BMN - BlackRock 2037 Municipal Target Term Trust

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Sept 10, 2026

   The fund said it will repay some borrowed money on Oct 2, 2026.

   Original document →

2. Aug 12, 2026

   Morgan Stanley raised its stake to 14.1% (from 13%), as a passive investor.

   Original document →

3. July 2, 2026

   The fund said it may sell new shares.

   Original document →

4. June 22, 2026

   The fund said it may sell new shares.

   Original document →

5. March 26, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by BlackRock Advisors, LLC. Part of the BlackRock-advised Funds fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $160 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 40% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 48% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.7% a year in management fees; 2.2% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 44 charge a lower management fee and 15 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $1.13 a share. $1.10 of that was income; $0.03 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $25.76. The shares traded at $26.18, about 1.6% above that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 3.6% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2020.

How this has changed

• Payouts per share: $1.13 in the fiscal year ended Dec 31, 2025; $1.13 in the year ended Dec 31, 2024; $1.13 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.03 in the year ended Dec 31, 2025; $0.02 in the year ended Dec 31, 2024; none in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.16% a year in the fiscal year ended Dec 31, 2025; 1% a year in the year ended Dec 31, 2024; 0.72% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $158 million at Dec 31, 2025; $158 million at Dec 31, 2024; $161 million at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: about 39% on top of its own money at Dec 31, 2025; 8% at Dec 31, 2024; 8% at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 6.15 million shares at Dec 31, 2025, about the same as at Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +7%, counting payouts; the holdings +4.8%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +12.6%, counting payouts; the holdings +2.7%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +1.9%, counting payouts; the holdings +8%. As of Dec 31, 2023, from the fund's annual report. Original document →
• Those three years together: the shares returned +22.8%. $10,000 of shares bought at the start (Jan 1, 2023) would have become about $12,300 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +9%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 54 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 24 reported a higher share return for that year and 29 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly tax-free municipal bonds (99%), the rest cash and short-term holdings. All of it issued in the U.S.

1. Pennsylvania Housing Finance Agency, Pennsylvania St Hsg Fin Agy Sf Mtge Revenue - 5.5%
2. Fircrest Properties - 3.4%
3. Idaho Health Facilities Authority, Idaho St Hlth Facs Auth Revenue - 3.3%
4. Pennsylvania Economic Development Financing Authority, Pennsylvania St Econ Dev Fing Auth T/E Private Activity Rev - 3.3%
5. Commonwealth of Massachusetts, Massachusetts St - 3.3%
6. State of Washington, Washington St - 3.3%
7. Wyandotte County Unified School District No 500 Kansas City, Wyandotte Cnty KS Unif Sch Dist #500 - 3.2%
8. General Authority of Southcentral Pennsylvania, Southcentrl PA Gen Auth Revenue - 3.2%
9. Regional Transportation Authority, Regl Transprtn Auth IL - 3.2%
10. Southeast Energy Authority A Cooperative District, Southeast Energy Auth Cooperative Dist Al Energy Supply Reve - 3.2%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →