Morgan Stanley (BMN) discloses 14.1% beneficial stake in BlackRock 2037 trust

Rhea-AI Filing Summary

Morgan Stanley and Morgan Stanley Smith Barney LLC report beneficial ownership of common shares of beneficial interest of BlackRock 2037 Municipal Target Term Trust. They report beneficial ownership of 866,224 shares, representing 14.1% of the class, with shared voting power over 759 shares and shared dispositive power over 866,224 shares. The reporting entities are Delaware organizations and indicate that the filing reflects holdings of certain Morgan Stanley operating units, excluding other units whose ownership is disaggregated under SEC guidance.

Key Figures

Shares beneficially owned: 866,224 shares Percent of class owned: 14.1% Shared voting power: 759 shares +3 more

6 metrics

Shares beneficially owned 866,224 shares Common Shares of Beneficial Interest of BlackRock 2037 Municipal Target Term Trust

Percent of class owned 14.1% Percentage of BMN common shares beneficially owned by the reporting group

Shared voting power 759 shares Shares over which the reporting persons have shared power to vote or direct the vote

Shared dispositive power 866,224 shares Shares over which the reporting persons have shared power to dispose or direct disposition

CUSIP 09262G108 CUSIP for BlackRock 2037 Municipal Target Term Trust common shares of beneficial interest

Reporting entities 2 entities Morgan Stanley and Morgan Stanley Smith Barney LLC as joint filers

Key Terms

beneficially owned, Shared Dispositive Power, Schedule 13G, parent holding company, +1 more

5 terms

beneficially owned financial

"this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Shared Dispositive Power financial

"Shared Dispositive Power 866,224.00"

Schedule 13G regulatory

"If a parent holding company has filed this schedule, pursuant to (ii)(G)"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

parent holding company financial

"If a parent holding company has filed this schedule, pursuant to (ii)(G)"

Joint Filing Agreement regulatory

"EXHIBIT NO. EXHIBITS 99.1 Joint Filing Agreement"

FAQ

What stake in BlackRock 2037 Municipal Target Term Trust (BMN) does Morgan Stanley report?

Morgan Stanley and Morgan Stanley Smith Barney LLC report beneficial ownership of 866,224 BMN common shares of beneficial interest, representing 14.1% of the class. This makes them significant institutional holders of the trust’s shares.

How much voting power does Morgan Stanley report in BMN shares?

The filing reports shared voting power over 759 BMN shares and no sole voting power. In addition, the entities report shared dispositive power over 866,224 shares, aligning with their reported beneficial ownership position.

Which entities are reporting ownership of BMN in this Schedule 13G/A?

The reporting persons are Morgan Stanley and Morgan Stanley Smith Barney LLC, both organized in Delaware. They file jointly and classify themselves as a parent holding company and as broker-dealer and investment adviser entities.

What percentage of BlackRock 2037 Municipal Target Term Trust (BMN) is owned by the reporting group?

The reporting group discloses beneficial ownership of 14.1% of BMN’s common shares of beneficial interest. This percentage is based on 866,224 shares beneficially owned as described in the Schedule 13G/A.

Does the BMN Schedule 13G/A cover all Morgan Stanley units?

No. The disclosure states it covers securities beneficially owned by certain Morgan Stanley reporting units only. It expressly excludes any operating units whose ownership is disaggregated in accordance with an SEC release.

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Available on EDGAR 08/12/2026 - 04:37 PM Accepted by SEC EDGAR 08/12/2026 - 04:36 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

BlackRock 2037 Municipal Target Term Trust

(Name of Issuer)

Common Shares of Beneficial Interest

(Title of Class of Securities)

09262G108

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 09262G108

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 759.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 866,224.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

866,224.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.1 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s): 09262G108

1

Names of Reporting Persons

Morgan Stanley Smith Barney LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 759.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 866,224.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

866,224.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.1 %

12

Type of Reporting Person (See Instructions)

BD, IA, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BlackRock 2037 Municipal Target Term Trust
(b)	Address of issuer's principal executive offices: 100 BELLEVUE PARKWAY, WILMINGTON, DE, 19809
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley Smith Barney LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway, New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Shares of Beneficial Interest
(e)	CUSIP No.: 09262G108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 14.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	08/12/2026

Morgan Stanley Smith Barney LLC

Signature:	David Galasso
Name/Title:	Authorized Signatory, Morgan Stanley Smith Barney LLC
Date:	08/12/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).