UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

 

Investment Company Act file number 811-22603

 

Name of Fund: BlackRock Municipal Target Term Trust (BTT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Target Term Trust, 55 East 52nd Street, New York, NY 10055

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 07/31/2014

 

Date of reporting period: 10/31/2013

 

Item 1 – Schedule of Investments

 
 

Schedule of Investments October 31, 2013 (Unaudited)

BlackRock Municipal Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

   
Municipal Bonds Par
(000)		   Value  
 
   
Alabama  — 0.7%  
County of Jefferson Alabama, RB, Limited Obligation School Improvement Bonds, Series A:          
  5.25%, 1/01/19 $ 1,000 $ 992,880  
  5.25%, 1/01/20   1,000   993,280  
  5.50%, 1/01/21   1,200   1,194,156  
  5.50%, 1/01/22   1,105   1,099,453  
Phenix City IDB, Refunding RB, Meadwestvaco Coated Board Project, Series A, 3.63%, 5/15/30   5,850   4,592,893  
   
    8,872,662  
 
Alaska  — 0.6%  
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 6/01/23   9,360   8,795,686  
 
Arizona  — 1.1%  
Arizona Health Facilities Authority, Refunding RB, Phoenix Children's Hospital:          
  Series A, 5.00%, 2/01/34   6,340   5,999,605  
  Series B, 5.00%, 2/01/33   1,810   1,723,844  
County of Pima Arizona IDA, Refunding RB, Tucson Electric Power Co. Project, Series A, 4.00%, 9/01/29   6,000   5,366,880  
Phoenix IDA, RB, Facility, Eagle College Preparatory Project, Series A:          
  4.50%, 7/01/22   780   761,904  
  5.00%, 7/01/33   1,000   904,620  
   
    14,756,853  
 
California  — 24.6%  
ABAG Finance Authority for Nonprofit Corps., Refunding RB, Odd Fellows Home California, Series A, 5.00%, 4/01/32   4,500   4,574,160  
Alameda Corridor Transportation Authority, Refunding RB, CAB, Sub Lien, Series A (AMBAC), 5.81%, 10/01/30 (a)   10,530   3,996,346  
Anaheim California Public Financing Authority, Refunding RB, Electric Distribution System, Series A, 4.00%, 10/01/31   17,080   16,361,444  
           
Municipal Bonds Par
(000)		   Value  
 
California (continued)  
California Health Facilities Financing Authority, Refunding RB, Adventist Health System/West, Series A:          
  4.00%, 3/01/27 $ 4,270 $ 4,089,208  
  4.00%, 3/01/28   8,490   7,942,225  
  4.00%, 3/01/33   61,485   52,888,782  
California HFA, RB, S/F Home Mortgage, Series I, AMT, 4.70%, 8/01/26   10,000   9,621,700  
California Municipal Finance Authority, RB, Biola University:          
  4.00%, 10/01/27   750   687,068  
  5.00%, 10/01/29   660   662,020  
  5.00%, 10/01/30   500   505,435  
  4.00%, 10/01/33   2,500   2,089,475  
California Pollution Control Financing Authority, RB, Poseidon Resources Desalination Project, AMT, 5.00%, 7/01/30 (b)   18,845   17,474,592  
California State Public Works Board, RB:          
  Judicial Council Projects, Series A, 5.00%, 3/01/31   5,000   5,219,500  
  Judicial Council Projects, Series A, 5.00%, 3/01/32   5,000   5,200,100  
  Judicial Council Projects, Series A, 5.00%, 3/01/33   5,220   5,408,755  
  Series D, 5.00%, 9/01/28   5,090   5,399,217  
  Series D, 5.00%, 9/01/29   5,350   5,618,516  
  Series D, 5.00%, 9/01/30   2,620   2,735,175  
  Series D, 5.00%, 9/01/31   2,905   3,009,725  
  Series D, 5.00%, 9/01/32   6,060   6,242,830  
  Series E, 5.00%, 9/01/28   2,240   2,376,080  
  Series E, 5.00%, 9/01/29   2,355   2,473,197  
  Series E, 5.00%, 9/01/30   2,475   2,583,801  
  Series E, 5.00%, 9/01/31   2,600   2,693,730  
  Series E, 5.00%, 9/01/32   2,280   2,348,788  
California Statewide Communities Development Authority, RB, American Baptist Homes of the West, Series A:          
  5.00%, 10/01/23   1,500   1,585,860  
  5.00%, 10/01/28   650   654,154  
  5.00%, 10/01/33   2,275   2,109,698  
California Statewide Communities Development Authority, Refunding RB:          
  Episcopal Communities & Services, 5.00%, 5/15/27   500   505,275  
  Episcopal Communities & Services, 5.00%, 5/15/32   1,000   961,410  
                 

 

BLACKROCK MUNICIPAL TARGET TERM TRUSTOCTOBER 31, 20131
 

Schedule of Investments (continued)

BlackRock Municipal Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
California (continued)  
California Statewide Communities Development Authority, Refunding RB  (concluded):          
  Eskaton Properties, Inc., 5.25%, 11/15/34 $ 2,500 $ 2,386,625  
Chabot-Las Positas Community College District, GO, Refunding, 2016 Crossover, 5.00%, 8/01/29   18,500   19,918,395  
City & County of San Francisco California Redevelopment Agency, Refunding, Special Tax Bonds, No. 6 Mission Bay South Public Improvements, Series A:          
  5.00%, 8/01/28   1,000   1,019,810  
  5.00%, 8/01/29   1,300   1,317,381  
  5.00%, 8/01/33   1,335   1,333,238  
Corona-Norco Unified School District, Refunding, Special Tax Bonds, Senior Lien, Series A, 5.00%, 9/01/32   1,250   1,208,462  
County of Los Angeles California Public Works Financing Authority, Refunding RB, Multiple Capital Projects II:          
  5.00%, 8/01/30   2,500   2,637,525  
  5.00%, 8/01/31   3,000   3,138,240  
  5.00%, 8/01/32   3,000   3,118,320  
  5.00%, 8/01/33   2,500   2,593,075  
County of Ventura California Public Financing Authority, Refunding RB, Series A:          
  5.00%, 11/01/30   1,200   1,270,416  
  5.00%, 11/01/31   1,500   1,577,685  
  5.00%, 11/01/32   1,500   1,567,425  
  5.00%, 11/01/33   1,200   1,235,940  
El Camino Community College District, GO, CAB, Election of 2002, Series C (a):          
  5.00%, 8/01/30   9,090   3,974,784  
  5.15%, 8/01/31   12,465   5,054,931  
  5.22%, 8/01/32   17,435   6,634,541  
Escondido Union High School District, GO, CAB, Election of 2008, Series A (AGC) (a):          
  5.34%, 8/01/32   1,675   623,569  
  5.40%, 8/01/33   2,865   1,000,200  
Golden State Tobacco Securitization Corp., Refunding RB, Series A, 5.00%, 6/01/30   1,500   1,536,675  
Grossmont Union High School District, GO, CAB, Election of 2004, 5.40%, 8/01/32 (a)   29,015   10,683,903  
           
