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


FORM N-CSR


CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:     811-07094                    

     BlackRock New York Insured Municipal 2008 Term Trust, Inc.     
(Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE    19809 



(Address of principal executive offices)    (Zip code) 

Robert S. Kapito, President

BlackRock New York Insured Municipal 2008 Term Trust, Inc.

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

Registrant's telephone number, including area code:      888-825-2257          

Date of fiscal year end:
     December 31, 2005          

Date of reporting period:
      June 30, 2005          


Item 1. Reports to Shareholders.
The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:



 

 

 

 

 

 

 

 

 

FIXED INCOME

 

LIQUIDITY

 

EQUITIES

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

 

BlackRock

 

Closed-End Funds

 

Semi-Annual Report

 

 

 

JUNE 30, 2005 (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 Municipal Target Term Trust (BMN)

 

 

 

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)

 

 

 

 

 

 


 

 

 

(BLACKROCK LOGO)

NOT FDIC INSURED

 

MAY LOSE VALUE

 

NO BANK GUARANTEE

 




TABLE OF CONTENTS

 

 

 

Letter to Shareholders

 

2

 

 

 

Trusts’ Summaries

 

3

 

 

 

Portfolios of Investments

 

16

 

 

 

Financial Statements

 

 

 

 

 

Statements of Assets and Liabilities

 

58

 

 

 

Statements of Operations

 

60

 

 

 

Statements of Changes in Net Assets

 

62

 

 

 

Financial Highlights

 

67

 

 

 

Notes to Financial Statements

 

80

 

 

 

Dividend Reinvestment Plans

 

86

 

 

 

Board Review of Investment Management Agreements

 

86

 

 

 

Additional Information

 

89




Privacy Principles of the Trusts

          The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Trusts collect, how we protect that information and why, in certain cases, we may share information with select other parties.

          Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of shareholders may become available to the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

          The Trusts restrict access to non-public personal information about their shareholders to BlackRock employees with a legitimate business need for the information. The Trusts maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.



LETTER TO SHAREHOLDERS

June 30, 2005

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 portfolios in order to gain exposure to various issuers, revenue sources and security types. This strategy enables the Trusts to move among different sectors, credits and coupons 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, 2005.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

Tax-

Closing

 

 

 

 

 

 

 

 

Current

 

Equivalent

Market

 

 

 

 

 

Trust (Ticker)

 

 

Yield1

 

Yield2

Price

 

 

NAV

 


BlackRock Insured Municipal 2008 Term Trust (BRM)

 

 

4.93

%

 

7.58

%

 

$

16.12

 

 

 

$

16.33

 


















BlackRock Insured Municipal Term Trust (BMT)

 

 

5.14

 

 

7.91

 

 

 

11.18

 

 

 

 

10.87

 


















BlackRock Municipal 2018 Term Trust (BPK)

 

 

4.92

 

 

7.57

 

 

 

15.85

 

 

 

 

15.91

 


















BlackRock Municipal 2020 Term Trust (BKK)

 

 

6.31

 

 

9.71

 

 

 

14.86

 

 

 

 

15.36

 


















BlackRock Municipal Target Term Trust (BMN)

 

 

4.72

 

 

7.26

 

 

 

10.17

 

 

 

 

10.32

 


















BlackRock Strategic Municipal Trust (BSD)

 

 

5.90

 

 

9.08

 

 

 

16.20

 

 

 

 

15.92

 


















BlackRock California Insured Municipal 2008 Term Trust (BFC)

 

 

4.78

 

 

7.35

 

 

 

16.17

 

 

 

 

16.42

 


















BlackRock California Municipal 2018 Term Trust (BJZ)

 

 

4.92

 

 

7.57

 

 

 

14.95

 

 

 

 

15.30

 


















BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 

 

4.85

 

 

7.46

 

 

 

15.46

 

 

 

 

15.50

 


















BlackRock Florida Municipal 2020 Term Trust (BFO)

 

 

5.67

 

 

8.72

 

 

 

14.28

 

 

 

 

15.03

 


















BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 

 

4.73

 

 

7.28

 

 

 

15.85

 

 

 

 

16.17

 


















BlackRock New York Municipal 2018 Term Trust (BLH)

 

 

4.76

 

 

7.32

 

 

 

15.43

 

 

 

 

16.25

 


















BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 

 

5.82

 

 

8.95

 

 

 

15.26

 

 

 

 

15.51

 


















 

 

1

Yields are based on closing market price. These yields may increase/decrease due to an increase/decrease in the monthly distribution per common share.

