# EDGAR Filing Document

**Accession Number:** 0001832871
**File Stem:** 0001410368-25-032186
**Filing Date:** 2025-11
**Character Count:** 93049
**Document Hash:** 735e174b218492b5d6bdf4e702a11f99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032186.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032186

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock 2037 Municipal Target Term Trust
- **CENTRAL INDEX KEY:** 0001832871

**ORGANIZATION NAME:**
- **EIN:** 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:** 251525916

**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-Ex

September 30, 2025

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BlackRock 2037 Municipal Target Term Trust (BMN)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Schedule of Investments (unaudited)

September 30, 2025

**BlackRock 2037 Municipal Target Term Trust (BMN)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama**<sup>(a)</sup> **— 0.5%** | **Alabama**<sup>(a)</sup> **— 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, RB, <br> Series A, AMT, 5.00%, 06/01/55<sup>(b)</sup><br>| $235 | &nbsp;&nbsp; $238460 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, RB, Series A, 5.25%, <br> 05/01/56<br>| 510 | &nbsp;&nbsp; 529694 |
|  |  | &nbsp;&nbsp; 768154 |
| **Arizona — 1.7%** | **Arizona — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, RB, 5.00%, <br> 07/01/38<sup>(b)</sup><br>| 460 | &nbsp;&nbsp; 463563 |
| Salt Verde Financial Corp., RB, 5.00%, 12/01/37 | 2000 | &nbsp;&nbsp; 2131532 |
|  |  | &nbsp;&nbsp; 2595095 |
| **California — 4.2%** | **California — 4.2%** |  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, RB, <br> Series E-2, Sustainability Bonds, 4.47%, 02/01/54<sup>(a)</sup><br>| 625 | &nbsp;&nbsp; 625091 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 7.60%, <br> 11/15/37<sup>(b)</sup><br>| 1000 | &nbsp;&nbsp; 1019852 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> Refunding RB, Series A, Class B, AMT, Sustainability <br> Bonds, 9.50%, 01/01/65<sup>(a)(b)</sup><br>| 610 | &nbsp;&nbsp; 556243 |
| California Public Finance Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.88%, 06/01/39 | 750 | &nbsp;&nbsp; 711938 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 11/15/36 | 1000 | &nbsp;&nbsp; 994049 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Refunding RB, <br> Sustainability Bonds, 5.25%, 08/01/38<sup>(b)</sup><br>| 125 | &nbsp;&nbsp; 128848 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, <br> RB, Series A, 5.00%, 12/01/41<sup>(b)</sup><br>| 2500 | &nbsp;&nbsp; 2467166 |
|  |  | &nbsp;&nbsp; 6503187 |
| **Colorado — 2.7%** | **Colorado — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Refunding RB, <br> Series A, 4.00%, 08/01/39<br>| 750 | &nbsp;&nbsp; 724941 |
| &nbsp;&nbsp;&nbsp; Denver Convention Center Hotel Authority, Refunding RB, <br> 5.00%, 12/01/40<br>| 2000 | &nbsp;&nbsp; 1954654 |
| &nbsp;&nbsp;&nbsp; Eagle County Airport Terminal Corp., ARB, Series B, AMT, <br> 5.00%, 05/01/41<br>| 1000 | &nbsp;&nbsp; 969713 |
| &nbsp;&nbsp;&nbsp; Southlands Metropolitan District No. 1, Refunding GO, <br> Series A-1, 5.00%, 12/01/37<br>| 500 | &nbsp;&nbsp; 502191 |
|  |  | &nbsp;&nbsp; 4151499 |
| **District of Columbia — 0.7%** | **District of Columbia — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia, RB, Series A, AMT, Sustainability <br> Bonds, 5.50%, 02/28/37<br>| 1000 | &nbsp;&nbsp; 1124888 |
| **Florida — 4.5%** | **Florida — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Refunding RB, <br> Series A, AMT, 5.00%, 10/01/42<br>| 2000 | &nbsp;&nbsp; 2022227 |
| &nbsp;&nbsp;&nbsp; County of Osceola Florida Transportation Revenue, <br> Refunding RB, CAB, Series A-2, 0.00%, 10/01/46<sup>(c)</sup><br>| 6175 | &nbsp;&nbsp; 2030181 |
| Florida Development Finance Corp., RB<sup>(a)(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 6.13%, 07/01/32 | 400 | &nbsp;&nbsp; 404340 |
| &nbsp;&nbsp;&nbsp; Class A, AMT, 4.38%, 10/01/54 | 250 | &nbsp;&nbsp; 250992 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Refunding RB, AMT, <br> (AGM), 5.00%, 07/01/44<br>| 315 | &nbsp;&nbsp; 305378 |
| &nbsp;&nbsp;&nbsp; Gas Worx Community Development District, SAB, 5.00%, <br> 05/01/36<sup>(b)</sup><br>| 615 | &nbsp;&nbsp; 636854 |