Municipal Bonds Par
(000)		   Value  
 
California (concluded)  
Los Angeles Regional Airports Improvement Corp., Refunding RB, LAXFUEL Corp., Los Angeles International, AMT:          
  4.50%, 1/01/27 $ 5,000 $ 4,984,950  
  5.00%, 1/01/32   4,110   4,131,619  

M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29

   2,500   2,837,175  

Poway Unified School District, GO, CAB, Election of 2008, Series A (a):

          
  4.77%, 8/01/27   10,000   5,231,800  
  5.19%, 8/01/30   10,000   4,239,100  
  5.40%, 8/01/32   12,500   4,602,750  
Poway Unified School District Public Financing Authority, Refunding, Special Tax Bonds:          
  5.00%, 9/15/26   935   975,673  
  5.00%, 9/15/29   1,205   1,212,676  
  5.00%, 9/15/32   995   986,543  
Riverside Public Financing Authority, Tax Allocation Bonds, University Corridor/Sycamore Canyon Merged Redevelopment Project, Series C (NPFGC), 4.50%, 8/01/30   10,000   9,233,400  
San Bernardino Community College District, GO, Refunding, Series A:          
  4.00%, 8/01/31   15,660   14,635,993  
  4.00%, 8/01/32   17,010   15,675,736  
  4.00%, 8/01/33   5,665   5,171,692  
San Diego Community College District, GO, Election of 2006, 5.57%, 8/01/30 (a)   5,000   1,993,350  
Westlands California Water District, Refunding RB, Series A (AGM):          
  5.00%, 9/01/30   1,000   1,055,450  
  5.00%, 9/01/31   1,000   1,048,690  
  5.00%, 9/01/32   1,000   1,042,720  
   
    330,908,723  
 
Colorado  — 6.7%  
Central Platte Valley Metropolitan District, GO, Series A:          
  5.13%, 12/01/29   700   700,791  
  5.50%, 12/01/29   750   776,978  
  5.38%, 12/01/33   1,500   1,505,715  
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series B, 4.00%, 11/15/31   37,800   35,570,556  
                 

 

BLACKROCK MUNICIPAL TARGET TERM TRUSTOCTOBER 31, 20132
 

Schedule of Investments (continued)

BlackRock Municipal Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Colorado (concluded)  
Colorado Health Facilities Authority, Refunding RB, Covenant Retirement Communities, Series A:          
  4.50%, 12/01/33 $ 4,595 $ 3,950,184  
  5.00%, 12/01/33   3,000   2,781,030  
Commerce City Colorado-Northern Infrastructure General Improvement District, GO, Refunding, Improvement (AGM):          
  5.00%, 12/01/26   2,770   3,059,050  
  5.00%, 12/01/28   1,560   1,686,422  
  5.00%, 12/01/29   1,070   1,149,105  
  5.00%, 12/01/31   500   527,225  
  5.00%, 12/01/32   800   838,648  
Denver West Metropolitan District, GO, Refunding, Series A (AGM), 4.00%, 12/01/32   6,250   5,906,062  
Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds:          
  4.00%, 12/01/23   1,000   925,260  
  4.10%, 12/01/24   5,080   4,653,737  
  4.20%, 12/01/25   5,280   4,823,808  
  4.50%, 12/01/30   4,305   3,867,181  
State of Colorado, COP, Refunding, Fitzsimons Academic Projects, 4.00%, 11/01/30   12,675   12,309,073  
Tallyns Reach Metropolitan District No. 3, GO, Refunding, 5.00%, 12/01/33   505   448,642  
University of Colorado Hospital Authority, RB, Series A, 5.00%, 11/15/27   4,000   4,257,920  
   
    89,737,387  
 
Connecticut  — 1.4%  
City of Hartford, GO, Refunding, Series A:          
  4.00%, 4/01/29   8,390   8,145,012  
  4.00%, 4/01/32   1,500   1,387,215  
Connecticut HFA, Refunding RB, M/F Housing Mortgage Finance Program, Sub-Series F-1, 3.00%, 11/15/32   12,020   9,974,917  
   
    19,507,144  
 
District of Columbia  — 0.1%  
District of Columbia, Refunding RB, Kipp Charter School, 6.00%, 7/01/33   1,700   1,800,844  
 
         
Municipal Bonds Par
(000)		   Value  
 
Florida  — 10.8%  
City of North Miami Beach, Refunding RB:          
  4.00%, 8/01/27 $ 3,325 $ 3,346,446  
  5.00%, 8/01/29   3,650   3,867,211  
  5.00%, 8/01/30   4,020   4,223,131  
  5.00%, 8/01/31   4,235   4,430,149  
  5.00%, 8/01/32   4,445   4,620,311  
City of Tampa Florida, Refunding RB, Series A:          
  County of Hillsborough Florida Expressway Authority, 4.00%, 7/01/29   6,000   5,789,400  
  County of Hillsborough Florida Expressway Authority, 4.00%, 7/01/30   6,395   6,065,785  
  H Lee Moffitt Cancer Center Project, 4.00%, 9/01/33   10,000   8,983,400  
County of Broward Florida, RB, Fort Lauderale Fuel System Revenue, AMT:          
  5.00%, 4/01/30   600   606,264  
  5.00%, 4/01/33   740   740,518  

County of Hillsborough Florida IDA, RB, National Gypsum Co., Series A, AMT, 7.13%, 4/01/30

