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: 04/30/2014

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments April 30, 2014 (Unaudited) BlackRock Municipal Target Term Trust (BTT)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Par
(000)		   Value  
 
Alabama — 0.6%  
City of Phenix Alabama IDB, Refunding RB, Meadwestvaco Coated Board Project, Series A, 3.63%, 5/15/30 $ 5,850 $ 5,134,896  
County of Jefferson Alabama, RB, Limited Obligation School, Series A:          
  5.25%, 1/01/19   1,000   1,004,930  
  5.25%, 1/01/20   1,000   1,001,410  
  5.50%, 1/01/21   1,200   1,200,036  
  5.50%, 1/01/22   1,105   1,105,122  
   
    9,446,394  
 
Alaska — 0.6%  
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 6/01/23   8,865   8,555,168  
 
Arizona — 1.2%  
Arizona Health Facilities Authority, Refunding RB, Phoenix Children's Hospital:          
  Series A, 5.00%, 2/01/34   6,340   6,553,468  
  Series B, 5.00%, 2/01/33   1,810   1,880,065  
City of Phoenix Arizona IDA, RB, Facility:          
  Candeo Schools, Inc. Project, 6.00%, 7/01/23   700   742,469  
  Eagle College Preparatory Project, Series A, 4.50%, 7/01/22   780   783,666  
  Eagle College Preparatory Project, Series A, 5.00%, 7/01/33   1,000   940,020  
  Legacy Traditional Schools Project, Series A, 5.75%, 7/01/24(a)   750   745,942  
County of Pima Arizona IDA, Refunding RB, Tucson Electric Power Co. Project, Series A, 4.00%, 9/01/29   6,000   5,792,580  
   
    17,438,210  
 
California — 23.8%  
ABAG Finance Authority for Nonprofit Corps., Refunding RB, Odd Fellows Home California, Series A, 5.00%, 4/01/32   4,500   4,845,150  
           
Municipal Bonds Par
(000)		   Value  
California (continued)  
Alameda Corridor Transportation Authority, Refunding RB, CAB, Sub Lien, Series A (AMBAC), 0.00%, 10/01/30 (b) $ 10,530 $ 4,496,626  
Anaheim California Public Financing Authority, Refunding RB, Electric Distribution System, Series A, 4.00%, 10/01/31   17,080   17,373,093  
California Health Facilities Financing Authority, Refunding RB, Adventist Health System/West, Series A:          
  4.00%, 3/01/27   4,270   4,381,319  
  4.00%, 3/01/28   8,490   8,628,811  
  4.00%, 3/01/33   61,485   59,503,338  
California HFA, RB, S/F, Home Mortgage, Series I, AMT, 4.70%, 8/01/26   10,000   10,128,200  
California Municipal Finance Authority, RB, Biola University:          
  4.00%, 10/01/27   750   746,513  
  5.00%, 10/01/29   660   710,279  
  5.00%, 10/01/30   500   534,450  
  4.00%, 10/01/33   2,500   2,343,150  
California Pollution Control Financing Authority, RB, Poseidon Resources Desalination Project, AMT, 5.00%, 7/01/30 (a)   18,845   19,300,672  
California State Public Works Board, RB:          
  Judicial Council Projects, Series A, 5.00%, 3/01/31   5,000   5,481,900  
  Judicial Council Projects, Series A, 5.00%, 3/01/32   5,000   5,458,300  
  Judicial Council Projects, Series A, 5.00%, 3/01/33   5,220   5,682,074  
  Series D, 5.00%, 9/01/28   5,090   5,685,734  
  Series D, 5.00%, 9/01/29   5,350   5,925,660  
  Series D, 5.00%, 9/01/30   2,620   2,887,947  
  Series D, 5.00%, 9/01/31   2,905   3,186,727  
  Series D, 5.00%, 9/01/32   6,060   6,620,368  
  Series E, 5.00%, 9/01/28   2,240   2,502,170  
  Series E, 5.00%, 9/01/29   2,355   2,608,398  
  Series E, 5.00%, 9/01/30   2,475   2,728,118  
  Series E, 5.00%, 9/01/31   2,600   2,852,148  
  Series E, 5.00%, 9/01/32   2,280   2,490,832  
California Statewide Communities Development Authority, RB, American Baptist Homes of the West, Series A:          
  5.00%, 10/01/23   1,500   1,618,515  
  5.00%, 10/01/28   650   681,831  
  5.00%, 10/01/33   2,275   2,312,424  
BLACKROCK MUNICIPAL TARGET TERM TRUSTAPRIL 30, 20141
 
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:          
  Episcopal Communities & Services, 5.00%, 5/15/27 $ 500 $ 533,470  
  Episcopal Communities & Services, 5.00%, 5/15/32   1,000   1,047,150  
  Eskaton Properties, Inc., 5.25%, 11/15/34   2,500   2,578,025  
Chabot-Las Positas Community College District, GO, Refunding, 2016 Crossover, 5.00%, 8/01/29   18,500   20,926,275  
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   1,076,440  
  5.00%, 8/01/29   1,300   1,393,444  
  5.00%, 8/01/33   1,335   1,410,508  
Corona-Norco Unified School District, Refunding, Special Tax Bonds, Senior Lien, Series A, 5.00%, 9/01/32   1,250   1,307,812  
County of Los Angeles California Public Works Financing Authority, Refunding RB, Multiple Capital Projects II:          
  5.00%, 8/01/30   2,500   2,749,725  
  5.00%, 8/01/31   3,000   3,272,790  
  5.00%, 8/01/32   3,000   3,255,030  
  5.00%, 8/01/33   2,500   2,695,975  
County of Ventura California Public Financing Authority, Refunding RB, Series A:          
  5.00%, 11/01/30   1,200   1,325,820  
  5.00%, 11/01/31   1,500   1,648,035  
  5.00%, 11/01/32   1,500   1,639,995  
  5.00%, 11/01/33   1,200   1,300,164  
El Camino Community College District, GO, CAB, Election of 2002, Series C (b):          
  0.00%, 8/01/30   9,090   4,574,452  
  0.00%, 8/01/31   12,465   5,912,648  
  0.00%, 8/01/32   17,435   7,849,760  
Escondido Union High School District, GO, CAB, Election of 2008, Series A (AGC) (b):          
  0.00%, 8/01/32   1,675   717,386  
  0.00%, 8/01/33   2,865   1,156,027  
Golden State Tobacco Securitization Corp., Refunding RB, Series A, 5.00%, 6/01/30   1,500   1,619,220  
           
