N-Q 1 d20677dnq.htm BLACKROCK MUNICIPAL TARGET TERM TRUST BlackRock Municipal Target Term Trust

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: 07/31/2016

Date of reporting period: 10/31/2015


Item 1 – Schedule of Investments


Schedule of Investments October 31, 2015 (Unaudited)

  

BlackRock Municipal Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)
    Value  

Alabama — 0.6%

    

City of Phoenix Alabama IDB, Refunding RB, Meadwestvaco Coated Board Project, Series A, 3.63%, 5/15/30

   $ 5,850      $ 5,313,789   

County of Jefferson Alabama, RB, Limited Obligation School, Series A:

    

5.25%, 1/01/19

     1,000        1,005,820   

5.25%, 1/01/20

     1,000        1,005,820   

5.50%, 1/01/21

     1,200        1,206,984   

5.50%, 1/01/22

     1,105        1,111,431   
    

 

 

 
               9,643,844   

Alaska — 0.4%

    

Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 6/01/23

     7,235        7,236,085   

Arizona — 1.1%

    

Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital:

    

Series A, 5.00%, 2/01/34

     6,340        6,752,227   

Series B, 5.00%, 2/01/33

     1,810        1,975,217   

City of Phoenix Arizona IDA, RB, Facility:

    

Candeo Schools, Inc. Project, 6.00%, 7/01/23

     640        710,400   

Eagle College Preparatory Project, Series A, 4.50%, 7/01/22

     660        672,150   

Eagle College Preparatory Project, Series A, 5.00%, 7/01/33

     1,000        986,080   

Legacy Traditional Schools Project, Series A, 5.75%, 7/01/24 (a)

     750        809,370   

County of Pima Arizona IDA, Refunding RB, Tucson Electric Power Co. Project, Series A, 4.00%, 9/01/29

     6,000        6,217,980   
    

 

 

 
               18,123,424   

California — 17.1%

    

Alameda Corridor Transportation Authority, Refunding RB, CAB, Sub-Lien, Series A (AMBAC), 0.00%, 10/01/30 (b)

     10,530        5,452,855   

Anaheim California Public Financing Authority, Refunding RB, Electric Distribution System, Series A, 4.00%, 10/01/31

     17,080        17,792,407   
Municipal Bonds    Par  
(000)
    Value  

California (continued)

    

California Health Facilities Financing Authority, Refunding RB, Adventist Health System/West, Series A:

    

4.00%, 3/01/28

   $ 8,490      $ 8,907,114   

4.00%, 3/01/33

     61,485        62,658,134   

California HFA, RB, S/F Housing, Home Mortgage, Series I, AMT, 4.70%, 8/01/26

     10,000        10,039,500   

California Municipal Finance Authority, RB:

    

Biola University, 4.00%, 10/01/27

     750        778,748   

Biola University, 5.00%, 10/01/29

     660        729,861   

Biola University, 5.00%, 10/01/30

     500        549,295   

Biola University, 4.00%, 10/01/33

     2,500        2,528,125   

Senior, S/F Housing, Caritas Affordable Housing, Inc. Project, Series A, 5.00%, 8/15/30

     1,000        1,131,210   

California Pollution Control Financing Authority, RB, Poseidon Resources Desalination Project, AMT, 5.00%, 7/01/30 (a)

     13,845        14,802,382   

California State Public Works Board, RB:, RB, Judicial Council Projects, Series A:

    

5.00%, 3/01/32

     5,000        5,692,750   

5.00%, 3/01/33

     5,220        5,924,752   

California Statewide Communities Development Authority, RB, American Baptist Homes of the West, Series A, 5.00%, 10/01/23

     1,500        1,717,665   

California Statewide Communities Development Authority, Refunding RB:

    

Episcopal Communities & Services, 5.00%, 5/15/27

     500        558,925   

Episcopal Communities & Services, 5.00%, 5/15/32

     1,000        1,079,730   

Eskaton Properties, Inc., 5.25%, 11/15/34

     2,500        2,675,825   

Loma Linda University Medical center, 5.25%, 12/01/29

     5,000        5,387,100   
 

 

                
   BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015    1


Schedule of Investments (continued)

  

BlackRock Municipal Target Term Trust (BTT)

 

Municipal Bonds    Par  
(000)
    Value  

California (continued)

    

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      $ 1,101,890   

5.00%, 8/01/29

     1,300        1,425,736   

5.00%, 8/01/33

     1,335        1,445,458   

County of Ventura California Public Financing Authority, Refunding RB, Series A, 5.00%, 11/01/33

     1,200        1,369,596   

El Camino Community College District, GO, CAB, Election of 2002, Series C (b):

    

0.00%, 8/01/30

     9,090        5,448,273   

0.00%, 8/01/31

     12,465        7,116,518   

0.00%, 8/01/32

     17,435        9,543,047   

Escondido Union High School District, GO, CAB, Election of 2008, Series A (AGC), 0.00%, 8/01/33 (b)

     2,865        1,455,850   

Los Angeles Regional Airports Improvement Corp., Refunding RB, LAXFuel Corp., Los Angeles International, AMT:

    

4.50%, 1/01/27

     5,000        5,454,700   

5.00%, 1/01/32

     4,110        4,496,956   

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

     2,500        3,205,500   

Oakland Unified School District/Alameda County, GO, Series A:

    

5.00%, 8/01/30

     1,000        1,133,590   

5.00%, 8/01/31

     1,350        1,529,145   

5.00%, 8/01/32

     1,100        1,239,161   

5.00%, 8/01/33

     1,000        1,123,860   

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

    

0.00%, 8/01/27

     10,000        6,664,000   

0.00%, 8/01/30

     10,000        5,755,400   

0.00%, 8/01/32

     12,500        6,609,625   

Poway Unified School District Public Financing Authority, Refunding, Special Tax Bonds:

    

5.00%, 9/15/26

     935        1,071,155   

5.00%, 9/15/29

     1,205        1,351,323   

5.00%, 9/15/32

     990        1,094,277   
Municipal Bonds    Par  
(000)
    Value  

California (continued)

    

Riverside Public Financing Authority, Tax Allocation Bonds, University Corridor/Sycamore Canyon Merged Redevelopment Project, Series C (NPFGC), 4.50%, 8/01/30

   $ 10,000      $ 10,393,900   

San Bernardino Community College District, GO, Refunding, Series A:

    

