UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-07090

Name of Fund: BlackRock California Insured Municipal 2008 Term Trust, Inc.

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Robert S. Kapito, President, BlackRock California Insured Municipal
      2008 Term Trust, Inc., 40 East 52
nd Street, New York, NY 10022.

Registrant’s telephone number, including area code: (888) 825-2257

Date of fiscal year end: 12/31/07

Date of reporting period: 01/01/07 – 06/30/07




Item 1 – Report to Stockholders


 

 

 

 

 

 

 

 

 

FIXED INCOME

 

LIQUIDITY

 

EQUITIES

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

 

 

 

BlackRock

 

 

Closed-End Funds

(BLACKROCK LOGO)

 

 

 

 

 

SEMI-ANNUAL REPORT | JUNE 30, 2007 (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Insured Municipal 2008 Term Trust (BRM)

 

 

 

 

BlackRock Insured Municipal Term Trust (BMT)

 

 

 

 

BlackRock Municipal 2018 Term Trust (BPK)

 

 

 

 

BlackRock Municipal 2020 Term Trust (BKK)

 

 

 

 

BlackRock Strategic Municipal Trust (BSD)

 

 

 

 

BlackRock California Insured Municipal 2008 Term Trust (BFC)

 

 

 

 

BlackRock California Municipal 2018 Term Trust (BJZ)

 

 

 

 

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 

 

 

 

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

 

 

 

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 

 

 

 

BlackRock New York Municipal 2018 Term Trust (BLH)

 

 

 

 

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 


 

 

NOT FDIC INSURED

 

MAY LOSE VALUE

 

NO BANK GUARANTEE

 




TABLE OF CONTENTS

 

 

 

Letter to Shareholders

 

1

 

 

 

Trusts’ Summaries

 

2

 

 

 

Financial Statements

 

 

 

 

 

Portfolios of Investments

 

14

 

 

 

Statements of Assets and Liabilities

 

49

 

 

 

Statements of Operations

 

51

 

 

 

Statements of Changes in Net Assets

 

53

 

 

 

Financial Highlights

 

57

 

 

 

Notes to Financial Statements

 

69

 

 

 

Dividend Reinvestment Plans

 

76

 

 

 

Additional Information

 

77


BlackRock Privacy Principles

          BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

          If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

          BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our website.

          BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

          We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.



LETTER TO SHAREHOLDERS

June 30, 2007

Dear Shareholder:

          We are pleased to report that during the semi-annual period, the Trusts provided monthly income as well as the opportunity to invest in various portfolios of municipal securities. This report contains the Trusts’ unaudited financial statements and a listing of the portfolios’ holdings.

          The portfolio management team continuously monitors the municipal bond market and adjusts the Trusts’ investments in order to gain exposure to various issuers, revenue sources and security types. This strategy enables the Trusts to move among different sectors, credit ratings and coupon levels to capitalize on changing market conditions.

          The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of June 30, 2007.

 

 

 

 

 

 

 

 

 

 

 

 

 

 











Trust (Ticker)

 

Current
Yield1

 

Tax-
Equivalent
Yield1

 

Closing
Market
Price

 

NAV

 











BlackRock Insured Municipal 2008 Term Trust (BRM)

 

4.82

%

 

7.42

%

 

$

15.20

 

$

15.25

 















BlackRock Insured Municipal Term Trust (BMT)

 

3.75

 

 

5.77

 

 

 

9.74

 

 

10.15

 















BlackRock Municipal 2018 Term Trust (BPK)

 

5.71

 

 

8.78

 

 

 

15.86

 

 

15.43

 















BlackRock Municipal 2020 Term Trust (BKK)

 

5.22

 

 

8.03

 

 

 

15.24

 

 

15.29

 















BlackRock Strategic Municipal Trust (BSD)

 

6.06

 

 

9.32

 

 

 

16.83

 

 

15.04

 















BlackRock California Insured Municipal 2008 Term Trust (BFC)

 

4.46

 

 

6.86

 

 

 

15.08

 

 

15.27

 















BlackRock California Municipal 2018 Term Trust (BJZ)

 

4.68

 

 

7.20

 

 

 

15.69

 

 

14.85

 















BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 

3.11

 

 

4.78

 

 

 

14.49

 

 

14.81

 















BlackRock Florida Municipal 2020 Term Trust (BFO)

 

4.54

 

 

6.98

 

 

 

13.49

 

 

14.86

 















BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 

4.37

 

 

6.72

 

 

 

15.11

 

 

15.30

 















BlackRock New York Municipal 2018 Term Trust (BLH)

 

4.79

 

 

7.37

 

 

 

15.36

 

 

15.99

 















BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 

4.72

 

 

7.26

 

 

 

17.79

 

 

14.54

 















 

 

1 Yields are based on closing market price. Tax-equivalent yield assumes the maximum Federal tax rate of 35%. These yields may increase/decrease due to an increase/decrease in the monthly distributions per share. Past performance does not guarantee future results.

          BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to the municipal bond market. As of June 30, 2007, BlackRock managed over $36 billion in municipal bonds, including 14 open-end and 68 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, LLC, and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, are wholly owned subsidiaries of BlackRock.

          On behalf of BlackRock, we thank you for your continued trust and assure you that we remain committed to excellence in managing your assets.

Sincerely,

 

 

-s- Laurence D. Fink

-s- Ralph L. Schlosstein

Laurence D. Fink

Ralph L. Schlosstein

Chief Executive Officer

President

BlackRock Advisors, LLC

BlackRock Advisors, LLC

1


TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Insured Municipal 2008 Term Trust (BRM)

 


 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BRM




Initial Offering Date:

 

September 18, 1992




Termination Date (on or about):

 

December 31, 2008






Yield on Closing Market Price as of 6/30/07 ($15.20):1

 

 

4.82

%






Current Monthly Distribution per Common Share:2

 

$

0.061

 






Current Annualized Distribution per Common Share:2

 

$

0.732

 






 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change.

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 










 

6/30/07

 

12/31/06

 

Change

 

High

 

Low











Market Price

$  15.20

 

$  15.53

 

(2.12)%

 

$  15.64

 

$  15.03











NAV

$  15.25

 

$  15.42

 

(1.10)%

 

$  15.44

 

$  15.21











The following chart shows the portfolio composition of the Trust’s long-term investments:

Sector Breakdown

 

 

 

 

 

 

 

 







Sector

 

June 30, 2007

 

December 31, 2006

 







City, County & State

 

31

%

 

29

%

 









Power

 

28

 

 

29

 

 









Industrial & Pollution Control

 

12

 

 

11

 

 









Transportation

 

9

 

 

8

 

 









Education

 

7

 

 

9

 

 









Lease Revenue

 

6

 

 

7

 

 









Tax Revenue

 

4

 

 

3

 

 









Hospital

 

2

 

 

2

 

 









Water & Sewer

 

1

 

 

2

 

 









As of June 30, 2007 and December 31, 2006, all long-term investments had ratings of AAA/Aaa by Standard & Poor’s (“S&P”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch”).

2


TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Insured Municipal Term Trust (BMT)

 


 

 

 

 

 

Trust Information






Symbol on New York Stock Exchange:

 

BMT




Initial Offering Date:

 

February 20, 1992




Termination Date (on or about):

 

December 31, 2010




Yield on Closing Market Price as of 6/30/07 ($9.74):1

 

 

3.75

%






Current Monthly Distribution per Common Share:2

 

$

0.030417

 






Current Annualized Distribution per Common Share:2

 

$

0.365004

 






Leverage as of 6/30/07:3

 

 

20

%






 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

6/30/07

 

12/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

9.74

 

$

9.77

 

(0.31)%

 

$

9.98

 

$

9.67

 

















NAV

 

$

10.15

 

$

10.28

 

(1.26)%

 

$

10.30

 

$

10.10

 

















The following chart shows the portfolio composition of the Trust’s long-term investments:

 

 

 

 

 

 

 

 

Sector Breakdown


Sector

 

June 30, 2007

 

December 31, 2006

 







City, County & State

 

29

%

 

33

%

 









Education

 

18

 

 

17

 

 









Water & Sewer

 

15

 

 

15

 

 









Power

 

14

 

 

13

 

 









Hospital

 

8

 

 

7

 

 









Lease Revenue

 

7

 

 

6

 

 









Transportation

 

7

 

 

7

 

 









Tax Revenue

 

2

 

 

2

 

 









As of June 30, 2007 and December 31, 2006, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

3


TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Municipal 2018 Term Trust (BPK)

 


 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BPK




Initial Offering Date:

 

October 26, 2001




Termination Date (on or about):

 

December 31, 2018






Yield on Closing Market Price as of 6/30/07 ($15.86):1

 

 

5.71

%






Current Monthly Distribution per Common Share:2

 

$

0.0755

 






Current Annualized Distribution per Common Share:2

 

$

0.9060

 






Leverage as of 6/30/07:3

 

 

36

%






 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 










 

6/30/07

 

12/31/06

 

Change

 

High

 

Low











Market Price

$  15.86

 

$  17.01

 

(6.76)%

 

$  17.60

 

$  15.33











NAV

$  15.43

 

$  15.97

 

(3.38)%

 

$  16.02

 

$  15.31











The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006




Hospital

25

%

23

%






Industrial & Pollution Control

24

 

23

 






City, County & State

18

 

21

 






Housing

13

 

11

 






Tax Revenue

6

 

4

 






Education

5

 

5

 






Transportation

4

 

5

 






Lease Revenue

3

 

3

 






Tobacco

2

 

2

 






Power

 

3

 






 

 

 

 

 

Credit Breakdown4


Credit Rating

June 30, 2007

December 31, 2006




AAA/Aaa

26

%

24

%






AA/Aa

11

 

10

 






A

20

 

22

 






BBB/Baa

30

 

28

 






BB/Ba

 

1

 






B

5

 

5

 






Not Rated5

8

 

10

 






 

 

4

Using the higher of S&P’s, Moody’s or Fitch’s ratings.

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2007 and December 31, 2006, the market value of these securities was $5,670,328 representing 1.5% and $5,742,150 representing 1.5%, respectively, of the Trust’s long-term investments.

4


TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Municipal 2020 Term Trust (BKK)

 


 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BKK




Initial Offering Date:

 

September 30, 2003




Termination Date (on or about):

 

December 31, 2020




Yield on Closing Market Price as of 6/30/07 ($15.24):1

 

 

5.22

%






Current Monthly Distribution per Common Share:2

 

$

0.06625

 






Current Annualized Distribution per Common Share:2

 

$

0.79500

 






Leverage as of 6/30/07:3

 

 

36

%






 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 










 

6/30/07

 

12/31/06

 

Change

 

High

 

Low











Market Price

$  15.24

 

$  15.77

 

(3.36)%

 

$  16.10

 

$  15.02











NAV

$  15.29

 

$  15.77

 

(3.04)%

 

$  15.90

 

$  15.16











The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006




City, County & State

22

%

24

%






Hospital

18

 

17

 






Industrial & Pollution Control

17

 

17

 






Tobacco

11

 

11

 






Education

8

 

8

 






Housing

7

 

7

 






Power

6

 

6

 






Tax Revenue

6

 

5

 






Transportation

5

 

5

 






 

 

 

Credit Breakdown4


Credit Rating

June 30, 2007

December 31, 2006




AAA/Aaa

25

%

21

%






AA/Aa

10

 

8

 






A

16

 

16

 






BBB/Baa

30

 

35

 






BB/Ba

1

 

1

 






B

5

 

5

 






Not Rated

13

 

14

 






 

 

4

Using the higher of S&P’s, Moody’s or Fitch’s ratings.

5



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Strategic Municipal Trust (BSD)

 


 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BSD

 


Initial Offering Date:

 

August 25, 1999

 


Yield on Closing Market Price as of 6/30/07 ($16.83):1

 

6.06

%

 


Current Monthly Distribution per Common Share:2

 

$0.085

 

 


Current Annualized Distribution per Common Share:2

 

$1.020

 

 


Leverage as of 6/30/07:3

 

36

%

 


 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$16.83

$18.69

(9.95)%

$20.65

$16.42


NAV

$15.04

$15.64

(3.84)%

$15.73

$14.87


The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


City, County & State

23

%

24

%


Hospital

21

 

20

 


Industrial & Pollution Control

17

 

19

 


Housing

9

 

6

 


Power

8

 

8

 


Transportation

7

 

7

 


Tax Revenue

6

 

6

 


Education

5

 

6

 


Water & Sewer

2

 

4

 


Other

1

 

 


Tobacco

1

 

 


 

Credit Breakdown4


Credit Rating

June 30, 2007

December 31, 2006


AAA/Aaa

46

%

47

%


AA/Aa

19

 

17

 


A

8

 

7

 


BBB/Baa

14

 

15

 


BB/Ba

3

 

3

 


B

4

 

4

 


Not Rated5

6

 

7

 


 

 

4

Using the higher of S&P’s, Moody’s or Fitch’s ratings.

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2007 and December 31, 2006, the market value of these securities was $4,556,989 representing 2.7% and $1,007,720 representing 0.6%, respectively, of the Trust’s long-term investments.

6



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock California Insured Municipal 2008 Term Trust (BFC)

 


 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BFC

 


Initial Offering Date:

 

September 18, 1992

 


Termination Date (on or about):

 

December 31, 2008

 


Yield on Closing Market Price as of 6/30/07 ($15.08):1

 

4.46

%

 


Current Monthly Distribution per Common Share:2

 

$0.056

 

 


Current Annualized Distribution per Common Share:2

 

$0.672

 

 


 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change.

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$15.08

$15.34

(1.69)%

$15.72

$15.05


NAV

$15.27

$15.41

(0.91)%

$15.42

$15.23


The following chart shows the portfolio composition of the Trust’s long-term investments:

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


Lease Revenue

28

%

26

%


City, County & State

23

 

22

 


Power

21

 

22

 


Education

11

 

10

 


Tax Revenue

11

 

14

 


Water & Sewer

5

 

5

 


Hospital

1

 

1

 


As of June 30, 2007 and December 31, 2006, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

7



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock California Municipal 2018 Term Trust (BJZ)

 


 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BJZ

 


Initial Offering Date:

 

October 26, 2001

 


Termination Date (on or about):

 

December 31, 2018

 


Yield on Closing Market Price as of 6/30/07 ($15.69):1

 

4.68

%

 


Current Monthly Distribution per Common Share:2

 

$0.06125

 

 


Current Annualized Distribution per Common Share:2

 

$0.73500

 

 


Leverage as of 6/30/07:3

 

37

%

 


 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$15.69

$15.94

(1.57)%

$15.98

$15.13


NAV

$14.85

$15.26

(2.69)%

$15.30

$14.74


The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


City, County & State

20

%

21

%


Transportation

19

 

19

 


Hospital

14

 

14

 


Lease Revenue

14

 

14

 


Education

8

 

8

 


Housing

7

 

6

 


Industrial & Pollution Control

7

 

9

 


Power

5

 

5

 


Water & Sewer

4

 

4

 


Resource Recovery

2

 

 


 

Credit Breakdown4


Credit Rating

June 30, 2007

December 31, 2006


AAA/Aaa

40

%

40

%


AA/Aa

4

 

3

 


A

29

 

29

 


BBB/Baa

24

 

25

 


Not Rated

3

 

3

 


 

 

4

Using the higher of S&P’s, Moody’s or Fitch’s ratings.

8



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 


 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BRF

 


Initial Offering Date:

 

September 18, 1992

 


Termination Date (on or about):

 

December 31, 2008

 


Yield on Closing Market Price as of 6/30/07 ($14.49):1

 

3.11

%

 


Current Monthly Distribution per Common Share:2

 

$0.0375

 

 


Current Annualized Distribution per Common Share:2

 

$0.4500

 

 


 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change.

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$14.49

$14.42

0.49%

$14.73

$14.32


NAV

$14.81

$14.83

(0.13)%

$14.85

$14.78


The following chart shows the portfolio composition of the Trust’s long-term investments:

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


Tax Revenue

42

%

41

%


Education

14

 

12

 


Power

13

 

12

 


Transportation

11

 

7

 


City, County & State

9

 

17

 


Resource Recovery

5

 

6

 


Water & Sewer

4

 

4

 


Hospital

1

 

 


Other

1

 

1

 


As of June 30, 2007 and December 31, 2006, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

9



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Florida Municipal 2020 Term Trust (BFO)

 


 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BFO

 


Initial Offering Date:

 

September 30, 2003

 


Termination Date (on or about):

 

December 31, 2020

 


Yield on Closing Market Price as of 6/30/07 ($13.49):1

 

4.54

%

 


Current Monthly Distribution per Common Share:2

 

$0.051

 

 


Current Annualized Distribution per Common Share:2

 

$0.612

 

 


Leverage as of 6/30/07:3

 

37

%

 


 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$13.49

$13.85

(2.60)%

$14.55

$13.31


NAV

$14.86

$15.16

(1.98)%

$15.26

$14.72


The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


City, County & State

22

%

25

%


Water & Sewer

18

 

18

 


Tax Revenue

12

 

8

 


Hospital

10

 

6

 


Education

9

 

10

 


Power

9

 

10

 


Tobacco

6

 

11

 


Industrial & Pollution Control

5

 

5

 


Lease Revenue

4

 

4

 


Housing

2

 

 


Transportation

2

 

3

 


Other

1

 

 


 

 

 

 

 

Credit Breakdown4


Credit Rating

June 30, 2007

December 31, 2006


AAA/Aaa

55

%

59

%


AA/Aa

2

 

1

 


A

7

 

4

 


BBB/Baa

18

 

16

 


BB/Ba

 

2

 


Not Rated5

18

 

18

 


 

 

4

Using the higher of S&P’s, Moody’s or Fitch’s ratings.

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2007 and December 31, 2006, the market value of these securities was $2,132,380 representing 1.6% and $2,115,580 representing 1.7%, respectively, of the Trust’s long-term investments.

10



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 


 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BLN

 


Initial Offering Date:

 

September 18, 1992

 


Termination Date (on or about):

 

December 31, 2008

 


Yield on Closing Market Price as of 6/30/07 ($15.11):1

 

4.37

%

 


Current Monthly Distribution per Common Share:2

 

$0.055

 

 


Current Annualized Distribution per Common Share:2

 

$0.660

 

 


 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change.

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$15.11

$14.90

1.41%

$15.30

$14.88


NAV

$15.30

$15.42

(0.78)%

$15.43

$15.26


The following chart shows the portfolio composition of the Trust’s long-term investments:

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


Transportation

25

 

25

%


Education

19

 

19

 


Water & Sewer

15

 

15

 


City, County & State

10

 

10

 


Hospital

9

 

9

 


Power

8

 

8

 


Tax Revenue

7

 

7

 


Lease Revenue

4

 

4

 


Housing

3

 

3

 


As of June 30, 2007 and December 31, 2006, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

11



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock New York Municipal 2018 Term Trust (BLH)

 


 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BLH

 


Initial Offering Date:

 

October 26, 2001

 





Termination Date (on or about):

 

December 31, 2018

 


Yield on Closing Market Price as of 6/30/07 ($15.36):1

 

4.79

%

 


Current Monthly Distribution per Common Share:2

 

$0.06125

 

 


Current Annualized Distribution per Common Share:2

 

$0.73500

 

 


Leverage as of 6/30/07:3

 

35

%

 


 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$15.36

$15.62

(1.66)%

$16.25

$15.14


NAV

$15.99

$16.33

(2.08)%

$16.40

$15.89


The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


Education

22

%

22

%


Hospital

15

 

16

 


City, County & State

11

 

11

 


Tobacco

11

 

11

 


Transportation

11

 

11

 


Lease Revenue

10

 

10

 


Industrial & Pollution Control

7

 

7

 


Housing

6

 

5

 


Tax Revenue

6

 

6

 


Power

1

 

1

 


 

 

 

 

 

Credit Breakdown4


Credit Rating

June 30, 2007

December 31, 2006


AAA/Aaa

39

%

39

%


AA/Aa

37

 

37

 


A

9

 

9

 


BBB/Baa

10

 

10

 


B

4

 

2

 


CCC/Caa

 

3

 


Not Rated

1

 

 


 

 

4

Using the higher of S&P’s, Moody’s or Fitch’s ratings.

12



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 


 

 

 

 

 

Trust Information


Symbol on American Stock Exchange:

 

BPS

 


Initial Offering Date:

 

August 25, 1999

 


Yield on Closing Market Price as of 6/30/07 ($17.79):1

 

4.72

%

 


Current Monthly Distribution per Common Share:2

 

$0.07

 

 


Current Annualized Distribution per Common Share:2

 

$0.84

 

 


Leverage as of 6/30/07:3

 

37

%

 


 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$17.79

$17.43

2.07%

$18.67

$16.50


NAV

$14.54

$15.01

(3.13)%

$15.04

$14.41


The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


Education

24

%

29

%


Housing

15

 

9

 


Water & Sewer

13

 

15

 


Hospital

12

 

9

 


City, County & State

10

 

8

 


Transportation

10

 

15

 


Lease Revenue

6

 

6

 


Industrial & Pollution Control

5

 

5

 


Other

3

 

2

 


Power

2

 

2

 


 

 

 

 

 

Credit Breakdown4


Credit Rating

June 30, 2007

December 31, 2006


AAA/Aaa

50

%

61

%


AA/Aa

17

 

11

 


A

19

 

17

 


BBB/Baa

10

 

8

 


BB/Ba

1

 

 


Not Rated5

3

 

3

 


 

 

4

Using the higher of S&P’s, Moody’s or Fitch’s ratings.

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2007 and December 31, 2006, the market value of these securities was $1,006,420 representing 2.2% and $1,007,720 representing 2.1%, respectively, of the Trust’s long-term investments.

13



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Insured Municipal 2008 Term Trust (BRM)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

LONG-TERM INVESTMENTS—97.2%

 

 

 

 

 

 

 

 

 

Alabama—1.6%

 

 

 

 

 

 

$

6,555

 

Birmingham Jefferson Civic Ctr. Auth. ST, Ser. A, 4.25%, 1/01/09, FSA

 

No Opt. Call

 

$

6,595,838

 

 

 

 

 

 

 

 



 

 

 

 

Arizona—1.9%

 

 

 

 

 

 

 

4,000

 

Chandler, Ad Valorem Ppty. Tax GO, Zero Coupon, 7/01/08, FGIC

 

No Opt. Call

 

 

3,849,120

 

 

4,200

 

Pima Cnty., Hwy. Impvts. Misc. RB, 4.125%, 7/01/09, FGIC

 

07/08 @ 101

 

 

4,226,124

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

8,075,244

 

 

 

 

 

 

 

 



 

 

 

 

California—1.2%

 

 

 

 

 

 

 

5,000

 

Dept. of Wtr. Recs., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, Ser. A, 3.125%, 5/01/08, FSA

 

No Opt. Call

 

 

4,978,900

 

 

 

 

 

 

 

 



 

 

 

 

Colorado—2.6%

 

 

 

 

 

 

 

1,000

 

City of Thornton, Pub. Impvts. Lease Approp. COP, 3.25%, 12/01/08, AMBAC

 

No Opt. Call

 

 

991,110

 

 

1,000

 

Cnty. of El Paso, Correctional Fac. Impvts. Lease Approp. COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC

 

No Opt. Call

 

 

990,450

 

 

2,000

 

E-470 Pub. Hwy. Auth., Hwy. Tolls RB, Ser. B, Zero Coupon, 9/01/11, MBIA

 

No Opt. Call

 

 

1,687,760

 

 

6,965

 

Regl. Transp. Dist., Trans. Impvts. Lease Approp. COP, Trans. Vehicles Proj., Ser. A,
5.00%, 6/01/08, MBIA

 

07/07 @ 101

 

 

7,039,804

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

10,709,124

 

 

 

 

 

 

 

 



 

 

 

 

Delaware—0.2%

 

 

 

 

 

 

 

650

 

Delaware River & Bay Auth., Pub. Impvts. Port, Arpt. & Marina RB, 3.25%, 1/01/09, MBIA

 

No Opt. Call

 

 

643,877

 

 

 

 

 

 

 

 



 

 

 

 

District of Columbia—3.1%

 

 

 

 

 

 

 

 

 

Dist. of Columbia, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

195

2

Ser. B, 5.50%, 6/01/09, FSA

 

ETM

 

 

200,864

 

 

2,605

 

Ser. B, 5.50%, 6/01/09, FSA

 

No Opt. Call

 

 

2,684,296

 

 

10,000

 

Ser. B-1, 5.50%, 6/01/08, AMBAC

 

No Opt. Call

 

 

10,155,900

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

13,041,060

 

 

 

 

 

 

 

 



 

 

 

 

Florida—1.4%

 

 

 

 

 

 

 

2,280

 

Broward Cnty. Sch. Brd., Sch. Impvts. Lease Renewal COP, Ser. B, 4.25%, 7/01/09, FSA

 

No Opt. Call

 

 

2,294,364

 

 

2,080

 

City of Tampa, Wtr. RB, Wtr. & Swr. Proj., 5.50%, 10/01/08, FSA

 

No Opt. Call

 

 

2,123,846

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

Florida—(cont’d)

 

 

 

 

 

 

$

1,300

 

Town of Palm Beach, Misc. RB, Beach Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA

 

No Opt. Call

 

$

1,322,230

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,740,440

 

 

 

 

 

 

 

 



 

 

 

 

Georgia—6.1%

 

 

 

 

 

 

 

5,000

 

Georgia GO, Ser. E, 5.25%, 2/01/10

 

No Opt. Call

 

 

5,172,000

 

 

20,000

 

Monroe Cnty. Dev. Auth., Indl. PCRB, Georgia Pwr. Co. Plant Scherer Proj.,
4.20%, 1/01/12, AMBAC

 

No Opt. Call

 

 

20,101,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

25,273,000

 

 

 

 

 

 

 

 



 

 

 

 

Hawaii—2.7%

 

 

 

 

 

 

 

4,750

 

City & Cnty. of Honolulu, Ad Valorem Ppty. Tax GO, Ser. E, 4.00%, 7/01/08, FGIC

 

No Opt. Call

 

 

4,762,540

 

 

6,510

 

Hawaii GO, Ser. CY, 4.00%, 2/01/09, FSA

 

No Opt. Call

 

 

6,528,684

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

11,291,224

 

 

 

 

 

 

 

 



 

 

 

 

Illinois—11.3%

 

 

 

 

 

 

 

 

 

Cook Cnty. High Sch. Dist. No. 201, Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, J. Sterling Morton Twnshp. Proj.,

 

 

 

 

 

 

 

1,175

2

Zero Coupon, 12/01/09, FGIC

 

ETM

 

 

1,069,802

 

 

4,805

 

Zero Coupon, 12/01/09, FGIC

 

No Opt. Call

 

 

4,367,553

 

 

2,000

 

Cook Cnty. Sch. Dist. No. 25, Ad Valorem Ppty. Tax GO, Arlington Heights Proj.,
4.50%, 12/01/08, FSA

 

No Opt. Call

 

 

2,020,340

 

 

8,985

 

Du Page Cnty. Forest Presvtn. Dist., Pub. Impvts. Ad Valorem Ppty. Tax GO, Zero Coupon, 11/01/08

 

No Opt. Call

 

 

8,535,480

 

 

13,000

 

Fin. Auth. RB, Peoples Gas, Light & Coke Proj., 3.05%, 2/01/33, AMBAC

 

No Opt. Call

 

 

12,920,960

 

 

6,750

 

Illinois, Pub. Impvts. GO, Ser. 1, 3.50%, 7/01/08, MBIA

 

No Opt. Call

 

 

6,734,813

 

 

1,455

 

Kane & Du Page Cntys. Cmnty. Unit Sch. Dist. No. 303, Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 3.75%, 1/01/09, FSA

 

No Opt. Call

 

 

1,453,516

 

 

 

 

Met. Pier & Expo. Auth.,

 

 

 

 

 

 

 

8,385

2

Pub. Impvts. Misc. Tax RB, McCormick Place Expansion Proj., Zero Coupon, 6/15/08, FGIC

 

ETM

 

 

8,083,978

 

 

215

 

Pub. Impvts. Misc. Tax RB, McCormick Place Expansion Proj., Zero Coupon, 6/15/08, FGIC

 

No Opt. Call

 

 

207,400

 

See Notes to Financial Statements.

14



BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

$

1,570

2

Student Loans Lease Abatement RB, McCormick Place Expansion Proj., Ser. A, Zero Coupon, 6/15/08, FGIC

 

ETM

 

$

1,513,637

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

46,907,479

 

 

 

 

 

 

 

 



 

 

 

 

Kansas—0.2%

 

 

 

 

 

 

 

1,000

 

Dev. Fin. Auth., Wtr. Util. Impvts. Wtr. RB, 4.00%, 4/01/09, AMBAC

 

No Opt. Call

 

 

1,003,320

 

 

 

 

 

 

 

 



 

 

 

 

Kentucky—0.9%

 

 

 

 

 

 

 

3,890

 

Owensboro, Elec., Pwr. & Lt. Impvts. RB, Ser. B, Zero Coupon, 1/01/09, AMBAC

 

No Opt. Call

 

 

3,666,986

 

 

 

 

 

 

 

 



 

 

 

 

Michigan—3.0%

 

 

 

 

 

 

 

6,315

 

Detroit City Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Sch. Bldg. & Site Impvt. Proj., Ser. A, 4.00%, 5/01/09, FGIC

 

No Opt. Call

 

 

6,331,419

 

 

1,665

2

Detroit, Pub. Impvts. Ad Valorem Ppty. Tax GO, 3.50%, 4/01/09, MBIA

 

ETM

 

 

1,652,063

 

 

3,000

 

Michigan, Hwy. Impvts. Misc. RB, Trunk Line Proj., Ser. A, 4.125%, 11/01/08, FSA

 

No Opt. Call

 

 

3,014,700

 

 

1,485

 

Wyandotte, Elec., Pwr. & Lt. RB, 6.25%, 10/01/08, MBIA

 

No Opt. Call

 

 

1,507,126

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

12,505,308

 

 

 

 

 

 

 

 



 

 

 

 

Mississippi—0.5%

 

 

 

 

 

 

 

2,175

 

De Soto Cnty. Sch. Dist., Ad Valorem Ppty. Tax GO, 3.25%, 2/01/09, FSA

 

No Opt. Call

 

 

2,151,728

 

 

 

 

 

 

 

 



 

 

 

 

Nevada—1.3%

 

 

 

 

 

 

 

 

 

Director of the St. of Nevada Dept. of Bus. & Ind., Trans. Impvts. RB, Las Vegas Monorail Co. Proj.,

 

 

 

 

 

 

 

2,085

 

Zero Coupon, 1/01/09, AMBAC

 

No Opt. Call

 

 

1,964,883

 

 

3,585

 

Zero Coupon, 1/01/10, AMBAC

 

No Opt. Call

 

 

3,242,346

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,207,229

 

 

 

 

 

 

 

 



 

 

 

 

New Jersey—0.7%

 

 

 

 

 

 

 

1,000

 

Monmouth Cnty. Impvt. Auth., Misc. RB, Gov’t. Loan Proj., 5.00%, 12/01/08, FSA

 

No Opt. Call

 

 

1,017,310

 

 

1,750

 

Transp. Trust Fund Auth., Trans. Impvts. RB, Ser. C, 5.25%, 12/15/08, AMBAC

 

No Opt. Call

 

 

1,786,750

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,804,060

 

 

 

 

 

 

 

 



 

 

 

 

New Mexico—0.6%

 

 

 

 

 

 

 

2,445

 

Fin. Auth., Pub. Impvt. Misc. RB, Ser. A, 3.80%, 6/01/08, MBIA

 

No Opt. Call

 

 

2,446,712

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

New York—9.3%

 

 

 

 

 

 

$

15,500

 

City of New York, Ad Valorem Ppty. Tax GO, Ser. E, 6.20%, 8/01/07, MBIA

 

No Opt. Call

 

$

15,531,930

 

 

15,915

 

New York GO, Ser. F, 5.25%, 9/15/09, MBIA

 

09/08 @ 101

 

 

16,342,477

 

 

4,000

 

Port Auth. of New York & New Jersey, Port, Arpt. & Marina RB, Ser. 129,
2.875%, 11/01/08, FSA

 

No Opt. Call

 

 

3,939,840

 

 

2,715

 

Thruway Auth., Misc. RB, Local Hwy. & Brdg. Proj., Ser. A, 5.40%, 1/01/09, MBIA

 

07/07 @ 100

 

 

2,717,009

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

38,531,256

 

 

 

 

 

 

 

 



 

 

 

 

North Carolina—4.6%

 

 

 

 

 

 

 

 

 

Eastn. Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

 

13,500

 

Ser. B, 6.125%, 1/01/09, FGIC

 

No Opt. Call

 

 

13,947,120

 

 

5,000

 

Ser. B, 7.00%, 1/01/08, CAPMAC

 

No Opt. Call

 

 

5,079,100

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

19,026,220

 

 

 

 

 

 

 

 



 

 

 

 

Oregon—1.5%

 

 

 

 

 

 

 

2,905

 

Dept. of Admin. Svcs., Lease Approp. COP, Ser. A, 5.00%, 11/01/08, FSA

 

No Opt. Call

 

 

2,950,957

 

 

1,285

 

Lane Cnty. Sch. Dist. No. 4-J, Ad Valorem Ppty. Tax GO, Eugene Proj., 3.00%, 1/01/09, FSA

 

No Opt. Call

 

 

1,265,635

 

 

2,000

 

Washington & Clackamas Cntys. Sch. Dist. No. 23-J, Sch. Impvts. Ad Valorem Ppty. Tax GO, Tigard Proj., 3.75%, 6/15/08, MBIA

 

No Opt. Call

 

 

2,000,540

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,217,132

 

 

 

 

 

 

 

 



 

 

 

 

Pennsylvania—7.6%

 

 

 

 

 

 

 

3,175

 

City of Philadelphia, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.10%, 9/15/08, FSA

 

No Opt. Call

 

 

3,187,605

 

 

 

 

Dauphin Cnty. Gen. Auth., Hlth., Hosp. & Nursing Home RB, Western Pennsylvania Hosp. Proj.,

 

 

 

 

 

 

 

1,805

 

Ser. A, 6.25%, 7/01/08, MBIA

 

07/07 @ 100

 

 

1,807,347

 

 

965

2

Ser. B, 6.25%, 7/01/08, MBIA

 

ETM

 

 

974,457

 

 

 

 

Dept. of Gen. Svcs., Lease Approp. COP,

 

 

 

 

 

 

 

2,075

 

4.50%, 5/01/08, FSA

 

No Opt. Call

 

 

2,087,118

 

 

2,120

 

4.50%, 11/01/08, FSA

 

No Opt. Call

 

 

2,139,292

 

 

2,165

 

4.50%, 5/01/09, FSA

 

No Opt. Call

 

 

2,188,880

 

 

16,250

 

Lehigh Cnty. Indl. Dev. Auth., Indl. PCRB, PPL Electric Util. Corp. Proj.,
3.125%, 11/01/08, AMBAC

 

No Opt. Call

 

 

16,083,925

 

See Notes to Financial Statements.

15



BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

Pennsylvania—(cont’d)

 

 

 

 

 

 

$

3,125

 

Pittsburgh Pub. Pkg. Auth., Auto Pkg. RB, 3.25%, 12/01/08, AMBAC

 

No Opt. Call

 

$

3,098,937

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

31,567,561

 

 

 

 

 

 

 

 



 

 

 

 

Tennessee—0.2%

 

 

 

 

 

 

 

1,000

 

Clarksville, Wtr. RB, 4.30%, 2/01/09, FSA

 

No Opt. Call

 

 

1,007,460

 

 

 

 

 

 

 

 



 

 

 

 

Texas—20.2%

 

 

 

 

 

 

 

 

 

City of Austin,

 

 

 

 

 

 

 

5,000

 

Elec., Pwr. & Lt. RB, 6.625%, 11/15/08, AMBAC

 

No Opt. Call

 

 

5,185,200

 

 

5,000

 

Elec., Pwr. & Lt. RB, Ser. A, Zero Coupon, 11/15/09, AMBAC

 

No Opt. Call

 

 

4,551,700

 

 

5,380

 

Pub. Impvts. Ad Valorem Ppty. Tax GO, 3.50%, 9/01/08, FSA

 

No Opt. Call

 

 

5,363,483

 

 

11,515

 

Wtr. RB, Ser. A, Zero Coupon, 11/15/08, MBIA

 

No Opt. Call

 

 

10,922,669

 

 

5,000

 

Wtr. RB, Ser. A, Zero Coupon, 11/15/09, MBIA

 

No Opt. Call

 

 

4,551,700

 

 

6,000

2

City of San Antonio, Elec., Pwr. & Lt. RB, Ser. B, Zero Coupon, 2/01/10, FGIC

 

ETM

 

 

5,414,880

 

 

1,430

2

Coppell Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, 6.10%, 8/15/09, MBIA

 

ETM

 

 

1,494,750

 

 

4,390

 

Houston Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/09, AMBAC

 

No Opt. Call

 

 

4,035,200

 

 

 

 

Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

 

1,075

2

Zero Coupon, 9/01/08, AMBAC

 

ETM

 

 

1,027,926

 

 

13,925

 

Zero Coupon, 9/01/08, AMBAC

 

No Opt. Call

 

 

13,313,693

 

 

1,155

2

Zero Coupon, 9/01/09, AMBAC

 

ETM

 

 

1,061,595

 

 

15,020

 

Zero Coupon, 9/01/09, AMBAC

 

No Opt. Call

 

 

13,784,755

 

 

1,500

 

North Texas Tollway Auth., Hwy. Tolls RB, Ser. C, 5.00%, 1/01/09, FSA

 

No Opt. Call

 

 

1,524,990

 

 

 

 

Pub. Fin. Auth.,

 

 

 

 

 

 

 

5,900

 

Lease Approp. RB, Ser. B, 6.25%, 2/01/09, AMBAC

 

No Opt. Call

 

 

6,113,226

 

 

2,250

3

Lease RB, Gen. Svcs. Comm. Projs., 5.50%, 2/01/08, AMBAC

 

N/A

 

 

2,294,775

 

 

750

 

Lease RB, Gen. Svcs. Comm. Projs., 5.50%, 2/01/09, AMBAC

 

02/08 @ 101

 

 

764,445

 

 

2,275

 

Ysleta Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/08, PSF

 

No Opt. Call

 

 

2,178,881

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

83,583,868

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

Utah—3.3%

 

 

 

 

 

 

 

 

 

Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

$

2,215

2

Ser. B, 6.00%, 7/01/07, MBIA

 

ETM

 

$

2,215,266

 

 

1,285

 

Ser. B, 6.00%, 7/01/07, MBIA

 

No Opt. Call

 

 

1,285,154

 

 

10,300

3

Utah, Hwy. Impvts. Ad Valorem Ppty. Tax GO, Ser. F, 5.00%, 7/01/07

 

N/A

 

 

10,300,618

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

13,801,038

 

 

 

 

 

 

 

 



 

 

 

 

Washington—10.5%

 

 

 

 

 

 

 

5,710

 

City of Seattle, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.00%, 7/01/08, FSA

 

No Opt. Call

 

 

5,723,932

 

 

1,250

 

Clark Cnty. Pub. Util. Dist. No. 1, Elec., Pwr. & Lt. RB, 5.00%, 1/01/09, MBIA

 

No Opt. Call

 

 

1,271,200

 

 

 

 

Cnty. of King,

 

 

 

 

 

 

 

3,060

 

Ad Valorem Ppty. Tax GO, 3.50%, 12/01/08, FSA

 

No Opt. Call

 

 

3,048,709

 

 

12,850

 

Recreational Fac. Impvts. Ad Valorem Ppty. Tax GO, Ser. D, 5.55%, 12/01/08, MBIA

 

12/07 @ 102

 

 

13,158,014

 

 

 

 

Energy Northwest, Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

 

11,000

 

Ser. A, 5.80%, 7/01/07, FSA

 

No Opt. Call

 

 

11,001,210

 

 

5,550

2

Pub. Pwr. No. 3 Proj., Ser. A, Zero Coupon, 7/01/07, MBIA

 

ETM

 

 

5,548,834

 

 

2,000

 

Pub. Pwr. No. 3 Proj., Ser. A, Zero Coupon, 7/01/08, MBIA

 

No Opt. Call

 

 

1,924,200

 

 

 

 

Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Catholic Hlth. Initiatives Proj.,

 

 

 

 

 

 

 

1,010

 

Ser. A, 5.30%, 12/01/08, MBIA

 

No Opt. Call

 

 

1,030,655

 

 

1,000

 

Ser. A, 5.40%, 12/01/10, MBIA

 

06/10 @ 101

 

 

1,045,310

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

43,752,064

 

 

 

 

 

 

 

 



 

 

 

 

West Virginia—0.4%

 

 

 

 

 

 

 

1,550

 

Econ. Dev. Auth., Correctional Fac. Impvts. Lease Approp. RB, Correctional Juvenile & Pub. Proj., Ser. A, 4.25%, 6/01/08, MBIA

 

No Opt. Call

 

 

1,557,347

 

 

 

 

 

 

 

 



 

 

 

 

Wyoming—0.3%

 

 

 

 

 

 

 

1,270

 

Albany Cnty. Impvts. Stat. Trust, Pub. Impvts. Lease Abatement COP, 3.75%, 1/15/09, MBIA

 

No Opt. Call

 

 

1,267,346

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $397,610,724)

 

 

 

 

403,352,821

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

16



BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

 

Value

 











 

 

 

SHORT-TERM INVESTMENT—1.5%

 

 

 

 

 

 

 

 

 

Michigan—1.5%

 

 

 

 

 

 

$

6,100

4

Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Trinity Hlth. Proj.,
3.92%, 7/02/07, FRDD (cost $6,100,000)

 

 

 

$

6,100,000

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—98.7%
(cost $403,710,7245)

 

 

 

$

409,452,821

 

 

 

 

Other assets in excess of liabilities—1.3%

 

 

 

 

5,344,785

 

 

 

 

 

 

 

 



 

 

 

 

Net Assets—100%

 

 

 

$

414,797,606

 

 

 

 

 

 

 

 



 

 

 


1

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

2

Security is collateralized by Municipal or U.S. Treasury obligations.

