0001752724-23-120302.txt : 20230526 0001752724-23-120302.hdr.sgml : 20230526 20230526111923 ACCESSION NUMBER: 0001752724-23-120302 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230526 DATE AS OF CHANGE: 20230526 PERIOD START: 20231231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock 2037 Municipal Target Term Trust CENTRAL INDEX KEY: 0001832871 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23621 FILM NUMBER: 23964701 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800 882 0052 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock 2040 Municipal Target Term Trust DATE OF NAME CHANGE: 20201118 NPORT-P 1 primary_doc.xml NPORT-P false 0001832871 XXXXXXXX BlackRock 2037 Municipal Target Term Trust 811-23621 0001832871 549300LCFHRSE0SFOF50 100 Bellevue Parkway Wilmington 19809 800-441-7762 BlackRock 2037 Municipal Target Term Trust 549300LCFHRSE0SFOF50 2023-12-31 2023-03-31 N 159416985.06 778152.00 158638833.06 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 66515.68000000 USD N Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio E-470 Public Highway Authority 549300164ZV2301BC703 E-470 CO PUBLIC HIGHWAY AUTH 26822LMU5 3800000.00000000 PA USD 3883402.40000000 2.447951945367 Long DBT MUN US N 2 2040-09-01 Fixed 5.00000000 N N N N N N Allentown Neighborhood Improvement Zone Development Authority N/A ALLENTOWN PA NEIGHBORHOOD IMPTZONE DEV AUTH TAX REV 018444BZ1 2580000.00000000 PA USD 2610787.14000000 1.645742779141 Long DBT MUN US N 2 2042-05-01 Fixed 5.00000000 N N N N N N New York 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2000000.00000000 PA USD 2085096.00000000 1.314366703145 Long DBT MUN US N 2 2037-12-01 Fixed 5.00000000 N N N N N N New Jersey Transportation Trust Fund Authority 549300YUVD5TEXR6L889 NEW JERSEY ST TRANSPRTN TRUST FUND AUTH 64613CCF3 2700000.00000000 PA USD 2904149.70000000 1.830667588749 Long DBT MUN US N 2 2042-06-15 Fixed 5.00000000 N N N N N N City & County of Denver CO Airport System Revenue N/A DENVER CITY & CNTY CO ARPT REVENUE 249182TL0 4000000.00000000 PA USD 4308140.00000000 2.715690677307 Long DBT MUN US N 2 2042-11-15 Fixed 5.00000000 N N N N N N 2023-05-01 BlackRock 2037 Municipal Target Term Trust Chuck Pulsfort Chuck Pulsfort Assistant Treasurer XXXX NPORT-EX 2 NPORT_89RX_37926840_0323.htm BlackRock 2037 Municipal Target Term Trust

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  

 

 

 

 

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

 

 

S C H E D U L E   O F   I N V E S T M E N T S   4