| &nbsp;&nbsp;&nbsp; Normandy Community Development District, SAB, 4.63%, <br> 05/01/31<sup>(b)</sup><br>| 520 | &nbsp;&nbsp; 525358 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; Rookery Community Development District, SAB, 5.00%, <br> 05/01/44<br>| 500 | &nbsp;&nbsp; $470194 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, SAB, <br> 4.85%, 05/01/38<sup>(b)</sup><br>| 400 | &nbsp;&nbsp; 405950 |
|  |  | &nbsp;&nbsp; 7051474 |
| **Georgia — 1.6%** | **Georgia — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; DeKalb County Housing Authority, Refunding RB, 4.13%, <br> 12/01/34<br>| 250 | &nbsp;&nbsp; 249784 |
| &nbsp;&nbsp;&nbsp; Development Authority of Cobb County, RB, Series A, <br> 5.70%, 06/15/38<sup>(b)</sup><br>| 625 | &nbsp;&nbsp; 630471 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series A, 5.00%, <br> 05/15/37<br>| 1500 | &nbsp;&nbsp; 1603566 |
|  |  | &nbsp;&nbsp; 2483821 |
| **Illinois — 5.8%** | **Illinois — 5.8%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, GO, Series C, 5.25%, <br> 12/01/39<br>| 2675 | &nbsp;&nbsp; 2674992 |
| City of Chicago Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 01/01/41 | 1855 | &nbsp;&nbsp; 1890765 |
| &nbsp;&nbsp;&nbsp; Series C, 6.00%, 01/01/43 | 1000 | &nbsp;&nbsp; 1064731 |
| Illinois Finance Authority, RB, Series A, 6.50%, 05/15/42 | 250 | &nbsp;&nbsp; 264612 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/41 | 1170 | &nbsp;&nbsp; 1096474 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/41 | 310 | &nbsp;&nbsp; 287602 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, RB, Series A, <br> (NPFGC), 0.00%, 06/15/37<sup>(c)</sup><br>| 2000 | &nbsp;&nbsp; 1220419 |
| &nbsp;&nbsp;&nbsp; Rock Island County School District No. 41 Rock <br> Island/Milan, GO, Series A, (AGM), 5.00%, 01/01/44<br>| 600 | &nbsp;&nbsp; 625277 |
|  |  | &nbsp;&nbsp; 9124872 |
| **Louisiana — 0.8%** | **Louisiana — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana Housing Corp., RB, S/F Housing, Series B, <br> (FHLMC, FNMA, GNMA), 4.60%, 12/01/42<br>| 995 | &nbsp;&nbsp; 997707 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Refunding RB, <br> Series A2, 5.00%, 12/15/43<sup>(b)</sup><br>| 335 | &nbsp;&nbsp; 320043 |
|  |  | &nbsp;&nbsp; 1317750 |
| **Maine — 0.1%** | **Maine — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Finance Authority of Maine, Refunding RB, AMT, 4.63%, <br> 12/01/47<sup>(a)(b)</sup><br>| 100 | &nbsp;&nbsp; 98460 |
| **Maryland — 2.0%** | **Maryland — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., RB, Class B, AMT, <br> Sustainability Bonds, 5.00%, 12/31/40<br>| 1500 | &nbsp;&nbsp; 1517603 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, <br> Refunding RB, (AGM), 5.00%, 07/01/45<br>| 1500 | &nbsp;&nbsp; 1553240 |
|  |  | &nbsp;&nbsp; 3070843 |
| **Massachusetts — 0.6%** | **Massachusetts — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, RB, 5.00%, <br> 07/01/42<br>| 1000 | &nbsp;&nbsp; 994170 |
| **Michigan — 4.8%** | **Michigan — 4.8%** |  |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Refunding RB, 5.00%, <br> 11/15/41<br>| 1000 | &nbsp;&nbsp; 1004734 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, Sustainability Bonds, 5.10%, 12/01/37 | 2250 | &nbsp;&nbsp; 2388085 |
| &nbsp;&nbsp;&nbsp; Series D, Sustainability Bonds, 5.20%, 12/01/40 | 2750 | &nbsp;&nbsp; 2875215 |
| &nbsp;&nbsp;&nbsp; Wayne County Airport Authority, ARB, Series D, 5.00%, <br> 12/01/40<br>| 1230 | &nbsp;&nbsp; 1231027 |
|  |  | &nbsp;&nbsp; 7499061 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock 2037 Municipal Target Term Trust (BMN)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Minnesota — 1.0%** | **Minnesota — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, RB, S/F Housing, <br> Series M, Sustainability Bonds, (FHLMC, FNMA, GNMA), <br> 5.10%, 07/01/42<br>| $1465 | &nbsp;&nbsp; $1536999 |
| **Nevada**<sup>(b)</sup> **— 0.6%** | **Nevada**<sup>(b)</sup> **— 0.6%** |  |
| City of North Las Vegas Nevada, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/37 | 485 | &nbsp;&nbsp; 498205 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/42 | 485 | &nbsp;&nbsp; 498651 |
|  |  | &nbsp;&nbsp; 996856 |
| **New Hampshire — 2.4%** | **New Hampshire — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, Class A, <br> Sustainability Bonds, 5.25%, 06/01/42<br>| 1500 | &nbsp;&nbsp; 1591462 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025, Subordinate, 5.15%, 09/28/37 | 590 | &nbsp;&nbsp; 585814 |
| &nbsp;&nbsp;&nbsp; Class A-1, Sustainability Bonds, 4.75%, 06/20/41<sup>(a)</sup> | 1509 | &nbsp;&nbsp; 1530238 |
|  |  | &nbsp;&nbsp; 3707514 |
