FORM N-Q
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Investment Company Act file number: |
811-06355 |
| BlackRock Municipal Target Term Trust, Inc. | |
| (Exact name of registrant as specified in charter) | |
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| Registrant's telephone number, including area code: | 888-825-2257 | |
| Date of fiscal year end: December 31, 2005 | ||
| Date of reporting period: | September 30, 2005 | |
Item 1. Schedule of Investments.
The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS (unaudited)
SEPTEMBER
30, 2005
BlackRock Municipal Target Term Trust (BMN)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| LONG-TERM INVESTMENTS—143.5% | |||||||||||||
| Alabama—3.4% | |||||||||||||
| AAA | $ 9,450 | Fed. Hwy. Fin. Auth. Grant Antic., Ser. A, 4.125%, 3/01/07, MBIA | No Opt. Call | $ 9,593,735 | |||||||||
| AAA | 5,000 | Jefferson Cnty. Cap. Impvt., GO, Ser. A, 5.00%, 4/01/07, MBIA | No Opt. Call | 5,143,800 | |||||||||
| AAA | 1,000 | Mobile, GO, 4.00%, 2/15/07, AMBAC | No Opt. Call | 1,013,210 | |||||||||
| 15,750,745 | |||||||||||||
| Alaska—2.5% | |||||||||||||
| Anchorage, GO, | |||||||||||||
| AAA | 1,750 | Ser. A, 4.125%, 6/01/06, FGIC | No Opt. Call | 1,764,105 | |||||||||
| AAA | 2,245 | Ser. A, 4.25%, 6/01/07, FGIC | No Opt. Call | 2,288,104 | |||||||||
| AAA | 1,335 | Ser. B, 3.20%, 7/01/07, MBIA | No Opt. Call | 1,338,097 | |||||||||
| AAA | 5,000 | Ser. B, 3.25%, 7/01/07, MBIA | No Opt. Call | 5,015,800 | |||||||||
| AAA | 1,000 | Ser. B, 4.25%, 7/01/07, FGIC | No Opt. Call | 1,019,960 | |||||||||
| 11,426,066 | |||||||||||||
| Arizona—2.5% | |||||||||||||
| AAA | 6,255 | Maricopa Cnty. Pub. Fin. Corp. Lease Rev., 4.25%, 7/01/07, AMBAC | No Opt. Call | 6,380,913 | |||||||||
| AAA | 5,000 | Trans. Brd. Grant Antic., 4.125%, 1/01/07, MBIA | No Opt. Call | 5,070,750 | |||||||||
| 11,451,663 | |||||||||||||
| Arkansas—1.1% | |||||||||||||
| AAA | 5,000 | Univ. of Arkansas Athl. Fac. Rev., Razorback Stadium Proj., 3.55%, 12/01/21, FSA | 12/06 @ 100 | 5,031,450 | |||||||||
| California—7.9% | |||||||||||||
| AAA | 6,000 | California, GO, 6.30%, 9/01/06, AMBAC | No Opt. Call | 6,187,380 | |||||||||
| AAA | 30,000 | Dept. of Wtr. Res. Pwr. Sply. Rev., Ser. A, 3.50%, 5/01/07, MBIA | No Opt. Call | 30,338,700 | |||||||||
| 36,526,080 | |||||||||||||
| Colorado—8.9% | |||||||||||||
| AAA | 17,150 | Denver City & Cnty., GO, Ser. B, 5.625%, 8/01/07, MBIA | No Opt. Call | 17,947,990 | |||||||||
| AAA | 1,015 | El Paso Cnty. COP, Detention Fac. Proj., Ser. B, 2.50%, 12/01/06, AMBAC | No Opt. Call | 1,007,377 | |||||||||
| AAA | 9,700 | Met. Football Stad. Dist. Sales Tax Rev., Ser. A, Zero Coupon, 1/01/07, MBIA | No Opt. Call | 9,307,732 | |||||||||
| Regl. Transp. Dist., COP, Transp. Vehicle Proj., Ser. A, | |||||||||||||
| AAA | 6,215 | 5.00%, 6/01/06, MBIA | No Opt. Call | 6,300,518 | |||||||||