   7,300   7,320,659  
County of Martin Florida IDA, Refunding RB, Indiantown Cogeneration, L.P. Project, AMT, 4.20%, 12/15/25   5,250   4,427,797  
County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A:          
  4.00%, 4/01/31   2,930   2,678,020  
  4.00%, 4/01/32   1,000   899,480  
County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Sub-Series B, 5.00%, 10/01/32   10,000   10,333,800  
County of Miami-Dade Florida Expressway Authority, Refunding RB, Series A:          
  5.00%, 7/01/30   5,530   5,778,795  
  5.00%, 7/01/31   5,000   5,192,000  
County of Miami-Dade Florida School Board, COP, Refunding, Series A, 5.00%, 5/01/32   10,000   10,312,800  
County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB, Series B (a):          
  4.09%, 6/01/25   2,155   1,348,577  
  4.35%, 6/01/26   2,655   1,545,529  
  4.64%, 6/01/27   3,095   1,660,096  
  4.77%, 6/01/28   3,795   1,908,430  
                 

 

BLACKROCK MUNICIPAL TARGET TERM TRUSTOCTOBER 31, 20133
 

Schedule of Investments (continued)

BlackRock Municipal Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Florida (concluded)  
County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB, Series B (a) (concluded):          
  4.93%, 6/01/29 $ 3,795 $ 1,777,312  
  5.10%, 6/01/30   2,000   868,180  
  5.27%, 6/01/31   1,295   519,321  
  5.32%, 6/01/32   2,495   940,415  
Double Branch Community Development District, Refunding, Special Assessment Bonds, Senior Lien, Series A-1, 4.13%, 5/01/31 1,200   1,066,896  
Greater Orlando Aviation Authority, Refunding RB, Jet Blue Airways Corporation Project, AMT, 5.00%, 11/15/26   2,000   1,841,220  
Jacksonville Florida Port Authority, Refunding RB, AMT:          
  4.50%, 11/01/29   4,685   4,448,923  
  4.50%, 11/01/30   2,895   2,708,475  
  4.50%, 11/01/31   3,200   2,947,232  
  4.50%, 11/01/32   2,300   2,094,173  
  4.50%, 11/01/33   2,080   1,878,698  
Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/30   3,825   4,151,617  
Village Community Development District No. 5, Refunding, Special Assessment Bonds, Phase I:          
  3.50%, 5/01/28   2,145   1,888,994  
  4.00%, 5/01/33   1,245   1,092,463  
Village Community Development District No. 5, Refunding, Special Assessment Bonds, Phase II:          
  3.50%, 5/01/28   4,090   3,601,859  
  4.00%, 5/01/34   2,610   2,280,696  

Village Community Development District No. 6, Refunding, Special Assessment Bonds, Sumter County, 4.00%, 5/01/29

 6,475   5,906,560  
Village Community Development District No. 10, Sumter County Special Assessment Bonds:          
  4.50%, 5/01/23   3,870   3,655,060  
  5.00%, 5/01/32   5,985   5,561,561  
   
    145,308,253  
 
Georgia  — 0.8%  
Georgia Housing & Finance Authority, RB, S/F Housing, Series A, 3.45%, 12/01/32   12,050   10,165,500  
 
Guam  — 0.8%  
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/30 10,000   10,150,500  
 
         
Municipal Bonds Par
(000)		   Value  
 
Idaho  — 0.7%  
Idaho Housing and Finance Association, RB, Series A, 4.00%, 7/15/30 $ 10,000 $ 9,691,000  
 
Illinois  — 13.5%  
City of Chicago Illinois, GO:          
  CAB (NPFGC), 6.01%, 1/01/27 (a)   5,000   2,292,800  
  Project, Series A, 5.00%, 1/01/33   10,000   9,445,400  
City of Chicago Illinois, RB, Wastewater Transmission Project, 2nd Lien:          
  4.00%, 1/01/31   10,375   9,090,160  
  4.00%, 1/01/32   10,790   9,302,167  
  4.00%, 1/01/33   11,220   9,585,919  
  4.00%, 1/01/35   9,135   7,624,071  
City of Chicago Illinois, Refunding ARB, O'Hare International Airport Passenger Facility Charge, Series B, AMT:          
  4.00%, 1/01/27   5,000   4,624,450  
  4.00%, 1/01/29   28,425   25,538,725  
City of St. Charles Illinois, GO, Refunding, Corporate Purpose:          
  4.00%, 12/01/30   1,620   1,542,694  
  4.00%, 12/01/31   1,715   1,611,637  
  4.00%, 12/01/32   1,800   1,672,398  
County of Cook Illinois, GO, Refunding, Series C, 4.00%, 11/15/29   19,750   17,428,783  
Illinois Finance Authority, RB, Noble Network School Project, 6.00%, 9/01/32   1,620   1,623,418  
Illinois Finance Authority, Refunding RB:          
  Lutheran Home & Services Obligated Group, 5.00%, 5/15/22   4,835   4,713,642  
  Lutheran Home & Services Obligated Group, 5.50%, 5/15/27   4,350   4,204,884  
  Lutheran Home & Services Obligated Group, 5.50%, 5/15/30   3,400   3,172,506  
  Northwestern Memorial Healthcare, 4.00%, 8/15/33   7,665   6,850,594  
  The Peoples Gas Light & Coke Company Project, 4.00%, 2/01/33   11,000   9,812,550  
                 

 

BLACKROCK MUNICIPAL TARGET TERM TRUSTOCTOBER 31, 20134
 

Schedule of Investments (continued)

BlackRock Municipal Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Illinois (concluded)  
Will County Community High School District No. 210 Lincoln-Way, GO, Refunding:          
  Series A, 5.00%, 1/01/31 $ 16,300 $ 17,055,342  
  CAB, Series B, 5.47%, 1/01/29 (a)   6,920   3,051,512  
  CAB, Series B, 5.66%, 1/01/30 (a)   5,680   2,305,398  
  CAB, Series B, 5.74%, 1/01/31 (a)   13,330   5,047,671  
  CAB, Series B, 5.77%, 1/01/32 (a)   16,500   5,871,195  
Winnebago & Boone Counties School District No. 205 Rockford, GO:          
  4.00%, 2/01/29   9,305   8,934,196  
  4.00%, 2/01/30   9,835   9,326,334  
   