3

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

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 June 30, 2007.

5

Cost for federal income tax purposes is $403,245,816. The net unrealized appreciation on a tax basis is $6,207,005, consisting of $6,931,409 gross unrealized appreciation and $724,404 gross unrealized depreciation.

 

 

 

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 92.5% of the Trust’s net assets.


 

 

 

AMBAC

31.1%

CAPMAC

1.3%

FGIC

13.1%

FSA

20.0%

MBIA

26.5%

PSF

0.5%


 

 

 

KEY TO ABBREVIATIONS

 

 

 

AMBAC

American Municipal Bond Assurance Corp.

CAPMAC

Capital Markets Assurance Co.

COP

Certificate of Participation

ETM

Escrowed to Maturity

FGIC

Financial Guaranty Insurance Co.

FRDD

Floating Rate Daily Demand

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

PCRB

Pollution Control Revenue Bond

PSF

Public School Fund Guaranteed

RB

Revenue Bond

ST

Special Tax

 

 

 

See Notes to Financial Statements.

17



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Insured Municipal Term Trust (BMT)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—122.9%

 

 

 

 

 

 

 

 

 

Alabama—0.9%

 

 

 

 

 

 

$

1,000

 

Birmingham Jefferson Civic Ctr. Auth. ST, Ser. A, 4.375%, 1/01/11, FSA

 

No Opt. Call

 

$

1,013,780

 

 

1,410

 

Fed. Hwy. Fin. Auth., Hwy. Impvts. Hwy. Tolls RB, Ser. A, 4.50%, 3/01/11, MBIA

 

No Opt. Call

 

 

1,435,859

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,449,639

 

 

 

 

 

 

 

 



 

 

 

 

Alaska—6.4%

 

 

 

 

 

 

 

 

 

City of Anchorage, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

9,295

 

Ser. B, 4.125%, 7/01/11, MBIA

 

No Opt. Call

 

 

9,351,235

 

 

6,000

 

Ser. B, 4.625%, 7/01/10, FGIC

 

No Opt. Call

 

 

6,120,540

 

 

1,260

 

Univ. of Alaska, Coll. & Univ. RB, Ser. K, 3.75%, 10/01/10, FGIC

 

No Opt. Call

 

 

1,253,838

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

16,725,613

 

 

 

 

 

 

 

 



 

 

 

 

Arizona—3.2%

 

 

 

 

 

 

 

1,000

 

Arizona St. Univ., Univ. & Coll. Impvts. RB, 4.20%, 7/01/11, FGIC

 

No Opt. Call

 

 

1,009,910

 

 

1,030

 

Mesa, Ad Valorem Ppty. Tax GO, Ser. A, 3.75%, 7/01/10, FGIC

 

No Opt. Call

 

 

1,025,365

 

 

6,340

 

Pima Cnty., Hwy. Impvt. Misc. RB, 4.25%, 7/01/11, FGIC

 

07/08 @ 101

 

 

6,378,737

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

8,414,012

 

 

 

 

 

 

 

 



 

 

 

 

Arkansas—0.2%

 

 

 

 

 

 

 

500

 

City of Little Rock, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.00%, 4/01/11, FSA

 

No Opt. Call

 

 

499,800

 

 

 

 

 

 

 

 



 

 

 

 

California—6.9%

 

 

 

 

 

 

 

145

 

California, Pub. Impvts. Misc. GO, 6.80%, 11/01/10, FGIC

 

11/07 @ 100

 

 

146,472

 

 

6,100

2

Contra Costa Transp. Auth., Hwy. Impvt. Sales Tax RB, 6.50%, 3/01/09, FGIC

 

ETM

 

 

6,255,550

 

 

 

 

Dept. of Wtr. Recs., Cash Flow Mgmt. Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

 

5,000

 

Ser. A, 3.60%, 5/01/10, AMBAC

 

No Opt. Call

 

 

4,974,850

 

 

3,500

 

Ser. A, 3.70%, 5/01/11, MBIA

 

No Opt. Call

 

 

3,479,210

 

 

3,065

 

Los Angeles Cnty. Cap. Asset Leasing Corp., Lease Abatement RB, 4.05%, 12/01/10, AMBAC

 

No Opt. Call

 

 

3,275,719

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

18,131,801

 

 

 

 

 

 

 

 



 

 

 

 

Colorado—1.2%

 

 

 

 

 

 

 

3,245

 

Weld Cnty. Sch. Dist. No. 6, Ad Valorem Ppty. Tax GO, Greeley Proj., 3.75%, 12/01/10, FSA

 

No Opt. Call

 

 

3,229,456

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

Delaware—0.4%

 

 

 

 

 

 

$

1,015

 

Delaware River & Bay Auth., Pub. Impvts. Port, Arpt. & Marina RB, 3.75%, 1/01/11, MBIA

 

No Opt. Call

 

$

1,010,057

 

 

 

 

 

 

 

 



 

 

 

 

District of Columbia—4.0%

 

 

 

 

 

 

 

10,000

 

Dist. of Columbia, Ad Valorem Ppty. Tax GO, Ser. B, 5.50%, 6/01/11, FSA

 

No Opt. Call

 

 

10,546,600

 

 

 

 

 

 

 

 



 

 

 

 

Florida—0.9%

 

 

 

 

 

 

 

2,320

 

City of Tampa, Wtr. RB, 5.50%, 10/01/10, FSA

 

No Opt. Call

 

 

2,430,873

 

 

 

 

 

 

 

 



 

 

 

 

Hawaii—0.4%

 

 

 

 

 

 

 

1,000

 

Univ. of Hawaii, Univ. & Coll. Impvts. RB, Ser. A, 3.875%, 7/15/10, FGIC

 

No Opt. Call

 

 

999,270

 

 

 

 

 

 

 

 



 

 

 

 

Illinois—16.0%

 

 

 

 

 

 

 

 

 

Chicago Pk. Dist., Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

3,120

2

Ser. A, 3.50%, 1/01/10, FGIC

 

ETM

 

 

3,080,220

 

 

3,695

2

Ser. A, 4.00%, 1/01/11, FGIC

 

ETM

 

 

3,699,803

 

 

 

 

City of Chicago, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

4,000

 

Ser. A, 4.375%, 1/01/11, AMBAC

 

No Opt. Call

 

 

4,053,840

 

 

1,790

 

Ser. A, 5.00%, 1/01/11, MBIA

 

No Opt. Call

 

 

1,850,377

 

 

 

 

Du Page & Cook Cntys. Cmnty. Unit Sch. Dist. No. 205, Sch. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

315

2

4.50%, 1/01/11, FGIC

 

ETM

 

 

320,516

 

 

685

 

4.50%, 1/01/11, FGIC

 

No Opt. Call

 

 

696,994

 

 

1,750

 

Du Page & Will Cntys. Cmnty. Sch. Dist. No. 204, Sch. Impvts. Ad Valorem Ppty. Tax GO, Indian Proj., 4.25%, 12/30/10, FGIC

 

No Opt. Call

 

 

1,769,880

 

 

 

 

Du Page Cnty. Forest Presvtn. Dist., Pub. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

5,000

 

Zero Coupon, 11/01/10

 

No Opt. Call

 

 

4,374,950

 

 

11,965

 

Zero Coupon, 11/01/11

 

No Opt. Call

 

 

10,037,319

 

 

 

 

Illinois,

 

 

 

 

 

 

 

1,500

 

Poll. Ctrl. GO, Ser. 1, 4.50%, 2/01/11, FGIC

 

No Opt. Call

 

 

1,527,150

 

 

4,000

 

Poll. Ctrl. GO, Ser. 1, 5.25%, 2/01/11, FGIC

 

No Opt. Call

 

 

4,171,840

 

 

2,000

 

Sch. Impvts. GO, Ser. 1, 4.50%, 4/01/11, FSA

 

No Opt. Call

 

 

2,037,240

 

 

2,265

 

Kane & Du Page Cntys. Cmnty. Unit Sch. Dist. No. 303, Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 4.00%, 1/01/11, FSA

 

No Opt. Call

 

 

2,267,944

 

 

1,025

 

Orland Pk., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 3.50%, 12/01/10, FGIC

 

No Opt. Call

 

 

1,010,865

 

See Notes to Financial Statements.

18



BlackRock Insured Municipal Term Trust (BMT) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

$

1,075

 

Rockford Sch. Dist. No. 205, Ad Valorem Ppty. Tax GO, 4.30%, 2/01/11, FGIC

 

No Opt. Call

 

$

1,086,976

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

41,985,914

 

 

 

 

 

 

 

 



 

 

 

 

Indiana—4.1%

 

 

 

 

 

 

 

 

 

Indianapolis Local Pub. Impvt. Bd. Bank, Wtr. Util. Impvts. Wtr. RB,

 

 

 

 

 

 

 

2,085

 

Ser. A, 4.25%, 7/01/10, MBIA

 

No Opt. Call

 

 

2,104,912

 

 

2,815

 

Ser. A, 4.375%, 1/01/11, MBIA

 

No Opt. Call

 

 

2,853,791

 

 

2,950

 

Ser. A, 4.375%, 7/01/11, MBIA

 

No Opt. Call

 

 

2,994,928

 

 

2,635

 

Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Ser. A, 4.50%, 1/01/11, AMBAC

 

No Opt. Call

 

 

2,680,269

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

10,633,900

 

 

 

 

 

 

 

 



 

 

 

 

Kansas—0.8%

 

 

 

 

 

 

 

 

 

Dev. Fin. Auth., Wtr. Util. Impvts. Wtr. RB,

 

 

 

 

 

 

 

1,025

 

4.125%, 4/01/10, AMBAC

 

No Opt. Call

 

 

1,031,458

 

 

1,000

 

4.25%, 4/01/11, AMBAC

 

No Opt. Call

 

 

1,011,370

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,042,828

 

 

 

 

 

 

 

 



 

 

 

 

Kentucky—3.6%

 

 

 

 

 

 

 

10,890

 

Econ. Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Norton Healthcare, Inc. Proj., Ser. B, Zero Coupon, 10/01/10, MBIA

 

No Opt. Call

 

 

9,532,997

 

 

 

 

 

 

 

 



 

 

 

 

Louisiana—1.9%

 

 

 

 

 

 

 

5,000

 

Pub. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Ochsner Clinic Fndtn. Proj., Ser. B, 4.00%, 5/15/11, MBIA

 

No Opt. Call

 

 

4,967,900

 

 

 

 

 

 

 

 



 

 

 

 

Michigan—2.4%

 

 

 

 

 

 

 

 

 

Detroit, Pub. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

1,580

 

4.00%, 4/01/10, MBIA

 

No Opt. Call

 

 

1,580,332

 

 

1,955

 

4.00%, 4/01/11, MBIA

 

No Opt. Call

 

 

1,952,204

 

 

35

 

Mun. Bd. Auth., Misc. RB, Ser. A, 6.50%, 11/01/12, MBIA

 

07/07 @ 100

 

 

35,074

 

 

2,810

 

Wyandotte City Sch. Dist., Ad Valorem Ppty. Tax GO, 4.00%, 5/01/11, FSA

 

No Opt. Call

 

 

2,814,833

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,382,443

 

 

 

 

 

 

 

 



 

 

 

 

Minnesota—1.9%

 

 

 

 

 

 

 

2,800

 

Hopkins Indpt. Sch. Dist. No. 270, Ad Valorem Ppty. Tax GO, Ser. B, 4.00%, 2/01/11, FSA

 

No Opt. Call

 

 

2,808,932

 

 

2,180

2

Southern Minnesota Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB, Ser. B, 5.75%, 1/01/11

 

ETM

 

 

2,249,891

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,058,823

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

Nevada—2.2%

 

 

 

 

 

 

 

 

 

Director of the St. of Nevada Dept. of Bus. & Ind., Trans. Impvts. RB, Las Vegas Monorail Co. Proj.,

 

 

 

 

 

 

$

3,795

 

Zero Coupon, 1/01/11, AMBAC

 

No Opt. Call

 

$

3,291,707

 

 

2,870

 

Zero Coupon, 1/01/12, AMBAC

 

No Opt. Call

 

 

2,386,176

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,677,883

 

 

 

 

 

 

 

 



 

 

 

 

New Jersey—0.4%

 

 

 

 

 

 

 

1,000

 

Monmouth Cnty. Impvt. Auth., Misc. RB, Gov’t. Loan Proj., 3.375%, 12/01/10, FSA

 

No Opt. Call

 

 

981,430

 

 

 

 

 

 

 

 



 

 

 

 

New Mexico—3.0%

 

 

 

 

 

 

 

 

 

Fin. Auth., Pub. Impvts. Misc. RB,

 

 

 

 

 

 

 

1,304

 

Ser. A, 3.40%, 6/01/11, MBIA

 

No Opt. Call

 

 

1,275,834

 

 

1,015

 

Ser. A, 4.20%, 6/01/10, MBIA

 

No Opt. Call

 

 

1,023,587

 

 

1,370

 

Ser. A, 4.30%, 6/01/11, MBIA

 

No Opt. Call

 

 

1,387,728

 

 

1,750

 

Las Cruces Sch. Dist. No. 2, Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.25%, 8/01/11, FSA

 

08/09 @ 100

 

 

1,796,532

 

 

2,230

2

Transp. Comm., Sales Tax RB, Ser. B, 4.75%, 6/15/11, AMBAC

 

ETM

 

 

2,288,203

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

7,771,884

 

 

 

 

 

 

 

 



 

 

 

 

New York—5.6%

 

 

 

 

 

 

 

8,950

 

Long Island Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. A, 5.50%,12/01/10, AMBAC

 

No Opt. Call

 

 

9,404,302

 

 

5,000

 

Thruway Auth., Hwy. Impvt. Income Tax RB, Ser. A, 5.00%, 3/15/11, FSA

 

No Opt. Call

 

 

5,185,600

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

14,589,902

 

 

 

 

 

 

 

 



 

 

 

 

Ohio—0.8%

 

 

 

 

 

 

 

1,000

 

Akron, Ad Valorem Ppty. Tax GO, 4.00%, 12/01/10, MBIA

 

No Opt. Call

 

 

1,002,510

 

 

1,015

 

Univ. of Cincinnati, Univ. & Coll. Impvts. RB, Ser. G, 3.50%, 6/01/09, AMBAC

 

No Opt. Call

 

 

1,008,453

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,010,963

 

 

 

 

 

 

 

 



 

 

 

 

Oregon—3.6%

 

 

 

 

 

 

 

1,995

 

Lane Cnty. Sch. Dist. No. 4-J Eugene, Ad Valorem Ppty. Tax GO, 3.75%, 1/01/11, FSA

 

No Opt. Call

 

 

1,984,626

 

 

 

 

Washington & Clackamas Cntys. Sch. Dist. No. 23-J Tigard, Sch. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

3,820

 

4.00%, 6/15/10, MBIA

 

No Opt. Call

 

 

3,833,714

 

 

3,720

 

4.00%, 6/15/11, MBIA

 

No Opt. Call

 

 

3,730,751

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

9,549,091

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

19



BlackRock Insured Municipal Term Trust (BMT) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

Pennsylvania—6.0%

 

 

 

 

 

 

$

2,430

 

Central York Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 4.125%, 6/01/11, FGIC

 

No Opt. Call

 

$

2,446,135

 

 

2,100

 

City of Philadelphia, Swr. RB, 5.625%, 6/15/08, AMBAC

 

No Opt. Call

 

 

2,137,002

 

 

965

2

Dauphin Cnty. Gen. Auth., Hlth., Hosp. & Nursing Home RB, Western Pennsylvania Hosp. Proj., Ser. B, 6.25%, 7/01/07, MBIA

 

ETM

 

 

974,457

 

 

7,500

 

Higher Edl. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Univ. of Pennsylvania Hlth. Sys. Proj., Ser. A, 5.25%, 8/01/10, FSA

 

08/09 @ 101

 

 

7,756,350

 

 

1,075

 

Pub. Sch. Bldg. Auth., Sch. Impvts. Misc. RB, York Sch. Dist. Proj., 4.75%, 5/01/11, FSA

 

No Opt. Call

 

 

1,105,692

 

 

1,250

 

Wilson Sch. Dist., Ad Valorem Ppty. Tax GO, 4.00%, 5/15/10, FSA

 

No Opt. Call

 

 

1,252,650

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,672,286

 

 

 

 

 

 

 

 



 

 

 

 

Rhode Island—2.0%

 

 

 

 

 

 

 

235

 

Clean Wtr. Fin. Agcy., Poll. Ctrl. Misc. RB, Ser. A, 6.70%, 10/01/10, MBIA

 

10/07 @ 100

 

 

236,652

 

 

5,000

2

Providence Plantations, Misc. Tax GO, Ser. B, 4.20%, 6/01/10, FGIC

 

ETM

 

 

5,035,400

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,272,052

 

 

 

 

 

 

 

 



 

 

 

 

Tennessee—0.8%

 

 

 

 

 

 

 

 

 

Clarksville, Wtr. RB,

 

 

 

 

 

 

 

1,005

 

4.45%, 2/01/10, FSA

 

No Opt. Call

 

 

1,018,879

 

 

1,100

 

4.65%, 2/01/11, FSA

 

No Opt. Call

 

 

1,126,125

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,145,004

 

 

 

 

 

 

 

 



 

 

 

 

Texas—16.0%

 

 

 

 

 

 

 

 

 

Bexar Met. Wtr. Dist., Wtr. RB,

 

 

 

 

 

 

 

315

2

3.70%, 5/01/10, FSA

 

ETM

 

 

312,159

 

 

770

 

3.70%, 5/01/10, FSA

 

No Opt. Call

 

 

765,010

 

 

315

2

3.80%, 5/01/11, FSA

 

ETM

 

 

312,212

 

 

775

 

3.80%, 5/01/11, FSA

 

No Opt. Call

 

 

769,505

 

 

1,090

 

City of Addison, Ad Valorem Ppty. Tax GO, 3.375%, 2/15/11, FGIC

 

No Opt. Call

 

 

1,063,862

 

 

 

 

City of Houston,

 

 

 

 

 

 

 

5,000

 

Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 3/01/11, MBIA

 

No Opt. Call

 

 

5,172,900

 

 

2,000

 

Ad Valorem Ppty. Tax GO, Ser. A1, 5.00%, 3/01/11, MBIA

 

No Opt. Call

 

 

2,069,160

 

 

10,440

 

Swr. RB, Ser. C, Zero Coupon, 12/01/10, AMBAC

 

No Opt. Call

 

 

9,092,301

 

 

 

 

Cnty. of Harris, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

1,500

 

Ser. A, 5.00%, 10/01/10, FSA

 

No Opt. Call

 

 

1,547,115

 

 

330

2

Ser. B, Zero Coupon, 8/15/08, FGIC

 

ETM

 

 

316,091

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

Texas—(cont’d)

 

 

 

 

 

 

$

2,255

 

Ser. B, Zero Coupon, 8/15/08, FGIC

 

No Opt. Call

 

$

2,159,726

 

 

2,000

 

Dallas Area Rapid Trans., Sales Tax RB, 4.30%, 2/01/10, AMBAC

 

No Opt. Call

 

 

2,023,420

 

 

2,490

2

Houston Area Wtr. Corp., Wtr. RB, Northeast Wtr. Purification Proj., 4.50%, 3/01/11, FGIC

 

ETM

 

 

2,532,255

 

 

5,550

 

Katy Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon, 2/15/11, PSF

 

No Opt. Call

 

 

4,785,876

 

 

4,000

 

Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB, 5.50%, 9/01/10, MBIA

 

No Opt. Call

 

 

4,184,120

 

 

2,245

 

Pub. Fin. Auth., Misc. RB, 4.00%, 2/01/11, FGIC

 

No Opt. Call

 

 

2,245,449

 

 

1,250

 

Texas Tech Univ., Univ. & Coll. RB, Ser. 9, 5.00%, 2/15/11, AMBAC

 

No Opt. Call

 

 

1,292,400

 

 

1,500

 

Univ. of Houston, Univ. & Coll. Impvts. RB, Ser. A, 4.00%, 2/15/10, FSA

 

No Opt. Call

 

 

1,502,355

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

42,145,916

 

 

 

 

 

 

 

 



 

 

 

 

Utah—2.4%

 

 

 

 

 

 

 

3,470

 

Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB, Ser. A, 5.25%, 7/01/11, MBIA

 

07/09 @ 101

 

 

3,590,964

 

 

3,175

 

Salt Lake Cnty. Wtr. Conservancy Dist., Wtr. RB, Ser. A, Zero Coupon, 10/01/10, AMBAC

 

No Opt. Call

 

 

2,790,920

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,381,884

 

 

 

 

 

 

 

 



 

 

 

 

Washington—13.2%

 

 

 

 

 

 

 

7,345

 

Benton Cnty. Sch. Dist. No. 17, Sch. Impvts. Ad Valorem Ppty. Tax GO, Kennewick Proj., 4.50%, 12/01/10, FSA

 

No Opt. Call

 

 

7,480,001

 

 

1,000

 

Chelan Cnty. Sch. Dist. No. 246, Sch. Impvts. Ad Valorem Ppty. Tax GO, Wenatchee Proj., 4.50%, 12/01/10, FSA

 

No Opt. Call

 

 

1,018,380

 

 

1,010

 

City of Tacoma, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.625%, 12/01/10, FGIC

 

No Opt. Call

 

 

1,032,563

 

 

3,000

 

Clark Cnty. Pub. Util. Dist. No. 1, Elec., Pwr. & Lt. RB, 4.50%, 1/01/11, AMBAC

 

No Opt. Call

 

 

3,051,540

 

 

2,040

 

Clark Cnty. Sch. Dist. No. 114, Sch. Impvts. Ad Valorem Ppty. Tax GO, Evergreen Proj., 4.125%, 12/01/10, FSA

 

No Opt. Call

 

 

2,053,219

 

 

 

 

Energy Northwest, Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

 

9,160

2

Ser. A, Zero Coupon, 7/01/10, MBIA

 

ETM

 

 

8,139,210

 

 

3,745

 

Ser. A, Zero Coupon, 7/01/10, MBIA

 

No Opt. Call

 

 

3,318,857

 

 

1,300

 

Ser. B, Zero Coupon, 7/01/10, MBIA

 

No Opt. Call

 

 

1,152,411

 

See Notes to Financial Statements.

20



BlackRock Insured Municipal Term Trust (BMT) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

Washington—(cont’d)

 

 

 

 

 

 

$

5,000

3

Washington, Pub. Impvts. GO, Ser. A, 5.50%, 7/01/09, MBIA

 

N/A

 

$

5,156,800

 

 

2,280

 

Whatcom Cnty. Sch. Dist. No. 503, Ad Valorem Ppty. Tax GO, Blaine Proj.,
4.50%, 12/01/10, FSA

 

No Opt. Call

 

 

2,321,906

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

34,724,887

 

 

 

 

 

 

 

 



 

 

 

 

West Virginia—3.6%

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth., Correctional Fac. Impvts. Lease Approp. RB, Correctional Juvenile & Pub. Proj.,

 

 

 

 

 

 

 

3,705

 

Ser. A, 4.50%, 6/01/10, MBIA

 

No Opt. Call

 

 

3,766,762

 

 

4,420

 

Ser. A, 4.50%, 6/01/11, MBIA

 

No Opt. Call

 

 

4,509,019

 

 

1,170

 

Sch. Bldg. Auth., Misc. RB, Cap. Impvt. Proj., 4.00%, 7/01/11, AMBAC

 

No Opt. Call

 

 

1,172,574

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

9,448,355

 

 

 

 

 

 

 

 



 

 

 

 

Wisconsin—5.9%

 

 

 

 

 

 

 

1,045

2

Appleton, Wtr. RB, Wtr. Wks. Proj., 4.375%, 1/01/11, FGIC

 

ETM

 

 

1,059,066

 

 

 

 

Wisconsin, Misc. RB, Clean Wtr. Proj.,

 

 

 

 

 

 

 

4,640

 

Ser. 2, 4.00%, 6/01/10, MBIA

 

No Opt. Call

 

 

4,652,574

 

 

9,850

 

Ser. 2, 4.00%, 6/01/11, MBIA

 

No Opt. Call

 

 

9,867,435

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,579,075

 

 

 

 

 

 

 

 



 

 

 

 

Wyoming—2.2%

 

 

 

 

 

 

 

 

 

Albany Cnty. Impvts. Stat. Trust, Pub. Impvts. Lease Abatement COP,

 

 

 

 

 

 

 

1,325

 

4.00%, 1/15/10, MBIA

 

No Opt. Call

 

 

1,325,557

 

 

1,450

 

4.00%, 7/15/10, MBIA

 

No Opt. Call

 

 

1,450,391

 

 

1,480

 

4.00%, 1/15/11, MBIA

 

No Opt. Call

 

 

1,478,431

 

 

1,510

 

4.00%, 7/15/11, MBIA

 

No Opt. Call

 

 

1,507,735

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,762,114

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $316,061,499)

 

 

 

 

322,754,652

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 


 

 

 

SHORT-TERM INVESTMENTS—0.6%

 

 

 

 

 

 

 

Kentucky—0.1%

 

 

 

 

$

300

4

Louisville & Jefferson Cnty. Met. Swr. Dist., Swr. RB, Ser. B, 3.73%, 7/04/07, FSA, FRWD

 

$

300,000

 

 

 

 

 

 



 

 

 

 

Massachusetts—0.4%

 

 

 

 

 

1,100

4

Route 3 North Trans. Impvt. Assoc., Lease Approp. RB, Ser. B, 3.73%, 7/04/07, AMBAC, FRWD

 

 

1,100,000

 

 

 

 

 

 



 

 

 

 

Oklahoma—0.1%

 

 

 

 

 

200

4

Inds. Auth., Hlth., Hosp. & Nursing Home RB, Integris Baptist Med. Ctr. Proj., Ser. B, 3.86%, 7/02/07, MBIA, FRDD

 

 

200,000

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments
(cost $1,600,000)

 

 

1,600,000

 

 

 

 

 

 



 

 

 

 

Total Investments—123.5%
(cost $317,661,4995)

 

$

324,354,652

 

 

 

 

Other assets in excess of liabilities—1.3%

 

 

3,312,789

 

 

 

 

Preferred shares at redemption value, including dividends payable—(24.8)%

 

 

(65,031,163

)

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

$

262,636,278

 

 

 

 

 

 



 



 

 

1

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

2

Security is collateralized by Municipal or U.S. Treasury obligations.

3

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

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 June 30, 2007.

5

Cost for federal income tax purposes is $317,336,182. The net unrealized appreciation on a tax basis is $7,018,470, consisting of $7,644,955 gross unrealized appreciation and $626,485 gross unrealized depreciation.

 

 

 

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 94.8% of the Trust’s managed assets.


 

 

 

AMBAC

17.8%

FGIC

18.1%

FSA

21.0%

MBIA

36.4%

PSF

  1.5%


 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

 

 

American Municipal Bond Assurance Corp.

COP

 

 

Certificate of Participation

ETM

 

 

Escrowed to Maturity

FGIC

 

 

Financial Guaranty Insurance Co.

FRDD

 

 

Floating Rate Daily Demand

FRWD

 

 

Floating Rate Weekly Demand

FSA

 

 

Financial Security Assurance

GO

 

 

General Obligation

MBIA

 

 

Municipal Bond Insurance Assoc.

PSF

 

 

Public School Fund Guaranteed

RB

 

 

Revenue Bond

ST

 

 

Special Tax

 

See Notes to Financial Statements.

21



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Municipal 2018 Term Trust (BPK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—154.4%

 

 

 

 

 

 

 

 

 

Alabama—2.9%

 

 

 

 

 

 

$

1,000

 

Courtland Indl. Dev. Brd., Indl. RB, Intl. Paper Co. Proj., Ser. A, 4.75%, 5/01/17

 

11/14 @ 100

 

$

993,350

 

 

5,845

 

Huntsville Hlth. Care Auth., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.625%, 6/01/22

 

06/12 @ 101

 

 

6,142,978

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

7,136,328

 

 

 

 

 

 

 

 



 

 

 

 

California—7.2%

 

 

 

 

 

 

 

1,750

2

Agua Caliente Band of Cahuilla Indians, Casino Parimutuel Betting RB, 5.60%, 7/01/13

 

No Opt. Call

 

 

1,811,688

 

 

1,120

3

City of Lincoln, Pub. Impvts. ST, 5.90%,9/01/13

 

N/A

 

 

1,243,077

 

 

5,425

 

Clovis Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon, 8/01/21, FGIC

 

No Opt. Call

 

 

2,846,660

 

 

 

 

Poll. Ctrl. Fing. Auth.,

 

 

 

 

 

 

 

6,500

 

Rec. Recovery Impvts. RB, Chemical Wst. Mgmt., Inc. Proj., Ser. C, 5.125%, 11/01/23, AMT

 

11/15 @ 101

 

 

6,564,545

 

 

5,000

 

Rec. Recovery RB, Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23, AMT

 

No Opt. Call

 

 

5,186,800

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

17,652,770

 

 

 

 

 

 

 

 



 

 

 

 

Colorado—4.3%

 

 

 

 

 

 

 

5,000

 

Hsg. & Fin. Auth., Rec. Recovery Misc. RB, Wst. Mgmt., Inc. Proj., 5.70%, 7/01/18, AMT

 

No Opt. Call

 

 

5,367,100

 

 

5,010

 

Pk. Creek Met. Dist., Misc. RB, Sr. Ltd. Ppty. Misc. Tax Proj., 5.25%, 12/01/20

 

12/15 @ 101

 

 

5,184,699

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

10,551,799

 

 

 

 

 

 

 

 



 

 

 

 

Connecticut—1.6%

 

 

 

 

 

 

 

3,750

2

Mashantucket Western Pequot Tribe, Recreational RB, Ser. B, 5.75%, 9/01/18

 

09/07 @ 102

 

 

3,829,350

 

 

 

 

 

 

 

 



 

 

 

 

Florida—7.5%

 

 

 

 

 

 

 

2,000

 

CFM Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.875%, 5/01/14

 

No Opt. Call

 

 

2,061,620

 

 

90

 

Live Oak Cmnty. Dev. Dist. No. 1, Pub. Impvts. SA, Ser. B, 5.30%, 5/01/08

 

No Opt. Call

 

 

90,021

 

 

4,515

 

Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

5,017,790

 

 

1,280

 

Pine Island Cmnty. Dev. Dist., Pub. Impvts. Misc. RB, 5.30%, 11/01/10

 

No Opt. Call

 

 

1,281,843

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

Florida—(cont’d)

 

 

 

 

 

 

$

2,870

 

Stevens Plantation Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 6.375%, 5/01/13

 

No Opt. Call

 

$

2,927,056

 

 

5,410

 

Vlg. Ctr. Cmnty. Dev. Dist., Recreational Fac. Impvts. RB, Ser. B, 5.875%, 1/01/15

 

No Opt. Call

 

 

5,580,307

 

 

1,400

 

Westchester Cmnty. Dev. Dist. No. 1, Pub. Impvts. SA, 6.00%, 5/01/23

 

05/13 @ 101

 

 

1,452,234

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

18,410,871

 

 

 

 

 

 

 

 



 

 

 

 

Illinois—24.9%

 

 

 

 

 

 

 

1,825

2

Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23

 

No Opt. Call

 

 

1,861,573

 

 

 

 

Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB,

 

 

 

 

 

 

 

5,000

 

Ser. A, 5.00%, 1/01/19, AMBAC

 

01/16 @ 100

 

 

5,225,350

 

 

8,000

 

Ser. A, 5.00%, 1/01/20, AMBAC

 

01/16 @ 100

 

 

8,331,760

 

 

5,000

 

Ser. A, 5.75%, 1/01/18, MBIA, AMT

 

01/12 @ 100

 

 

5,271,050

 

 

5,980

3

Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Edl. Adv. Fund, Univ. Ctr. Proj., 6.00%, 5/01/12

 

N/A

 

 

6,550,432

 

 

 

 

Fin. Auth.,

 

 

 

 

 

 

 

12,500

3

Cash Flow Mgmt. Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys./Sunbelt Oblig. Proj.,
5.50%, 11/15/09

 

N/A

 

 

13,046,000

 

 

2,750

 

Univ. & Coll. Impvts. RB, MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19

 

06/14 @ 100

 

 

2,886,895

 

 

5,000

 

Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Elmhurst Mem. Hosp. Proj.,
5.50%, 1/01/22

 

01/13 @ 100

 

 

5,162,700

 

 

13,375

3

Kane & Du Page Cntys. Cmnty. Unit Sch. Dist. No. 303, Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, Zero Coupon, 1/01/12, FSA

 

N/A

 

 

7,384,149

 

 

 

 

Sports Facs. Auth., Recreational Fac. Impvts. Misc. Tax RB,

 

 

 

 

 

 

 

1,885

 

Zero Coupon, 6/15/19, AMBAC

 

06/15 @ 101

 

 

1,735,821

 

 

1,985

 

Zero Coupon, 6/15/20, AMBAC

 

06/15 @ 101

 

 

1,827,312

 

 

2,090

 

Zero Coupon, 6/15/21, AMBAC

 

06/15 @ 101

 

 

1,924,138

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

61,207,180

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

22



BlackRock Municipal 2018 Term Trust (BPK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

Indiana—10.6%

 

 

 

 

 

 

$

13,970

3

Hlth. Fac. Fing. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Sisters of St. Francis Hlth. Proj., 5.75%, 11/01/11

 

N/A

 

$

15,045,970

 

 

2,500

 

Indianapolis Arpt. Auth., Port, Arpt. & Marina RB, FedEx Corp. Proj., 5.10%,1/15/17, AMT

 

No Opt. Call

 

 

2,571,100

 

 

4,000

 

Petersburg, Indl. RB, Indianapolis Pwr. & Lt. Co. Proj., 5.75%, 8/01/21

 

08/11 @ 102

 

 

4,169,600

 

 

4,215

 

Vincennes, Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%,1/01/24

 

01/09 @ 102

 

 

4,231,902

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

26,018,572

 

 

 

 

 

 

 

 



 

 

 

 

Kentucky—1.3%

 

 

 

 

 

 

 

3,195

 

Hsg. Corp., St. Sngl. Hsg. Local or Gtd. Hsg. RB, Ser. C, 4.625%, 7/01/22, AMT

 

07/16 @ 100

 

 

3,069,564

 

 

 

 

 

 

 

 



 

 

 

 

Louisiana—1.2%

 

 

 

 

 

 

 

2,825

 

Pub. Facs. Auth., Pub. Impvts. Misc. RB, Dept. of Pub. Safety Proj., 5.875%, 6/15/14, MBIA

 

06/10 @ 100

 

 

2,951,560

 

 

 

 

 

 

 

 



 

 

 

 

Maryland—2.1%

 

 

 

 

 

 

 

4,949

 

Frederick Cnty., Pub. Impvts. ST, Urbana Cmnty. Dev. Auth. Proj., Ser. A, 5.80%, 7/01/20

 

07/07 @ 102

 

 

5,051,890

 

 

 

 

 

 

 

 



 

 

 

 

Massachusetts—0.9%

 

 

 

 

 

 

 

2,000

3

Bay Transp. Auth., Trans. Impvts. Sales Tax RB, Ser. C, 5.00%, 7/01/34

 

N/A

 

 

2,138,020

 

 

 

 

 

 

 

 



 

 

 

 

Michigan—4.8%

 

 

 

 

 

 

 

 

 

Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home RB,

 

 

 

 

 

 

 

3,500

 

Edward W. Sparrow Hosp. Proj., 4.50%, 11/15/26

 

11/17 @ 100

 

 

3,259,550

 

 

5,450

3

Henry Ford Hlth. Sys. Proj., Ser. A, 6.00%, 11/15/09

 

N/A

 

 

5,756,944

 

 

1,000

 

Oakwood Healthcare Sys. Proj., 5.00%, 7/15/18

 

07/17 @ 100

 

 

1,022,170

 

 

 

 

Pontiac Tax Incr. Fin. Auth. TA RB,

 

 

 

 

 

 

 

700

 

Dev. Area 2 Proj., 5.625%, 6/01/22, ACA

 

06/12 @ 101

 

 

735,686

 

 

1,000

 

Dev. Area 3 Proj., 5.375%, 6/01/17, ACA

 

06/12 @ 101

 

 

1,038,480

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

11,812,830

 

 

 

 

 

 

 

 



 

 

 

 

Mississippi—4.3%

 

 

 

 

 

 

 

9,000

 

Lowndes Cnty., Indl. RB, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22

 

No Opt. Call

 

 

10,601,820

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

Multi-State—10.5%

 

 

 

 

 

 

$

14,000

2

Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/31/52

 

10/14 @ 100

 

$

15,687,420

 

 

 

 

Munimae TE Bond Subsidiary LLC,

 

 

 

 

 

 

 

6,000

2

Ser. B2, 5.20%, 6/29/49

 

09/14 @ 100

 

 

6,001,080

 

 

4,000

2

Ser. D, 5.90%, 11/29/49

 

09/15 @ 101

 

 

4,129,680

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

25,818,180

 

 

 

 

 

 

 

 



 

 

 

 

Nevada—3.0%

 

 

 

 

 

 

 

1,000

 

City of Henderson, Pub. Impvts. SA, Local Impvt. No. T-18 Proj., 5.15%, 9/01/21

 

09/07 @ 103

 

 

1,004,080

 

 

5,000

 

Director of the St. of Nevada Dept. of Bus. & Ind., Rec. Recovery Impvts. RB, Republic Svcs., Inc. Proj., 5.625%, 12/01/26, AMT

 

No Opt. Call

 

 

5,332,000

 

 

1,085

 

Las Vegas Spl. Dist. No. 809, Pub. Impvts. RB, Summerlin Area Proj., 5.35%, 6/01/17

 

12/07 @ 103

 

 

1,119,894

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

7,455,974

 

 

 

 

 

 

 