| AAA | 5,470 | 5.00%, 6/01/07, MBIA | No Opt. Call | 5,645,204 | |||||||||
| AAA | 1,100 | Thornton, COP, 2.50%, 12/01/06, AMBAC | No Opt. Call | 1,091,167 | |||||||||
| 41,299,988 | |||||||||||||
| Delaware—0.2% | |||||||||||||
| AAA | 1,050 | Delaware River & Bay Auth., 2.50%, 1/01/07, MBIA | No Opt. Call | 1,041,737 | |||||||||
| Florida—2.2% | |||||||||||||
| AAA | 1,740 | Delray Beach Utils. Tax, 3.50%, 6/01/07, FSA | No Opt. Call | 1,754,459 | |||||||||
| AAA | 1,255 | Delray Beach, Decade of Excellence Prog., 3.50%, 2/01/07, FSA | No Opt. Call | 1,263,685 | |||||||||
| AAA | 1,645 | Mun. Loan Council, Ser. A, 4.00%, 5/01/07, MBIA | No Opt. Call | 1,670,563 | |||||||||
| AAA | 1,765 | 3 | Orange Cnty. Tourist Dev. Tax Rev., Ser. A, 6.375%, 10/01/06, AMBAC | ETM | 1,795,676 | ||||||||
| AAA | 2,000 | Sarasota Wtr. & Swr. Sys., 4.25%, 10/01/06, MBIA | No Opt. Call | 2,026,320 | |||||||||
| AAA | 1,865 | Tampa Wtr. & Swr., 5.50%, 10/01/06, FSA | No Opt. Call | 1,912,110 | |||||||||
| 10,422,813 | |||||||||||||
| Georgia—1.0% | |||||||||||||
| AAA | 4,805 | Columbus Wtr. & Swr., 4.00%, 5/01/07, FSA | No Opt. Call | 4,881,111 | |||||||||
| Hawaii—4.8% | |||||||||||||
| Hawaii, GO, | |||||||||||||
| AAA | 5,675 | Ser. CP, 5.50%, 10/01/06, FGIC | No Opt. Call | 5,816,137 | |||||||||
| AAA | 9,000 | Ser. CS, 5.25%, 4/01/06, MBIA | No Opt. Call | 9,104,490 | |||||||||
| AAA | 1,265 | Ser. CW, 3.60%, 8/01/06, FGIC | No Opt. Call | 1,272,008 | |||||||||
| Honolulu City & Cnty., GO, | |||||||||||||
| AAA | 2,275 | Ser. A, 4.00%, 9/01/06, FSA | No Opt. Call | 2,296,749 | |||||||||
| AAA | 3,500 | Ser. A, 5.80%, 1/01/07, FGIC | No Opt. Call | 3,617,250 | |||||||||
| 22,106,634 | |||||||||||||
1
BlackRock Municipal Target Term Trust (BMN) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Illinois—17.9% | |||||||||||||
| Champain Cnty. Cmnty. #116, Ser. C, | |||||||||||||
| AAA | $ 385 | 3 | Zero Coupon, 1/01/07, FGIC | ETM | $ 370,693 | ||||||||
| AAA | 680 | Zero Coupon, 1/01/07, FGIC | No Opt. Call | 654,174 | |||||||||
| AAA | 995 | 3 | Zero Coupon, 1/01/08, FGIC | ETM | 926,325 | ||||||||
| AAA | 1,765 | Zero Coupon, 1/01/08, FGIC | No Opt. Call | 1,640,285 | |||||||||
| AAA | 2,665 | Chicago Park Dist. Pkg. Rev., GO, Ser. A, 3.00%, 1/01/07, FGIC | No Opt. Call | 2,664,920 | |||||||||
| AAA | 1,565 | Chicago Wstwtr. Trans., Ser. A, 3.50%, 1/01/07, AMBAC | No Opt. Call | 1,574,390 | |||||||||
| AAA | 12,000 | Chicago, GO, Ser. A, 4.25%, 1/01/07, MBIA | No Opt. Call | 12,180,600 | |||||||||
| Cook Cnty. High Sch. Dist. Number 201 J. Sterling Morton Twnshp. Proj., | |||||||||||||
| AAA | 6,790 | 3 | Zero Coupon, 12/01/07, FGIC | ETM | 6,344,916 | ||||||||
| AAA | 430 | Zero Coupon, 12/01/07, FGIC | No Opt. Call | 401,560 | |||||||||
| Du Page Cnty. Trans. Rev., | |||||||||||||