4.00%, 8/01/31

     10,660        11,263,569   

4.00%, 8/01/32

     17,010        17,889,417   

4.00%, 8/01/33

     5,665        5,934,087   

San Diego Community College District, GO, CAB, Election of 2006, 0.00%, 8/01/30 (b)

     5,000        2,671,600   

Union City Community Redevelopment Agency, Community Redevelopment Agency Projects, Series A (c):

    

5.00%, 10/01/30

     1,000        1,163,460   

5.00%, 10/01/31

     1,815        2,098,285   

5.00%, 10/01/32

     1,355        1,557,789   

5.00%, 10/01/33

     3,000        3,435,300   

Westlands California Water District, Refunding RB, Series A (AGM):

    

5.00%, 9/01/31

     1,000        1,154,690   

5.00%, 9/01/32

     1,000        1,150,890   
    

 

 

 
               276,754,425   

Colorado — 5.7%

    

Central Platte Valley Metropolitan District, GO, Series A:

    

5.13%, 12/01/29

     700        783,937   

5.50%, 12/01/29

     750        861,083   

5.38%, 12/01/33

     1,500        1,690,350   

City & County of Denver Colorado Airport System Revenue, Refunding RB, Series B, 4.00%, 11/15/31

     37,090        39,066,526   

City of Lakewood Colorado Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds, 4.00%, 12/01/23 (a)

     1,000        991,110   

Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School Project, 5.00%, 8/15/30

     1,000        1,105,450   
 

 

                
2    BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015   


Schedule of Investments (continued)

  

BlackRock Municipal Target Term Trust (BTT)

 

Municipal Bonds    Par  
(000)
    Value  

Colorado (continued)

    

Colorado Health Facilities Authority, Refunding RB, Series A:

    

Covenant Retirement Communities, 4.50%, 12/01/33

   $ 4,595      $ 4,566,741   

Covenant Retirement Communities, 5.00%, 12/01/33

     3,000        3,172,050   

The Evangelical Lutheran Good Samaritan Society Project, 5.00%, 6/01/29

     3,455        3,779,563   

The Evangelical Lutheran Good Samaritan Society Project, 5.00%, 6/01/30

     3,140        3,419,177   

The Evangelical Lutheran Good Samaritan Society Project, 5.00%, 6/01/31

     2,250        2,450,047   

The Evangelical Lutheran Good Samaritan Society Project, 5.00%, 6/01/32

     1,500        1,619,655   

Copperleaf Metropolitan District No 2, GO, Refunding, 5.25%, 12/01/30

     500        512,550   

Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds (a):

    

4.10%, 12/01/24

     5,080        5,030,470   

4.20%, 12/01/25

     5,280        5,236,968   

4.50%, 12/01/30

     4,305        4,258,377   

State of Colorado, COP, Refunding, Fitzsimons Academic Projects, 4.00%, 11/01/30

     12,675        13,276,429   

Tallyns Reach Metropolitan District No. 3, GO, Refunding, 5.00%, 12/01/33

     505        521,589   
    

 

 

 
               92,342,072   

Connecticut — 2.0%

    

City of Hartford Connecticut, GO, Refunding, Series A:

    

4.00%, 4/01/29

     8,390        8,796,076   

4.00%, 4/01/32

     1,500        1,544,640   

Connecticut HFA, Refunding RB, M/F Housing, Mortgage Finance Program, Sub-Series F-1, 3.00%, 11/15/32

     12,020        11,312,503   

State of Connecticut, Special Tax Revenue, RB, Series A:

    

5.00%, 8/01/30

     6,000        7,035,600   
Municipal Bonds    Par  
(000)
    Value  

Connecticut (continued)

    

State of Connecticut, Special Tax Revenue, RB, Series A (continued):

    

5.00%, 8/01/31

   $ 3,000      $ 3,498,420   
    

 

 

 
               32,187,239   

District of Columbia — 0.1%

    

District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/33

     1,700        1,951,566   

Florida — 9.2%

    

City of North Miami Beach, Refunding RB:

    

4.00%, 8/01/27

     3,325        3,537,401   

5.00%, 8/01/29

     3,650        4,109,681   

5.00%, 8/01/30

     4,020        4,502,762   

5.00%, 8/01/31

     4,235        4,724,397   

5.00%, 8/01/32

     4,445        4,944,351   

City of Tampa Florida, Refunding RB, Series A:

    

County of Hillsborough Florida Expressway Authority, 4.00%, 7/01/30

     6,395        6,743,080   

H. Lee Moffitt Cancer Center Project, 4.00%, 9/01/33

     10,000        10,258,400   

County Brevard Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 4/01/33

     3,760        4,107,875   

County of Alachua Florida Health Facilities Authority, RB, East Ridge Retirement Village, Inc. Project, 6.00%, 11/15/29

     5,000        5,552,000   

County of Broward Florida, RB, Fort Lauderdale Fuel Facilities, Series A, AMT:

    

5.00%, 4/01/30

     600        659,994   

5.00%, 4/01/33

     740        802,900   

County of Martin Florida IDA, Refunding RB, Indiantown Cogeneration, L.P. Project, AMT, 4.20%, 12/15/25

     5,250        5,324,760   

County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A:

    

4.00%, 4/01/31

     2,930        3,017,197   

4.00%, 4/01/32

     1,000        1,026,470   

County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Sub-Series B, 5.00%, 10/01/32

     5,000        5,617,200   
 

 

                
   BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015    3


Schedule of Investments (continued)

  

BlackRock Municipal Target Term Trust (BTT)

 

Municipal Bonds    Par  
(000)
    Value  

Florida (continued)

    

County of Miami-Dade Florida School Board, COP, Refunding, Series A, 5.00%, 5/01/32

   $ 10,000      $ 11,023,900   

County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB, Series B (b):

    

0.00%, 6/01/29

     3,295        2,122,046   

0.00%, 6/01/30

     2,000        1,220,300   

0.00%, 6/01/31

     1,295        757,769   

0.00%, 6/01/32

     2,495        1,400,967   

Double Branch Community Development District, Refunding, Special Assessment Bonds, Senior Lien, Series A-1, 4.13%, 5/01/31

     1,200        1,223,424   

Greater Orlando Aviation Authority, Refunding RB, Jet Blue Airways Corp. Project, AMT, 5.00%, 11/15/26

     2,000        2,073,020   

Jacksonville Florida Port Authority, Refunding RB, AMT:

    