2

Tax-equivalent yield assumes the maximum Federal tax rate of 35%.

          BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to the municipal bond market. As of June 30, 2005, BlackRock managed over $26 billion in municipal bonds, including seven open-end and 37 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, Inc., 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, Inc.

 

BlackRock Advisors, Inc.

2


 

 

TRUST SUMMARIES (unaudited)

 

JUNE 30, 2005

 

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

 


Closing Market Price as of 6/30/05:

 

 

$

16.12

 

 








Net Asset Value as of 6/30/05:

 

 

$

16.33

 

 








Yield on Closing Market Price as of 6/30/05 ($16.12):1

 

 

 

4.93

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.066250

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.795000

 

 








Leverage as of 6/30/05:3

 

 

 

38

%

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

6/30/05

 

12/31/04

 

Change

 

High

 

 

Low

 


Market Price

 

$

16.12

 

$

16.31

 

 

(1.16

)%

 

$

16.48

 

 

$

15.73

 




















NAV

 

$

16.33

 

$

16.75

 

 

(2.51

)%

 

$

16.77

 

 

$

16.25

 




















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 


Sector

 

June 30, 2005

 

December 31, 2004

 


City, County & State

 

 

 

32

%

 

 

 

32

%

 













Power

 

 

 

23

 

 

 

 

22

 

 













Education

 

 

 

10

 

 

 

 

11

 

 













Industrial & Pollution Control

 

 

 

9

 

 

 

 

9

 

 













Lease Revenue

 

 

 

7

 

 

 

 

6

 

 













Transportation

 

 

 

6

 

 

 

 

8

 

 













Tax Revenue

 

 

 

5

 

 

 

 

5

 

 













Hospital

 

 

 

4

 

 

 

 

4

 

 













Water & Sewer

 

 

 

4

 

 

 

 

3

 

 













As of June 30, 2005, 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”).

3


 

 

TRUST SUMMARIES (unaudited)

 

JUNE 30, 2005

 

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

 


Closing Market Price as of 6/30/05:

 

 

$

11.18

 

 








Net Asset Value as of 6/30/05:

 

 

$

10.87

 

 








Yield on Closing Market Price as of 6/30/05 ($11.18):1

 

 

 

5.14

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.047917

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.575004

 

 








Leverage as of 6/30/05:3

 

 

 

38

%

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

6/30/05

 

12/31/04

 

Change

 

High

 

 

Low

 


Market Price

 

$

11.18

 

$

11.30

 

 

(1.06

)%

 

$

11.68

 

 

$

10.06

 




















NAV

 

$

10.87

 

$

11.05

 

 

(1.63

)%

 

$

11.11

 

 

$

10.72

 




















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 


Sector

 

June 30, 2005

 

December 31, 2004

 


City, County & State

 

 

 

33

%

 

 

 

32

%

 













Education

 

 

 

17

 

 

 

 

17

 

 













Water & Sewer

 

 

 

15

 

 

 

 

14

 

 













Power

 

 

 

13

 

 

 

 

12

 

 













Hospital

 

 

 

7

 

 

 

 

11

 

 













Transportation

 

 

 

7

 

 

 

 

6

 

 













Lease Revenue

 

 

 

6

 

 

 

 

6

 

 













Tax Revenue

 

 

 

2

 

 

 

 

2

 

 













As of June 30, 2005, 99.4% of all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch and the remaining 0.6% was rated A+.

4


 

 

TRUST SUMMARIES (unaudited)

 

JUNE 30, 2005

 

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

 


Closing Market Price as of 6/30/05:

 

 

$

15.85

 

 








Net Asset Value as of 6/30/05:

 

 

$

15.91

 

 








Yield on Closing Market Price as of 6/30/05 ($15.85):1,2

 

 

 

4.92

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0650

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.7800

 

 








Leverage as of 6/30/05:3

 

 

 

35

%

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2

A change in the distribution rate was declared on June 1, 2005 and effective July 13, 2005. The Monthly Distribution per Common Share was increased to $0.0755. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

6/30/05

 

12/31/04

 

Change

 

High

 