| **New Jersey — 4.0%** | **New Jersey — 4.0%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, RB, Series A, <br> 5.00%, 06/15/42<br>| 1500 | &nbsp;&nbsp; 1526915 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, RB, M/F <br> Housing, Series D-1, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 5.10%, 11/01/45<br>| 1000 | &nbsp;&nbsp; 1039234 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, 5.00%, <br> 06/15/42<br>| 2200 | &nbsp;&nbsp; 2309601 |
| &nbsp;&nbsp;&nbsp; South Jersey Port Corp., Refunding ARB, Series S, 5.00%, <br> 01/01/39<br>| 1350 | &nbsp;&nbsp; 1356179 |
|  |  | &nbsp;&nbsp; 6231929 |
| **New Mexico — 0.6%** | **New Mexico — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; City of Santa Fe New Mexico, Refunding RB, 5.00%, <br> 05/15/32<br>| 1000 | &nbsp;&nbsp; 1000328 |
| **New York — 7.0%** | **New York — 7.0%** |  |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., RB, Sustainability Bonds, <br> 5.00%, 06/01/32<sup>(b)</sup><br>| 400 | &nbsp;&nbsp; 414658 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Refunding RB, <br> Series C, Sustainability Bonds, 5.00%, 11/15/42<br>| 500 | &nbsp;&nbsp; 511006 |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., RB, Series A, <br> 5.00%, 12/01/37<br>| 1670 | &nbsp;&nbsp; 1671867 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing, Series S, Class F-1, Sustainability Bonds, <br> 4.60%, 11/01/42<br>| 1500 | &nbsp;&nbsp; 1508202 |
| &nbsp;&nbsp;&nbsp; New York Convention Center Development Corp., <br> Refunding RB, 5.00%, 11/15/40<br>| 1500 | &nbsp;&nbsp; 1501137 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., RB, AMT, <br> 5.13%, 09/01/50<sup>(a)(b)</sup><br>| 250 | &nbsp;&nbsp; 260695 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., ARB, AMT, <br> 5.00%, 01/01/36<br>| 1500 | &nbsp;&nbsp; 1522584 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/40 | 1500 | &nbsp;&nbsp; 1514086 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.50%, 06/30/38 | 1000 | &nbsp;&nbsp; 1058897 |
| Onondaga Civic Development Corp., RB, 5.00%, 07/01/40 | 1075 | &nbsp;&nbsp; 1075973 |
|  |  | &nbsp;&nbsp; 11039105 |
| **North Carolina — 1.0%** | **North Carolina — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Refunding RB, <br> 5.00%, 10/01/30<br>| 500 | &nbsp;&nbsp; 500554 |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Refunding RB, Series A, <br> 5.00%, 07/01/42<br>| 995 | &nbsp;&nbsp; 1005605 |
|  |  | &nbsp;&nbsp; 1506159 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Ohio — 3.7%** | **Ohio — 3.7%** |  |
| County of Franklin Ohio, RB, 5.00%, 05/15/40 | $3140 | &nbsp;&nbsp; $3140534 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, RB, AMT, 4.50%, <br> 01/15/48<sup>(b)</sup><br>| 1000 | &nbsp;&nbsp; 908226 |
| State of Ohio, RB, Series P3, AMT, 5.00%, 12/31/39 | 1680 | &nbsp;&nbsp; 1680399 |
|  |  | &nbsp;&nbsp; 5729159 |
| **Oklahoma — 1.0%** | **Oklahoma — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority, Refunding RB, 5.25%, <br> 11/15/37<br>| 1000 | &nbsp;&nbsp; 1010890 |
| Tulsa Municipal Airport Trust Trustees, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 6.25%, 12/01/35 | 265 | &nbsp;&nbsp; 301821 |
| &nbsp;&nbsp;&nbsp; AMT, 6.25%, 12/01/40 | 290 | &nbsp;&nbsp; 318939 |
|  |  | &nbsp;&nbsp; 1631650 |
| **Oregon — 2.7%** | **Oregon — 2.7%** |  |
| Port of Morrow Oregon, ARB, Series A, 5.15%, 10/01/26<sup>(b)</sup> | 1140 | &nbsp;&nbsp; 1141152 |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, ARB, Series 24B, <br> AMT, 5.00%, 07/01/42<br>| 1835 | &nbsp;&nbsp; 1837814 |
| &nbsp;&nbsp;&nbsp; Washington & Multnomah Counties School District No. 48J <br> Beaverton, GO, CAB, Series A, (GTD), 0.00%, <br> 06/15/37<sup>(c)</sup><br>| 2000 | &nbsp;&nbsp; 1256923 |
|  |  | &nbsp;&nbsp; 4235889 |
| **Pennsylvania — 9.4%** | **Pennsylvania — 9.4%** |  |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority, RB, 5.00%, 05/01/42<sup>(b)</sup><br>| 890 | &nbsp;&nbsp; 890432 |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority, Refunding RB, 5.00%, 05/01/42<br>| 2580 | &nbsp;&nbsp; 2624562 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, <br> Refunding RB, 5.00%, 11/15/36<br>| 350 | &nbsp;&nbsp; 352229 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, <br> RB, AMT, 5.50%, 06/30/43<br>| 5000 | &nbsp;&nbsp; 5234491 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB, 5.00%, 05/01/41<br>| 1500 | &nbsp;&nbsp; 1502034 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F Housing, <br> Series 149A, Sustainability Bonds, 5.10%, 10/01/45<br>| 2500 | &nbsp;&nbsp; 2553601 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, RB, Sub-Series B-1, <br> 5.00%, 06/01/42<br>| 1500 | &nbsp;&nbsp; 1518384 |