4.50%, 11/01/30

     2,895        3,097,563   

4.50%, 11/01/31

     3,200        3,411,552   

4.50%, 11/01/32

     2,300        2,440,277   

Lee County School Board, COP, Refunding, Series A, 5.00%, 8/01/28

     3,500        4,076,450   

Miami Beach Health Facilities Authority, Refunding RB, Mont Sinai Medical Center:

    

5.00%, 11/15/25

     500        576,055   

5.00%, 11/15/26

     250        284,668   

5.00%, 11/15/27

     375        423,154   

5.00%, 11/15/28

     500        559,390   

5.00%, 11/15/30

     1,000        1,101,540   

Miami-Dade County Educational Facilities Authority, Refunding RB, Series A:

    

5.00%, 4/01/30

     3,720        4,212,230   

5.00%, 4/01/31

     2,000        2,247,440   

5.00%, 4/01/33

     5,000        5,559,100   

Miami-Dade County Industrial Development Authority, RB, Series A, 5.00%, 6/01/30

     2,385        2,460,056   

Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/30

     3,825        4,444,382   

South Broward Hospital District, Refunding RB, 3.00%, 5/01/30

     3,810        3,598,926   

Village Community Development District No. 10, Special Assessment Bonds, Sumter County:

    

4.50%, 5/01/23

     3,070        3,336,445   
Municipal Bonds    Par  
(000)
    Value  

Florida (continued)

    

Village Community Development District No. 10, Special Assessment Bonds, Sumter County (continued):

    

5.00%, 5/01/32

   $ 5,765      $ 6,337,926   

Village Community Development District No. 5, Refunding, Special Assessment Bonds:

    

Phase I, 3.50%, 5/01/28

     2,055        2,034,655   

Phase I, 3.50%, 5/01/28

     3,885        3,838,458   

Phase II, 4.00%, 5/01/33

     1,195        1,201,166   

Phase II, 4.00%, 5/01/34

     2,480        2,492,797   

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

     6,180        6,218,749   
    

 

 

 
               148,702,873   

Idaho — 0.6%

    

Idaho Housing & Finance Association, RB, Series A, 4.00%, 7/15/30

     10,000        10,393,300   

Illinois — 14.9%

    

Chicago Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.00%, 1/01/33

     5,000        5,327,300   

Chicago O’Hare International Airport, Refunding RB:

    

5.00%, 1/01/33

     6,940        7,755,936   

5.00%, 1/01/34

     6,500        7,210,385   

City of Chicago Illinois, GO, Series A:

    

CAB (NPFGC), 0.00%, 1/01/27 (b)

     5,000        2,824,200   

Project, 5.00%, 1/01/33

     10,000        9,999,300   

City of Chicago Illinois, GO, Refunding, 5.25%, 1/01/30

     6,000        6,139,560   

City of Chicago Illinois, RB, Wastewater Transmission, 2nd Lien:

    

4.00%, 1/01/31

     10,375        9,952,011   

4.00%, 1/01/32

     10,790        10,269,814   

4.00%, 1/01/33

     11,220        10,617,710   

4.00%, 1/01/35

     9,135        8,540,860   

City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT:

    

4.00%, 1/01/27

     5,000        5,125,050   

4.00%, 1/01/29

     28,425        28,565,988   
 

 

                
4    BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015   


Schedule of Investments (continued)

  

BlackRock Municipal Target Term Trust (BTT)

 

Municipal Bonds    Par  
(000)
    Value  

Illinois (continued)

    

City of Chicago Illinois Motor Fuel Tax Revenue, Refunding RB, (AGM), 5.00%, 1/01/30

   $ 730      $ 778,311   

City of St. Charles Illinois, GO, Refunding, Corporate Purpose:

    

4.00%, 12/01/30

     1,620        1,701,551   

4.00%, 12/01/31

     1,715        1,792,467   

4.00%, 12/01/32

     1,800        1,874,376   

County of Cook Illinois, GO, Refunding, Series C, 4.00%, 11/15/29

     19,750        18,948,743   

County of Will Illinois Community High School District No. 210 Lincoln-Way, GO, Refunding:

    

CAB, Series B, 0.00%, 1/01/29 (b)

     6,920        3,787,178   

CAB, Series B, 0.00%, 1/01/30 (b)

     5,680        2,953,089   

CAB, Series B, 0.00%, 1/01/31 (b)

     13,330        6,598,083   

CAB, Series B, 0.00%, 1/01/32 (b)

     16,500        7,737,840   

Series A, Charter School Project-Noble Network, 5.00%, 1/01/31

     16,300        17,957,221   

Illinois Finance Authority, Refunding RB:

    

Lutheran Home & Services Obligated Group, 5.00%, 5/15/22

     4,660        5,006,238   

Lutheran Home & Services Obligated Group, 5.50%, 5/15/27

     4,350        4,660,199   

Lutheran Home & Services Obligated Group, 5.50%, 5/15/30

     4,900        5,191,991   

Northwestern Memorial Healthcare, 4.00%, 8/15/33

     5,000        5,216,650   

Rush University Medical Center, Series A, 5.00%, 11/15/31

     8,415        9,489,511   

Rush University Medical Center, Series A, 5.00%, 11/15/32

     2,075        2,330,972   

Rush University Medical Center, Series A, 5.00%, 11/15/33

     2,125        2,377,981   

The Peoples Gas Light & Coke Company Project, 4.00%, 2/01/33

     11,000        11,147,950   
Municipal Bonds    Par  
(000)
    Value  

Illinois (continued)

    

Winnebago & Boone Counties School District No. 205 Rockford, GO:

    

4.00%, 2/01/29

   $ 9,305      $ 9,618,392   

4.00%, 2/01/30

     9,835        10,109,003   
    

 

 

 
               241,605,860   

Indiana — 3.4%

    

Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A, 4.00%, 8/01/33

     8,500        8,914,970   

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 5.88%, 1/01/24

     2,250        2,569,185   

Indiana Finance Authority, Refunding RB:

    

Community Health Network Project, Series A, 4.00%, 5/01/35

     23,565        23,219,537   

Earlham College Project, 5.00%, 10/01/32

     11,255        12,035,759   

Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/31

     8,000        9,204,800   
    

 

 

 
               55,944,251   

Iowa — 2.2%

    

Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:

    

5.50%, 12/01/22

     18,500        19,600,565   

5.25%, 12/01/25

     14,345        15,676,503   
    

 

 

 
               35,277,068   

Kentucky — 0.1%

    

Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier-DownTown Crossing Project:

    

Series B, 0.00%, 7/01/30 (b)

     1,230        581,778   

Convertible Series C, 0.00%, 7/01/33 (d)

