Blackrock 2037 Municipal Target Term Trust (BMN) NPORT-P BlackRock 2037 Municipal Target Term Trust (Mar 2023 report)

Schedule of Investments (unaudited) March 31, 2023 BlackRock 2037 Municipal Target Term Trust (BMN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Arizona — 1.6%
Arizona Industrial Development Authority, RB, 5.00%, 07/01/38(a)	$	460	$	451,736
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		2,000		2,085,096
				2,536,832
California(a) — 2.8%
California Enterprise Development Authority, RB, 7.60%, 11/15/37		1,000		1,008,667
California Public Finance Authority, RB, 5.00%, 11/15/36		1,000		968,615
California Statewide Communities Development Authority, RB, Series A, 5.00%, 12/01/41		2,500		2,458,030
				4,435,312
Colorado — 7.8%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.00%, 11/15/42		4,000		4,308,140
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/39		750		715,913
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		2,000		2,022,024
E-470 Public Highway Authority, Refunding RB, Series A, 5.00%, 09/01/40		3,800		3,883,403
Eagle County Airport Terminal Corp., ARB, Series B, AMT, 5.00%, 05/01/41		1,000		1,013,091
Southlands Metropolitan District No. 1, Refunding GO, Series A-1, 5.00%, 12/01/37		500		494,298
				12,436,869
District of Columbia — 0.7%
District of Columbia, RB, Series A, AMT, 5.50%, 02/28/37		1,000		1,091,276
Florida — 1.3%
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.00%, 10/01/42		2,000		2,116,596
Illinois — 11.3%
Chicago Board of Education, GO, Series C, 5.25%, 12/01/39		2,650		2,670,895
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/34		1,500		1,518,141
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, 5.00%, 11/01/42		2,000		2,000,296
City of Chicago Illinois, GO, Series A, 5.50%, 01/01/41		1,855		1,962,362
Illinois Finance Authority, RB, Series A, 6.50%, 05/15/42		250		257,457
Illinois Finance Authority, Refunding RB
5.00%, 05/15/41		310		274,097
4.00%, 08/15/41		1,170		1,138,213
Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 4.85%, 10/01/42		5,000		5,193,490
Metropolitan Pier & Exposition Authority, RB, Series A, (NPFGC), 0.00%, 06/15/37(b)		2,000		1,065,274
State of Illinois, GO, 5.00%, 02/01/39		1,850		1,862,321
				17,942,546
Kansas — 0.2%
City of Manhattan Kansas, Refunding RB, Series A, 4.00%, 06/01/26		315		302,953

Security	Par (000)		Value
Louisiana — 0.6%
Louisiana Housing Corp., RB, S/F Housing, Series B, (FHLMC, FNMA, GNMA), 4.60%, 12/01/42	$	1,000	$	1,018,967
Maryland — 3.7%
Maryland Community Development Administration, RB, S/F Housing, (FHLMC, FNMA, GNMA), 4.95%, 09/01/42		4,000		4,224,428
Maryland Economic Development Corp., RB, Class B, AMT, 5.00%, 12/31/40		1,500		1,553,706
				5,778,134
Massachusetts — 0.7%
Massachusetts Development Finance Agency, RB, 5.00%, 07/01/42		1,000		1,040,132
Michigan — 8.0%
Michigan Finance Authority, Refunding RB
5.00%, 11/15/41		1,000		1,025,562
Series A, 5.00%, 12/01/42		4,865		5,074,900
Michigan State Housing Development Authority, RB, S/F Housing
Series D, 5.10%, 12/01/37		2,250		2,401,430
Series D, 5.20%, 12/01/40		2,750		2,909,365
Wayne County Airport Authority, ARB, Series D, 5.00%, 12/01/40		1,230		1,264,343
				12,675,600
Minnesota — 1.0%
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 5.10%, 07/01/42		1,500		1,596,270
Mississippi — 0.3%
Mississippi Business Finance Corp., RB, AMT, 7.75%, 07/15/47(c)		500		505,715
Missouri — 0.9%
St. Louis County Industrial Development Authority, RB, Series A, 5.00%, 09/01/38		1,500		1,419,252
Nevada(a) — 0.6%
City of North Las Vegas Nevada, SAB
5.50%, 06/01/37		500		504,942
5.75%, 06/01/42		500		505,204
				1,010,146
New Jersey — 5.6%
New Jersey Economic Development Authority, RB, Series A, 5.00%, 06/15/42		1,500		1,560,395
New Jersey Transportation Trust Fund Authority, RB, 5.00%, 06/15/42		2,700		2,904,150
South Jersey Port Corp., Refunding ARB, Series S, 5.00%, 01/01/39		1,350		1,384,993
South Jersey Transportation Authority, Refunding RB, Series A, 5.00%, 11/01/39		3,000		3,052,284
				8,901,822
New Mexico — 0.6%
City of Santa Fe New Mexico, Refunding RB, 5.00%, 05/15/32		1,000		961,019
New York — 8.1%
Build NYC Resource Corp., RB, 5.00%, 06/01/32(a)		400		408,319
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/37		1,000		1,021,093