 

Low

 


Market Price

 

$

15.85

 

$

15.16

 

 

4.55

%

 

$

15.88

 

 

$

14.60

 




















NAV

 

$

15.91

 

$

15.81

 

 

0.63

%

 

$

16.18

 

 

$

15.78

 




















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 


Sector

 

June 30, 2005

 

December 31, 2004

 


Hospital

 

 

 

23

%

 

 

 

21

%

 













Industrial & Pollution Control

 

 

 

23

 

 

 

 

23

 

 













City, County & State

 

 

 

18

 

 

 

 

19

 

 













Housing

 

 

 

14

 

 

 

 

12

 

 













Power

 

 

 

6

 

 

 

 

5

 

 













Education

 

 

 

5

 

 

 

 

5

 

 













Transportation

 

 

 

4

 

 

 

 

4

 

 













Tax Revenue

 

 

 

4

 

 

 

 

4

 

 













Lease Revenue

 

 

 

3

 

 

 

 

3

 

 













Other

 

 

 

 

 

 

 

4

 

 













Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 


Credit Rating

 

June 30, 2005

 

December 31, 2004

 


AAA/Aaa

 

 

 

17

%

 

 

 

15

%

 













AA/Aa

 

 

 

5

 

 

 

 

4

 

 













A

 

 

 

23

 

 

 

 

26

 

 













BBB/Baa

 

 

 

27

 

 

 

 

33

 

 













BB/Ba

 

 

 

9

 

 

 

 

5

 

 













B

 

 

 

4

 

 

 

 

4

 

 













Not Rated5

 

 

 

15

 

 

 

 

13

 

 













 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2005, and December 31, 2004, the market value of these securities was $11,248,630 representing 3.0% and $17,931,814 representing 4.7%, respectively, of the Trust’s long-term investments.

5


 

 

TRUST SUMMARIES (unaudited)

 

JUNE 30, 2005

 

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

 


Closing Market Price as of 6/30/05:

 

 

$

14.86

 

 








Net Asset Value as of 6/30/05:

 

 

$

15.36

 

 








Yield on Closing Market Price as of 6/30/05 ($14.86):1,2

 

 

 

6.31

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.078125

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.937500

 

 








Leverage as of 6/30/05:3

 

 

 

36

%

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2

A change in the distribution rate was declared on June 1, 2005 and effective July 13, 2005. The Monthly Distribution per Common Share was decreased to $0.066250. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

6/30/05

 

12/31/04

 

Change

 

High

 

 

Low

 


Market Price

 

$

14.86

 

$

15.02

 

 

(1.07

)%

 

$

15.83

 

 

$

14.56

 




















NAV

 

$

15.36

 

$

14.85

 

 

3.43

%

 

$

15.37

 

 

$

14.89

 




















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 

 


Sector

 

 

June 30, 2005

 

December 31, 2004

 


City, County & State

 

 

 

 

28

%

 

 

 

28

%

 














Industrial & Pollution Control

 

 

 

 

17

 

 

 

 

19

 

 














Hospitals

 

 

 

 

16

 

 

 

 

14

 

 














Tobacco

 

 

 

 

9

 

 

 

 

7

 

 














Education

 

 

 

 

8

 

 

 

 

4

 

 














Housing

 

 

 

 

7

 

 

 

 

8

 

 














Transportation

 

 

 

 

6

 

 

 

 

8

 

 














Tax Revenue

 

 

 

 

5

 

 

 

 

4

 

 














Power

 

 

 

 

4

 

 

 

 

4

 

 














Lease Revenue

 

 

 

 

 

 

 

 

4

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 

 


Credit Rating

 

 

June 30, 2005

 

December 31, 2004

 


AAA/Aaa

 

 

 

 

11

%

 

 

 

10

%

 














AA/Aa

 

 

 

 

5

 

 

 

 

4

 

 














A

 

 

 

 

19

 

 

 

 

24

 

 














BBB/Baa

 

 

 

 

43

 

 

 

 

40

 

 














BB/Ba

 

 

 

 

3

 

 

 

 

3

 

 














B

 

 

 

 

4

 

 

 

 

4

 

 














CC

 

 

 

 

 

 

 

 

1

 

 














Not Rated5

 

 

 

 

15

 

 

 

 

14

 

 














 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2005, and December 31, 2004, the market value of these securities was $8,379,281 representing 1.8% and $8,337,760 representing 1.8%, respectively, of the Trust’s long-term investments.