     1,500        1,104,060   
    

 

 

 
               1,685,838   

Louisiana — 2.5%

    

City of New Orleans Louisiana, Refunding RB:

    

5.00%, 12/01/27

     1,500        1,740,345   

5.00%, 12/01/29

     1,000        1,142,620   
 

 

                
   BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015    5


Schedule of Investments (continued)

  

BlackRock Municipal Target Term Trust (BTT)

 

Municipal Bonds    Par  
(000)
    Value  

Louisiana (continued)

    

Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A:

    

5.00%, 7/01/28

   $ 4,420      $ 5,055,640   

5.00%, 7/01/29

     3,000        3,410,430   

5.00%, 7/01/30

     5,000        5,651,100   

5.00%, 7/01/32

     3,000        3,353,730   

Port New Orleans Board of Commissioners, Refunding RB, Series B, AMT:

    

5.00%, 4/01/31

     300        326,514   

5.00%, 4/01/32

     1,000        1,084,320   

5.00%, 4/01/33

     1,575        1,704,623   

Terrebonne Levee & Conservation District, RB, Sales Tax, 5.00%, 7/01/29

     1,925        2,150,591   

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:

    

5.25%, 5/15/31

     3,425        3,820,348   

5.25%, 5/15/32

     4,375        4,925,812   

5.25%, 5/15/33

     4,750        5,257,062   

5.25%, 5/15/35

     1,500        1,662,375   
    

 

 

 
               41,285,510   

Maine — 1.3%

    

Maine Health & Higher Educational Facilities Authority, RB, Eastern Maine Medical Center Obligation:

    

5.00%, 7/01/25

     1,250        1,401,462   

5.00%, 7/01/26

     1,000        1,109,330   

5.00%, 7/01/27

     1,000        1,100,800   

3.75%, 7/01/28

     1,000        1,004,940   

5.00%, 7/01/33

     5,000        5,364,700   

Maine State Housing Authority, Refunding RB, S/F Housing, Series B, 3.45%, 11/15/32

     12,000        11,892,840   
    

 

 

 
               21,874,072   

Maryland — 1.0%

    

Anne Arundel County Consolidated, Special Taxing District, Special Tax Bonds, Villages At Two Rivers Project:

    

4.20%, 7/01/24

     700        709,625   

4.90%, 7/01/30

     1,315        1,332,529   

Maryland EDC, Refunding RB:

    

CNX Marine Terminals, Inc., 5.75%, 9/01/25

     3,225        3,206,553   

Salisbury University Project, 5.00%, 6/01/34

     500        529,735   
Municipal Bonds    Par  
(000)
    Value  

Maryland (continued)

    

Maryland Health & Higher Educational Facilities Authority, Refunding RB:

    

Meritus Medical Center, 5.00%, 7/01/29

   $ 2,200      $ 2,447,632   

Meritus Medical Center, 5.00%, 7/01/31

     1,400        1,544,354   

Meritus Medical Center, 5.00%, 7/01/33

     1,200        1,313,520   

Peninsula Regional Medical Center, 5.00%, 7/01/30

     1,185        1,329,108   

Peninsula Regional Medical Center, 5.00%, 7/01/31

     2,200        2,455,288   

Peninsula Regional Medical Center, 5.00%, 7/01/32

     1,635        1,816,959   
    

 

 

 
               16,685,303   

Massachusetts — 0.6%

    

Massachusetts Educational Financing Authority, Refunding RB, Series K, AMT, 5.25%, 7/01/29

     8,985        9,844,595   

Michigan — 1.0%

    

Michigan Finance Authority, Refunding RB:

    

Holland Community Hospital, Series A, 5.00%, 1/01/33

     750        811,852   

MidMichigan Health, 5.00%, 6/01/33

     2,750        3,025,715   

Oakwood Obligation Group, 5.00%, 8/15/30

     4,105        4,533,316   

Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32

     8,195        8,448,553   
    

 

 

 
               16,819,436   

Mississippi — 0.9%

    

State of Mississippi, RB, Series E, 5.00%, 10/15/33

     12,225        13,777,330   

Missouri — 0.3%

    

Missouri State Health & Educational Facilities Authority, Refunding RB:

    

CoxHealth, Series A, 4.00%, 11/15/33

     2,010        2,058,622   
 

 

                
6    BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015   


Schedule of Investments (continued)

  

BlackRock Municipal Target Term Trust (BTT)

 

Municipal Bonds    Par  
(000)
    Value  

Missouri (continued)

    

Missouri State Health & Educational Facilities Authority, Refunding RB (continued):

    

St. Louis College of Pharmacy, 5.00%, 5/01/30

   $ 3,000      $ 3,245,310   
    

 

 

 
               5,303,932   

Nebraska — 1.1%

    

Central Plains Nebraska Energy Project, RB:

    

Energy Project No. 3, 5.00%, 9/01/27

     7,010        7,806,266   

Gas Project No. 3, 5.00%, 9/01/32

     9,500        10,456,270   
    

 

 

 
               18,262,536   

New Hampshire — 1.0%

    

New Hampshire Health & Education Facilities Authority, Refunding RB, Concord Hospital, Series A:

    

5.00%, 10/01/26

     1,075        1,204,140   

5.00%, 10/01/27

     1,180        1,315,134   

4.00%, 10/01/33

     3,500        3,563,490   

New Hampshire State Turnpike System, RB, Series C:

    

4.00%, 8/01/33

     4,350        4,554,276   

4.00%, 8/01/35

     4,745        4,932,712   
    

 

 

 
               15,569,752   

New Jersey — 10.0%

    

County of Gloucester New Jersey Pollution Control Financing Authority, Refunding RB, Logan Project, Series A, AMT, 5.00%, 12/01/24

     1,500        1,675,890   

New Jersey EDA, RB, AMT:

    

Continental Airlines, Inc. Project, Series B, 5.63%, 11/15/30

     1,315        1,459,913   

Continental Airlines, Inc. Project, 5.25%, 9/15/29

     12,230        13,294,255   

Continental Airlines, Inc. Project, Series A, 5.63%, 11/15/30

     1,740        1,931,748   

Private Activity Bond, The Goethals Bridge Replacement Project, 5.00%, 1/01/28

     4,705        5,188,392   

New Jersey EDA, Refunding RB:

    

Cigarette Tax, 5.00%, 6/15/26

     10,610        11,300,287   
Municipal Bonds    Par  
(000)
    Value  

New Jersey (continued)