Municipal Bonds Par
(000)		   Value  
California (concluded)  
Grossmont Union High School District, GO, CAB, Election of 2004, 0.00%, 8/01/32 (b) $ 29,015 $ 12,142,197  
Los Angeles Regional Airports Improvement Corp., Refunding RB, LAXFUEL Corp., Los Angeles International, AMT:          
  4.50%, 1/01/27   5,000   5,240,900  
  5.00%, 1/01/32   4,110   4,331,734  
M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29   2,500   3,066,850  
Poway Unified School District, GO, CAB, Election of 2008, Series A (b):          
  0.00%, 8/01/27   10,000   5,762,100  
  0.00%, 8/01/30   10,000   4,805,600  
  0.00%, 8/01/32   12,500   5,344,125  
Poway Unified School District Public Financing Authority, Refunding, Special Tax Bonds:          
  5.00%, 9/15/26   935   1,021,712  
  5.00%, 9/15/29   1,205   1,293,507  
  5.00%, 9/15/32   995   1,052,163  
Riverside Public Financing Authority, Tax Allocation Bonds, University Corridor/Sycamore Canyon Merged Redevelopment Project, Series C (NPFGC), 4.50%, 8/01/30   10,000   9,908,400  
San Bernardino Community College District, GO, Refunding, Series A:          
  4.00%, 8/01/31   15,660   15,707,293  
  4.00%, 8/01/32   17,010   16,900,115  
  4.00%, 8/01/33   5,665   5,567,562  
San Diego Community College District, GO, Election of 2006, 0.00%, 8/01/30 (b)   5,000   2,304,350  
Westlands California Water District, Refunding RB, Series A (AGM):          
  5.00%, 9/01/30   1,000   1,106,830  
  5.00%, 9/01/31   1,000   1,098,490  
  5.00%, 9/01/32   1,000   1,093,970  
   
    359,452,796  
 
Colorado — 6.3%  
Central Platte Valley Metropolitan District, GO, Series A:          
  5.13%, 12/01/29   700   738,199  
  5.50%, 12/01/29   750   822,540  
  5.38%, 12/01/33   1,500   1,606,650  
BLACKROCK MUNICIPAL TARGET TERM TRUSTAPRIL 30, 20142
 
Schedule of Investments (continued) BlackRock Municipal Target Term Trust (BTT)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Par
(000)		   Value  
Colorado (concluded)  
City & County of Denver Colorado Airport System Revenue, Refunding RB, Series B, 4.00%, 11/15/31 $ 37,090 $ 37,518,018  
City of Commerce Colorado-Northern Infrastructure General Improvement District, GO, Refunding, Improvement (AGM):          
  5.00%, 12/01/26   2,770   3,094,810  
  5.00%, 12/01/28   1,560   1,726,109  
  5.00%, 12/01/29   1,070   1,175,620  
  5.00%, 12/01/31   500   548,195  
  5.00%, 12/01/32   800   873,424  
City of Lakewood Colorado Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds, 4.00%, 12/01/23   1,000   970,480  
Colorado Health Facilities Authority, Refunding RB, Covenant Retirement Communities, Series A:          
  4.50%, 12/01/33   4,595   4,381,746  
  5.00%, 12/01/33   3,000   3,020,700  
Denver West Metropolitan District, GO, Refunding, Series A (AGM), 4.00%, 12/01/32   6,250   6,322,375  
Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds:          
  4.10%, 12/01/24   5,080   4,897,730  
  4.20%, 12/01/25   5,280   5,091,768  
  4.50%, 12/01/30   4,305   4,134,479  
State of Colorado, COP, Refunding, Fitzsimons Academic Projects, 4.00%, 11/01/30   12,675   13,007,972  
Tallyns Reach Metropolitan District No. 3, GO, Refunding, 5.00%, 12/01/33   505   502,637  
University of Colorado Hospital Authority, RB, Series A, 5.00%, 11/15/27   4,000   4,418,280  
   
    94,851,732  
 
Connecticut — 1.4%  
City of Hartford Connecticut, GO, Refunding, Series A:          
  4.00%, 4/01/29   8,390   8,560,317  
  4.00%, 4/01/32   1,500   1,499,955  
Connecticut HFA, Refunding RB, M/F Housing Mortgage Finance Program, Sub-Series F-1, 3.00%, 11/15/32   12,020   10,898,173  
   
    20,958,445  
       
 
Municipal Bonds Par
(000)		   Value  
District of Columbia — 0.1%  
District of Columbia, Refunding RB, Kipp Charter School, 6.00%, 7/01/33 $ 1,700 $ 1,918,348  
 
