# EDGAR Filing Document

**Accession Number:** 0001832871
**File Stem:** 0001410368-26-054482
**Filing Date:** 2026-5
**Character Count:** 117156
**Document Hash:** 4e1980754edf0c0b39b93e98956c727d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-054482.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001410368-26-054482

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261030883

**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

March 31, 2026

2026 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)

March 31, 2026

**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> **— 2.4%** | **Alabama**<sup>(a)</sup> **— 2.4%** |  |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, RB, <br> Series A, AMT, 5.00%, 06/01/55<sup>(b)</sup><br>| $1235 | &nbsp;&nbsp; $1252610 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, RB, Series A, 5.25%, <br> 05/01/56<br>| 2510 | &nbsp;&nbsp; 2555407 |
|  |  | &nbsp;&nbsp; 3808017 |
| **Arizona — 2.0%** | **Arizona — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, RB, 5.00%, <br> 07/01/38<sup>(b)</sup><br>| 460 | &nbsp;&nbsp; 461537 |
| &nbsp;&nbsp;&nbsp; La Paz County Industrial Development Authority, RB, <br> 5.00%, 02/15/46<sup>(b)</sup><br>| 500 | &nbsp;&nbsp; 478360 |
| Salt Verde Financial Corp., RB, 5.00%, 12/01/37 | 2000 | &nbsp;&nbsp; 2110227 |
|  |  | &nbsp;&nbsp; 3050124 |
| **California — 4.6%** | **California — 4.6%** |  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, RB, <br> Series E-2, Sustainability Bonds, 4.12%, 02/01/54<sup>(a)</sup><br>| 625 | &nbsp;&nbsp; 633645 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 7.60%, <br> 11/15/37<sup>(b)</sup><br>| 1000 | &nbsp;&nbsp; 1011385 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> Refunding RB, Class B, AMT, Sustainability Bonds, <br> 12.00%, 01/01/65<sup>(a)(b)</sup><br>| 440 | &nbsp;&nbsp; 233200 |
| California Public Finance Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.88%, 06/01/39 | 750 | &nbsp;&nbsp; 739886 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 11/15/36 | 1000 | &nbsp;&nbsp; 1004611 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, RB, Series A, 5.00%, <br> 07/01/45<sup>(b)</sup><br>| 1000 | &nbsp;&nbsp; 991886 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Refunding RB, <br> Sustainability Bonds, 5.25%, 08/01/38<sup>(b)</sup><br>| 125 | &nbsp;&nbsp; 128407 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, <br> RB, Series A, 5.00%, 12/01/41<sup>(b)</sup><br>| 2500 | &nbsp;&nbsp; 2502168 |
|  |  | &nbsp;&nbsp; 7245188 |
| **Colorado — 3.6%** | **Colorado — 3.6%** |  |
| Colorado Health Facilities Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/39 | 750 | &nbsp;&nbsp; 726604 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/50 | 1575 | &nbsp;&nbsp; 1359586 |
| &nbsp;&nbsp;&nbsp; Denver Convention Center Hotel Authority, Refunding RB, <br> Series A, 5.00%, 12/01/40<br>| 2000 | &nbsp;&nbsp; 1995289 |
| &nbsp;&nbsp;&nbsp; Eagle County Airport Terminal Corp., ARB, Series B, AMT, <br> 5.00%, 05/01/41<br>| 1000 | &nbsp;&nbsp; 1001059 |
| &nbsp;&nbsp;&nbsp; Southlands Metropolitan District No. 1, Refunding GO, <br> Series A-1, 5.00%, 12/01/37<br>| 500 | &nbsp;&nbsp; 501890 |
|  |  | &nbsp;&nbsp; 5584428 |
| **Delaware — 0.3%** | **Delaware — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, <br> Refunding RB, Series A, 4.00%, 10/01/45<sup>(a)</sup><br>| 400 | &nbsp;&nbsp; 393475 |
| **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; 1136303 |
| **Florida — 7.2%** | **Florida — 7.2%** |  |
| &nbsp;&nbsp;&nbsp; County of Osceola Florida Transportation Revenue, <br> Refunding RB, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/43 | 2750 | &nbsp;&nbsp; 1154515 |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/46 | 6175 | &nbsp;&nbsp; 2110567 |
| Florida Development Finance Corp., RB<sup>(a)(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 6.13%, 07/01/32 | 400 | &nbsp;&nbsp; 400258 |
| &nbsp;&nbsp;&nbsp; Series A, Class A, AMT, 4.38%, 10/01/54 | 250 | &nbsp;&nbsp; 251160 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Refunding RB, AMT, <br> (AGM), 5.00%, 07/01/44<br>| 315 | &nbsp;&nbsp; 306127 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; Floridaorida Development Finance Corp., RB, AMT, <br> 07/01/32<sup>(b)(d)</sup><br>| 315 | &nbsp;&nbsp; $313540 |
| &nbsp;&nbsp;&nbsp; Gas Worx Community Development District, SAB, 5.00%, <br> 05/01/36<sup>(b)</sup><br>| 615 | &nbsp;&nbsp; 630667 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, ARB, AMT, 5.50%, <br> 11/01/37<br>| 1500 | &nbsp;&nbsp; 1562604 |
| &nbsp;&nbsp;&nbsp; Normandy Community Development District, SAB, 4.63%, <br> 05/01/31<sup>(b)</sup><br>| 440 | &nbsp;&nbsp; 441691 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, RB, 5.00%, <br> 08/01/35<br>| 500 | &nbsp;&nbsp; 500422 |
| &nbsp;&nbsp;&nbsp; Rookery Community Development District, SAB, 5.00%, <br> 05/01/44<br>| 500 | &nbsp;&nbsp; 488866 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, SAB, <br> 4.85%, 05/01/38<sup>(b)</sup><br>| 400 | &nbsp;&nbsp; 409367 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 16, SAB, <br> 4.50%, 05/01/40<br>| 2750 | &nbsp;&nbsp; 2751863 |
|  |  | &nbsp;&nbsp; 11321647 |
| **Georgia — 2.2%** | **Georgia — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; DeKalb County Housing Authority, Refunding RB, 4.13%, <br> 12/01/34<br>| 250 | &nbsp;&nbsp; 246964 |
| &nbsp;&nbsp;&nbsp; Development Authority of Cobb County, RB, Series A, <br> 5.70%, 06/15/38<sup>(b)</sup><br>| 625 | &nbsp;&nbsp; 630780 |
| &nbsp;&nbsp;&nbsp; Gainesville & Hall County Hospital Authority, RB, 4.00%, <br> 02/15/46<br>| 1010 | &nbsp;&nbsp; 912322 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series A, 5.00%, <br> 05/15/37<br>| 1500 | &nbsp;&nbsp; 1600218 |
|  |  | &nbsp;&nbsp; 3390284 |
| **Illinois — 7.3%** | **Illinois — 7.3%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, GO, Series C, 5.25%, <br> 12/01/39<br>| 2675 | &nbsp;&nbsp; 2571512 |
| &nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Refunding ARB, <br> Series A, AMT, Senior Lien, 5.25%, 01/01/42<br>| 1250 | &nbsp;&nbsp; 1322516 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, ARB, Series D, AMT, <br> Senior Lien, 5.00%, 01/01/47<br>| 1000 | &nbsp;&nbsp; 1000065 |
| City of Chicago Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 01/01/41 | 1855 | &nbsp;&nbsp; 1891913 |
| &nbsp;&nbsp;&nbsp; Series C, 6.00%, 01/01/43 | 1000 | &nbsp;&nbsp; 1079060 |
| Illinois Finance Authority, RB, Series A, 6.50%, 05/15/42 | 250 | &nbsp;&nbsp; 266918 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/41 | 1170 | &nbsp;&nbsp; 1100672 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/41 | 310 | &nbsp;&nbsp; 299280 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, RB, Series A, <br> (NPFGC), 0.00%, 06/15/37<sup>(c)</sup><br>| 2000 | &nbsp;&nbsp; 1255769 |
| &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; 621139 |
|  |  | &nbsp;&nbsp; 11408844 |
| **Iowa — 2.2%** | **Iowa — 2.2%** |  |
| Iowa Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/01/42 | 2000 | &nbsp;&nbsp; 2000130 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/43 | 1500 | &nbsp;&nbsp; 1480143 |
|  |  | &nbsp;&nbsp; 3480273 |
| **Louisiana — 0.9%** | **Louisiana — 0.9%** |  |
| &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; 1018034 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Refunding RB, <br> Series A, 5.00%, 12/15/43<sup>(b)</sup><br>| 335 | &nbsp;&nbsp; 325571 |
|  |  | &nbsp;&nbsp; 1343605 |
| **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; 103313 |

