SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A Under the Securities Exchange Act of 1934 (Amendment No. 2) BlackRock Municipal Target Term Trust (BMN) (Name of Issuer) Common Stock (Title of Class of Securities) 09247M105 (CUSIP Number) George W. Karpus, President Karpus Management, Inc. d/b/a Karpus Investment Management 183 Sully?s Trail Pittsford, New York 14534 (585) 586-4680 (Name, Address, and Telephone Number of Person Authorized to Receive Notices and Communications) February 9, 2006 (Date of Event which requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is subject of this Schedule 13D, and if filing this schedule because of Rule 13d-1(b) (3) or (4), check the following box. [ ] (Page 1 of 6 pages) Item 1. Security and Issuer Common Stock BlackRock Municipal Target Term Trust BlackRock Financial Management L.P. 100 Bellevue Parkway Wilmington, Delaware 19809 Item 2. Identity and Background (a) Karpus Management, Inc., d/b/a Karpus Investment Management (?KIM?), George W. Karpus, President, Director, and controlling stockholder, JoAnn Van Degriff, Vice President and Director, and Sophie Karpus, Director. (b) The address of KIM?s principal place of business and principal office is 183 Sully?s Trail, Pittsford, New York 14534. (c) Principal business and occupation - Investment Management for individuals, pension, and profit sharing plans, corporations, endowments, trust, and others, specializing in conservative asset management (i.e. fixed income investments). (d) None of George W. Karpus, Jo Ann Van Degriff or Sophie Karpus (?the Principals?) or KIM has been convicted in the past 5 years of any criminal proceeding (excluding traffic violations). (e) During the last 5 years none of the Principals or KIM has been a party to a civil proceeding as a result of which any of them is subject to a judgment, decree, or final order enjoining future violations of or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) Each of the Principals is a United States citizen. KIM is a New York corporation. Item 3. Source and Amount of Funds or Other Considerations KIM, an independent investment advisor, has accumulated 3,850,875 shares of BMN on behalf of accounts that are managed by KIM (?the Accounts?) under limited powers of attorney, which represents 8.48% of the outstanding shares. All funds that have been utilized in making such purchases are from such Accounts. Item 4. Purpose of Transaction KIM has purchased Shares for investment purposes. Being primarily a conservative, fixed income manager, with a specialty focus in the closed end fund sector, the profile of BMN fit the investment guidelines for various Accounts. Shares have been acquired since June 27, 1999. Item 5. Interest in Securities of the Issuer As of the date of this Report, KIM owns 3,850,875 shares, which represent 8.48% of the outstanding shares. George W. Karpus presently owns 101,400 shares purchased January 3, 2006 at $9.92 (25,000 shares), January 4, 2006 at $9.91 (4,800 shares), January 4, 2006 at $9.89 (200 shares), January 5, 2006 at $9.95 (5,000 shares), January 6, 2006 at $9.96 (12,900 shares), January 9, 2006 at $9.97 (2,500 shares), January 10, 2006 at $9.98 (3,000 shares), January 12, 2006 at $9.98 (9,000 shares), January 13, 2006 at $9.96 (13,000 shares), January 17, 2006 at $10.03 (5,250 shares), January 17, 2006 at $9.97 (7,250 shares), January 23, 2006 at $9.94 (10,000 shares) and January 31, 2006 at $9.96 (3,500 shares). Jo Ann Van Degriff presently owns 13,170 shares purchased December 16, 2004 at $10.33 per share (180 shares), December 17 at $10.31 (220 shares), December 20 at $10.34 (300 shares), December 21, 22, 23, and 28 at $10.35 (400 shares), June 28, 2005 at $10.16 (1000 shares), June 29 at $10.17 (150 shares), August 9 at $10.08 (350 shares), August 12, 15, 16,and 17 at $10.06 (950 shares), August 18 at $10.07 (200 shares), August 19, 23, and 24 at $10.05 (400 shares), August 22 at $10.06 (100 shares), August 30 at $10.04 (50 shares), August 31 