Florida — 10.5%  
City of North Miami Beach, Refunding RB:          
  4.00%, 8/01/27   3,325   3,454,043  
  5.00%, 8/01/29   3,650   4,000,911  
  5.00%, 8/01/30   4,020   4,382,564  
  5.00%, 8/01/31   4,235   4,595,017  
  5.00%, 8/01/32   4,445   4,796,688  
City of Tampa Florida, Refunding RB, Series A:          
  County of Hillsborough Florida Expressway Authority, 4.00%, 7/01/29   6,000   6,104,460  
  County of Hillsborough Florida Expressway Authority, 4.00%, 7/01/30   6,395   6,470,397  
  H Lee Moffitt Cancer Center Project, 4.00%, 9/01/33   10,000   9,749,500  
County of Alachua Florida Health Facilities Authority, RB, East Ridge Retirement Village, Inc., 6.00%, 11/15/29   5,000   5,242,700  
County of Broward Florida, RB, Fort Lauderdale Fuel System Revenue, AMT:          
  5.00%, 4/01/30   600   633,096  
  5.00%, 4/01/33   740   773,552  
County of Hillsborough Florida IDA, RB, National Gypsum Co., Series A, AMT, 7.13%, 4/01/30   7,300   7,332,850  
County of Martin Florida IDA, Refunding RB, Indiantown Cogeneration, L.P. Project, AMT, 4.20%, 12/15/25   5,250   5,103,788  
County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A:          
  4.00%, 4/01/31   2,930   2,880,366  
  4.00%, 4/01/32   1,000   972,510  
County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Sub-Series B, 5.00%, 10/01/32   10,000   10,649,700  
County of Miami-Dade Florida Expressway Authority, Refunding RB, Series A:          
  5.00%, 7/01/30   5,530   6,024,437  
  5.00%, 7/01/31   5,000   5,395,850  
BLACKROCK MUNICIPAL TARGET TERM TRUSTAPRIL 30, 20143
 
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 Miami-Dade Florida School Board, COP, Refunding, Series A, 5.00%, 5/01/32 $ 10,000 $ 10,687,400  
County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB, Series B (b):          
  0.00%, 6/01/25   2,155   1,460,142  
  0.00%, 6/01/26   2,655   1,689,430  
  0.00%, 6/01/27   3,095   1,857,031  
  0.00%, 6/01/28   3,795   2,134,877  
  0.00%, 6/01/29   3,795   2,008,086  
  0.00%, 6/01/30   2,000   996,000  
  0.00%, 6/01/31   1,295   604,933  
  0.00%, 6/01/32   2,495   1,099,971  
Double Branch Community Development District, Refunding, Special Assessment Bonds, Senior Lien, Series A-1, 4.13%, 5/01/31   1,200   1,102,224  
Greater Orlando Aviation Authority, Refunding RB, Jet Blue Airways Corp. Project, AMT, 5.00%, 11/15/26   2,000   1,951,740  
Jacksonville Florida Port Authority, Refunding RB, AMT:          
  4.50%, 11/01/29   4,685   4,731,194  
  4.50%, 11/01/30   2,895   2,909,215  
  4.50%, 11/01/31   3,200   3,177,024  
  4.50%, 11/01/32   2,300   2,263,108  
  4.50%, 11/01/33   2,080   2,032,451  
Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/30   3,825   4,348,413  
Village Community Development District No. 5, Refunding, Special Assessment Bonds, Phase I:          
  3.50%, 5/01/28   2,125   1,992,336  
  3.50%, 5/01/28   4,060   3,806,534  
  4.00%, 5/01/33   1,235   1,165,741  
  4.00%, 5/01/34   2,590   2,439,961  
Village Community Development District No. 6, Refunding, Special Assessment Bonds, Sumter County, 4.00%, 5/01/29   6,400   6,216,896  
Village Community Development District No. 10, Special Assessment Bonds, Sumter County:          
  4.50%, 5/01/23   3,555   3,539,394  
  5.00%, 5/01/32   5,985   5,825,679  
   
    158,602,209  
       
 
Municipal Bonds Par
(000)		   Value  
Georgia — 0.8%  
Georgia Housing & Finance Authority, RB, S/F Housing, Series A, 3.45%, 12/01/32 $ 12,050 $ 11,774,296  
 
Guam — 0.7%  
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/30   10,000   10,955,500  
 
Idaho — 0.7%  
Idaho Housing & Finance Association, RB, Series A, 4.00%, 7/15/30   10,000   10,217,400  
 
Illinois — 13.8%  
City of Chicago Illinois, GO:          
  CAB (NPFGC), 0.00%, 1/01/27 (b)   5,000   2,755,050  
  Project, Series A, 5.00%, 1/01/33   10,000   10,113,600  
City of Chicago Illinois, Refunding RB, GO, Series A, 5.25%, 1/01/30   6,000   6,286,920  
City of Chicago Illinois, RB, Wastewater Transmission, 2nd Lien:          
  4.00%, 1/01/31   10,375   9,829,067  
  4.00%, 1/01/32   10,790   10,111,633  
  4.00%, 1/01/33   11,220   10,408,682  
  4.00%, 1/01/35   9,135   8,306,090  
City of Chicago Illinois, Refunding ARB, O'Hare International Airport Passenger Facility Charge, Series B, AMT:          
  4.00%, 1/01/27   5,000   4,977,950  
  4.00%, 1/01/29   28,425   27,751,043  
City of St. Charles Illinois, GO, Refunding, Corporate Purpose:          
  4.00%, 12/01/30   1,620   1,642,324  
  4.00%, 12/01/31   1,715   1,728,617  
  4.00%, 12/01/32   1,800   1,799,946  
County of Cook Illinois, GO, Refunding, Series C, 4.00%, 11/15/29   19,750   19,636,635  
County of Will Illinois Community High School District No. 210 Lincoln-Way, GO, Refunding (b):          
  CAB, Series B, 0.00%, 1/01/29   6,920   3,465,605  
  CAB, Series B, 0.00%, 1/01/30   5,680   2,660,342  
  CAB, Series B, 0.00%, 1/01/31   13,330   5,822,811  
  CAB, Series B, 0.00%, 1/01/32   16,500   6,772,260  
  Series A, 5.00%, 1/01/31   16,300   17,795,362  
BLACKROCK MUNICIPAL TARGET TERM TRUSTAPRIL 30, 20144
 