6


 

 

TRUST SUMMARIES (unaudited)

 

JUNE 30, 2005

 

BlackRock Municipal Target Term Trust (BMN)

 

Trust Information

 

 

 

 

 

 

 


Symbol on New York Stock Exchange:

 

BMN

 


Initial Offering Date:

 

September 27, 1991

 


Termination Date (on or about):

 

December 31, 2006

 


Closing Market Price as of 6/30/05:

 

 

$

10.17

 

 








Net Asset Value as of 6/30/05:

 

 

$

10.32

 

 








Yield on Closing Market Price as of 6/30/05 ($10.17):1,2

 

 

 

4.72

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0400

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.4800

 

 








Leverage as of 6/30/05:3

 

 

 

32

%

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2

A change in the distribution rate was declared on June 1, 2005 and effective July 13, 2005. The Monthly Distribution per Common Share was decreased to $0.031125. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

6/30/05

 

12/31/04

 

Change

 

High

 

 

Low

 


Market Price

 

$

10.17

 

$

10.49

 

 

(3.05

)%

 

$

10.53

 

 

$

10.13

 




















NAV

 

$

10.32

 

$

10.55

 

 

(2.18

)%

 

$

10.56

 

 

$

10.28

 




















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 


Sector

 

June 30, 2005

 

December 31, 2004

 


City, County & State

 

 

 

39

%

 

 

 

38

%

 













Power

 

 

 

14

 

 

 

 

14

 

 













Education

 

 

 

11

 

 

 

 

10

 

 













Transportation

 

 

 

11

 

 

 

 

12

 

 













Lease Revenue

 

 

 

8

 

 

 

 

8

 

 













Water & Sewer

 

 

 

7

 

 

 

 

7

 

 













Housing

 

 

 

3

 

 

 

 

4

 

 













Tax Revenue

 

 

 

3

 

 

 

 

3

 

 













Hospital

 

 

 

3

 

 

 

 

3

 

 













Industrial & Pollution Control

 

 

 

1

 

 

 

 

1

 

 













As of June 30, 2005, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

7


 

TRUST SUMMARIES (unaudited)

JUNE 30, 2005

BlackRock Strategic Municipal Trust (BSD)

 


 

 

 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BSD

 





Initial Offering Date:

 

August 25, 1999

 





Closing Market Price as of 6/30/05:

 

 

$

16.20

 

 








Net Asset Value as of 6/30/05:

 

 

$

15.92

 

 








Yield on Closing Market Price as of 6/30/05 ($16.20):1,2

 

 

 

5.90

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.079585

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.955020

 

 








Leverage as of 6/30/05:3

 

 

 

35

%

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2

A change in the distribution rate was declared on June 1, 2005 and effective July 13, 2005. The Monthly Distribution per Common Share was increased to $0.091625. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



















 

 

6/30/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

16.20

 

$

14.52

 

 

 

11.57

%

 

$

16.60

 

$

13.79

 




















NAV

 

$

15.92

 

$

15.70

 

 

 

1.40

%

 

$

15.95

 

$

15.46

 





















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

 

 

 

 

 

 

 

 

 

 

 

 

Sector Breakdown


Sector

 

June 30, 2005

 

December 31, 2004

 







City, County & State

 

 

 

24

%

 

 

 

13

%

 













Hospital

 

 

 

13

 

 

 

 

20

 

 













Industrial & Pollution Control

 

 

 

12

 

 

 

 

16

 

 













Education

 

 

 

9

 

 

 

 

8

 

 













Housing

 

 

 

9

 

 

 

 

5

 

 













Water & Sewer

 

 

 

8

 

 

 

 

5

 

 













Transportation

 

 

 

8

 

 

 

 

8

 

 













Power

 

 

 

8

 

 

 

 

8

 

 













Tax Revenue

 

 

 

6

 

 

 

 

9

 

 













Tobacco

 

 

 

3

 

 

 

 

 

 













Lease Revenue

 

 

 

 

 

 

 

4

 

 













Other

 

 

 

 

 

 

 

4

 

 













 

 

 

 

 

 

Credit Breakdown4


Credit Rating

 

June 30, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

46

%

 

 

 