at $10.07 (100 shares), September 7 and 9 at $10.07 (150 shares), September 8, 13, and 15 at $10.06 (350 shares), September 16, 19, 20, and 21 at $10.04 (550 shares), September 22, 23, and 26 at $10.03 (530 shares), October 11 and 25 at $10.03 (340 shares), October 12, 17, and 20 at $10.00 (800 shares), October 14 and 18 at $9.99 (200 shares), November 16 at $9.98 (700 shares), and November 17 and 18 at $9.95 (150 shares), January 4, 2006 at $9.91 (4,750 shares) and January 4, 2006 at $9.89 (250 shares). Karpus Management, Inc. presently owns 10950 shares purchased on December 14, 15, and 16, 2004 at $10.33 (460 shares), December 17 at $10.31 (140 shares), December 20 and 21 at $10.34 (300 shares), December 22, 23, and 28 at $10.35 (300 shares), July 18, 19, and 20 at $10.13 (1100 shares), July 21 at $10.12 (300 shares), July 22, 28, and 29 at $10.11 (300 shares), August 1 and 4 at $10.10 (200 shares), August 2 and 3 at $10.11 (600 shares), August 10 at $10.09 (200 shares), August 16 at $10.06 (200 shares), August 18 and 31 at $10.07 (200 shares), August 23 and 24 at $10.05 (300 shares), August 30 at $10.04 (50 shares), September 7 and 9 at $10.07 (100 shares), September 8, 13, 15 at $10.06 (350 shares), September 16, 19, 20, 21, and 29 at $10.04 (650 shares), September 22, 23, 26, and 28 at $10.03 (650 shares), September 27 at $10.02 (300 shares), October 4 at $10.05 (500 shares), October 5 at $10.04 (200 shares), October 6 at $10.02 (200 shares), October 31 at $10.00 (100 shares), November 4 at $9.99 (200 shares), November 8 at $10.01 (100 shares), and November 15 at $9.97 (500 shares), December 9, 2005 at $ 9.90 (2050 shares), December 13, 2005 at 9.89 (400 shares). Urbana Partners, L.P. is a hedge fund managed by Karpus Investment Management, of which George W. Karpus owns 5.71%. Urbana Partners, L.P. currently owns 39,000 shares. None of the other Principals of KIM presently owns shares of BMN. None of the other Principals of KIM currently own shares of BMN. (b) KIM has the sole power to dispose of and to vote all such Shares under limited powers of attorney. (c) Below are the open market purchases in the last 60 days for the Accounts. There have been no dispositions and no acquisition, other than by such open market purchases, during such period. Date Shares Price Per Share Date Shares Price Per Share 12/1/2005 1450 9.98 1/3/2006 32000 9.91 12/2/2005 78750 9.97 1/4/2006 41400 9.91 12/5/2005 1900 9.96 1/5/2006 60500 9.95 12/6/2005 44000 9.97 1/6/2006 21900 9.96 12/7/2005 35500 9.94 1/9/2006 8200 9.97 12/8/2005 15400 9.90 1/10/2006 27300 9.96 12/9/2005 90000 9.90 1/11/2006 12900 9.98 12/12/2005 28300 9.89 1/12/2006 50700 9.98 12/13/2005 38750 9.89 1/13/2006 38700 9.97 12/14/2005 41500 9.89 1/17/2006 34800 9.97 12/15/2005 16000 9.89 1/18/2006 25600 9.96 12/16/2005 48600 9.89 1/18/2006 -1260 9.97 12/19/2005 13400 9.88 1/19/2006 8100 9.97 12/20/2005 67820 9.88 1/23/2006 49200 9.94 12/21/2005 29630 9.87 1/24/2006 11500 9.97 12/22/2005 24100 9.88 1/25/2006 13100 9.97 12/23/2005 24400 9.88 1/26/2006 52800 9.95 12/27/2005 1600 9.87 1/27/2006 10800 9.94 12/28/2005 1900 9.88 1/30/2006 6500 9.96 12/29/2005 27050 9.89 1/31/2006 5500 9.97 12/30/2005 -8700 9.90 12/30/2005 18500 9.90 The Accounts have the right to receive all dividends from, and any proceeds from the sale of the Shares. None of the Accounts has an interest in Shares constituting more than 5% of the Shares outstanding. Item 6. Contracts, Arrangements, Understandings, or Relationships with Respect to Securities of the Issuer Except as described above, there are no contracts, arrangement, understandings or relationships of any kind among the Principals and KIM and between any of them and any other person with respect to any of the BMN securities. Item 7. Materials to be Filed as Exhibits Not applicable SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct. Karpus Management, Inc. By: Name: Sharon L.Thornton Title: Director of Investment Personnel and Senior Analyst Dated: February 9, 2006