    

New Jersey EDA, Refunding RB (continued):

    

Cigarette Tax, 4.25%, 6/15/27

   $ 16,500      $ 16,639,920   

Continental Airlines, Inc. Project, AMT, 5.75%, 9/15/27

     6,200        6,691,598   

New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31

     5,000        5,704,400   

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

     3,000        3,167,040   

New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT, 4.35%, 11/01/33

     6,685        6,859,545   

New Jersey Transportation Trust Fund Authority, RB, Transportation System:

    

CAB, Series A, 0.00%, 12/15/28 (b)

     66,000        33,823,680   

CAB, Series A, 0.00%, 12/15/29 (b)

     18,000        8,633,340   

Series AA, 4.00%, 6/15/30

     13,315        12,538,469   

Series C, 5.25%, 6/15/32

     10,000        10,525,100   

Series D, 5.00%, 6/15/32

     5,000        5,158,700   

Newark Housing Authority, Refunding RB, Newark Redevelopment Project (NPFGC), 5.25%, 1/01/27

     5,000        5,868,700   

South Jersey Transportation Authority, Refunding RB, Transportation System, Series A:

    

5.00%, 11/01/33

     500        531,655   

5.00%, 11/01/34

     500        530,885   

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.50%, 6/01/23

     3,450        3,471,183   

Township of Irvington New Jersey, GO, Refunding, Series A (AGM):

    

5.00%, 7/15/29

     1,750        1,981,997   

5.00%, 7/15/30

     2,000        2,250,580   

5.00%, 7/15/31

     1,450        1,627,016   
 

 

                
   BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015    7


Schedule of Investments (continued)

  

BlackRock Municipal Target Term Trust (BTT)

 

Municipal Bonds    Par  
(000)
    Value  

New Jersey (continued)

    

Township of Irvington New Jersey, GO, Refunding, Series A (AGM) (continued):

    

5.00%, 7/15/32

   $ 835      $ 934,265   
    

 

 

 
               161,788,558   

New Mexico — 1.1%

    

New Mexico Educational Assistance Foundation, RB, AMT:

    

Education Loan Series A-1, 3.75%, 9/01/31

     6,250        6,309,875   

Education Loan Series A-2, 3.80%, 11/01/32

     5,850        5,914,350   

Education Loan Series A-2, 3.80%, 9/01/33

     5,000        5,062,250   
    

 

 

 
               17,286,475   

New York — 5.6%

    

Build NYC Resource Corp., RB, South Bronx Charter School for International Cultures & The Arts Project, Series A, 5.00%, 4/15/33

     3,530        3,591,457   

Build NYC Resource Corp., Refunding RB, Prat Paper, Inc. Project, AMT, 4.50%, 1/01/25 (a)

     900        961,650   

Housing Development Corp., RB, M/F Housing, Series K-1, 3.40%, 11/01/30

     7,070        7,135,822   

Housing Development Corp., Refunding RB, M/F Housing, Series L-1:

    

3.40%, 11/01/30

     1,580        1,572,637   

3.50%, 11/01/32

     1,160        1,143,888   

New York Convention Center Development Corp., Refunding RB, 5.00%, 11/15/33

     9,115        10,430,203   

New York Liberty Development Corp., RB, Goldman Sachs Headquarters, 5.25%, 10/01/35

     8,110        9,591,454   

New York Mortgage Agency, Refunding RB, Series 48, 3.45%, 10/01/33

     3,500        3,462,970   

New York State HFA, RB, M/F Affordable Housing (SONYMA):

    

3.05%, 11/01/27

     2,020        2,036,039   

3.45%, 11/01/32

     5,235        5,241,073   

Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series B, 4.00%, 11/01/24 (a)

     3,000        3,023,550   
Municipal Bonds    Par  
(000)
    Value  

New York (continued)

    

Onondaga Civic Development Corp., Refunding RB, St. Joseph’s Hospital Health Center Project, 4.50%, 7/01/32

   $ 9,115      $ 9,192,933   

Triborough Bridge & Tunnel Authority, Refunding RB, CAB, Series A (b):

    

0.00%, 11/15/29

     17,810        11,050,749   

0.00%, 11/15/30

     25,215        14,899,543   

0.00%, 11/15/31

     5,000        2,838,250   

TSASC, Inc., Refunding RB, Series 1, 5.00%, 6/01/26

     4,000        4,051,360   
    

 

 

 
               90,223,578   

North Carolina — 0.1%

    

North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/31

     1,665        1,905,859   

Ohio — 0.7%

    

County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities, Series A:

    

5.25%, 7/01/28

     500        521,625   

5.63%, 7/01/32

     1,000        1,047,240   

Ohio State University, RB, General Receipts Special Purpose, Series A, 4.00%, 6/01/31

     4,220        4,477,842   

State of Ohio, RB, Portsmouth Bypass Project, AMT:

    

5.00%, 12/31/29

     1,625        1,840,475   

5.00%, 12/31/30

     2,400        2,676,288   
    

 

 

 
               10,563,470   

Oklahoma — 0.2%

    

County of Oklahoma Oklahoma Finance Authority, Refunding RB, Epworth Villa Project, Series A:

    

5.00%, 4/01/23

     1,050        977,214   

5.00%, 4/01/29

     1,500        1,395,450   

5.00%, 4/01/33

     1,050        977,120   
    

 

 

 
               3,349,784   

Pennsylvania — 11.2%

    

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

    

5.00%, 5/01/27

     6,750        7,346,565   

5.00%, 5/01/28

     5,000        5,414,700   

5.00%, 5/01/29

     3,745        4,035,312   

5.00%, 5/01/30

     5,300        5,682,342   
 

 

                
8    BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015   


Schedule of Investments (continued)

  

BlackRock Municipal Target Term Trust (BTT)

 

Municipal Bonds    Par  
(000)
    Value  

Pennsylvania (continued)

    

County of Beaver Pennsylvania IDA, Refunding RB, First Energy Nuclear Energy Project, Series B, 3.50%, 12/01/35 (e)

   $ 4,540      $ 4,596,795   

County of Cumberland Pennsylvania Municipal Authority, Refunding RB:

    