| AAA | 4,815 | 4.50%, 1/01/07, FSA | No Opt. Call | 4,902,007 | |||||||||
| AAA | 5,390 | 4.50%, 1/01/09, FSA | No Opt. Call | 5,593,634 | |||||||||
| Illinois, GO, Ser. I, | |||||||||||||
| AAA | 15,080 | 3.25%, 11/01/06, FGIC | No Opt. Call | 15,128,708 | |||||||||
| AAA | 4,000 | 4.00%, 4/01/07, FSA | No Opt. Call | 4,057,240 | |||||||||
| AAA | 12,625 | 4.25%, 4/01/07, MBIA | No Opt. Call | 12,851,240 | |||||||||
| AAA | 1,000 | Kane Cnty., GO, 3.75%, 1/01/07, FGIC | No Opt. Call | 1,009,020 | |||||||||
| Sales Tax, Ser. O, | |||||||||||||
| AAA | 5,900 | Zero Coupon, 6/15/07 | No Opt. Call | 5,590,073 | |||||||||
| AAA | 5,635 | Zero Coupon, 6/15/08 | No Opt. Call | 5,122,553 | |||||||||
| AAA | 2,000 | Will Cnty. Cmnty. Sch. Dist., 7.05%, 12/01/08, AMBAC | No Opt. Call | 2,226,700 | |||||||||
| 83,239,038 | |||||||||||||
| Indiana—3.0% | |||||||||||||
| AAA | 5,000 | Bond Bank Sch. Fund, 4.00%, 2/01/07, AMBAC | No Opt. Call | 5,063,550 | |||||||||
| AAA | 9,000 | Univ. Student Fee Rev., Zero Coupon, 8/01/06, AMBAC | No Opt. Call | 8,781,570 | |||||||||
| 13,845,120 | |||||||||||||
| Iowa—0.9% | |||||||||||||
| AAA | 3,940 | West Des Moines Cmnty. Sch. Dist., 4.00%, 6/01/07, AMBAC | No Opt. Call | 3,999,849 | |||||||||
| Kentucky—4.2% | |||||||||||||
| AAA | 12,610 | Econ. Dev. Fin. Sys. Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/07, MBIA | No Opt. Call | 11,810,652 | |||||||||
| Ppty. & Bldgs. Auth., Proj. No. 69, | |||||||||||||
| AAA | 2,035 | Ser. B, 4.00%, 8/01/06, FSA | No Opt. Call | 2,052,501 | |||||||||
| AAA | 5,560 | Ser. C, 4.00%, 8/01/06, FSA | No Opt. Call | 5,607,816 | |||||||||
| 19,470,969 | |||||||||||||
| Louisiana—4.5% | |||||||||||||
| NR | 7,530 | MuniMae Trust, Ser. 7, Cl. A, 4.40%, 12/16/08 | No Opt. Call | 7,552,289 | |||||||||
| AAA | 5,250 | New Orleans, GO, Zero Coupon, 9/01/06, AMBAC | No Opt. Call | 5,106,675 | |||||||||
| AAA | 3,555 | Off. Facs. Corp. Lease Cap. Complex Prog., 4.00%, 5/01/07, AMBAC | No Opt. Call | 3,604,201 | |||||||||
| AAA | 4,565 | Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. A, 3.00%, 5/15/07, MBIA | No Opt. Call | 4,549,799 | |||||||||
| 20,812,964 | |||||||||||||
| Massachusetts—2.7% | |||||||||||||
| AAA | 11,760 | Massachusetts, GO, Ser. A, 5.25%, 1/01/09, FSA | No Opt. Call | 12,506,760 | |||||||||
| Michigan—3.5% | |||||||||||||
| AAA | 1,270 | 3 | Detroit, GO, 3.00%, 4/01/07, MBIA | ETM | 1,271,283 | ||||||||
| AAA | 2,100 | Grand Rapids Wtr. Sply., 4.00%, 1/01/07, FGIC | No Opt. Call | 2,125,788 | |||||||||
| AAA | 5,000 | Mun. Bd. Auth., Zero Coupon, 5/15/06, MBIA | No Opt. Call | 4,911,000 | |||||||||
| Pub. Pwr. Agcy., Belle River Proj., Ser. A, | |||||||||||||
| AAA | 1,000 | 2.70%, 1/01/07, MBIA | No Opt. Call | 993,960 | |||||||||
| AAA | 2,000 | 5.00%, 1/01/07, MBIA | No Opt. Call | 2,047,460 | |||||||||
