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September 30, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock 2037 Municipal Target Term Trust (BMN)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
September 30, 2025
BlackRock 2037 Municipal Target Term Trust (BMN)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama(a) — 0.5%
Baldwin County Industrial Development Authority, RB,
Series A, AMT, 5.00%, 06/01/55(b)
$
235
$ 238,460
Black Belt Energy Gas District, RB, Series A, 5.25%,
05/01/56
 
510
529,694
 
 
768,154
Arizona — 1.7%
Arizona Industrial Development Authority, RB, 5.00%,
07/01/38(b)
 
460
463,563
Salt Verde Financial Corp., RB, 5.00%, 12/01/37
 
2,000
2,131,532
 
 
2,595,095
California — 4.2%
California Community Choice Financing Authority, RB,
Series E-2, Sustainability Bonds, 4.47%, 02/01/54(a)
 
625
625,091
California Enterprise Development Authority, RB, 7.60%,
11/15/37(b)
 
1,000
1,019,852
California Infrastructure & Economic Development Bank,
Refunding RB, Series A, Class B, AMT, Sustainability
Bonds, 9.50%, 01/01/65(a)(b)
 
610
556,243
California Public Finance Authority, RB(b)
 
Series A, 5.88%, 06/01/39
 
750
711,938
Sustainability Bonds, 5.00%, 11/15/36
 
1,000
994,049
California School Finance Authority, Refunding RB,
Sustainability Bonds, 5.25%, 08/01/38(b)
 
125
128,848
California Statewide Communities Development Authority,
RB, Series A, 5.00%, 12/01/41(b)
 
2,500
2,467,166
 
 
6,503,187
Colorado — 2.7%
Colorado Health Facilities Authority, Refunding RB,
Series A, 4.00%, 08/01/39
 
750
724,941
Denver Convention Center Hotel Authority, Refunding RB,
5.00%, 12/01/40
 
2,000
1,954,654
Eagle County Airport Terminal Corp., ARB, Series B, AMT,
5.00%, 05/01/41
 
1,000
969,713
Southlands Metropolitan District No. 1, Refunding GO,
Series A-1, 5.00%, 12/01/37
 
500
502,191
 
 
4,151,499
District of Columbia — 0.7%
District of Columbia, RB, Series A, AMT, Sustainability
Bonds, 5.50%, 02/28/37
 
1,000
1,124,888
Florida — 4.5%
County of Miami-Dade Seaport Department, Refunding RB,
Series A, AMT, 5.00%, 10/01/42
 
2,000
2,022,227
County of Osceola Florida Transportation Revenue,
Refunding RB, CAB, Series A-2, 0.00%, 10/01/46(c)
 
6,175
2,030,181
Florida Development Finance Corp., RB(a)(b)
 
AMT, 6.13%, 07/01/32
 
400
404,340
Class A, AMT, 4.38%, 10/01/54
 
250
250,992
Florida Development Finance Corp., Refunding RB, AMT,
(AGM), 5.00%, 07/01/44
 
315
305,378
Gas Worx Community Development District, SAB, 5.00%,
05/01/36(b)
 
615
636,854
Normandy Community Development District, SAB, 4.63%,
05/01/31(b)
 
520
525,358
Security
 
Par
(000)
Value
Florida (continued)
Rookery Community Development District, SAB, 5.00%,
05/01/44
$
500
$ 470,194
Village Community Development District No. 15, SAB,
4.85%, 05/01/38(b)
 
400
405,950
 
 
7,051,474
Georgia — 1.6%
DeKalb County Housing Authority, Refunding RB, 4.13%,
12/01/34
 
250
249,784
Development Authority of Cobb County, RB, Series A,
5.70%, 06/15/38(b)
 
625
630,471
Main Street Natural Gas, Inc., RB, Series A, 5.00%,
05/15/37
 
1,500
1,603,566
 
 
2,483,821
Illinois — 5.8%
Chicago Board of Education, GO, Series C, 5.25%,
12/01/39
 