    181,728,446  
 
Indiana  — 3.0%  
Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A, 4.00%, 8/01/33   8,500   8,140,620  
Indiana Finance Authority, Refunding RB:          
  Community Health Network Project, Series A, 4.00%, 5/01/35   23,565   20,231,260  
  Earlham College Project, 5.00%, 10/01/32   11,255   11,618,874  
   
    39,990,754  
 
Iowa  — 2.3%  
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:          
  5.50%, 12/01/22   18,500   17,683,965  
  5.25%, 12/01/25   14,345   13,094,546  
   
    30,778,511  
 
Kansas  — 0.8%  
Kansas Development Finance Authority, Refunding RB, Adventist Health, Series A, 5.00%, 11/15/32   10,000   10,380,700  
 
Louisiana  — 3.4%  
Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A:          
  5.00%, 7/01/27   3,770   4,057,086  
  5.00%, 7/01/28   4,420   4,687,498  
  5.00%, 7/01/29   3,000   3,152,370  
             
Municipal Bonds Par
(000)		   Value  
 
Louisiana (concluded)  
Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A  (concluded):          
  5.00%, 7/01/30 $ 5,000 $ 5,213,850  
  5.00%, 7/01/31   5,105   5,266,624  
  5.00%, 7/01/32   3,000   3,073,770  
Port New Orleans Board of Commissioners, Refunding RB, Series B, AMT:          
  5.00%, 4/01/31   300   296,553  
  5.00%, 4/01/32   1,000   977,600  
  5.00%, 4/01/33   1,575   1,531,089  
Terrebonne Levee & Conservation District, RB, Sales Tax:          
  5.00%, 7/01/29   1,925   2,010,412  
  4.25%, 7/01/32   1,250   1,213,400  
  5.00%, 7/01/33   1,000   1,037,190  
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:          
  5.25%, 5/15/31   3,425   3,405,512  
  5.25%, 5/15/32   4,375   4,328,931  
  5.25%, 5/15/33   4,750   4,681,410  
  5.25%, 5/15/35   1,500   1,471,515  
   
    46,404,810  
 
Maine  — 1.4%  
Maine Health & Higher Educational Facilities Authority, RB, Eastern Maine Medical Center Obligation:          
  5.00%, 7/01/25   1,250   1,354,550  
  5.00%, 7/01/26   1,000   1,070,360  
  5.00%, 7/01/27   1,000   1,057,270  
  3.75%, 7/01/28   1,000   898,120  
  5.00%, 7/01/33   5,000   5,080,150  
Maine State Housing Authority, Refunding RB, S/F Housing, Series B, 3.45%, 11/15/32   12,000   10,112,760  
   
    19,573,210  
 
Maryland  — 0.4%  
Maryland EDC, Refunding RB:          
  CNX Marine Terminals, Inc., 5.75%, 9/01/25   5,000   5,202,700  
  Salisbury University Project, 5.00%, 6/01/34   500   477,700  
   
    5,680,400  
 
                 

 

BLACKROCK MUNICIPAL TARGET TERM TRUSTOCTOBER 31, 20135
 

Schedule of Investments (continued)

BlackRock Municipal Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Massachusetts  — 1.5%  
Massachusetts Educational Financing Authority, Refunding RB, Series K, AMT, 5.25%, 7/01/29 $ 10,000 $ 9,769,700  
Massachusetts HFA, Refunding RB, S/F Housing, AMT:          
  Series 160, 4.00%, 12/01/32   195   176,091  
  Series 163, 4.00%, 12/01/33   11,635   10,251,482  
   
    20,197,273  
 
Michigan  — 1.0%  
Michigan Finance Authority, Refunding RB:          
  Holland Community Hospital, Series A, 5.00%, 1/01/33   750   751,042  
  Oakwood Obligation Group, 5.00%, 8/15/30   4,105   4,149,047  
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32   9,195   8,145,759  
   
    13,045,848  
 
Missouri  — 0.6%  
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Series A, 5.00%, 10/01/33   5,500   5,836,875  

Missouri State Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 4.00%, 11/15/33

   2,010   1,734,469  
   
    7,571,344  
 
Nebraska  — 1.2%  
Central Plains Nebraska Energy Project, RB:          
  Energy Project No. 3, 5.00%, 9/01/27   7,010   7,109,612  
  Gas Project No. 3, 5.00%, 9/01/32   9,500   9,738,165  
   
    16,847,777  
 
New Hampshire  — 1.0%  
New Hampshire Health & Education Facilities Authority, Refunding RB, Concord Hospital, Series A:          
  5.00%, 10/01/26   1,075   1,140,844  
  5.00%, 10/01/27   1,180   1,238,374  
  4.00%, 10/01/33   3,500   3,049,655  
             
Municipal Bonds Par
(000)		   Value  
 
New Hampshire (concluded)  
New Hampshire State Turnpike System, RB, Series C:          
  4.00%, 8/01/33 $ 4,350 $ 4,166,082  
  4.00%, 8/01/35   4,745   4,417,785  
   
    14,012,740  
 
New Jersey  — 13.3%  
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT:          
  5.75%, 9/15/27   6,200   5,909,158  
  5.25%, 9/15/29   12,230   11,239,859  
  7.20%, 11/15/30 (c)   10,100   10,099,697  
New Jersey EDA, Refunding RB:          
  4.25%, 6/15/27   16,500   15,459,345  
  Cigarette Tax, 5.00%, 6/15/26   10,610   10,996,416  
New Jersey EDA, Refunding, Special Assessment Kapkowski Road Landfill Project, 5.75%, 4/01/31   5,000   4,918,750  
New Jersey Educational Facilities Authority, Refunding RB, Seton Hall University, Series D, 5.00%, 7/01/33   1,000   1,047,570  

New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Barnabas Health, Series A, 4.00%, 7/01/26

   3,000   2,888,520  
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT:          
  4.10%, 11/01/28   15,800   14,996,886  
  4.35%, 11/01/33   7,315   6,657,821  
New Jersey Transportation Trust Fund Authority, RB:          
  Transportation Program, Series AA, 5.25%, 6/15/33   5,500   5,854,365  
 