 



 

 

 

 

New Hampshire—6.4%

 

 

 

 

 

 

 

 

 

Bus. Fin. Auth.,

 

 

 

 

 

 

 

6,000

 

Indl. RB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA, AMT

 

06/13 @ 102

 

 

5,999,640

 

 

7,000

 

Rec. Recovery RB, Pub. Svc. Co. Proj., Ser. C, 5.45%, 5/01/21, MBIA

 

05/12 @ 101

 

 

7,426,930

 

 

2,025

 

Hlth. & Ed. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Exeter Hosp./Healthcare, Inc. Proj., 6.00%, 10/01/24

 

10/11 @ 101

 

 

2,175,133

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,601,703

 

 

 

 

 

 

 

 



 

 

 

 

New Jersey—13.5%

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

 

8,500

 

Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.50%, 6/15/24

 

06/12 @ 100

 

 

8,824,275

 

 

4,065

 

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT

 

11/10 @ 101

 

 

4,306,298

 

 

6,750

 

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.20%, 11/15/30, AMT

 

11/10 @ 101

 

 

7,217,303

 

 

8,410

 

SA, Kapkowski Rd. Landfill Proj., 5.50%, 4/01/16

 

No Opt. Call

 

 

8,766,920

 

 

1,500

 

Hlth. Care Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Atlanticare Regl. Med. Ctr. Proj., 5.00%, 7/01/20

 

07/17 @ 100

 

 

1,541,625

 

 

2,500

 

Hsg. & Mtg. Fin. Agcy., St. Sngl. Fam. Hsg. Local or Gtd. Hsg. RB, Ser. T,
4.55%, 10/01/22, AMT

 

04/17 @ 100

 

 

2,398,800

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

33,055,221

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

23



BlackRock Municipal 2018 Term Trust (BPK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

New York—8.1%

 

 

 

 

 

 

$

7,500

 

City of New York, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 9/01/18

 

09/15 @ 100

 

$

7,847,550

 

 

3,460

 

New York City Indl. Dev. Agcy., Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT

 

08/16 @ 101

 

 

4,072,593

 

 

7,500

 

Tobacco Settlement Fing. Auth., Hsg. Tobacco Settlement Funded RB, Ser. B1-C,
5.50%, 6/01/20

 

06/13 @ 100

 

 

8,014,350

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

19,934,493

 

 

 

 

 

 

 

 



 

 

 

 

North Carolina—2.9%

 

 

 

 

 

 

 

3,140

 

Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 28A, 4.65%, 7/01/23, AMT

 

01/17 @ 100

 

 

3,029,974

 

 

4,000

 

Wake Cnty. Indl. Facs. & Poll. Ctrl. Fing. Auth., Indl. RB, Carolina Pwr. & Lt. Co. Proj., 5.375%, 2/01/17

 

02/12 @ 101

 

 

4,182,720

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

7,212,694

 

 

 

 

 

 

 

 



 

 

 

 

Ohio—0.2%

 

 

 

 

 

 

 

500

 

Pinnacle Cmnty. Infrastructure Fing. Auth., Hsg. Misc. RB, Ser. A, 6.00%, 12/01/22

 

12/14 @ 101

 

 

521,780

 

 

 

 

 

 

 

 



 

 

 

 

Oklahoma—1.3%

 

 

 

 

 

 

 

2,700

 

Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT

 

No Opt. Call

 

 

3,140,991

 

 

 

 

 

 

 

 



 

 

 

 

Pennsylvania—7.4%

 

 

 

 

 

 

 

2,000

 

Montgomery Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Whitemarsh Continuing Care Proj., 6.00%, 2/01/21

 

02/15 @ 100

 

 

2,088,980

 

 

 

 

Philadelphia Auth. for Indl. Dev., Indl. Impvts. RB,

 

 

 

 

 

 

 

5,000

 

Ser. B, 5.50%, 10/01/18, FSA

 

10/11 @ 101

 

 

5,312,550

 

 

5,000

 

Ser. B, 5.50%, 10/01/19, FSA

 

10/11 @ 101

 

 

5,312,550

 

 

 

 

West Cornwall Twnshp. Mun. Auth., Univ. & Coll. Impvts. RB, Elizabethtown Coll. Proj.,

 

 

 

 

 

 

 

2,500

3

5.90%, 12/15/11

 

N/A

 

 

2,688,050

 

 

2,650

3

6.00%, 12/15/11

 

N/A

 

 

2,860,039

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

18,262,169

 

 

 

 

 

 

 

 



 

 

 

 

Puerto Rico—1.2%

 

 

 

 

 

 

 

2,665

 

Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.25%, 7/01/17

 

07/16 @ 100

 

 

2,817,704

 

 

 

 

 

 

 

 



 

 

 

 

South Carolina—2.2%

 

 

 

 

 

 

 

5,000

 

Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Alliance Proj., Ser. A, 6.125%, 8/01/23

 

08/13 @ 100

 

 

5,411,700

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

Tennessee—2.7%

 

 

 

 

 

 

$

12,000

 

Knox Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home RB, Covenant Hlth. Proj., Ser. A, Zero Coupon, 1/01/19, FSA

 

01/13 @ 71.667

 

$

6,662,760

 

 

 

 

 

 

 

 



 

 

 

 

Texas—11.3%

 

 

 

 

 

 

 

2,000

 

Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT

 

04/16 @ 100

 

 

1,973,600

 

 

 

 

Birdville Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

1,615

 

Zero Coupon, 2/15/18, PSF

 

No Opt. Call

 

 

1,003,173

 

 

1,815

 

Zero Coupon, 2/15/19, PSF

 

No Opt. Call

 

 

1,073,228

 

 

2,625

 

Zero Coupon, 2/15/20, PSF

 

No Opt. Call

 

 

1,476,326

 

 

2,500

 

Zero Coupon, 2/15/21, PSF

 

No Opt. Call

 

 

1,338,025

 

 

10,010

 

Brazos River Auth., Rec. Recovery RB, TXU Energy Co. LLC Proj., Ser. C, 5.75%, 5/01/36, AMT

 

No Opt. Call

 

 

10,180,571

 

 

 

 

Dallas-Ft. Worth Intl. Arpt. Facs. Impvt. Corp., Port, Arpt. & Marina RB,

 

 

 

 

 

 

 

5,000

 

Ser. A, 5.875%, 11/01/17, FGIC, AMT

 

11/11 @ 100

 

 

5,290,100

 

 

5,000

 

Ser. A, 5.875%, 11/01/18, FGIC, AMT

 

11/11 @ 100

 

 

5,290,100

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

27,625,123

 

 

 

 

 

 

 

 



 

 

 

 

Trust Territories—1.6%

 

 

 

 

 

 

 

4,000

2

San Manuel Entertainment Auth. RB, 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16

 

12/13 @ 102

 

 

3,930,560

 

 

 

 

 

 

 

 



 

 

 

 

Virginia—1.1%

 

 

 

 

 

 

 

2,750

 

Hsg. Dev. Auth., Local or Gtd. Hsg. RB, Ser. E-2, 4.375%, 10/01/19, AMT

 

07/15 @ 100

 

 

2,656,087

 

 

 

 

 

 

 

 



 

 

 

 

Wisconsin—7.4%

 

 

 

 

 

 

 

1,990

 

Franklin, Rec. Recovery RB, Wst. Mgmt., Inc. Proj., 4.95%, 4/01/16, AMT

 

No Opt. Call

 

 

2,007,731

 

 

 

 

Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB,

 

 

 

 

 

 

 

4,560

3

Froedert & Cmnty. Proj., 5.375%, 10/01/11

 

N/A

 

 

4,830,316

 

 

440

 

Froedert & Cmnty. Proj., 5.375%, 10/01/21

 

10/11 @ 101

 

 

463,065

 

 

10,000

3

Wheaton Franciscan Svcs. Proj., 6.25%, 2/15/12

 

N/A

 

 

10,975,300

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

18,276,412

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $360,871,942)

 

 

 

 

378,816,105

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

24



BlackRock Municipal 2018 Term Trust (BPK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

 

Value

 


 

 

 

MONEY MARKET FUND—0.3%

 

 

 

 

 

 

 

800

4,5

Merrill Lynch Institutional Tax Exempt Fund, 3.59%, (cost $800,000)

 

 

 

$

800,000

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—154.7%
(cost $361,671,9426)

 

 

 

$

379,616,105

 

 

 

 

Other assets in excess of liabilities—1.4%

 

 

 

 

3,461,259

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.1)%

 

 

 

 

(137,636,641

)

 

 

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

245,440,723

 

 

 

 

 

 

 

 



 


 

 


1

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

2

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2007, the Trust held 15.2% of its net assets, with a current market value of $37,251,351, in securities restricted as to resale.

3

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

4

Represents an investment in an affiliate.

5

Represents current yield as of June 30, 2007.

6

Cost for federal income tax purposes is $361,559,072. The net unrealized appreciation on a tax basis is $18,057,033, consisting of $18,931,948 gross unrealized appreciation and $874,915 gross unrealized depreciation.


 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

 

 

ACA

American Capital Access

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

PSF

Public School Fund Guaranteed

RB

Revenue Bond

SA

Special Assessment

ST

Special Tax

TA

Tax Allocation

 

 

 

See Notes to Financial Statements.

25



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Municipal 2020 Term Trust (BKK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 










 

 

 

LONG-TERM INVESTMENTS—155.7%

 

 

 

 

 

 

 

 

 

Alabama—0.4%

 

 

 

 

 

 

$

1,165

 

Courtland Indl. Dev. Brd., Indl. RB, Intl. Paper Co. Proj., Ser. A, 4.75%, 5/01/17

 

11/14 @ 100

 

$

1,157,253

 

 

 

 

 

 

 

 



 

 

 

 

California—23.1%

 

 

 

 

 

 

 

12,000

 

California, Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, 5.00%, 11/01/22

 

11/13 @ 100

 

 

12,420,720

 

 

 

 

Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB, Cap. Apprec. Proj.,

 

 

 

 

 

 

 

12,500

 

Zero Coupon, 1/15/21

 

01/10 @ 53.346

 

 

5,842,875

 

 

10,000

 

Zero Coupon, 1/15/22

 

01/10 @ 50.177

 

 

4,390,500

 

 

 

 

Golden St. Tobacco Sec. Corp., Misc. Purps. Tobacco Settlement Funded RB,

 

 

 

 

 

 

 

3,000

2

Ser. A-1, 6.625%, 6/01/13

 

N/A

 

 

3,414,870

 

 

12,010

2

Ser. A-1, 6.75%, 6/01/13

 

N/A

 

 

13,749,408

 

 

975

2

Ser. A-3, 7.875%, 6/01/13

 

N/A

 

 

1,168,450

 

 

1,470

2

Ser. A-5, 7.875%, 6/01/13

 

N/A

 

 

1,761,663

 

 

20,000

2

Ser. B, 5.375%, 6/01/10

 

N/A

 

 

20,801,000

 

 

6,865

 

Riverside Cnty. Asset Leasing Corp., Hlth., Hosp. & Nursing Home Impvts. RB, Riverside Cnty. Hosp. Proj., Zero Coupon, 6/01/25, MBIA

 

No Opt. Call

 

 

2,893,117

 

 

5,000

 

Statewide Cmntys. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, John Muir Hlth. Proj., Ser. A, 5.00%, 8/15/22

 

08/16 @ 100

 

 

5,095,150

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

71,537,753

 

 

 

 

 

 

 

 



 

 

 

 

Colorado—1.7%

 

 

 

 

 

 

 

4,500

 

E-470 Pub. Hwy. Auth., Cap. Apprec. Hwy. Impvt. Tolls RB, Ser. B, Zero Coupon, 9/01/22, MBIA

 

No Opt. Call

 

 

2,220,525

 

 

3,000

 

Pk. Creek Met. Dist., Misc. RB, 5.25%, 12/01/25

 

12/15 @ 101

 

 

3,097,140

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,317,665

 

 

 

 

 

 

 

 



 

 

 

 

District of Columbia—5.3%

 

 

 

 

 

 

 

 

 

Dist. of Columbia, Misc. RB, Friendship Pub. Charter Sch., Inc. Proj.,

 

 

 

 

 

 

 

3,320

 

5.00%, 6/01/23, ACA

 

06/14 @ 100

 

 

3,350,810

 

 

2,680

 

5.75%, 6/01/18, ACA

 

06/14 @ 100

 

 

2,865,751

 

 

5,000

 

Met. Washington Arpts. Auth., Port, Arpt. & Marina RB, Ser. C-2, 5.00%, 10/01/24, FSA, AMT

 

10/14 @ 100

 

 

5,112,550

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 










 

 

 

District of Columbia—(cont’d)

 

 

 

 

 

 

$

4,215

 

Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB, 6.50%, 5/15/33

 

No Opt. Call

 

$

4,987,272

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

16,316,383

 

 

 

 

 

 

 

 



 

 

 

 

Florida—13.3%

 

 

 

 

 

 

 

4,510

 

Bellago Edl. Facs. Benefit Dist., Sch. Impvts. SA, Ser. A, 5.85%, 5/01/22

 

05/14 @ 100

 

 

4,658,199

 

 

3,000

 

CFM Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.875%, 5/01/14

 

No Opt. Call

 

 

3,092,430

 

 

4,185

 

Grand Hampton Cmnty. Dev. Dist., Pub. Impvts. Misc. RB, 6.10%, 5/01/24

 

05/13 @ 101

 

 

4,435,765

 

 

3,905

 

Habitat Cmnty. Dev. Dist., Pub. Impvts. SA, 5.80%, 5/01/25

 

05/14 @ 101

 

 

4,010,982

 

 

5,475

 

Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

6,084,696

 

 

4,345

 

Middle Vlg. Cmnty. Dev. Dist., Econ. Impvts. SA, Ser. A, 5.80%, 5/01/22

 

05/13 @ 100

 

 

4,518,800

 

 

795

 

Pine Island Cmnty. Dev. Dist., Pub. Impvts. Misc. RB, 5.30%, 11/01/10

 

No Opt. Call

 

 

796,145

 

 

4,455

 

Stevens Plantation Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 6.375%, 5/01/13

 

No Opt. Call

 

 

4,543,565

 

 

3,095

 

Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA, Ser. A, 6.00%, 5/01/22

 

05/13 @ 101

 

 

3,274,015

 

 

5,605

 

Westchester Cmnty. Dev. Dist. No. 1, Pub. Impvts. SA, 6.00%, 5/01/23

 

05/13 @ 101

 

 

5,814,122

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

41,228,719

 

 

 

 

 

 

 

 



 

 

 

 

Georgia—1.7%

 

 

 

 

 

 

 

2,500

2

Milledgeville & Baldwin Cnty. Dev. Auth., Univ. & Coll. Impvts. RB, Georgia Coll. & St. Univ. Fndtn. Proj., 5.50%, 9/01/14

 

N/A

 

 

2,727,600

 

 

2,350

 

Richmond Cnty. Dev. Auth., Mult. Util. Impvts. Misc. RB, Intl. Paper Co. Proj., 5.75%, 11/01/27, AMT

 

11/13 @ 100

 

 

2,451,050

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,178,650

 

 

 

 

 

 

 

 



 

 

 

 

Illinois—12.9%

 

 

 

 

 

 

 

2,155

3

Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23

 

No Opt. Call

 

 

2,198,186

 

See Notes to Financial Statements.

26



BlackRock Municipal 2020 Term Trust (BKK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 










 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

 

 

 

Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina Impvts. RB,

 

 

 

 

 

 

$

5,000

 

Ser. A, 5.00%, 1/01/21, AMBAC

 

01/16 @ 100

 

$

5,196,550

 

 

7,000

 

Ser. A, 5.00%, 1/01/22, AMBAC

 

01/16 @ 100

 

 

7,265,090

 

 

4,800

 

Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Northwestern Univ. Proj.,  5.00%, 12/01/21

 

12/13 @ 100

 

 

4,967,568

 

 

 

 

Fin. Auth., Univ. & Coll. Impvts. RB,

 

 

 

 

 

 

 

5,000

 

DePaul Univ. Proj., Ser. C, 5.25%, 10/01/24

 

10/14 @ 100

 

 

5,195,050

 

 

2,725

 

MJH Ed. Asst. Living Proj., Ser. A, 5.00%, 6/01/24

 

06/14 @ 100

 

 

2,755,084

 

 

3,250

 

MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19

 

06/14 @ 100

 

 

3,411,785

 

 

1,075

 

MJH Ed. Asst. Living Proj., Ser. B, 5.00%, 6/01/24

 

06/14 @ 100

 

 

1,077,451

 

 

1,000

 

Lake Cook-Dane & McHenry Cntys. Cmnty. Unit Sch. Dist. 220, Ad Valorem Ppty. Tax GO, 5.25%, 12/01/20, FSA

 

No Opt. Call

 

 

1,088,610

 

 

13,455

 

Met. Pier & Expo. Auth., Misc. Taxes RB, McCormick Place Expansion Proj., Ser. A, Zero Coupon, 6/15/22, MBIA

 

No Opt. Call

 

 

6,734,497

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

39,889,871

 

 

 

 

 

 

 

 



 

 

 

 

Indiana—4.9%

 

 

 

 

 

 

 

10,000

 

Indianapolis Arpt. Auth., Port, Arpt. & Marina RB, FedEx Corp. Proj., 5.10%, 1/15/17, AMT

 

No Opt. Call

 

 

10,284,400

 

 

4,975

 

Vincennes, Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24

 

01/09 @ 102

 

 

4,994,950

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,279,350

 

 

 

 

 

 

 

 



 

 

 

 

Kansas—1.1%

 

 

 

 

 

 

 

6,440

 

Wyandotte Cnty.-Kansas City Unified Gov’t., Recreational Fac. Impvts. Sales Tax RB, Intl. Speedway Proj., Zero Coupon, 12/01/20, MBIA

 

No Opt. Call

 

 

3,415,132

 

 

 

 

 

 

 

 



 

 

 

 

Kentucky—0.6%

 

 

 

 

 

 

 

2,000

 

Hsg. Corp., St. Sngl. Hsg. Local or Gtd. Hsg. RB, Ser. C, 4.625%, 7/01/22, AMT

 

07/16 @ 100

 

 

1,921,480

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 










 

 

 

Louisiana—0.7%

 

 

 

 

 

 

$

2,000

 

Desoto Parish, Mult. Util. Impvts. Misc. RB, Intl. Paper Co. Proj., Ser. A, 5.85%, 11/01/27, AMT

 

11/13 @ 100

 

$

2,097,200

 

 

 

 

 

 

 

 



 

 

 

 

Maryland—5.5%

 

 

 

 

 

 

 

 

 

Frederick Cnty., Pub. Impvts. ST, Urbana Cmnty. Dev. Auth. Proj.,

 

 

 

 

 

 

 

3,000

 

6.625%, 7/01/25

 

08/07 @ 102

 

 

3,064,380

 

 

4,950

 

Ser. A, 5.80%, 7/01/20

 

07/07 @ 102

 

 

5,052,910

 

 

8,500

 

Hlth. & Higher Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Medstar Hlth., Inc. Proj., 5.375%, 8/15/24

 

08/14 @ 100

 

 

8,778,630

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

16,895,920

 

 

 

 

 

 

 

 



 

 

 

 

Massachusetts—1.5%

 

 

 

 

 

 

 

4,500

 

Dev. Fin. Agcy., Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., 5.45%, 6/01/14, AMT

 

No Opt. Call

 

 

4,689,720

 

 

 

 

 

 

 

 



 

 

 

 

Michigan—0.5%

 

 

 

 

 

 

 

1,500

 

Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Edward W. Sparrow Hosp. Proj., 4.50%, 11/15/26

 

11/17 @ 100

 

 

1,396,950

 

 

 

 

 

 

 

 



 

 

 

 

Minnesota—0.4%

 

 

 

 

 

 

 

1,250

 

Higher Ed. Facs. Auth., Univ. & Coll. Impvts. RB, Univ. of St. Thomas Proj., Ser. 5, 5.00%, 10/01/24

 

10/14 @ 100

 

 

1,280,463

 

 

 

 

 

 

 

 



 

 

 

 

Mississippi—1.0%

 

 

 

 

 

 

 

3,000

 

Warren Cnty., Mult. Util. Impvts. Misc. RB, Intl. Paper Co. Proj., Ser. A, 5.85%, 11/01/27, AMT

 

11/13 @ 100

 

 

3,145,800

 

 

 

 

 

 

 

 



 

 

 

 

Missouri—3.5%

 

 

 

 

 

 

 

5,000

 

Dev. Fin. Brd., Econ. Impvts. RB, Branson Landing Proj., Ser. A, 5.50%, 12/01/24

 

06/14 @ 100

 

 

5,206,850

 

 

5,500

 

Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, BJC Hlth. Sys. Proj., Ser. A, 5.00%, 5/15/20

 

05/15 @ 100

 

 

5,647,400

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

10,854,250

 

 

 

 

 

 

 

 



 

 

 

 

Multi-State—7.4%

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

 

1,000

3

Ser. A, 5.75%, 4/30/15

 

No Opt. Call

 

 

1,056,690

 

 

2,500

3

Ser. A, 6.00%, 4/30/19

 

No Opt. Call

 

 

2,706,625

 

 

4,000

3

Ser. B, 6.00%, 4/30/15

 

No Opt. Call

 

 

4,196,880

 

 

2,500

3

Ser. B, 6.30%, 4/30/19

 

No Opt. Call

 

 

2,694,175

 

See Notes to Financial Statements.

27



BlackRock Municipal 2020 Term Trust (BKK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 










 

 

 

Multi-State—(cont’d)

 

 

 

 

 

 

 

 

 

Munimae TE Bond Subsidiary LLC,

 

 

 

 

 

 

$

5,000

3

Ser. C1, 5.40%, 6/29/49

 

09/14 @ 100

 

$

5,030,850

 

 

5,000

3

Ser. C2, 5.80%, 6/29/49

 

09/19 @ 100

 

 

5,126,300

 

 

2,000

3

Ser. D, 5.90%, 11/29/49

 

09/15 @ 101

 

 

2,064,840

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

22,876,360

 

 

 

 

 

 

 

 



 

 

 

 

Nevada—2.2%

 

 

 

 

 

 

 

1,765

 

City of Henderson, Pub. Impvts. SA, Local Impvt. No. T-18 Proj., 5.15%, 9/01/21

 

09/07 @ 103

 

 

1,772,201

 

 

5,000

 

Cnty. of Clark, Private Schs. RB, Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/20

 

05/16 @ 100

 

 

5,133,150

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,905,351

 

 

 

 

 

 

 

 



 

 

 

 

New Hampshire—4.9%

 

 

 

 

 

 

 

10,000

 

Bus. Fin. Auth., Indl. RB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA, AMT

 

06/13 @ 102

 

 

9,999,400

 

 

5,000

 

Hlth. & Ed. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Elliot Hosp. Proj., Ser. B, 5.60%, 10/01/22

 

10/13 @ 100

 

 

5,212,450

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,211,850

 

 

 

 

 

 

 

 



 

 

 

 

New Jersey—12.5%

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

 

7,500

 

Econ. Impvts. Elec., Pwr. & Lt. RB, Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31, AMT

 

No Opt. Call

 

 

8,797,575

 

 

11,500

 

Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.50%, 6/15/24

 

06/12 @ 100

 

 

11,938,725

 

 

1,000

 

Hlth., Hosp. & Nursing Home RB, Winchester Gardens Proj., Ser. A, 4.80%, 11/01/13

 

No Opt. Call

 

 

1,010,830

 

 

5,000

 

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT

 

11/10 @ 101

 

 

5,296,800

 

 

1,500

 

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 9.00%, 6/01/33, AMT

 

06/13 @ 101

 

 

1,810,245

 

 

 

 

Hlth. Care Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB,

 

 

 

 

 

 

 

2,110

 

Atlanticare Regl. Med. Ctr. Proj., 5.00%, 7/01/20

 

07/17 @ 100

 

 

2,168,552

 

 

4,000

 

Cap. Hlth. Sys., Inc. Proj., Ser. A, 5.75%, 7/01/23

 

07/13 @ 100

 

 

4,202,600

 

 

2,500

 

Hsg. & Mtg. Fin. Agcy., St. Sngl. Fam. Hsg. Local or Gtd. Hsg. RB, Ser. T, 4.55%, 10/01/22, AMT

 

04/17 @ 100

 

 

2,398,800

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 










 

 

 

New Jersey—(cont’d)

 

 

 

 

 

 

$

1,000

 

Middlesex Cnty. Impvt. Auth., Univ. & Coll. Impvts. RB, Student Hsg. Urban Renewal Proj., Ser. A, 5.00%, 8/15/23

 

08/14 @ 100

 

$

1,025,240

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

38,649,367

 

 

 

 

 

 

 

 



 

 

 

 

New York—8.5%

 

 

 

 

 

 

 

8,500

 

Energy Research & Dev. Auth., Natural Gas RB, Brooklyn Union Gas Co. Proj., Ser. A, 4.70%, 2/01/24, FGIC, AMT

 

02/16 @ 100

 

 

8,371,650

 

 

 

 

New York City Indl. Dev.Agcy., Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj.,

 

 

 

 

 

 

 

5,635

 

7.625%, 8/01/25, AMT

 

08/16 @ 101

 

 

6,632,677

 

 

5,000

 

7.75%, 8/01/31, AMT

 

08/16 @ 101

 

 

5,930,000

 

 

5,000

 

Tobacco Settlement Fing. Auth., Hsg. Tobacco Settlement Funded RB, Ser. B1-C, 5.50%, 6/01/20

 

06/13 @ 100

 

 

5,342,900

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

26,277,227

 

 

 

 

 

 

 

 



 

 

 

 

Ohio—4.9%

 

 

 

 

 

 

 

 

 

Cnty. of Cuyahoga, Hlth., Hosp. & Nursing Home RB, Cleveland Clinic Fndtn. Proj.,

 

 

 

 

 

 

 

3,000

 

6.00%, 1/01/19

 

07/13 @ 100

 

 

3,264,090

 

 

10,000

 

6.00%, 1/01/20

 

07/13 @ 100

 

 

10,880,300

 

 

1,100

 

Pinnacle Cmnty. Infrastructure Fing. Auth., Hsg. Misc. RB, Ser. A, 6.00%, 12/01/22

 

12/14 @ 101

 

 

1,147,916

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,292,306

 

 

 

 

 

 

 

 



 

 

 

 

Oklahoma—1.3%

 

 

 

 

 

 

 

3,350

 

Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT

 

No Opt. Call

 

 

3,897,156

 

 

 

 

 

 

 

 



 

 

 

 

Pennsylvania—6.2%

 

 

 

 

 

 

 

6,680

 

Higher Edl. Facs. Auth., Univ. & Coll. Impvts. RB, La Salle Univ. Proj., 5.50%, 5/01/26

 

05/13 @ 100

 

 

6,932,370

 

 

10,000

2

Lancaster Cnty. Hosp. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Lancaster Gen. Hosp. Proj., 5.75%, 9/15/13

 

N/A

 

 

10,949,900

 

 

1,275

 

Montgomery Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Whitemarsh Continuing Care Proj., 6.00%, 2/01/21

 

02/15 @ 100

 

 

1,331,725

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

19,213,995

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

28


BlackRock Municipal 2020 Term Trust (BKK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 










 

 

 

Puerto Rico—4.9%

 

 

 

 

 

 

$

3,300

 

Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.25%, 7/01/17

 

07/16 @ 100

 

$

3,489,090

 

 

10,900

2

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. NN, 5.125%, 7/01/13

 

N/A

 

 

11,584,738

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,073,828

 

 

 

 

 

 

 

 



 

 

 

 

Rhode Island—1.5%

 

 

 

 

 

 

 

4,500

2

Hlth. & Edl. Bldg. Corp., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.875%, 9/15/08

 

N/A

 

 

4,602,600

 

 

 

 

 

 

 

 



 

 

 

 

Tennessee—3.4%

 

 

 

 

 

 

 

10,000

 

Energy Acquisition Corp., Natural Gas Util. Impvts. RB, Ser. A, 5.25%, 9/01/20

 

No Opt. Call

 

 

10,646,300

 

 

 

 

 

 

 

 



 

 

 

 

Texas—6.0%

 

 

 

 

 

 

 

1,100

 

Brazos River Auth., Elec., Pwr. & Lt. RB, TXU Energy Co. LLC Proj., Ser. A, 6.75%, 4/01/38, AMT

 

No Opt. Call

 

 

1,180,652

 

 

3,500

 

Port Corpus Christi Indl. Dev. Corp., Indl. RB, Valero Energy Corp. Proj., Ser. C, 5.40%, 4/01/18

 

04/08 @ 102

 

 

3,603,915

 

 

 

 

Tpke. Auth., Hwy. Impvts. Tolls RB, Central Texas Tpke. Sys. Proj.,

 

 

 

 

 

 

 

7,990

 

Ser. A, Zero Coupon, 8/15/21, AMBAC

 

No Opt. Call

 

 

4,179,329

 

 

8,450

 

Ser. A, Zero Coupon, 8/15/24, AMBAC

 

No Opt. Call

 

 

3,787,797

 

 

 

 

Weatherford Indpt. Sch. Dist., Cap. Apprec. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

8,080

2

Zero Coupon, 2/15/11, PSF

 

N/A

 

 

3,410,528

 

 

2,905

 

Zero Coupon, 2/15/23, PSF

 

02/11 @ 50.236

 

 

1,234,334

 

 

2,905

 

Zero Coupon, 2/15/24, PSF

 

02/11 @ 47.435

 

 

1,165,515

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

18,562,070

 

 

 

 

 

 

 

 



 

 

 

 

Trust Territories—1.3%

 

 

 

 

 

 

 

4,000

3

San Manuel Entertainment Auth. RB, 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16

 

12/13 @ 102

 

 

3,930,560

 

 

 

 

 

 

 

 



 

 

 

 

U.S. Virgin Islands—0.3%

 

 

 

 

 

 

 

1,000

 

Pub. Fin. Auth., Swr. Impvts. Swr. RB, Sen. Lien Matching Fund Loan, Ser. A, 5.25%, 10/01/17

 

10/14 @ 100

 

 

1,048,000

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Virginia—7.6%

 

 

 

 

 

 

$

5,000

 

Celebrate North Cmnty. Dev. Auth., Wtr. Util. Impvts. SA, Ser. B, 6.60%, 3/01/25

 

03/14 @ 102

 

$

5,321,650

 

 

10,000

 

Charles City Cnty. Econ. Dev. Auth., Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., 5.125%, 8/01/27, AMT

 

07/07 @ 100

 

 

10,001,800

 

 

7,500

 

Mecklenburg Cnty. Indl. Dev. Auth., Elec., Pwr. & Lt. RB, Dominion Recs., Inc. Proj., 6.50%, 10/15/17, AMT

 

10/12 @ 100

 

 

8,278,875

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

23,602,325

 

 

 

 

 

 

 

 



 

 

 

 

Washington—2.7%

 

 

 

 

 

 

 

 

 

Washington,

 

 

 

 

 

 

 

4,630

 

Pub. Impvts. Sales Tax  GO, Ser. F, Zero Coupon, 12/01/21, MBIA

 

No Opt. Call

 

 

2,392,691

 

 

10,000

 

Recreational Fac. Impvts. GO, Ser. S-5, Zero Coupon, 1/01/19, FGIC

 

No Opt. Call

 

 

5,959,300

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

8,351,991

 

 

 

 

 

 

 

 



 

 

 

 

Wisconsin—2.0%

 

 

 

 

 

 

 

 

 

Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Wheaton Franciscan Svcs. Proj.,

 

 

 

 

 

 

 

2,880

 

5.50%, 8/15/17

 

08/13 @ 100

 

 

2,993,501

 

 

3,190

 

5.50%, 8/15/18

 

08/13 @ 100

 

 

3,308,859

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,302,360

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $459,009,325)

 

 

 

 

482,046,205

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

29



BlackRock Municipal 2020 Term Trust (BKK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

 

Value

 









 

 

 

SHORT-TERM INVESTMENTS—0.3%

 

 

 

 

 

 

 

 

 

Maryland—0.1%

 

 

 

 

 

 

 

200

4

Cnty. of Montgomery, Ad Valorem Ppty. Tax GO, 3.90%, 7/02/07, FRDD

 

 

 

$

200,000

 

 

 

 

 

 

 

 



 

 

 

 

North Carolina—0.2%

 

 

 

 

 

 

 

690

4

Med. Care Comm., Hlth., Hosp. & Nursing Home Impvts. RB, Adult Cmntys. Total Svcs. Proj., 3.92%, 7/02/07, RAA, FRDD

 

 

 

 

690,000

 

 

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments
(cost $890,000)

 

 

 

 

890,000

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—156.0%
(cost $459,899,3255)

 

 

 

$

482,936,205

 

 

 

 

Other assets in excess of liabilities—1.4%

 

 

 

 

4,232,226

 

 

 

 

Preferred shares at redemption value, including dividends payable—(57.4)%

 

 

 

 

(177,684,017

)

 

 

 

 

 

 

 



 

 

 

 

Net Assets Applicable to
Common Shareholders—100%

 

 

 

$

309,484,414

 

 

 

 

 

 

 

 



 

 

 


1

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

2

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

3

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2007, the Trust held 9.4% of its net assets, with a current market value of $29,005,106, in securities restricted as to resale.

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 June 30, 2007.

5

Cost for federal income tax purposes is $459,873,716. The net unrealized appreciation on a tax basis is $23,062,489, consisting of $23,697,814 gross unrealized appreciation and $635,325 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

ACA

American Capital Access

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

FGIC

Financial Guaranty Insurance Co.

FRDD

Floating Rate Daily Demand

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

PSF

Public School Fund Guaranteed

RAA

Radian Asset Assurance

RB

Revenue Bond

SA

Special Assessment

ST

Special Tax

TA

Tax Allocation

 

See Notes to Financial Statements.

30



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Strategic Municipal Trust (BSD)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 










 

 

 

LONG-TERM INVESTMENTS—154.6%

 

 

 

 

 

 

 

 

 

Alabama—10.8%

 

 

 

 

 

 

 

 

 

Birmingham Spl. Care Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Ascension Hlth. Proj.,

 

 

 

 

 

 

$

755

 

Ser. C-2, 5.00%, 11/15/36

 

11/16 @ 100

 

$

762,278

 

 

540

 

Ser. C-2, 5.00%, 11/15/39

 

11/16 @ 100

 

 

544,234

 

 

3,000

 

Courtland Indl. Dev. Brd., Rec. Recovery RB, Champion Intl. Corp. Proj., Ser. A, 6.70%, 11/01/29, AMT

 

11/09 @ 101

 

 

3,149,940

 

 

7,000

 

Pub. Sch. & Coll. Auth., Sch. Impvts. Misc. Tax RB, Ser. C, 5.75%, 7/01/18

 

07/09 @ 101.5

 

 

7,330,820

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

11,787,272

 

 

 

 

 

 

 

 



 

 

 

 

Arizona—0.8%

 

 

 

 

 

 

 

 

 

San Luis Fac. Dev. Corp., Correctional Fac. Impvts. Misc. RB, Regl. Detention Ctr. Proj.,

 

 

 

 

 

 

 

210

 

6.25%, 5/01/15

 

05/10 @ 107

 

 

210,584

 

 

210

 

7.00%, 5/01/20

 

05/10 @ 107

 

 

210,401

 

 

420

 

7.25%, 5/01/27

 

05/10 @ 107

 

 

423,108

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

844,093

 

 

 

 

 

 

 

 



 

 

 

 

California—14.0%

 

 

 

 

 

 

 

 

 

California,

 

 

 

 

 

 

 

1,950

 

Misc. Taxes GO, 5.00%, 6/01/32

 

06/17 @ 100

 

 

1,996,819

 

 

5,000

 

Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 3/01/33, CIFG

 

03/15 @ 100

 

 

5,137,500

 

 

 

 

Cnty. Tobacco Sec. Agcy., Tobacco Settlement Funded RB,

 

 

 

 

 

 

 

585

 

Ser. B, Zero Coupon, 6/01/46

 

06/16 @ 17.602

 

 

59,623

 

 

3,095

 

Ser. C, Zero Coupon, 6/01/55

 

06/16 @ 8.9

 

 

158,681

 

 

3,955

 

Stanislaus Cnty. Proj., Ser. D, Zero Coupon, 6/01/55

 

06/16 @ 6.219

 

 

134,866

 

 

950

 

Golden St. Tobacco Sec. Corp., Misc. RB, Ser. A-1, 5.125%, 6/01/47

 

06/17 @ 100

 

 

927,096

 

 

1,835

 

Univ. of California, Univ. & Coll. Impvts. RB, Ser. B, 4.75%, 5/15/38

 

05/13 @ 101

 

 

1,817,292

 

 

5,000

 

West Valley-Mission Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, 4.75%, 8/01/30, FSA

 

08/16 @ 100

 

 

5,040,200

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,272,077

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 










 

 

 

Colorado—3.2%

 

 

 

 

 

 

$

445

 

City of Colorado Springs, Mult. Util. Impvts. RB, Ser. C, 5.00%, 11/15/45, FSA

 

11/15 @ 100

 

$

455,680

 

 

10,000

 

Northwest Pkwy. Pub. Hwy. Auth., Hwy. Impvt. Tolls RB, Ser. B, Zero Coupon, 6/15/30, FSA

 

06/11 @ 31.387

 

 

2,615,300

 

 

440

 

Pk. Creek Met. Dist., Ppty. Tax Misc. RB, 5.50%, 12/01/37

 

12/15 @ 101

 

 

458,770

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

3,529,750

 

 

 

 

 

 

 

 



 

 

 

 

Connecticut—7.0%

 

 

 

 

 

 

 

 

 

Mashantucket Western Pequot Tribe,

 

 

 

 

 

 

 

1,500

2

Casino RB, Ser. A, 5.50%, 9/01/28

 

09/09 @ 101

 

 

1,530,165

 

 

6,000

2

Recreational RB, Ser. B, 5.75%, 9/01/27

 

09/07 @ 102

 

 

6,103,440

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

7,633,605

 

 

 

 

 

 

 

 



 

 

 

 

Florida—14.7%

 

 

 

 

 

 

 

1,720

 

Arborwood Cmnty. Dev. Dist., Pub. Impvts. SA, Master Infrastructure Proj., Ser. B,
5.10%, 5/01/14

 

No Opt. Call

 

 

1,697,451

 

 

5,265

 

Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA

 

10/16 @ 100

 

 

5,228,619

 

 

1,050

 

Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.00%, 6/01/38

 

06/16 @ 100

 

 

1,028,905

 

 

3,300

 

Hillsborough Cnty. Indl. Dev. Auth. RB, Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30, AMT

 

10/10 @ 101

 

 

3,550,569

 

 

715

 

Jacksonville Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baptist Med. Ctr. Proj., Ser. A, 5.00%, 8/15/37

 

08/17 @ 100

 

 

715,522

 

 

2,045

 

Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

2,272,731

 

 

1,625

 

Sumter Landing Cmnty. Dev. Dist., Retirement Facs. Misc. RB, Ser. B, 5.70%, 10/01/38

 

10/15 @ 100

 

 

1,644,029

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

16,137,826

 

 

 

 

 

 

 

 



 

 

 

 

Illinois—10.1%

 

 

 

 

 

 

 

850

2

Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23

 

No Opt. Call

 

 

867,034

 

See Notes to Financial Statements.