|  |  | &nbsp;&nbsp; 14675733 |
| **Puerto Rico — 4.4%** | **Puerto Rico — 4.4%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, GO, Series A-1, <br> Restructured, 5.75%, 07/01/31<br>| 3447 | &nbsp;&nbsp; 3811479 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, Convertible, Restructured, 4.33%, 07/01/40 | 1500 | &nbsp;&nbsp; 1431028 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.55%, 07/01/40 | 1750 | &nbsp;&nbsp; 1704674 |
|  |  | &nbsp;&nbsp; 6947181 |
| **South Carolina — 1.6%** | **South Carolina — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, Series A1, <br> 5.25%, 10/01/54<sup>(a)</sup><br>| 805 | &nbsp;&nbsp; 875338 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, RB, Series E, <br> 5.50%, 12/01/42<br>| 1500 | &nbsp;&nbsp; 1634667 |
|  |  | &nbsp;&nbsp; 2510005 |
| **Tennessee — 2.9%** | **Tennessee — 2.9%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Facs Bd, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/38 | 1000 | &nbsp;&nbsp; 1011496 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/41 | 1000 | &nbsp;&nbsp; 962660 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock 2037 Municipal Target Term Trust (BMN)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tennessee (continued)** | **Tennessee (continued)** |  |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(a)</sup> | 1500 | &nbsp;&nbsp; $1604535 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, <br> 05/01/52<sup>(a)</sup><br>| 925 | &nbsp;&nbsp; 994652 |
|  |  | &nbsp;&nbsp; 4573343 |
| **Texas — 3.4%** | **Texas — 3.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.50%, 07/15/37<br>| 205 | &nbsp;&nbsp; 218469 |
| EP Royal Estates PFC, RB, M/F Housing, 4.25%, 10/01/39 | 2000 | &nbsp;&nbsp; 1962804 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., <br> Refunding RB, 5.00%, 01/01/27<br>| 380 | &nbsp;&nbsp; 384147 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., RB, <br> 5.00%, 08/15/39<sup>(b)</sup><br>| 425 | &nbsp;&nbsp; 419997 |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Refunding RB, Series A, Junior <br> Lien, 4.00%, 05/15/40<br>| 810 | &nbsp;&nbsp; 795318 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., <br> Refunding RB, 5.00%, 11/15/40<br>| 1500 | &nbsp;&nbsp; 1500018 |
|  |  | &nbsp;&nbsp; 5280753 |
| **Utah — 1.1%** | **Utah — 1.1%** |  |
| Downtown Revitalization Public Infrastructure District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, (AGM), 5.25%, 06/01/43 | 1000 | &nbsp;&nbsp; 1079011 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.25%, 06/01/43 | 600 | &nbsp;&nbsp; 647811 |
|  |  | &nbsp;&nbsp; 1726822 |
| **Vermont — 0.8%** | **Vermont — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Vermont Economic Development Authority, RB, AMT, <br> 4.63%, 04/01/36<sup>(a)(b)</sup><br>| 1300 | &nbsp;&nbsp; 1314985 |
| **Washington — 2.6%** | **Washington — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; University of Washington, Refunding RB, Series C, 4.00%, <br> 12/01/40<br>| 2500 | &nbsp;&nbsp; 2394786 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Refunding <br> RB, Series A, 5.00%, 07/01/38<br>| 1590 | &nbsp;&nbsp; 1627464 |
|  |  | &nbsp;&nbsp; 4022250 |
| **Wisconsin — 3.1%** | **Wisconsin — 3.1%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/30<sup>(b)</sup> | 147 | &nbsp;&nbsp; 148494 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/34 | 430 | &nbsp;&nbsp; 447197 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/35<sup>(b)</sup> | 350 | &nbsp;&nbsp; 367355 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 5.50%, 07/01/44 | 500 | &nbsp;&nbsp; 508351 |
| Public Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/42<sup>(b)</sup> | 1230 | &nbsp;&nbsp; 1210068 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/42 | 1500 | &nbsp;&nbsp; 1480469 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, <br> Refunding RB, 5.00%, 11/01/27<br>| 745 | &nbsp;&nbsp; 749272 |
|  |  | &nbsp;&nbsp; 4911206 |
| **Wyoming — 1.2%** | **Wyoming — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Wyoming Community Development Authority, Refunding <br> RB, S/F Housing, Series 1, 4.40%, 12/01/43<br>| 2000 | &nbsp;&nbsp; 1927553 |