Schedule of Investments (continued) BlackRock Municipal Target Term Trust (BTT)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Par
(000)		   Value  
Illinois (concluded)  
Illinois Finance Authority, RB, 6.00%, 9/01/32 $ 1,620 $ 1,690,405  
Illinois Finance Authority, Refunding RB:          
  Lutheran Home & Services Obligated Group, 5.00%, 5/15/22   4,835   4,931,120  
  Lutheran Home & Services Obligated Group, 5.50%, 5/15/27   4,350   4,403,418  
  Lutheran Home & Services Obligated Group, 5.50%, 5/15/30   4,900   4,858,644  
  Northwestern Memorial Healthcare, 4.00%, 8/15/33   7,665   7,767,328  
  The Peoples Gas Light & Coke Company Project, 4.00%, 2/01/33   11,000   10,660,320  
State of Illinois, GO, New Jobs Training, 5.00%, 5/01/33 (c)   2,100   2,214,996  
Winnebago & Boone Counties School District No. 205 Rockford, GO:          
  4.00%, 2/01/29   9,305   9,476,770  
  4.00%, 2/01/30   9,835   9,936,005  
   
    207,802,943  
 
Indiana — 2.9%  
Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A, 4.00%, 8/01/33   8,500   8,703,830  
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 5.88%, 1/01/24   2,250   2,399,310  
Indiana Finance Authority, Refunding RB:          
  Community Health Network Project, Series A, 4.00%, 5/01/35   23,565   21,914,272  
  Earlham College Project, 5.00%, 10/01/32   11,255   11,535,024  
   
    44,552,436  
 
Iowa — 2.2%  
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:          
  5.50%, 12/01/22   18,500   18,798,405  
  5.25%, 12/01/25   14,345   14,339,405  
   
    33,137,810  
       
 
Municipal Bonds Par
(000)		   Value  
Kentucky — 0.1%  
Kentucky Public Transportation Infrastructure Authority, RB:          
  CABS-1ST Tiers-DownTown Crossing Project, Series B, 0.00%, 7/01/30 (b) $ 1,230 $ 478,101  
  Convertible CABS-1ST Tier-DownTown Crossing Project, Series C, 0.00%, 7/01/33 (d)   1,500   942,900  
   
    1,421,001  
 
Louisiana — 3.1%  
Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A:          
  5.00%, 7/01/27   3,770   4,182,061  
  5.00%, 7/01/28   4,420   4,881,227  
  5.00%, 7/01/29   3,000   3,288,540  
  5.00%, 7/01/30   5,000   5,468,750  
  5.00%, 7/01/31   5,105   5,497,421  
  5.00%, 7/01/32   3,000   3,242,580  
Port New Orleans Board of Commissioners, Refunding RB, Series B, AMT:          
  5.00%, 4/01/31   300   310,908  
  5.00%, 4/01/32   1,000   1,031,170  
  5.00%, 4/01/33   1,575   1,618,281  
Terrebonne Levee & Conservation District, RB, Sales Tax, 5.00%, 7/01/29   1,925   2,103,910  
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:          
  5.25%, 5/15/31   3,425   3,624,027  
  5.25%, 5/15/32   4,375   4,601,800  
  5.25%, 5/15/33   4,750   4,983,130  
  5.25%, 5/15/35   1,500   1,574,250  
   
    46,408,055  
 
Maine — 1.4%  
Maine Health & Higher Educational Facilities Authority, RB, Eastern Maine Medical Center Obligation:          
  5.00%, 7/01/25   1,250   1,381,475  
  5.00%, 7/01/26   1,000   1,088,500  
  5.00%, 7/01/27   1,000   1,080,460  
  3.75%, 7/01/28   1,000   961,580  
  5.00%, 7/01/33   5,000   5,235,600  
BLACKROCK MUNICIPAL TARGET TERM TRUSTAPRIL 30, 20145
 
Schedule of Investments (continued) BlackRock Municipal Target Term Trust (BTT)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Par
(000)		   Value  
Maine (concluded)  
Maine State Housing Authority, Refunding RB, S/F Housing, Series B, 3.45%, 11/15/32 $ 12,000 $ 11,141,520  
   
    20,889,135  
 
Maryland — 0.4%  
Maryland EDC, Refunding RB:          
  CNX Marine Terminals, Inc., 5.75%, 9/01/25   5,000   5,349,450  
  Salisbury University Project, 5.00%, 6/01/34   500   512,455  
   
    5,861,905  
 
Massachusetts — 1.4%  
Massachusetts Educational Financing Authority, Refunding RB, Series K, AMT, 5.25%, 7/01/29   10,000   10,225,800  
Massachusetts HFA, Refunding RB, S/F Housing, Series 163, AMT, 4.00%, 12/01/33   11,635   10,810,893  
   
    21,036,693  
 
Michigan — 0.9%  
Michigan Finance Authority, Refunding RB:          
  Holland Community Hospital, Series A, 5.00%, 1/01/33   750   788,167  
  Oakwood Obligation Group, 5.00%, 8/15/30   4,105   4,355,241  
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32   9,195   9,136,060  
   
    14,279,468  
 
Missouri — 0.3%  
Missouri State Health & Educational Facilities Authority, Refunding RB:          
  CoxHealth, Series A, 4.00%, 11/15/33   2,010   1,915,450  
  St. Lewis College of Pharmacy Project, 5.00%, 5/01/30   3,000   3,155,400  
   
    5,070,850  
 
Nebraska — 1.2%  
Central Plains Nebraska Energy Project, RB:          
  Energy Project No. 3, 5.00%, 9/01/27   7,010   7,611,108  
             
Municipal Bonds Par
(000)		   Value  
Nebraska (concluded)  
Central Plains Nebraska Energy Project, RB (concluded):          
  Gas Project No. 3, 5.00%, 9/01/32 $ 9,500 $ 9,947,640  
   