Transportation Systems, CAB, Series A, 5.00%,

12/15/28 (a)

   66,000   31,275,420  
 

Transportation Systems, CAB, Series A, 5.13%,

12/15/29 (a)

   18,000   7,954,380  
  Transportation Systems, Series AA, 4.00%, 6/15/30   14,315   14,143,220  
Newark Housing Authority, Refunding RB, Newark Redevelopment Project (NPFGC), 5.25%, 1/01/27   5,000   5,237,300  
Port Authority of New York & New Jersey, Refunding RB, Consolidated, 172nd Series, AMT, 5.00%, 10/01/34   5,000   5,131,050  
                 

 

BLACKROCK MUNICIPAL TARGET TERM TRUSTOCTOBER 31, 20136
 

Schedule of Investments (continued)

BlackRock Municipal Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
New Jersey (concluded)  
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A:          
  4.50%, 6/01/23 $ 6,950 $ 6,429,028  
  4.63%, 6/01/26   22,460   19,311,108  
   
    179,549,893  
 
New Mexico  — 1.1%  
New Mexico Educational Assistance Foundation, RB, Education Loan, AMT:          
  Series A-1, 3.75%, 9/01/31   6,250   5,489,812  
  Series A-2, 3.80%, 11/01/32   5,850   5,107,577  
  Series A-2, 3.80%, 9/01/33   5,000   4,344,950  
   
    14,942,339  
 
New York  — 7.2%  
Build NYC Resource Corp., RB, Bronx Charter School For International Cultures & The Arts Project, Series A, 5.00%, 4/15/33   3,530   3,138,947  
Housing Development Corp., RB, M/F Housing, Series K-1:          
  3.40%, 11/01/30   8,070   7,102,246  
  3.50%, 11/01/32   5,865   5,053,577  
Housing Development Corp., Refunding RB, M/F Housing:          
  Series L-1, 3.40%, 11/01/30   1,580   1,390,526  
  Series L-1, 3.50%, 11/01/32   1,160   999,514  
  Series L-2-A, 3.60%, 11/01/33   11,000   9,470,450  

Metropolitan Transportation Authority, Refunding RB, Series F, 5.00%, 11/15/30

   25,000   26,413,750  
New York Mortgage Agency, Refunding RB, Series 48, 3.45%, 10/01/33   3,500   2,998,520  
New York State HFA, RB, M/F Affordable Housing (SONYMA), Series F:          
  3.05%, 11/01/27   4,020   3,583,669  
  3.45%, 11/01/32   5,235   4,483,778  
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series B, 4.00%, 11/01/24   3,000   2,765,280  
           
Municipal Bonds Par
(000)		   Value  
 
New York (concluded)  
Onondaga Civic Development Corp., Refunding RB, St. Joseph's Hospital Health Center Project, 4.50%, 7/01/32 $ 9,215 $ 7,812,569  
Triborough Bridge & Tunnel Authority, Refunding RB, CAB, Series A (a):          
  4.60%, 11/15/29   17,810   8,582,283  
  4.77%, 11/15/30   25,215   11,295,059  
  4.86%, 11/15/31   5,000   2,104,350  
   
    97,194,518  
 
North Carolina  — 1.3%  
City of Charlotte North Carolina, Refunding RB, Charlotte-Douglas International Airport, Special Facilities Revenue, US Airways, Inc. Project, AMT, 5.60%, 7/01/27   15,000   14,376,900  
North Carolina Medical Care Commission, RB, Mission Health Combined Group, 4.63%, 10/01/30   2,000   1,991,800  
North Carolina Medical Care Commission, Refunding RB, First Mortgage, Whitestone Project, Series A, 7.75%, 3/01/31   1,665   1,777,171  
   
    18,145,871  
 
North Dakota  — 0.1%  
North Dakota HFA, RB, M/F Housing, Series A, 3.60%, 7/01/32   2,385   2,039,890  
 
Ohio  — 0.3%  
Ohio State University, RB, General Receipts Special Purpose,  Series A, 4.00%, 6/01/31   4,220   4,162,186  
 
Oklahoma  — 0.3%  
Oklahoma County Finance Authority, Refunding RB, Epworth Villa Project, Series A:          
  5.00%, 4/01/23   1,050   1,037,547  
  5.00%, 4/01/29   1,500   1,430,145  
  5.00%, 4/01/33   1,050   961,989  
   
    3,429,681  
 
Pennsylvania  — 9.7%  

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A:

          
  5.00%, 5/01/27   6,750   6,671,767  
                 

 

BLACKROCK MUNICIPAL TARGET TERM TRUSTOCTOBER 31, 20137
 

Schedule of Investments (continued)

BlackRock Municipal Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Pennsylvania (continued)  
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A  (concluded):          
  5.00%, 5/01/28 $ 5,000 $ 4,894,050  
  5.00%, 5/01/29   3,745   3,618,307  
  5.00%, 5/01/30   5,300   5,075,969  
County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Asbury Pennsylvania Obligated Group:          
  5.00%, 1/01/22   750   741,540  
  5.25%, 1/01/27   1,275   1,223,401  
  5.25%, 1/01/32   2,000   1,838,340  
County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, 4.00%, 7/01/33   27,535   24,717,343  
County of Montgomery Pennsylvania Higher Education & Health Authority, Refunding RB, Abington Memorial Hospital Obligated Group, 5.00%, 6/01/31   5,000   5,140,300  
County of Montgomery Pennsylvania IDA, Refunding RB, Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/26   2,500   2,521,350  
County of Northampton Pennsylvania General Purpose Authority, RB, St. Luke's Hospital of Bethlehem, Series A, 5.00%, 8/15/33   13,250   12,828,385  
East Hempfield Township IDA, RB, Student Services Incorporate Student Housing, 5.00%, 7/01/30   1,280   1,229,542  
Pennsylvania Economic Development Financing Authority, RB, National Gypsum Co., AMT:          
  Series A, 6.25%, 11/01/27   6,520   6,400,945  
  Series B, 6.13%, 11/01/27   3,000   2,910,990  
Pennsylvania HFA, RB, S/F Housing, Series 114, 3.30%, 10/01/32   20,500   16,883,800  
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services, 5.00%, 10/01/30   5,250   5,075,228  
           