| AAA | 4,850 | Trunk Line, Ser. A, 4.00%, 11/01/06, FSA | No Opt. Call | 4,904,805 | |||||||||
| 16,254,296 | |||||||||||||
| Minnesota—1.6% | |||||||||||||
| AAA | 375 | Hsg. Fin. Auth., Ser. D, 5.35%, 8/01/06, MBIA | 02/05 @ 102 | 378,034 | |||||||||
| AAA | 5,075 | Met. Council Minneapolis-St. Paul, GO, 5.25%, 12/01/06 | No Opt. Call | 5,209,944 | |||||||||
| AAA | 1,150 | Minneapolis Spec. Sch. Dist. No. 1 COP, Ser. A, 3.00%, 2/01/07, FSA | No Opt. Call | 1,150,863 | |||||||||
| AAA | 840 | Minneapolis Spec. Sch. Dist. No. 1 COP, Ser. B, 3.25%, 2/01/07, FSA | No Opt. Call | 843,326 | |||||||||
| 7,582,167 | |||||||||||||
2
BlackRock Municipal Target Term Trust (BMN) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Mississippi—0.4% | |||||||||||||
| AAA | $ 1,935 | Vicksburg, GO, 4.00%, 4/01/07, MBIA | No Opt. Call | $ 1,960,426 | |||||||||
| Nebraska—0.8% | |||||||||||||
| AAA | 3,850 | Douglas Cnty. Sch. Dist. No. 17 Millard, GO, 3.20%, 11/15/06, FSA | No Opt. Call | 3,860,780 | |||||||||
| Nevada—1.5% | |||||||||||||
| AAA | 2,975 | Clark Cnty. Library Dist., GO, 4.00%, 2/01/07, FGIC | No Opt. Call | 3,013,943 | |||||||||
| Dept. of Bus. & Ind. Las Vegas Monorail Proj., | |||||||||||||
| AAA | 800 | Zero Coupon, 1/01/07, AMBAC | No Opt. Call | 769,800 | |||||||||
| AAA | 1,295 | Zero Coupon, 1/01/08, AMBAC | No Opt. Call | 1,194,262 | |||||||||
| AAA | 2,005 | Las Vegas Pub. Safety Bonds, GO, 4.00%, 4/01/07, FSA | No Opt. Call | 2,034,273 | |||||||||
| 7,012,278 | |||||||||||||
| New Jersey—2.5% | |||||||||||||
| AAA | 70 | Elizabeth, GO, 6.60%, 8/01/06, MBIA | 01/05 @ 100 | 70,392 | |||||||||
| AAA | 8,565 | 3 | Hwy. Auth. Garden St. Pkwy., 5.00%, 1/01/07, FGIC | ETM | 8,784,093 | ||||||||
| AAA | 1,000 | Monmouth Cnty. Impvt. Auth. Gov’t Loan, 2.34%, 12/01/06, FSA | No Opt. Call | 989,580 | |||||||||
| AAA | 375 | 3 | N. Jersey Dist. Wtr. Sply. Wanaque So. Proj., 6.50%, 7/01/06, MBIA | ETM | 384,945 | ||||||||
| AAA | 1,250 | Warren Cnty. Fin. Auth. PCR, 6.55%, 12/01/06, MBIA | 06/05 @ 100 | 1,256,837 | |||||||||
| 11,485,847 | |||||||||||||
| New Mexico—0.4% | |||||||||||||
| AAA | 1,855 | Fin. Auth. Pub. Proj., Ser. A, 3.50%, 6/01/07, MBIA | No Opt. Call | 1,870,415 | |||||||||
| New York—9.8% | |||||||||||||
| AAA | 2,460 | Dorm. Auth. Hosp. Rev., 3.00%, 2/15/07, XLCA | No Opt. Call | 2,462,558 | |||||||||
| AAA | 810 | Env. Fac. Corp., PCR, Ser. D, 6.40%, 5/15/06 | 01/05 @ 102 | 821,632 | |||||||||
| AAA | 9,220 | Hsg. Fin. Agcy. Hsg. Proj. Mtg., Ser. A, 5.50%, 11/01/06, FSA | 05/06 @ 102 | 9,341,151 | |||||||||
| AAA | 1,040 | Malone Ctrl. Sch. Dist., GO, Ser. B, 2.875%, 1/15/07, FGIC | No Opt. Call | 1,039,906 | |||||||||
| AAA | 2,800 | Nassau Cnty., GO, Ser. Y, 5.00%, 3/01/06, FGIC | No Opt. Call | 2,825,340 | |||||||||
| New York, Ser. E, | |||||||||||||
| AAA | 2,895 | 3 | 6.125%, 8/01/06, MBIA | ETM | 2,971,602 | ||||||||