    17,558,748  
 
New Hampshire — 1.0%  
New Hampshire Health & Education Facilities Authority, Refunding RB, Concord Hospital, Series A:          
  5.00%, 10/01/26   1,075   1,182,629  
  5.00%, 10/01/27   1,180   1,289,398  
  4.00%, 10/01/33   3,500   3,398,535  
New Hampshire State Turnpike System, RB, Series C:          
  4.00%, 8/01/33   4,350   4,432,563  
  4.00%, 8/01/35   4,745   4,771,335  
   
    15,074,460  
 
New Jersey — 11.6%  
New Jersey EDA, RB, AMT:          
  Continental Airlines, Inc. Project, 5.25%, 9/15/29   12,230   12,360,005  
  Continental Airlines, Inc. Project, Series A, 5.63%, 11/15/30   1,740   1,788,233  
  Continental Airlines, Inc. Project, Series B, 5.63%, 11/15/30   1,315   1,351,452  
  Private Activity Bonds-The Goethals Bridge Replacement Project, 5.00%, 1/01/28   4,705   5,078,953  
New Jersey EDA, Refunding RB:          
  4.25%, 6/15/27   16,500   16,751,955  
  Cigarette Tax, 5.00%, 6/15/26   10,610   11,445,644  
  Continental Airlines, Inc. Project, AMT, 5.75%, 9/15/27   6,200   6,375,770  
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31   5,000   5,330,000  
New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Barnabas Health, Series A, 4.00%, 7/01/26   3,000   3,025,920  
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT:          
  4.10%, 11/01/28   15,800   15,846,926  
  4.35%, 11/01/33   7,315   7,257,943  
BLACKROCK MUNICIPAL TARGET TERM TRUSTAPRIL 30, 20146
 
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)  
New Jersey Transportation Trust Fund Authority, RB, Transportation System:          
  CAB, Series A, 0.00%, 12/15/28 (b) $ 66,000 $ 34,377,420  
  CAB, Series A, 0.00%, 12/15/29 (b)   18,000   8,790,300  
  Series AA, 4.00%, 6/15/30   13,315   13,517,787  
Newark Housing Authority, Refunding RB, Newark Redevelopment Project (NPFGC), 5.25%, 1/01/27   5,000   5,691,000  
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A:          
  4.50%, 6/01/23   6,950   6,730,519  
  4.63%, 6/01/26   22,460   19,769,292  
   
    175,489,119  
 
New Mexico — 1.1%  
New Mexico Educational Assistance Foundation, RB, AMT:          
  Education Loan Series A-1, 3.75%, 9/01/31   6,250   5,928,063  
  Education Loan Series A-2, 3.80%, 11/01/32   5,850   5,543,811  
  Education Loan Series A-2, 3.80%, 9/01/33   5,000   4,717,750  
   
    16,189,624  
 
New York — 6.9%  
Build NYC Resource Corp., RB, Bronx Charter School For International Cultures & The Arts Project, Series A, 5.00%, 4/15/33   3,530   3,126,062  
Housing Development Corp., RB, M/F Housing, Series K-1:          
  3.40%, 11/01/30   8,070   7,719,036  
  3.50%, 11/01/32   5,865   5,572,688  
Housing Development Corp., Refunding RB, M/F Housing:          
  Series L-1, 3.40%, 11/01/30   1,580   1,511,286  
  Series L-1, 3.50%, 11/01/32   1,160   1,102,186  
  Series L-2-A, 3.60%, 11/01/33   11,000   10,494,220  
Metropolitan Transportation Authority, Refunding RB, Series F, 5.00%, 11/15/30   25,000   27,534,250  
New York Mortgage Agency, Refunding RB, Series 48, 3.45%, 10/01/33   3,500   3,276,840  
           
Municipal Bonds Par
(000)		   Value  
New York (concluded)  
New York State HFA, RB, M/F Affordable Housing (SONYMA), Series F:          
  3.05%, 11/01/27 $ 4,020 $ 3,817,593  
  3.45%, 11/01/32   5,235   4,966,340  
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series B, 4.00%, 11/01/24   3,000   3,002,910  
Onondaga Civic Development Corp., Refunding RB, St. Joseph's Hospital Health Center Project, 4.50%, 7/01/32   9,215   8,441,677  
Triborough Bridge & Tunnel Authority, Refunding RB, CAB, Series A (b):          
  0.00%, 11/15/29   17,810   9,481,153  
  0.00%, 11/15/30   25,215   12,519,752  
  0.00%, 11/15/31   5,000   2,360,050  
   
    104,926,043  
 
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   15,038,700  
North Carolina Medical Care Commission, RB, Mission Health Combined Group, 4.63%, 10/01/30   2,000   2,076,100  
North Carolina Medical Care Commission, Refunding RB, First Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/31   1,665   1,855,326  
   
    18,970,126  
 
North Dakota — 0.1%  
North Dakota HFA, RB, M/F Housing, Series A, 3.60%, 7/01/32   2,330   2,245,421  
 
Ohio — 0.4%  
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities, Series A:          
  5.25%, 7/01/28   500   515,465  
  5.63%, 7/01/32   1,000   1,031,760  
BLACKROCK MUNICIPAL TARGET TERM TRUSTAPRIL 30, 20147
 
Schedule of Investments (continued) BlackRock Municipal Target Term Trust (BTT)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Par
(000)		   Value  
Ohio (concluded)  
Ohio State University, RB, General Receipts Special Purpose, Series A, 4.00%, 6/01/31 $ 4,220 $ 4,329,931  
   
    5,877,156  
 
Oklahoma — 0.2%  
County of Oklahoma Oklahoma Finance Authority, Refunding RB, Epworth Villa Project, Series A:          
  5.00%, 4/01/23   1,050   1,074,234  
  5.00%, 4/01/29   1,500   1,505,775  
  5.00%, 4/01/33   1,050   1,033,557  
   
