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