2,675
2,674,992
City of Chicago Illinois, GO
 
Series A, 5.50%, 01/01/41
 
1,855
1,890,765
Series C, 6.00%, 01/01/43
 
1,000
1,064,731
Illinois Finance Authority, RB, Series A, 6.50%, 05/15/42
 
250
264,612
Illinois Finance Authority, Refunding RB
 
4.00%, 08/15/41
 
1,170
1,096,474
Series A, 5.00%, 05/15/41
 
310
287,602
Metropolitan Pier & Exposition Authority, RB, Series A,
(NPFGC), 0.00%, 06/15/37(c)
 
2,000
1,220,419
Rock Island County School District No. 41 Rock
Island/Milan, GO, Series A, (AGM), 5.00%, 01/01/44
 
600
625,277
 
 
9,124,872
Louisiana — 0.8%
Louisiana Housing Corp., RB, S/F Housing, Series B,
(FHLMC, FNMA, GNMA), 4.60%, 12/01/42
 
995
997,707
Louisiana Public Facilities Authority, Refunding RB,
Series A2, 5.00%, 12/15/43(b)
 
335
320,043
 
 
1,317,750
Maine — 0.1%
Finance Authority of Maine, Refunding RB, AMT, 4.63%,
12/01/47(a)(b)
 
100
98,460
Maryland — 2.0%
Maryland Economic Development Corp., RB, Class B, AMT,
Sustainability Bonds, 5.00%, 12/31/40
 
1,500
1,517,603
Maryland Health & Higher Educational Facilities Authority,
Refunding RB, (AGM), 5.00%, 07/01/45
 
1,500
1,553,240
 
 
3,070,843
Massachusetts — 0.6%
Massachusetts Development Finance Agency, RB, 5.00%,
07/01/42
 
1,000
994,170
Michigan — 4.8%
Michigan Finance Authority, Refunding RB, 5.00%,
11/15/41
 
1,000
1,004,734
Michigan State Housing Development Authority, RB, S/F
Housing
 
Series D, Sustainability Bonds, 5.10%, 12/01/37
 
2,250
2,388,085
Series D, Sustainability Bonds, 5.20%, 12/01/40
 
2,750
2,875,215
Wayne County Airport Authority, ARB, Series D, 5.00%,
12/01/40
 
1,230
1,231,027
 
 
7,499,061
2
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock 2037 Municipal Target Term Trust (BMN)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Minnesota — 1.0%
Minnesota Housing Finance Agency, RB, S/F Housing,
Series M, Sustainability Bonds, (FHLMC, FNMA, GNMA),
5.10%, 07/01/42
$
1,465
$ 1,536,999
Nevada(b) — 0.6%
City of North Las Vegas Nevada, SAB
 
5.50%, 06/01/37
 
485
498,205
5.75%, 06/01/42
 
485
498,651
 
 
996,856
New Hampshire — 2.4%
New Hampshire Business Finance Authority, RB, Class A,
Sustainability Bonds, 5.25%, 06/01/42
 
1,500
1,591,462
New Hampshire Business Finance Authority, RB, M/F
Housing
 
Series 2025, Subordinate, 5.15%, 09/28/37
 
590
585,814
Class A-1, Sustainability Bonds, 4.75%, 06/20/41(a)
 
1,509
1,530,238
 
 
3,707,514
New Jersey — 4.0%
New Jersey Economic Development Authority, RB, Series A,
5.00%, 06/15/42
 
1,500
1,526,915
New Jersey Housing & Mortgage Finance Agency, RB, M/F
Housing, Series D-1, Sustainability Bonds, (FHLMC,
FNMA, GNMA), 5.10%, 11/01/45
 
1,000
1,039,234
New Jersey Transportation Trust Fund Authority, RB, 5.00%,
06/15/42
 
2,200
2,309,601
South Jersey Port Corp., Refunding ARB, Series S, 5.00%,
01/01/39
 
1,350
1,356,179
 
 
6,231,929
New Mexico — 0.6%
City of Santa Fe New Mexico, Refunding RB, 5.00%,
05/15/32
 