| **Total Municipal Bonds — 84.5%** <br>**(Cost: $130,030,219)** | **Total Municipal Bonds — 84.5%** <br>**(Cost: $130,030,219)** | &nbsp;&nbsp; 132288693 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(d)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(d)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(d)</sup> |
| **Alabama — 3.4%** | **Alabama — 3.4%** |  |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, RB, <br> Series A, 5.00%, 01/01/56<sup>(a)</sup><br>| $5000 | &nbsp;&nbsp; $5251357 |
| **Colorado — 2.6%** | **Colorado — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System Revenue, <br> Refunding ARB, Series D, AMT, 5.00%, 11/15/42<br>| 4000 | &nbsp;&nbsp; 4101940 |
| **Idaho — 3.3%** | **Idaho — 3.3%** |  |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Refunding RB, Class A, <br> 5.00%, 03/01/43<br>| 5000 | &nbsp;&nbsp; 5231759 |
| **Illinois — 6.6%** | **Illinois — 6.6%** |  |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, RB, S/F Housing, <br> Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), <br> 4.85%, 10/01/42<br>| 5000 | &nbsp;&nbsp; 5082521 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority, RB, Series A, 5.00%, <br> 06/01/55<br>| 5000 | &nbsp;&nbsp; 5181225 |
|  |  | &nbsp;&nbsp; 10263746 |
| **Kansas — 3.3%** | **Kansas — 3.3%** |  |
| &nbsp;&nbsp;&nbsp; Wyandotte County Unified School District No. 500 Kansas <br> City, GO, (BAM), 5.00%, 09/01/50<sup>(e)</sup><br>| 5000 | &nbsp;&nbsp; 5118070 |
| **Maryland — 2.6%** | **Maryland — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, RB, <br> 4.95%, 09/01/42<br>| 4000 | &nbsp;&nbsp; 4129185 |
| **Massachusetts — 3.3%** | **Massachusetts — 3.3%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series A, 5.00%, <br> 05/01/48<br>| 5000 | &nbsp;&nbsp; 5206619 |
| **Michigan — 3.1%** | **Michigan — 3.1%** |  |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Refunding RB, 5.00%, <br> 12/01/42<br>| 4865 | &nbsp;&nbsp; 4924892 |
| **Pennsylvania — 11.8%** | **Pennsylvania — 11.8%** |  |
| Allegheny County Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, (AGM), 5.25%, 01/01/37 | 1640 | &nbsp;&nbsp; 1773232 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, (AGM), 5.25%, 01/01/40 | 1700 | &nbsp;&nbsp; 1837892 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, (AGM), 5.50%, 01/01/41 | 1660 | &nbsp;&nbsp; 1795019 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, (AGM), 5.50%, 01/01/42 | 1500 | &nbsp;&nbsp; 1622124 |
| &nbsp;&nbsp;&nbsp; General Authority of Southcentral Pennsylvania, Refunding <br> RB, 5.00%, 06/01/39<br>| 5000 | &nbsp;&nbsp; 5228417 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F Housing, <br> Series 143A, Sustainability Bonds, 5.13%, 10/01/41<br>| 5930 | &nbsp;&nbsp; 6195870 |
|  |  | &nbsp;&nbsp; 18452554 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock 2037 Municipal Target Term Trust (BMN)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Washington**<sup>(e)</sup> **— 6.8%** | **Washington**<sup>(e)</sup> **— 6.8%** |  |
| &nbsp;&nbsp;&nbsp; Fircrest Properties, RB, Sustainability Bonds, 5.50%, <br> 06/01/49<br>| $5000 | &nbsp;&nbsp; $5353665 |
| State of Washington, GO, Series C, 5.00%, 02/01/49 | 5000 | &nbsp;&nbsp; 5208561 |
|  |  | &nbsp;&nbsp; 10562226 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 46.8%** <br>**(Cost: $71,799,585)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 46.8%** <br>**(Cost: $71,799,585)** | &nbsp;&nbsp; 73242348 |
| **Total Long-Term Investments — 131.3%** <br>**(Cost: $201,829,804)** | **Total Long-Term Investments — 131.3%** <br>**(Cost: $201,829,804)** | &nbsp;&nbsp; 205531041 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional Shares, <br> 2.90%<sup>(f)(g)</sup><br>| 330225 | &nbsp;&nbsp; 330258 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $330,258)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $330,258)** | &nbsp;&nbsp; 330258 |
| **Total Investments — 131.5%** <br>**(Cost: $202,160,062)** | **Total Investments — 131.5%** <br>**(Cost: $202,160,062)** | &nbsp;&nbsp; 205861299 |
| **Other Assets Less Liabilities — 1.5%** | **Other Assets Less Liabilities — 1.5%** | &nbsp;&nbsp; 2343896 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (33.0)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (33.0)%** | &nbsp;&nbsp; (51651070)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $156554125 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Zero-coupon bond.