| AAA | 7,105 | 6.125%, 8/01/06, MBIA | No Opt. Call | 7,294,206 | |||||||||
| AAA | 2,000 | New York City Hlth. & Hosp. Corp. Hlth. Sys. Svcs., Ser. A, 3.20%, 2/15/07, FSA | No Opt. Call | 2,005,780 | |||||||||
| AAA | 13,000 | New York City, GO, Ser. A, 7.00%, 8/01/07, FSA | 08/06 @ 101.5 | 13,598,910 | |||||||||
| Rochester, Ser. B, | |||||||||||||
| AAA | 1,805 | 3 | 4.00%, 2/15/07, MBIA | ETM | 1,831,750 | ||||||||
| AAA | 1,465 | 4.00%, 2/15/07, MBIA | No Opt. Call | 1,486,711 | |||||||||
| 45,679,546 | |||||||||||||
| North Carolina—1.3% | |||||||||||||
| AAA | 6,000 | Eastn. Mun. Pwr. Agcy. Sys. Rev., Ser. B, 6.00%, 1/01/06, CAPMAC | No Opt. Call | 6,045,060 | |||||||||
| Ohio—4.2% | |||||||||||||
| AAA | 1,000 | American Mun. Pwr., Inc., Omega JV2 Proj., 4.00%, 1/01/07, AMBAC | No Opt. Call | 1,011,910 | |||||||||
| AAA | 4,585 | Bldg. Auth. Admin. Bldg. Fd., Ser. A, 5.00%, 10/01/06, FSA | No Opt. Call | 4,678,167 | |||||||||
| AAA | 10,000 | Bldg. Auth. Correction Facs., Ser. A, 5.00%, 10/01/06, FSA | No Opt. Call | 10,201,300 | |||||||||
| AAA | 2,170 | Cincinnati City Sch. Dist. Sch. Impvt., GO, 4.00%, 12/01/06, MBIA | No Opt. Call | 2,195,628 | |||||||||
| AAA | 1,285 | Milford Sch. Dist., GO, 3.25%, 12/01/06, FSA | No Opt. Call | 1,289,317 | |||||||||
| 19,376,322 | |||||||||||||
| Oklahoma—1.5% | |||||||||||||
| AAA | 6,660 | Trans. Auth. Tpke. Sys. Rev., Ser. B, 5.00%, 1/01/07, AMBAC | No Opt. Call | 6,827,899 | |||||||||
| Oregon—1.3% | |||||||||||||
| AAA | 2,020 | Dept. of Admin. Svcs. COP, Ser. A, 5.00%, 11/01/06, FSA | No Opt. Call | 2,063,551 | |||||||||
| AAA | 2,065 | Portland Swr. Sys., Ser. A, 5.00%, 6/01/07, FSA | No Opt. Call | 2,131,142 | |||||||||
| AAA | 2,000 | Washington & Clackamas Cntys. Sch. Dist., GO, 3.125%, 6/15/07, MBIA | No Opt. Call | 2,004,040 | |||||||||
| 6,198,733 | |||||||||||||
| Pennsylvania—5.1% | |||||||||||||
| AAA | 1,500 | Delaware Cnty. Regl. Wtr. Qual. Ctrl. Auth. Swr. Rev., 4.00%, 5/01/07, FGIC | No Opt. Call | 1,522,845 | |||||||||
| AAA | 1,900 | Dept. of Gen. Svcs. COP, 4.25%, 5/01/06, FSA | No Opt. Call | 1,914,858 | |||||||||
| AAA | 1,345 | Fleetwood Area Sch. Dist., GO, 4.00%, 4/01/07, FGIC | No Opt. Call | 1,364,637 | |||||||||
| AAA | 1,615 | Oxford Area Sch. Dist., GO, Ser. A, 4.00%, 2/15/07, FGIC | No Opt. Call | 1,636,770 | |||||||||
| AAA | 2,950 | Philadelphia Wtr. & Wst., 5.50%, 6/15/06, MBIA | No Opt. Call | 3,003,248 | |||||||||
| Philadelphia, GO, | |||||||||||||
| AAA | 1,000 | 4.00%, 9/15/06, FSA | No Opt. Call | 1,010,160 | |||||||||
| AAA | 3,100 | 4.05%, 9/15/07, FSA | No Opt. Call | 3,159,799 | |||||||||
| AAA | 3,620 | Pittsburgh Pub. Pkg. Auth. Pkg. Rev., 2.75%, 12/01/06, AMBAC | No Opt. Call | 3,608,633 | |||||||||
3
BlackRock Municipal Target Term Trust (BMN) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Pennsylvania—(continued) | |||||||||||||