1,000
1,000,328
New York — 7.0%
Build NYC Resource Corp., RB, Sustainability Bonds,
5.00%, 06/01/32(b)
 
400
414,658
Metropolitan Transportation Authority, Refunding RB,
Series C, Sustainability Bonds, 5.00%, 11/15/42
 
500
511,006
Monroe County Industrial Development Corp., RB, Series A,
5.00%, 12/01/37
 
1,670
1,671,867
New York City Housing Development Corp., RB, M/F
Housing, Series S, Class F-1, Sustainability Bonds,
4.60%, 11/01/42
 
1,500
1,508,202
New York Convention Center Development Corp.,
Refunding RB, 5.00%, 11/15/40
 
1,500
1,501,137
New York State Environmental Facilities Corp., RB, AMT,
5.13%, 09/01/50(a)(b)
 
250
260,695
New York Transportation Development Corp., ARB, AMT,
5.00%, 01/01/36
 
1,500
1,522,584
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/40
 
1,500
1,514,086
AMT, Sustainability Bonds, 5.50%, 06/30/38
 
1,000
1,058,897
Onondaga Civic Development Corp., RB, 5.00%, 07/01/40
 
1,075
1,075,973
 
 
11,039,105
North Carolina — 1.0%
North Carolina Medical Care Commission, Refunding RB,
5.00%, 10/01/30
 
500
500,554
North Carolina Turnpike Authority, Refunding RB, Series A,
5.00%, 07/01/42
 
995
1,005,605
 
 
1,506,159
Security
 
Par
(000)
Value
Ohio — 3.7%
County of Franklin Ohio, RB, 5.00%, 05/15/40
$
3,140
$ 3,140,534
Ohio Air Quality Development Authority, RB, AMT, 4.50%,
01/15/48(b)
 
1,000
908,226
State of Ohio, RB, Series P3, AMT, 5.00%, 12/31/39
 
1,680
1,680,399
 
 
5,729,159
Oklahoma — 1.0%
Tulsa County Industrial Authority, Refunding RB, 5.25%,
11/15/37
 
1,000
1,010,890
Tulsa Municipal Airport Trust Trustees, Refunding ARB
 
AMT, 6.25%, 12/01/35
 
265
301,821
AMT, 6.25%, 12/01/40
 
290
318,939
 
 
1,631,650
Oregon — 2.7%
Port of Morrow Oregon, ARB, Series A, 5.15%, 10/01/26(b)
 
1,140
1,141,152
Port of Portland Oregon Airport Revenue, ARB, Series 24B,
AMT, 5.00%, 07/01/42
 
1,835
1,837,814
Washington & Multnomah Counties School District No. 48J
Beaverton, GO, CAB, Series A, (GTD), 0.00%,
06/15/37(c)
 
2,000
1,256,923
 
 
4,235,889
Pennsylvania — 9.4%
Allentown Neighborhood Improvement Zone Development
Authority, RB, 5.00%, 05/01/42(b)
 
890
890,432
Allentown Neighborhood Improvement Zone Development
Authority, Refunding RB, 5.00%, 05/01/42
 
2,580
2,624,562
Montgomery County Industrial Development Authority,
Refunding RB, 5.00%, 11/15/36
 
350
352,229
Pennsylvania Economic Development Financing Authority,
RB, AMT, 5.50%, 06/30/43
 
5,000
5,234,491
Pennsylvania Higher Educational Facilities Authority,
Refunding RB, 5.00%, 05/01/41
 
1,500
1,502,034
Pennsylvania Housing Finance Agency, RB, S/F Housing,
Series 149A, Sustainability Bonds, 5.10%, 10/01/45
 
2,500
2,553,601
Pennsylvania Turnpike Commission, RB, Sub-Series B-1,
5.00%, 06/01/42
 
1,500
1,518,384
 
 
14,675,733
Puerto Rico — 4.4%
Commonwealth of Puerto Rico, GO, Series A-1,
Restructured, 5.75%, 07/01/31
 