Asbury Pennsylvania Obligated Group, 5.00%, 1/01/22

     750        808,020   

Asbury Pennsylvania Obligated Group, 5.25%, 1/01/27

     1,275        1,350,569   

Asbury Pennsylvania Obligated Group, 5.25%, 1/01/32

     3,350        3,495,759   

Diakon Lutheran Social Ministries Project, 5.00%, 1/01/29

     1,300        1,419,769   

Diakon Lutheran Social Ministries Project, 5.00%, 1/01/30

     2,675        2,908,474   

County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, 4.00%, 7/01/33

     27,535        28,280,648   

County of Montgomery Pennsylvania Higher Education & Health Authority, Refunding RB, Abington Memorial Hospital Obligated Group, 5.00%, 6/01/31

     5,000        5,496,250   

County of Montgomery Pennsylvania IDA, Refunding RB:

    

Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/26

     2,500        2,706,900   

Albert Einstein Healthcare Network, Series A, 5.25%, 1/15/29

     3,250        3,560,148   

Albert Einstein Healthcare Network, Series A, 5.25%, 1/15/30

     6,185        6,725,569   

Whitemarsh Continuing Care Retirement Community Project, 5.00%, 1/01/30

     2,000        2,011,560   

County of Northampton Pennsylvania General Purpose Authority, RB, St. Luke’s Hospital of Bethlehem, Series A, 5.00%, 8/15/33

     13,250        14,275,815   
Municipal Bonds    Par  
(000)
    Value  

Pennsylvania (continued)

    

Pennsylvania Economic Development Financing Authority, RB, The Pennsylvania Rapid Bridge Replacement Project, AMT:

    

5.00%, 12/31/34

   $ 5,000      $ 5,403,350   

5.00%, 12/31/29

     5,000        5,535,800   

5.00%, 12/31/30

     13,100        14,383,014   

Pennsylvania HFA, RB, S/F Housing, Series 114C, 3.30%, 10/01/32

     20,500        19,851,995   

Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services, 5.00%, 10/01/30

     5,250        5,506,200   

Pennsylvania Higher Educational Facilities Authority, Refunding RB, La Salle University, 4.00%, 5/01/32

     3,000        3,003,120   

State Public School Building Authority, RB, School District of Philadelphia Project:

    

5.00%, 4/01/27

     4,130        4,541,265   

5.00%, 4/01/28

     8,000        8,746,880   

5.00%, 4/01/29

     6,000        6,520,440   

5.00%, 4/01/30

     5,500        5,954,080   

Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc. Student Housing Project:

    

5.00%, 7/01/30

     825        878,988   

5.00%, 7/01/30

     1,280        1,349,056   
    

 

 

 
               181,789,383   

Rhode Island — 0.8%

    

Tobacco Settlement Financing Corp., Refunding RB, Series A:

    

5.00%, 6/01/28

     2,750        3,077,855   

5.00%, 6/01/29

     4,500        4,987,530   

5.00%, 6/01/30

     4,215        4,628,702   
    

 

 

 
               12,694,087   

South Carolina — 0.1%

    

South Carolina Jobs EDA, Refunding RB, The Lutheran Homes of South Carolina, Inc., 5.00%, 5/01/28

     2,000        2,100,740   

South Dakota — 0.0%

    

Educational Enhancement Funding Corp., Refunding RB, Series B, 5.00%, 6/01/27

     650        733,805   
 

 

                
   BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015    9


Schedule of Investments (continued)

  

BlackRock Municipal Target Term Trust (BTT)

 

Municipal Bonds    Par  
(000)
    Value  

Tennessee — 0.5%

    

Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.00%, 1/01/33

   $ 1,500      $ 1,620,765   

Chattanooga-Hamilton County Hospital Authority, Refunding RB, Erlanger Health System, Series A, 5.00%, 10/01/31

     6,210        6,749,525   
    

 

 

 
               8,370,290   

Texas — 18.8%

    

Central Texas Turnpike System, Refunding RB, Series C:

    

5.00%, 8/15/32

     12,500        13,838,000   

5.00%, 8/15/33

     14,000        15,465,100   

City of Brownsville Texas Utilities System Revenue, Refunding RB, Series A:

    

4.00%, 9/01/30

     11,170        11,674,214   

4.00%, 9/01/31

     11,220        11,671,493   

City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 7/01/29

     2,665        2,842,382   

City of San Antonio Texas Water System Revenue, Refunding RB, Series B, 5.00%, 5/15/27

     1,845        2,219,664   

Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 8/15/33

     1,650        1,951,306   

Clifton Higher Education Finance Corp., Refunding RB, Uplift Education, Series A:

    

3.10%, 12/01/22

     1,050        1,029,640   

3.95%, 12/01/32

     1,800        1,680,750   

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

     12,325        12,746,885   

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        561,660   

6.38%, 1/01/33

     460        531,512   

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        1,103,679   

Memorial Hermann Health System, 4.00%, 12/01/31

     20,000        20,295,600   
Municipal Bonds    Par  
(000)
    Value  

Texas (continued)

    

County of Harris Texas Cultural Education Facilities Finance Corp., Refunding RB, Series A (continued):

    

YMCA of the Greater Houston Area, 5.00%, 6/01/28

   $ 1,500      $ 1,645,245   

YMCA of the Greater Houston Area, 5.00%, 6/01/33

     3,000        3,210,750   

County of Matagorda Texas Navigation District No. 1, Refunding RB:

    

Series A (AMBAC), 4.40%, 5/01/30

     31,120        33,526,198   

Series B (AMBAC), AMT, 4.55%, 5/01/30

     10,000        10,650,800   

Series B-2, 4.00%, 6/01/30

     12,895        13,148,645   

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A (b):

    

0.00%, 9/15/31

     6,235        3,404,061   

0.00%, 9/15/32

     15,135        7,786,655   

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A:

    

4.00%, 11/15/31

     5,500        5,633,155   

4.00%, 11/15/32

     15,420        15,721,769   

County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB:

    

Scott & White Healthcare Project, Series A, 5.00%, 8/15/33

     5,000        5,612,450   

Trinity Terrace Project, Series A-1, 5.00%, 10/01/29

     1,000        1,088,450   

Leander ISD, GO, Refunding, Series D (b):

    

0.00%, 8/15/31

     1,200        657,552   

0.00%, 8/15/32

     2,000        1,034,720   

0.00%, 8/15/33

     4,485        2,203,077   

Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, AMT, 5.00%, 11/01/28

     5,750        6,279,690   

Lower Colorado River Authority, Refunding RB, LCRA Transmission Services:

    

4.00%, 5/15/31

     9,970        10,335,899   

4.00%, 5/15/32

     10,635        10,968,514   
 

 

                
10    BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015   


Schedule of Investments (continued)

  

