Blackrock 2037 Municipal Target Term Trust (BMN) NPORT-P BlackRock 2037 Municipal Target Term Trust (Mar 2024 report)

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

SCHEDULE  OF  INVESTMENTS 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

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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).

SCHEDULE  OF  INVESTMENTS 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

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