3,447
3,811,479
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue,
RB
 
Series A-2, Convertible, Restructured, 4.33%, 07/01/40
 
1,500
1,431,028
Series A-1, Restructured, 4.55%, 07/01/40
 
1,750
1,704,674
 
 
6,947,181
South Carolina — 1.6%
Patriots Energy Group Financing Agency, RB, Series A1,
5.25%, 10/01/54(a)
 
805
875,338
South Carolina Public Service Authority, RB, Series E,
5.50%, 12/01/42
 
1,500
1,634,667
 
 
2,510,005
Tennessee — 2.9%
Metropolitan Government Nashville & Davidson County
Health & Educational Facs Bd, Refunding RB
 
5.00%, 10/01/38
 
1,000
1,011,496
Series A, 5.00%, 10/01/41
 
1,000
962,660
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock 2037 Municipal Target Term Trust (BMN)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Tennessee (continued)
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)
$
1,500
$ 1,604,535
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%,
05/01/52(a)
 
925
994,652
 
 
4,573,343
Texas — 3.4%
City of Houston Texas Airport System Revenue, ARB,
Series B, AMT, 5.50%, 07/15/37
 
205
218,469
EP Royal Estates PFC, RB, M/F Housing, 4.25%, 10/01/39
 
2,000
1,962,804
Harris County Cultural Education Facilities Finance Corp.,
Refunding RB, 5.00%, 01/01/27
 
380
384,147
New Hope Cultural Education Facilities Finance Corp., RB,
5.00%, 08/15/39(b)
 
425
419,997
San Antonio Water System, Refunding RB, Series A, Junior
Lien, 4.00%, 05/15/40
 
810
795,318
Tarrant County Cultural Education Facilities Finance Corp.,
Refunding RB, 5.00%, 11/15/40
 
1,500
1,500,018
 
 
5,280,753
Utah — 1.1%
Downtown Revitalization Public Infrastructure District, RB
 
Series A, 1st Lien, (AGM), 5.25%, 06/01/43
 
1,000
1,079,011
Series B, 2nd Lien, (AGM), 5.25%, 06/01/43
 
600
647,811
 
 
1,726,822
Vermont — 0.8%
Vermont Economic Development Authority, RB, AMT,
4.63%, 04/01/36(a)(b)
 
1,300
1,314,985
Washington — 2.6%
University of Washington, Refunding RB, Series C, 4.00%,
12/01/40
 
2,500
2,394,786
Washington State Housing Finance Commission, Refunding
RB, Series A, 5.00%, 07/01/38
 
1,590
1,627,464
 
 
4,022,250
Wisconsin — 3.1%
Public Finance Authority, RB
 
5.00%, 07/15/30(b)
 
147
148,494
5.00%, 06/15/34
 
430
447,197
5.00%, 07/01/35(b)
 
350
367,355
Series A, AMT, Senior Lien, 5.50%, 07/01/44
 
500
508,351
Public Finance Authority, Refunding RB
 
5.25%, 05/15/42(b)
 
1,230
1,210,068
Series B, AMT, 5.00%, 07/01/42
 
1,500
1,480,469
Wisconsin Health & Educational Facilities Authority,
Refunding RB, 5.00%, 11/01/27
 
745
749,272
 
 
4,911,206
Wyoming — 1.2%
Wyoming Community Development Authority, Refunding
RB, S/F Housing, Series 1, 4.40%, 12/01/43
 
2,000
1,927,553
Total Municipal Bonds — 84.5%
(Cost: $130,030,219)
132,288,693
Security
 
Par
(000)
Value
Municipal Bonds Transferred to Tender Option Bond Trusts(d)
Alabama — 3.4%
Southeast Energy Authority A Cooperative District, RB,
Series A, 5.00%, 01/01/56(a)
$
5,000
$ 5,251,357
Colorado — 2.6%
City & County of Denver Colorado Airport System Revenue,
Refunding ARB, Series D, AMT, 5.00%, 11/15/42
 
4,000
4,101,940
Idaho — 3.3%
Idaho Health Facilities Authority, Refunding RB, Class A,
5.00%, 03/01/43
 