---

------

Schedule of Investments (unaudited)(continued)

March 31, 2026

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Maryland — 2.5%** | **Maryland — 2.5%** |  |
| City of Baltimore MD, RB, 5.00%, 06/01/45<sup>(b)</sup> | $825 | &nbsp;&nbsp; $813311 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., RB, Class B, AMT, <br> Sustainability Bonds, 5.00%, 12/31/40<br>| 1500 | &nbsp;&nbsp; 1531863 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, <br> Refunding RB, (AGM), 5.00%, 07/01/45<br>| 1500 | &nbsp;&nbsp; 1576750 |
|  |  | &nbsp;&nbsp; 3921924 |
| **Massachusetts — 6.3%** | **Massachusetts — 6.3%** |  |
| Massachusetts Development Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/42 | 1000 | &nbsp;&nbsp; 999287 |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/42 | 2000 | &nbsp;&nbsp; 2093965 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/47 | 2500 | &nbsp;&nbsp; 2416023 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Refunding <br> RB, 5.00%, 07/01/44<br>| 2500 | &nbsp;&nbsp; 2504322 |
| &nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, RB, M/F Housing, <br> Series C-1, Sustainability Bonds, 4.50%, 12/01/45<br>| 1860 | &nbsp;&nbsp; 1832050 |
|  |  | &nbsp;&nbsp; 9845647 |
| **Michigan — 7.2%** | **Michigan — 7.2%** |  |
| Michigan Finance Authority, RB, 4.00%, 02/15/44 | 1275 | &nbsp;&nbsp; 1174931 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Refunding RB, 5.00%, <br> 11/15/41<br>| 1000 | &nbsp;&nbsp; 1005843 |
| &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; 2354557 |
| &nbsp;&nbsp;&nbsp; Series D, Sustainability Bonds, 5.20%, 12/01/40 | 2750 | &nbsp;&nbsp; 2811417 |
| &nbsp;&nbsp;&nbsp; Michigan Strategic Fund, RB, AMT, (AGM), 4.50%, <br> 06/30/48<br>| 2500 | &nbsp;&nbsp; 2285653 |
| &nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Revenue, RB, 4.00%, <br> 11/15/46<br>| 1000 | &nbsp;&nbsp; 930639 |
| &nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Refunding RB, AMT, 5.00%, <br> 12/01/44<br>| 590 | &nbsp;&nbsp; 612763 |
|  |  | &nbsp;&nbsp; 11175803 |
| **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>| 1420 | &nbsp;&nbsp; 1488289 |
| **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; 505121 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/42 | 485 | &nbsp;&nbsp; 502189 |
|  |  | &nbsp;&nbsp; 1007310 |
| **New Hampshire — 3.6%** | **New Hampshire — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, Class A, <br> Sustainability Bonds, 5.25%, 06/01/42<br>| 1500 | &nbsp;&nbsp; 1589161 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1, 4.50%, 04/20/43<sup>(a)</sup> | 2000 | &nbsp;&nbsp; 1951993 |
| &nbsp;&nbsp;&nbsp; Series 2025, Subordinate, 5.15%, 09/28/37 | 590 | &nbsp;&nbsp; 582128 |
| &nbsp;&nbsp;&nbsp; Class A-1, Sustainability Bonds, 4.75%, 06/20/41<sup>(a)</sup> | 1507 | &nbsp;&nbsp; 1529722 |
|  |  | &nbsp;&nbsp; 5653004 |
| **New Jersey — 4.3%** | **New Jersey — 4.3%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, RB, Series A, <br> 5.00%, 06/15/42<br>| 1500 | &nbsp;&nbsp; 1525556 |
| &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; 1026192 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/42 | 2200 | &nbsp;&nbsp; $2334318 |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/45 | 460 | &nbsp;&nbsp; 486544 |
| &nbsp;&nbsp;&nbsp; South Jersey Port Corp., Refunding ARB, Series S, 5.00%, <br> 01/01/39<br>| 1350 | &nbsp;&nbsp; 1350772 |
|  |  | &nbsp;&nbsp; 6723382 |
| **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; 1000516 |
| **New York — 7.1%** | **New York — 7.1%** |  |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., RB, Sustainability Bonds, <br> 5.00%, 06/01/32<sup>(b)</sup><br>| 400 | &nbsp;&nbsp; 406826 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Refunding RB, <br> Series C, Sustainability Bonds, 5.00%, 11/15/42<br>| 500 | &nbsp;&nbsp; 515869 |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., RB, Series A, <br> 5.00%, 12/01/37<br>| 1670 | &nbsp;&nbsp; 1670521 |
| &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; 1513479 |
| &nbsp;&nbsp;&nbsp; New York Convention Center Development Corp., <br> Refunding RB, 5.00%, 11/15/40<br>| 1500 | &nbsp;&nbsp; 1500801 |
| &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; 261844 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., ARB, AMT, <br> 5.00%, 01/01/36<br>| 1500 | &nbsp;&nbsp; 1523293 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/40 | 1500 | &nbsp;&nbsp; 1521135 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.50%, 06/30/38 | 1000 | &nbsp;&nbsp; 1058420 |
| Onondaga Civic Development Corp., RB, 5.00%, 07/01/40 | 1075 | &nbsp;&nbsp; 1075217 |
|  |  | &nbsp;&nbsp; 11047405 |
| **North Carolina — 1.4%** | **North Carolina — 1.4%** |  |
| North Carolina Medical Care Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/44 | 710 | &nbsp;&nbsp; 748056 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/45 | 500 | &nbsp;&nbsp; 522205 |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Refunding RB, Series A, <br> 5.00%, 07/01/42<br>| 995 | &nbsp;&nbsp; 964021 |
|  |  | &nbsp;&nbsp; 2234282 |
| **Ohio — 4.5%** | **Ohio — 4.5%** |  |
| County of Franklin Ohio, RB, 5.00%, 05/15/40 | 3140 | &nbsp;&nbsp; 3143259 |
| &nbsp;&nbsp;&nbsp; Hickory Chase Community Authority, Refunding RB, 5.00%, <br> 12/01/40<sup>(b)</sup><br>| 1220 | &nbsp;&nbsp; 1248521 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, RB, AMT, 4.50%, <br> 01/15/48<sup>(b)</sup><br>| 1000 | &nbsp;&nbsp; 916833 |
| State of Ohio, RB, Series P3, AMT, 5.00%, 12/31/39 | 1680 | &nbsp;&nbsp; 1680004 |
|  |  | &nbsp;&nbsp; 6988617 |
| **Oklahoma — 1.2%** | **Oklahoma — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority, Refunding RB, 5.25%, <br> 11/15/37<br>| 1000 | &nbsp;&nbsp; 1009808 |
| Tulsa Municipal Airport Trust Trustees, Refunding, ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 6.25%, 12/01/35 | 265 | &nbsp;&nbsp; 300293 |
| &nbsp;&nbsp;&nbsp; AMT, 6.25%, 12/01/40 | 540 | &nbsp;&nbsp; 591416 |
|  |  | &nbsp;&nbsp; 1901517 |
| **Oregon — 2.7%** | **Oregon — 2.7%** |  |
| Port of Morrow Oregon, GOL, Series A, 5.15%, 10/01/26<sup>(b)</sup> | 1140 | &nbsp;&nbsp; 1139952 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