<sup>(d)</sup> 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. 

<sup>(e)</sup> 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. 

<sup>(f)</sup> Affiliate of the Trust.

<sup>(g)</sup> 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* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $82606<br> $247652 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $330258 | 330225 | $53331 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

------

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $132288693 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $132288693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73242348 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73242348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 330258 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 330258 |
|  | &nbsp;&nbsp; $330258 | &nbsp;&nbsp;&nbsp;&nbsp; $205531041 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $205861299 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **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 |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock 2037 Municipal Target Term Trust

- **b. Investment Company Act file number:** 811-23621

- **c. CIK number of Registrant:** 0001832871

- **d. LEI of Registrant:** 549300LCFHRSE0SFOF50

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock 2037 Municipal Target Term Trust

- **c. LEI of Series:** 549300LCFHRSE0SFOF50

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $208699010.76

**Total Liabilities:** $52144885.35

**Net Assets:** $156554125.41

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 60535.46000000 | **1-Year:** 4666.68000000 | **5-Year:** 33042.93000000 | **10-Year:** 27531.63000000 | **30-Year:** 3767.18000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 4792.77000000 | **1-Year:** 404.60000000 | **5-Year:** 11382.68000000 | **10-Year:** 6733.59000000 | **30-Year:** 1153.51000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.78%               | 0.95%                | 2.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2024.95                | $-1762268.86                               |
| Month 2  | $22960.12                | $796165.42                                 |
| Month 3  | $-0.16                   | $3931807.14                                |

**Designated Index Information**

- **Index Name:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

- **Index Identifier:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Development Authority of Cobb County/The                                         | COBB CNTY GA DEV AUTH CHARTERSCH REVENUE                     | CUSIP: 190779AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $630470.56    | 0.40%             | 2038-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                        | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $301820.75    | 0.19%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH EXEMPT FACS REVENUE             | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $908225.33    | 0.58%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                  | BALDWIN CNTY AL INDL DEV AUTH SOL WST DISP REVENUE           | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $238459.49    | 0.15%             | 2055-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444BZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2624561.66   | 1.68%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1522584.00   | 0.97%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fircrest Properties                                                              | FIRCREST PROPERTIES                                          | CUSIP: 318094AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5353665.16   | 3.42%             | 2049-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $890431.78    | 0.57%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH MONROE EXPRESSWAY TOLL REV   | CUSIP: 65830UAB8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1005605.13   | 0.64%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENUE                              | CUSIP: 451295G78<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5231759.26   | 3.34%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                                  | DEKALB CNTY GA HSG AUTH MF HSG                               | CUSIP: 240471PH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249784.41    | 0.16%             | 2034-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783Q58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1627464.33   | 1.04%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Economic Development Authority                                           | VERMONT ST ECON DEV AUTH SOLID WST DISP REVENUE              | CUSIP: 924157AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1314985.13   | 0.84%             | 2036-04-01      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp/NY                                     | MONROE CNTY NY INDL DEV CORP REVENUE                         | CUSIP: 61075TEB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1671867.33   | 1.07%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SENIOR LIVING REVENUE                     | CUSIP: 74443UBA0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1210068.24   | 0.77%             | 2042-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917SV67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502034.08   | 0.96%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116GQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058896.71   | 0.68%             | 2038-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FBF1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1096473.85   | 0.70%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE                     | CUSIP: 01728LHA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1639950 | PA      | $1773231.54   | 1.13%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WBK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $585814.25    | 0.37%             | 2037-09-28      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FSM8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264612.37    | 0.17%             | 2042-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TSE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128847.89    | 0.08%             | 2038-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI ARPT FACS REVENUE                         | CUSIP: 74443CAC7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1480468.94   | 0.95%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $218468.86    | 0.14%             | 2037-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington & Multnomah Counties School District No 48J Beaverton                 | WASHINGTON CNTY OR SCH DIST #48J BEAVERTON                   | CUSIP: 9384292J5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1256922.98   | 0.80%             | 2037-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486P78<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1890764.42   | 1.21%             | 2041-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD51<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    146830 | PA      | $148494.55    | 0.09%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QV75<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2553601.28   | 1.63%             | 2045-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH COOPERATIVE DIST AL ENERGY SUPPLY REVE | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5251357.28   | 3.35%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EP Royal Estates PFC                                                             | EP ROYAL ESTATES PFC TX RSDL DEV REVENUE                     | CUSIP: 29415NAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1962804.00   | 1.25%             | 2039-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp                                                  | ONONDAGA NY CIVIC DEV CORP                                   | CUSIP: 682832DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1075973.28   | 0.69%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DR5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    315000 | PA      | $305377.95    | 0.20%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ETH9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    400000 | PA      | $414658.32    | 0.26%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3447000 | PA      | $3811478.61   | 2.43%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250991.75    | 0.16%             | 2054-10-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSONCNTY TN HLTH & EDUCTNL FAC BRD  | CUSIP: 592041YN1<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011496.35   | 0.65%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | CUSIP: 34061XAF9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $404339.88    | 0.26%             | 2032-07-01      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EV52<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5208560.56   | 3.33%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BSX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $463562.90    | 0.30%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584Y4H9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994170.30    | 0.64%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                           | DOWNTOWN REVITALIZATION PUBLIC INFRASTRUCTURE DIST UT SALES  | CUSIP: 26118TAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079010.54   | 0.69%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582R2Z8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5206618.50   | 3.33%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | SANTA FE NM RETMNT FAC REVENUE                               | CUSIP: 802170AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000327.91   | 0.64%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514085.96   | 0.97%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDC7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    625000 | PA      | $625092.08    | 0.40%             | 2054-02-01      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV             | CUSIP: 57419TH20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4129184.88   | 2.64%             | 2042-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654SF3<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2875215.09   | 1.84%             | 2040-12-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Rock Island County School District No 41 Rock Island/Milan                       | ROCK ISLAND CNTY IL SCH DIST #41 ROCK ISLAND                 | CUSIP: 772436GE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $625277.07    | 0.40%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                     | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 6461087G9<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039234.24   | 0.66%             | 2045-11-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2674992.24   | 1.71%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224WQ8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518384.02   | 0.97%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                 | MINNESOTA ST HSG FIN AGY                                     | CUSIP: 60416TXY9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1536998.95   | 0.98%             | 2042-07-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| City of North Las Vegas NV                                                       | NORTH LAS VEGAS NV LOCAL IMPT                                | CUSIP: 66041HHN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $498650.84    | 0.32%             | 2042-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH AFFORDABLE HSG CTFS                     | CUSIP: 63607DAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1509376 | PA      | $1530237.70   | 0.98%             | 2041-06-20      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                                   | SOUTHCENTRL PA GEN AUTH REVENUE                              | CUSIP: 84129NMA4<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5228417.18   | 3.34%             | 2039-06-01      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1431027.50   | 0.91%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TMN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004734.34   | 0.64%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                      | CALIFORNIA ST ENTERPRISE DEV AUTH REVENUE                    | CUSIP: 13067RCY7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019852.14   | 0.65%             | 2037-11-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MJZ5<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5082521.06   | 3.25%             | 2042-10-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1704674.41   | 1.09%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Normandy Community Development District                                          | NORMANDY CDD FL CAPITAL IMPT REVENUE                         | CUSIP: 65618HAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $525358.38    | 0.34%             | 2031-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE            | CUSIP: 64542QBE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $419996.77    | 0.27%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU | CUSIP: 87638RFP7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500018.32   | 0.96%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | SAN ANTONIO TX WTR REVENUE                                   | CUSIP: 79642GHQ8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    810000 | PA      | $795318.26    | 0.51%             | 2040-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YCS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1591462.10   | 1.02%             | 2042-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                            | FRANKLIN CNTY OH HOSP FACS REVENUE                           | CUSIP: 353187CQ8<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   3140000 | PA      | $3140534.24   | 2.01%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Convention Center Hotel Authority                                         | DENVER CO CONVENTION CENTER HOTEL AUTH REVENUE               | CUSIP: 249189DS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1954654.38   | 