1

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock 2037 Municipal Target Term Trust (BMN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Metropolitan Transportation Authority, Refunding RB
Series B, 5.00%, 11/15/40	$	1,000	$	1,016,492
Series C, 5.00%, 11/15/42		500		519,356
Monroe County Industrial Development Corp., RB, Series A, 5.00%, 12/01/37		1,670		1,670,541
New York City Housing Development Corp., RB, M/F Housing, Class F-1, (REMIC FHA INS 542 (c)), 4.60%, 11/01/42		1,500		1,526,576
New York Convention Center Development Corp., Refunding RB, 5.00%, 11/15/40		2,500		2,571,577
New York Transportation Development Corp., ARB, AMT, 5.00%, 01/01/36		1,500		1,527,667
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/40		1,500		1,503,893
Onondaga Civic Development Corp., RB, 5.00%, 07/01/40		1,075		1,092,998
				12,858,512
North Carolina — 1.0%
North Carolina Medical Care Commission, Refunding RB, 5.00%, 10/01/30		500		500,876
North Carolina Turnpike Authority, Refunding RB, Series A, 5.00%, 07/01/42		995		1,014,021
				1,514,897
Ohio — 3.1%
County of Franklin Ohio, RB, 5.00%, 05/15/40		3,140		3,210,675
State of Ohio, RB, AMT, 5.00%, 12/31/39		1,680		1,706,455
				4,917,130
Oklahoma — 2.2%
Tulsa Airports Improvement Trust, Refunding RB, AMT, 5.00%, 06/01/35(c)		2,490		2,500,774
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37		1,000		1,001,906
				3,502,680
Oregon — 1.2%
Port of Portland Oregon Airport Revenue, ARB, Series 24B, AMT, 5.00%, 07/01/42		1,835		1,891,613
Pennsylvania — 11.4%
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, 5.00%, 05/01/42		2,580		2,610,786
General Authority of Southcentral Pennsylvania, Refunding RB, 5.00%, 06/01/39		5,000		5,365,390
Montgomery County Industrial Development Authority, Refunding RB, 5.00%, 11/15/36		350		351,238
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.50%, 06/30/43		5,000		5,381,345
Pennsylvania Higher Educational Facilities Authority, Refunding RB, 5.00%, 05/01/41		1,500		1,569,456
Pennsylvania Turnpike Commission, RB, Sub-Series B-1, 5.00%, 06/01/42		1,500		1,560,789
Philadelphia Gas Works Co., Refunding RB, 5.00%, 08/01/42		1,170		1,219,052
				18,058,056