31


BlackRock Strategic Municipal Trust (BSD) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call Provisions1

 

Value

 










 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

$

1,415

 

Chicago Hsg. Auth., Local or Gtd. Hsg. RB, 5.00%, 7/01/24, FSA

 

07/16 @ 100

 

$

1,463,733

 

 

5,000

 

Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Northwestern Univ. Proj., 5.00%, 12/01/33

 

12/13 @ 100

 

 

5,123,900

 

 

 

 

Fin. Auth.,

 

 

 

 

 

 

 

295

 

Hlth., Hosp. & Nursing Home RB, Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37

 

02/15 @ 100

 

 

301,859

 

 

375

 

Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35

 

06/14 @ 100

 

 

377,917

 

 

300

 

Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. B, 5.375%, 6/01/35

 

06/14 @ 100

 

 

304,050

 

 

1,740

 

Mun. Elec. Agcy., Elec., Pwr. & Lt. RB, 4.50%, 2/01/35, FGIC

 

02/16 @ 100

 

 

1,650,372

 

 

1,000

 

Vlg. of Bolingbrook, Ad Valorem Ppty. Tax GO, Ser. A, 4.75%, 1/01/38, MBIA

 

01/15 @ 100

 

 

995,210

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

11,084,075

 

 

 

 

 

 

 

 



 

 

 

 

Indiana—1.2%

 

 

 

 

 

 

 

1,325

 

Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Pwr. Sply. Sys. Proj., Ser. A,
4.50%, 1/01/32, AMBAC

 

01/16 @ 100

 

 

1,273,617

 

 

 

 

 

 

 

 



 

 

 

 

Kentucky—6.9%

 

 

 

 

 

 

 

17,780

 

Econ. Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Norton Healthcare, Inc. Proj., Ser. B, Zero Coupon, 10/01/24, MBIA

 

No Opt. Call

 

 

7,570,191

 

 

 

 

 

 

 

 



 

 

 

 

Louisiana—3.6%

 

 

 

 

 

 

 

2,500

 

Louisiana, Hwy. Impvts. Sales Tax RB, Ser. A, 5.00%, 5/01/35, FGIC

 

05/15 @ 100

 

 

2,571,675

 

 

1,315

 

St. Tammany Parish Fin. Auth., Local Sngl. Fam. Hsg. RB, Ser. A, 5.25%, 12/01/39

 

12/16 @ 103

 

 

1,358,711

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

3,930,386

 

 

 

 

 

 

 

 



 

 

 

 

Maryland—2.2%

 

 

 

 

 

 

 

2,500

 

Cmnty. Dev. Admin., St. Sngl. Fam. Hsg. RB, Ser. A, 4.70%, 9/01/37, AMT

 

09/16 @ 100

 

 

2,359,150

 

 

 

 

 

 

 

 



 

 

 

 

Massachusetts—1.9%

 

 

 

 

 

 

 

1,980

 

Wtr. Recs. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41

 

08/16 @ 100

 

 

2,030,807

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 










 

 

 

Michigan—2.6%

 

 

 

 

 

 

 

 

 

Hosp. Fin. Auth.,

 

 

 

 

 

 

$

2,000

3

Hlth., Hosp. & Nursing Home Impvts. RB, Mercy Hlth. Svcs. Proj., 5.75%, 8/15/09, MBIA

 

N/A

 

$

2,093,160

 

 

730

 

Hlth., Hosp. & Nursing Home RB, Henry Ford Hlth. Sys. Proj., Ser. A, 5.25%, 11/15/46

 

11/16 @ 100

 

 

743,103

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,836,263

 

 

 

 

 

 

 

 



 

 

 

 

Missouri—6.2%

 

 

 

 

 

 

 

2,000

3

Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, St. Anthony’s Med. Ctr. Proj., 6.125%,12/01/10

 

N/A

 

 

2,151,400

 

 

2,250

 

Hsg. Dev. Comm., Local or Gtd. Hsg. RB, Ser. B1, 5.05%, 3/01/38, AMT

 

09/16 @ 103

 

 

2,274,840

 

 

2,385

 

Joint Mun. Elec. Util. Comm., Elec., Pwr. & Lt. Impvts. RB, Plum Point Proj.,
4.60%, 1/01/36, MBIA

 

01/16 @ 100

 

 

2,311,327

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,737,567

 

 

 

 

 

 

 

 



 

 

 

 

Multi-State—5.8%

 

 

 

 

 

 

 

2,000

2

Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50

 

11/10 @ 100

 

 

2,164,040

 

 

4,000

2

MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49

 

06/09 @ 100

 

 

4,167,160

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,331,200

 

 

 

 

 

 

 

 



 

 

 

 

Nebraska—1.1%

 

 

 

 

 

 

 

1,205

 

Omaha Pub. Pwr. Dist., Elec., Pwr. & Lt. Impvts.RB, Ser. A, 4.75%, 2/01/44

 

02/14 @ 100

 

 

1,186,443

 

 

 

 

 

 

 

 



 

 

 

 

Nevada—0.8%

 

 

 

 

 

 

 

905

 

Cnty. of Clark, Private Schs. RB, Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/29

 

05/16 @ 100

 

 

921,842

 

 

 

 

 

 

 

 



 

 

 

 

New Jersey—0.6%

 

 

 

 

 

 

 

645

 

Middlesex Cnty. Impvt. Auth., Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.25%, 1/01/37

 

01/15 @ 100

 

 

677,450

 

 

 

 

 

 

 

 



 

 

 

 

New York—8.6%

 

 

 

 

 

 

 

315

4

Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35

 

05/15 @ 102

 

 

286,322

 

See Notes to Financial Statements.

32


BlackRock Strategic Municipal Trust (BSD) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 










 

 

 

New York—(cont’d)

 

 

 

 

 

 

$

1,960

 

City of New York, Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. I-1, 5.00%, 4/01/25

 

04/16 @ 100

 

$

2,020,015

 

 

1,775

 

Liberty Dev. Corp., Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35

 

No Opt. Call

 

 

1,923,763

 

 

4,395

 

New York City Indl. Dev. Agcy., Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT

 

08/16 @ 101

 

 

5,212,470

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

9,442,570

 

 

 

 

 

 

 

 



 

 

 

 

North Carolina—1.7%

 

 

 

 

 

 

 

1,825

 

Med. Care Comm., Hlth., Hosp. & Nursing Home RB, Novant Hlth., Inc. Proj., 5.00%, 11/01/39

 

11/16 @ 100

 

 

1,847,977

 

 

 

 

 

 

 

 



 

 

 

 

Ohio—5.7%

 

 

 

 

 

 

 

6,265

 

Air Qual. Dev. Auth., Rec. Recovery RB, Dayton Pwr. & Lt. Co. Proj., 4.80%, 1/01/34, FGIC

 

07/15 @ 100

 

 

6,274,084

 

 

 

 

 

 

 

 



 

 

 

 

Oklahoma—2.1%

 

 

 

 

 

 

 

905

 

Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB, St. John Hlth. Sys., Inc. Proj.,
5.00%, 2/15/42

 

02/17 @ 100

 

 

909,073

 

 

1,225

 

Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A,
7.75%, 6/01/35, AMT

 

No Opt. Call

 

 

1,425,079

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,334,152

 

 

 

 

 

 

 

 



 

 

 

 

Pennsylvania—7.4%

 

 

 

 

 

 

 

 

 

Econ. Dev. Fing. Auth.,

 

 

 

 

 

 

 

2,745

 

Elec., Pwr. & Lt. Impvts. RB, Reliant Energy, Inc. Proj., Ser. A, 6.75%, 12/01/36, AMT

 

06/11 @ 103

 

 

3,017,112

 

 

1,000

 

Rec. Recovery Impvts. RB, Colver Proj., Ser. G, 5.125%, 12/01/15, AMT

 

No Opt. Call

 

 

1,006,420

 

 

700

 

Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.125%, 11/01/21, AMT

 

05/11 @ 101

 

 

738,955

 

 

1,000

 

Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.25%, 11/01/31, AMT

 

05/11 @ 101

 

 

1,054,950

 

 

1,000

 

Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.50%, 11/01/16, AMT

 

05/11 @ 101

 

 

1,068,300

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 










 

 

 

Pennsylvania—(cont’d)

 

 

 

 

 

 

$

420

 

Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.60%, 10/01/27, AMT

 

10/16 @ 100

 

$

397,908

 

 

720

 

Washington Cnty. Auth., Misc. RB, Cap. Fdg. & Equip. Proj., 6.15%, 12/01/29, AMBAC

 

No Opt. Call

 

 

773,057

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

8,056,702

 

 

 

 

 

 

 

 



 

 

 

 

Puerto Rico—2.5%

 

 

 

 

 

 

 

1,225

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. UU, 5.00%, 7/01/22, FSA

 

07/17 @ 100

 

 

1,293,110

 

 

1,355

 

Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/34

 

No Opt. Call

 

 

1,488,169

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,781,279

 

 

 

 

 

 

 

 



 

 

 

 

South Carolina—3.5%

 

 

 

 

 

 

 

910

 

Hlth. & Edl. Fac. Auth., Hlth., Hosp. & Nursing Home RB, Sanford Hlth. Proj.,
5.00%, 11/01/40

 

05/17 @ 100

 

 

916,762

 

 

2,500

3

Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Proj., Ser. C,
7.00%, 8/01/13

 

N/A

 

 

2,883,407

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

3,800,169

 

 

 

 

 

 

 

 



 

 

 

 

Tennessee—3.5%

 

 

 

 

 

 

 

2,000

 

Memphis-Shelby Cnty. Arpt. Auth., Port, Arpt. & Marina Impvts. RB, Ser. D,
6.00%, 3/01/24, AMBAC, AMT

 

03/10 @ 101

 

 

2,100,600

 

 

1,750

 

Shelby Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home Impvts. RB, St. Jude Children’s Research Hosp. Proj., 5.00%, 7/01/31

 

07/16 @ 100

 

 

1,779,190

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

3,879,790

 

 

 

 

 

 

 

 



 

 

 

 

Texas—14.2%

 

 

 

 

 

 

 

575

 

Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT

 

04/16 @ 100

 

 

567,410

 

 

4,750

 

Harris Cnty.-Houston Sports Auth., Hotel Occupancy Tax RB, Ser. A, Zero Coupon, 11/15/38, MBIA

 

11/30 @ 61.166

 

 

903,355

 

 

4,060

 

La Joya Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 2/15/34, PSF

 

02/14 @ 100

 

 

4,142,337

 

 

1,500

 

Lower Colorado River Auth., Misc. RB, Ser. A, 5.50%, 5/15/21, AMBAC

 

05/09 @ 101

 

 

1,554,990

 

 

295

 

Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO,
4.75%, 3/01/30, MBIA

 

03/14 @ 100

 

 

292,153

 

See Notes to Financial Statements.

33


BlackRock Strategic Municipal Trust (BSD) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 










 

 

 

Texas—(cont’d)

 

 

 

 

 

 

$

1,000

 

Pearland, Ad Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC

 

03/16 @ 100

 

$

999,940

 

 

1,095

 

San Antonio Energy Acquisition Pub. Fac. Corp., Natural Gas Util. Impvts. RB, 5.50%, 8/01/24

 

No Opt. Call

 

 

1,194,371

 

 

500

 

Texas, Wtr. Util. Impvts. GO, Wtr. Fin. Asst. Proj., 5.75%, 8/01/22

 

08/10 @ 100

 

 

523,540

 

 

 

 

Tpke. Auth.,

 

 

 

 

 

1,450

 

Hwy. Impvts. Tolls Impvts. RB, Ser. A, 5.00%, 8/15/42, AMBAC

 

08/12 @ 100

 

 

1,472,577

 

 

15,000

 

Hwy. Impvts. Tolls RB, Zero Coupon, 8/15/31, AMBAC

 

08/12 @ 32.807

 

 

3,866,250

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,516,923

 

 

 

 

 

 

 

 



 

 

 

 

Utah—2.5%

 

 

 

 

 

 

 

2,675

 

Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB, 5.75%, 7/01/19, MBIA

 

07/07 @ 102

 

 

2,732,539

 

 

 

 

 

 

 

 



 

 

 

 

Virginia—2.0%

 

 

 

 

 

 

 

1,000

 

Henrico Cnty. Econ. Dev. Auth., Econ. Dev. RB, Westminster-Canterbury Mgmt. Proj.,
5.00%, 10/01/27

 

10/11 @ 103

 

 

996,140

 

 

1,270

 

Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB, Ser. B1, 5.00%, 6/01/47

 

06/17 @ 100

 

 

1,213,041

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,209,181

 

 

 

 

 

 

 

 



 

 

 

 

Washington—1.9%

 

 

 

 

 

 

 

620

 

Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA

 

01/16 @ 100

 

 

637,292

 

 

1,520

 

Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj., Ser. A, 4.625%, 10/01/34, FGIC

 

10/16 @ 100

 

 

1,464,033

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,101,325

 

 

 

 

 

 

 

 



 

 

 

 

Wisconsin—5.5%

 

 

 

 

 

 

 

 

 

Hlth. & Edl. Facs. Auth.,

 

 

 

 

 

 

 

4,665

 

Hlth., Hosp. & Nursing Home Impvts. RB, Ascension Hlth. Proj., 5.00%, 11/15/31

 

11/16 @ 100

 

 

4,716,968

 

 

1,375

 

Hlth., Hosp. & Nursing Home RB, Franciscan Sisters Healthcare Proj., 5.00%, 9/01/26

 

09/17 @ 100

 

 

1,358,211

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,075,179

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $163,215,541)

 

 

 

 

169,195,484

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

 

Value

 










 

 

 

MONEY MARKET FUND—1.3%

 

 

 

 

 

 

 

1,400

5,6

Merrill Lynch Institutional Tax Exempt Fund, 3.59%
(cost $1,400,000)

 

 

 

$

1,400,000

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—155.9%
(cost $164,615,5417)

 

 

 

$

170,595,484

 

 

 

 

Other assets in excess of liabilities—0.8%

 

 

 

 

865,626

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.7)%

 

 

 

 

(62,019,619

)

 

 

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

109,441,491

 

 

 

 

 

 

 

 



 


 

 


1

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

2

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2007, the Trust held 13.6% of its net assets, with a current market value of $14,831,839, in securities restricted as to resale.

3

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

4

Illiquid security. As of June 30, 2007, the Trust held 0.3% of its net assets, with a current market value of $286,322, in these securities.

5

Represents an investment in an affiliate.

6

Represents current yield as of June 30, 2007.

7

Cost for federal income tax purposes is $164,590,966. The net unrealized appreciation on a tax basis is $6,004,518, consisting of $7,163,692 gross unrealized appreciation and $1,159,174 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

CIFG

CDC IXIS Financial Guaranty

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

PSF

Public School Fund Guaranteed

RB

Revenue Bond

SA

Special Assessment

TA

Tax Allocation

XLCA

XL Capital Assurance

 

See Notes to Financial Statements.

34



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock California Insured Municipal 2008 Term Trust (BFC)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—87.1%

 

 

 

 

 

 

 

 

 

California—77.2%

 

 

 

 

 

 

$

1,060

 

Anaheim Union High Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO,
Ser. A, 3.50%, 8/01/08, FSA

 

No Opt. Call

 

$

1,058,739

 

 

 

 

California,

 

 

 

 

 

 

 

3,000

 

Pub. Impvts. GO, 5.50%, 2/01/10, MBIA

 

No Opt. Call

 

 

3,127,380

 

 

15,000

 

Pub. Impvts. Misc. GO, 6.30%, 9/01/08, MBIA

 

No Opt. Call

 

 

15,447,600

 

 

2,000

 

Recreational Fac. Impvts. Ad Valorem Ppty. Tax GO, 6.25%, 9/01/08, FGIC

 

No Opt. Call

 

 

2,058,560

 

 

3,000

 

Sch. Impvts. Misc. GO, 5.50%, 4/01/09, MBIA

 

No Opt. Call

 

 

3,092,850

 

 

2,600

 

Castaic Lake Wtr. Agcy., Non-Terminable Lease COP, Wtr. Sys. Impvt. Proj.,
Ser. A, 7.25%, 8/01/10, MBIA

 

No Opt. Call

 

 

2,847,702

 

 

1,000

 

City of Chula Vista, Pub. Impvts. Lease Abatement COP, Police Fac. Proj.,
4.00%, 8/01/08, MBIA

 

No Opt. Call

 

 

1,003,150

 

 

5,500

2

Clovis Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, Zero Coupon, 8/01/08, FGIC

 

ETM

 

 

5,279,505

 

 

2,635

 

Cnty. of Alameda, Lease Approp. COP, Ser. A, 3.80%, 12/01/08, MBIA

 

No Opt. Call

 

 

2,638,294

 

 

11,000

 

Cnty. of San Diego, Lease Abatement COP, 5.625%, 9/01/12, AMBAC

 

No Opt. Call

 

 

11,414,810

 

 

7,500

 

Dept. of Wtr. Recs., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, Ser. A, 3.125%, 5/01/08, FSA

 

No Opt. Call

 

 

7,468,350

 

 

1,855

 

El Paso de Robles, Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon, 8/01/09, FGIC

 

No Opt. Call

 

 

1,711,219

 

 

4,025

 

Elsinore Valley Mun. Wtr. Dist., Non-Terminable Lease COP, Ser. A, 6.00%, 7/01/09, FGIC

 

No Opt. Call

 

 

4,148,487

 

 

2,000

 

Hlth. Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Sutter Hlth. Care Sys. Proj.,
5.70%, 8/15/09, MBIA

 

07/07 @ 102

 

 

2,042,820

 

 

1,245

 

Long Beach Bd. Fin. Auth., Cash Flow Mgmt. TA, Redev. Proj., 3.50%, 8/01/08, AMBAC

 

No Opt. Call

 

 

1,242,336

 

 

 

 

Los Angeles Cnty. Cap. Asset Leasing Corp., Lease Abatement RB,

 

 

 

 

 

 

 

2,910

 

3.80%, 12/01/07, AMBAC

 

No Opt. Call

 

 

2,936,452

 

 

8,090

 

3.85%, 12/01/08, AMBAC

 

No Opt. Call

 

 

8,341,033

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

California—(cont’d)

 

 

 

 

 

 

$

8,600

 

4.05%, 12/01/09, AMBAC

 

No Opt. Call

 

$

9,046,512

 

 

4,405

 

Los Angeles Cnty. Met. Transp. Auth., Spl. Assmt. RB, Spl. Benefit Assmt. Dist. A1 Proj., 3.75%, 9/01/08, AMBAC

 

No Opt. Call

 

 

4,407,335

 

 

2,660

2

Los Angeles Unified Sch. Dist., Sch. Impvts. Lease Abatement COP,
Ser. B, 3.00%, 10/01/08, FSA

 

ETM

 

 

2,627,974

 

 

1,000

 

Mount Diablo Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 3.50%, 8/01/08, FSA

 

No Opt. Call

 

 

998,810

 

 

1,000

 

Orange Cnty. Local Transp. Auth., Misc. Sales Tax RB, 6.00%, 2/15/09, MBIA

 

No Opt. Call

 

 

1,036,120

 

 

2,495

2

Pasadena Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO,
Ser. C, 3.50%, 11/01/08, FSA

 

ETM

 

 

2,486,292

 

 

2,100

 

Pub. Wks. Brd., Elec., Pwr. & Lt. Impvts. Misc. RB, Energy Efficiency Proj.,
Ser. A, 5.625%, 10/01/08, AMBAC

 

07/07 @ 101

 

 

2,109,849

 

 

3,345

 

Sacramento City Fing. Auth., Pub. Impvts. Lease Abatement RB, City Hall & Redev. Projs., Ser. A, 3.50%, 12/01/08, FSA

 

No Opt. Call

 

 

3,332,389

 

 

 

 

Sacramento Mun. Util. Dist.,

 

 

 

 

 

 

 

3,750

2

Elec., Pwr. & Lt. RB, Ser. C, 5.75%, 11/15/08, FGIC

 

ETM

 

 

3,781,462

 

 

2,950

2

Elec., Pwr. & Lt. RB, Ser. C, 5.75%, 11/15/09, MBIA

 

ETM

 

 

2,954,690

 

 

825

2

Swr. RB, Ser. C, 5.75%, 11/15/07, MBIA

 

ETM

 

 

830,511

 

 

3,855

2

San Bernardino Cnty. Transp. Auth., Hwy. Impvts. Sales Tax RB, 6.00%, 3/01/10, FGIC

 

ETM

 

 

3,970,688

 

 

 

 

San Diego Cnty. Regl. Transp. Comm., Hwy. Impvts. Sales Tax RB,

 

 

 

 

 

 

 

1,285

2

Ser. A, 6.00%, 4/01/08, FGIC

 

ETM

 

 

1,302,309

 

 

4,030

2

Ser. A, 6.00%, 4/01/08, MBIA

 

ETM

 

 

4,084,284

 

 

1,000

 

San Mateo Cnty. Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 3.30%, 9/01/08, FGIC

 

No Opt. Call

 

 

996,440

 

 

 

 

Santa Ana Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

1,000

 

Ser. B, Zero Coupon, 8/01/08, FGIC

 

No Opt. Call

 

 

959,910

 

 

2,000

 

Ser. B, Zero Coupon, 8/01/09, FGIC

 

No Opt. Call

 

 

1,844,980

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

122,629,842

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

35



BlackRock California Insured Municipal 2008 Term Trust (BFC) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

Puerto Rico—9.9%

 

 

 

 

 

 

 

 

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB,

 

 

 

 

 

 

$

5,280

 

Ser. DD, 5.00%, 7/01/09, FSA

 

07/08 @ 101.5

 

$

5,400,226

 

 

6,000

 

Ser. DD, 5.00%, 7/01/10, FSA

 

07/08 @ 101.5

 

 

6,158,820

 

 

4,000

 

Mun. Fin. Agcy., Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, Ser. A, 5.625%, 8/01/10, FSA

 

08/09 @ 101

 

 

4,181,280

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,740,326

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $135,608,766)

 

 

 

 

138,370,168

 

 

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—12.1%

 

 

 

 

 

 

 

 

 

California—12.1%

 

 

 

 

 

 

 

6,000

3

City of Los Angeles, Wstwtr. Sys. RB, Ser. B, 3.69%, 7/05/07, FGIC, FRWD

 

N/A

 

 

6,000,000

 

 

2,875

3

Orange Cnty. San. Dist., Lease COP, 3.71%, 7/02/07, AMBAC, FRDD

 

N/A

 

 

2,875,000

 

 

5,055

3

Orange Cnty. Transp. Auth., Trans. RB, 91 Express Lanes Proj.,
Ser. B-1, 3.63%, 7/05/07, AMBAC, FRWD

 

N/A

 

 

5,055,000

 

 

5,350

3

Pittsburg Redev. Agcy., Econ. Impvts. TA, Los Medanos Cmnty. Proj.,
Ser. A, 3.88%, 7/02/07, AMBAC, FRDD

 

N/A

 

 

5,350,000

 

 

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments
(cost $19,280,000)

 

 

 

 

19,280,000

 

 

 

 

 

 

 

 



 

Total Investments—99.2% (cost $154,888,7664)

 

 

 

$

157,650,168

 

Other assets in excess of liabilities—0.8%

 

 

 

 

1,220,076

 

 

 

 

 

 

 

 



 

Net Assets—100%

 

 

 

$

158,870,244

 

 

 

 

 

 

 

 



 


 

 


1

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

2

Security is collateralized by Municipal or U.S. Treasury obligations.

3

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 June 30, 2007.

4

Cost for federal income tax purposes is $154,080,827. The net unrealized appreciation on a tax basis is $3,569,341, consisting of $3,692,914 gross unrealized appreciation and $123,573 gross unrealized depreciation.

 


The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 100.0% of the Trust’s net assets.


 

 

 

AMBAC

33.3%

FGIC

20.3%

FSA

21.4%

MBIA

25.0%


 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

COP

Certificate of Participation

ETM

Escrowed to Maturity

FGIC

Financial Guaranty Insurance Co.

FRDD

Floating Rate Daily Demand

FRWD

Floating Rate Weekly Demand

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RB

Revenue Bond

TA

Tax Allocation

 

See Notes to Financial Statements.

36



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock California Insured Municipal 2018 Term Trust (BJZ)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—149.2%

 

 

 

 

 

 

 

 

 

California—117.7%

 

 

 

 

 

 

$

2,100

 

ABAG Fin. Auth. for Nonprofit Corps., Hlth., Hosp. & Nursing Home RB, San Diego Hosp. Assoc. Proj., Ser. C, 5.375%, 3/01/21

 

03/14 @ 100

 

$

2,166,276

 

 

 

 

California GO,

 

 

 

 

 

 

 

4,740

2

5.00%, 11/01/11

 

N/A

 

 

4,953,727

 

 

260

 

5.00%, 11/01/20

 

11/11 @ 100

 

 

267,119

 

 

6,500

 

Ser. BZ, 5.35%, 12/01/21, MBIA, AMT

 

07/07 @ 101

 

 

6,516,250

 

 

5,000

 

City of Long Beach, Port, Arpt. & Marina RB, Ser. A, 5.25%, 5/15/18, FGIC, AMT

 

05/10 @ 101

 

 

5,146,900

 

 

7,500

 

Clovis Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon, 8/01/21, FGIC

 

No Opt. Call

 

 

3,935,475

 

 

 

 

Cnty. of San Bernardino, Pub. Impvts. ST, Cmnty. Facs. Dist. No. 2002-1 Proj.,

 

 

 

 

 

 

 

105

 

5.35%, 9/01/17

 

09/12 @ 102

 

 

108,167

 

 

245

 

5.50%, 9/01/18

 

09/12 @ 102

 

 

254,082

 

 

500

 

5.60%, 9/01/19

 

09/12 @ 102

 

 

521,465

 

 

355

 

5.70%, 9/01/20

 

09/12 @ 102

 

 

371,451

 

 

2,980

 

Cnty. of San Diego, Lease Abatement COP, 5.25%, 11/01/19, AMBAC

 

11/11 @ 100

 

 

3,114,785

 

 

6,500

2

Dept. of Wtr. Recs., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, Ser. A, 5.125%, 5/01/12

 

N/A

 

 

6,904,560

 

 

3,395

 

Fontana Pub. Fin. Auth., Incrmt. TA, Fontana Redev. Proj., Ser. A, 5.25%, 9/01/18, FSA

 

09/11 @ 101

 

 

3,571,879

 

 

20,000

 

Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB, Cap. Apprec. Proj., Zero Coupon, 1/15/21

 

01/10 @ 53.346

 

 

9,348,600

 

 

 

 

Hlth. Facs. Fing. Auth., Hlth., Hosp. & Nusing Home RB, Adventist Hlth. Sys. Proj.,

 

 

 

 

 

 

 

1,075

 

Ser. A, 5.00%, 3/01/18

 

03/13 @ 100

 

 

1,092,963

 

 

1,000

 

Ser. A, 5.00%, 3/01/19

 

03/13 @ 100

 

 

1,014,220

 

 

2,060

 

Ser. A, 5.00%, 3/01/20

 

03/13 @ 100

 

 

2,084,184

 

 

1,355

 

Ser. A, 5.00%, 3/01/24

 

03/13 @ 100

 

 

1,364,214

 

 

 

 

Infrastructure & Econ. Dev. Bank, Hlth., Hosp. & Nursing Home Impvts. RB,

 

 

 

 

 

 

 

1,985

 

J. David Gladstone Proj., 5.50%, 10/01/20

 

10/11 @ 101

 

 

2,079,685

 

 

6,500

 

Kaiser Asst. Corp. Proj., Ser. A, 5.55%, 8/01/31

 

08/11 @ 102

 

 

6,768,385

 

 

 

 

Lathrop Fing. Auth., Wtr. Util. Impvts. Wtr. RB, Wtr. Sply. Proj.,

 

 

 

 

 

 

 

995

 

5.80%, 6/01/21

 

06/13 @ 100

 

 

1,035,845

 

 

1,040

 

5.85%, 6/01/22

 

06/13 @ 100

 

 

1,084,242

 

 

1,000

 

5.90%, 6/01/23

 

06/13 @ 100

 

 

1,043,000

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

California—(cont’d)

 

 

 

 

 

 

$

5,000

2

Los Angeles Cnty. Pub. Wks. Fing. Auth., Recreational Fac. Impvts. Misc. RB, Regl. Pk. Proj., Ser. A, 5.00%, 10/01/07

 

N/A

 

$

5,065,650

 

 

10,025

 

Los Angeles Harbor Dept., Port, Arpt. & Marina RB, Ser. B, 5.50%, 8/01/21, AMBAC, AMT

 

08/11 @ 100

 

 

10,475,122

 

 

 

 

Poll. Ctrl. Fing. Auth.,

 

 

 

 

 

 

 

3,100

 

Indl. RB, San Diego Gas & Elec. Co. Proj., Ser. A, 5.90%, 6/01/14

 

No Opt. Call

 

 

3,365,143

 

 

2,500

 

Rec. Recovery Impvts. RB, Republic Svcs., Inc. Proj., Ser. B, 5.25%, 6/01/23, AMT

 

No Opt. Call

 

 

2,593,400

 

 

2,500

 

Rec. Recovery RB, Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23, AMT

 

No Opt. Call

 

 

2,593,400

 

 

4,000

 

Sld. Wst. Disp. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.125%, 7/01/31, AMT

 

05/14 @ 100

 

 

4,094,840

 

 

 

 

Pub. Wks. Brd., Lease Abatement RB,

 

 

 

 

 

 

 

2,020

 

California Cmnty. Coll. Proj., Ser. A, 5.00%, 12/01/17

 

12/08 @ 101

 

 

2,058,299

 

 

2,415

 

California St. Univ. Proj., Ser. A, 5.00%, 10/01/17

 

10/08 @ 101

 

 

2,453,737

 

 

5,000

 

Riverside Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A,
5.25%, 2/01/23, FGIC

 

02/12 @ 101

 

 

5,258,900

 

 

2,135

2

Santa Clara Valley Transp. Auth., Trans. Impvts. Sales Tax RB, Ser. A, 5.00%, 6/01/11, MBIA

 

N/A

 

 

2,223,538

 

 

5,000

 

Statewide Cmntys. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Daughters of Charity Proj., Ser. A, 5.25%, 7/01/24

 

07/15 @ 100

 

 

5,098,150

 

 

4,590

 

Stockton-East Wtr. Dist., Lease COP, Ser. B, Zero Coupon, 4/01/19, FGIC

 

04/12 @ 66.427

 

 

2,467,446

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

112,495,099

 

 

 

 

 

 

 

 



 

 

 

 

Multi-State—9.8%

 

 

 

 

 

 

 

4,000

3

Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49

 

06/09 @ 100

 

 

4,150,080

 

 

5,000

3

MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49

 

06/09 @ 100

 

 

5,208,950

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

9,359,030

 

 

 

 

 

 

 

 



 

 

 

 

Puerto Rico—14.5%

 

 

 

 

 

 

 

1,035

 

Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.25%, 7/01/17

 

07/16 @ 100

 

 

1,094,305

 

 

4,410

 

Pub. Bldgs. Auth., Lease RB, Gov’t. Facs. Proj., Ser. C, 5.75%, 7/01/19

 

No Opt. Call

 

 

4,873,844

 

See Notes to Financial Statements.

37



BlackRock California Insured Municipal 2018 Term Trust (BJZ) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

Puerto Rico—(cont’d)

 

 

 

 

 

 

$

7,500

2

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.70%, 2/01/10

 

N/A

 

$

7,824,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

13,792,149

 

 

 

 

 

 

 

 



 

 

 

 

Trust Territories—4.1%

 

 

 

 

 

 

 

4,000

3

San Manuel Entertainment Auth. RB, 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16

 

12/13 @ 102

 

 

3,930,560

 

 

 

 

 

 

 

 



 

 

 

 

U.S. Virgin Islands—3.1%

 

 

 

 

 

 

 

 

 

Pub. Fin. Auth., Swr. Impvts. Swr. RB, Sen. Lien Matching Fund Loan,

 

 

 

 

 

 

 

360

 

Ser. A, 5.25%, 10/01/17

 

10/14 @ 100

 

 

377,280

 

 

455

 

Ser. A, 5.25%, 10/01/19

 

10/14 @ 100

 

 

475,607

 

 

460

 

Ser. A, 5.25%, 10/01/21

 

10/14 @ 100

 

 

478,810

 

 

315

 

Ser. A, 5.25%, 10/01/22

 

10/14 @ 100

 

 

328,671

 

 

960

 

Ser. A, 5.25%, 10/01/23

 

10/14 @ 100

 

 

1,001,059

 

 

300

 

Ser. A, 5.25%, 10/01/24

 

10/14 @ 100

 

 

312,456

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,973,883

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $139,150,685)

 

 

 

 

142,550,721

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—7.5%

 

 

 

 

 

 

 

7,163

4,5

CMA California Mun. Money Fund, 3.18% (cost $7,163,060)

 

N/A

 

 

7,163,060

 

 

 

 

 

 

 

 



 

Total Investments—156.7% (cost $146,313,7456)

 

 

 

$

149,713,781

 

Other assets in excess of liabilities—1.4%

 

 

 

 

1,391,079

 

Preferred shares at redemption value, including dividends payable—(58.1)%

 

 

 

 

(55,549,336

)

 

 

 

 

 

 

 



 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

95,555,524

 

 

 

 

 



 


 

 


1

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

2

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

3

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2007, the Trust held 13.9% of its net assets, with a current market value of $13,289,590, in securities restricted as to resale.

4

Represents an investment in an affiliate.

5

Represents current yield as of June 30, 2007.

6

Cost for federal income tax purposes is $146,311,362. The net unrealized appreciation on a tax basis is $3,402,419, consisting of $3,775,713 gross unrealized appreciation and $373,294 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

COP

Certificate of Participation

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RB

Revenue Bond

ST

Special Tax

TA

Tax Allocation

 

See Notes to Financial Statements.

38


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—81.3%

 

 

 

 

 

 

 

 

 

Florida—80.1%

 

 

 

 

 

 

$

1,500

 

Alachua Cnty. Sch. Dist., Ad Valorem Ppty. Tax GO, 4.25%, 1/01/09, FSA

 

No Opt. Call

 

$

1,509,345

 

 

4,190

 

Brd. of Ed., Sch. Impvts. Misc. RB, Ser. A, 5.00%, 7/01/08, FGIC

 

No Opt. Call

 

 

4,242,040

 

 

 

 

City of Jacksonville,

 

 

 

 

 

 

 

2,000

 

Pub. Impvts. Sales Tax RB, 4.10%, 10/01/08, AMBAC

 

No Opt. Call

 

 

2,008,160

 

 

1,155

 

Sales Tax RB, 3.125%, 10/01/08, FGIC

 

No Opt. Call

 

 

1,143,600

 

 

5,895

 

Sales Tax RB, 4.25%, 10/01/08, AMBAC

 

No Opt. Call

 

 

5,929,840

 

 

2,000

 

City of Lakeland, Elec., Pwr. & Lt. RB, 5.90%, 10/01/08, FSA

 

No Opt. Call

 

 

2,051,240

 

 

 

 

City of Orlando, Swr. RB,

 

 

 

 

 

 

 

1,100

 

Ser. A, 3.25%, 10/01/08, AMBAC

 

No Opt. Call

 

 

1,091,541

 

 

1,280

 

Ser. A, 3.50%, 10/01/09, AMBAC

 

No Opt. Call

 

 

1,269,542

 

 

10,000

 

Cnty. of Hillsborough, Wtr. RB, 4.50%, 8/01/08, AMBAC

 

No Opt. Call

 

 

10,078,700

 

 

 

 

Cnty. of Miami-Dade,

 

 

 

 

 

 

 

5,000

 

Misc. Taxes RB, Ser. A, Zero Coupon, 2/01/08, MBIA

 

07/07 @ 100.592

 

 

4,878,800

 

 

905

2

Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/08, AMBAC

 

ETM

 

 

863,225

 

 

1,095

 

Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/08, AMBAC

 

No Opt. Call

 

 

1,043,809

 

 

1,535

 

Pub. Svc. Tax Pub. Impvt. RB, 3.40%, 4/01/08, AMBAC

 

No Opt. Call

 

 

1,530,518

 

 

 

 

Cnty. of Orange,

 

 

 

 

 

 

 

5,130

 

Misc. Taxes RB, Ser. A, 4.00%, 10/01/08, AMBAC

 

No Opt. Call

 

 

5,145,954

 

 

1,005

2

Sales Tax RB, Ser. A, 5.85%, 10/01/08, MBIA

 

ETM

 

 

1,030,457

 

 

495

 

Sales Tax RB, Ser. A, 5.85%, 10/01/08, MBIA

 

No Opt. Call

 

 

507,538

 

 

 

 

Cnty. of Osceola,

 

 

 

 

 

 

 

640

 

Fuel Sales Tax RB, 3.10%, 4/01/08, FGIC

 

No Opt. Call

 

 

635,891

 

 

1,810

2

Trans. Impvts. Sales Tax RB, 3.75%, 10/01/08, AMBAC

 

ETM

 

 

1,808,606

 

 

2,000

 

Cnty. of Seminole, Wtr. RB, 6.00%, 10/01/09, MBIA

 

No Opt. Call

 

 

2,069,960

 

 

5,905

 

Dept. of Env. Protection, Recreational Fac. Impvts. Sales Tax RB, Ser. B, 4.00%, 7/01/08, FGIC

 

No Opt. Call

 

 

5,919,408

 

 

 

 

Div. of Bd. Fin.,

 

 

 

 

 

 

 

8,000

 

Recreational Fac. Impvts. Misc. Taxes RB, Dept. of Env. Presvtn. Proj., Ser. B,
5.25%, 7/01/10, FSA

 

07/08 @ 101

 

 

8,188,000

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Florida—(cont’d)

 

 

 

 

 

 

$

2,000

 

Recreational Fac. Impvts. Sales Tax RB, Nat. Res. & Presvtn. Proj., Ser. A,
5.00%, 7/01/11, AMBAC

 

07/07 @ 101

 

$

2,021,740

 

 

1,095

 

Escambia Cnty. Utils. Auth., Mult. Util. RB, Ser. B, 6.125%, 1/01/09, FGIC

 

No Opt. Call

 

 

1,118,280

 

 

6,000

 

Greater Orlando Aviation Auth., Port, Arpt. & Marina RB, Orlando Arpt. Facs. Proj., Ser. C, 3.50%, 10/01/08, MBIA

 

No Opt. Call

 

 

5,973,540

 

 

3,000

 

Hillsborough Cnty. Sch. Brd., Sales Tax RB, 4.00%, 10/01/09, AMBAC

 

No Opt. Call

 

 

3,010,140

 

 

950

 

Indian River Cnty. Sch. Dist., Ad Valorem Ppty. Tax GO, 3.25%, 4/01/08, FSA

 

No Opt. Call

 

 

945,763

 

 

3,000

 

Lee Cnty., Port, Arpt. & Marina RB, 4.25%, 10/01/09, FSA

 

 

 

 

 

 

 

 

 

Miami, Ad Valorem Ppty. Tax GO,

 

No Opt. Call

 

 

3,021,030

 

 

1,345

 

5.90%, 12/01/08, FGIC

 

No Opt. Call

 

 

1,384,583

 

 

1,000

 

6.00%, 12/01/09, FGIC

 

No Opt. Call

 

 

1,049,070

 

 

2,000

2

Miami-Dade Cnty. Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Univ. of Miami Proj., Ser. A, 4.875%, 4/01/09, AMBAC

 

ETM

 

 

2,033,000

 

 

4,775

 

Miami-Dade Cnty. Sch. Brd., Lease Approp. COP, 5.25%, 8/01/11, FSA

 

08/08 @ 101

 

 

4,891,271

 

 

1,090

 

Mun. Loan Council, Pub. Impvts. Misc. RB, Ser. C, 3.50%, 11/01/08, MBIA

 

No Opt. Call

 

 

1,085,553

 

 

4,935

 

Pasco Cnty., Rec. Recovery RB, 6.00%, 4/01/09, FGIC

 

07/07 @ 100

 

 

4,943,390

 

 

2,000

 

Polk Cnty. Sch. Brd., Sch. Impvts. Lease Approp. COP, Ser. A, 3.20%, 1/01/08, FSA

 

No Opt. Call

 

 

1,992,680

 

 

500

 

St. Petersburg Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, All Children’s Hosp. Proj., 3.10%, 11/15/08, AMBAC

 

No Opt. Call

 

 

493,400

 

 

2,530

 

Tpke. Auth., Hwy. Impvts. Hwy. Tolls RB, Ser. B, 5.50%, 7/01/08, MBIA

 

No Opt. Call

 

 

2,573,794

 

 

1,370

 

Vlg. Ctr. Cmnty. Dev. Dist., Recreational RB, Ser. A, 5.50%, 11/01/08, MBIA

 

No Opt. Call

 

 

1,400,716

 

 

2,370

 

Volusia Cnty., Sales Tax RB, Ser. B, 4.00%, 10/01/08, MBIA

 

No Opt. Call

 

 

2,376,802

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

103,260,926

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

39



BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Puerto Rico—1.2%

 

 

 

 

 

 

$

1,500

 

Mun. Fin. Agcy., Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, Ser. A, 5.625%, 8/01/10, FSA

 

08/09 @ 101

 

$

1,567,980

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $103,991,741)

 

 

 

 

104,828,906

 

 

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—17.8%

 

 

 

 

 

 

 

 

 

Florida—17.8%

 

 

 

 

 

 

 

 

 

Jacksonville Hlth. Facs. Auth.,

 

 

 

 

 

 

 

4,250

3

Hlth., Hosp. & Nursing Home Impvts. RB, Baptist Med. Ctr. Proj.,
3.88%, 7/02/07, FRDD

 

N/A

 

 

4,250,000

 

 

2,015

3

Hlth., Hosp. & Nursing Home RB, Daughters of Charity Proj.,
3.88%, 7/02/07, MBIA, FRDD

 

N/A

 

 

2,015,000

 

 

1,400

3

Orange Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Orlando Regl. Healthcare Proj., 3.89%, 7/02/07, FGIC, FRDD

 

N/A

 

 

1,400,000

 

 

 

 

Orlando & Orange Cntys. Expwy. Auth., Hwy. Impvts. Tolls RB,

 

 

 

 

 

 

 

5,900

3

Ser. B-1, 3.72%, 7/05/07, AMBAC, FRWD

 

N/A

 

 

5,900,000

 

 

100

3

Ser. C, 3.73%, 7/05/07, AMBAC, FRWD

 

N/A

 

 

100,000

 

 

4,900

3

Pinellas Cnty. Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home RB, All Children’s Hosp. Proj., 3.86%, 7/02/07, AMBAC, FRDD

 

N/A

 

 

4,900,000

 

 

1,355

3

Sunshine St. Govt’l. Fing. Comm., Pub. Impvts. Misc. RB, 3.92%, 7/02/07, AMBAC, FRDD

 

N/A

 

 

1,355,000

 

 

3,100

3

West Palm Beach Util. Sys., Mult. Util. RB, 3.75%, 7/04/07, FGIC, FRWD

 

N/A

 

 

3,100,000

 

 

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments
(cost $23,020,000)

 

 

 

 

23,020,000

 

 

 

 

 

 

 

 



 

Total Investments—99.1% (cost $127,011,7414)

 

 

 

$

127,848,906

 

Other assets in excess of liabilities—0.9%

 

 

 

 

1,111,470

 

 

 

 

 



 

Net Assets—100%

 

 

 

$

128,960,376

 

 

 

 

 



 


 

 


1

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

2

Security is collateralized by Municipal or U.S. Treasury obligations.

