[Form 4] BlackRock 2037 Municipal Target Term Trust Insider Trading Activity

Rhea-AI Filing Summary

Bank of America Corporation and its subsidiary BofA Securities, Inc., as joint reporting persons, reported a transaction in shares of BlackRock 2037 Municipal Target Term Trust (BMN). On 11/14/2025, 1,164 shares of common stock were acquired in an open market purchase at a price of $24.76 per share. Following this transaction, 1,164 shares were reported as beneficially owned on an indirect basis.

The reporting persons state that Bank of America Corporation’s interest in these securities is indirect through its 100% ownership of BofA Securities, Inc. They expressly disclaim beneficial ownership of the reported securities except to the extent of any pecuniary interest. They also state that the filing should not be construed as an admission that they are part of any group or a greater than 10% beneficial owner. Additionally, they indicate that any profit potentially recoverable by the issuer under Section 16(b) of the Exchange Act, assuming such status applied, will be remitted to the issuer.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last) (First) (Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON ST

(Street)

CHARLOTTE NC 28255

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackRock 2037 Municipal Target Term Trust [ BMN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
COMMON STOCK(1)(2)(3)	11/14/2025		P		1,164	A	$24.76	1,164	I	See Footnotes(1)(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last) (First) (Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON ST

(Street)

CHARLOTTE NC 28255

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BOFA SECURITIES, INC.

(Last) (First) (Middle)

150 N COLLEGE ST

NC1-028-29-04

(Street)

CHARLOTTE NC 28255

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This statement is jointly filed by Bank of America Corporation and BofA Securities, Inc. (collectively, the "Reporting Persons"). Bank of America Corporation holds an indirect interest in the securities listed in this Report by virtue of its 100% ownership of its subsidiary BofA Securities, Inc. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any, and this report shall not be deemed an admission that any such Reporting Person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Securities Exchange Act of 1934 (the "Exchange Act"), or for any other purpose.

2. Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the Exchange Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

3. Without conceding its status as a greater than 10% beneficial owner or that the reported transactions are subject to disclosure under Section 16(a) of the Exchange Act or short-swing profit recovery under Section 16(b) of the Exchange Act, the amount of profit potentially recoverable by the Issuer from the reported transactions in the event that the Reporting Persons were greater than 10% beneficial owners and the transactions were subject to Section 16(b) will be remitted to the Issuer.

	BANK OF AMERICA CORP /DE//s/ By Its: Authorized Signatory Andres Ortiz	11/18/2025
	BOFA SECURITIES, INC./s/ By Its: Authorized Signatory Andres Ortiz	11/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Bank of America report in BlackRock 2037 Municipal Target Term Trust (BMN)?

The reporting persons disclosed an open market purchase of 1,164 shares of BMN common stock on 11/14/2025 at a price of $24.76 per share. After the transaction, 1,164 shares were reported as beneficially owned indirectly.

Who are the reporting persons in this Form 4 related to BMN?

The Form 4 is jointly filed by Bank of America Corporation and BofA Securities, Inc.. Bank of America Corporation reports an indirect interest in the BMN shares through its 100% ownership of BofA Securities, Inc.

How is the ownership of BMN shares characterized by Bank of America in this filing?

The reporting persons state that Bank of America Corporation holds an indirect interest in the BMN securities via BofA Securities, Inc. They disclaim beneficial ownership of the reported securities except to the extent of any pecuniary interest.

Does Bank of America admit to being a greater than 10% owner of BMN in this report?

No. The reporting persons explicitly state that the filing and its contents should not be construed as an admission that they are greater than 10% beneficial owners or members of any group with respect to BMN or its securities.

What does the filing say about potential short-swing profits related to the BMN transaction?

The reporting persons note that, without conceding greater than 10% beneficial ownership or that the transactions are subject to Section 16(b), any potentially recoverable profit under Section 16(b) from the reported transactions will be remitted to the issuer.

Is this Form 4 filed by one or more reporting persons for BMN?

The Form 4 is indicated as being filed by more than one reporting person, specifically Bank of America Corporation and BofA Securities, Inc., and is signed by an authorized signatory, Andres Ortiz, for each entity.