March 31, 2026

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oregon (continued)** | **Oregon (continued)** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland OR Airport Revenue, ARB, Series 24B, <br> AMT, 5.00%, 07/01/42<br>| 1835 | &nbsp;&nbsp; $1843467 |
| &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; 1269171 |
|  |  | &nbsp;&nbsp; 4252590 |
| **Pennsylvania — 13.9%** | **Pennsylvania — 13.9%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, <br> Refunding RB, Series A, 5.00%, 04/01/47<br>| 2000 | &nbsp;&nbsp; 2008350 |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority, RB, 5.00%, 05/01/42<sup>(b)</sup><br>| 890 | &nbsp;&nbsp; 913226 |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority, Refunding RB, 5.00%, 05/01/42<br>| 2580 | &nbsp;&nbsp; 2668138 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia PA Airport Revenue, Refunding ARB, <br> Series B, AMT, 5.00%, 07/01/47<br>| 1500 | &nbsp;&nbsp; 1500236 |
| Lancaster County Hospital Authority, RB, 5.00%, 11/01/51 | 1000 | &nbsp;&nbsp; 1002802 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, <br> Refunding RB, 5.00%, 11/15/36<br>| 350 | &nbsp;&nbsp; 352427 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, <br> RB, AMT, 5.50%, 06/30/43<br>| 5000 | &nbsp;&nbsp; 5245132 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB, 5.00%, 05/01/41<br>| 1500 | &nbsp;&nbsp; 1501915 |
| Pennsylvania Housing Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series 149A, Sustainability Bonds, 5.10%, 10/01/45 | 2500 | &nbsp;&nbsp; 2544221 |
| &nbsp;&nbsp;&nbsp; Series 151-A, Sustainability Bonds, 4.60%, 10/01/45 | 2000 | &nbsp;&nbsp; 1994594 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, RB, Sub-Series B-1, <br> 5.00%, 06/01/42<br>| 1500 | &nbsp;&nbsp; 1521063 |
| Philadelphia Authority for Industrial Development, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/27<sup>(e)</sup> | 245 | &nbsp;&nbsp; 251110 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/47 | 255 | &nbsp;&nbsp; 247120 |
|  |  | &nbsp;&nbsp; 21750334 |
| **Puerto Rico — 4.5%** | **Puerto Rico — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, GO, Series A-1, <br> Restructured, 5.75%, 07/01/31<br>| 3447 | &nbsp;&nbsp; 3763304 |
| &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; 1478262 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.55%, 07/01/40 | 1750 | &nbsp;&nbsp; 1743168 |
|  |  | &nbsp;&nbsp; 6984734 |
| **South Carolina — 3.9%** | **South Carolina — 3.9%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, Series A1, <br> 5.25%, 10/01/54<sup>(a)</sup><br>| 805 | &nbsp;&nbsp; 865570 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, RB, <br> 5.00%, 04/01/41<br>| 1090 | &nbsp;&nbsp; 1121754 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> Refunding RB, 5.00%, 11/15/47<br>| 2500 | &nbsp;&nbsp; 2503324 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, RB, Series E, <br> 5.50%, 12/01/42<br>| 1500 | &nbsp;&nbsp; 1639042 |
|  |  | &nbsp;&nbsp; 6129690 |
| **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; 998638 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/41 | 1000 | &nbsp;&nbsp; 965236 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(a)</sup> | 1500 | &nbsp;&nbsp; 1594528 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, <br> 05/01/52<sup>(a)</sup><br>| 925 | &nbsp;&nbsp; 977977 |
|  |  | &nbsp;&nbsp; 4536379 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas — 5.3%** | **Texas — 5.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.50%, 07/15/39<br>| $1000 | &nbsp;&nbsp; $1035921 |
| EP Royal Estates PFC, RB, M/F Housing, 4.25%, 10/01/39 | 2000 | &nbsp;&nbsp; 1979027 |
| &nbsp;&nbsp;&nbsp; Fort Bend County Industrial Development Corp., RB, <br> Series B, 4.75%, 11/01/42<br>| 2140 | &nbsp;&nbsp; 2139992 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., RB, <br> 5.00%, 08/15/39<sup>(b)</sup><br>| 425 | &nbsp;&nbsp; 415565 |
| &nbsp;&nbsp;&nbsp; Newark Higher Education Finance Corp., RB, Series A, <br> 5.00%, 08/15/37<br>| 500 | &nbsp;&nbsp; 487865 |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Refunding RB, Series A, Junior <br> Lien, 4.00%, 05/15/40<br>| 810 | &nbsp;&nbsp; 800701 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., <br> Refunding RB, 5.00%, 11/15/40<br>| 1500 | &nbsp;&nbsp; 1500179 |
|  |  | &nbsp;&nbsp; 8359250 |
| **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; 1093408 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.25%, 06/01/43 | 600 | &nbsp;&nbsp; 656044 |
|  |  | &nbsp;&nbsp; 1749452 |
| **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; 1310172 |
| **Virginia — 0.3%** | **Virginia — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Refunding RB, <br> AMT, Senior Lien, 4.00%, 01/01/40<br>| 500 | &nbsp;&nbsp; 472072 |
| **Washington — 2.6%** | **Washington — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Refunding RB, <br> Series A, 5.00%, 09/01/44<br>| 500 | &nbsp;&nbsp; 519415 |
| &nbsp;&nbsp;&nbsp; Washington State Convention Center Public Facilities <br> District, RB, 5.00%, 07/01/43<br>| 1000 | &nbsp;&nbsp; 1005809 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, RB, M/F <br> Housing, Series 1, Sustainability Bonds, 3.38%, <br> 04/20/37<br>| 975 | &nbsp;&nbsp; 902818 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Refunding <br> RB, Series A, 5.00%, 07/01/38<br>| 1590 | &nbsp;&nbsp; 1650742 |
|  |  | &nbsp;&nbsp; 4078784 |
| **Wisconsin — 3.2%** | **Wisconsin — 3.2%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/30<sup>(b)</sup> | 147 | &nbsp;&nbsp; 146955 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/34 | 430 | &nbsp;&nbsp; 439394 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/35<sup>(b)</sup> | 350 | &nbsp;&nbsp; 364382 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 5.50%, 07/01/44 | 500 | &nbsp;&nbsp; 510624 |
| Public Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/42<sup>(b)</sup> | 1230 | &nbsp;&nbsp; 1233936 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/42 | 1500 | &nbsp;&nbsp; 1500190 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, <br> Refunding RB, 5.00%, 11/01/27<br>| 745 | &nbsp;&nbsp; 756108 |
|  |  | &nbsp;&nbsp; 4951589 |
| **Wyoming — 1.3%** | **Wyoming — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Wyoming Community Development Authority, Refunding <br> RB, S/F Housing, Series 1, 4.40%, 12/01/43<br>| 2000 | &nbsp;&nbsp; 1999783 |
| **Total Municipal Bonds — 116.3%** <br>**(Cost: $179,748,285)** | **Total Municipal Bonds — 116.3%** <br>**(Cost: $179,748,285)** | &nbsp;&nbsp; 181828026 |

---

------

Schedule of Investments (unaudited)(continued)

March 31, 2026

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(f)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(f)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(f)</sup> |
| **Alabama — 3.2%** | **Alabama — 3.2%** |  |
| &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; $5028272 |
| **Colorado — 2.7%** | **Colorado — 2.7%** |  |
| &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; 4164648 |
| **Idaho — 3.4%** | **Idaho — 3.4%** |  |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Refunding RB, Class A, <br> 5.00%, 03/01/43<br>| 5000 | &nbsp;&nbsp; 5307897 |
| **Illinois — 6.5%** | **Illinois — 6.5%** |  |
| &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; 5157714 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority, RB, Series A, 5.00%, <br> 06/01/55<br>| 5000 | &nbsp;&nbsp; 5032539 |
|  |  | &nbsp;&nbsp; 10190253 |
| **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>(g)</sup><br>| 5000 | &nbsp;&nbsp; 5106848 |
| **Maryland — 2.6%** | **Maryland — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, RB, S/F <br> Housing, Sustainability Bonds, 4.95%, 09/01/42<br>| 4000 | &nbsp;&nbsp; 4153092 |
| **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; 5186853 |
| **Michigan — 3.2%** | **Michigan — 3.2%** |  |
| Michigan Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/42 | 4675 | &nbsp;&nbsp; 4758906 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/42<sup>(e)</sup> | 190 | &nbsp;&nbsp; 193410 |
|  |  | &nbsp;&nbsp; 4952316 |
| **Pennsylvania — 11.7%** | **Pennsylvania — 11.7%** |  |
| Allegheny County Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, (AGM), 5.25%, 01/01/37 | 1640 | &nbsp;&nbsp; 1772330 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, (AGM), 5.25%, 01/01/40 | 1700 | &nbsp;&nbsp; 1836957 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, (AGM), 5.50%, 01/01/41 | 1660 | &nbsp;&nbsp; 1794105 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, (AGM), 5.50%, 01/01/42 | 1500 | &nbsp;&nbsp; 1621298 |
| &nbsp;&nbsp;&nbsp; General Authority of Southcentral Pennsylvania, Refunding <br> RB, 5.00%, 06/01/39<br>| 5000 | &nbsp;&nbsp; 5162838 |
| &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; 6150699 |
|  |  | &nbsp;&nbsp; 18338227 |
| **Washington**<sup>(g)</sup> **— 6.7%** | **Washington**<sup>(g)</sup> **— 6.7%** |  |
| &nbsp;&nbsp;&nbsp; Fircrest Properties, RB, Sustainability Bonds, 5.50%, <br> 06/01/49<br>| 5000 | &nbsp;&nbsp; 5313544 |
| State of Washington, GO, Series C, 5.00%, 02/01/49 | 5000 | &nbsp;&nbsp; 5188181 |
|  |  | &nbsp;&nbsp; 10501725 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 46.6%** <br>**(Cost: $71,730,302)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 46.6%** <br>**(Cost: $71,730,302)** | &nbsp;&nbsp; 72930131 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Warrants** | **Warrants** | **Warrants** |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Brightline West, (Expires 11/26/35, Strike Price USD <br> 5.00)<sup>(h)(i)</sup><br>| 3664 | &nbsp;&nbsp; $6045 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 6045 |
| **Total Long-Term Investments — 162.9%** <br>**(Cost: $251,478,587)** | **Total Long-Term Investments — 162.9%** <br>**(Cost: $251,478,587)** | &nbsp;&nbsp; 254764202 |
| **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> 2.23%<sup>(j)(k)</sup><br>| 354081 | &nbsp;&nbsp; 354116 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $354,116)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $354,116)** | &nbsp;&nbsp; 354116 |
| **Total Investments — 163.1%** <br>**(Cost: $251,832,703)** | **Total Investments — 163.1%** <br>**(Cost: $251,832,703)** | &nbsp;&nbsp; 255118318 |
| **Other Assets Less Liabilities — 1.7%** | **Other Assets Less Liabilities — 1.7%** | &nbsp;&nbsp; 2670999 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (32.9)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (32.9)%** | &nbsp;&nbsp; (51492076)<br>|
| **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(31.9)%** | **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(31.9)%** | &nbsp;&nbsp; (49922570)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $156374671 |

---

&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> When-issued security.

<sup>(e)</sup> U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. 

<sup>(f)</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>(g)</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>(h)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(i)</sup> Non-income producing security.