3

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 June 30, 2007.

4

Cost for federal income tax purposes is $126,981,739. The net unrealized appreciation on a tax basis is $867,167, consisting of $1,004,539 gross unrealized appreciation and $137,372 gross unrealized depreciation.

 

 

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 97.0% of the Trust’s net assets.


 

 

 

AMBAC

39.6%

FGIC

19.6%

FSA

19.1%

MBIA

18.7%


 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

COP

Certificate of Participation

ETM

Escrowed to Maturity

FGIC

Financial Guaranty Insurance Co.

FRDD

Floating Rate Daily Demand

FRWD

Floating Rate Weekly Demand

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RB

Revenue Bond

 

 

 

See Notes to Financial Statements.

40



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—157.0%

 

 

 

 

 

 

 

 

 

Florida—140.4%

 

 

 

 

 

 

$

6,150

 

Brd. of Ed., Sch Impvts. Misc. GO, Ser. J, 5.00%, 6/01/24, AMBAC

 

06/13 @ 101

 

$

6,364,204

 

 

1,095

 

City of Deltona, Mult. Util. Impvts. RB, 5.00%, 10/01/23, MBIA

 

10/13 @ 100

 

 

1,130,708

 

 

1,000

 

City of Lakeland, Wtr. RB, 5.00%, 10/01/27

 

10/12 @ 100

 

 

1,021,690

 

 

 

 

City of Marco Island, Wtr. Util. Impvts. Wtr. RB,

 

 

 

 

 

 

 

2,000

 

5.00%, 10/01/22, MBIA

 

10/13 @ 100

 

 

2,067,080

 

 

1,375

 

5.00%, 10/01/23, MBIA

 

10/13 @ 100

 

 

1,419,839

 

 

1,000

 

5.25%, 10/01/21, MBIA

 

10/13 @ 100

 

 

1,055,480

 

 

 

 

City of Palm Coast, Wtr. Util. Impvts. Wtr. RB,

 

 

 

 

 

 

 

1,770

 

5.00%, 10/01/22, MBIA

 

10/13 @ 100

 

 

1,829,366

 

 

1,485

 

5.00%, 10/01/23, MBIA

 

10/13 @ 100

 

 

1,533,426

 

 

1,500

 

5.00%, 10/01/24, MBIA

 

10/13 @ 100

 

 

1,546,170

 

 

4,000

 

Cnty. of Escambia, Misc. RB, Intl. Paper Co. Proj., 5.75%, 11/01/27, AMT

 

11/13 @ 100

 

 

4,172,000

 

 

 

 

Cnty. of Miami-Dade,

 

 

 

 

 

 

 

5,365

 

Misc. Taxes RB, Ser. A, Zero Coupon, 10/01/19, MBIA

 

04/08 @ 55.413

 

 

2,873,601

 

 

10,000

 

Misc. Taxes RB, Ser. A, Zero Coupon, 10/01/20, MBIA

 

04/08 @ 52.398

 

 

5,062,800

 

 

7,560

 

Recreational Fac. Impvts. Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/32, MBIA

 

04/08 @ 26.494

 

 

1,930,446

 

 

2,760

 

Cnty. of Polk, Wtr. Util. Impvts. Wtr. RB, 5.00%, 10/01/23, FGIC

 

10/13 @ 100

 

 

2,850,004

 

 

4,665

 

Crossings at Fleming Island Cmnty. Dev. Dist., Swr. Impvts. RB, 6.75%, 10/01/25

 

10/09 @ 102

 

 

4,900,629

 

 

566

 

Escambia Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB,
5.95%, 7/01/20, AMBAC

 

No Opt. Call

 

 

584,495

 

 

1,780

 

Fleming Island Plantation Cmnty. Dev., SA, 4.50%, 5/01/22, MBIA

 

05/17 @ 100

 

 

1,747,764

 

 

1,500

 

Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.25%, 6/01/26

 

06/16 @ 100

 

 

1,528,830

 

 

1,955

 

Hillsborough Cnty. Indl. Dev. Auth., Elec., Pwr. & Lt. RB, Tampa Elec. Co. Proj.,
5.50%, 10/01/23

 

10/12 @ 100

 

 

2,028,782

 

 

1,000

 

Hillsborough Cnty. Sch. Brd., Sch. Impvts. Lease Approp. COP, 5.00%, 7/01/27, MBIA

 

07/13 @ 100

 

 

1,022,360

 

 

2,500

 

Hsg. Fin. Corp., Local or Gtd. Hsg. RB, 4.70%, 7/01/22, AMT

 

01/17 @ 100

 

 

2,431,775

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Florida—(cont’d)

 

 

 

 

 

 

$

1,500

 

Lee Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Shell Point/Alliance Cmnty. Proj., 5.00%, 11/15/22

 

05/17 @ 100

 

$

1,496,730

 

 

3,000

 

Lee Cnty., Trans. RB, Ser. B, 5.00%, 10/01/22, AMBAC

 

10/14 @ 100

 

 

3,118,140

 

 

 

 

Marion Cnty. Hosp. Dist., Hlth. Hosp. & Nursing Home RB, Munroe Regl. Hlth. Sys. Proj.,

 

 

 

 

 

 

 

1,500

 

5.00%, 10/01/22

 

10/17 @ 100

 

 

1,517,895

 

 

900

 

5.00%, 10/01/29

 

10/17 @ 100

 

 

904,959

 

 

2,500

 

Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

2,778,400

 

 

4,695

2

Miami-Dade Cnty. Edl. Facs. Auth., Univ. & Coll. RB, Miami Univ. Proj., Ser. A,
5.00%, 4/01/14, AMBAC

 

N/A

 

 

4,941,863

 

 

4,000

 

Mun. Loan Council, Pub. Impvts. RB, Ser. A, Zero Coupon, 4/01/20, MBIA

 

No Opt. Call

 

 

2,250,560

 

 

 

 

Northern Palm Beach Cnty. Impvt. Dist.,

 

 

 

 

 

 

 

1,000

 

SA, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., Ser. B, 4.50%, 8/01/22, ACA

 

08/17 @ 100

 

 

963,850

 

 

1,000

 

SA, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., Ser. B, 5.00%, 8/01/31, ACA

 

08/17 @ 100

 

 

1,001,530

 

 

2,735

2

Wtr. Util. Impvts. SA RB, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., 6.10%, 8/01/11

 

N/A

 

 

2,937,144

 

 

710

 

Wtr. Util. Impvts. SA RB, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., 6.10%, 8/01/21

 

08/11 @ 101

 

 

746,203

 

 

4,450

2

Orange Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Adventist Hlth. Sys. Proj., 5.625%, 11/15/12

 

N/A

 

 

4,816,813

 

 

6,500

 

Palm Beach Cnty. Sch. Brd., Lease Renewal COP, Ser. D, 5.00%, 8/01/28, FSA

 

08/12 @ 100

 

 

6,619,470

 

 

4,455

 

Sterling Hill Cmnty. Dev. Dist. SA, Ser. A, 6.10%, 5/01/23

 

05/13 @ 101

 

 

4,714,415

 

 

2,445

 

Stevens Plantation Impvt. Proj. Dependent Spl. Dist., Pub. Impvts. Misc. RB, 6.375%, 5/01/13

 

No Opt. Call

 

 

2,512,458

 

 

1,205

 

Sumter Cnty. Indl. Dev. Auth., Indl. Impvts. RB, North Sumter Util. Co. LLC Proj.,
6.80%, 10/01/32, AMT

 

10/09 @ 100

 

 

1,239,728

 

See Notes to Financial Statements.

41



BlackRock Florida Municipal 2020 Term Trust (BFO)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Florida—(cont’d)

 

 

 

 

 

 

 

 

 

Tohopekaliga Wtr. Auth.,

 

 

 

 

 

 

$

3,630

 

Wtr. RB, Ser. A, 5.00%, 10/01/21, FSA

 

10/13 @ 100

 

$

3,768,775

 

 

3,810

 

Wtr. RB, Ser. A, 5.00%, 10/01/22, FSA

 

10/13 @ 100

 

 

3,937,787

 

 

2,000

 

Wtr. RB, Ser. A, 5.00%, 10/01/23, FSA

 

10/13 @ 100

 

 

2,065,220

 

 

1,975

 

Wtr. Util. Impvts. Wtr. RB, Ser. B, 5.00%, 10/01/22, FSA

 

10/13 @ 100

 

 

2,041,241

 

 

1,180

 

Wtr. Util. Impvts. Wtr. RB, Ser. B, 5.00%, 10/01/23, FSA

 

10/13 @ 100

 

 

1,218,480

 

 

1,550

 

Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA, Ser. A, 6.00%, 5/01/22

 

05/13 @ 101

 

 

1,639,652

 

 

 

 

Vlg. Ctr. Cmnty. Dev. Dist.,

 

 

 

 

 

 

 

2,000

 

Recreational Fac. Impvts. RB, Ser. B, 6.35%, 1/01/18

 

01/14 @ 100

 

 

2,132,380

 

 

5,000

 

Wtr. Util. Impvts. Wtr. RB, 5.25%, 10/01/23, MBIA

 

10/13 @ 101

 

 

5,268,950

 

 

1,000

 

Watergrass Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.125%, 11/01/14

 

No Opt. Call

 

 

988,440

 

 

1,300

 

Waterstone Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.50%, 5/01/18

 

No Opt. Call

 

 

1,288,391

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

116,010,923

 

 

 

 

 

 

 

 



 

 

 

 

Puerto Rico—14.8%

 

 

 

 

 

 

 

 

 

Children’s Trust Fund, Tobacco Settlement Funded RB,

 

 

 

 

 

 

 

2,015

 

5.50%, 5/15/39

 

05/12 @ 100

 

 

2,101,363

 

 

5,900

 

5.625%, 5/15/43

 

05/12 @ 100

 

 

6,174,350

 

 

3,740

2

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12

 

N/A

 

 

3,974,535

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

12,250,248

 

 

 

 

 

 

 

 



 

 

 

 

U.S. Virgin Islands—1.8%

 

 

 

 

 

 

 

1,500

 

Pub. Fin. Auth., Swr. Impvts. RB, Hovensa LLC Proj., 4.70%, 7/01/22, AMT

 

01/15 @ 100

 

 

1,473,690

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $125,978,666)

 

 

 

 

129,734,861

 

 

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—0.7%

 

 

 

 

 

 

 

 

 

Florida—0.7%

 

 

 

 

 

 

 

100

3

City of Gainesville, Mult. Util. RB, Ser. A, 3.92%, 7/02/07, FRDD

 

N/A

 

 

100,000

 

 

400

3

Lee Cnty. Hosp. Brd. of Directors, Hlth., Hosp. & Nursing Home RB, Mem. Hlth. Sys. Proj., 3.95%, 7/02/07, FRDD

 

N/A

 

 

400,000

 

 

125

3

Pinellas Cnty. Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home RB, All Children’s Hosp. Proj., 3.86%, 7/02/07, AMBAC, FRDD

 

N/A

 

 

125,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

625,000

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

 

Value

 









 

 

 

MONEY MARKET FUND—0.0%

 

 

 

 

 

 

 

454

4,5

CMA Florida Mun. Money Fund, 3.10%

 

 

 

$

454

 

 

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments
(cost $625,454)

 

 

 

 

625,454

 

 

 

 

 

 

 

 



 

Total Investments—157.7% (cost $126,604,1206)

 

 

 

$

130,360,315

 

Other assets in excess of liabilities—1.5%

 

 

 

 

1,217,186

 

Preferred shares at redemption value, including dividends payable—(59.2)%

 

 

 

 

(48,929,743

)

 

 

 

 



 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

82,647,758

 

 

 

 

 



 


 

 


1

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

2

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

3

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 June 30, 2007.

4

Represents an investment in an affiliate.

5

Represents current yield as of June 30, 2007.

6

Cost for federal income tax purposes is $126,586,970. The net unrealized appreciation on a tax basis is $3,773,345, consisting of $4,121,893 gross unrealized appreciation and $348,548 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

ACA

American Capital Access

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

COP

Certificate of Participation

FGIC

Financial Guaranty Insurance Co.

FRDD

Floating Rate Daily Demand

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RB

Revenue Bond

SA

Special Assessment

 

 

 

See Notes to Financial Statements.

42



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 










 

 

 

LONG-TERM INVESTMENTS—97.0%

 

 

 

 

 

 

 

 

 

New York—97.0%

 

 

 

 

 

 

$

1,000

 

Bath Central Sch. Dist., Ad Valorem Ppty. Tax GO, 4.00%, 6/15/08, FGIC

 

No Opt. Call

 

$

1,002,700

 

 

2,250

 

Central Square Central Sch. Dist., Ad Valorem Ppty. Tax GO, 3.75%, 5/15/09, FGIC

 

No Opt. Call

 

 

2,248,312

 

 

 

 

City of New York, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

2,455

2

4.75%, 8/15/08, XLCA

 

N/A

 

 

2,507,488

 

 

2,265

 

4.75%, 8/15/09, XLCA

 

08/08 @ 101

 

 

2,307,469

 

 

1,000

 

Ser. A, 5.20%, 8/01/10, FSA

 

08/08 @ 101

 

 

1,024,250

 

 

45

 

Ser. C-1, 6.25%, 8/01/10, FSA

 

07/07 @ 100

 

 

45,087

 

 

50

 

Ser. C-1, 6.375%, 8/01/08, MBIA

 

07/07 @ 100

 

 

50,095

 

 

2,000

3

Ser. E, 6.20%, 8/01/08, MBIA

 

ETM

 

 

2,053,600

 

 

4,895

 

Ser. E, 6.20%, 8/01/08, MBIA

 

No Opt. Call

 

 

5,019,676

 

 

1,000

 

Cnty. of Erie, Pub. Impvt. Ad Valorem Ppty. Tax GO, Ser. A, 3.75%, 10/01/08, FGIC

 

No Opt. Call

 

 

1,000,320

 

 

 

 

Cnty. of Monroe, Pub. Impvt. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

455

3

4.00%, 3/01/09, FGIC

 

ETM

 

 

456,684

 

 

770

 

4.00%, 3/01/09, FGIC

 

No Opt. Call

 

 

772,564

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

 

 

3,500

 

Hlth., Hosp. & Nursing Home RB, Bronx-Lebanon Hosp. Ctr. Proj., 5.00%, 2/15/10, MBIA

 

02/08 @ 101.5

 

 

3,579,590

 

 

5,000

2

Hlth., Hosp. & Nursing Home RB, Bronx-Lebanon Hosp. Ctr. Proj.,
5.125%, 2/15/08, ACA, FSA

 

N/A

 

 

5,117,500

 

 

500

 

Hlth., Hosp. & Nursing Home RB, W.K. Nursing Home Corp. Proj., 5.65%, 8/01/09

 

07/07 @ 102

 

 

509,200

 

 

1,000

 

Hlth., Hosp. & Nursing Home RB, Winthrop So. Nassau Univ. Proj., Ser. A,
4.125%, 7/01/08, AMBAC

 

No Opt. Call

 

 

1,003,080

 

 

2,500

 

Misc. RB, St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, AMBAC

 

No Opt. Call

 

 

2,538,175

 

 

5,000

 

Misc. RB, St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, FGIC

 

No Opt. Call

 

 

5,076,350

 

 

6,000

 

Misc. RB, St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, CONNIE LEE

 

No Opt. Call

 

 

6,089,040

 

 

5,000

 

Misc. RB, St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/09, AMBAC

 

No Opt. Call

 

 

5,153,350

 

 

1,960

 

East Greenbush Central Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. C, 4.00%, 6/15/09, FSA

 

No Opt. Call

 

 

1,967,683

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 











 

 

 

New York—(cont’d)

 

 

 

 

 

 

$

6,000

 

Env. Facs. Corp., Swr. RB Mun. Wtr. Proj., 4.00%, 6/15/09

 

No Opt. Call

 

$

6,025,800

 

 

1,185

 

Evans-Brant Central Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. C, 3.75%, 12/15/08, FGIC

 

No Opt. Call

 

 

1,185,356

 

 

 

 

Fayetteville-Manlius Central Sch. Dist., Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

1,125

 

3.75%, 6/15/09, FGIC

 

No Opt. Call

 

 

1,124,145

 

 

1,000

 

4.00%, 6/15/08, FGIC

 

No Opt. Call

 

 

1,002,700

 

 

4,805

 

Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Hsg. Mtg. Proj., Ser. A, 5.80%, 5/01/09, FSA

 

07/07 @ 101

 

 

4,826,830

 

 

12,500

 

Long Island Pwr. Auth., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, 5.00%, 4/01/08, MBIA

 

No Opt. Call

 

 

12,615,500

 

 

 

 

Met. Transp. Auth., Trans. RB,

 

 

 

 

 

 

 

2,500

3

Ser. A, 6.10%, 7/01/08, MBIA

 

ETM

 

 

2,559,925

 

 

26,075

3

Ser. K, 6.00%, 7/01/08, MBIA

 

ETM

 

 

26,674,464

 

 

 

 

Mt. Sinai Union Free Sch. Dist., Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

935

 

6.00%, 2/15/08, AMBAC

 

No Opt. Call

 

 

947,940

 

 

930

 

6.10%, 2/15/09, AMBAC

 

No Opt. Call

 

 

963,108

 

 

1,075

 

6.10%, 2/15/10, AMBAC

 

No Opt. Call

 

 

1,133,469

 

 

 

 

New York City Hlth. & Hosp. Corp., Hlth., Hosp. & Nursing Home RB,

 

 

 

 

 

 

 

2,810

 

Ser. A, 3.75%, 2/15/09, FSA

 

No Opt. Call

 

 

2,806,403

 

 

2,000

 

Ser. A, 5.00%, 2/15/08, AMBAC

 

No Opt. Call

 

 

2,015,040

 

 

 

 

New York City Mun. Wtr. Fin. Auth., Wtr. RB,

 

 

 

 

 

 

 

11,500

 

Ser. A, Zero Coupon, 6/15/09, MBIA

 

No Opt. Call

 

 

10,665,215

 

 

1,710

3

Ser. A, 6.00%, 6/15/08, FGIC

 

ETM

 

 

1,747,586

 

 

 

 

New York City Transl. Fin. Auth., Pub. Impvts. Income Tax RB,

 

 

 

 

 

 

 

3,835

3

4.00%, 5/01/09, MBIA

 

ETM

 

 

3,850,378

 

 

7,800

3

Ser. B, 5.25%, 5/01/11, MBIA

 

ETM

 

 

8,177,286

 

 

1,000

 

New York, Gen. Fund GO, Ser. F, 5.50%, 9/15/08, AMBAC

 

No Opt. Call

 

 

1,021,450

 

 

250

3

Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. CC, 5.125%, 1/01/11, MBIA

 

ETM

 

 

260,110

 

 

1,030

 

Sodus Central Sch. Dist., Ad Valorem Ppty. Tax GO, 4.00%, 6/15/09, FGIC

 

No Opt. Call

 

 

1,034,038

 

 

5,000

 

Suffolk Cnty. Indl. Dev. Agcy., Swr. RB, 6.00%, 2/01/08, FGIC

 

No Opt. Call

 

 

5,065,000

 

See Notes to Financial Statements.

43



BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 










 

 

 

New York—(cont’d)

 

 

 

 

 

 

$

1,675

3

Suffolk Cnty. Wtr. Auth., Wtr. Util. Impvts. Wtr. RB, Ser. C, 5.75%, 6/01/08, AMBAC

 

ETM

 

$

1,696,206

 

 

 

 

Thruway Auth.,

 

 

 

 

 

 

 

2,000

 

Hwy. Impvts. Hwy. Tolls RB, Hwy. & Brdg. Trust Fund Proj., Ser. A, 3.90%, 4/01/09, FSA

 

No Opt. Call

 

 

2,003,620

 

 

3,410

 

Hwy. Impvts. Misc. RB, Local Hwy. & Brdg. Proj., Ser. A, 5.375%, 4/01/09, MBIA

 

04/08 @ 101

 

 

3,484,099

 

 

2,000

 

Hwy. Impvts. Sales Tax RB, Hwy. & Brdg. Trust Fund Proj., Ser. B, 4.00%, 4/01/09, MBIA

 

No Opt. Call

 

 

2,006,980

 

 

2,900

 

Hwy. Impvts. Sales Tax RB, Hwy. & Brdg. Trust Fund Proj., Ser. B, 5.25%, 4/01/11, MBIA

 

No Opt. Call

 

 

3,033,806

 

 

2,265

3

Triborough Brdg. & Tunl. Auth., Hwy. Tolls RB, Ser. A, 5.125%, 1/01/11, MBIA

 

ETM

 

 

2,328,896

 

 

 

 

Urban Dev. Corp., Correctional Facs. Impvts. Lease Approp. RB,

 

 

 

 

 

 

 

2,000

 

Ser. A, 5.50%, 1/01/09, AMBAC

 

No Opt. Call

 

 

2,049,580

 

 

5,140

 

Ser. B, 5.25%, 1/01/10, AMBAC

 

01/09 @ 101

 

 

5,294,354

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $164,416,426)

 

 

 

 

167,121,497

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—2.0%

 

 

 

 

 

 

 

 

 

New York—2.0%

 

 

 

 

 

 

 

 

 

New York City Mun. Wtr. Fin. Auth.,

 

 

 

 

 

 

 

1,100

4

Mult. Util. Impvts. Wtr. & Swr. RB, Ser. A, 3.87%, 7/02/07, FGIC, FRDD

 

N/A

 

 

1,100,000

 

 

1,300

4

Swr. Impvts. RB, Ser. C, 3.81%, 7/02/07, FGIC, FRDD

 

N/A

 

 

1,300,000

 

 

955

4

New York, Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A-6, 3.87%, 7/02/07, FSA, FRDD

 

N/A

 

 

955,000

 

 

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments
(cost $3,355,000)

 

 

 

 

3,355,000

 

 

 

 

 

 

 

 



 

Total Investments—99.0% (cost $167,771,4265)

 

 

 

$

170,476,497

 

Other assets in excess of liabilities—1.0%

 

 

 

 

1,741,471

 

 

 

 

 



 

Net Assets—100%

 

 

 

$

172,217,968

 

 

 

 

 



 


 

 


1

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

2

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

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 June 30, 2007.

5

Cost for federal income tax purposes is $167,170,394. The net unrealized appreciation on a tax basis is $3,306,103, consisting of $3,332,078 gross unrealized appreciation and $25,975 gross unrealized depreciation.

 

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 96.6% of the Trust’s net assets.


 

 

 

ACA

3.0%

AMBAC

14.1%

CONNIE LEE

3.6%

FGIC

14.1%

FSA

8.0%

MBIA

51.0%

XLCA

2.8%


 

 

 

KEY TO ABBREVIATIONS

 

ACA

American Capital Access

AMBAC

American Municipal Bond Assurance Corp.

CONNIE LEE

College Construction Loan Insurance Assoc.

ETM

Escrowed to Maturity

FGIC

Financial Guaranty Insurance Co.

FRDD

Floating Rate Daily Demand

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RB

Revenue Bond

XLCA

XL Capital Assurance

 

 

 

See Notes to Financial Statements.

44



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock New York Municipal 2018 Term Trust (BLH)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 










 

 

 

LONG-TERM INVESTMENTS—151.8%

 

 

 

 

 

 

 

 

 

Multi-State—7.1%

 

 

 

 

 

 

$

4,000

2

Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49

 

06/09 @ 100

 

$

4,150,080

 

 

 

 

 



 

 

 

 

New York—136.6%

 

 

 

 

 

 

 

450

3

Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/25

 

05/15 @ 102

 

 

419,252

 

 

 

 

City of New York,

 

 

 

 

 

 

 

1,890

4

Ad Valorem Ppty. Tax GO, Ser. G, 5.75%, 8/01/12

 

N/A

 

 

2,047,191

 

 

3,110

 

Ad Valorem Ppty. Tax GO, Ser. G, 5.75%, 8/01/18

 

08/12 @ 100

 

 

3,316,939

 

 

4,000

 

Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.375%, 12/01/20

 

12/11 @ 100

 

 

4,173,000

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

 

 

3,455

4

Hlth., Hosp. & Nursing Home Impvts. RB, Mental Hlth. Svcs. Proj., Ser. A, 5.00%, 2/15/08

 

N/A

 

 

3,550,427

 

 

295

 

Hlth., Hosp. & Nursing Home Impvts. RB, Mental Hlth. Svcs. Proj., Ser. A, 5.00%, 2/15/18

 

02/08 @ 102

 

 

299,838

 

 

80

4

Hlth., Hosp. & Nursing Home Impvts. RB, Mental Hlth. Svcs. Proj., Ser. B, 5.25%, 8/15/11, MBIA

 

N/A

 

 

84,880

 

 

30

 

Hlth., Hosp. & Nursing Home Impvts. RB, Mental Hlth. Svcs. Proj., Ser. B, 5.25%, 8/15/20, MBIA

 

08/11 @ 100

 

 

31,579

 

 

2,510

4

Hlth., Hosp. & Nursing Home Impvts. RB, Mental Hlth. Svcs. Proj., Ser. B, 5.50%, 8/15/11, MBIA

 

N/A

 

 

2,663,110

 

 

1,000

 

Hlth., Hosp. & Nursing Home RB, Willow Towers, Inc. Proj., 5.25%, 2/01/22

 

08/12 @ 101

 

 

1,051,490

 

 

1,800

4

Univ. & Coll. Impvts. RB, City Univ. Proj., Ser. A, 5.125%, 7/01/11

 

N/A

 

 

1,882,404

 

 

1,000

 

Univ. & Coll. RB, Brooklyn Law Sch. Proj., Ser. A, 5.50%, 7/01/18, RAA

 

07/13 @ 100

 

 

1,059,930

 

 

1,170

4

Univ. & Coll. RB, Upstate Cmnty. Proj., Ser. A, 5.00%, 7/01/09

 

N/A

 

 

1,207,487

 

 

2,060

 

Univ. & Coll. RB, Upstate Cmnty. Proj., Ser. A, 5.00%, 7/01/19

 

07/09 @ 101

 

 

2,102,951

 

 

1,320

 

East Rochester Hsg. Auth., Hlth., Hosp. & Nursing Home RB, Genesee Valley Presbyterian Proj., 5.20%, 12/20/24

 

12/11 @ 101

 

 

1,373,209

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

New York—(cont’d)

 

 

 

 

 

 

$

2,450

 

Jefferson Cnty. Indl. Dev. Agcy., Misc. RB, Intl. Paper Co. Proj., 5.20%, 12/01/20, AMT

 

12/13 @ 100

 

$

2,484,325

 

 

525

 

Liberty Dev. Corp., Recreational Fac. Impvts. RB, Nat. Sports Museum Proj., Ser. A, 6.125%, 2/15/19

 

02/16 @ 100

 

 

544,740

 

 

1,900

 

Long Island Pwr. Auth., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, Zero Coupon, 6/01/18, FSA

 

No Opt. Call

 

 

1,184,441

 

 

5,000

 

Met. Transp. Auth., Trans. RB, Ser. A, 5.125%, 11/15/21, FGIC

 

11/12 @ 100

 

 

5,237,500

 

 

 

 

New York City Indl. Dev. Agcy.,

 

 

 

 

 

 

 

1,000

 

Port, Arpt. & Marina Impvts. RB, American Airlines, Inc. Proj., 7.50%, 8/01/16, AMT

 

No Opt. Call

 

 

1,146,580

 

 

4,000

 

Recreational Fac. Impvts. Misc. RB, YMCA of Greater New York Proj., 5.25%, 8/01/21

 

02/11 @ 100

 

 

4,092,920

 

 

 

 

New York City Transl. Fin. Auth., Pub. Impvts. Income Tax RB,

 

 

 

 

 

 

 

1,895

4

5.00%, 5/01/09

 

N/A

 

 

1,953,631

 

 

3,000

 

Ser. B, 5.00%, 5/01/18

 

11/11 @ 101

 

 

3,122,280

 

 

4,180

 

Niagara Cnty. Indl. Dev. Agcy., Indl. RB, Niagara Univ. Proj., Ser. A, 5.35%, 11/01/23, RAA

 

11/11 @ 101

 

 

4,403,505

 

 

4,130

 

Oneida Hlth. Care Corp., Hlth., Hosp. & Nursing Home RB, Oneida Hlth. Sys., Inc. Proj., 5.30%, 2/01/21, RAA

 

02/11 @ 101

 

 

4,283,966

 

 

3,875

 

Orange Cnty. Indl. Dev. Agcy., Hlth., Hosp. & Nursing Home RB, St. Luke’s Hosp. Proj., Ser. A, 5.375%, 12/01/21, RAA

 

12/11 @ 101

 

 

4,042,051

 

 

 

 

Port Auth. of New York & New Jersey, Port, Arpt. & Marina Impvts. RB,

 

 

 

 

 

 

 

3,885

 

Ser. 126, 5.00%, 11/15/18, FGIC, AMT

 

05/12 @ 101

 

 

4,022,762

 

 

2,600

 

Contl. Airlines Proj., 9.125%, 12/01/15, AMT

 

07/07 @ 100

 

 

2,709,330

 

 

4,000

 

Rockland Tobacco Asset Sec. Corp., Misc. Purps. Tobacco Settlement Funded RB, 5.625%, 8/15/35

 

08/12 @ 100

 

 

4,176,080

 

 

3,000

4

TSASC, Inc., Rec. Recovery Impvts. Tobacco Settlement Funded RB, Ser. 1, 5.75%, 7/15/12

 

N/A

 

 

3,234,780

 

 

3,500

 

Urban Dev. Corp., Lease Approp. RB, 5.00%, 1/01/19

 

01/08 @ 102

 

 

3,554,285

 

See Notes to Financial Statements.

45



BlackRock New York Municipal 2018 Term Trust (BLH)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

New York—(cont’d)

 

 

 

 

 

 

$

3,710

 

Westchester Cnty. Indl. Dev. Agcy., Univ. & Coll. Impvts. RB, Purchase Coll. Fndtn. Hsg. Proj., Ser. A, 5.125%, 12/01/22, AMBAC

 

12/11 @ 102

 

$

3,882,181

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

79,339,044

 

 

 

 

 

 

 

 



 

 

 

 

Puerto Rico—8.1%

 

 

 

 

 

 

 

2,000

 

Children’s Trust Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43

 

05/12 @ 100

 

 

2,093,000

 

 

2,500

4

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.70%, 2/01/10

 

N/A

 

 

2,608,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

4,701,000

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $83,742,034)

 

 

 

 

88,190,124

 

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—0.5%

 

 

 

 

 

 

 

302

5,6

CMA New York Mun. Money Fund, 3.14% (cost $302,448)

 

N/A

 

 

302,448

 

 

 

 

 

 

 

 



 

Total Investments—152.3% (cost $84,044,4827)

 

 

 

$

88,492,572

 

Other assets in excess of liabilities—1.8%

 

 

 

 

1,022,598

 

Preferred shares at redemption value, including dividends payable—(54.1)%

 

 

 

 

(31,411,354

)

 

 

 

 



 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

58,103,816

 

 

 

 

 



 


 

 


1

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

2

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2007, the Trust held 7.1% of its net assets, with a current market value of $4,150,080, in securities restricted as to resale.

3

Illiquid security. As of June 30, 2007, the Trust held 0.7% of its net assets, with a current market value of $419,252, in these securities.

4

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

5

Represents an investment in an affiliate.

6

Represents current yield as of June 30, 2007.

7

Cost for federal income tax purposes is $84,045,414. The net unrealized appreciation on a tax basis is $4,447,158, consisting of $4,466,737 gross unrealized appreciation and $19,579 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RAA

Radian Asset Assurance

RB

Revenue Bond

 

See Notes to Financial Statements.

46



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 











 

 

 

LONG-TERM INVESTMENTS—155.3%

 

 

 

 

 

 

 

 

 

Multi-State—14.2%

 

 

 

 

 

 

$

4,000

2

MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49

 

06/09 @ 100

 

$

4,167,160

 

 

 

 

 

 

 

 

 


 

 

 

 

Pennsylvania—129.4%

 

 

 

 

 

 

 

470

 

Allegheny Cnty. Hosp. Dev. Auth., Hlth., Hosp. & Nursing Home RB, West Penn Allegheny Hlth. Sys. Proj., 5.375%, 11/15/40

 

11/17 @ 100

 

 

466,719

 

 

1,150

3

Allegheny Cnty. Port Auth., Trans. Impvts. RB, 6.125%, 3/01/09, MBIA

 

N/A

 

 

1,202,750

 

 

1,400

3

Bucks Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Pennswood Vlg. Proj., Ser. A, 6.00%, 10/01/12

 

N/A

 

 

1,532,692

 

 

1,000

 

Canon McMillan Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon, 12/01/33, FGIC

 

No Opt. Call

 

 

281,180

 

 

1,000

 

Catasauqua Area Sch. Dist., Ad Valorem Ppty. Tax GO, 5.00%, 2/15/31, FSA

 

02/16 @ 100

 

 

1,034,650

 

 

2,000

 

Chester Cnty. Indl. Dev. Auth., Wtr. Util. Impvts. Wtr. RB, Aqua, Inc. Proj., Ser. A,
5.00%, 2/01/40, FGIC, AMT

 

02/17 @ 100

 

 

2,024,240

 

 

 

 

City of Philadelphia,

 

 

 

 

 

 

 

1,250

 

Port, Arpt. & Marina Impvts. RB, Ser. B, 5.40%, 6/15/27, FGIC, AMT

 

07/07 @ 102

 

 

1,269,737

 

 

600

 

Wtr. RB, Ser. B, 4.75%, 11/01/31, AMBAC

 

11/17 @ 100

 

 

600,450

 

 

2,500

4

Delaware Cnty. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mercy Hlth. Corp. Southeastern Pennsylvania Proj., 6.00%, 12/15/26

 

ETM

 

 

2,550,150

 

 

1,250

 

Delaware Cnty. Indl. Dev. Auth., Wtr. Util. Impvts. Indl. RB, Philadelphia Suburban Wtr. Proj., 6.00%, 6/01/29, FGIC, AMT

 

06/09 @ 101

 

 

1,302,150

 

 

 

 

Econ. Dev. Fing. Auth.,

 

 

 

 

 

 

 

1,000

 

Rec. Recovery Impvts. RB, Colver Proj., Ser. G, 5.125%, 12/01/15, AMT

 

No Opt. Call

 

 

1,006,420

 

 

1,000

 

Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.25%, 11/01/31, AMT

 

05/11 @ 101

 

 

1,054,950

 

 

1,000

 

Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.375%, 11/01/41, AMT

 

05/11 @ 101

 

 

1,056,580

 

 

 

 

Higher Edl. Facs. Auth., Univ. & Coll. Impvts. RB,

 

 

 

 

 

 

 

1,250

 

Lafayette Coll. Proj., 6.00%, 5/01/30

 

05/10 @ 100

 

 

1,314,325

 


 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 











 

 

 

Pennsylvania—(cont’d)

 

 

 

 

 

 

$

1,030

 

Univ. of Pennsylvania Proj., Ser. C, 4.75%, 7/15/35

 

07/15 @ 100

 

$

1,025,231

 

 

2,000

 

Univ. of the Arts Proj., Ser. A, 5.00%, 9/15/33, RAA

 

09/16 @ 100

 

 

2,045,800

 

 

1,000

 

Univ. Pptys., Inc. Proj., Ser. A, 5.00%, 8/01/35, CIFG

 

08/16 @ 100

 

 

1,024,920

 

 

1,300

 

Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.65%, 10/01/31, AMT

 

10/16 @ 100

 

 

1,227,993

 

 

 

 

Lancaster Cnty. Hosp. Auth.,

 

 

 

 

 

 

 

400

 

Hlth., Hosp. & Nursing Home Impvts. RB, Lancaster Gen. Hosp. Proj., Ser. A, 5.00%, 3/15/36

 

03/17 @ 100

 

 

404,264

 

 

1,000

 

Hlth., Hosp. & Nursing Home RB, Masonic Homes of Grand Lodge Proj., 5.00%, 11/01/36

 

11/16 @ 100

 

 

1,002,150

 

 

1,000

 

McKeesport Area Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 10/01/24, FSA

 

10/15 @ 100

 

 

1,040,390

 

 

200

 

Mifflin Cnty. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 7.50%, 9/01/22, XLCA

 

09/17 @ 100

 

 

251,400

 

 

345

 

Monroe Cnty. Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Pocono Med. Ctr. Proj.,
5.125%, 1/01/37

 

01/17 @ 100

 

 

344,217

 

 

1,250

 

Montgomery Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Acts Retirement-Life Cmntys., Inc. Proj., 5.25%, 11/15/28

 

11/08 @ 101

 

 

1,262,237

 

 

1,000

 

Pennsylvania St. Univ., Univ. & Coll. Impvts. RB, 5.00%, 9/01/35

 

09/15 @ 100

 

 

1,031,050

 

 

1,000

 

Philadelphia Hosps. & Higher Ed. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Children’s Hosp. of Philadelphia Proj., 4.50%, 7/01/33

 

07/17 @ 100

 

 

938,190

 

 

1,250

 

Philadelphia Pkg. Auth., Port, Arpt. & Marina Impvts. RB, 5.625%, 9/01/18, FSA

 

09/09 @ 101

 

 

1,302,450

 

 

1,550

3

Philadelphia Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. C, 5.75%, 3/01/29, MBIA

 

N/A

 

 

1,620,680

 

 

2,000

3

Pittsburgh Urban Redev. Auth., Wtr. Util. Impvts. Wtr. RB, 5.00%, 9/01/15, MBIA

 

N/A

 

 

2,124,820

 

See Notes to Financial Statements.