BlackRock Municipal Target Term Trust (BTT)

 

Municipal Bonds    Par  
(000)
    Value  

Texas (continued)

    

New Hope Cultural Education Facilities Corp., RB:

    

Station 1 LLC Texas A&M University Project, Series A, 5.00%, 4/01/29

   $ 2,290      $ 2,427,056   

Stephenville LLC Tarleton State University Project, Series A, 5.38%, 4/01/28

     1,150        1,258,330   

Stephenville LLC Tarleton State University Project, Series A, 5.00%, 4/01/24

     420        461,727   

Stephenville LLC Tarleton State University Project, Series A, 5.00%, 4/01/25

     240        264,617   

Stephenville LLC Tarleton State University Project, Series A, 5.00%, 4/01/29

     725        768,921   

New Hope Cultural Education Facilities Corp., Refunding RB, 1st Mortgage, Morningside Ministries Project, 6.25%, 1/01/33

     1,600        1,779,152   

North Texas Tollway Authority, Refunding RB, Series A, 5.00%, 1/01/33

     15,900        17,862,378   

Red River Health Facilities Development Corp., RB, Wichita Falls Retirement Foundation Project:

    

4.70%, 1/01/22

     850        891,871   

5.50%, 1/01/32

     1,000        1,054,380   

Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements:

    

5.00%, 12/15/30

     18,000        19,700,820   

5.00%, 12/15/31

     25,000        27,279,750   
    

 

 

 
               304,268,517   

U.S. Virgin Islands — 1.3%

    

Virgin Islands Public Finance Authority, Refunding RB, Gross Receipts Taxes Loan Note:

    

Series A, 5.00%, 10/01/32

     10,000        10,673,700   

Series C, 5.00%, 10/01/30

     10,000        10,900,300   
    

 

 

 
               21,574,000   

Vermont — 0.2%

    

Vermont EDA, Refunding, MRB, Wake Robin Corp. Project, 5.40%, 5/01/33

     2,400        2,506,032   
Municipal Bonds    Par  
(000)
    Value  

Virginia — 2.8%

    

County of Fairfax Virginia EDA, RB, Vinson Hall LLC, Series A, 5.00%, 12/01/32

   $ 2,000      $ 2,071,200   

County of Fairfax Virginia IDA, Refunding RB, Inova Health System, Series D, 4.00%, 5/15/29

     5,325        5,622,881   

County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A:

    

4.50%, 7/01/30

     3,000        3,034,320   

4.50%, 7/01/32

     1,100        1,106,237   

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

     5,445        5,595,718   

Dulles Town Center Community Development Authority, Refunding, Special Assessment, Dulles Town Center Project, 4.25%, 3/01/26

     500        498,320   

Virginia College Building Authority, RB, Green Bonds, Marymount University Project, Series B, 5.25%, 7/01/30 (a)

     2,000        2,119,660   

Virginia HDA, RB, Remarketing, M/F Housing, Sub-Series C-2, 3.00%, 4/01/31

     23,175        21,882,298   

Virginia Small Business Financing Authority, RB, Senior Lien, Express Lanes LLC, AMT, 5.00%, 7/01/34

     3,940        4,150,238   
    

 

 

 
               46,080,872   

Washington — 4.7%

    

Central Puget Sound Regional Transit Authority, Refunding RB, 5.00%, 11/01/32

     8,500        10,080,830   

Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A:

    

3.50%, 9/01/18

     1,025        1,045,111   

5.00%, 9/01/27

     1,000        1,060,160   

5.25%, 9/01/32

     1,850        1,932,418   

Port of Seattle Washington Industrial Development Corp., Refunding RB, Special Facilities, Delta Airline, Inc. Project, AMT, 5.00%, 4/01/30

     5,000        5,210,450   

Spokane Public Facilities District, Refunding RB, Series B:

    

4.50%, 12/01/30

     5,370        5,702,833   

5.00%, 12/01/32

     5,895        6,471,236   
 

 

                
   BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015    11


Schedule of Investments (continued)

  

BlackRock Municipal Target Term Trust (BTT)

 

Municipal Bonds    Par  
(000)
    Value  

Washington (continued)

    

Spokane Public Facilities District, Refunding RB, Series B (continued):

    

5.00%, 9/01/33

   $ 4,665      $ 5,108,035   

State of Washington, COP, State & Local Agency Real and Personal Property, Series B:

    

4.00%, 7/01/29

     3,605        3,801,220   

4.00%, 7/01/30

     4,290        4,494,504   

4.00%, 7/01/31

     4,470        4,653,046   

4.00%, 7/01/32

     4,590        4,769,607   

State of Washington, GO, Series B, 5.00%, 2/01/25

     5,825        7,169,293   

Washington State Housing Finance Commission, RB, Herons Key Senior Living, Series B-2, 4.88%, 1/01/22 (a)

     600        602,442   

Washington State Housing Finance Commission, Refunding RB:

    

Emerald Heights Project, 5.00%, 7/01/28

     1,000        1,082,250   

Emerald Heights Project, 5.00%, 7/01/33

     1,100        1,180,234   

S/F Housing, Series 1N (Ginnie Mae, Fannie Mae, Freddie Mac), 3.50%, 12/01/33

     4,035        4,002,841   

WBRP 3.2, RB, Series A:

    

5.00%, 1/01/30

     1,000        1,174,090   

5.00%, 1/01/31

     1,000        1,167,660   

5.00%, 1/01/32

     1,140        1,324,897   

5.00%, 1/01/33

     3,345        3,872,339   
    

 

 

 
               75,905,496   

Wisconsin — 1.4%

    

Public Finance Authority, Refunding RB, AMT:

    

National Gypsum Co., 5.25%, 4/01/30

     6,690        6,870,563   

Wisconsin Airport Facilities, Senior Obligated Group, Series B, 5.25%, 7/01/28

     2,250        2,401,830   

Wisconsin Health & Educational Facilities Authority, Refunding RB:

    

Aspirus, Inc., Obligated Group, 5.00%, 8/15/28

     3,510        3,958,964   

Aspirus, Inc., Obligated Group, 5.00%, 8/15/29

     3,685        4,125,579   
Municipal Bonds    Par  
(000)
    Value  

Wisconsin (continued)

    

Wisconsin Health & Educational Facilities Authority, Refunding RB (continued):

    

Marquette University, 4.00%, 10/01/32

   $ 4,520      $ 4,694,336   
    

 

 