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

<sup>(k)</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.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

March 31, 2026

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $633348 | $—<br> $(279232 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $354116 | 354081 | $3864 | $— |

---

&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 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; $181828026 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $181828026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72930131 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72930131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6045 | &nbsp;&nbsp;&nbsp;&nbsp; 6045 |
| &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; 354116 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 354116 |
|  | &nbsp;&nbsp; $354116 | &nbsp;&nbsp;&nbsp;&nbsp; $254758157 | &nbsp;&nbsp;&nbsp;&nbsp; $6045 | &nbsp;&nbsp;&nbsp;&nbsp; $255118318 |

---

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, such assets and/or liabilities are categorized within the fair value hierarchy as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(51269997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(51269997)<br>|
| &nbsp;&nbsp;&nbsp; VRDP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50000000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50000000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(101269997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(101269997)<br>|

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| ARB | Airport Revenue Bonds  |
| BAM | Build America Mutual Assurance Co. |

---

------

Schedule of Investments (unaudited)(continued)

March 31, 2026

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| 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 |

---

Schedule of Investments

------

## 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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $258911566.62

**Total Liabilities:** $102536837.31

**Net Assets:** $156374729.31

**Delayed Delivery Securities:** $315000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 58765.98000000 | **1-Year:** 8400.96000000 | **5-Year:** 33556.27000000 | **10-Year:** -20634.93000000 | **30-Year:** 17962.45000000

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

- **3-Month:** 4595.80000000 | **1-Year:** 995.25000000 | **5-Year:** 16103.48000000 | **10-Year:** 8013.64000000 | **30-Year:** 230.33000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.14%                | 1.96%                | -3.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6292.78                 | $1097359.96                                |
| Month 2  | $54.34                   | $2528903.64                                |
| Month 3  | $11757.39                | $-5837671.24                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Allegheny County Hospital Development Authority                                  | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A4A1<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008350.00   | 1.28%             | 2047-04-01      | Fixed         | 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      | $2668138.22   | 1.71%             | 2042-05-01      | Fixed         | 5.00%                 | 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      | $913225.80    | 0.58%             | 2042-05-01      | 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      | $461537.37    | 0.30%             | 2038-07-01      | Fixed         | 5.00%                 | 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        |   1235000 | PA      | $1252609.87   | 0.80%             | 2055-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD SPL OBLIG                                       | CUSIP: 05923TDD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $813310.74    | 0.52%             | 2045-06-01      | 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        |   2510000 | PA      | $2555406.40   | 1.63%             | 2056-05-01      | Floating      | 5.25%                 | 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      | $406826.40    | 0.26%             | 2032-06-01      | 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      | $633645.31    | 0.41%             | 2054-02-01      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    440000 | PA      | $233200.00    | 0.15%             | 2065-01-01      | Floating      | 12.00%                | No            |                  2 | 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      | $1004611.20   | 0.64%             | 2036-11-15      | 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      | $739886.03    | 0.47%             | 2039-06-01      | Fixed         | 5.88%                 | 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      | $128407.09    | 0.08%             | 2038-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA SCH FIN AUTH SCH FAC REVENUE                      | CUSIP: 13059TBZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991886.10    | 0.63%             | 2045-07-01      | 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      | $1011384.50   | 0.65%             | 2037-11-15      | Fixed         | 7.60%                 | 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      | $2502168.25   | 1.60%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486P78<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1891912.46   | 1.21%             | 2041-01-01      | 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      | $1079059.80   | 0.69%             | 2043-01-01      | Fixed         | 6.00%                 | 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      | $2571511.74   | 1.64%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562VB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1322516.38   | 0.85%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593F72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000065.40   | 0.64%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| 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      | $630780.25    | 0.40%             | 2038-06-15      | Fixed         | 5.70%                 | 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      | $726603.83    | 0.46%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FSH8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1359585.99   | 0.87%             | 2050-11-15      | Fixed         | 4.00%                 | 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      | $246964.50    | 0.16%             | 2034-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | DELAWARE ST ECON DEV AUTH REVENUE                            | CUSIP: 246387SY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $393474.52    | 0.25%             | 2045-10-01      | Floating      | 4.00%                 | 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      | $1995289.60   | 1.28%             | 2040-12-01      | 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      | $1136303.20   | 0.73%             | 2037-02-28      | Fixed         | 5.50%                 | 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      | $1093407.70   | 0.70%             | 2043-06-01      | Fixed         | 5.25%                 | 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      | $656044.62    | 0.42%             | 2043-06-01      | Fixed         | 5.25%                 | 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      | $1001058.90   | 0.64%             | 2041-05-01      | 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      | $1979026.80   | 1.27%             | 2039-10-01      | Fixed         | 4.25%                 | 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      | $306126.64    | 0.20%             | 2044-07-01      | 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      | $400257.88    | 0.26%             | 2032-07-01      | Floating      | 6.13%                 | 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      | $251160.05    | 0.16%             | 2054-10-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | CUSIP: 34061XAK8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    315000 | PA      | $313540.16    | 0.20%             | 2032-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fort Bend County Industrial Development Corp                                     | FORT BEND CNTY TX INDL DEV CORP                              | CUSIP: 346786AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2139992.51   | 1.37%             | 2042-11-01      | Fixed         | 4.75%                 | 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      | $3143258.69   | 2.01%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                     | GAINESVILLE & HALL CNTY GA HOSP AUTH                         | CUSIP: 362762QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $912321.69    | 0.58%             | 2046-02-15      | Fixed         | 4.00%                 | 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      | $630667.31    | 0.40%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | GTR ORLANDO AVIATION AUTH FL SPL PURPOSE ARPT FACS REVENUE   | CUSIP: 39227AAD4<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562603.85   | 1.00%             | 2037-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hickory Chase Community Authority                                                | HICKORY CHASE OH CMNTY AUTH INFRASTRUCTURE IMPT REVENUE      | CUSIP: 428861AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1248521.65   | 0.80%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035921.10   | 0.66%             | 2039-07-15      | 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      | $1100672.35   | 0.70%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FHT5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    310000 | PA      | $299280.23    | 0.19%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FSM8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266917.43    | 0.17%             | 2042-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH REVENUE                                     | CUSIP: 46246K4S8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1480143.30   | 0.95%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE              | CUSIP: 46246SAE5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000129.60   | 1.28%             | 2042-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                                   | LA PAZ CNTY AZ INDL DEV AUTH EDU FAC LEASE REVENUE           | CUSIP: 50376FAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478360.35    | 0.31%             | 2046-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | LANCASTER CNTY PA HOSP AUTH                                  | CUSIP: 514045W66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002801.90   | 0.64%             | 2051-11-01      | Fixed         | 5.00%                 | 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      | $1018033.45   | 0.65%             | 2042-12-01      | Fixed         | 4.60%                 | 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      | $325571.26    | 0.21%             | 2043-12-15      | Fixed         | 5.00%                 | 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      | $1600217.85   | 1.02%             | 2037-05-15      | 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      | $103313.47    | 0.07%             | 2047-12-01      | Floating      | 4.63%                 | 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      | $1576750.20   | 1.01%             | 2045-07-01      | 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      | $1531862.70   | 0.98%             | 2040-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XD57<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2416023.00   | 1.55%             | 2047-01-01      | 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      | $999286.30    | 0.64%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YAH2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2504322.25   | 1.60%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57585BJX7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2093965.20   | 1.34%             | 2042-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                             | MASSACHUSETTS ST HSG FIN AGY                                 | CUSIP: 57586VFD0<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1832049.97   | 1.17%             | 2045-12-01      | Fixed         | 4.50%                 | 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      | $965235.70    | 0.62%             | 2041-10-01      | Fixed         | 5.00%                 | 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      | $998637.80    | 0.64%             | 2038-10-01      | Fixed         | 5.00%                 | 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      | $1255769.20   | 0.80%             | 2037-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AZS9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515869.25    | 0.33%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TMN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005843.50   | 0.64%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TVA8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1174930.73   | 0.75%             | 2044-02-15      | Fixed         | 4.00%                 | 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      | $2354557.05   | 1.51%             | 2037-12-01      | Fixed         | 5.10%                 | 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      | $2811417.13   | 1.80%             | 2040-12-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                             | MICHIGAN ST TRUNK LINE                                       | CUSIP: 5946953A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930638.80    | 0.60%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698QU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2285652.75   | 1.46%             | 2048-06-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                 | MINNESOTA ST HSG FIN AGY                                     | CUSIP: 60416TXY9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1488289.36   | 0.95%             | 2042-07-01      | Fixed         | 5.10%                 | 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      | $1670521.37   | 1.07%             | 2037-12-01      | Fixed         | 5.00%                 | 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      | $352427.39    | 0.23%             | 2036-11-15      | Fixed         | 5.00%                 | 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        |   1506568 | PA      | $1529721.98   | 0.98%             | 2041-06-20      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH AFFORDABLE HSG CTFS                     | CUSIP: 63607DAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1951992.80   | 1.25%             | 2043-04-20      | Floating      | 4.50%                 | 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      | $582128.69    | 0.37%             | 2037-09-28      | Fixed         | 5.15%                 | 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      | $1589160.75   | 1.02%             | 2042-06-01      | Fixed         | 5.25%                 | 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      | $415565.00    | 0.27%             | 2039-08-15      | 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      | $1525555.65   | 0.98%             | 2042-06-15      | 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      | $1026191.70   | 0.66%             | 2045-11-01      | Fixed         | 5.10%                 | 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      | $2334318.14   | 1.49%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CHP6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    460000 | PA      | $486543.56    | 0.31%             | 2045-06-15      | Fixed         | 5.00%                 | 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      | $1500800.70   | 0.96%             | 2040-11-15      | 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      | $1513478.40   | 0.97%             | 2042-11-01      | Fixed         | 4.60%                 | 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      | $261843.95    | 0.17%             | 2050-09-01      | Floating      | 5.13%                 | 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      | $1523293.20   | 0.97%             | 2036-01-01      | 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      | $1521134.40   | 0.97%             | 2040-10-01      | 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      | $1058419.80   | 0.68%             | 2038-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                             | NEWARK HGR EDU FIN CORP TX EDU REVENUE                       | CUSIP: 650346DB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $487864.85    | 0.31%             | 2037-08-15      | Fixed         | 5.00%                 | 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        |    440000 | PA      | $441690.61    | 0.28%             | 2031-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YUY0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    710000 | PA      | $748055.79    | 0.48%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YUZ7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522205.65    | 0.33%             | 2045-12-01      | Fixed         | 5.25%                 | 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      | $964020.97    | 0.62%             | 2042-07-01      | 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      | $505120.90    | 0.32%             | 2037-06-01      | Fixed         | 5.50%                 | 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      | $502188.84    | 0.32%             | 2042-06-01      | Fixed         | 5.75%                 | 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      | $916832.80    | 0.59%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST PRIVATE ACTIVITY REVENUE                             | CUSIP: 67759YAX5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1680003.70   | 1.07%             | 2039-12-31      | Fixed         | 5.00%                 | 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      | $1075217.37   | 0.69%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | ORANGE CNTY FL HLTH FACS AUTH REVENUE                        | CUSIP: 68450LDT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500422.15    | 0.32%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                            | CUSIP: 688031EY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $1154514.90   | 0.74%             | 2043-10-01      | None          | 0.00%                 | 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      | $2110567.45   | 1.35%             | 2046-10-01      | None          | 0.00%                 | 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      | $865570.45    | 0.55%             | 2054-10-01      | Floating      | 5.25%                 | 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      | $5245132.00   | 3.35%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879Q5H2<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1994593.40   | 1.28%             | 2045-10-01      | Fixed         | 4.60%                 | 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      | $2544221.25   | 1.63%             | 2045-10-01      | Fixed         | 5.10%                 | 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      | $1501914.75   | 0.96%             | 2041-05-01      | Fixed         | 5.00%                 | 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      | $1521063.30   | 0.97%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                          | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817UM0<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500236.10   | 0.96%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XHE6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    245000 | PA      | $251109.79    | 0.16%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XHG1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    255000 | PA      | $247120.04    | 0.16%             | 2047-11-01      | Fixed         | 5.00%                 | 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      | $1139952.01   | 0.73%             | 2026-10-01      | Fixed         | 5.15%                 | 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      | $1843466.87   | 1.18%             | 2042-07-01      | 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      | $364381.61    | 0.23%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD51<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    146830 | PA      | $146954.86    | 0.09%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510623.75    | 0.33%             | 2044-07-01      | Fixed         | 5.50%                 | 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      | $1500190.50   | 0.96%             | 2042-07-01      | 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      | $1233935.51   | 0.79%             | 2042-05-15      | Fixed         | 5.25%                 | 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      | $439393.91    | 0.28%             | 2034-06-15      | 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      | $3763304.30   | 2.41%             | 2031-07-01      | Fixed         | 5.75%                 | 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      | $1743168.00   | 1.11%             | 2040-07-01      | Fixed         | 4.55%                 | 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      | $1478262.00   | 0.95%             | 2040-07-01      | Fixed         | 4.33%                 | 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      | $621138.96    | 0.40%             | 2044-01-01      | Fixed         | 5.00%                 | 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      | $488865.70    | 0.31%             | 2044-05-01      | 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      | $2110226.40   | 1.35%             | 2037-12-01      | 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      | $800701.04    | 0.51%             | 2040-05-15      | Fixed         | 4.00%                 | 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      | $1000515.70   | 0.64%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031J46<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1121754.43   | 0.72%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA JOBS-ECON DEV AUTH                            | CUSIP: 83704EAA2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2503323.75   | 1.60%             | 2047-11-15      | Fixed         | 5.00%                 | 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      | $1639041.45   | 1.05%             | 2042-12-01      | Fixed         | 5.50%                 | 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      | $1350772.47   | 0.86%             | 2039-01-01      | Fixed         | 5.00%                 | 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      | $501889.85    | 0.32%             | 2037-12-01      | 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      | $1500178.80   | 0.96%             | 2040-11-15      | Fixed         | 5.00%                 | 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      | $6150699.38   | 3.93%             | 2041-10-01      | Fixed         | 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        |   1699750 | PA      | $1836956.80   | 1.17%             | 2042-01-01      | Fixed         | 5.25%                 | 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      | $1794106.19   | 1.15%             | 2042-01-01      | Fixed         | 5.50%                 | 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      | $1621298.78   | 1.04%             | 2042-01-01      | Fixed         | 5.50%                 | 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        |   1639950 | PA      | $1772329.64   | 1.13%             | 2042-01-01      | Fixed         | 5.25%                 | 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      | $5162837.50   | 3.30%             | 2039-06-01      | Fixed         | 6.94%                 | 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      | $5028272.00   | 3.22%             | 2056-01-01      | Fixed         | 5.00%                 | 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      | $5157713.50   | 3.30%             | 2042-10-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                                                     | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447UBG4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4675000 | PA      | $4758905.50   | 3.04%             | 2042-01-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447UBF6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    190000 | PA      | $193410.05    | 0.12%             | 2042-12-01      | 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      | $4164648.80   | 2.66%             | 2042-11-15      | Fixed         | 5.00%                 | 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      | $4153091.60   | 2.66%             | 2042-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582R2Z8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5186853.00   | 3.32%             | 2048-05-01      | Fixed         | 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      | $5106847.50   | 3.27%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EV52<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5188181.00   | 3.32%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fircrest Properties                                                              | FIRCREST PROPERTIES                                          | CUSIP: 318094AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5313544.00   | 3.40%             | 2049-06-01      | 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      | $5032538.50   | 3.22%             | 2055-06-01      | 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      | $5307897.00   | 3.39%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1594528.50   | 1.02%             | 2053-10-01      | Floating      | 5.50%                 | 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      | $977976.97    | 0.63%             | 2052-05-01      | Floating      | 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      | $1009807.90   | 0.65%             | 2037-11-15      | Fixed         | 5.25%                 | 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      | $300292.44    | 0.19%             | 2035-12-01      | Fixed         | 6.25%                 | 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        |    540000 | PA      | $591416.42    | 0.38%             | 2040-12-01      | Fixed         | 6.25%                 | 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      | $1310171.98   | 0.84%             | 2036-04-01      | Floating      | 4.63%                 | 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      | $409367.52    | 0.26%             | 2038-05-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 16                                     | VLG CDD #16 FL SPL ASSMNT REVENUE                            | CUSIP: 92708MAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2751862.58   | 1.76%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104NY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $472071.70    | 0.30%             | 2040-01-01      | Fixed         | 4.00%                 | 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      | $1269171.00   | 0.81%             | 2037-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington State Convention Center Public Facilities District                    | WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST             | CUSIP: 93976ACE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005809.10   | 0.64%             | 2043-07-01      | Fixed         | 5.00%                 | 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      | $1650742.29   | 1.06%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HF42<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519414.75    | 0.33%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION                             | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    975393 | PA      | $902818.03    | 0.58%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                   | WAYNE CNTY MI ARPT AUTH REVENUE                              | CUSIP: 944514Y85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $612763.20    | 0.39%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |    489308 | NS      | $489356.84    | 0.31%             |  |  |  | No            |                  1 | 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      | $756108.47    | 0.48%             | 2027-11-01      | 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      | $1999783.00   | 1.28%             | 2043-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE WEST EQ WARRANTS                                                      | BRIGHTLINE WEST EQ WARRANTS                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |      3664 | NS      | $6045.60      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer