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:__811-06355______

_______BlackRock Municipal Target Term Trust, Inc._______
(Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE
19809
(Address of principal executive offices)
(Zip code)

Robert S. Kapito, President

BlackRock Municipal Target Term Trust, Inc.

      40 East 52nd Street, New York, NY 10022      
(Name and address of agent for service)


Registrant’s telephone number, including area code:_888-825-2257__________________

Date of fiscal year end:___December 31, 2006
Date of reporting period:__September 30, 2006

Item 1. Schedule of Investments.

The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:


PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 2006 (unaudited)

BlackRock Municipal Target Term Trust (BMN)

      Principal            
        Amount       Option Call    
    Rating1   (000)   Description   Provisions2   Value  
          LONG-TERM INVESTMENTS—28.4%        
            Arkansas—1.1%        
    AAA   $ 5,000   Univ. of Arkansas Athl. Fac. RB, Razorback Stadium Proj., 3.55%, 12/01/21, FSA   12/06 @ 100   $ 4,999,000  
            Colorado—2.6%        
    AAA   1,100   City of Thornton COP, 2.50%, 12/01/06, AMBAC   No Opt. Call   1,096,953  
    AAA   1,015   El Paso Cnty. COP, Detention Fac. Proj., Ser. B, 2.50%, 12/01/06, AMBAC   No Opt. Call   1,012,259  
    AAA   9,700   Met. Football Stad. Dist. Sales Tax RB, Ser. A, Zero Coupon, 1/01/07, MBIA   No Opt. Call   9,616,580  
                    11,725,792  
            Florida—1.0%        
    AAA   910 3      Orange Cnty. Tourist Dev. RB, Ser. A, 6.375%, 10/01/06, AMBAC   ETM   910,000  
    AAA   2,000   Sarasota Wtr. & Swr. Sys. RB, 4.25%, 10/01/06, MBIA   No Opt. Call   2,000,000  
    AAA   1,865   Tampa Wtr. & Swr. RB, 5.50%, 10/01/06, FSA   No Opt. Call   1,865,000  
                    4,775,000  
            Hawaii—1.2%        
    AAA   5,675   Hawaii GO, Ser. CP, 5.50%, 10/01/06, FGIC   No Opt. Call   5,675,000  
            Illinois—3.5%        
            Champaign Cnty. Cmnty. Unit Sch. Dist. No. 116 GO,        
    AAA   385 3     Ser. C, Zero Coupon, 1/01/07, FGIC   ETM   381,708  
    AAA   680       Ser. C, Zero Coupon, 1/01/07, FGIC   No Opt. Call   674,071  
    AAA   15,080   Illinois GO, Ser. I, 3.25%, 11/01/06, FGIC   No Opt. Call   15,073,214  
                    16,128,993  
            Louisiana—1.0%        
    AAA   4,565   Pub. Facs. Auth. RB, Ochsner Clinic Fndtn. Proj., Ser. A, 3.00%, 5/15/07, MBIA   No Opt. Call   4,539,801  
            Michigan—1.1%        
    AAA   4,850   Trunk Line RB, Ser. A, 4.00%, 11/01/06, FSA   No Opt. Call   4,851,213  
            Minnesota—1.1%        
    AAA   5,075   Met. Council Minneapolis-St. Paul Met. Area GO, 5.25%, 12/01/06   No Opt. Call   5,088,093  
            Nebraska—0.8%        
    AAA   3,850   Douglas Cnty. Sch. Dist. No. 17 GO, 3.20%, 11/15/06, FSA   No Opt. Call   3,846,882  
            Nevada—0.2%        
    AAA   800 3 Dept. of Bus. & Ind. RB, Las Vegas Monorail Co. Proj., Zero Coupon, 1/01/07, AMBAC   ETM   792,736  
            New Jersey—0.2%        
    AAA   1,000   Monmouth Cnty. Impvt. Auth. Gov’t Loan RB, 2.34%, 12/01/06, FSA   No Opt. Call   996,870  
            New York—1.8%        
    AAA   8,070   Hsg. Fin. Agcy. RB, Ser. A, 5.50%, 11/01/06, FSA   10/06 @ 102   8,072,905  
            Ohio—3.9%        
            Bldg. Auth. RB,        
    AAA   4,585       Admin. Bldg. Fd. Proj., Ser. A, 5.00%, 10/01/06, FSA   No Opt. Call   4,585,000  
    AAA   10,000       Correction Facs. Proj., Ser. A, 5.00%, 10/01/06, FSA   No Opt. Call   10,000,000  
    AAA   2,170   Cincinnati City Sch. Dist. Sch. Impvt. GO, 4.00%, 12/01/06, MBIA   No Opt. Call   2,171,193  
    AAA   1,285   Milford Exempt Vlg. Sch. Dist. GO, 3.25%, 12/01/06, FSA   No Opt. Call   1,283,844  
                    18,040,037  
            Oregon—0.4%        
    AAA   2,020   Dept. of Admin. Svcs. COP, Ser. A, 5.00%, 11/01/06, FSA   No Opt. Call   2,021,959  
            Pennsylvania—1.3%        
    AAA   3,620   Pittsburgh Pub. Pkg. Auth. RB, 2.75%, 12/01/06, AMBAC   No Opt. Call   3,612,290  
    AAA   2,375   Tpke. Comm. RB, Ser. A, 4.125%, 12/01/06, FGIC   No Opt. Call   2,376,781  
                    5,989,071  
            Rhode Island—0.7%        
    AAA   3,400   Rhode Island & Providence Plantations GO, Ser. A, 4.00%, 12/01/06, FSA   No Opt. Call   3,401,836  
            Texas—3.3%        
    AAA   6,575   City of Austin Wtr. & Wstwtr. Sys. RB, Ser. C, 3.75%, 11/15/06, FSA   No Opt. Call   6,575,658  
    AAA   6,355   Dallas Area Rapid Transit RB, 3.70%, 12/01/06, AMBAC   No Opt. Call   6,355,445  
    AAA   2,280   Denton Util. Sys. Mult. Util. Impvt. RB, 4.25%, 12/01/06, AMBAC   No Opt. Call   2,282,120  
                    15,213,223  

