FORM N-Q
Investment Company Act file number:__811-06355______
_______BlackRock Municipal Target Term Trust, Inc._______
(Exact name of registrant as specified in charter)
|
100
Bellevue Parkway, Wilmington, DE
|
19809
|
|
|
|
Registrant's telephone number, including area code:_888-825-2257
Date of fiscal year end:___December 31, 2006
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
MARCH
31, 2006 (unaudited)
BlackRock Municipal Target Term Trust (BMN)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| LONG-TERM INVESTMENTS—57.6% | |||||||||||||
| Alaska—0.4% | |||||||||||||
| AAA | $ 1,750 | Anchorage GO, Ser. A, 4.125%, 6/01/06, FGIC | No Opt. Call | $ 1,751,523 | |||||||||
| Arkansas—1.1% | |||||||||||||
| AAA | 5,000 | Univ. of Arkansas Athl. Fac. RB, Razorback Stadium Proj., 3.55%, 12/01/21, FSA | 12/06 @ 100 | 5,000,800 | |||||||||
| California—1.3% | |||||||||||||
| AAA | 6,000 | California GO, 6.30%, 9/01/06, AMBAC | No Opt. Call | 6,069,600 | |||||||||
| Colorado—3.9% | |||||||||||||
| AAA | 1,015 | El Paso Cnty. COP, Detention Fac. Proj., Ser. B, 2.50%, 12/01/06, AMBAC | No Opt. Call | 1,005,175 | |||||||||
| AAA | 9,700 | Met. Football Stad. Dist. Sales Tax RB, Ser. A, Zero Coupon, 1/01/07, MBIA | No Opt. Call | 9,443,532 | |||||||||
| AAA | 6,215 | Regl. Transp. Dist. COP, Transp. Vehicle Proj., Ser. A, 5.00%, 6/01/06, MBIA | No Opt. Call | 6,228,859 | |||||||||
| AAA | 1,100 | Thornton COP, 2.50%, 12/01/06, AMBAC | No Opt. Call | 1,089,011 | |||||||||
| 17,766,577 | |||||||||||||
| Florida—1.0% | |||||||||||||
| AAA | 910 | 3 | Orange Cnty. Tourist Dev. RB, Ser. A, 6.375%, 10/01/06, AMBAC | ETM | 923,013 | ||||||||
| AAA | 2,000 | Sarasota Wtr. & Swr. Sys. RB, 4.25%, 10/01/06, MBIA | No Opt. Call | 2,007,300 | |||||||||
| AAA | 1,865 | Tampa Wtr. & Swr. RB, 5.50%, 10/01/06, FSA | No Opt. Call | 1,882,997 | |||||||||
| 4,813,310 | |||||||||||||
| Hawaii—4.0% | |||||||||||||
| Hawaii GO, | |||||||||||||
| AAA | 5,675 | Ser. CP, 5.50%, 10/01/06, FGIC | No Opt. Call | 5,728,969 | |||||||||
| AAA | 9,000 | Ser. CS, 5.25%, 4/01/06, MBIA | No Opt. Call | 9,000,000 | |||||||||
| AAA | 1,265 | Ser. CW, 3.60%, 8/01/06, FGIC | No Opt. Call | 1,265,228 | |||||||||
| AAA | 2,275 | Honolulu City & Cnty. GO, Ser. A, 4.00%, 9/01/06, FSA | No Opt. Call | 2,279,254 | |||||||||
| 18,273,451 | |||||||||||||
| Illinois—3.5% | |||||||||||||
| Champain Cnty. Cmnty. #116 GO, | |||||||||||||
| AAA | 385 | 3 | Ser. C, Zero Coupon, 1/01/07, FGIC | ETM | 374,709 | ||||||||
| AAA | 680 | Ser. C, Zero Coupon, 1/01/07, FGIC | No Opt. Call | 661,973 | |||||||||
| AAA | 15,080 | Illinois GO, Ser. I, 3.25%, 11/01/06, FGIC | No Opt. Call | 15,045,316 | |||||||||