    3,613,566  
 
Pennsylvania — 9.2%  
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A:          
  5.00%, 5/01/27   6,750   7,039,237  
  5.00%, 5/01/28   5,000   5,173,250  
  5.00%, 5/01/29   3,745   3,854,466  
  5.00%, 5/01/30   5,300   5,426,352  
County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Asbury Pennsylvania Obligated Group:          
  5.00%, 1/01/22   750   771,600  
  5.25%, 1/01/27   1,275   1,295,821  
  5.25%, 1/01/32   3,350   3,313,653  
County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, 4.00%, 7/01/33   27,535   27,782,540  
County of Montgomery Pennsylvania Higher Education & Health Authority, Refunding RB, Abington Memorial Hospital Obligated Group, 5.00%, 6/01/31   5,000   5,335,250  
County of Montgomery Pennsylvania IDA, Refunding RB, Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/26   2,500   2,665,775  
County of Northampton Pennsylvania General Purpose Authority, RB, St. Luke's Hospital of Bethlehem, Series A, 5.00%, 8/15/33   13,250   13,727,265  
East Hempfield Township IDA, RB, Student Services Incorporate Student Housing, 5.00%, 7/01/30   1,280   1,306,342  
           
Municipal Bonds Par
(000)		   Value  
Pennsylvania (concluded)  
Pennsylvania Economic Development Financing Authority, RB, National Gypsum Co., AMT:          
  Series A, 6.25%, 11/01/27 $ 6,520 $ 6,520,978  
  Series B, 6.13%, 11/01/27   3,000   3,000,120  
Pennsylvania HFA, RB, S/F Housing, Series 114, 3.30%, 10/01/32   20,500   18,843,190  
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services, 5.00%, 10/01/30   5,250   5,372,955  
Pennsylvania Higher Educational Facilities Authority, Refunding RB, La Salle University, 4.00%, 5/01/32   3,000   2,779,320  
State Public School Building Authority, RB, School District of Philadelphia Project:          
  5.00%, 4/01/27   4,130   4,517,064  
  5.00%, 4/01/28   8,000   8,679,440  
  5.00%, 4/01/29   6,000   6,466,980  
  5.00%, 4/01/30   5,500   5,900,895  
   
    139,772,493  
 
South Carolina — 0.1%  
South Carolina Jobs EDA, Refunding RB, Bon Secours Health System, Inc., 5.00%, 5/01/28   2,000   2,005,740  
 
South Dakota — 0.0%  
Educational Enhancement Funding Corp., Refunding RB, Series B, 5.00%, 6/01/27   650   696,280  
 
Tennessee — 0.1%  
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.00%, 1/01/33   1,500   1,591,965  
 
Texas — 15.7%  
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, Series A, 5.00%, 1/01/33   1,260   1,319,472  
City of Brownsville Texas Utilities System Revenue, Refunding RB, Series A:          
  4.00%, 9/01/30   11,170   11,291,194  
  4.00%, 9/01/31   11,220   11,280,364  
BLACKROCK MUNICIPAL TARGET TERM TRUSTAPRIL 30, 20148
 
Schedule of Investments (continued) BlackRock Municipal Target Term Trust (BTT)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Par
(000)		   Value  
Texas (continued)  
City of Houston Texas Airport System Revenue, RB, Special Facilities, Continental Airlines, Inc., Series E, AMT, 6.75%, 7/01/29 $ 1,500 $ 1,500,450  
Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 8/15/33   1,650   1,869,631  
Clifton Higher Education Finance Corp., Refunding RB, Uplift Education, Series A:          
  3.10%, 12/01/22   1,050   1,005,491  
  3.95%, 12/01/32   1,800   1,629,684  
County of Harris Texas, Refunding RB, Toll Road Senior Lien, Series C, 4.00%, 8/15/33   12,325   12,341,639  
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B:          
  5.75%, 1/01/28   500   530,415  
  6.38%, 1/01/33   460   488,065  
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   1,029,243  
  Memorial Hermann Health System, 4.00%, 12/01/31   20,000   19,554,200  
  YMCA of the Greater Houston Area, 5.00%, 6/01/28   1,500   1,558,770  
  YMCA of the Greater Houston Area, 5.00%, 6/01/33   3,000   3,039,240  
County of Matagorda Texas Navigation District No. 1, Refunding RB:          
  Series A (AMBAC), 4.40%, 5/01/30   31,120   31,362,425  
  Series B (AMBAC), AMT, 4.55%, 5/01/30   10,000   10,106,700  
  Series B-2, 4.00%, 6/01/30   12,895   12,639,550  
County of Midland Texas Fresh Water Supply District No. 1, RB, City of Midland Project, Series A:          
  CAB, 0.00%, 9/15/31 (b)   6,235   3,016,742  
  CAB, 0.00%, 9/15/32 (b)   15,135   6,773,821  
  5.00%, 9/15/31   2,435   2,748,969  
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A:          
  4.00%, 11/15/31   5,500   5,424,815  
             
Municipal Bonds Par
(000)		   Value  
Texas (concluded)  
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A (concluded):          
  4.00%, 11/15/32 $ 15,420 $ 15,086,003  
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Scott & White Healthcare, 5.00%, 8/15/33   5,000   5,388,600  
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, AMT, 5.00%, 11/01/28   5,750   6,116,217  
Lower Colorado River Authority, Refunding RB, LCRA Transmission Services:          
  4.00%, 5/15/31   9,970   10,038,095  
  4.00%, 5/15/32   10,635   10,634,787  
New Hope Cultural Education Facilities Corp., RB, Stephenville Tarleton University Project, Series A, 5.38%, 4/01/28   1,150   1,179,015  
New Hope Cultural Education Facilities Corp., Refunding RB, 1st Mortgage, Morningside Ministries Project, 6.25%, 1/01/33   1,600   1,688,496  
Red River Health Facilities Development Corp., RB, Wichita Falls Retirement Foundation Project:          
  4.70%, 1/01/22   955   943,091  
  5.50%, 1/01/32   1,000   991,000  
Texas Municipal Gas Acquisition & Supply Corp. III, RB:          
  5.00%, 12/15/31   25,000   25,794,000  
  Natural Gas Utility Improvements, 5.00%, 12/15/30   18,000   18,636,480  
   
    237,006,664  
 
U.S. 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   10,164,500  
 
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   11,891,160  
 
BLACKROCK MUNICIPAL TARGET TERM TRUSTAPRIL 30, 20149
 
Schedule of Investments (continued) BlackRock Municipal Target Term Trust (BTT)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Par
(000)		   Value  
Vermont — 0.2%  
Vermont EDA, Refunding, MRB, Wake Robin Corp. Project, 5.40%, 5/01/33 $ 2,400 $ 2,433,288  
 
Virginia — 4.9%  
County of Fairfax Virginia EDA, RB, Vinson Hall LLC, Series A:          
  4.00%, 12/01/22   505   502,808  
  4.50%, 12/01/32   2,840   2,685,760  
  5.00%, 12/01/32   2,000   2,013,540  
County of Fairfax Virginia IDA, Refunding RB, Inova Health System, Series D, 4.00%, 5/15/29   5,325   5,559,513  
County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A:          
  4.50%, 7/01/30   3,000   2,726,130  
  4.50%, 7/01/32   1,100   980,364  
County of Prince William Virginia IDA, Refunding RB, Novant Health Obligation Group, Series B, 4.00%, 11/01/33   15,445   15,320,977  
Dulles Town Center Community Development Authority, Refunding, Special Assessment, Dulles Town Center Project, 4.25%, 3/01/26   500   471,900  
Virginia HDA, RB, Remarketing:          
  M/F Housing, Sub-Series C-2, 3.00%, 4/01/31   23,175   20,903,155  
  S/F Housing, Sub-Series C-3, 3.25%, 4/01/31   21,500   18,947,735  
Virginia Small Business Financing Authority, RB, Senior Lien, Express Lanes LLC, AMT, 5.00%, 7/01/34   3,940   3,944,688  
   
    74,056,570  
 
Washington — 3.2%  
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A:          
  3.50%, 9/01/18   1,025   1,030,914  
  5.00%, 9/01/27   1,000   993,680  
  5.25%, 9/01/32   1,850   1,846,615  
Port of Seattle Industrial Development Corp., Refunding RB, Special Facilities, Delta Airline, Inc. Project, AMT, 5.00%, 4/01/30   5,000   4,832,000  
Spokane Public Facilities District, Refunding RB, Series B:          
  4.50%, 12/01/30   5,370   5,551,989  
             
Municipal Bonds Par
(000)		   Value  
Washington (concluded)  
Spokane Public Facilities District, Refunding RB, Series B (concluded):          
  5.00%, 12/01/32 $ 5,895 $ 6,321,621  
  5.00%, 9/01/33   4,665   4,976,995  
State of Washington, COP, State and Local Agency Real and Personal Property, Series B:          
  4.00%, 7/01/29   3,605   3,729,372  
  4.00%, 7/01/30   4,290   4,413,423  
  4.00%, 7/01/31   4,470   4,573,123  
  4.00%, 7/01/32   4,590   4,673,171  
Washington State Housing Finance Commission, Refunding RB:          
  Emerald Heights Project, 5.00%, 7/01/28   1,000   1,056,410  
  Emerald Heights Project, 5.00%, 7/01/33   1,100   1,149,291  
  Series 1N (Ginnie Mae) (FannieMae) (Freddie Mac), 3.50%, 12/01/33   4,035   3,890,386  
   
    49,038,990  
 
Wisconsin — 1.0%  
Public Finance Authority, Refunding RB, Wisconsin Airport Facilities, Senior Obligated Group, Series B, AMT, 5.25%, 7/01/28   2,250   2,326,050  
Wisconsin Health & Educational Facilities Authority, Refunding RB:          
  Aspirus, Inc., Obligated Group, 5.00%, 8/15/28   3,510   3,848,469  
  Aspirus, Inc., Obligated Group, 5.00%, 8/15/29   3,685   4,016,208  
  Marquette University, 4.00%, 10/01/32   4,520   4,571,483  
   
    14,762,210  
 
Wyoming — 1.1%  
Wyoming Community Development Authority, Refunding RB, Series 2 & 3, 3.75%, 12/01/32   16,790   16,590,199  
 
Total Municipal Bonds — 134.0%   2,024,585,116  
 
 
 
 
 
 
BLACKROCK MUNICIPAL TARGET TERM TRUSTAPRIL 30, 201410
 
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 — 5.3%  
City & County of Denver Colorado, Refunding ARB, Department of Aviation, Series A, AMT:          
  4.25%, 11/15/29 $ 33,820 $ 34,110,194  
  4.25%, 11/15/30 (f)   35,210   35,512,121  
  4.25%, 11/15/31   8,085   8,154,374  
  4.25%, 11/15/32   2,230   2,249,135  
   
    80,025,824  
 
Florida — 6.2%  
County of Broward Florida, ARB, Series Q-1:          
  4.00%, 10/01/29   17,200   17,114,604  
  4.00%, 10/01/30   18,095   18,005,160  
  4.00%, 10/01/31   18,820   18,726,560  
  4.00%, 10/01/32   19,575   19,477,812  
  4.00%, 10/01/33 (f)   20,355   20,253,939  
   
    93,578,075  
 
Iowa — 2.9%  
Iowa State Board of Regents, RB, University of Iowa Hospitals and Clinics:          
  4.00%, 9/01/28   3,375   3,479,996  
  4.00%, 9/01/29   6,525   6,727,993  
  4.00%, 9/01/30   6,325   6,521,771  
  4.00%, 9/01/31   8,650   8,919,101  
  4.00%, 9/01/32   7,750   7,991,103  
  4.00%, 9/01/33   9,375   9,666,656  
   