Municipal Bonds Par
(000)		   Value  
 
Pennsylvania (concluded)  
Pennsylvania Higher Educational Facilities Authority, Refunding RB, La Salle University, 4.00%, 5/01/32 $ 3,000 $ 2,537,430  
State Public School Building Authority, RB, School District of Philadelphia Project:          
  5.00%, 4/01/27   4,130   4,342,654  
  5.00%, 4/01/28   8,000   8,322,880  
  5.00%, 4/01/29   6,000   6,174,120  
  5.00%, 4/01/30   5,500   5,609,560  
Swarthmore Borough Authority, Refunding RB, Swarthmore College Project:        
  5.00%, 9/15/29   355   391,934  
  5.00%, 9/15/30   325   355,440  
  5.00%, 9/15/31   325   354,045  
  5.00%, 9/15/32   300   324,258  
  5.00%, 9/15/33   300   322,734  
   
    130,506,312  
 
South Carolina  — 0.1%  
South Carolina Jobs-EDA, Refunding RB, Bon Secours Health System, Inc., 5.00%, 5/01/28 2,000   1,840,860  
 
South Dakota  — 0.1%  
Educational Enhancement Funding Corp., Refunding RB, Series B, 5.00%, 6/01/27   650   693,921  
 
Tennessee  — 0.1%  
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives,  Series A, 5.00%, 1/01/33 (d)   1,500   1,502,085  
 
Texas  — 16.0%  
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, Series A, 5.00%, 1/01/33   1,260   1,222,137  
City of Brownsville Texas Utilities System Revenue, Refunding RB, Series A:        
  4.00%, 9/01/30   11,170   10,591,059  
  4.00%, 9/01/31   11,220   10,523,462  
City of Houston Texas Airport System Revenue, RB, Series E, 6.75%, 7/01/29   1,500   1,499,820  
Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 8/15/33   1,650   1,743,621  
Clifton Higher Education Finance Corp., Refunding RB, Uplift Education, Series A:          
  3.10%, 12/01/22   1,050   926,919  
                 

 

BLACKROCK MUNICIPAL TARGET TERM TRUSTOCTOBER 31, 20138
 

Schedule of Investments (continued)

BlackRock Municipal Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Texas (continued)  
Clifton Higher Education Finance Corp., Refunding RB, Uplift Education, Series A  (concluded):          
  3.95%, 12/01/32 $ 1,800 $ 1,409,850  

County of Harris Texas, Refunding RB, Toll Road Senior Lien, Series C, 4.00%, 8/15/33

   12,325   11,476,547  
County of Harris Texas Cultural Education Facilities Finance Corp., Refunding RB, Series A:          
  Brazos Presbyterian Homes, Inc. Project, 5.00%, 1/01/33   1,090   967,092  
  Memorial Hermann Health System, 4.00%, 12/01/31   20,000   17,967,800  
  YMCA of the Greater Houston Area, 5.00%, 6/01/28   1,500   1,462,050  
  YMCA of the Greater Houston Area, 5.00%, 6/01/33   3,000   2,859,390  
County of Matagorda Texas Navigation District No. 1, Refunding RB:          
  Series A (AMBAC), 4.40%, 5/01/30   30,730   28,531,268  
  Series B (AMBAC), AMT, 4.55%, 5/01/30   10,000   9,233,700  
  Series B-2, 4.00%, 6/01/30   10,000   8,964,900  
County of Midland Texas Fresh Water Supply District No. 1, RB, City of Midland Project, Series A:          
  CAB, 4.74%, 9/15/31 (a)   6,235   2,701,189  
  CAB, 4.94%, 9/15/32 (a)   15,135   6,021,308  
  5.00%, 9/15/31   2,435   2,619,013  
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A:          
  4.00%, 11/15/31   5,500   4,887,300  
  4.00%, 11/15/32   15,420   13,507,766  
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Scott & White Healthcare, 5.00%, 8/15/33   5,000   5,140,000  
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, AMT, 5.00%, 11/01/28   5,750   5,648,857  
Lower Colorado River Authority, Refunding RB, LCRA Transmission Services:          
  4.00%, 5/15/31   9,970   9,392,737  
  4.00%, 5/15/32   10,635   9,832,164  
             
Municipal Bonds Par
(000)		   Value  
 
Texas (concluded)  
New Hope Cultural Education Facilities Corp., RB, Stephenville Tarleton University Project, Series A, 5.38%, 4/01/28 $ 1,150 $ 1,131,267  
New Hope Cultural Education Facilities Corp., Refunding RB, Morningside Ministries Project, 6.25%, 1/01/33   1,600   1,623,792  
Red River Health Facilities Development Corp., RB, Wichita Falls Retirement Foundation Project:          
  4.70%, 1/01/22   1,000   953,810  
  5.50%, 1/01/32   1,000   927,320  
Texas Municipal Gas Acquisition & Supply Corp. III, RB:          
  5.00%, 12/15/31   25,000   24,330,500  
  Natural Gas Utility Improvements, 5.00%, 12/15/30 18,000   17,634,060  
   
    215,730,698  
 
US Virgin Islands  — 0.7%  
Virgin Islands Public Finance Authority, Refunding RB, Gross Receipts Taxes Loan Note, Series A, 5.00%, 10/01/32   10,000   9,807,800  
 
Utah  — 0.8%  
County of Salt Lake Utah Housing Authority, RB, M/F Housing, Liberty Village Apartments Project (Freddie Mac), 3.38%, 8/01/28 12,000   10,711,320  
 
Vermont  — 0.2%  
Vermont EDA, Refunding, MRB, Wake Robin Corp. Project, 5.40%, 5/01/33 2,400   2,234,208  
 
Virginia  — 6.1%  
County of Fairfax Virginia EDA, Refunding RB, Vinson Hall LLC, Series A:        
  4.00%, 12/01/22   505   465,691  
  4.50%, 12/01/32   2,840   2,405,480  
  5.00%, 12/01/32   2,000   1,816,680  
County of Fairfax Virginia IDA, Refunding RB, Inova Health System, Series D, 4.00%, 5/15/29 5,325   5,294,435  
County of Henrico Virginia EDA, Refunding RB, Bon Secours Health System, 5.00%, 11/01/30 3,400   3,496,798  
                 

 