Security	Par (000)		Value
Puerto Rico — 6.4%
Commonwealth of Puerto Rico, GO, Series A1, Restructured, 5.75%, 07/01/31	$	3,447	$	3,621,056
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series A, 5.00%, 07/01/29(a)		1,785		1,802,898
Puerto Rico Highway & Transportation Authority, RB, CAB, Series B, Restructured, 0.00%, 07/01/32(b)		2,875		1,797,258
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A-2, Restructured, 4.33%, 07/01/40		1,500		1,361,877
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Series A1, Restructured, 4.55%, 07/01/40		1,750		1,631,784
				10,214,873
South Carolina — 1.0%
South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/42		1,500		1,648,522
Tennessee — 3.6%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB
5.00%, 10/01/38		1,000		1,001,900
Series A, 5.00%, 10/01/41		1,000		996,000
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(c)		2,500		2,706,857
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(c)		925		966,605
				5,671,362
Texas — 6.0%
Central Texas Turnpike System, RB, Series C, 5.00%, 08/15/42		1,500		1,516,779
City of Austin Texas Electric Utility Revenue, Refunding RB, 5.00%, 11/15/40		1,600		1,601,326
Harris County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 01/01/27		730		715,574
New Hope Cultural Education Facilities Finance Corp., RB, 5.00%, 08/15/39(a)		425		425,144
San Antonio Water System, Refunding RB, Series A, Junior Lien, 4.00%, 05/15/40		810		815,317
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB
5.00%, 11/15/40		1,500		1,435,280
Series A-1, 5.00%, 10/01/44		3,020		3,022,787
				9,532,207
Vermont — 0.8%
Vermont Economic Development Authority, RB, AMT, 4.63%, 04/01/36(a)(c)		1,300		1,275,755
Washington — 1.7%
University of Washington, Refunding RB, Series C, 4.00%, 12/01/40		2,500		2,517,117
Washington State Housing Finance Commission, Refunding RB, 5.00%, 07/01/33		105		105,225
				2,622,342
Wisconsin — 2.1%
Public Finance Authority, Refunding RB 5.25%, 05/15/42(a)		1,230		1,136,030

SCHEDULE  OF  INVESTMENTS 2

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock 2037 Municipal Target Term Trust (BMN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Wisconsin (continued)
Public Finance Authority, Refunding RB (continued) Series B, AMT, 5.00%, 07/01/42	$	1,500	$	1,496,982
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 11/01/27		745		718,044
				3,351,056
Wyoming — 1.3%
Wyoming Community Development Authority, Refunding RB, S/F Housing, Series 1, 4.40%, 12/01/43		2,000		2,007,738
Total Long-Term Investments — 97.6% (Cost: $150,477,859)				154,836,184
	Shares
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.59%(d)(e)		2,187,820		2,187,602
Total Short-Term Securities — 1.4% (Cost: $2,188,096)				2,187,602
Total Investments — 99.0% (Cost: $152,665,955)				157,023,786
Other Assets Less Liabilities — 1.0%				1,579,169
Net Assets — 100.0%			$	158,602,955

^(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)  Zero-coupon bond.

^(c)  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.

^(d)  Affiliate of the Trust.

^(e)  Annualized 7-day yield as of period end.

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	95,787	$	2,093,536	(a)	$	—	$	(1,227	)	$	(494	)	$	2,187,602		2,187,820	$	19,223	$	—

^(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. 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

3

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock 2037 Municipal Target Term Trust (BMN)

Fair Value Hierarchy as of Period End (continued)

• 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	$	—	$	154,836,184	$	—	$	154,836,184
Short-Term Securities
Money Market Funds		2,187,602		—		—		2,187,602
	$	2,187,602	$	154,836,184	$	—	$	157,023,786

Portfolio Abbreviation
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
CAB	Capital Appreciation Bonds
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation Bonds
INS	Insured
M/F	Multi-Family
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bond
REMIC	Real Estate Mortgage Investment Conduit
S/F	Single-Family
SAB	Special Assessment Bonds

SCHEDULE  OF  INVESTMENTS 4