1

BlackRock Municipal Target Term Trust (BMN) (continued)

      Principal            
        Amount       Option Call    
    Rating1   (000)   Description   Provisions2   Value  
          Washington—3.2%        
    AAA   $ 1,325   Benton Cnty. Pub. Util. Dist. No. 1 RB, 3.75%, 11/01/06, FSA   No Opt. Call   $ 1,325,066  
            King Cnty. GO,        
    AAA   75 3          3.50%, 12/01/06, MBIA   ETM   75,007  
    AAA   2,015       3.50%, 12/01/06, MBIA   No Opt. Call   2,014,254  
    AAA   2,100   Kitsap Cnty. GO, Ser. B, 4.00%, 12/01/06, AMBAC   No Opt. Call   2,101,134  
    AAA   5,620   Snohomish Cnty. Pub. Util. Dist. No. 1 RB, 4.125%, 12/01/06, FSA   No Opt. Call   5,623,934  
    AAA   3,360   Thurston Cnty. Sch. Dist. No. 3 GO, 4.25%, 12/01/06, FSA   No Opt. Call   3,363,125  
                    14,502,520  
            Total Long-Term Investments (cost $130,727,980)       130,660,931  
            SHORT-TERM INVESTMENTS—71.4%        
            Connecticut—2.8%        
    A-1+   13,000 4 Hlth. & Edl. Fac. Auth. RB, Quinnipiac Univ. Proj., Ser. F, 3.86%, 10/02/06, RAA, FRDD   N/A   13,000,000  
            Massachusetts—4.2%        
            Hlth. & Edl. Fac. Auth. RB, Harvard Univ. Proj.,        
    A-1+   9,450 4     Ser. BB, 3.73%, 10/05/06, FRWD   N/A   9,450,000  
    A-1+   10,000 4     Ser. GG-1, 3.73%, 10/05/06, FRWD   N/A   10,000,000  
                    19,450,000  
            Nebraska—5.0%        
            American Pub. Energy Agcy. Gas Sply. RB,        
    A-1+   19,000 4     3.75%, 10/05/06, FRWD   N/A   19,000,000  
    A-1+   3,800 4     Ser. A, 3.75%, 10/05/06, FRWD   N/A   3,800,000  
                    22,800,000  
            New York—1.9%        
    A-1+   8,600 4 Triborough Brdg. & Tunl. Auth. RB, Ser. B-2, 3.74%, 10/05/06, FRWD   N/A   8,600,000  
            Ohio—4.8%        
    A-1+   22,000 4 Ohio St. Univ. Gen. Rcpts. RB, Ser. B, 3.78%, 10/04/06, FRWD   N/A   22,000,000  
            Pennsylvania—5.6%        
    A-1+   22,000 4 City of Philadelphia Gas Wks. RB, 3.78%, 10/05/06, FSA, FRWD   N/A   22,000,000  
    A-1   3,795 4 Higher Edl. Fac. Auth. RB, Drexel Univ. Proj., Ser. B, 3.74%, 10/05/06, FRWD   N/A   3,795,000  
                    25,795,000  
            Taxable Commercial Paper — 46.7%        
    A-1+   22,000 5 Barton Cap. Corp., 5.275%, 10/25/06   N/A   21,923,000  
    A-1   22,000   Beethoven Fdg. Corp., 5.27%, 10/05/06   N/A   21,987,118  
    A-1+   21,000   Cancara Asset Securitization LLC, 5.26%, 10/05/06   N/A   20,987,727  
    A-1+   15,000   Credit Suisse First Boston NY, 5.26%, 10/18/06   N/A   14,962,742  
    A-1+   2,000   Credit Suisse First Boston USA, Inc., 5.17%, 11/02/06   N/A   1,990,809  
    A-1   7,000   Crown Point Cap. Co., Ser. A, 5.25%, 10/05/06   N/A   6,995,917  