| 16,081,998 | |||||||||||||
| Indiana—1.9% | |||||||||||||
| AAA | 9,000 | Univ. Student Fee RB, Zero Coupon, 8/01/06, AMBAC | No Opt. Call | 8,897,670 | |||||||||
| Kentucky—1.7% | |||||||||||||
| Ppty. & Bldgs. Auth. RB, Proj. No. 69, | |||||||||||||
| AAA | 2,035 | Ser. B, 4.00%, 8/01/06, FSA | No Opt. Call | 2,037,829 | |||||||||
| AAA | 5,560 | Ser. C, 4.00%, 8/01/06, FSA | No Opt. Call | 5,567,728 | |||||||||
| 7,605,557 | |||||||||||||
| Louisiana—3.7% | |||||||||||||
| AAA | 7,480 | MuniMae Trust RB, Ser. 7, Cl. A, 4.40%, 12/16/08 | No Opt. Call | 7,464,292 | |||||||||
| AAA | 5,250 | New Orleans GO, Zero Coupon, 9/01/06, AMBAC | No Opt. Call | 5,172,195 | |||||||||
| AAA | 4,565 | Pub. Facs. Auth. RB, Ochsner Clinic Fndtn. Proj., Ser. A, 3.00%, 5/15/07, MBIA | No Opt. Call | 4,510,768 | |||||||||
| 17,147,255 | |||||||||||||
| Michigan—2.1% | |||||||||||||
| AAA | 5,000 | Mun. Bd. Auth. RB, Zero Coupon, 5/15/06, MBIA | No Opt. Call | 4,980,600 | |||||||||
| AAA | 4,850 | Trunk Line RB, Ser. A, 4.00%, 11/01/06, FSA | No Opt. Call | 4,863,241 | |||||||||
| 9,843,841 | |||||||||||||
| Minnesota—1.2% | |||||||||||||
| AAA | 375 | Hsg. Fin. Auth. RB, Ser. D, 5.35%, 8/01/06, MBIA | 05/06 @ 101 | 375,529 | |||||||||
| AAA | 5,075 | Met. Council Minneapolis-St. Paul GO, 5.25%, 12/01/06 | No Opt. Call | 5,133,159 | |||||||||
| 5,508,688 | |||||||||||||
| Nebraska—0.8% | |||||||||||||
| AAA | 3,850 | Douglas Cnty. Sch. Dist. No. 17 Millard GO, 3.20%, 11/15/06, FSA | No Opt. Call | 3,838,296 | |||||||||
1
BlackRock Municipal Target Term Trust (BMN) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Nevada—0.2% | |||||||||||||
| AAA | $ 800 | 3 | Dept. of Bus. & Ind. RB, Las Vegas Monorail Proj., Zero Coupon, 1/01/07, AMBAC | ETM | $ 777,944 | ||||||||
| New Jersey—0.3% | |||||||||||||
| AAA | 70 | Elizabeth GO, 6.60%, 8/01/06, MBIA | 05/06 @ 100 | 70,122 | |||||||||
| AAA | 1,000 | Monmouth Cnty. Impvt. Auth. Gov’t Loan RB, 2.34%, 12/01/06, FSA | No Opt. Call | 988,450 | |||||||||
| AAA | 375 | 3 | N. Jersey Dist. Wtr. Sply. RB, Wanaque So. Proj., 6.50%, 7/01/06, MBIA | ETM | 377,749 | ||||||||
| 1,436,321 | |||||||||||||
| New York—4.0% | |||||||||||||
| AAA | 8,070 | Hsg. Fin. Agcy. Hsg. Proj. Mtg. RB, Ser. A, 5.50%, 11/01/06, FSA | 05/06 @ 102 | 8,101,635 | |||||||||
| New York GO, | |||||||||||||
| AAA | 2,895 | 3 | Ser. E, 6.125%, 8/01/06, MBIA | ETM | 2,920,273 | ||||||||
| AAA | 7,105 | Ser. E, 6.125%, 8/01/06, MBIA | No Opt. Call | 7,166,316 | |||||||||
| 18,188,224 | |||||||||||||
| Ohio—4.0% | |||||||||||||
| Bldg. Auth. RB, | |||||||||||||
