BlackRock 2037 Trust: banks buy and sell shares

The reporting persons characterized the transactions as indirect and disclaimed beneficial ownership except to the extent of any pecuniary interest.

Available on EDGAR 10/29/2026 - 03:54 PM EDT Accepted by SEC EDGAR 10/29/2026 - 03:53 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

BlackRock 2037 Municipal Target Term Trust (BMN) had purchase and sale transactions jointly reported by Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated on October 27, 2026. The reporting persons reported an indirect purchase of 3,070 common shares at $22.9800 per share and three indirect sales: 302 shares at $22.1650, 1,899 at $25.0837, and 869 at $25.1607 per share. No Rule 10b5-1 plan is reported. Bank of America stated that its indirect interest arises through its 100% ownership of Merrill Lynch; both entities disclaim beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider BANK OF AMERICA CORP /DE/, MERRILL LYNCH, PIERCE, FENNER & SMITH INC.

Role 10% Owner | 10% Owner

Bought 3,070 shs ($71K)

Sold 3,070 shs ($76K)

Type	Security	Shares	Price	Value
Purchase	Common stock F1, F2, F3	3,070	$22.98	$71K
Sale	Common stock F1, F2, F3	302	$22.165	$7K
Sale	Common stock F1, F2, F3	1,899	$25.0837	$48K
Sale	Common stock F1, F2, F3	869	$25.1607	$22K

Holdings After Transaction: Common stock — 0 shares (Indirect, See Footnotes)

Holdings Before and After: Common stock, 0 to 0 shares (Indirect, See Footnotes)

Footnotes (3)

1. F1. This statement is jointly filed by Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") (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 Merrill Lynch. 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. F2. 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 Section13(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. F3. 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) has been or will be remitted to the Issuer.

Key Figures

Purchase: 3,070 shares at $22.9800 per share Sale: 302 shares at $22.1650 per share Sale: 1,899 shares at $25.0837 per share +1 more

4 metrics

Purchase 3,070 shares at $22.9800 per share Reported on October 27, 2026

Sale 302 shares at $22.1650 per share Reported on October 27, 2026

Sale 1,899 shares at $25.0837 per share Reported on October 27, 2026

Sale 869 shares at $25.1607 per share Reported on October 27, 2026

Key Terms

indirect interest, beneficial ownership, pecuniary interest

3 terms

indirect interest regulatory

"Bank of America Corporation holds an indirect interest in the securities"

beneficial ownership regulatory

"Each Reporting Person disclaims beneficial ownership of the securities reported"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of its pecuniary interest therein, if any"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What BMN shares did the reporting persons buy and sell?

On October 27, 2026, Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated jointly reported an indirect purchase of 3,070 BMN common shares at $22.9800 per share and sales of 302 shares at $22.1650, 1,899 at $25.0837, and 869 at $25.1607 per share.

Who reported the BMN trades, and what did they say about ownership?

Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated jointly reported the trades as indirect. Bank of America stated that it holds an indirect interest through its 100% ownership of Merrill Lynch; each reporting person disclaimed beneficial ownership except to the extent of any pecuniary interest.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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 NORTH CAROLINA 28255

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/27/2026

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

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

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

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	10/27/2026		P		3,070	A	$22.98	3,070	I	See Footnotes(1)(2)(3)
Common stock	10/27/2026		S		302	D	$22.165	2,768	I	See Footnotes(1)(2)(3)
Common stock	10/27/2026		S		1,899	D	$25.0837	869	I	See Footnotes(1)(2)(3)
Common stock	10/27/2026		S		869	D	$25.1607	0	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 NORTH CAROLINA 28255

(City) (State) (Zip)

UNITED STATES

(Country)

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^*

MERRILL LYNCH, PIERCE, FENNER & SMITH INC.

(Last) (First) (Middle)

ONE BRYANT PARK

(Street)

NEW YORK NEW YORK 10036

(City) (State) (Zip)

UNITED STATES

(Country)

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 Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") (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 Merrill Lynch. 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 Section13(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) has been or will be remitted to the Issuer.

	BANK OF AMERICA CORP /DE/ By Its: Authorized Signatory /s/ Andres Ortiz	10/29/2026
	MERRILL LYNCH, PIERCE, FENNER & SMITH INC. By Its: Authorized Signatory /s/ Andres Ortiz	10/29/2026
	** 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.
* Form 4: SEC 1474 (03-26)