Form 4: Bank of America Divests BlackRock Trust Shares

Bank of America Corporation and BofA Securities, Inc. reported the sale of 1,164 common shares of BlackRock 2037 Municipal Target Term Trust at $24.56 per share, executed under a pre-planned Rule 10b5-1 arrangement.

Summary

• Bank of America Corporation and BofA Securities, Inc. (collectively, the "Reporting Persons") filed a Form 4, disclosing a transaction related to BlackRock 2037 Municipal Target Term Trust [BMN].
• The filing reports the disposition of 1,164 shares of common stock of BlackRock 2037 Municipal Target Term Trust.
• The transaction occurred on November 18, 2025, with shares sold at a price of $24.56 per share.
• The sale was executed pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged and non-discretionary transaction.
• Following this reported transaction, the direct beneficial ownership of the specific securities involved is 0.
• Bank of America Corporation holds an indirect interest in the securities through its 100% ownership of its subsidiary, BofA Securities, Inc.

Sentiment

Score: 5

Explanation: Neutral. This is a routine disclosure of a pre-planned insider sale by a 10% owner. It does not inherently signal strong positive or negative sentiment for the issuer, as it's likely part of portfolio management rather than a reaction to new company-specific news.

Risks

• The Reporting Persons disclaim beneficial ownership of the securities reported herein except to the extent of their pecuniary interest, if any.
• The filing explicitly states that it should not be construed as an admission that the Reporting Persons are acting as a partnership, syndicate, or group for the purpose of acquiring, holding, or disposing of the Issuer's securities.
• Without conceding status as a greater than 10% beneficial owner or that the reported transactions are subject to disclosure under Section 16(a) or short-swing profit recovery under Section 16(b) of the Exchange Act, any profit potentially recoverable by the Issuer from the reported transactions under Section 16(b) will be remitted to the Issuer.

Future Outlook

N/A. This filing reports a past transaction and does not provide forward-looking statements or guidance.

Management Comments

• "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."
• "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."
• "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."

Industry Context

This Form 4 filing is a routine disclosure of an insider transaction. It reflects a specific investment decision by a significant shareholder (Bank of America/BofA Securities) in a municipal target term trust, which is a type of closed-end fund. Such transactions are common for large financial institutions managing diverse portfolios and are often executed under pre-arranged plans to comply with insider trading regulations.

Stakeholder Impact

• Shareholders: The sale by a 10% owner, even if pre-planned, provides transparency into the trading activities of a significant institutional shareholder. Given the pre-planned nature and relatively small volume, the direct impact on shareholder sentiment is likely minimal.
• Investors: Provides insight into the portfolio management decisions of a major financial institution regarding its holdings in the BlackRock 2037 Municipal Target Term Trust.

Key Dates

Keywords

BlackRock 2037 Municipal Target Term Trust, BMN, Bank of America, BofA Securities, Form 4, Insider Trading, Share Sale, 10b5-1 Plan, Beneficial Ownership