47


BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 











 

 

 

Pennsylvania—(cont’d)

 

 

 

 

 

 

$

1,280

 

Pocono Mtn. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. C, 5.00%, 9/01/34, FSA

 

03/17 @ 100

 

$

1,325,594

 

 

1,000

 

Pub. Sch. Bldg. Auth., Lease RB, Sch. Dist. Philadelphia Proj., Ser. B, 5.00%, 6/01/24, FSA

 

12/16 @ 100

 

 

1,041,140

 

 

150

 

Tpke. Comm., Franchise Tax & Bus. License Fees RB, Ser. B, 5.00%, 12/01/23, AMBAC

 

12/16 @ 100

 

 

157,112

 

 

840

 

Washington Cnty. Auth., Misc. RB, Cap. Fdg. & Equip. Proj., 6.15%, 12/01/29, AMBAC

 

No Opt. Call

 

 

901,900

 

 

300

 

Washington Cnty. Redev. Auth., Pub. Impvts. TA, Victory Centre Proj., Ser. A, 5.45%, 7/01/35

 

07/17 @ 100

 

 

303,690

 

 

725

 

Westmoreland Cnty. Mun. Auth., Wtr. Util. Impvts. Misc. RB, Ser. B, Zero Coupon, 8/15/30, FSA

 

No Opt. Call

 

 

236,111

 

 

700

 

Wilkes Barre Fin. Auth., Coll. & Univ. RB, Wilkes Univ. Proj., 5.00%, 3/01/37

 

03/17 @ 100

 

 

701,015

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

38,009,347

 

 

 

 

 

 

 

 



 

 

 

 

Puerto Rico—11.7%

 

 

 

 

 

 

 

565

 

Hwy. & Transp. Auth., Hwy. Toll Impvts. RB, Ser. M, 5.00%, 7/01/46

 

07/17 @ 100

 

 

571,029

 

 

1,250

 

Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26

 

03/16 @ 100

 

 

1,266,600

 

 

1,495

3

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12

 

N/A

 

 

1,588,751

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

3,426,380

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $44,880,169)

 

 

 

 

45,602,887

 

 

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—3.8%

 

 

 

 

 

 

 

 

 

Pennsylvania—2.7%

 

 

 

 

 

 

 

800

5

Pittsburgh Wtr. & Swr. Sys. Auth., Wtr. & Swr. RB, Ser. B-1, 3.76%, 7/05/07, FRWD

 

N/A

 

 

800,000

 

 

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

(000)

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Money Market Fund—1.1%

 

 

 

 

 

 

 

315

6,7

CMA Pennsylvania Mun. Money Market Fund, 3.10%

 

N/A

 

 

314,856

 

 

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments
(cost $1,114,856)

 

 

 

 

1,114,856

 

 

 

 

 

 

 

 



 

Total Investments—159.1% (cost $45,995,0258)

 

 

 

$

46,717,743

 

Other assets in excess of liabilities—0.5%

 

 

 

 

159,456

 

Preferred shares at redemption value, including dividends payable—(59.6)%

 

 

 

 

(17,505,538

)

 

 

 

 



 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

29,371,661

 

 

 

 

 



 


 

 


1

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

2

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2007, the Trust held 14.2% of its net assets, with a current market value of $4,167,160, in securities restricted as to resale.

3

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

4

Security is collateralized by Municipal or U.S. Treasury obligations.

5

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 June 30, 2007.

6

Represents an investment in an affiliate.

7

Represents current yield as of June 30, 2007.

8

Cost for federal income tax purposes is $45,948,099. The net unrealized appreciation on a tax basis is $769,644, consisting of $1,224,156 gross unrealized appreciation and $454,512 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

CIFG

CDC IXIS Financial Guaranty

ETM

Escrowed to Maturity

FGIC

Financial Guaranty Insurance Co.

FRWD

Floating Rate Weekly Demand

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RAA

Radian Asset Assurance

RB

Revenue Bond

TA

Tax Allocation

XLCA

XL Capital Assurance

 

See Notes to Financial Statements.

48



 

STATEMENTS OF ASSETS AND LIABILITIES (unaudited)

June 30, 2007



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insured
Municipal
2008 Term
Trust
(BRM)

 

Insured
Municipal
Term
Trust
(BMT)

 

Municipal
2018 Term
Trust
(BPK)

 

Municipal
2020 Term
Trust
(BKK)

 

Strategic
Municipal
Trust
(BSD)

 

 

 


 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value, unaffiliated1

 

$

409,452,821

 

$

324,354,652

 

$

378,816,105

 

$

482,936,205

 

$

169,195,484

 

Investments at value, affiliated2

 

 

 

 

 

 

800,000

 

 

 

 

1,400,000

 

Investments in affiliates

 

 

174,179

 

 

125,827

 

 

50,336

 

 

35,468

 

 

34,642

 

Cash

 

 

72,762

 

 

57,861

 

 

67,280

 

 

36,935

 

 

2,159

 

Receivable from investments sold

 

 

2,670,000

 

 

1,035,000

 

 

276,000

 

 

221,000

 

 

1,292,666

 

Unrealized appreciation on forward starting swaps

 

 

 

 

 

 

 

 

 

 

147,690

 

Interest receivable

 

 

4,765,213

 

 

3,346,182

 

 

4,630,049

 

 

5,683,041

 

 

2,310,654

 

Other assets

 

 

6,957

 

 

5,442

 

 

7,314

 

 

17,041

 

 

9,449

 

 

 



 



 



 



 



 

 

 

 

417,141,932

 

 

328,924,964

 

 

384,647,084

 

 

488,929,690

 

 

174,392,744

 

 

 



 



 



 



 



 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable for investments purchased

 

 

 

 

 

 

 

 

 

 

2,045,604

 

Unrealized depreciation on forward starting swaps

 

 

 

 

 

 

 

 

 

 

44,012

 

Dividends payable-common shares

 

 

1,659,633

 

 

787,363

 

 

1,201,056

 

 

1,340,677

 

 

618,265

 

Investment advisory fees payable

 

 

119,331

 

 

94,169

 

 

128,318

 

 

200,247

 

 

72,968

 

Administration fees payable

 

 

34,096

 

 

26,913

 

 

 

 

 

 

 

Deferred Trustees’ fees

 

 

174,179

 

 

125,827

 

 

50,336

 

 

35,468

 

 

34,642

 

Payable to affiliates

 

 

69,208

 

 

44,574

 

 

30,096

 

 

26,277

 

 

14,965

 

Other accrued expenses

 

 

287,879

 

 

178,677

 

 

159,914

 

 

158,590

 

 

101,178

 

 

 



 



 



 



 



 

 

 

 

2,344,326

 

 

1,257,523

 

 

1,569,720

 

 

1,761,259

 

 

2,931,634

 

 

 



 



 



 



 



 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.001 par value per share, $25,000 liquidation value per share, including dividends payable3

 

 

 

 

65,031,163

 

 

137,636,641

 

 

177,684,017

 

 

62,019,619

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

$

414,797,606

 

$

262,636,278

 

$

245,440,723

 

$

309,484,414

 

$

109,441,491

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Composition of Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value4

 

$

272,071

 

$

258,856

 

$

15,908

 

$

20,237

 

$

7,275

 

Paid-in capital in excess of par

 

 

377,589,494

 

 

239,251,319

 

 

225,641,716

 

 

287,166,281

 

 

103,143,691

 

Undistributed net investment income

 

 

33,064,674

 

 

16,138,882

 

 

16,519,371

 

 

1,530,777

 

 

1,661,301

 

Accumulated net realized gain (loss)

 

 

(1,870,730

)

 

294,068

 

 

(14,680,435

)

 

(2,269,761

)

 

(1,454,397

)

Net unrealized appreciation

 

 

5,742,097

 

 

6,693,153

 

 

17,944,163

 

 

23,036,880

 

 

6,083,621

 

 

 



 



 



 



 



 

Net assets applicable to common shareholders, June 30, 2007

 

$

414,797,606

 

$

262,636,278

 

$

245,440,723

 

$

309,484,414

 

$

109,441,491

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per common share5

 

$

15.25

 

$

10.15

 

$

15.43

 

$

15.29

 

$

15.04

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Investments at cost, unaffiliated

 

$

403,710,724

 

$

317,661,499

 

$

360,871,942

 

$

459,899,325

 

$

163,215,541

 

2Investments at cost, affiliated

 

$

 

$

 

$

800,000

 

$

 

$

1,400,000

 

3Preferred shares outstanding

 

 

 

 

2,600

 

 

5,504

 

 

7,104

 

 

2,480

 

4Par value per share

 

$

0.01

 

$

0.01

 

$

0.001

 

$

0.001

 

$

0.001

 

5Common shares outstanding

 

 

27,207,093

 

 

25,885,639

 

 

15,908,028

 

 

20,236,628

 

 

7,274,951

 

See Notes to Financial Statements.

49





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California
Insured
Municipal
2008 Term
Trust
(BFC)

 

California
Municipal
2018 Term
Trust
(BJZ)

 

Florida
Insured
Municipal
2008 Term
Trust
(BRF)

 

Florida
Municipal
2020 Term
Trust
(BFO)

 

New York
Insured
Municipal
2008 Term
Trust
(BLN)

 

New York
Municipal
2018 Term
Trust
(BLH)

 

Pennsylvania
Strategic
Municipal
Trust
(BPS)

 

 

 


 


 


 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value, unaffiliated1

 

$

157,650,168

 

$

142,550,721

 

$

127,848,906

 

$

130,359,861

 

$

170,476,497

 

$

88,190,124

 

$

46,402,887

 

Investments at value, affiliated2

 

 

 

 

7,163,060

 

 

 

 

454

 

 

 

 

302,448

 

 

314,856

 

Investments in affiliates

 

 

59,258

 

 

14,469

 

 

47,151

 

 

7,667

 

 

70,224

 

 

12,850

 

 

19,838

 

Cash

 

 

76,482

 

 

65,029

 

 

14,820

 

 

70,168

 

 

62,922

 

 

58,894

 

 

7,501

 

Receivable from investments sold

 

 

 

 

 

 

 

 

150,000

 

 

 

 

 

 

 

Unrealized appreciation on forward starting swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,480

 

Interest receivable

 

 

1,933,521

 

 

1,866,949

 

 

1,603,644

 

 

1,444,715

 

 

2,514,531

 

 

1,272,398

 

 

589,941

 

Other assets

 

 

5,158

 

 

5,305

 

 

6,565

 

 

8,244

 

 

5,371

 

 

4,754

 

 

4,342

 

 

 



 



 



 



 



 



 



 

 

 

 

159,724,587

 

 

151,665,533

 

 

129,521,086

 

 

132,041,109

 

 

173,129,545

 

 

89,841,468

 

 

47,372,845

 

 

 



 



 



 



 



 



 



 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable for investments purchased

 

 

 

 

 

 

 

 

 

 

 

 

1,155

 

 

251,858

 

Unrealized depreciation on forward starting swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,300

 

Dividends payable-common shares

 

 

582,797

 

 

394,023

 

 

326,516

 

 

283,668

 

 

619,140

 

 

222,523

 

 

141,436

 

Investment advisory fees payable

 

 

44,951

 

 

47,344

 

 

37,066

 

 

54,016

 

 

49,521

 

 

29,289

 

 

18,736

 

Administration fees payable

 

 

13,806

 

 

 

 

10,592

 

 

 

 

14,150

 

 

 

 

 

Deferred Trustees’ fees

 

 

59,258

 

 

14,469

 

 

47,151

 

 

7,667

 

 

70,224

 

 

12,850

 

 

19,838

 

Payable to affiliates

 

 

23,151

 

 

12,048

 

 

19,525

 

 

11,267

 

 

30,241

 

 

5,683

 

 

4,348

 

Other accrued expenses

 

 

130,380

 

 

92,789

 

 

119,860

 

 

106,990

 

 

128,301

 

 

54,798

 

 

55,130

 

 

 



 



 



 



 



 



 



 

 

 

 

854,343

 

 

560,673

 

 

560,710

 

 

463,608

 

 

911,577

 

 

326,298

 

 

495,646

 

 

 



 



 



 



 



 



 



 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.001 par value per share, $25,000 liquidation value per share, including dividends payable3

 

 

 

 

55,549,336

 

 

 

 

48,929,743

 

 

 

 

31,411,354

 

 

17,505,538

 

 

 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

$

158,870,244

 

$

95,555,524

 

$

128,960,376

 

$

82,647,758

 

$

172,217,968

 

$

58,103,816

 

$

29,371,661

 

 

 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Composition of Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value4

 

$

104,071

 

$

6,433

 

$

87,071

 

$

5,562

 

$

112,571

 

$

3,633

 

$

2,021

 

Paid-in capital in excess of par

 

 

144,174,166

 

 

91,213,865

 

 

120,583,337

 

 

78,885,738

 

 

155,947,555

 

 

51,482,732

 

 

28,445,850

 

Undistributed net investment income

 

 

12,468,073

 

 

4,533,942

 

 

7,683,807

 

 

216,538

 

 

13,667,607

 

 

3,726,066

 

 

311,516

 

Accumulated net realized gain (loss)

 

 

(637,468

)

 

(3,598,752

)

 

(231,004

)

 

(216,275

)

 

(214,836

)

 

(1,556,705

)

 

(139,624

)

Net unrealized appreciation

 

 

2,761,402

 

 

3,400,036

 

 

837,165

 

 

3,756,195

 

 

2,705,071

 

 

4,448,090

 

 

751,898

 

 

 



 



 



 



 



 



 



 

Net assets applicable to common shareholders, June 30, 2007

 

$

158,870,244

 

$

95,555,524

 

$

128,960,376

 

$

82,647,758

 

$

172,217,968

 

$

58,103,816

 

$

29,371,661

 

 

 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per common share5

 

$

15.27

 

$

14.85

 

$

14.81

 

$

14.86

 

$

15.30

 

$

15.99

 

$

14.54

 

 

 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Investments at cost, unaffiliated

 

$

154,888,766

 

$

139,150,685

 

$

127,011,741

 

$

126,603,666

 

$

167,771,426

 

$

83,742,034

 

$

45,680,169

 

2Investments at cost, affiliated

 

$

 

$

7,163,060

 

$

 

$

454

 

$

 

$

302,448

 

$

314,856

 

3Preferred shares outstanding

 

 

 

 

2,221

 

 

 

 

1,956

 

 

 

 

1,256

 

 

700

 

4Par value per share

 

$

0.01

 

$

0.001

 

$

0.01

 

$

0.001

 

$

0.01

 

$

0.001

 

$

0.001

 

5Common shares outstanding

 

 

10,407,093

 

 

6,433,028

 

 

8,707,093

 

 

5,562,128

 

 

11,257,093

 

 

3,633,028

 

 

2,020,720

 

50


 

STATEMENTS OF OPERATIONS (unaudited)

For the six months ended June 30, 2007



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insured
Municipal
2008 Term
Trust
(BRM)

 

Insured
Municipal
Term
Trust
(BMT)

 

Municipal
2018 Term
Trust
(BPK)

 

Municipal
2020 Term
Trust
(BKK)

 

Strategic
Municipal
Trust
(BSD)

 

 

 


 


 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

10,966,191

 

$

8,386,689

 

$

10,091,919

 

$

12,671,993

 

$

4,455,909

 

Affiliated income

 

 

 

 

 

 

15,694

 

 

 

 

21,185

 

Dividend income

 

 

 

 

 

 

1,368

 

 

190

 

 

570

 

Income from affiliates

 

 

2,850

 

 

2,150

 

 

1,256

 

 

1,313

 

 

405

 

 

 



 



 



 



 



 

Total investment income

 

 

10,969,041

 

 

8,388,839

 

 

10,110,237

 

 

12,673,496

 

 

4,478,069

 

 

 



 



 



 



 



 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

801,313

 

 

673,238

 

 

771,669

 

 

1,225,447

 

 

518,573

 

Administration

 

 

228,946

 

 

192,353

 

 

 

 

 

 

 

Transfer agent

 

 

8,601

 

 

9,576

 

 

6,585

 

 

6,670

 

 

6,857

 

Custodian

 

 

58,458

 

 

52,134

 

 

44,887

 

 

54,077

 

 

36,195

 

Reports to shareholders

 

 

33,098

 

 

30,754

 

 

23,010

 

 

30,695

 

 

14,483

 

Directors/Trustees

 

 

13,323

 

 

10,372

 

 

9,910

 

 

12,436

 

 

4,437

 

Registration

 

 

6,653

 

 

5,453

 

 

5,566

 

 

5,429

 

 

5,449

 

Independent accountants

 

 

20,345

 

 

19,387

 

 

19,266

 

 

19,631

 

 

18,434

 

Legal

 

 

34,659

 

 

21,955

 

 

17,671

 

 

22,167

 

 

12,492

 

Officers’ fees

 

 

3,458

 

 

2,173

 

 

2,047

 

 

2,541

 

 

923

 

Insurance

 

 

15,877

 

 

13,564

 

 

12,191

 

 

15,360

 

 

5,498

 

Auction agent

 

 

62,684

 

 

142,355

 

 

177,447

 

 

231,389

 

 

81,534

 

Deferred Trustees’ fees

 

 

2,850

 

 

2,150

 

 

1,256

 

 

1,313

 

 

405

 

Miscellaneous

 

 

32,510

 

 

25,453

 

 

19,731

 

 

22,322

 

 

11,958

 

 

 



 



 



 



 



 

Total expenses excluding interest expense

 

 

1,322,775

 

 

1,200,917

 

 

1,111,236

 

 

1,649,477

 

 

717,238

 

Interest expense

 

 

 

 

 

 

 

 

701

 

 

 

 

 



 



 



 



 



 

Total expenses

 

 

1,322,775

 

 

1,200,917

 

 

1,111,236

 

 

1,650,178

 

 

717,238

 

Less Advisory fees waived

 

 

 

 

 

 

 

 

 

 

(86,428

)

Less fees waived by Advisor

 

 

 

 

 

 

(340

)

 

 

 

(335

)

Less fees paid indirectly

 

 

(5,658

)

 

(6,274

)

 

(7,447

)

 

(6,347

)

 

(3,311

)

 

 



 



 



 



 



 

Net expenses

 

 

1,317,117

 

 

1,194,643

 

 

1,103,449

 

 

1,643,831

 

 

627,164

 

 

 



 



 



 



 



 

Net investment income

 

 

9,651,924

 

 

7,194,196

 

 

9,006,788

 

 

11,029,665

 

 

3,850,905

 

 

 



 



 



 



 



 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(325,537

)

 

303,045

 

 

76,710

 

 

(475,516

)

 

1,381,557

 

Swaps

 

 

 

 

 

 

349,960

 

 

930,540

 

 

824,971

 

 

 



 



 



 



 



 

 

 

 

(325,537

)

 

303,045

 

 

426,670

 

 

455,024

 

 

2,206,528

 

 

 



 



 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(3,219,642

)

 

(4,153,977

)

 

(8,516,380

)

 

(10,007,637

)

 

(5,534,103

)

Swaps

 

 

 

 

 

 

83,060

 

 

124,565

 

 

17,952

 

 

 



 



 



 



 



 

 

 

 

(3,219,642

)

 

(4,153,977

)

 

(8,433,320

)

 

(9,883,072

)

 

(5,516,151

)

 

 



 



 



 



 



 

Net loss

 

 

(3,545,179

)

 

(3,850,932

)

 

(8,006,650

)

 

(9,428,048

)

 

(3,309,623

)

 

 



 



 



 



 



 

Dividends from Net Investment Income to Preferred Shareholders

 

 

(697,108

)

 

(2,091,318

)

 

(2,470,065

)

 

(3,204,499

)

 

(1,117,878

)

 

 



 



 



 



 



 

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

5,409,637

 

$

1,251,946

 

$

(1,469,927

)

$

(1,602,882

)

$

(576,596

)

 

 



 



 



 



 



 

See Notes to Financial Statements.

51





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California
Insured
Municipal
2008 Term
Trust
(BFC)

 

California
Municipal
2018 Term
Trust
(BJZ)

 

Florida
Insured
Municipal
2008 Term
Trust
(BRF)

 

Florida
Municipal
2020 Term
Trust
(BFO)

 

New York
Insured
Municipal
2008 Term
Trust
(BLN)

 

New York
Municipal
2018 Term
Trust
(BLH)

 

Pennsylvania
Strategic
Municipal
Trust
(BPS)

 

 

 


 


 


 


 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

3,914,987

 

$

3,688,029

 

$

2,778,399

 

$

3,234,870

 

$

4,371,205

 

$

2,337,484

 

$

1,197,679

 

Affiliated income

 

 

 

 

70,962

 

 

 

 

453

 

 

 

 

2,505

 

 

14,163

 

Dividend income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from affiliates

 

 

630

 

 

217

 

 

454

 

 

181

 

 

891

 

 

138

 

 

170

 

 

 



 



 



 



 



 



 



 

Total investment income

 

 

3,915,617

 

 

3,759,208

 

 

2,778,853

 

 

3,235,504

 

 

4,372,096

 

 

2,340,127

 

 

1,212,012

 

 

 



 



 



 



 



 



 



 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

276,877

 

 

303,145

 

 

223,881

 

 

329,259

 

 

300,062

 

 

179,156

 

 

141,263

 

Administration

 

 

79,108

 

 

 

 

63,966

 

 

 

 

85,732

 

 

 

 

 

Transfer agent

 

 

7,088

 

 

6,454

 

 

7,054

 

 

6,357

 

 

7,666

 

 

6,431

 

 

6,608

 

Custodian

 

 

31,135

 

 

21,861

 

 

30,899

 

 

21,861

 

 

32,867

 

 

18,573

 

 

16,811

 

Reports to shareholders

 

 

14,689

 

 

9,187

 

 

12,874

 

 

8,783

 

 

16,373

 

 

6,959

 

 

5,674

 

Directors/Trustees

 

 

6,257

 

 

3,825

 

 

5,033

 

 

3,282

 

 

6,771

 

 

2,316

 

 

1,898

 

Registration

 

 

5,429

 

 

5,448

 

 

3,878

 

 

5,429

 

 

5,429

 

 

5,448

 

 

161

 

Independent accountants

 

 

18,747

 

 

18,338

 

 

18,541

 

 

18,252

 

 

18,817

 

 

18,103

 

 

13,471

 

Legal

 

 

17,091

 

 

8,877

 

 

13,023

 

 

8,770

 

 

17,164

 

 

4,531

 

 

4,333

 

Officers’ fees

 

 

1,320

 

 

797

 

 

1,052

 

 

678

 

 

1,420

 

 

480

 

 

249

 

Insurance

 

 

5,285

 

 

4,792

 

 

4,158

 

 

4,135

 

 

5,580

 

 

2,823

 

 

1,495

 

Auction agent

 

 

 

 

72,386

 

 

 

 

64,627

 

 

 

 

42,472

 

 

26,304

 

Deferred Trustees’ fees

 

 

630

 

 

217

 

 

454

 

 

181

 

 

891

 

 

138

 

 

170

 

Miscellaneous

 

 

7,371

 

 

13,905

 

 

15,061

 

 

13,689

 

 

12,253

 

 

12,262

 

 

9,419

 

 

 



 



 



 



 



 



 



 

Total expenses excluding interest expense

 

 

471,027

 

 

469,232

 

 

399,874

 

 

485,303

 

 

511,025

 

 

299,692

 

 

227,856

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 



 

Total expenses

 

 

471,027

 

 

469,232

 

 

399,874

 

 

485,303

 

 

511,025

 

 

299,692

 

 

227,856

 

Less Advisory fees waived

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23,543

)

Less fees waived by Advisor

 

 

 

 

(9,230

)

 

 

 

(1

)

 

 

 

(296

)

 

(2,297

)

Less fees paid indirectly

 

 

(4,554

)

 

(5,811

)

 

(4,863

)

 

(5,721

)

 

(7,981

)

 

(3,693

)

 

(4,721

)

 

 



 



 



 



 



 



 



 

Net expenses

 

 

466,473

 

 

454,191

 

 

395,011

 

 

479,581

 

 

503,044

 

 

295,703

 

 

197,295

 

 

 



 



 



 



 



 



 



 

Net investment income

 

 

3,449,144

 

 

3,305,017

 

 

2,383,842

 

 

2,755,923

 

 

3,869,052

 

 

2,044,424

 

 

1,014,717

 

 

 



 



 



 



 



 



 



 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

86,738

 

 

(169,691

)

 

(12,790

)

 

734,151

 

 

(152

)

 

(31,334

)

 

497,861

 

Swaps

 

 

 

 

142,000

 

 

 

 

309,645

 

 

 

 

 

 

145,000

 

 

 



 



 



 



 



 



 



 

 

 

 

86,738

 

 

(27,691

)

 

(12,790

)

 

1,043,796

 

 

(152

)

 

(31,334

)

 

642,861

 

 

 



 



 



 



 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(1,361,252

)

 

(2,663,525

)

 

(561,722

)

 

(2,887,753

)

 

(1,700,947

)

 

(1,441,151

)

 

(1,462,831

)

Swaps

 

 

 

 

82,929

 

 

 

 

25,538

 

 

 

 

46,879

 

 

24,691

 

 

 



 



 



 



 



 



 



 

 

 

 

(1,361,252

)

 

(2,580,596

)

 

(561,722

)

 

(2,862,215

)

 

(1,700,947

)

 

(1,394,272

)

 

(1,438,140

)

 

 



 



 



 



 



 



 



 

Net loss

 

 

(1,274,514

)

 

(2,608,287

)

 

(574,512

)

 

(1,818,419

)

 

(1,701,099

)

 

(1,425,606

)

 

(795,279

)

 

 



 



 



 



 



 



 



 

Dividends from Net Investment Income to Preferred Shareholders

 

 

 

 

(941,863

)

 

 

 

(887,895

)

 

 

 

(492,894

)

 

(304,051

)

 

 



 



 



 



 



 



 



 

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

2,174,630

 

$

(245,133

)

$

1,809,330

 

$

49,609

 

$

2,167,953

 

$

125,924

 

$

(84,613

)

 

 



 



 



 



 



 



 



 

52



 

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended June 30, 2007 (unaudited) and the year ended December 31, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insured Municipal
2008 Term Trust (BRM)

 

Insured Municipal
Term Trust (BMT)

 

 

 


 


 

 

 

2007

 

2006

 

2007

 

2006

 

 

 


 


 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

9,651,924

 

$

23,996,732

 

$

7,194,196

 

$

15,783,394

 

Net realized gain (loss)

 

 

(325,537

)

 

(891,629

)

 

303,045

 

 

63,327

 

Net change in unrealized appreciation/depreciation

 

 

(3,219,642

)

 

(7,380,268

)

 

(4,153,977

)

 

(4,496,464

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(697,108

)

 

(6,504,282

)

 

(2,091,318

)

 

(5,450,944

)

Net realized gains

 

 

 

 

(70,381

)

 

 

 

(26,320

)

 

 



 



 



 



 

Net increase (decrease) in net assets applicable to common shareholders resulting from operations

 

 

5,409,637

 

 

9,150,172

 

 

1,251,946

 

 

5,872,993

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(10,243,472

)

 

(21,629,643

)

 

(4,724,183

)

 

(11,713,359

)

Net realized gains

 

 

 

 

(294,925

)

 

 

 

(65,750

)

 

 



 



 



 



 

Total dividends and distributions

 

 

(10,243,472

)

 

(21,924,568

)

 

(4,724,183

)

 

(11,779,109

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

Total increase (decrease)

 

 

(4,833,835

)

 

(12,774,396

)

 

(3,472,237

)

 

(5,906,116

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

419,631,441

 

 

432,405,837

 

 

266,108,515

 

 

272,014,631

 

 

 



 



 



 



 

End of period

 

$

414,797,606

 

$

419,631,441

 

$

262,636,278

 

$

266,108,515

 

 

 



 



 



 



 

End of period undistributed net investment income

 

$

33,064,674

 

$

34,353,330

 

$

16,138,882

 

$

15,760,187

 

See Notes to Financial Statements.

53





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal 2018
Term Trust (BPK)

 

Municipal 2020
Term Trust (BKK)

 

Strategic Municipal
Trust (BSD)

 

California Insured Municipal
2008 Term Trust (BFC)

 

 

 


 


 


 


 

 

 

2007

 

2006

 

2007

 

2006

 

2007

 

2006

 

2007

 

2006

 

 

 



 



 



 



 



 



 



 



 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

9,006,788

 

$

18,273,742

 

$

11,029,665

 

$

22,162,386

 

$

3,850,905

 

$

7,815,683

 

$

3,449,144

 

$

9,068,472

 

Net realized gain (loss)

 

 

426,670

 

 

(145,960

)

 

455,024

 

 

(40,024

)

 

2,206,528

 

 

229,811

 

 

86,738

 

 

(731,806

)

Net change in unrealized appreciation/depreciation

 

 

(8,433,320

)

 

5,113,999

 

 

(9,883,072

)

 

9,861,317

 

 

(5,516,151

)

 

1,732,119

 

 

(1,361,252

)

 

(2,407,786

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(2,470,065

)

 

(4,602,574

)

 

(3,204,499

)

 

(5,910,556

)

 

(1,117,878

)

 

(2,073,507

)

 

 

 

(2,619,751

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 



 



 

Net increase (decrease) in net assets applicable to common shareholders resulting from operations

 

 

(1,469,927

)

 

18,639,207

 

 

(1,602,882

)

 

26,073,123

 

 

(576,596

)

 

7,704,106

 

 

2,174,630

 

 

3,309,129

 

 

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(7,206,337

)

 

(14,412,673

)

 

(8,044,060

)

 

(16,088,120

)

 

(3,805,087

)

 

(7,982,317

)

 

(3,671,103

)

 

(8,039,481

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 



 



 

Total dividends and distributions

 

 

(7,206,337

)

 

(14,412,673

)

 

(8,044,060

)

 

(16,088,120

)

 

(3,805,087

)

 

(7,982,317

)

 

(3,671,103

)

 

(8,039,481

)

 

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

 

 

 

 

 

 

126,023

 

 

291,502

 

 

 

 

 

 

 



 



 



 



 



 



 



 



 

Total increase (decrease)

 

 

(8,676,264

)

 

4,226,534

 

 

(9,646,942

)

 

9,985,003

 

 

(4,255,660

)

 

13,291

 

 

(1,496,473

)

 

(4,730,352

)

 

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

254,116,987

 

 

249,890,453

 

 

319,131,356

 

 

309,146,353

 

 

113,697,151

 

 

113,683,860

 

 

160,366,717

 

 

165,097,069

 

 

 



 



 



 



 



 



 



 



 

End of period

 

$

245,440,723

 

$

254,116,987

 

$

309,484,414

 

$

319,131,356

 

$

109,441,491

 

$

113,697,151

 

$

158,870,244

 

$

160,366,717

 

 

 



 



 



 



 



 



 



 



 

End of period undistributed net investment income

 

$

16,519,371

 

$

17,188,985

 

$

1,530,777

 

$

1,749,671

 

$

1,661,301

 

$

2,733,361

 

$

12,468,073

 

$

12,690,032

 

54


 

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the six months ended June 30, 2007 (unaudited) and the year ended December 31, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California Municipal
2018 Term Trust (BJZ)

 

Florida Insured Municipal
2008 Term Trust (BRF)

 

 

 


 


 

 

 

2007

 

2006

 

2007

 

2006

 

 

 


 


 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

3,305,017

 

$

6,544,576

 

$

2,383,842

 

$

6,263,822

 

Net realized gain (loss)

 

 

(27,691

)

 

(114,970

)

 

(12,790

)

 

(221,614

)

Net change in unrealized appreciation/depreciation

 

 

(2,580,596

)

 

330,478

 

 

(561,722

)

 

(1,678,294

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(941,863

)

 

(1,690,527

)

 

 

 

(1,853,768

)

Net realized gains

 

 

 

 

 

 

 

 

(5,257

)

 

 



 



 



 



 

Net increase (decrease) in net assets applicable to common shareholders resulting from operations

 

 

(245,133

)

 

5,069,557

 

 

1,809,330

 

 

2,504,889

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(2,364,138

)

 

(4,728,276

)

 

(1,959,096

)

 

(4,353,542

)

Net realized gains

 

 

 

 

 

 

 

 

(14,720

)

 

 



 



 



 



 

Total dividends and distributions

 

 

(2,364,138

)

 

(4,728,276

)

 

(1,959,096

)

 

(4,368,262

)

 

 



 



 



 



 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

Total increase (decrease)

 

 

(2,609,271

)

 

341,281

 

 

(149,766

)

 

(1,863,373

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

98,164,795

 

 

97,823,514

 

 

129,110,142

 

 

130,973,515

 

 

 



 



 



 



 

End of period

 

$

95,555,524

 

$

98,164,795

 

$

128,960,376

 

$

129,110,142

 

 

 



 



 



 



 

End of period undistributed net investment income

 

$

4,533,942

 

$

4,534,926

 

$

7,683,807

 

$

7,259,061

 

See Notes to Financial Statements.

55





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida Municipal
2020 Term Trust (BFO)

 

New York Insured Municipal
2008 Term Trust (BLN)

 

New York Municipal
2018 Term Trust (BLH)

 

Pennsylvania Strategic
Municipal Trust (BPS)

 

 

 


 


 


 


 

 

 

2007

 

2006

 

2007

 

2006

 

2007

 

2006

 

2007

 

2006

 

 

 


 


 


 


 


 


 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

2,755,923

 

$

5,443,714

 

$

3,869,052

 

$

9,595,126

 

$

2,044,424

 

$

4,028,909

 

$

1,014,717

 

$

2,055,573

 

Net realized gain (loss)

 

 

1,043,796

 

 

(166,879

)

 

(152

)

 

(214,828

)

 

(31,334

)

 

(76,942

)

 

642,861

 

 

120,163

 

Net change in unrealized appreciation/depreciation

 

 

(2,862,215

)

 

1,470,465

 

 

(1,700,947

)

 

(3,524,930

)

 

(1,394,272

)

 

434,976

 

 

(1,438,140

)

 

(320,738

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(887,895

)

 

(1,635,635

)

 

 

 

(2,294,992

)

 

(492,894

)

 

(929,029

)

 

(304,051

)

 

(565,582

)

Net realized gains

 

 

 

 

 

 

 

 

(5,528

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 



 



 

Net increase (decrease) in net assets applicable to common shareholders resulting from operations

 

 

49,609

 

 

5,111,665

 

 

2,167,953

 

 

3,554,848

 

 

125,924

 

 

3,457,914

 

 

(84,613

)

 

1,289,416

 

 

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1,702,011

)

 

(3,686,996

)

 

(3,503,208

)

 

(7,111,107

)

 

(1,335,138

)

 

(2,670,276

)

 

(870,661

)

 

(1,828,436

)

Net realized gains

 

 

 

 

 

 

 

 

(22,064

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 



 



 

Total dividends and distributions

 

 

(1,702,011

)

 

(3,686,996

)

 

(3,503,208

)

 

(7,133,171

)

 

(1,335,138

)

 

(2,670,276

)

 

(870,661

)

 

(1,828,436

)

 

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,268

 

 

44,141

 

 

 



 



 



 



 



 



 



 



 

Total increase (decrease)

 

 

(1,652,402

)

 

1,424,669

 

 

(1,335,255

)

 

(3,578,323

)

 

(1,209,214

)

 

787,638

 

 

(934,006

)

 

(494,879

)

 

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

84,300,160

 

 

82,875,491

 

 

173,553,223

 

 

177,131,546

 

 

59,313,030

 

 

58,525,392

 

 

30,305,667

 

 

30,800,546

 

 

 



 



 



 



 



 



 



 



 

End of period

 

$

82,647,758

 

$

84,300,160

 

$

172,217,968

 

$

173,553,223

 

$

58,103,816

 

$

59,313,030

 

$

29,371,661

 

$

30,305,667

 

 

 



 



 



 



 



 



 



 



 

End of period undistributed net investment income

 

$

216,538

 

$

50,521

 

$

13,667,607

 

$

13,301,763

 

$

3,726,066

 

$

3,509,674

 

$

311,516

 

$

471,511

 

56


FINANCIAL HIGHLIGHTS

BlackRock Insured Municipal 2008 Term Trust (BRM)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2007
(unaudited)

 

 

Year Ended December 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.42

 

$

15.89

 

$

16.75

 

$

17.38

 

$

17.62

 

$

16.80

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.35

 

 

0.88

 

 

0.91

 

 

0.97

 

 

1.07

 

 

1.26

 

Net realized and unrealized gain (loss)

 

 

(0.11

)

 

(0.30

)

 

(0.75

)

 

(0.55

)

 

(0.07

)

 

0.53

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.03

)

 

(0.24

)

 

(0.22

)

 

(0.10

)

 

(0.08

)

 

(0.13

)

Net realized gains

 

 

 

 

1

 

 

 

(0.01

)

 

(0.01

)

 

(0.01

)

 

 



 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

0.21

 

 

0.34

 

 

(0.06

)

 

0.31

 

 

0.91

 

 

1.65

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.38

)

 

(0.80

)

 

(0.80

)

 

(0.88

)

 

(1.02

)

 

(0.79

)

Net realized gains

 

 

 

 

(0.01

)

 

 

 

(0.06

)

 

(0.13

)

 

(0.04

)

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.38

)

 

(0.81

)

 

(0.80

)

 

(0.94

)

 

(1.15

)

 

(0.83

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

15.25

 

$

15.42

 

$

15.89

 

$

16.75

 

$

17.38

 

$

17.62

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

15.20

 

$

15.53

 

$

15.30

 

$

16.31

 

$

17.27

 

$

16.58

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value3

 

 

1.35

%

 

2.21

%

 

(0.30

)%

 

1.95

%

 

5.39

%

 

10.38

%

 

 



 



 



 



 



 



 

At market value

 

 

0.31

%

 

6.91

%

 

(1.41

)%

 

(0.09

)%

 

11.29

%

 

11.15

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS: 4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.64

%5

 

0.91

%

 

1.03

%

 

0.99

%

 

0.98

%

 

0.98

%

Expenses after fees waived and before fees paid indirectly

 

 

0.64

%5

 

0.92

%

 

1.03

%

 

1.00

%

 

0.98

%

 

0.98

%

Expenses before fees waived and paid indirectly

 

 

0.64

%5

 

0.92

%

 

1.03

%

 

1.00

%

 

0.98

%

 

0.98

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

4.67

%5

 

5.66

%

 

5.58

%

 

5.66

%

 

6.03

%

 

7.34

%

Preferred share dividends

 

 

0.34

%5

 

1.53

%

 

1.33

%

 

0.57

%

 

0.47

%

 

0.73

%

Net investment income available to common shareholders

 

 

4.33

%5

 

4.13

%

 

4.25

%

 

5.09

%

 

5.56

%

 

6.61

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

416,901

 

$

423,862

 

$

441,822

 

$

464,135

 

$

480,887

 

$

468,417

 

Portfolio turnover

 

 

%

 

%

 

3

%

 

4

%

 

18

%

 

23

%

Net assets of common shareholders, end of period (000)

 

$

414,798

 

$

419,631

 

$

432,406

 

$

455,660

 

$

472,785

 

$

479,390

 

Preferred shares value outstanding, end of period (000)

 

$

 

$

81,000

 

$

271,000

 

$

271,000

 

$

271,000

 

$

271,000

 

Asset coverage per preferred share, end of period

 

$

 

$

154,534

 

$

64,902

 

$

67,041

 

$

68,622

 

$

69,235

 



 

 

 

1

Amounted to less than $0.01 per common share outstanding.