 
               22,051,272   
Total Municipal Bonds — 126.6%              2,054,462,529   
    
                  
Municipal Bonds Transferred to
Tender Option Bond Trusts (f)
              

Colorado — 5.1%

    

City & County of Denver Colorado, Refunding ARB, Department of Aviation, Series A, AMT (g):

    

4.25%, 11/15/29

     33,820        35,636,651   

4.25%, 11/15/30

     35,210        36,765,483   

4.25%, 11/15/31

     8,085        8,406,482   

4.25%, 11/15/32

     2,230        2,310,271   
    

 

 

 
               83,118,887   

Florida — 6.0%

    

County of Broward Florida, ARB, Series Q-1 (g):

    

4.00%, 10/01/29

     17,200        17,845,023   

4.00%, 10/01/30

     18,095        18,717,079   

4.00%, 10/01/31

     18,820        19,396,700   

4.00%, 10/01/32

     19,575        20,114,285   

4.00%, 10/01/33

     20,355        20,852,812   
    

 

 

 
               96,925,899   

Iowa — 2.7%

    

Iowa State Board of Regents, RB, University of Iowa Hospitals and Clinics:

    

4.00%, 9/01/28

     3,375        3,639,936   

4.00%, 9/01/29

     6,525        6,949,261   

4.00%, 9/01/30

     6,325        6,680,073   

4.00%, 9/01/31

     8,650        9,075,747   

4.00%, 9/01/32

     7,750        8,083,082   

4.00%, 9/01/33

     9,375        9,748,761   
    

 

 

 
               44,176,860   

Texas — 10.1%

    

City of San Antonio Texas Public Facilities Corp., Refunding LRB, Convention Center Refinancing and Expansion Project:

    

4.00%, 9/15/30

     15,000        15,643,991   

4.00%, 9/15/31

     19,475        20,250,337   

4.00%, 9/15/32

     18,075        18,738,372   

4.00%, 9/15/33

     11,000        11,369,492   
 

 

                
12    BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015   


Schedule of Investments (continued)

  

BlackRock Municipal Target Term Trust (BTT)

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (f)
   Par  
(000)
    Value  

Texas (continued)

    

City of San Antonio Texas Public Facilities Corp., Refunding LRB, Convention Center Refinancing and Expansion Project (continued):

    

4.00%, 9/15/34

   $ 11,885      $ 12,247,482   

4.00%, 9/15/35

     4,500        4,609,560   

Dallas/Fort Worth International Airport, Refunding RB, AMT (g):

    

Series E, 4.00%, 11/01/32

     6,915        7,198,830   

Series E, 4.13%, 11/01/35

     10,435        10,719,725   

Series F, 5.00%, 11/01/29

     12,820        14,584,683   

Series F, 5.00%, 11/01/30

     15,565        17,511,405   

Series F, 5.00%, 11/01/31

     10,000        11,141,071   

Series F, 5.00%, 11/01/32

     17,170        18,976,951   
    

 

 

 
               162,991,899   
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 23.9%
        387,213,545   

Total Long-Term Investments

(Cost — $2,417,040,215) — 150.5%

  

  

    2,441,676,074   
Short-Term Securities        
Shares
    Value  

FFI Institutional Tax-Exempt Fund, 0.02% (h)(i)

     112,232,141      $ 112,232,141   

Total Short-Term Securities

(Cost — $112,232,141) — 6.9%

             112,232,141   
Total Investments (Cost — $2,529,272,356*) — 157.4%        2,553,908,215   
Other Assets Less Liabilities 0.2%        2,678,825   

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable
(11.4)%

   

    (184,223,014
RVMTP Shares, at Redemption Value (46.2)%        (750,000,000
    

 

 

 
Net Assets Applicable to Common Shares 100.0%      $ 1,622,364,026   
    

 

 

 

 

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

 

Tax cost

  $ 2,354,938,751   
 

 

 

 

Gross unrealized appreciation

  $ 50,377,476   

Gross unrealized depreciation

    (35,527,986
 

 

 

 

Net unrealized appreciation

  $ 14,849,490   
 

 

 

 
 
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.

 

(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 period end.

 

(e)   Variable rate security. Rate shown is as of period end.

 

(f)   Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

 

(g)   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 or in the event of a default on the security. In the case of a shortfall or default, 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 $128,606,860.

 

(h)   During the period ended October 31, 2015, investments in issuers considered to be an affiliate of the Trust 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,
2015
       Net
Activity
       Shares Held
at October 31,
2015
       Income  

FFI Institutional Tax-Exempt Fund

       79,878,725           32,353,416           112,232,141         $ 3,970   

 

(i)   Represents the current yield as of period end.

 

                
   BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015    13


Schedule of Investments (continued)

  

BlackRock Municipal Target Term Trust (BTT)

 

 

Portfolio Abbreviations

 

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

 

Derivative Financial Instruments Outstanding as of Period End

 

Financial Futures Contracts  
Contracts
Short
    Issue   Expiration   Notional
Value
  Unrealized
Depreciation
 
  (1,000   10-Year U.S. Treasury Note   December 2015   $127,687,500   $ (443,290

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value 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 Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

 

                
14    BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015   


Schedule of Investments (concluded)

  

BlackRock Municipal Target Term Trust (BTT)

 

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. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as level 3.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value 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 investments and derivative financial instruments 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, refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3        Total  

Assets:

                
Investments:                 

Long-Term Investments1

            $ 2,441,676,074                   $ 2,441,676,074   

Short-Term Securities

  $ 112,232,141                               112,232,141   
 

 

 

 

Total

  $ 112,232,141         $ 2,441,676,074                   $ 2,553,908,215   
 

 

 

 

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

      

     Level 1        Level 2        Level 3        Total  
Derivative Financial Instruments1                 

Liabilities:

                

Interest rate contracts

  $ (443,290                          $ (443,290

1   Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

      

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, 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

  $ 1,350,502                             $ 1,350,502   

Liabilities:

                

RVMTP Shares

            $ (750,000,000                  (750,000,000

TOB Trust Certificates

              (184,119,974                  (184,119,974
 

 

 

 

Total

  $ 1,350,502         $ (934,119,974                $ (932,769,472
 

 

 

 

During the period ended October 31, 2015, there were no transfers between levels.

 

                
   BLACKROCK MUNICIPAL TARGET TERM TRUST    OCTOBER 31, 2015    15


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 22, 2015

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 22, 2015
By:   /s/ Neal J. Andrews                        
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of BlackRock Municipal Target Term Trust
Date:   December 22, 2015