BMN - BlackRock 2037 Municipal Target Term Trust

What this means for you

No investor has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

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. July 2, 2026

   The fund said it may sell new shares.

   Original document →

3. June 22, 2026

   The fund said it may sell new shares.

   Original document →

4. March 26, 2026

   The fund said it may sell new shares.

   Original document →

5. Feb 27, 2026

   The fund said it will repay some borrowed money on April 1, 2026.

   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 →
• 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. 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. Over the last 12 months: +9%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Dec 31, 2025): the value of the holdings returned +4.8%. How the share price did: the shares returned +7% over the same year, counting payouts and the change in the market price. As of Dec 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 2020.

What the fund holds

Mostly tax-free municipal bonds (99%), the rest cash and short-term holdings. About 100% 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 →