| AAA | 4,585 | Admin. Bldg. Fd. Proj., Ser. A, 5.00%, 10/01/06, FSA | No Opt. Call | 4,618,012 | |||||||||
| AAA | 10,000 | Correction Facs. Proj., Ser. A, 5.00%, 10/01/06, FSA | No Opt. Call | 10,071,000 | |||||||||
| AAA | 2,170 | Cincinnati City Sch. Dist. Sch. Impvt. GO, 4.00%, 12/01/06, MBIA | No Opt. Call | 2,176,749 | |||||||||
| AAA | 1,285 | Milford Sch. Dist. GO, 3.25%, 12/01/06, FSA | No Opt. Call | 1,281,890 | |||||||||
| 18,147,651 | |||||||||||||
| Oregon—0.4% | |||||||||||||
| AAA | 2,020 | Dept. of Admin. Svcs. COP, Ser. A, 5.00%, 11/01/06, FSA | No Opt. Call | 2,036,625 | |||||||||
| Pennsylvania—2.6% | |||||||||||||
| AAA | 1,900 | Dept. of Gen. Svcs. COP, 4.25%, 5/01/06, FSA | No Opt. Call | 1,900,988 | |||||||||
| AAA | 1,000 | Philadelphia GO, 4.00%, 9/15/06, FSA | No Opt. Call | 1,002,110 | |||||||||
| AAA | 2,950 | Philadelphia Wtr. & Wst. RB, 5.50%, 6/15/06, MBIA | No Opt. Call | 2,961,062 | |||||||||
| AAA | 3,620 | Pittsburgh Pub. Pkg. Auth. Pkg. RB, 2.75%, 12/01/06, AMBAC | No Opt. Call | 3,592,669 | |||||||||
| AAA | 2,375 | Tpke. Comm. RB, Ser. A, 4.125%, 12/01/06, FGIC | No Opt. Call | 2,384,144 | |||||||||
| 11,840,973 | |||||||||||||
| Rhode Island—0.7% | |||||||||||||
| AAA | 3,400 | Rhode Island & Providence Plantations GO, Ser. A, 4.00%, 12/01/06, FSA | No Opt. Call | 3,410,132 | |||||||||
| Texas—10.2% | |||||||||||||
| AAA | 6,575 | Austin Wtr. & Wstwtr. Sys. RB, Ser. C, 3.75%, 11/15/06, FSA | No Opt. Call | 6,583,482 | |||||||||
| AAA | 8,500 | Cypress-Fairbanks Indpt. Sch. Dist. GO, Zero Coupon, 8/01/06, AMBAC | No Opt. Call | 8,403,355 | |||||||||
| AAA | 6,355 | Dallas Rapid Transit RB, 3.70%, 12/01/06, AMBAC | No Opt. Call | 6,361,736 | |||||||||
| AAA | 2,280 | Denton Util. Sys. Mult. Util. Impvt. RB, 4.25%, 12/01/06, AMBAC | No Opt. Call | 2,290,465 | |||||||||
| AAA | 15,000 | Mun. Pwr. Agcy. RB, Zero Coupon, 9/01/06, AMBAC | No Opt. Call | 14,784,150 | |||||||||
| AAA | 6,035 | MuniMae Trust RB, Ser. 10, Cl. A, 4.40%, 7/25/08 | No Opt. Call | 6,015,809 | |||||||||
| AAA | 2,465 | Round Rock Indpt. Sch. Dist. GO, Ser. A, 4.25%, 8/01/06 | No Opt. Call | 2,470,694 | |||||||||
| 46,909,691 | |||||||||||||
| Utah—1.3% | |||||||||||||
| AAA | 5,950 | Utah GO, Ser. B, 4.50%, 7/01/06 | No Opt. Call | 5,963,923 | |||||||||
| Washington—5.9% | |||||||||||||
| AAA | 1,325 | Benton Cnty. Pub. Util. Dist. Elec. RB, 3.75%, 11/01/06, FSA | No Opt. Call | 1,326,391 | |||||||||
| King Cnty. GO, | |||||||||||||
| AAA | 75 | 3 | 3.50%, 12/01/06, MBIA | ETM | 75,046 | ||||||||
| AAA | 2,015 | 3.50%, 12/01/06, MBIA | No Opt. Call | 2,014,295 | |||||||||
| AAA | 2,100 | Kitsap Cnty. GO, Ser. B, 4.00%, 12/01/06, AMBAC | No Opt. Call | 2,106,258 | |||||||||
| AAA | 12,875 | 3 | Pub. Pwr. Sply. RB, Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/06, MBIA | ETM | 12,765,562 | ||||||||
| AAA | 5,620 | Snohomish Cnty. Pub. Util. Dist. Elec. RB, 4.125%, 12/01/06, FSA | No Opt. Call | 5,640,176 | |||||||||
| AAA | 3,360 | 4 | Thurston Cnty. Sch. Dist. No. 3 GO, 4.25%, 12/01/06, FSA | N/A | 3,375,422 | ||||||||
| 27,303,150 | |||||||||||||
| West Virginia—1.4% | |||||||||||||
| AAA | 1,000 | Econ. Dev. Auth. RB, Correctional Juvenile & Pub. Proj., 4.00%, 6/01/06, MBIA | No Opt. Call | 1,000,650 | |||||||||
| AAA | 5,300 | West Virginia GO, 4.00%, 6/01/06, FSA | No Opt. Call | 5,303,604 | |||||||||
| 6,304,254 | |||||||||||||
| Total Long-Term Investments (cost $264,126,739) | 264,917,454 | ||||||||||||
2
BlackRock Municipal Target Term Trust (BMN) (continued)
| Principal | |||||||||||||
| Amount | |||||||||||||
| Rating1 | (000) | Description | Value | ||||||||||
| SHORT-TERM INVESTMENTS—41.8% | |||||||||||||
| Alaska—0.8% | |||||||||||||
| A-1+ | $ 3,700 | 5 | Valdez Marine Term RB, ExxonMobil Proj., 3.12%, 4/03/06, FRDD | $ 3,700,000 | |||||||||
| California—3.3% | |||||||||||||
| A-1+ | 15,000 | 5 | St. Dept. Wtr. Res. Pwr. Sply. RB, 3.17%, 4/06/06, FSA, FRWD | 15,000,000 | |||||||||
| Delaware—3.5% | |||||||||||||
| A-1+ | 16,000 | 5 | St. Econ. Dev. Auth. RB, Hosp. Billing Proj., Ser. B, 3.17%, 4/05/06, FRWD | 16,000,000 | |||||||||
| Illinois—3.0% | |||||||||||||
| A-1+ | 14,000 | 5 | Fin. Auth. RB, Resurrection Hlth Proj., Ser. B, 3.18%, 4/03/06, FRWD | 14,000,000 | |||||||||
| Massachusetts—5.7% | |||||||||||||
| Hlth. & Edl. Fac. Auth. RB, Harvard Univ. Proj., | |||||||||||||
| A-1+ | 12,000 | 5 | Ser. BB, 3.02%, 4/06/06, FRWD | 12,000,000 | |||||||||
| A-1+ | 14,000 | 5 | Ser. R, 2.92%, 4/03/06, FRDD | 14,000,000 | |||||||||
| 26,000,000 | |||||||||||||
| Missouri—2.0% | |||||||||||||
| A-1+ | 9,100 | 5 | St. Hlth. & Edl. Fac. RB, Med. Research Facs. Stowers Inst. Proj., 3.22%, 4/06/06, MBIA, FRWD | 9,100,000 | |||||||||
| Nebraska—3.6% | |||||||||||||
| A-1+ | 16,300 | 5 | American Pub. Energy Agcy. Gas Sply. RB, 3.19%, 4/06/06, FRWD | 16,300,000 | |||||||||
| New Jersey—2.0% | |||||||||||||
| A-1+ | 9,195 | 5 | Union Cnty. Indl. Poll. Ctrl. Auth. RB, Exxon Proj., 2.81%, 4/03/06, FRDD | 9,195,000 | |||||||||
| New York—6.3% | |||||||||||||
| A-1+ | 15,000 | 5 | City of New York GO, 3.16%, 4/05/06, FRWD | 15,000,000 | |||||||||
| A-1+ | 14,000 | 5 | Triborough Brdg. & Tunl. Auth. RB, 3.16%, 4/06/06, FRWD | 14,000,000 | |||||||||
| 29,000,000 | |||||||||||||
| North Carolina—1.5% | |||||||||||||