BLACKROCK MUNICIPAL TARGET TERM TRUSTOCTOBER 31, 20139
 

Schedule of Investments (continued)

BlackRock Municipal Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Virginia (concluded)  
County of Hanover Virginia EDA, Refunding RB, Covenant Woods:          
  Series A, 4.50%, 7/01/30 $ 3,000 $ 2,469,060  
  Series A, 4.50%, 7/01/32   1,100   885,401  
County of Norfolk Virginia EDA, Refunding RB, Bon Secours Health System, Inc.:          
  5.00%, 11/01/28   5,000   5,285,700  
  5.00%, 11/01/29   5,000   5,217,200  

County of Prince William Virginia IDA, Refunding RB, Novant Health Obligated Group, Series B, 4.00%, 11/01/33

   15,445   13,667,435  
Dulles Town Center Community Development Authority, Refunding, Special Assessment Bonds, Dulles Town Center Project, 4.25%, 3/01/26   500   447,845  
Virginia HDA, RB, Remarketing:          
  M/F Housing, Sub-Series C-2, 3.00%, 4/01/31   23,175   19,356,223  
  S/F Housing, Sub-Series C-3, 3.25%, 4/01/31   21,500   17,309,865  
Virginia Small Business Financing Authority, RB, Senior Lien, Express Lanes LLC, AMT, 5.00%, 7/01/34   3,940   3,652,380  
   
    81,770,193  
 
Washington  — 3.7%  
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A:          
  3.50%, 9/01/18   1,025   989,515  
  3.75%, 9/01/19   1,060   1,016,932  
  4.13%, 9/01/21   1,145   1,087,784  
  4.50%, 9/01/22   1,000   961,130  
  5.00%, 9/01/27   1,000   951,000  
  5.25%, 9/01/32   1,850   1,742,256  
Port of Seattle Industrial Development Corp., Refunding RB, Special Facilities, Delta Airlines, Inc. Project, AMT, 5.00%, 4/01/30   5,000   4,420,100  
Spokane Public Facilities District, Refunding RB, Series B:          
  4.50%, 12/01/30   5,370   5,250,786  
  5.00%, 12/01/32   5,895   6,048,270  
  5.00%, 9/01/33   4,665   4,764,598  
             
Municipal Bonds Par
(000)		   Value  
 
Washington (concluded)  
State of Washington, COP, State and Local Agency Real and Personal Property, Series B:          
  4.00%, 7/01/29 $ 4,105 $ 4,048,351  
  4.00%, 7/01/30   4,290   4,162,630  
  4.00%, 7/01/31   4,470   4,321,149  
  4.00%, 7/01/32   4,590   4,391,528  
Washington State Housing Finance Commission, Refunding RB:          
  Emerald Heights Project, 5.00%, 7/01/28   1,000   1,010,630  
  Emerald Heights Project, 5.00%, 7/01/33   1,100   1,085,018  
  Series 1N (Ginnie Mae) (FannieMae) (Freddie Mac), 3.50%, 12/01/33   4,035   3,349,857  
   
    49,601,534  
 
Wisconsin  — 1.0%  
Public Finance Authority, Refunding RB, Wisconsin Airport Facilities, Senior Obligated Group, Series B, AMT, 5.25%, 7/01/28   2,250   2,204,775  
Wisconsin Health & Educational Facilities Authority, Refunding RB:          
  Aspirus, Inc., Obligated Group, 5.00%, 8/15/28   3,510   3,644,679  
  Aspirus, Inc., Obligated Group, 5.00%, 8/15/29   3,685   3,796,950  
  Marquette University, 4.00%, 10/01/32   4,520   4,322,928  
   
    13,969,332  
 
Wyoming  — 1.1%  
Wyoming Community Development Authority, Refunding RB, Series 2 & 3, 3.75%, 12/01/32   16,790   14,794,173  
 
Total Municipal Bonds — 141.6%   1,908,533,179  
 
   
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (e)  
 
Colorado  — 5.5%  
City & County of Denver Colorado, Refunding ARB, Department of Aviation, Series A, AMT (f):          
  4.25%, 11/15/29   33,820   31,676,692  
  4.25%, 11/15/30   35,210   32,978,602  
  4.25%, 11/15/31   8,085   7,572,622  

 

BLACKROCK MUNICIPAL TARGET TERM TRUSTOCTOBER 31, 201310
 

Schedule of Investments (continued)

BlackRock Municipal Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (e) Par
(000)		   Value  
 
Colorado (concluded)  
City & County of Denver Colorado, Refunding ARB, Department of Aviation, Series A, AMT  (concluded):          
  4.25%, 11/15/32 $ 2,230 $ 2,088,676  
   
    74,316,592  
 
Florida  — 6.5%  
County of Broward Florida, ARB, Series Q-1 (f):          
  4.00%, 10/01/29   17,200   15,908,862  
  4.00%, 10/01/30   18,095   16,736,677  
  4.00%, 10/01/31   18,820   17,407,254  
  4.00%, 10/01/32   19,575   18,105,580  
  4.00%, 10/01/33   20,355   18,827,028  
   
    86,985,401  
 
Iowa  — 3.0%  
Iowa State Board of Regents, RB, University of Iowa Hospitals and Clinics:          
  4.00%, 9/01/28   3,375   3,274,037  
  4.00%, 9/01/29   6,525   6,329,804  
  4.00%, 9/01/30   6,325   6,135,788  
  4.00%, 9/01/31   8,650   8,391,235  
  4.00%, 9/01/32   7,750   7,518,159  
  4.00%, 9/01/33   9,375   9,094,547  
   
    40,743,570  
 
Texas  — 10.9%  
City of San Antonio Texas Public Facilities Corp., Refunding LRB, Convention Center Refinancing and Expansion Project:          
  4.00%, 9/15/30   15,000   14,142,353  
  4.00%, 9/15/31   19,475   18,361,488  
  4.00%, 9/15/32   18,075   17,041,535  
  4.00%, 9/15/33   11,000   10,371,059  
  4.00%, 9/15/34   11,885   11,205,458  
  4.00%, 9/15/35   4,500   4,242,706  
             