2

Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

3

Unaudited.

4

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

5

Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

57


FINANCIAL HIGHLIGHTS

BlackRock Insured Municipal Term Trust (BMT)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2007
(unaudited)

 

Year Ended December 31,

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

10.28

 

$

10.51

 

$

11.05

 

$

11.40

 

$

11.29

 

$

10.85

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.28

 

 

0.61

 

 

0.59

 

 

0.67

 

 

0.73

 

 

0.81

 

Net realized and unrealized gain (loss)

 

 

(0.15

)

 

(0.18

)

 

(0.38

)

 

(0.34

)

 

0.10

 

 

0.41

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.08

)

 

(0.21

)

 

(0.15

)

 

(0.07

)

 

(0.06

)

 

(0.08

)

Net realized gains

 

 

 

 

1

 

1

 

1

 

1

 

(0.02

)

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.05

 

 

0.22

 

 

0.06

 

 

0.26

 

 

0.77

 

 

1.12

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.18

)

 

(0.45

)

 

(0.58

)

 

(0.58

)

 

(0.64

)

 

(0.58

)

Net realized gains

 

 

 

 

1

 

(0.02

)

 

(0.03

)

 

(0.02

)

 

(0.10

)

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.18

)

 

(0.45

)

 

(0.60

)

 

(0.61

)

 

(0.66

)

 

(0.68

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

10.15

 

$

10.28

 

$

10.51

 

$

11.05

 

$

11.40

 

$

11.29

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

9.74

 

$

9.77

 

$

10.36

 

$

11.30

 

$

11.06

 

$

10.94

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value3

 

 

0.58

%

 

2.26

%

 

0.37

%

 

2.39

%

 

7.15

%

 

10.73

%

 

 



 



 



 



 



 



 

At market value

 

 

1.55

%

 

(1.40

)%

 

(3.26

)%

 

7.92

%

 

7.28

%

 

9.51

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.91

%5

 

1.05

%

 

1.04

%

 

1.02

%

 

1.02

%

 

1.05

%

Expenses after fees waived and before fees paid indirectly

 

 

0.91

%5

 

1.06

%

 

1.05

%

 

1.02

%

 

1.02

%

 

1.06

%

Expenses before fees waived and paid indirectly

 

 

0.91

%5

 

1.06

%

 

1.05

%

 

1.02

%

 

1.02

%

 

1.06

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

5.48

%5

 

5.91

%

 

5.48

%

 

6.04

%

 

6.36

%

 

7.32

%

Preferred share dividends

 

 

1.59

%5

 

2.04

%

 

1.35

%

 

0.66

%

 

0.50

%

 

0.70

%

Net investment income available to common shareholders

 

 

3.89

%5

 

3.87

%

 

4.13

%

 

5.38

%

 

5.86

%

 

6.62

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

264,707

 

$

266,976

 

$

278,492

 

$

289,091

 

$

293,334

 

$

287,692

 

Portfolio turnover

 

 

%

 

1

%

 

%

 

1

%

 

11

%

 

36

%

Net assets of common shareholders, end of period (000)

 

$

262,636

 

$

266,109

 

$

272,015

 

$

286,129

 

$

295,028

 

$

292,371

 

Preferred shares value outstanding, end of period (000)

 

$

65,000

 

$

170,400

 

$

170,400

 

$

170,400

 

$

170,400

 

$

170,400

 

Asset coverage per preferred share, end of period

 

$

126,026

 

$

64,062

 

$

64,924

 

$

66,987

 

$

68,288

 

$

67,895

 



 

 

1

Amounted to less than $0.01 per common share outstanding.

2

Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

3

Unaudited.

4

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

5

Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

58


FINANCIAL HIGHLIGHTS

BlackRock Municipal 2018 Term Trust (BPK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2007
(unaudited)

 

Year Ended December 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.97

 

$

15.71

 

$

15.81

 

$

15.53

 

$

14.66

 

$

13.66

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.57

 

 

1.15

 

 

1.19

 

 

1.21

 

 

1.21

 

 

1.17

 

Net realized and unrealized gain (loss)

 

 

(0.50

)

 

0.31

 

 

(0.25

)

 

(0.05

)

 

0.52

 

 

0.73

 

Dividends to preferred shareholders from net investment income

 

 

(0.16

)

 

(0.29

)

 

(0.20

)

 

(0.10

)

 

(0.08

)

 

(0.12

)

 

 



 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

(0.09

)

 

1.17

 

 

0.74

 

 

1.06

 

 

1.65

 

 

1.78

 

 

 



 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.45

)

 

(0.91

)

 

(0.84

)

 

(0.78

)

 

0.78

 

 

(0.78

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

15.43

 

$

15.97

 

$

15.71

 

$

15.81

 

$

15.53

 

$

14.66

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

15.86

 

$

17.01

 

$

15.71

 

$

15.16

 

$

14.36

 

$

13.43

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value2

 

 

(0.72

)%

 

7.46

%

 

4.77

%

 

7.39

%

 

11.87

%

 

13.64

%

 

 



 



 



 



 



 



 

At market value

 

 

(4.20

)%

 

14.46

%

 

9.35

%

 

11.27

%

 

12.92

%

 

8.84

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.88

%4

 

0.90

%

 

0.91

%

 

0.91

%

 

0.93

%

 

0.92

%

Expenses after fees waived and before fees paid indirectly

 

 

0.89

%4

 

0.91

%

 

0.91

%

 

0.91

%

 

0.94

%

 

0.94

%

Expenses before fees waived and paid indirectly

 

 

0.89

%4

 

0.91

%

 

0.91

%

 

0.91

%

 

0.94

%

 

0.94

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.22

%4

 

7.27

%

 

7.53

%

 

7.83

%

 

8.21

%

 

8.14

%

Preferred share dividends

 

 

1.98

%4

 

1.83

%

 

1.27

%

 

0.64

%

 

0.57

%

 

0.84

%

Net investment income available to common shareholders

 

 

5.24

%4

 

5.44

%

 

6.26

%

 

7.19

%

 

7.64

%

 

7.30

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

251,434

 

$

251,297

 

$

252,013

 

$

246,602

 

$

235,575

 

$

227,674

 

Portfolio turnover

 

 

6

%

 

7

%

 

15

%

 

31

%

 

15

%

 

53

%

Net assets of common shareholders, end of period (000)

 

$

245,441

 

$

254,117

 

$

249,890

 

$

251,560

 

$

247,032

 

$

233,233

 

Preferred shares value outstanding, end of period (000)

 

$

137,600

 

$

137,600

 

$

137,600

 

$

137,600

 

$

137,600

 

$

137,600

 

Asset coverage per preferred share, end of period

 

$

69,600

 

$

71,179

 

$

70,407

 

$

70,736

 

$

69,887

 

$

67,381

 


 

 

1

Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Unaudited.

3

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

4

Annualized.

 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

59


FINANCIAL HIGHLIGHTS

BlackRock Municipal 2020 Term Trust (BKK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
September 30, 20031
through
December 31, 2003

 

 

 

Six Months Ended
June 30, 2007
(unaudited)

 

Year Ended December 31,

 

 

 

 

 


 

 

 

 

 

2006

 

2005

 

2004

 

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.77

 

$

15.28

 

$

14.85

 

$

14.51

 

$

14.33

2

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.55

 

 

1.10

 

 

1.11

 

 

1.10

 

 

0.15

 

Net realized and unrealized gain (loss)

 

 

(0.47

)

 

0.48

 

 

0.39

 

 

0.28

 

 

0.25

 

Dividends to preferred shareholders from net investment income

 

 

(0.16

)

 

(0.29

)

 

(0.20

)

 

(0.10

)

 

(0.01

)

 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

(0.08

)

 

1.29

 

 

1.30

 

 

1.28

 

 

0.39

 

 

 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.40

)

 

(0.80

)

 

(0.87

)

 

(0.94

)

 

(0.16

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.05

)

 

 



 



 



 



 



 

Net asset value, end of period

 

$

15.29

 

$

15.77

 

$

15.28

 

$

14.85

 

$

14.51

 

 

 



 



 



 



 



 

Market price, end of period

 

$

15.24

 

$

15.77

 

$

14.00

 

$

15.02

 

$

15.00

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

(0.55

)%

 

8.72

%

 

8.97

%

 

8.99

%

 

2.36

%

 

 



 



 



 



 



 

At market value

 

 

(0.88

)%

 

18.66

%

 

(1.28

)%

 

6.63

%

 

1.05

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.05

%6

 

1.07

%

 

1.08

%

 

1.09

%

 

0.85

%6

Expenses after fees waived and before fees paid indirectly

 

 

1.05

%6

 

1.07

%

 

1.09

%

 

1.09

%

 

0.87

%6

Expenses before fees waived and paid indirectly

 

 

1.05

%6

 

1.07

%

 

1.09

%

 

1.09

%

 

0.87

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.02

%6

 

7.09

%

 

7.27

%

 

7.67

%

 

4.25

%6

Preferred share dividends

 

 

2.04

%6

 

1.89

%

 

1.34

%

 

0.72

%

 

0.30

%6

Net investment income available to common shareholders

 

 

4.98

%6

 

5.20

%

 

5.93

%

 

6.95

%

 

3.95

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

316,651

 

$

312,545

 

$

307,487

 

$

290,212

 

$

279,827

 

Portfolio turnover

 

 

2

%

 

12

%

 

14

%

 

51

%

 

17

%

Net assets of common shareholders, end of period (000)

 

$

309,484

 

$

319,131

 

$

309,146

 

$

300,518

 

$

293,598

 

Preferred shares value outstanding, end of period (000)

 

$

177,600

 

$

177,600

 

$

177,600

 

$

177,600

 

$

177,600

 

Asset coverage per preferred share, end of period

 

$

68,577

 

$

69,937

 

$

68,527

 

$

67,307

 

$

66,332

 


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

Unaudited.

5

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

6

Annualized.

 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

60


FINANCIAL HIGHLIGHTS
BlackRock Strategic Municipal Trust (BSD)  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2007
(unaudited)

 

Year Ended December 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

15.64

 

 

$

15.68

 

$

15.70

 

$

15.91

 

$

15.01

 

$

14.33

 

 

 

 



 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

0.53

 

 

 

1.07

 

 

1.14

 

 

1.26

 

 

1.23

 

 

1.26

 

Net realized and unrealized gain (loss)

 

 

 

(0.46

)

 

 

0.28

 

 

0.07

 

 

(0.41

)

 

0.68

 

 

0.42

 

Dividends to preferred shareholders from net investment income

 

 

 

(0.15

)

 

 

(0.29

)

 

(0.20

)

 

(0.10

)

 

(0.08

)

 

(0.12

)

 

 

 



 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

 

(0.08

)

 

 

1.06

 

 

1.01

 

 

0.75

 

 

1.83

 

 

1.56

 

 

 

 



 

 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

 

(0.52

)

 

 

(1.10

)

 

(1.03

)

 

(0.96

)

 

(0.93

)

 

(0.88

)

 

 

 



 

 



 



 



 



 



 

Net asset value, end of period

 

 

$

15.04

 

 

$

15.64

 

$

15.68

 

$

15.70

 

$

15.91

 

$

15.01

 

 

 

 



 

 



 



 



 



 



 

Market price, end of period

 

 

$

16.83

 

 

$

18.69

 

$

17.14

 

$

14.52

 

$

14.69

 

$

13.78

 

 

 

 



 

 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value2

 

 

 

(0.98

)%

 

 

6.38

%

 

6.67

%

 

5.41

%

 

13.10

%

 

11.51

%

 

 

 



 

 



 



 



 



 



 

At market value

 

 

 

(7.27

)%

 

 

16.29

%

 

26.08

%

 

5.59

%

 

13.75

%

 

8.03

%

 

 

 



 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

 

1.13

%4

 

 

1.04

%

 

0.97

%

 

0.89

%

 

0.91

%

 

0.98

%

Expenses after fees waived and before fees paid indirectly

 

 

 

1.13

%4

 

 

1.07

%

 

0.98

%

 

0.90

%

 

0.91

%

 

0.99

%

Expenses before fees waived and paid indirectly

 

 

 

1.29

%4

 

 

1.31

%

 

1.29

%

 

1.28

%

 

1.30

%

 

1.39

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

 

6.92

%4

 

 

6.89

%

 

7.23

%

 

8.04

%

 

8.09

%

 

8.54

%

Preferred share dividends

 

 

 

2.01

%4

 

 

1.83

%

 

1.26

%

 

0.62

%

 

0.54

%

 

0.78

%

Net investment income available to common shareholders

 

 

 

4.91

%4

 

 

5.06

%

 

5.97

%

 

7.42

%

 

7.55

%

 

7.76

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

 

$

112,289

 

 

$

113,394

 

$

113,860

 

$

112,298

 

$

110,385

 

$

106,807

 

Portfolio turnover

 

 

 

15

%

 

 

71

%

 

96

%

 

23

%

 

8

%

 

13

%

Net assets of common shareholders, end of period (000)

 

 

$

109,441

 

 

$

113,697

 

$

113,684

 

$

113,686

 

$

115,246

 

$

108,721

 

Preferred shares value outstanding, end of period (000)

 

 

$

62,000

 

 

$

62,000

 

$

62,000

 

$

62,000

 

$

62,000

 

$

62,000

 

Asset coverage per preferred share, end of period

 

 

$

69,138

 

 

$

70,856

 

$

70,847

 

$

70,844

 

$

71,476

 

$

68,844

 


 

 


1

Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Unaudited.

3

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

4

Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

61


FINANCIAL HIGHLIGHTS

BlackRock California Insured Municipal 2008 Term Trust (BFC)  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2007
(unaudited)

 

Year Ended December 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

15.41

 

 

$

15.86

 

$

16.76

 

$

17.19

 

$

17.34

 

$

16.77

 

 

 

 



 

 



 



 



 



 



 

Investment operations:

 

 

 

0.33

 

 

 

0.87

 

 

0.90

 

 

0.91

 

 

0.96

 

 

1.18

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

 

(0.12

)

 

 

(0.30

)

 

(0.82

)

 

(0.44

)

 

0.06

 

 

0.48

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

(0.25

)

 

(0.20

)

 

(0.10

)

 

(0.07

)

 

(0.11

)

Net realized gains

 

 

 

 

 

 

 

 

1

 

 

 

(0.01

)

 

(0.03

)

 

 

 



 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

 

0.21

 

 

 

0.32

 

 

(0.12

)

 

0.37

 

 

0.94

 

 

1.52

 

 

 

 



 

 



 



 



 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.35

)

 

 

(0.77

)

 

(0.77

)

 

(0.77

)

 

(1.00

)

 

(0.81

)

Net realized gains

 

 

 

 

 

 

 

 

(0.01

)

 

(0.03

)

 

(0.09

)

 

(0.14

)

 

 

 



 

 



 



 



 



 



 

Total dividends and distributions

 

 

 

(0.35

)

 

 

(0.77

)

 

(0.78

)

 

(0.80

)

 

(1.09

)

 

(0.95

)

 

 

 



 

 



 



 



 



 



 

Net asset value, end of period

 

 

$

15.27

 

 

$

15.41

 

$

15.86

 

$

16.76

 

$

17.19

 

$

17.34

 

 

 

 



 

 



 



 



 



 



 

Market price, end of period

 

 

$

15.08

 

 

$

15.34

 

$

15.31

 

$

16.25

 

$

17.09

 

$

16.44

 

 

 

 



 

 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value3

 

 

 

1.40

%

 

 

2.15

%

 

(0.59

)%

 

2.33

%

 

5.76

%

 

9.57

%

 

 

 



 

 



 



 



 



 



 

At market value

 

 

 

0.59

%

 

 

5.34

%

 

(1.08

)%

 

(0.20%

)

 

10.90

%

 

9.56

%

 

 

 



 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

 

0.59

%5

 

 

0.99

%

 

1.07

%

 

1.05

%

 

1.04

%

 

1.05

%

Expenses after fees waived and before fees paid indirectly

 

 

 

0.60

%5

 

 

1.07

%

 

1.08

%

 

1.05

%

 

1.04

%

 

1.06

%

Expenses before fees waived and paid indirectly

 

 

 

0.60

%5

 

 

1.07

%

 

1.08

%

 

1.05

%

 

1.04

%

 

1.06

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

 

4.36

%5

 

 

5.60

%

 

5.55

%

 

5.37

%

 

5.51

%

 

6.91

%

Preferred share dividends

 

 

 

%5

 

 

1.62

%

 

1.23

%

 

0.58

%

 

0.38

%

 

0.64

%

Net investment income available to common shareholders

 

 

 

4.36

%5

 

 

3.98

%

 

4.32

%

 

4.79

%

 

5.13

%

 

6.27

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

 

$

159,526

 

 

$

161,925

 

$

169,564

 

$

175,711

 

$

180,408

 

$

177,861

 

Portfolio turnover

 

 

 

%

 

 

%

 

%

 

%

 

15

%

 

33

%

Net assets of common shareholders, end of period (000)

 

 

$

158,870

 

 

$

160,367

 

$

165,097

 

$

174,408

 

$

178,854

 

$

180,498

 

Preferred shares value outstanding, end of period (000)

 

 

$

 

 

$

 

$

104,550

 

$

104,550

 

$

104,550

 

$

104,550

 

Asset coverage per preferred share, end of period

 

 

$

 

 

$

 

$

64,497

 

$

66,714

 

$

67,776

 

$

68,161

 


 

 


1

Amounted to less than $0.01 per common share outstanding.

2

Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

3

Unaudited.

4

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

5

Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

62


FINANCIAL HIGHLIGHTS

BlackRock California Municipal 2018 Term Trust (BJZ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2007
(unaudited)

 

Year Ended December 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

15.26

 

 

$

15.21

 

$

15.17

 

$

14.77

 

$

14.59

 

$

13.63

 

 

 

 



 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

0.51

 

 

 

1.02

 

 

0.97

 

 

1.00

 

 

1.04

 

 

1.03

 

Net realized and unrealized gain (loss)

 

 

 

(0.40

)

 

 

0.03

 

 

(0.01

)

 

0.21

 

 

(0.06

)

 

0.78

 

Dividends to preferred shareholders from net investment income

 

 

 

(0.15

)

 

 

(0.26

)

 

(0.18

)

 

(0.08

)

 

(0.07

)

 

(0.11

)

 

 

 



 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

 

(0.04

)

 

 

0.79

 

 

0.78

 

 

1.13

 

 

0.91

 

 

1.70

 

 

 

 



 

 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

 

(0.37

)

 

 

(0.74

)

 

(0.74

)

 

(0.73

)

 

(0.73

)

 

(0.74

)

 

 

 



 

 



 



 



 



 



 

Net asset value, end of period

 

 

$

14.85

 

 

$

15.26

 

$

15.21

 

$

15.17

 

$

14.77

 

$

14.59

 

 

 

 



 

 



 



 



 



 



 

Market price, end of period

 

 

$

15.69

 

 

$

15.94

 

$

15.19

 

$

13.89

 

$

13.42

 

$

13.40

 

 

 

 



 

 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value2

 

 

 

(0.39

)%

 

 

5.19

%

 

5.30

%

 

8.20

%

 

6.83

%

 

12.94

%

 

 

 



 

 



 



 



 



 



 

At market value

 

 

 

0.75

%

 

 

10.03

%

 

14.85

%

 

9.04

%

 

5.67

%

 

10.04

%

 

 

 



 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

 

0.94

%4

 

 

0.97

%

 

0.99

%

 

1.01

%

 

1.03

%

 

0.99

%

Expenses after fees waived and before fees paid indirectly

 

 

 

0.95

%4

 

 

0.99

%

 

1.01

%

 

1.02

%

 

1.03

%

 

1.03

%

Expenses before fees waived and paid indirectly

 

 

 

0.97

%4

 

 

0.99

%

 

1.01

%

 

1.02

%

 

1.03

%

 

1.03

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

 

6.85

%4

 

 

6.69

%

 

6.39

%

 

6.77

%

 

7.29

%

 

7.33

%

Preferred share dividends

 

 

 

1.95

%4

 

 

1.73

%

 

1.17

%

 

0.56

%

 

0.51

%

 

0.81

%

Net investment income available to common shareholders

 

 

 

4.90

%4

 

 

4.96

%

 

5.22

%

 

6.21

%

 

6.78

%

 

6.52

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

 

$

97,267

 

 

$

97,781

 

$

97,869

 

$

95,091

 

$

92,324

 

$

90,721

 

Portfolio turnover

 

 

 

4

%

 

 

%

 

9

%

 

9

%

 

9

%

 

42

%

Net assets applicable to common shareholders, end of period (000)

 

 

$

95,556

 

 

$

98,165

 

$

97,824

 

$

97,590

 

$

95,047

 

$

93,844

 

Preferred shares value outstanding, end of period (000)

 

 

$

55,525

 

 

$

55,525

 

$

55,525

 

$

55,525

 

$

55,528

 

$

55,525

 

Asset coverage per preferred share, end of period

 

 

$

68,035

 

 

$

69,214

 

$

69,056

 

$

68,945

 

$

67,796

 

$

67,254

 


 

 


1

Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Unaudited

3

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

4

Annualized.

 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

63


FINANCIAL HIGHLIGHTS

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2007
(unaudited)

 

Year Ended December 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

14.83

 

 

$

15.04

 

$

15.91

 

$

16.43

 

$

16.41

 

$

16.01

 

 

 

 



 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

0.27

 

 

 

0.72

 

 

0.78

 

 

0.81

 

 

0.88

 

 

1.12

 

Net realized and unrealized gain (loss)

 

 

 

(0.06

)

 

 

(0.22

)

 

(0.67

)

 

(0.41

)

 

0.13

 

 

0.36

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

(0.21

)

 

(0.22

)

 

(0.09

)

 

(0.06

)

 

(0.11

)

Net realized gains

 

 

 

 

 

 

1

 

1

 

(0.01

)

 

(0.02

)

 

(0.04

)

 

 

 



 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

 

0.21

 

 

 

0.29

 

 

(0.11

)

 

0.30

 

 

0.93

 

 

1.33

 

Dividends and distributions from:

 

 



 

 



 



 



 



 



 

Net investment income

 

 

 

(0.23

)

 

 

(0.50

)

 

(0.75

)

 

(0.75

)

 

(0.81

)

 

(0.75

)

Net realized gains

 

 

 

 

 

 

1

 

(0.01

)

 

(0.07

)

 

(0.10

)

 

(0.18

)

 

 

 



 

 



 



 



 



 



 

Total dividends and distributions

 

 

 

(0.23

)

 

 

(0.50

)

 

(0.76

)

 

(0.82

)

 

(0.91

)

 

(0.93

)

 

 

 



 

 



 



 



 



 



 

Net asset value, end of period

 

 

$

14.81

 

 

$

14.83

 

$

15.04

 

$

15.91

 

$

16.43

 

$

16.41

 

 

 

 



 

 



 



 



 



 



 

Market price, end of period

 

 

$

14.49

 

 

$

14.42

 

$

15.11

 

$

15.85

 

$

16.19

 

$

15.91

 

 

 

 



 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value3

 

 

 

1.42

%

 

 

2.07

%

 

(0.74

)%

 

1.93

%

 

5.91

%

 

8.74

%

 

 

 



 

 



 



 



 



 



 

At market value

 

 

 

2.05

%

 

 

(1.21

)%

 

0.10

%

 

3.05

%

 

7.64

%

 

9.61

%

 

 

 



 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

 

0.62

%5

 

 

0.96

%

 

1.09

%

 

1.07

%

 

1.05

%

 

1.05

%

Expenses after fees waived and before fees paid indirectly

 

 

 

0.63

%5

 

 

1.03

%

 

1.10

%

 

1.07

%

 

1.05

%

 

1.05

%

Expenses before fees waived and paid indirectly

 

 

 

0.63

%5

 

 

1.03

%

 

1.10

%

 

1.07

%

 

1.05

%

 

1.06

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

 

3.73

%5

 

 

4.85

%

 

5.08

%

 

5.03

%

 

5.34

%

 

6.90

%

Preferred share dividends

 

 

 

%5

 

 

1.43

%

 

1.42

%

 

0.56

%

 

0.39

%

 

0.70

%

Net investment income available to common shareholders

 

 

 

3.73

%5

 

 

3.42

%

 

3.66

%

 

4.47

%

 

4.95

%

 

6.20

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

 

$

128,990

 

 

$

129,187

 

$

134,104

 

$

140,140

 

$

144,071

 

$

141,064

 

Portfolio turnover

 

 

 

2

%

 

 

%

 

%

 

%

 

6

%

 

52

%

Net assets, end of period (000)

 

 

$

128,960

 

 

$

129,110

 

$

130,974

 

$

138,542

 

$

143,082

 

$

142,920

 

Preferred shares value outstanding, end of period (000)

 

 

$

 

 

$

 

$

84,150

 

$

84,150

 

$

84,169

 

$

84,150

 

Asset coverage per preferred share, end of period

 

 

$

 

 

$

 

$

63,912

 

$

66,159

 

$

67,514

 

$

67,460

 


 

 


1

Amounted to less than $0.01 per common share outstanding.

2

Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

3

Unaudited

4

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

5

Annualized.

 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

64



FINANCIAL HIGHLIGHTS

BlackRock Florida Municipal 2020 Term Trust (BFO)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
September 30, 20031
through
December 31, 2003

 

 

 

Six Months Ended
June 30, 2007
(unaudited)

 

Year Ended December 31,

 

 

 

 

 


 

 

 

 

 

2006

 

2005

 

2004

 

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

15.16

 

 

$

14.90

 

$

14.63

 

$

14.50

 

 

$

14.33

2

 

 

 

 



 

 



 



 



 

 



 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

0.50

 

 

 

0.98

 

 

0.98

 

 

0.99

 

 

 

0.12

 

 

Net realized and unrealized gain (loss)

 

 

 

(0.33

)

 

 

0.23

 

 

0.31

 

 

0.14

 

 

 

0.26

 

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.16

)

 

 

(0.29

)

 

(0.20

)

 

(0.10

)

 

 

(0.01

)

 

Net realized gains

 

 

 

 

 

 

 

 

(0.01

)

 

 

 

 

 

 

 

 

 



 

 



 



 



 

 



 

 

Net increase from investment operations

 

 

 

0.01

 

 

 

0.92

 

 

1.08

 

 

1.03

 

 

 

0.37

 

 

 

 

 



 

 



 



 



 

 



 

 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.31

)

 

 

(0.66

)

 

(0.75

)

 

(0.90

)

 

 

(0.15

)

 

Net realized gains

 

 

 

 

 

 

 

 

(0.06

)

 

 

 

 

 

 

 

 

 



 

 



 



 



 

 



 

 

Total dividends and distributions

 

 

 

(0.31

)

 

 

(0.66

)

 

(0.81

)

 

(0.90

)

 

 

(0.15

)

 

 

 

 



 

 



 



 



 

 



 

 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

 



 

 



 



 



 

 



 

 

Total capital charges

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.05

)

 

 

 

 



 

 



 



 



 

 



 

 

Net asset value, end of period

 

 

$

14.86

 

 

$

15.16

 

$

14.90

 

$

14.63

 

 

$

14.50

 

 

 

 

 



 

 



 



 



 

 



 

 

Market price, end of period

 

 

$

13.49

 

 

$

13.85

 

$

13.35

 

$

15.08

 

 

$

15.39

 

 

 

 

 



 

 



 



 



 

 



 

 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value4

 

 

 

0.20

%

 

 

6.66

%

 

7.76

%

 

7.22

%

 

 

2.21

%

 

 

 

 



 

 



 



 



 

 



 

 

At market value

 

 

 

(0.43

)%

 

 

8.83

%

 

(6.76

)%

 

4.10

%

 

 

3.60

%

 

 

 

 



 

 



 



 



 

 



 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

 

1.15

%6

 

 

1.18

%

 

1.24

%

 

1.21

%

 

 

1.02

%6

 

Expenses after fees waived and before fees paid indirectly

 

 

 

1.17

%6

 

 

1.20

%

 

1.26

%

 

1.21

%

 

 

1.02

%6

 

Expenses before fees waived and paid indirectly

 

 

 

1.17

%6

 

 

1.20

%

 

1.26

%

 

1.25

%

 

 

1.05

%6

 

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

 

6.62

%6

 

 

6.54

%

 

6.57

%

 

6.93

%

 

 

3.45

%6

 

Preferred share dividends

 

 

 

2.13

%6

 

 

1.96

%

 

1.32

%

 

0.68

%

 

 

0.30

%6

 

Net investment income available to common shareholders

 

 

 

4.49

%6

 

 

4.58

%

 

5.25

%

 

6.25

%

 

 

3.15

%6

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

 

$

83,898

 

 

$

83,282

 

$

82,799

 

$

79,810

 

 

$

76,698

 

 

Portfolio turnover

 

 

 

8

%

 

 

%

 

%

 

9

%

 

 

%

 

Net assets applicable to common shareholders, end of period (000)

 

 

$

82,648

 

 

$

84,300

 

$

82,875

 

$

81,391

 

 

$

80,655

 

 

Preferred shares value outstanding, end of period (000)

 

 

$

48,900

 

 

$

48,900

 

$

48,900

 

$

48,900

 

 

$

48,900

 

 

Asset coverage per preferred share, end of period

 

 

$

67,269

 

 

$

68,114

 

$

67,379

 

$

66,617

 

 

$

66,237

 

 


 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

Unaudited

5

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

6

Annualized.

 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

65



FINANCIAL HIGHLIGHTS

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2007

(unaudited)

 

Year Ended December 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

15.42

 

 

$

15.73

 

$

16.56

 

$

17.13

 

$

17.09

 

$

16.22

 

 

 

 



 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

0.34

 

 

 

0.85

 

 

0.90

 

 

0.93

 

 

1.01

 

 

1.13

 

Net realized and unrealized gain (loss)

 

 

 

(0.15

)

 

 

(0.33

)

 

(0.77

)

 

(0.53

)

 

(0.05

)

 

0.75

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

(0.20

)

 

(0.20

)

 

(0.10

)

 

(0.08

)

 

(0.11

)

Net realized gains

 

 

 

 

 

 

1

 

1

 

(0.01

)

 

(0.01

)

 

(0.03

)

 

 

 



 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

 

0.19

 

 

 

0.32

 

 

(0.07

)

 

0.29

 

 

0.87

 

 

1.74

 

 

 

 



 

 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.31

)

 

 

(0.63

)

 

(0.75

)

 

(0.81

)

 

(0.79

)

 

(0.75

)

Net realized gains

 

 

 

 

 

 

1

 

(0.01

)

 

(0.05

)

 

(0.04

)

 

(0.12

)

 

 

 



 

 



 



 



 



 



 

Total dividends and distributions

 

 

 

(0.31

)

 

 

(0.63

)

 

(0.76

)

 

(0.86

)

 

(0.83

)

 

(0.87

)

 

 

 



 

 



 



 



 



 



 

Net asset value, end of period

 

 

$

15.30

 

 

$

15.42

 

$

15.73

 

$

16.56

 

$

17.13

 

$

17.09

 

 

 

 



 

 



 



 



 



 



 

Market price, end of period

 

 

$

15.11

 

 

$

14.90

 

$

15.30

 

$

16.09

 

$

16.96

 

$

16.22

 

 

 

 



 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value3

 

 

 

1.28

%

 

 

1.91

%

 

(0.34

)%

 

1.93

%

 

5.33

%

 

11.23

%

 

 

 



 

 



 



 



 



 



 

At market value

 

 

 

3.51

%

 

 

1.55

%

 

(0.23

)%

 

0.03

%

 

9.88

%

 

10.47

%

 

 

 



 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

 

0.59

%5

 

 

0.91

%

 

1.05

%

 

1.03

%

 

1.03

%

 

1.04

%

Expenses after fees waived and before fees paid indirectly

 

 

 

0.60

%5

 

 

0.97

%

 

1.06

%

 

1.03

%

 

1.03

%

 

1.05

%

Expenses before fees waived and paid indirectly

 

 

 

0.60

%5

 

 

0.97

%

 

1.06

%

 

1.03

%

 

1.03

%

 

1.05

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

 

4.51

%5

 

 

5.51

%

 

5.62

%

 

5.51

%

 

5.85

%

 

6.75

%

Preferred share dividends

 

 

 

%5

 

 

1.32

%

 

1.25

%

 

0.58

%

 

0.48

%

 

0.68

%

Net investment income available to common shareholders

 

 

 

4.51

%5

 

 

4.19

%

 

4.37

%

 

4.93

%

 

5.37

%

 

6.07

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

 

$

172,886

 

 

$

174,200

 

$

180,876

 

$

189,322

 

$

192,958

 

$

187,970

 

Portfolio turnover

 

 

 

1

%

 

 

4

%

 

7

%

 

%

 

7

%

 

31

%

Net assets, end of period (000)

 

 

$

172,218

 

 

$

173,553

 

$

177,132

 

$

186,424

 

$

192,801

 

$

192,337

 

Preferred shares value outstanding, end of period (000)

 

 

$

 

 

$

 

$

109,550

 

$

109,550

 

$

109,550

 

$

109,550

 

Asset coverage per preferred share, end of period

 

 

$

 

 

$

 

$

65,433

 

$

67,549

 

$

69,000

 

$

68,893

 


 

 


1

Amounted to less than $0.01 per common share outstanding.

2

Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

3

Unaudited

4

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

5

Annualized.


The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

66


FINANCIAL HIGHLIGHTS

BlackRock New York Municipal 2018 Term Trust (BLH)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2007
(unaudited)

 

Year Ended December 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

16.33

 

 

$

16.11

 

$

15.77

 

$

15.53

 

$

15.11

 

$

13.58

 

 

 

 



 

 



 



 



 

 


 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

0.56

 

 

 

1.11

 

 

1.08

 

 

1.07

 

 

1.06

 

 

1.01

 

Net realized and unrealized gain (loss)

 

 

 

(0.39

)

 

 

0.11

 

 

0.17

 

 

 

 

0.18

 

 

1.37

 

Dividends to preferred shareholders from net investment income

 

 

 

(0.14

)

 

 

(0.26

)

 

(0.17

)

 

(0.09

)

 

(0.08

)

 

(0.11

)

 

 

 



 

 



 



 



 

 


 



 

Net increase from investment operations

 

 

 

0.03

 

 

 

0.96

 

 

1.08

 

 

0.98

 

 

1.16

 

 

2.27

 

 

 

 



 

 



 



 



 

 


 



 

Dividends to common shareholders from net investment income

 

 

 

(0.37

)

 

 

(0.74

)

 

(0.74

)

 

(0.74

)

 

(0.74

)

 

(0.74

)

 

 

 



 

 



 



 



 

 


 



 

Net asset value, end of period

 

 

$

15.99

 

 

$

16.33

 

$

16.11

 

$

15.77

 

$

15.53

 

$

15.11

 

 

 

 



 

 



 



 



 



 



 

Market price, end of period

 

 

$

15.36

 

 

$

15.62

 

$

15.15

 

$

14.82

 

$

14.70

 

$

13.46

 

 

 

 



 

 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value2

 

 

 

0.21

%

 

 

6.26

%

 

7.19

%

 

6.73

%

 

8.19

%

 

17.33

%

 

 

 



 

 



 



 



 



 



 

At market value

 

 

 

0.63

%

 

 

8.08

%

 

7.28

%

 

5.94

%

 

14.94

%

 

7.96

%

 

 

 



 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

 

1.01

%4

 

 

1.04

%

 

1.06

%

 

1.11

%

 

1.12

%

 

1.13

%

Expenses after fees waived and before fees paid indirectly

 

 

 

1.02

%4

 

 

1.07

%

 

1.08

%

 

1.12

%

 

1.14

%

 

1.17

%

Expenses before fees waived and paid indirectly

 

 

 

1.03

%4

 

 

1.07

%

 

1.08

%

 

1.12

%

 

1.14

%

 

1.17

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

 

7.00

%4

 

 

6.84

%

 

6.73

%

 

6.91

%

 

7.03

%

 

7.03

%

Preferred share dividends

 

 

 

1.69

%4

 

 

1.58

%

 

1.06

%

 

0.57

%

 

0.53

%

 

0.80

%

Net investment income available to common shareholders

 

 

 

5.31

%4

 

 

5.26

%

 

5.67

%

 

6.34

%

 

6.50

%

 

6.23

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

 

$

58,918

 

 

$

58,916

 

$

58,434

 

$

56,270

 

$

54,510

 

$

52,265

 

Portfolio turnover

 

 

 

1

%

 

 

6

%

 

12

%

 

%

 

11

%

 

41

%

Net assets applicable to common shareholders, end of period (000)

 

 

$

58,104

 

 

$

59,313

 

$

58,525

 

$

57,303

 

$

56,415

 

$

54,881

 

Preferred shares value outstanding, end of period (000)

 

 

$

31,400

 

 

$

31,400

 

$

31,400

 

$

31,400

 

$

31,400

 

$

31,400

 

Asset coverage per preferred share, end of period

 

 

$

71,270

 

 

$

72,237

 

$

71,603

 

$

70,626

 

$

69,917

 

$

68,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 


1

Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Unaudited

3

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

4

Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

67


FINANCIAL HIGHLIGHTS

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2007
(unaudited)

 

Year Ended December 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 

 


 

 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

15.01

 

 

$

15.27

 

$

15.81

 

$

16.09

 

$

15.61

 

$

14.65

 

 

 

 



 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

0.50

 

 

 

1.02

 

 

0.97

 

 

1.07

 

 

1.12

 

 

1.17

 

Net realized and unrealized gain (loss)

 

 

 

(0.39

)

 

 

(0.09

)

 

(0.42

)

 

(0.37

)

 

0.30

 

 

0.73

 

Dividends to preferred shareholders from net investment income

 

 

 

(0.15

)

 

 

(0.28

)

 

(0.19

)

 

(0.09

)

 

(0.07

)

 

(0.11

)

 

 

 



 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

 

(0.04

)

 

 

0.65

 

 

0.36

 

 

0.61

 

 

1.35

 

 

1.79

 

 

 

 



 

 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

 

(0.43

)

 

 

(0.91

)

 

(0.90

)

 

(0.89

)

 

(0.87

)

 

(0.83

)

 

 

 



 

 



 



 



 



 



 

Net asset value, end of period

 

 

$

14.54

 

 

$

15.01

 

$

15.27

 

$

15.81

 

$

16.09

 

$

15.61

 

 

 

 



 

 



 



 



 



 



 

Market price, end of period

 

 

$

17.79

 

 

$

17.43

 

$

15.85

 

$

15.70

 

$

15.12

 

$

14.33

 

 

 

 



 

 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value2

 

 

 

(0.62

)%

 

 

4.09

%

 

2.39

%

 

4.21

%

 

9.33

%

 

12.86

%

 

 

 



 

 



 



 



 



 



 

At market value

 

 

 

4.72

%

 

 

16.45

%

 

7.02

%

 

10.12

%

 

11.91

%

 

8.19

%

 

 

 



 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

 

1.33

%4

 

 

1.23

%

 

1.13

%

 

1.03

%

 

1.12

%

 

1.34

%

Expenses after fees waived and before fees paid indirectly

 

 

 

1.36

%4

 

 

1.28

%

 

1.21

%

 

1.08

%

 

1.15

%

 

1.36

%

Expenses before fees waived and paid indirectly

 

 

 

1.53

%4

 

 

1.51

%

 

1.52

%

 

1.47

%

 

1.54

%

 

1.75

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

 

6.83

%4

 

 

6.73

%

 

6.28

%

 

6.74

%

 

7.09

%

 

7.69

%

Preferred share dividends

 

 

 

2.05

%4

 

 

1.85

%

 

1.22

%

 

0.59

%

 

0.46

%

 

0.71

%

Net investment income available to common shareholders

 

 

 

4.78

%4

 

 

4.88

%

 

5.06

%

 

6.15

%

 

6.63

%

 

6.98

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

 

$

29,977

 

 

$

30,532

 

$

31,283

 

$

31,989

 

$

31,892

 

$

30,545

 

Portfolio turnover

 

 

 

18

%

 

 

7

%

 

8

%

 

5

%

 

%

 

7

%

Net assets applicable to common shareholders, end of period (000)

 

 

$

29,372

 

 

$

30,306

 

$

30,801

 

$

31,857

 

$

32,435

 

$

31,454

 

Preferred shares value outstanding, end of period (000)

 

 

$

17,500

 

 

$

17,500

 

$

17,500

 

$

17,500

 

$

17,500

 

$

17,500

 

Asset coverage per preferred share, end of period

 

 

$

66,967

 

 

$

68,305

 

$

69,008

 

$

70,513

 

$

71,341

 

$

69,939

 


 

 


1

Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Unaudited

3

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

4

Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

68


 

NOTES TO FINANCIAL STATEMENTS (unaudited)


Note 1. Organization & Accounting Policies

The BlackRock Insured Municipal 2008 Term Trust Inc. (“Insured Municipal 2008”), The BlackRock Insured Municipal Term Trust Inc. (“Insured Municipal”), The BlackRock California Insured Municipal 2008 Term Trust Inc. (“California Insured 2008”) and The BlackRock New York Insured Municipal 2008 Term Trust Inc. (“New York Insured 2008”) were organized as Maryland corporations. BlackRock Municipal 2018 Term Trust (“Municipal 2018”), BlackRock Municipal 2020 Term Trust (“Municipal 2020”), The BlackRock Strategic Municipal Trust (“Strategic Municipal”), BlackRock California Municipal 2018 Term Trust (“California 2018”), BlackRock Florida Municipal 2020 Term Trust (“Florida 2020”), BlackRock New York Municipal 2018 Term Trust (“New York 2018”) and The BlackRock Pennsylvania Strategic Municipal Trust (“Pennsylvania Strategic”) were organized as Delaware statutory trusts. The BlackRock Florida Insured Municipal 2008 Term Trust (“Florida Insured 2008”) was organized as a Massachusetts business trust. Insured Municipal 2008, Insured Municipal, Municipal 2018, Municipal 2020 and Strategic Municipal are registered as diversified closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). California Insured 2008, California 2018, Florida Insured 2008, Florida 2020, New York Insured 2008, New York 2018 and Pennsylvania Strategic are registered as non-diversified closed-end management investment companies under the 1940 Act. Insured Municipal 2008, California Insured 2008, Florida Insured 2008 and New York Insured 2008 are herein referred to as the 2008 Trusts. Municipal 2018, California 2018 and New York 2018 are herein referred to as the 2018 Trusts. Municipal 2020 and Florida 2020 are herein referred to as the 2020 Trusts. Strategic Municipal and Pennsylvania Strategic are herein referred to as the Strategic Trusts.