    A-1   21,000   Fairway Fin. Ltd., 5.26%, 10/05/06   N/A   20,987,727  
    A-1+   20,800   Greyhawk Fdg. LLC, 5.26%, 10/16/06   N/A   20,754,413  
    A-1+   20,000   Nordea N.A., Inc., 5.75%, 12/01/06   N/A   19,824,794  
    A-1+   22,000   Scaldis Capital LLC, 5.25%, 10/17/06   N/A   21,948,666  
    A-1+   21,000 5 UBS Fin. DE, Inc., 5.272%, 10/05/06   N/A   20,987,750  
    A-1   21,000   Victory Receivable Corp., 5.26%, 10/12/06   N/A   20,966,248  
                    214,316,911  

2

BlackRock Municipal Target Term Trust (BMN) (continued)

                   
        Shares            
    Rating1   (000)   Description       Value  
          Money Market Fund—0.4%        
    NR   1,800       AIM Tax Free Cash Reserve Portfolio       $ 1,800,000  
            Total Short-Term Investments (cost $327,761,911)       327,761,911  
            Total Investments —99.8% (cost $458,489,8916)       $ 458,422,842  
            Other assets in excess of liabilities —0.2%       800,036  
            Net Assets Applicable to Common Shareholders —100%       $ 459,222,878  

1   Using the highest of Standard & Poor’s, Moody’s Investors Services or Fitch’s ratings.  
2   Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.  
3   Security is collateralized by Municipal or U.S. Treasury obligations.  
4   For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of September 30, 2006.  
5   Rate shown is the yield to maturity as of September 30, 2006  
6   Cost for Federal income tax purposes is $458,343,416. The net unrealized appreciation on a tax basis is $79,426, consisting of $146,475 gross unrealized appreciation and $67,049 gross unrealized depreciation.  

KEY TO ABBREVIATIONS
AMBAC — American Municipal Bond Assurance Corp.   FSA — Financial Security Assurance
COP — Certificate of Participation   GO — General Obligation
ETM — Escrowed to Maturity   MBIA — Municipal Bond Insurance Assoc.
FGIC — Financial Guaranty Insurance Co.   RAA — Radian Asset Assurance
FRDD — Floating Rate Daily Demand   RB — Revenue Bond
FRWD — Floating Rate Weekly Demand      

3

Item 2. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers have evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)___BlackRock Municipal Target Term Trust, Inc.___

By: /s/ Donald C. Burke
_____________________________________________________________________
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: November 29, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Robert S. Kapito
_____________________________________________________________________
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: November 29, 2006

By: /s/ Donald C. Burke
_____________________________________________________________________
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: November 29, 2006