1.25%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $711938.44    | 0.45%             | 2039-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1604534.69   | 1.02%             | 2053-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 57421CJY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553239.86   | 0.99%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712D3X2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    745000 | PA      | $749271.62    | 0.48%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182TL0<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4101939.70   | 2.62%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP PRIV ACTIVITY REVENUE              | CUSIP: 57422JBT4<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1517602.73   | 0.97%             | 2040-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH SOL WST DISP REVENUE                       | CUSIP: 56042CAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98459.53     | 0.06%             | 2047-12-01      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 735240M83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1837814.12   | 1.17%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyoming Community Development Authority                                          | WYOMING ST CMNTY DEV AUTH HSG REVENUE                        | CUSIP: 98322QE52<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1927553.26   | 1.23%             | 2043-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Rookery Community Development District                                           | ROOKERY CDD FL CAPITAL IMPT REVENUE                          | CUSIP: 776364AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $470193.98    | 0.30%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE                     | CUSIP: 01728LHB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500200 | PA      | $1622123.83   | 1.04%             | 2042-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 65821DTG6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500554.24    | 0.32%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                                | TENNESSEE ENERGY ACQUISITION CORP COMMODITY PROJECT REVENUE  | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    925000 | PA      | $994652.56    | 0.64%             | 2052-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No 500 Kansas City                      | WYANDOTTE CNTY KS UNIF SCH DIST #500                         | CUSIP: 982696SW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5118070.23   | 3.27%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                     | NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE         | CUSIP: 649852AT7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260695.04    | 0.17%             | 2050-09-01      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE                     | CUSIP: 01728LHB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660100 | PA      | $1795019.17   | 1.15%             | 2042-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Port of Morrow OR                                                                | PORT OF MORROW OR                                            | CUSIP: 73473RFG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1141151.98   | 0.73%             | 2026-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE                     | CUSIP: 01728LHB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1699750 | PA      | $1837891.59   | 1.17%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |    330875 | NS      | $330908.01    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| California Public Finance Authority                                              | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994048.69    | 0.63%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                        | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $318939.02    | 0.20%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QUH4<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   5929999 | PA      | $6195869.97   | 3.96%             | 2041-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Louisiana Housing Corp                                                           | LOUISIANA ST HSG CORP SF MTGE REVENUE                        | CUSIP: 54627DKN0<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |    995000 | PA      | $997707.04    | 0.64%             | 2042-12-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | MONTGOMERY CNTY PA INDL DEV AUTH                             | CUSIP: 61360PCK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $352228.73    | 0.22%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972E2Z1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508201.64   | 0.96%             | 2042-11-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 15                                     | VILLAGE CDD NO 15 SPL ASSMNT REVENUE                         | CUSIP: 92708KAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $405950.41    | 0.26%             | 2038-05-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBS0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1603566.41   | 1.02%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009LB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $384147.26    | 0.25%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST PRIVATE ACTIVITY REVENUE                             | CUSIP: 67759YAX5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1680399.27   | 1.07%             | 2039-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of North Las Vegas NV                                                       | NORTH LAS VEGAS NV LOCAL IMPT                                | CUSIP: 66041HHM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $498205.66    | 0.32%             | 2037-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508350.76    | 0.32%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                            | CUSIP: 688031FB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6175000 | PA      | $2030181.06   | 1.30%             | 2046-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Port Corp                                                           | SOUTH JERSEY NJ PORT CORP                                    | CUSIP: 838530QL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1356178.68   | 0.87%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eagle County Airport Terminal Corp                                               | EAGLE CNTY CO ARPT TERMINAL CORP                             | CUSIP: 26947EBS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969712.75    | 0.62%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399TY2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    335000 | PA      | $320042.72    | 0.20%             | 2043-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396KE1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    350000 | PA      | $367354.82    | 0.23%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                           | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE           | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |    805000 | PA      | $875337.45    | 0.56%             | 2054-10-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151T90<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1634667.09   | 1.04%             | 2042-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                | REGL TRANSPRTN AUTH IL                                       | CUSIP: 7599116T2<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5181225.20   | 3.31%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                         | UNIV OF WASHINGTON WA UNIV REVENUES                          | CUSIP: 91523NPY6<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2394785.88   | 1.53%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL DEDICATED ST TAX REVENUE       | CUSIP: 592247L24<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1220418.70   | 0.78%             | 2037-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDUCTNL REVENUE                           | CUSIP: 74445GAN2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    430000 | PA      | $447197.18    | 0.29%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEV5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    510000 | PA      | $529694.02    | 0.34%             | 2056-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Southlands Metropolitan District No 1                                            | SOUTHLANDS CO MET DIST #1                                    | CUSIP: 84454RAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502190.82    | 0.32%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                          | MIAMI-DADE CNTY FL SEAPORT REVENUE                           | CUSIP: 59335KEZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022226.56   | 1.29%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TQU0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4865000 | PA      | $4924892.09   | 3.15%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                | TULSA CNTY OK INDL AUTH SENIOR LIVING CMNTY REVENUE          | CUSIP: 899530AY5<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010890.05   | 0.65%             | 2037-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSONCNTY TN HLTH & EDUCTNL FAC BRD  | CUSIP: 592041WA1<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962659.91    | 0.61%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                   | WAYNE CNTY MI ARPT AUTH REVENUE                              | CUSIP: 944514SW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1231027.10   | 0.79%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gas Worx Community Development District                                          | GAS WORX CDD FL SPL ASSMNT                                   | CUSIP: 367200AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $636854.10    | 0.41%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                           | DOWNTOWN REVITALIZATION PUBLIC INFRASTRUCTURE DIST UT SALES  | CUSIP: 26118TBR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $647811.17    | 0.41%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AZS9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511005.82    | 0.33%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    610000 | PA      | $556243.47    | 0.36%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp                                      | NEW YORK ST CONVENTION CENTER DEV CORP REVENUE               | CUSIP: 649451DM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501136.63   | 0.96%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 64578EKA4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526915.25   | 0.98%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654SE6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2388084.41   | 1.53%             | 2037-12-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FJZ8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    750000 | PA      | $724940.59    | 0.46%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SMJ0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2467165.75   | 1.58%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VA61<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1124887.90   | 0.72%             | 2037-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486V97<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064731.22   | 0.68%             | 2043-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5234491.35   | 3.34%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FHT5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    310000 | PA      | $287601.70    | 0.18%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2131531.98   | 1.36%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CCF3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2309601.21   | 1.48%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** BlackRock 2037 Municipal Target Term Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer