Fixed Income

BMN

BlackRock 2037 Municipal Target Term Trust TERM

  • NAV as of Dec 10, 2024 $26.22
    52 WK: 25.64 - 26.45
  • NAV Total Return as of: Oct 31, 2024 YTD: 2.65%
  • Distribution Rate as of Dec 10, 2024 4.43%
  • Market Price as of Dec 10, 2024 $25.40
  • Market Price Total Return as of: Oct 31, 2024 YTD: 8.68%
  • Premium Discount as of Dec 10, 2024 -3.13%

Overview

Investment Approach

BlackRock 2037 Municipal Target Term Trust’s (BMN) (the “Trust”) investment objectives are to provide current income that is exempt from regular federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances) and to return $25.00 per common share (the initial public offering price per common share) to holders of common shares on or about September 30, 2037. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in municipal securities. The Trust will invest primarily in investment grade quality securities, which are securities rated within the four highest grades (Baa or BBB or better by Moody’s Investor’s Service Inc. (“Moody’s”), S&P Global Ratings (“S&P”), or Fitch Ratings, Inc. (“Fitch”)) or securities that are unrated but judged to be of comparable quality by the Advisor. The Trust intends to actively manage the maturity of its securities, which are expected to have a dollar weighted average effective maturity approximately equal to the Trust’s maturity date.

 

There can be no assurance that the Trust’s investment objectives, including to return $25.00 per common share to the holders of common shares on or about September 30, 2037, will be achieved or that the Trust’s investment program will be successful.
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Performance

Performance

Distributions

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Ex-Date Payable Date Record Date Total Distribution Income ST Cap Gains Return of Capital LT Cap Gains
Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution Income ST Cap Gains LT Cap Gains

Past distributions are not indicative of future distributions.


If a Fund estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; a portion of its distribution may be a return of capital. A return of capital may occur, for example, when some or all of a shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. Although the character of income will not be determined until the end of the fund’s fiscal year, please refer to the 'Closed-End Fund Resources' section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be not be relied upon for tax reporting purposes. A Form 1099-DIV for the calendar year will be sent to shareholders to illustrate how the Fund’s distributions should be reported for federal income tax purposes.

  1y 3y 5y 10y Incept.
Total Return (%) 12.40 - - - 7.11
Market Price (%) 17.75 - - - 5.52
  YTD 1m 3m 1y 3y 5y 10y Incept.
Total Return (%) 3.97 0.86 - 12.40 - - - 14.13
Market Price (%) 11.28 2.45 - 17.75 - - - 10.88
  2019 2020 2021 2022 2023
Total Return (%) - - - - 7.97
Market Price (%) - - - - 1.92

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.


Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Key Facts

Key Facts

Net Assets
as of Dec 10, 2024
$161,213,800
Share Class launch date
Oct 26, 2022
Asset Class
Fixed Income
Distribution Frequency
Monthly
Lipper Classification
Gen & Ins Leveraged
CUSIP
09262G108
Managed Assets
as of Dec 10, 2024
$173,548,799.59
Exchange
New York Stock Exchange Inc.
Shares Outstanding
as of Dec 10, 2024
6,147,653
Morningstar Category
Muni Target Maturity
Premium Discount
as of Dec 10, 2024
-3.13%
Number of Holdings
as of Nov 29, 2024
113
Gross Expense Ratio assumes leverage in an amount equal to 66.6% of the Trust’s net assets attributable to common shares (40% of the Trust’s Managed Assets). Assuming the Trust does not use leverage, the estimated total annual expenses are 0.67%

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate
as of Dec 10, 2024
4.43%
Average Coupon
as of Nov 29, 2024
4.96%
Effective Duration
as of Nov 29, 2024
6.15 yrs
WAL to Maturity
as of Nov 29, 2024
13.22 yrs
% Leveraged
as of Nov 29, 2024
7.20%
% Insured
as of Nov 29, 2024
0.91%
Yield to Maturity
as of Nov 29, 2024
4.91%
Yield to Worst
as of Nov 29, 2024
4.41%
WAL to Worst
as of Nov 29, 2024
5.22 yrs
Leverage
as of Nov 29, 2024
$ 12,498,069.00
% AMT Bonds
as of Nov 29, 2024
18.33%

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons
as of Nov 29, 2024
0.00%
MSCI - Nuclear Weapons
as of Nov 29, 2024
0.00%
MSCI - Civilian Firearms
as of Nov 29, 2024
0.00%
MSCI - Tobacco
as of Nov 29, 2024
0.00%
MSCI - UN Global Compact Violators
as of Nov 29, 2024
0.00%
MSCI - Thermal Coal
as of Nov 29, 2024
0.00%
MSCI - Oil Sands
as of Nov 29, 2024
0.00%
Business Involvement Coverage
as of Nov 29, 2024
7.32%
Percentage of Fund not covered
as of Nov 29, 2024
92.68%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.03%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Fees

Fees

on net assets
Gross Expense Ratio 0.73%
Management Fee 0.56%
Interest Expense 0.05%
Other Expenses 0.11%
Acquired Fund Fees and Expenses 0.01%
on managed assets
Acquired Fund Fees and Expenses 0.01%
Interest Expenses 0.04%
Management Fee 0.55%
Other Expenses 0.12%
Gross Expense 0.72%

Fees data reflected above is current as of the latest annual shareholder report.

Ratings

Holdings

Holdings

as of Nov 29, 2024
Name Weight (%)
TOB 5.13 70879QUH4 PASSFH 144A 4.39
TOB 5.5 01728LGW6 ALLAPT 144A 4.21
PENNSYLVANIA ECONOMIC DEV FING 5.5 06/30/2043 3.20
TOB 5 84129NMA4 SCAGEN 144A 3.13
ILLINOIS HSG DEV AUTH REV 4.85 10/01/2042 2.99
Name Weight (%)
MICHIGAN FIN AUTH REV 5 12/01/2042 2.97
DENVER COLO CITY & CNTY ARPT R 5 11/15/2042 2.49
MARYLAND ST CMNTY DEV ADMIN DE 4.95 09/01/2042 2.46
PUERTO RICO COMWLTH 5.75 07/01/2031 2.25
ALLENTOWN PA NEIGHBORHOOD IMPT 5 05/01/2042 2.13
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Nov 29, 2024

% of Market Value

Type Fund
as of Nov 29, 2024

% of Market Value

Type Fund
as of Nov 29, 2024

% of Market Value

Type Fund
as of Nov 29, 2024

% of Market Value

Type Fund
as of Nov 29, 2024

% of Market Value

Type Fund
as of Nov 29, 2024

% of Market Value

Type Fund
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

as of Nov 29, 2024
Type Fund
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Phillip Soccio, CFA
Phillip Soccio, CFA
Director, Portfolio Manager, Municipal Mutual Funds

  

Read More

Phillip Soccio, CFA, Director, is a Portfolio Manager for the Municipal Fixed Income business in BlackRock's Portfolio Management Group. Prior to assuming his current role in 2007, Mr. Soccio was a member of BlackRock's Cash Management Group, where he was responsible for managing various tax-exempt money market funds. From 1998 to 2000, he was a member of BlackRock's Account Management Group responsible for institutional client service and marketing support. Mr. Soccio began his career at BlackRock in 1998.

Mr. Soccio earned a BS degree in finance from Wilmington University.

Christian Romaglino, CFA
Christian Romaglino, CFA
Director, Portfolio Manager, Municipal Mutual Funds

   

Read More

Christian Romaglino, CFA, Director, is a Portfolio Manager for the Municipal Fixed Income business within BlackRock's Portfolio Management Group.
Prior to joining BlackRock in 2017, Mr. Romaglino was a Portfolio Manager at Brown Brothers Harriman focusing on a diverse set of institutional mandates and high net worth SMAs. Mr. Romaglino also held various trading and portfolio construction positions at Brown Brothers Harriman across several taxable fixed income sectors prior to 2010 when he transitioned to Municipals.
Mr. Romaglino earned a BS degree in Industrial Engineering from Lehigh University.

Portfolio Manager

Literature

Literature

 

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