| Pocono Mtn. Sch. Dist., GO, | |||||||||||||
| AAA | $ 875 | 4.50%, 4/01/07, FSA | No Opt. Call | $ 894,101 | |||||||||
| AAA | 3,025 | 4.50%, 10/01/07, FSA | No Opt. Call | 3,110,789 | |||||||||
| AAA | 2,375 | Tpke. Comm., Ser. A, 4.125%, 12/01/06, FGIC | No Opt. Call | 2,405,851 | |||||||||
| 23,631,691 | |||||||||||||
| Rhode Island—1.1% | |||||||||||||
| AAA | 1,865 | Providence GO, Ser. C, 3.75%, 1/15/07, FGIC | No Opt. Call | 1,882,811 | |||||||||
| AAA | 3,400 | Rhode Island & Providence Plantations, GO, Ser. A, 4.00%, 12/01/06, FSA | No Opt. Call | 3,439,372 | |||||||||
| 5,322,183 | |||||||||||||
| South Carolina—0.8% | |||||||||||||
| AAA | 1,715 | Lexington Cnty. Sch. Dist. No. 1 COP, 3.00%, 3/01/07, AMBAC | No Opt. Call | 1,716,372 | |||||||||
| AAA | $2,070 | Pickens Cnty. Sch. Dist., GO, Ser. B, 2.25%, 3/01/07, FGIC | No Opt. Call | $2,041,413 | |||||||||
| 3,757,785 | |||||||||||||
| Texas—16.7% | |||||||||||||
| AAA | 6,575 | Austin Wtr. & Wstwtr. Sys., Ser. C, 3.75%, 11/15/06, FSA | No Opt. Call | 6,631,939 | |||||||||
| AAA | 1,095 | Corpus Christi Bus. & Job Dev. Corp. Sales Tax Rev., 4.00%, 3/01/07, AMBAC | No Opt. Call | 1,109,629 | |||||||||
| AAA | 2,400 | Corpus Christi Gen. Impvt., GO, Ser. A, 5.00%, 3/01/07, FSA | No Opt. Call | 2,464,848 | |||||||||
| AAA | 8,500 | Cypress-Fairbanks Indpt. Sch. Dist., GO, Zero Coupon, 8/01/06, AMBAC | No Opt. Call | 8,293,110 | |||||||||
| AAA | 6,355 | Dallas Rapid Transit, 3.70%, 12/01/06, AMBAC | No Opt. Call | 6,407,111 | |||||||||
| AAA | 1,305 | Dallas Wtr. Wks. & Swr. Sys., 3.00%, 4/01/07, FSA | No Opt. Call | 1,303,682 | |||||||||
| AAA | 2,280 | Denton Util. Sys. Mult. Util. Impvt., 4.25%, 12/01/06, AMBAC | No Opt. Call | 2,312,832 | |||||||||
| AAA | 3,445 | El Paso Cnty., GO, 4.00%, 2/15/07, FSA | No Opt. Call | 3,490,061 | |||||||||
| AAA | 1,000 | Houston Area Wtr. Corp. Northeast Wtr. Purification Proj., 4.00%, 3/01/07, FGIC | No Opt. Call | 1,013,360 | |||||||||
| AAA | 15,000 | Mun. Pwr. Agcy., Zero Coupon, 9/01/06, AMBAC | No Opt. Call | 14,596,950 | |||||||||
| NR | 6,085 | MuniMae Trust, Ser. 10, Cl. A, 4.40%, 7/25/08 | No Opt. Call | 6,103,012 | |||||||||
| AAA | 2,915 | Odessa Wtr. & Swr., 4.25%, 4/01/07, FSA | No Opt. Call | 2,966,800 | |||||||||
| AAA | 1,000 | Pub. Fin. Auth., 3.00%, 2/01/07, FGIC | No Opt. Call | 999,850 | |||||||||
| Round Rock Indpt. Sch. Dist., GO, Ser. A, | |||||||||||||
| AAA | 2,465 | 4.25%, 8/01/06 | No Opt. Call | 2,491,351 | |||||||||
| AAA | 1,000 | 4.25%, 8/01/07 | No Opt. Call | 1,019,650 | |||||||||
| AAA | 8,115 | 3 | San Antonio Elec. & Gas, Ser. B, Zero Coupon, 2/01/08, FGIC | ETM | 7,534,777 | ||||||||
| AAA | 1,000 | Sugar Land, GO, 2.50%, 2/15/07, FGIC | No Opt. Call | 989,810 | |||||||||
| AAA | 5,000 | Tarrant Regl. Wtr. Dist. Impvt., 3.00%, 3/01/07, FSA | No Opt. Call | 4,998,550 | |||||||||
| AAA | 3,000 | Tech. Univ., Ser. 6, 4.25%, 2/15/07, AMBAC | No Opt. Call | 3,047,940 | |||||||||
| 77,775,262 | |||||||||||||
| Utah—5.7% | |||||||||||||
| Utah, GO, Ser. B, | |||||||||||||
| AAA | 5,950 | 4.50%, 7/01/06 | No Opt. Call | 6,021,936 | |||||||||
| AAA | 20,000 | 4.50%, 7/01/07 | No Opt. Call | 20,527,800 | |||||||||
| 26,549,735 | |||||||||||||
| Washington—10.0% | |||||||||||||
| AAA | 1,325 | Benton Cnty. Pub. Util. Dist. Elec. Rev., 3.75%, 11/01/06, FSA | No Opt. Call | 1,336,369 | |||||||||
| AAA | 3,000 | Clark Cnty. Pub. Util., Dist. No. 1 Elec. Rev., 4.00%, 1/01/07, AMBAC | No Opt. Call | 3,033,900 | |||||||||
| King Cnty., | |||||||||||||
| AAA | 75 | 3 | 3.50%, 12/01/06, MBIA | ETM | 75,557 | ||||||||
| AAA | 2,015 | 3.50%, 12/01/06, MBIA | No Opt. Call | 2,026,989 | |||||||||
| AAA | 3,085 | King Cnty. Swr. Rev., 3.50%, 1/01/07, FGIC | No Opt. Call | 3,103,140 | |||||||||
| AAA | 2,100 | Kitsap Cnty., GO, Ser. B, 4.00%, 12/01/06, AMBAC | No Opt. Call | 2,124,318 | |||||||||
| AAA | 12,875 | Pub. Pwr. Sply. Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/06, MBIA | No Opt. Call | 12,592,007 | |||||||||
| Seattle, GO, Ser. E, | |||||||||||||
| AAA | 1,700 | Zero Coupon, 12/15/07, MBIA | No Opt. Call | 1,569,270 | |||||||||
| AAA | 1,345 | Zero Coupon, 12/15/08, MBIA | No Opt. Call | 1,198,610 | |||||||||
| Snohomish Cnty. Pub. Util. Dist. Elec. Rev., | |||||||||||||
| AAA | 5,620 | 4.125%, 12/01/06, FSA | No Opt. Call | 5,689,800 | |||||||||
| AAA | 1,250 | 3 | 6.55%, 1/01/07, FGIC | ETM | 1,305,363 | ||||||||
| AAA | 3,890 | Tacoma Elec. Sys., Ser. A, 4.00%, 1/01/07, FSA | No Opt. Call | 3,933,957 | |||||||||
| AAA | 3,360 | Thurston Cnty. Sch. Dist. No. 3, GO, 4.25%, 12/01/06, FSA | No Opt. Call | 3,408,384 | |||||||||
| AAA | 5,000 | Washington, GO, Ser. B, 5.00%, 1/01/08, MBIA | No Opt. Call | 5,200,400 | |||||||||
| 46,598,064 | |||||||||||||
4
BlackRock Municipal Target Term Trust (BMN) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| West Virginia—1.7% | |||||||||||||
| Econ. Dev. Auth. Correctional Juvenille & Pub. Proj., | |||||||||||||
| AAA | $ 1,000 | 4.00%, 6/01/06, MBIA | No Opt. Call | $ 1,007,130 | |||||||||
| AAA | 1,500 | 4.00%, 6/01/07, MBIA | No Opt. Call | 1,522,305 | |||||||||
| AAA | 5,300 | West Virginia, GO, 4.00%, 6/01/06, FSA | No Opt. Call | 5,338,478 | |||||||||
| 7,867,913 | |||||||||||||
| Wisconsin—5.9% | |||||||||||||
| AAA | 1,380 | Appleton Wtr. Wks., Ser. B, 4.00%, 1/01/07, FGIC | No Opt. Call | 1,396,615 | |||||||||
| AAA | 5,000 | Kenosha, GO, Ser. B, Zero Coupon, 10/15/08, FSA | No Opt. Call | 4,535,000 | |||||||||
| AAA | 1,275 | Milwaukee, GO, Ser. W, 4.00%, 3/15/07, FSA | No Opt. Call | 1,292,697 | |||||||||
| Wisconsin, COP, Ser. A, | |||||||||||||
| AAA | 880 | 3.75%, 3/01/07, FSA | No Opt. Call | 888,633 | |||||||||