          Under the Trusts’ organizational documents, their officers and Trustees (as defined below) are indemnified against certain liabilities arising out of the performance of their duties to the Trusts. In addition, in the normal course of business, the Trusts enter into contracts with their vendors and others that provide for general indemnifications. The Trusts’ maximum exposure under these arrangements are unknown as this would involve future claims that may be made against the Trusts. However, based on experience, the Trusts consider the risk of loss from such claims to be remote.

          The following is a summary of significant accounting policies followed by the Trusts.

Investments Valuation: Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees (“Trustees”) or Board of Directors, as the case may be (each, a “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from bond dealers, market transactions in comparable investments and various relationships between investments. Swap quotations are provided by dealers selected under supervision of the Board. A futures contract is valued at the last sale price as of the close of the commodities exchange on which it trades. Short-term securities may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value per share. Any investments or other assets for which such current market quotations are not readily available are valued at fair value (“Fair Value Assets”) as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust’s Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations. The pricing of all Fair Value Assets shall be subsequently reported to the Board.

          When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Trust’s investment advisor and/or sub-advisor deems relevant.

          In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. At this time, management is evaluating the implications of FAS 157 and its impact on the Trusts’ financial statements, if any, has not been determined.

          In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entitiy also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to faciliate comparisons between entities that choose different measurement attributes for similar types of assets and liabiliates. At this time, management is evaluating the implications of FAS 159 and its impact on the Trusts’ financial statements, if any, has not been determined.

Investment Transactions and Investment Income: Investment transactions are recorded on trade date. The cost of investments sold and the related gain or loss is determined by use of the specific identification method, generally first-in, first-out, for both financial reporting and federal income tax purposes. Each Trust also records interest income on an accrual basis and amortizes premium and/or accretes discount on securities purchased using the interest method.

Financial Futures Contracts: A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into financial futures contracts and can be either cash or securities. During the period the financial futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made

69


or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract.

          Financial futures contracts, when used by the Trusts, help in maintaining a targeted duration. Financial futures contracts can be sold to effectively shorten an otherwise longer duration portfolio. In the same sense, futures contracts can be purchased to lengthen a portfolio that is shorter than its duration target. Thus, by buying or selling financial futures contracts, the Trusts may attempt to manage the duration of positions so that changes in interest rates do not change the duration of the portfolio unexpectedly.

Forward Starting Swaps: A forward starting swap is an agreement for an interest rate swap asset or liability to be created or sold in the future. Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. The Trusts generally intend to close each forward starting swap before the accrual date specified in the agreement and therefore aviod entering into the interest rate swap underlying each forward starting swap.

          During the term of the swap, changes in the value of the swap are recognized as unrealized gains or losses by “marking-to-market” daily based upon quotations from market makers to reflect the market value of the swap. When the swap is terminated, a Trust will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract, if any.

          Entering into these agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest and/or exchange rates. However, the Advisor of the Trusts monitors swaps and does not anticipate non-performance by any counterparty.

Segregation: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (the “Commission”) require that each Trust segregate assets in connection with certain investments (e.g., when-issued securities, swap agreements or futures contracts), each Trust will, consistent with certain interpretive letters issued by the Commission, designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient net income and net realized capital gains, if any, to shareholders. Therefore, no federal income tax or excise tax provisions have been recorded.

          Effective June 29, 2007, the Trusts implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Trusts, and has determined that the adoption of FIN 48 does not have a material impact on the Trusts’ financial statements. The Trusts file U.S. and various state tax returns. No income tax returns are currently under examination. The statute of limitations on the Trusts’ tax returns remain open for the years ended December 31, 2003 through December 31, 2006.

Dividends and Distributions: Each Trust declares and pays dividends and distributions to common shareholders monthly from net investment income, net realized short-term capital gains and other sources, if necessary. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed in accordance with the 1940 Act. Dividends and distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. Dividends and distributions to preferred shareholders are accrued and determined as described in Note 5.

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences may be material.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees/Directors (“Independent Trustees”) are required to defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock Closed-End Funds selected by the Independent Trustees. These amounts are shown on the Statements of Assets and Liabilities as “Investments in Affiliates.” This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in such Trusts.

          The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of those Trusts selected by the Independent Trustees in order to match its deferred compensation obligations.

Other: Expenses that are directly related to one of the Trusts are charged directly to that Trust. Other operating expenses are generally prorated to the Trusts on the basis of relative net assets of all the BlackRock Closed-End Funds.

70


Note 2. Agreements and Other Transactions with Affiliates and Related Parties

Each Trust has an Investment Management Agreement with BlackRock Advisors, LLC (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc. (“BFM”), a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to the 2018 Trusts, 2020 Trusts and Strategic Trusts. Merrill Lynch & Co., Inc. and The PNC Financial Group, Inc. are principal owners of BlackRock, Inc. The investment management agreements for the 2018 Trusts, 2020 Trusts and Strategic Trusts cover both investment advisory and administration services. Each 2008 Trust and Insured Municipal Trust has an Administration Agreement with the Advisor.

          Each Trust’s investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate, 0.35% for the 2008 Trusts and Insured Municipal Trust, 0.40% for the 2018 Trusts, 0.50% for the 2020 Trusts and 0.60% for the Strategic Trusts, of the Trust’s average weekly managed assets. “Managed assets” means the total assets of a Trust (including any assets attributable to any preferred shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). The Advisor has voluntarily agreed to waive a portion of the investment advisory fee or other expenses on the Strategic Trusts as a percentage of managed assets as follows: 0.25% for the first five years of each of the Trust’s operations, 0.20% in year six, 0.15% in year seven, 0.10% in year eight and 0.05% in year nine.

          The administration fee paid to the Advisor by the 2008 Trusts and Insured Municipal Trust is computed weekly and payable monthly based on an annual rate of 0.10% of the Trusts’ average weekly managed assets.

          The Advisor has agreed to reimburse its advisory fees by the amount of investment advisory fees each Trust pays to the Advisor indirectly through its investments in affiliated money market funds, which is shown on the Statement of Operations as “fees waived by Advisor.”

          The Advisor pays BFM fees for its sub-advisory services.

          Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which include reimbursements to the Advisor for costs of employees that provide pricing, secondary market support, and compliance services to each Trust. For the six months ended June 30, 2007, the Trusts reimbursed the Advisor the following amounts, which are included in miscellaneous expenses in the Statements of Operations:

 

 

 

 

 

Trust

 

Amount

 


 


 

Insured Municipal 2008

 

$

11,634

 

Insured Municipal

 

 

7,392

 

Municipal 2018

 

 

6,061

 

Municipal 2020

 

 

6,802

 

Strategic Municipal

 

 

2,785

 

California Insured 2008

 

 

4,533

 


 

 

 

 

 

Trust

 

Amount

 


 


 

California 2018

 

$

2,713

 

Florida Insured 2008

 

 

3,622

 

Florida 2020

 

 

2,040

 

New York Insured 2008

 

 

4,865

 

New York 2018

 

 

1,417

 

Pennsylvania Strategic

 

 

907

 


          Pursuant to the terms of the custody agreement, each Trust received earning credits from its custodian for positive cash balances maintained, which are used to offset custody fees. These credits are shown on the Statements of Operations as “fees paid indirectly.”

          Investements in companies considered to be affiliates of the Trusts, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Portfolio Company

 

Net Activity
(000)

 

Dividend/Interest
Income

 


 

 


 


 


 

Municipal 2018

 

 

Merrill Lynch Institutional Tax Exempt Fund

 

 

 

800

 

 

 

$

15,694

 

 

Strategic Municipal

 

 

Merrill Lynch Institutional Tax Exempt Fund

 

 

 

1,400

 

 

 

 

21,185

 

 

California 2018

 

 

CMA California Mun. Money Fund

 

 

 

7,163

 

 

 

 

70,962

 

 

Florida 2020

 

 

CMA Florida Mun. Money Fund

 

 

 

 

 

 

 

453

 

 

New York 2018

 

 

CMA New York Mun. Money Fund

 

 

 

302

 

 

 

 

2,505

 

 

Pennsylvania Strategic

 

 

CMA Pennsylvania Mun. Money Fund

 

 

 

315

 

 

 

 

14,163

 

 


          During the six months ended June 30, 2007, Merrill Lynch & Co., Inc., through its affiliated broker dealer, Merrill Lynch, Pierce, Fenner & Smith Incorporated, earned commissions on transactions of securities as follows:

 

 

 

 

 

Trust

 

Commission
Amount

 


 


 

Municipal 2018

 

 

$3,302

 

Municipal 2020

 

 

5,912

 

Strategic Municipal

 

 

2,009

 

California 2018

 

 

1,694

 

Florida 2020

 

 

1,584

 

New York 2018

 

 

951

 

Pennsylvania Strategic

 

 

451

 


71


Note 3. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the six months ended June 30, 2007, were as follows:

 

 

 

 

 

 

 

 

Trust

 

Purchases

 

Sales

 


 


 


 

Insured Municipal 2008

 

$

 

$

49,893,556

 

Insured Municipal

 

 

 

 

17,562,905

 

Municipal 2018

 

 

23,305,542

 

 

21,421,306

 

Municipal 2020

 

 

16,634,139

 

 

12,059,042

 

Strategic Municipal

 

 

26,151,119

 

 

25,848,504

 

California Insured 2008

 

 

 

 

10,724,550

 


 

 

 

 

 

 

 

 

Trust

 

Purchases

 

Sales

 


 


 


 

California 2018

 

$

5,172,356

 

$

5,144,669

 

Florida Insured 2008

 

 

2,595,982

 

 

17,541,501

 

Florida 2020

 

 

19,491,766

 

 

9,385,641

 

New York Insured 2008

 

 

1,239,152

 

 

3,170,162

 

New York 2018

 

 

968,542

 

 

937,207

 

Pennsylvania Strategic

 

 

8,169,424

 

 

10,636,364

 


          There were no purchases or sales of U.S. government securities for the six months ended June 30, 2007.

          Details of open forward starting swap agreements at June 30, 2007, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Notional
Amount (000)

 

Fixed
Rate(a)

 

Counter
Party

 

Floating Rate

 

Effective
Date

 

Termination
Date

 

Unrealized
Appreciation
(Depreciation)

 


 


 


 


 


 


 


 


 

Strategic

 

$

6,750,000

 

 

3.637

%

 

JP Morgan

 

 

1-week BMA Municipal
Swap Index

 

 

08/03/07

 

 

08/03/16

 

$

147,690

 

Municipal

 

 

4,250,000

 

 

4.015

 

 

Citibank NA

 

 

1-week BMA Municipal
Swap Index

 

 

09/21/07

 

 

09/21/17

 

 

(3,292

)

 

 

 

13,850,000

 

 

4.034

 

 

JP Morgan

 

 

1-week BMA Municipal
Swap Index

 

 

09/27/07

 

 

09/27/17

 

 

(40,720

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

103,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Pennsylvania
   Strategic

 

$

1,000,000

 

 

3.928

%

 

JP Morgan
Lehman

 

 

1-week BMA Municipal
Swap Index

 

 

08/03/07

 

 

08/03/27

 

$

33,480

 

 

 

 

2,000,000

 

 

4.023

 

 

Brothers

 

 

1-week BMA Municipal
Swap Index

 

 

09/21/07

 

 

09/21/17

 

 

(4,300

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

29,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 


(a) Trust will pay fixed interest rate and receive floating interest rate beginning on the effective date.
BMA—Bond Market Association.

Note 4. Distributions to Shareholders

The tax character of distributions paid during the year ended December 31, 2006 was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2006

 

 

 


 

Distributions Paid From:

 

Tax-exempt
Income

 

Ordinary
Income

 

Long-term
Capital Gains

 

Total
Distributions

 


 


 


 


 


 

Insured Municipal 2008

 

 

$

28,133,908

 

 

 

$

11,643

 

 

 

$

353,680

 

 

 

$

28,499,231

 

 

Insured Municipal

 

 

 

17,164,227

 

 

 

 

 

 

 

 

92,146

 

 

 

 

17,256,373

 

 

Municipal 2018

 

 

 

19,015,247

 

 

 

 

 

 

 

 

 

 

 

 

19,015,247

 

 

Municipal 2020

 

 

 

21,988,676

 

 

 

 

 

 

 

 

 

 

 

 

21,988,676

 

 

Strategic Municipal

 

 

 

10,055,824

 

 

 

 

 

 

 

 

 

 

 

 

10,055,824

 

 

California Insured 2008

 

 

 

10,659,232

 

 

 

 

 

 

 

 

 

 

 

 

10,659,232

 

 

California 2018

 

 

 

6,418,803

 

 

 

 

 

 

 

 

 

 

 

 

6,418,803

 

 

Florida Insured 2008

 

 

 

6,207,286

 

 

 

 

 

 

 

 

20,001

 

 

 

 

6,227,287

 

 

Florida 2020

 

 

 

5,322,631

 

 

 

 

 

 

 

 

 

 

 

 

5,322,631

 

 

New York Insured 2008

 

 

 

9,406,089

 

 

 

 

 

 

 

 

27,602

 

 

 

 

9,433,691

 

 

New York 2018

 

 

 

3,599,305

 

 

 

 

 

 

 

 

 

 

 

 

3,599,305

 

 

Pennsylvania Strategic

 

 

 

2,394,018

 

 

 

 

 

 

 

 

 

 

 

 

2,394,018

 

 


72


          For federal income tax purposes, the following Trusts had capital loss carryforwards at December 31, 2006, the Trust’s last tax year-end (other than the 2020 Trusts and Strategic Trusts, each of which has a tax year-end of June 30). These amounts may be used to offset future realized capital gains, if any:

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Capital Loss
Carryforward
Amount

 

Expires

 


 


 


 

Insured Municipal 2008

 

 

$

1,251,338

 

 

 

 

2014

 

 

 

 

 



 

 

 

 

 

 

 

Insured Municipal

 

 

$

8,977

 

 

 

 

2014

 

 

 

 

 



 

 

 

 

 

 

 

Municipal 2018

 

 

$

6,633,095

 

 

 

 

2012

 

 

 

 

 

 

6,967,122

 

 

 

 

2014

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

$

13,600,217

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Municipal 2020

 

 

$

345,038

 

 

 

 

2013

 

 

 

 

 

 

524,726

 

 

 

 

2015

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

$

869,764

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Strategic Municipal

 

 

$

384,262

 

 

 

 

2012

 

 

 

 

 

 

1,045,663

 

 

 

 

2013

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

$

1,429,925

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

California Insured 2008

 

 

$

724,206

 

 

 

 

2014

 

 

 

 

 



 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Capital Loss
Carryforward
Amount

 

Expires

 


 


 


 

California 2018

 

 

$

999,612

 

 

 

 

2010

 

 

 

 

 

 

1,444,501

 

 

 

 

2012

 

 

 

 

 

 

588,861

 

 

 

 

2013

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

$

3,032,974

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Florida Insured 2008

 

 

$

218,214

 

 

 

 

2014

 

 

 

 

 



 

 

 

 

 

 

 

Florida 2020

 

 

$

206,533

 

 

 

 

2013

 

 

 

 

 



 

 

 

 

 

 

 

New York Insured 2008

 

 

$

214,684

 

 

 

 

2014

 

 

 

 

 



 

 

 

 

 

 

 

New York 2018

 

 

$

193,442

 

 

 

 

2010

 

 

 

 

 

 

431,368

 

 

 

 

2011

 

 

 

 

 

 

590,480

 

 

 

 

2012

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

$

1,215,290

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Pennsylvania Strategic

 

 

$

123,151

 

 

 

 

2013

 

 

 

 

 



 

 

 

 

 

 

 


          Accordingly, no capital gain distributions are expected to be paid to shareholders of a Trust until that Trust has net realized capital gains in excess of its capital loss carryforward amounts.

Note 5. Capital

There are 200 million of $0.01 par value common shares authorized for each of the 2008 Trusts and Insured Municipal. There are an unlimited number of $0.001 par value common shares authorized for each of the 2018 Trusts, 2020 Trusts and Strategic Trusts. Each Trust may classify or reclassify any unissued common shares into one or more series of preferred shares. At June 30, 2007, the common shares owned by an affiliate of the Advisor of each Trust were as follows:

 

 

 

 

 

Trust

 

Common Shares Owned


 


Municipal 2020

8,028

Florida 2020

8,028

          During the six months ended June 30, 2007 and year ended December 31, 2006, the following Trusts issued additional shares under their respective dividend reinvestment plans:

 

 

 

 

 

 

 

 

 

 

Trust

 

 

 

Six months ended
June 30, 2006

 

 

 

Year ended
December 31, 2006

 


 

 

 


 

 

 


 

Strategic Municipal

 

7,110

 

17,235

Pennsylvania Strategic

 

1,279

 

2,809

          As of June 30, 2007, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.

 

 

 

 

 

 

 

 

Trust

 

 

Series

 

 

Shares

 


 

 


 

 


 

Insured Municpal

M7

2,600

Municipal 2018

W7

2,752

 

R7

2,752

Municipal 2020

M7

2,368

 

W7

2,368

 

F7

2,368


 

 

 

 

 

 

 

 

Trust

 

 

Series

 

 

Shares

 


 

 


 

 


 

Strategic Municipal

W7

2,480

California 2018

M7

2,221

Florida 2020

F7

1,956

New York 2018

T7

1,256

Pennsylvania Strategic

W7

  700

          Dividends on seven-day preferred shares are cumulative at a rate which is reset every seven days based on the results of an auction. Dividends on 28-day preferred shares are comulative at a rate which resents every 28 days based on the results of an auction. The dividend ranges and average on the preferred shares for each of the Trusts for the six months ended June 30, 2007, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Series

 

Low

 

High

 

Average


 


 


 


 


Insured Municpal

 

 

M7

 

 

2.90

%

 

 

3.90

%

 

3.46

%

Municipal 2018

 

 

W7

 

 

3.10

 

 

 

3.88

 

 

3.58

 

 

 

 

R7

 

 

3.40

 

 

 

3.92

 

 

3.66

 

Municipal 2020

 

 

M7

 

 

3.50

 

 

 

3.90

 

 

3.66

 

 

 

 

W7

 

 

3.22

 

 

 

3.85

 

 

3.63

 

 

 

 

F7

 

 

3.37

 

 

 

3.90

 

 

3.62

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Series

 

Low

 

High

 

Average


 


 


 


 


Strategic Municipal

 

 

W7

 

 

3.30

%

 

 

3.90

%

 

3.64

%

California 2018

 

 

M7

 

 

3.00

 

 

 

3.80

 

 

3.39

 

Florida 2020

 

 

F7

 

 

3.49

 

 

 

3.85

 

 

3.66

 

New York 2018

 

 

T7

 

 

2.90

 

 

 

3.58

 

 

3.16

 

Pennsylvania Strategic

 

 

W7

 

 

3.00

 

 

 

3.88

 

 

3.50

 

73


          A Trust may not declare dividends or make other distributions on common shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding preferred shares would be less than 200%.

          The preferred shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated unpaid dividends whether or not declared. The preferred shares are also subject to mandatory redemption at $25,000 per share plus any accumulated or unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of a Trust, as set forth in each Trust’s Declaration of Trust/Articles Supplementary, are not satisfied.

          The holders of preferred shares have voting rights equal to the holders of common shares (one vote per share) and will vote together with holders of common shares as a single class. However, holders of preferred shares, voting as a separate class, are also entitled to elect two Trustees for each Trust. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding preferred shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the preferred shares (b) change a Trust’s subclassification as a closed-end investment company or change its fundamental investment restrictions and (c) change is business so as to cease to be an investment company.

          On June 13, 2006, Insured Municipal 2008 Trust’s Board approved the redemption of all of the 2,060 R28 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on July 14, 2006 (an aggregate price of $51,500,000). On June 23, 2006, Insured Municipal 2008 Trust’s Board approved the redemption of all of the 2,060 T28 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on July 26, 2006 (an aggregate price of $51,500,000). Management believes that the redemption of the R28 and T28 preferred shares will not affect the Insured Municipal 2008 Trust’s ability to satisfy the terms of the remaining preferred shares outstanding.

          On September 21, 2006, Insured Municipal 2008 Trust’s Board approved the redemption of 3,480 T7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on October 25, 2006 (an aggregate price of $87,000,000). Management believes that the redemption of the T7 preferred shares will not affect the Insured Municipal 2008 Trust’s ability to satisfy the terms of the remaining preferred shares outstanding.

          On September 21, 2006, California Insured 2008 Trust’s Board approved the redemption of all of the 2,622 W7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on October 26, 2006 (an aggregate price of $65,550,000). On September 21, 2006, California Insured 2008 Trust’s Board approved the redemption of all of the 1,560 W28 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on November 9, 2006 (an aggregate price of $39,000,000).

          On June 6, 2006, Florida Insured 2008 Trust’s Board approved the redemption of 1,200 R7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on July 7, 2006 (an aggregate price of $33,000,000).

          On September 21, 2006, Florida Insured 2008 Trust’s Board approved the redemption of all of the 2,166 R7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on October 27, 2006 (an aggregate price of $54,150,000).

          On June 9, 2006, New York Insured 2008 Trust’s Board approved the redemption of all of the 1,710 F28 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on July 10, 2006 (an aggregate price of $42,750,000).

          On September 21, 2006, New York Insured 2008 Trust’s Board approved the redemption of all of the 2,672 F7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on October 23, 2006 (an aggregate price of $66,800,000).

          On February 22, 2007, Insured Municipal 2008 Trust’s Board approved the redemption of all of the 1,180 T7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on April 4, 2007 (an aggregate price of $29,500,000). On February 22, 2007, Insured Municipal 2008 Trust’s Board approved the redemption of all of the 2,060 R7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on April 9, 2007 (an aggregate price of $51,500,000).

          On February 22, 2007, Insured Municipal Trust’s Board approved the redemption of 1,616 M7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on April 3, 2007 (an aggregate price of $40,400,000). On February 22, 2007, Insured Municipal Trust’s Board approved the redemption of all of the 2,600 M28 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on April 10, 2007 (an aggregate price of $65,000,000).

74


Note 6. Concentration Risk

The Trusts concentrate their investments in securities issued by state agencies, other governmantal entities and U.S. Territories. The Trusts are more susceptible to adverse financial, social, environmental, economic, regulatory and political factors that may affect these state agencies, other governmental entities and U.S. Territories, which could seriously affect the ability of these states and their municipal subdivisions to meet continuing obligations for principle and interest payments and therefore could impcat the value of the Trusts’ investments and net asset value per share, than if the Trusts were not concentrated in securities issued by state agencies, other governmental entities and U.S. Territories.

                Many municipalities insure repayment for their obligations. Although bond insurace reduces the rish of loss due to default by an issuer, such bonds remain subject to the risk that market value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. These securities have been identified in the Portfolios of Investments.

Note 7. Subsequent Events

Subsequent to June 30, 2007, the Boards declared dividends from undistributed earnings per common share payable August 1, 2007 to shareholders of record on July 16, 2007. The per share common dividends declared were as follows:

 

 

 

 

 

Trust

 

 

Common Dividend
Per Share

 


 

 


 

Insured Municipal 2008

 

 

 

$0.061000

 

 

Insured Municipal

 

 

 

0.030417

 

 

Municipal 2018

 

 

 

0.075500

 

 

Municipal 2020

 

 

 

0.066250

 

 

Strategic Municipal

 

 

 

0.085000

 

 

California Insured 2008

 

 

 

0.056000

 

 


 

 

 

 

 

Trust

 

 

Common Dividend
Per Share

 


 

 


 

California 2018

 

 

 

$0.061250

 

 

Florida Insured 2008

 

 

 

0.037500

 

 

Florida 2020

 

 

 

0.051000

 

 

New York Insured 2008

 

 

 

0.055000

 

 

New York 2018

 

 

 

0.061250

 

 

Pennsylvania Strategic

 

 

 

0.070000

 

 

                The dividends declared on preferred shares for the period July 1, 2007 to July 31, 2007 for each of the Trusts were as follows:

 

 

 

 

 

 

 

 

Trust

 

 

Series

 

 

Dividends
Declared

 


 

 


 

 


 

Insured Municpal

 

 

M7

 

 

 

$208,676

 

 

Municipal 2018

 

 

W7

 

 

 

191,567

 

 

 

 

 

R7

 

 

 

193,411

 

 

Municipal 2020

 

 

M7

 

 

 

208,810

 

 

 

 

 

W7

 

 

 

166,328

 

 

 

 

 

F7

 

 

 

210,160

 

 


 

 

 

 

 

 

 

 

Trust

 

 

Series

 

 

Dividends
Declared

 


 

 


 

 


 

Strategic Municipal

 

 

W7

 

 

 

$173,352

 

 

California 2018

 

 

M7

 

 

 

154,204

 

 

Florida 2020

 

 

F7

 

 

 

173,302

 

 

New York 2018

 

 

T7

 

 

 

80,145

 

 

Pennsylvania Strategic

 

 

W7

 

 

 

47,621

 

 

75


 

DIVIDEND REINVESTMENT PLANS


          Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common shareholders of the 2008 Trusts and Insured Municipal may elect, while the common shareholders of the 2018 Trusts, 2020 Trusts and Strategic Trusts are automatically enrolled, to have all distributions of dividends and capital gains reinvested by Computershare Trust Company, N.A. (the “Plan Agent”) in the respective Trust’s shares in accordance with to the Plan. Shareholders who do not participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, which serves as agent for the shareholders in administering the Plan.

          After a 2008 Trust, Insured Municipal, 2018 and/or 2020 Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, by the purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open market purchases”). These Trusts will not issue any new shares under the Plan.

          After a Strategic Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by open market purchases. If, on the dividend payment date, the NAV is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open market purchases.

          Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

          The Plan Agent’s fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any federal income tax that may be payable on such dividends or distributions.

          Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, each Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at 250 Royall Street, Canton, MA 02021, or by calling (800) 699-1BFM.

76


 

ADDITIONAL INFORMATION


60 Day Notice: All of the net investment income distributions paid by the Municipal 2020, Florida 2020, Strategic Municipal and Pennsylvania Strategic during the taxable year ended June 30, 2007 qualify as tax-exempt interest dividends for Federal income tax purposes.

          Each Trust listed for trading on the NewYork Stock Exchange (“NYSE”) has filed with the NYSE its chief executive officer certification regarding compliance with the NYSE’s listing standards and each Trust listed for trading on the American Stock Exchange (“AMEX”) has filed with the AMEX its corporate governance certification regarding compliance with the AMEX’s listing standards. All of the Trusts have filed with the Securities and Exchange Commission the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

          The Trusts do not make available copies of their respective Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of such Trust’s offering and the information contained in each Trust’s Statement of Additional Information may have become outdated.

          During the period, there were no material changes in any Trust’s investment objective or policies or to any Trust’s charters or by-laws that were not approved by the shareholders or in the principle risk factors associated with investment in the Trusts.

          Quarterly performance, semi-annual and annual reports and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www1.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.

          Certain of the officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or Sub-Advisor. They serve in the following capacities for the Advisor or Sub-Advisor: Robert S. Kapito—Director and Vice Chairman of the Advisor and the Sub-Advisor, Donald Burke, Anne Ackerley, Bartholomew Battista, Vincent Tritto and Brian Kindelan—Managing Directors of the Advisor and the Sub-Advisor, Neal Andrews and Jay Fife—Managing Directors of the Sub-Advisor, Spencer Flemming—Director of the Advisor and the Sub-Advisor, Robert Mahar—Director of the Sub-Advisor.

Important Information Regarding the BlackRock Closed-End Funds Semi-Annual Investor Update

          The Semi-Annual Investor Update (“Update”) is available on the Internet and may be accessed through BlackRock’s website at http://www.blackrock.com. The Update provides information on the fixed income markets and summaries of BlackRock Closed-End Funds’ investment objectives and strategies. It also contains recent news regarding the BlackRock Closed-End Funds.

          If you would like to receive a hard copy of the BlackRock Closed-End Funds Semi-Annual Investor Update, please call (800) 699-1BFM.

77


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BlackRock Closed-End Funds

 

 

 

Trustees

 

Transfer Agent

Ralph L. Schlosstein, Chairman

 

Computershare Trust Company, N.A.

Richard E. Cavanagh, Lead Trustee

 

250 Royall Street

Kent Dixon

 

Canton, MA 02021

Frank J. Fabozzi

 

(800) 699-1BFM

Kathleen F. Feldstein

 

 

R. Glenn Hubbard

 

Auction Agent2

 

 

Bank of New York

Officers

 

101 Barclay Street, 7 West

Robert S. Kapito, President

 

New York, NY 10286

Donald C. Burke, Treasurer

 

 

Bartholomew Battista, Chief Compliance Officer

 

Auction Agent3

Anne Ackerley, Vice President

 

Deutsche Bank Trust Company Americas

Neal Andrews, Assistant Treasurer

 

60 Wall Street, 8th Floor

Jay Fife, Assistant Treasurer

 

New York, NY 10005

Spencer Fleming, Assistant Treasurer

 

 

Robert Mahar, Assistant Treasurer

 

Independent Registered Public Accounting Firm

Vincent B. Tritto, Secretary

 

Deloitte & Touche LLP

Brian P. Kindelan, Assistant Secretary

 

200 Berkeley Street

 

 

Boston, MA 02116

Investment Advisor

 

 

BlackRock Advisors, LLC

 

Legal Counsel

100 Bellevue Parkway

 

Skadden, Arps, Slate, Meagher & Flom LLP

Wilmington, DE 19809

 

Four Times Square

(800) 227-7BFM

 

New York, NY 10036

 

 

 

Sub-Advisor1

 

Legal Counsel – Independent Trustees

BlackRock Financial Management, Inc.

 

Debevoise & Plimpton LLP

40 East 52nd Street

 

919 Third Avenue

New York, NY 10022

 

New York, NY 10022

 

 

 

Accounting Agent and Custodian

 

This report is for shareholder information. This is not a

State Street Bank and Trust Company

 

prospectus intended for use in the purchase or sale of Trust

2 Avenue De Lafayette

 

shares. Statements and other information contained in this

Boston, MA 02111

 

report are as dated and are subject to change.

 

 

 


 

BlackRock Closed-End Funds

1         For the 2018 Trusts, 2020 Trusts and Strategic Trusts.

 

c/o BlackRock Advisors, LLC

2         For the 2018 Trusts and 2020 Trusts.

 

100 Bellevue Parkway

3         For the Trusts, except the 2018 Trusts and 2020 Trusts.

 

Wilmington, DE 19809

 

 

(800) 227-7BFM

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800)699-1BFM.

The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor’s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies and procedures, without charge, by calling (800) 699-1BFM. These policies and procedures are also available on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trusts’ voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available without charge, upon request, by calling (800) 699-1BFM or on the website of the Commission at http://www.sec.gov.

The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust’s Form N-Q will be available on the Commission’s website at http://www.sec.gov. Each Trust’s Form N-Q, may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Form N-Q, may also be obtained upon request without charge by calling (800) 699-1BFM.


 

 

This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.

 

 

 

CEF-SEMI-4-0607

(BLACKROCK LOGO)






Item 2 –   Code of Ethics – Not Applicable to this semi-annual report

Item 3 –   Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –   Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 –   Schedule of Investments – The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

Item 7 –   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 –   Portfolio Managers of Closed-End Management Investment Companies – As of June 30, 2007

(b) Effective June 30, 2007, Mr. Howard Downs joined the Registrant’s portfolio management team. Messrs. Theodore R. Jaeckel, Jr. and Walter O’Connor, previously identified in response to paragraph (a) of this item in the Registrant’s most recent annual report, continue as members of the Registrant’s portfolio management team.

As of June 30, 2007, the Fund is managed by a team in investment professionals comprised of Theodore R. Jaeckel, Jr. , CFA, Managing Director at BlackRock, Walter O’Connor, Managing Director at BlackRock and F. Howard Downs, Director at BlackRock. Each is a member of BlackRock’s municipal tax-exempt management group. Messrs. Jaeckel and O’Connor have been members of the Fund’s management team since 2006. Mr. Downs has been a member of the Fund’s management team since 2007.

Mr. Downs joined BlackRock in 1999 and is a member of the BlackRock Specialized Asset Management Group, specializing in municipal bonds. Prior to joining BlackRock, he was a Vice President and, in 1990, a founding member of William E. Simon and Sons, Municipal Securities.

(a)(2) As of June 30, 2007:

 
(iii) Number of Other Accounts and
  (ii) Number of Other Accounts Managed
Assets for Which Advisory Fee is
  and Assets by Account Type
Performance-Based
  Other     Other    
(i) Name of Registered Other Pooled   Registered Other Pooled  
Portfolio Investment Investment Other Investment Investment Other
Manager Companies Vehicles Accounts Companies Vehicles Accounts
             
    F. Howard
    Downs
3 0 35 0 0 0
 
$715,975,949
$0 $1,046,595,068 $0 $0 $0

(iv) Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the



allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, its affiliates and any officer, director, stockholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates, or any officer, director, stockholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock’s (or its affiliates’) officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Each portfolio manager also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for the Fund. In this connection, it should be noted that certain portfolio managers currently manage certain accounts that are subject to performance fees. In addition, certain portfolio managers assist in managing certain hedge funds and may be entitled to receive a portion of any incentive fees earned on such funds and a portion of such incentive fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the future manage other such accounts or funds and may be entitled to receive incentive fees.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted a policy that is intended to ensure that investment opportunities are allocated fairly and equitably among client accounts over time. This policy also seeks to achieve reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base.

(a)(3) As of June 30, 2007:

Portfolio Manager Compensation

The elements of total compensation for portfolio managers on BlackRock’s municipal team include a fixed base salary, annual performance-based cash and stock compensation (cash and stock bonus) and other benefits. BlackRock has balanced these components of pay to provide these portfolio managers with a powerful incentive to achieve consistently superior investment performance. By design, compensation levels for these portfolio managers fluctuate—both up and down—with the relative investment performance of the portfolios that they manage.

Base compensation. Like that of many asset management firms, base salaries represent a relatively small portion of a portfolio manager’s total compensation. This approach serves to enhance the


motivational value of the performance-based (and therefore variable) compensation elements of the compensation program.

Performance-Based Compensation. BlackRock believes that the best interests of investors are served by recruiting and retaining exceptional asset management talent and managing their compensation within a consistent and disciplined framework that emphasizes pay for performance in the context of an intensely competitive market for talent. To that end, BlackRock and its affiliates portfolio manager incentive compensation is based on a formulaic compensation program. BlackRock’s formulaic portfolio manager compensation program includes: investment performance relative to a subset of general closed-end, leveraged, municipal debt funds over 1-, 3- and 5-year performance periods and a measure of operational efficiency. Portfolio managers are compensated based on the pre-tax performance of the products they manage. If a portfolio manager’s tenure is less than 5 years, performance periods will reflect time in position. Portfolio managers are compensated based on products they manage. A discretionary element of portfolio manager compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, workforce diversity, supervision, technology and innovation. All factors are considered collectively by BlackRock management.

     Cash Bonus

     Performance-based compensation is distributed to portfolio managers in a combination of cash and stock. Typically, the cash bonus, when combined with base salary, represents more than 60% of total compensation for portfolio managers.

     Stock Bonus

     A portion of the dollar value of the total annual performance-based bonus is paid in restricted shares of BlackRock stock. Paying a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a given year “at risk” based on the company’s ability to sustain and improve its performance over future periods. The ultimate value of stock bonuses is dependent on future BlackRock stock price performance. As such, the stock bonus aligns each portfolio manager’s financial interests with those of the BlackRock shareholders and encourages a balance between short-term goals and long-term strategic objectives. Management strongly believes that providing a significant portion of competitive performance-based compensation in stock is in the best interests of investors and shareholders. This approach ensures that portfolio managers participate as shareholders in both the “downside risk” and “upside opportunity” of the company’s performance. Portfolio managers therefore have a direct incentive to protect BlackRock’s reputation for integrity.

     Other Compensation Programs

     Portfolio managers who meet relative investment performance and financial management objectives during a performance year are eligible to participate in a deferred cash program. Awards under this program are in the form of deferred cash that may be benchmarked to a menu of BlackRock mutual funds (including their own fund) during a five-year vesting period. The deferred


     cash program aligns the interests of participating portfolio managers with the investment results of BlackRock products and promotes continuity of successful portfolio management terms.

     Other Benefits

     Portfolio managers are also eligible to participate in broad-based plans offered generally to employees of BlackRock and its affiliates, including broad-based retirement, 401(k), health, and other employee benefit plans.

(a)(4) Beneficial Ownership of Securities. As of June 30, 2007, Mr. Downs did not beneficially own any stock issued by the Fund.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating Committee will consider nominees to the Board recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.

Item 11 – Controls and Procedures

11(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 and Exchange Act of 1934, as amended.

11(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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits attached hereto

12(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) – 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 California Insured Municipal 2008 Term Trust, Inc.

By: /s/ Donald C. Burke  
  Donald C. Burke,
  Treasurer of
  BlackRock California Insured Municipal 2008 Term Trust, Inc.

Date: August 20, 2007

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  
  Robert S. Kapito,
  President (principal executive officer) of
  BlackRock California Insured Municipal 2008 Term Trust, Inc.

Date: August 20, 2007

By: /s/ Donald C. Burke  
  Donald C. Burke,
  Treasurer (principal financial officer) of
  BlackRock California Insured Municipal 2008 Term Trust, Inc.

Date: August 20, 2007