| A-1+ | 7,100 | 5 | Union Cnty. GO, Ser. B, 3.11%, 4/06/06, FRWD | 7,100,000 | |||||||||
| Ohio—0.1% | |||||||||||||
| A-1+ | 300 | 5 | Kent St. Univ. RB, 3.17%, 4/05/06, MBIA, FRWD | 300,000 | |||||||||
| Pennsylvania—2.6% | |||||||||||||
| A-1+ | 3,000 | 5 | Emmaus Gen. Auth. RB, 3.18%, 4/05/06, FSA, FRWD | 3,000,000 | |||||||||
| A-1+ | 9,045 | 5 | Erie Wtr. Auth. RB, 3.17%, 4/06/06, FSA, FRWD | 9,045,000 | |||||||||
| 12,045,000 | |||||||||||||
| Tennessee—6.1% | |||||||||||||
| VMIG1 | 16,000 | 5 | Clarksville Pub. Bldg. Auth. RB, 3.17%, 4/03/06, FRDD | 16,000,000 | |||||||||
| VMIG1 | 12,000 | 5 | Montgomery Cnty. Pub. Bldg. Auth. RB, 3.17%, 4/03/06, FRDD | 12,000,000 | |||||||||
| 28,000,000 | |||||||||||||
| Wyoming—1.2% | |||||||||||||
| A-1+ | 5,725 | 5 | Lincoln Cnty. Poll. Ctrl. RB, Exxon Proj., 3.12%, 4/03/06, FRDD | 5,725,000 | |||||||||
3
BlackRock Municipal Target Term Trust (BMN) (continued)
| Shares | |||||||||||||
| (000) | Description | Value | |||||||||||
| MONEY MARKET FUND—0.1% | |||||||||||||
| 300 | AIM Tax Free Investment Co. Cash Reserve Portfolio | $ 300,000 | |||||||||||
| Total Short-Term Investments (cost $191,765,000) | 191,765,000 | ||||||||||||
| Total Investments—99.4% (cost $455,891,7396) | $ 456,682,454 | ||||||||||||
| Other assets in excess of liabilities—0.6% | 2,892,415 | ||||||||||||
| Net Assets Applicable to Common Shareholders—100% | $ 459,574,869 | ||||||||||||
| 1 | Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch’s ratings. | ||
| 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 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. | ||
| 5 | 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 March 31, 2006. | ||
| 6 | Cost for Federal income tax purposes is $455,690,505. The net unrealized appreciation on a tax basis is $991,949, consisting of $1,200,233 gross unrealized appreciation and $208,284 gross unrealized depreciation. | ||
KEY TO ABBREVIATIONS
| AMBAC | — | American Municipal Bond Assurance Corp. | FRWD | — | Floating Rate Weekly Demand | ||||||
| COP | — | Certificate of Participation | FSA | — | Financial Security Assurance | ||||||
| ETM | — | Escrowed to Maturity | GO | — | General Obligation | ||||||
| FGIC | — | Financial Guaranty Insurance Co. | MBIA | — | Municipal Bond Insurance Assoc. | ||||||
| FRDD | — | Floating Rate Daily Demand | RB | — | Revenue Bond | ||||||
4
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 its principal executive and principal 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 Gabbay____________________________________Pursuant 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___________________________________