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (e) Par
(000)		   Value  
 
Texas (concluded)  
Dallas/Fort Worth International Airport, Refunding RB, AMT (f):          
  Series E, 4.00%, 11/01/32 $ 6,915 $ 6,742,240  
  Series E, 4.13%, 11/01/35   10,435   10,174,298  
  Series F, 5.00%, 11/01/29   12,820   12,499,713  
  Series F, 5.00%, 11/01/30   15,565   15,176,134  
  Series F, 5.00%, 11/01/31   10,000   9,750,166  
  Series F, 5.00%, 11/01/32   17,170   16,741,035  
   
    146,448,185  
 
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts — 25.9%   348,493,748  
 
Total Long-Term Investments
(Cost — $2,498,562,739) — 167.5%		   2,257,026,927  
 
   
Short-Term Securities
Shares		      
 
   
FFI Institutional Tax-Exempt Fund, 0.03% (g)(h)   5,683,067   5,683,067  
 
Total Short-Term Securities
(Cost — $5,683,067) — 0.4%		   5,683,067  
 
Options Purchased
(Cost — $6,716,103) — 0.0%		   98,438  
 
Total Investments
(Cost — $2,510,961,909*) — 167.9%		   2,262,808,432  
Other Assets Less Liabilities — 1.5%   18,891,840  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (13.7%)   (184,137,131)  
RVMTP Shares, at Liquidation Value — (55.7%)   (750,000,000)  
   
Net Assets Applicable to Common Shares — 100.0% $ 1,347,563,141  
 

 

* As of October 31, 2013, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost $ 2,340,247,629  
Gross unrealized appreciation $ 1,006,630  
Gross unrealized depreciation   (262,565,801)  
Net unrealized depreciation $ (261,559,171)  
 
 

 

Notes to Schedule of Investments

 

(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c) Variable rate security. Rate shown is as of report date.
BLACKROCK MUNICIPAL TARGET TERM TRUSTOCTOBER 31, 201311
 
Schedule of Investments (continued)

BlackRock Municipal Target Term Trust (BTT)

 

(d) When-issued security. Unsettled when-issued transactions were as follows:

 

 
  Counterparty   Value   Unrealized
Appreciation		  
 
  Morgan Stanley & Co. LLC   $ 1,502,085 $ 14,940  
 
                                     

 

(e) Represent bonds transferred to a TOB. In exchange the Trust acquired residual interest certificates. These bonds serve as collateral in a financing transaction.
(f) All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire from November 1, 2018 to November 15, 2020 is $128,607,107.
(g) Investments in issuers considered to be an affiliate of the Trust during the period ended October 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
     

 

 
  Affiliate   Shares
Held at
July 31, 2013		   Net
Activity		   Shares
Held at
October 31, 2013		   Income  
 
  FFI Institutional Tax-Exempt Fund   55,145,313   (49,462,246)   5,683,067 $ 771  
                                           
 

 

(h) Represents the current yield as of report date.

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

 

AGC Assured Guarantee Corp.
AGM Assured Guaranty Municipal Corp.
AMBAC American Municipal Bond Assurance Corp.
AMT Alternative Minimum Tax (subject to)
ARB Airport Revenue Bonds
CAB Capital Appreciation Bonds
COP Certificates of Participation
EDA Economic Development Authority
EDC Economic Development Corp.
Fannie Mae Federal National Mortgage Association
Freddie Mac Federal Home Loan Mortgage Corp.
Ginnie Mae Government National Mortgage Association
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
IDA Industrial Development Authority
IDB Industrial Development Board
LRB Lease Revenue Bonds
M/F Multi-Family
MRB Mortgage Revenue Bonds
NPFGC National Public Finance Guarantee Corp.
RB Revenue Bonds
S/F Single-Family
SONYMA State of New York Mortgage Agency

 

BLACKROCK MUNICIPAL TARGET TERM TRUSTOCTOBER 31, 201312
 

Schedule of Investments (continued)

BlackRock Municipal Target Term Trust (BTT)

 

• Exchange-traded options purchased as of October 31, 2013 were as follows:

 

 
  Description Put/
Call		 Strike
Price		 Expiration
Date		 Contracts Market
Value		  
 
  10-Year US Treasury Note Put $ 121.00
11/22/13		   6,300 $ 98,438  
 
   
                             

 

• Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:
 
  • Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access
 
  • Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
 
  • Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust's own assumptions used in determining the fair value of investments)
 

 

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.


Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust's policy regarding valuation of investments, please refer to the Trust's most recent financial statements as contained in its annual report.

The following table summarizes the Trust's investments categorized in the disclosure hierarchy as of October 31, 2013:

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
Investments:  
  Long-Term Investments 1   — $ 2,257,026,927   — $ 2,257,026,927  
  Short-Term Securities $ 5,683,067   —   —   5,683,067  
Options Purchased:                  
  Interest Rate Contracts   98,438   —   —   98,438  
Total $ 5,781,505 $ 2,257,026,927   — $ 2,262,808,432  
                                 

 

1 See above Schedule of Investments for values in each state or political subdivision.
BLACKROCK MUNICIPAL TARGET TERM TRUSTOCTOBER 31, 201313
 
Schedule of Investments (concluded)

BlackRock Municipal Target Term Trust (BTT)

 

 
Certain of the Trust's assets and/or liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of October 31, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:  

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
  Cash $ 464,589   —   — $ 464,589  
Liabilities:    
  RVMTP Shares   — $ (750,000,000)   —   (750,000,000)  
  TOB trust certificates   —   (184,119,974)   —   (184,119,974)  
   
Total $ 464,589 $ (934,119,974)   — $ (933,655,385)  
                                   

 

 

 

There were no transfers between levels during the period ended October 31, 2013.

 

BLACKROCK MUNICIPAL TARGET TERM TRUSTOCTOBER 31, 201314
 

Item 2 – Controls and Procedures

2(a) – The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the ″1940 Act″)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(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) 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

  Certifications – Attached hereto
  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.
     
  BlackRock Municipal Target Term Trust
     
  By: /s/ John M. Perlowski
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock Municipal Target Term Trust
     
  Date: December 23, 2013
     
  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/ John M. Perlowski
  John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock Municipal Target Term Trust
     
  Date: December 23, 2013
     
  By: /s/ Neal J. Andrews
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal Target Term Trust
     
  Date: December 23, 2013