    43,306,620  
 
Texas — 10.4%  
City of San Antonio Texas Public Facilities Corp., Refunding LRB, Convention Center Refinancing and Expansion Project:          
  4.00%, 9/15/30   15,000   15,317,754  
  4.00%, 9/15/31   19,475   19,887,551  
  4.00%, 9/15/32   18,075   18,457,894  
  4.00%, 9/15/33   11,000   11,233,020  
             
             
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (e) Par
(000)		   Value  
 
Texas (concluded)  
City of San Antonio Texas Public Facilities Corp., Refunding LRB, Convention Center Refinancing and Expansion Project (concluded):          
  4.00%, 9/15/34 $ 11,885 $ 12,136,767  
  4.00%, 9/15/35   4,500   4,595,326  
Dallas/Fort Worth International Airport, Refunding RB, AMT:          
  Series E, 4.00%, 11/01/32   6,915   7,175,573  
  Series E, 4.13%, 11/01/35   10,435   10,828,215  
  Series F, 5.00%, 11/01/29   12,820   13,303,088  
  Series F, 5.00%, 11/01/30   15,565   16,151,526  
  Series F, 5.00%, 11/01/31   10,000   10,376,823  
  Series F, 5.00%, 11/01/32 (f)   17,170   17,817,006  
   
    157,280,543  
 
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts — 24.8%   374,191,062  
 
Total Long-Term Investments
(Cost — $2,472,017,566) — 158.8%		   2,398,776,178  
 

 

 

Short-Term Securities
Shares		      
 
   
FFI Institutional Tax-Exempt Fund, 0.03% (g)(h)   23,201,068   23,201,068  
 
Total Short-Term Securities
(Cost — $23,201,068) — 1.5%		   23,201,068  
 
Total Investments
(Cost — $2,495,218,634*) — 160.3%		   2,421,977,246  
Other Assets Less Liabilities — 1.6%   22,674,446  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.2%)   (184,169,374 )
RVMTP Shares, at Redemption Value — (49.7%)   (750,000,000 )
   
Net Assets Applicable to Common Shares — 100.0% $ 1,510,482,318  
 

 

* As of April 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
  
Tax cost $ 2,324,504,354  
 
Gross unrealized appreciation $ 7,821,005  
Gross unrealized depreciation   (94,468,087 )
 
Net unrealized depreciation $ (86,647,082 )
 
         

 

 

BLACKROCK MUNICIPAL TARGET TERM TRUSTAPRIL 30, 201411
 
Schedule of Investments (continued) BlackRock Municipal Target Term Trust (BTT)
   
   
 

 

Notes to Schedule of Investments

(a) 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.
(b) Zero-coupon bond.
(c) When-issued security. Unsettled when-issued transactions were as follows:

 

 
  Counterparty   Value   Unrealized
Appreciation		  
 
  Wells Fargo Bank N.A.   $ 2,214,996 $ 1,974  
                     
 
                                     

 

(d) Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.
(e) Represent bonds transferred to a TOB. In exchange for which 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 $37,996,094.
(g) Investments in issuers considered to be an affiliate of the Trust during the period ended April 30, 2014, for purposes of Section 2(c)(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
April 30, 2014		   Income  
 
  FFI Institutional Tax-Exempt Fund   55,145,313   (31,944,245)   23,201,068 $ 2,232  
                     
 
                                           

 

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

 

Portfolio Abbreviations

   
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.
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 TRUSTAPRIL 30, 201412
 
Schedule of Investments (continued) BlackRock Municipal Target Term Trust (BTT)
 
   

•
Financial futures contracts outstanding as of April 30, 2014 were as follows:

 

 
Contracts
Sold		 Issue Exchange Expiration Notional
Value		   Unrealized
Depreciation		  
 
(2,398) 10-Year U.S. Treasury Note Chicago Board of Trade June 2014 $ 298,363,656 $ (977,668)  
 
   
                 

 

• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. 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 and derivative financial instruments)
 

 

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 and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument 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 and derivative financial instruments, please refer to the Trust's most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2014:

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
Investments:  
  Long-Term Investments 1   — $ 2,398,776,178   — $ 2,398,776,178  
  Short-Term Securities $ 23,201,068   —   —   23,201,068  
     
Total $ 23,201,068 $ 2,398,776,178   — $ 2,421,977,246  
     
                                 

 

1 See above Schedule of Investments for values in each state or political subdivision.

 

 
  Level 1   Level 2   Level 3   Total  
 
Derivative Financial Instruments 2  
Liabilities:  
Interest rate contracts $ (977,668)   —   — $ (977,668)  
   
   
                               

 

2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
BLACKROCK MUNICIPAL TARGET TERM TRUSTAPRIL 30, 201413
 
Schedule of Investments (concluded) BlackRock Municipal Target Term Trust (BTT)
   
   
The carrying amount for certain of the Trust's assets and/or liabilities approximates fair value for financial reporting purposes. As of April 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
  

 

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
  Cash pledged for financial futures contracts $ 3,143,702   —   — $ 3,143,702  
Liabilities:    
  RVMTP Shares   — $ (750,000,000)   —   (750,000,000 )
  TOB trust certificates   —   (184,119,974)   —   (184,119,974 )
   
     
Total $ 3,143,702 $ (934,119,974)   — $ (930,976,272 )
     
                                   

 


There were no transfers between levels during the period ended April 30, 2014.

 

BLACKROCK MUNICIPAL TARGET TERM TRUSTAPRIL 30, 201414
 

 

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: June 23, 2014
     
  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: June 23, 2014
     
  By: /s/ Neal J. Andrews
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal Target Term Trust
     
  Date: June 23, 2014