5,000
5,231,759
Illinois — 6.6%
Illinois Housing Development Authority, RB, S/F Housing,
Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA),
4.85%, 10/01/42
 
5,000
5,082,521
Regional Transportation Authority, RB, Series A, 5.00%,
06/01/55
 
5,000
5,181,225
 
 
10,263,746
Kansas — 3.3%
Wyandotte County Unified School District No. 500 Kansas
City, GO, (BAM), 5.00%, 09/01/50(e)
 
5,000
5,118,070
Maryland — 2.6%
Maryland Community Development Administration, RB,
4.95%, 09/01/42
 
4,000
4,129,185
Massachusetts — 3.3%
Commonwealth of Massachusetts, GOL, Series A, 5.00%,
05/01/48
 
5,000
5,206,619
Michigan — 3.1%
Michigan Finance Authority, Refunding RB, 5.00%,
12/01/42
 
4,865
4,924,892
Pennsylvania — 11.8%
Allegheny County Airport Authority, ARB
 
Series A, AMT, (AGM), 5.25%, 01/01/37
 
1,640
1,773,232
Series A, AMT, (AGM), 5.25%, 01/01/40
 
1,700
1,837,892
Series A, AMT, (AGM), 5.50%, 01/01/41
 
1,660
1,795,019
Series A, AMT, (AGM), 5.50%, 01/01/42
 
1,500
1,622,124
General Authority of Southcentral Pennsylvania, Refunding
RB, 5.00%, 06/01/39
 
5,000
5,228,417
Pennsylvania Housing Finance Agency, RB, S/F Housing,
Series 143A, Sustainability Bonds, 5.13%, 10/01/41
 
5,930
6,195,870
 
 
18,452,554
4
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock 2037 Municipal Target Term Trust (BMN)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Washington(e) — 6.8%
Fircrest Properties, RB, Sustainability Bonds, 5.50%,
06/01/49
$
5,000
$ 5,353,665
State of Washington, GO, Series C, 5.00%, 02/01/49
 
5,000
5,208,561
 
 
10,562,226
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 46.8%
(Cost: $71,799,585)
73,242,348
Total Long-Term Investments — 131.3%
(Cost: $201,829,804)
205,531,041
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Liquidity Funds, MuniCash, Institutional Shares,
2.90%(f)(g)
 
330,225
330,258
Total Short-Term Securities — 0.2%
(Cost: $330,258)
330,258
Total Investments — 131.5%
(Cost: $202,160,062)
205,861,299
Other Assets Less Liabilities — 1.5%
2,343,896
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (33.0)%
(51,651,070
)
Net Assets — 100.0%
$ 156,554,125
 
(a)
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.
(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)
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)
All or a portion of the security is subject to a recourse agreement. The aggregate
maximum potential amount the Trust could ultimately be required to pay under the
agreements, which expire between February 1, 2032 to September 1, 2032, is
$11,641,840.
(f)
Affiliate of the Trust.
(g)
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 September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/25
Shares
Held at
09/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 82,606
$ 247,652
(a)
$ —
$ —
$ —
$ 330,258
330,225
$ 53,331
$ —
 
(a)
Represents net amount purchased (sold).
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 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
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock 2037 Municipal Target Term Trust (BMN)
 
Fair Value Hierarchy as of Period End (continued)
funds that may not have a secondary market and/or may have 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
$ —
$ 132,288,693
$ —
$ 132,288,693
Municipal Bonds Transferred to Tender Option Bond Trusts
—
73,242,348
—
73,242,348
Short-Term Securities 
Money Market Funds
330,258
—
—
330,258
 
$330,258
$205,531,041
$—
$205,861,299
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 $51,269,998 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
BAM
 Build America Mutual Assurance Co.
CAB
 Capital Appreciation Bonds
FHLMC
 Federal Home Loan Mortgage Corp.
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
GTD
 GTD Guaranteed
M/F
 Multi-Family
NPFGC
 National Public Finance Guarantee Corp.
RB
 Revenue Bonds
S/F
 Single-Family
SAB
 Special Assessment Bonds
6