| AAA | 12,780 | 3.75%, 9/01/07, FSA | No Opt. Call | 12,941,795 | |||||||||
| AAA | 6,085 | Wisconsin, GO, Ser. G, 4.00%, 5/01/07, MBIA | No Opt. Call | 6,175,788 | |||||||||
| 27,230,528 | |||||||||||||
| Total Long-Term Investments (cost $656,373,266) | 666,699,917 | ||||||||||||
| SHORT-TERM INVESTMENTS—2.4% | |||||||||||||
| Georgia—0.9% | |||||||||||||
| F1+ | 4,395 | 4 | De Kalb County Hsg. Auth., 4.50%, 10/06/05, FRWD | N/A | 4,395,000 | ||||||||
| Ohio—0.5% | |||||||||||||
| VMIG1 | 2,100 | 4 | Hamilton Cnty. Hosp. Facs. Proj., 2.75%, 10/06/05, FRWD | N/A | 2,100,000 | ||||||||
| Pennsylvania—0.6% | |||||||||||||
| A-1 | 2,940 | 4 | Higher Edl. Fac. Auth., 2.75%, 10/06/05, FRWD | N/A | 2,940,000 | ||||||||
| Puerto Rico—0.1% | |||||||||||||
| A-1 | 400 | 4 | Gov’t. Dev. Bank, 2.48%, 10/05/05, MBIA, FRWD | N/A | 400,000 | ||||||||
| Shares | |||||||||||||
| (000) | |||||||||||||
| Money Market Fund—0.3% | |||||||||||||
| 1,450 | AIM Tax Free Investment Co. Cash Reserve Portfolio | N/A | 1,450,000 | ||||||||||
| Total Short-Term Investments (cost $11,285,000) | 11,285,000 | ||||||||||||
| Total Investments—145.9% (cost $667,658,2665) | $ 677,984,917 | ||||||||||||
| Other assets in excess of liabilities—2.3% | 10,896,027 | ||||||||||||
| Preferred shares at redemption value, including dividends payable—(48.2)% | (224,150,104) | ||||||||||||
| Net Assets Applicable to Common Shareholders—100% | $ 464,730,840 | ||||||||||||
| 1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. | ||
| 2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. | ||
| 3 | Security is collateralized by U.S. Treasury obligations. | ||
| 4 | For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of September 30, 2005. | ||
| 5 | Cost for Federal tax purposes is $667,521,108. The net unrealized appreciation on a tax basis is $10,463,809 consisting of $10,875,814 gross unrealized appreciation and $412,005 unrealized depreciation. | ||
| KEY TO ABBREVIATIONS | |||||||||||
| AMBAC | — | American Municipal Bond Assurance Corp. | FRWD | — | Floating Rate Weekly Demand | ||||||
| CAPMAC | — | Capital Markets Assurance Co. | FSA | — | Financial Security Assurance | ||||||
| COP | — | Certificate of Participation | GO | — | General Obligation | ||||||
| ETM | — | Escrowed to Maturity | MBIA | — | Municipal Bond Insurance Assoc. | ||||||
| FGIC | — | Financial Guaranty Insurance Co. | PCR | — | Pollution Control Revenue | ||||||
| XLCA | — | XL Capital Assurance | |||||||||
5
Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management , including it principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3. Exhibits.
Separate certifications of the registrant’s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) BlackRock Municipal Target Term Trust, Inc.
By: /s/ Henry GabbayPursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Robert S. Kapito