49

%

 













AA/Aa

 

 

 

13

 

 

 

 

7

 

 













A

 

 

 

9

 

 

 

 

9

 

 













BBB/Baa

 

 

 

15

 

 

 

 

15

 

 













BB/Ba

 

 

 

8

 

 

 

 

6

 

 













B

 

 

 

4

 

 

 

 

8

 

 













CC

 

 

 

 

 

 

 

2

 

 













Not Rated5

 

 

 

5

 

 

 

 

4

 

 













 

 

4

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

8


 

TRUST SUMMARIES (unaudited)

JUNE 30, 2005

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

 





Closing Market Price as of 6/30/05:

 

 

$

16.17

 

 








Net Asset Value as of 6/30/05:

 

 

$

16.42

 

 








Yield on Closing Market Price as of 6/30/05 ($16.17):1

 

 

 

4.78

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.064375

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.772500

 

 








Leverage as of 6/30/05:3

 

 

 

38

%

 








1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



















 

 

6/30/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

16.17

 

$

16.25

 

 

 

(0.49

)%

 

$

16.59

 

$

15.64

 




















NAV

 

$

16.42

 

$

16.76

 

 

 

(2.03

)%

 

$

16.81

 

$

16.26

 




















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

 

 

 

 

 

 

 

 

 

 

 

 

Sector Breakdown


Sector

 

June 30, 2005

 

December 31, 2004

 







City, County & State

 

 

 

21

%

 

 

 

23

%

 













Lease Revenue

 

 

 

20

 

 

 

 

18

 

 













Power

 

 

 

18

 

 

 

 

19

 

 













Education

 

 

 

12

 

 

 

 

12

 

 













Water & Sewer

 

 

 

10

 

 

 

 

10

 

 













Tax Revenue

 

 

 

8

 

 

 

 

8

 

 













Resource Recovery

 

 

 

6

 

 

 

 

5

 

 













Transportation

 

 

 

4

 

 

 

 

4

 

 













Hospital

 

 

 

1

 

 

 

 

1

 

 













As of June 30, 2005, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

9


 

TRUST SUMMARIES (unaudited)

JUNE 30, 2005

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

 





Closing Market Price as of 6/30/05:

 

 

$

14.95

 

 








Net Asset Value as of 6/30/05:

 

 

$

15.30

 

 








Yield on Closing Market Price as of 6/30/05 ($14.95):1

 

 

 

4.92

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.06125

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.73500

 

 








Leverage as of 6/30/05:3

 

 

 

36

%

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



















 

 

6/30/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

14.95

 

$

13.89

 

 

 

7.63

%

 

$

15.05

 

$

13.75

 




















NAV

 

$

15.30

 

$

15.17

 

 

 

0.86

%

 

$

15.52

 

$

15.04

 




















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

 

 

 

 

 

 

 

 

 

 

 

 

Sector Breakdown


Sector

 

June 30, 2005

 

December 31, 2004

 







City, County & State

 

 

 

19

%

 

 

 

23

%

 













Transportation

 

 

 

19

 

 

 

 

19

 

 













Hospital

 

 

 

15

 

 

 

 

10

 

 













Lease Revenue

 

 

 

15

 

 

 

 

15

 

 













Education

 

 

 

8

 

 

 

 

8

 

 













Housing

 

 

 

7

 

 

 

 

 

 













Industrial & Pollution Control

 

 

 

7

 

 

 

 

4

 

 













Water & Sewer

 

 

 

5

 

 

 

 

2

 

 













Power

 

 

 

5

 

 

 

 

5

 

 













Tobacco

 

 

 

 

 

 

 

7

 

 













Other

 

 

 

 

 

 

 

7

 

 













 

Credit Breakdown4


Credit Rating

 

June 30, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

31

%

 

 

 

31

%

 













AA/Aa

 

 

 

4

 

 

 

 

4

 

 













A

 

 

 

35

 

 

 

 

38

 

 













BBB/Baa

 

 

 

27

 

 

 

 

24

 

 













Not Rated5

 

 

 

3

 

 

 

 

3

 

 













 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2005, and December 31, 2004, the market value of these securities was $3,095,972 representing 2.2% and $3,052,217 representing 2.2%, respectively, of the Trust’s long-term investments.

10


 

TRUST SUMMARIES (unaudited)

JUNE 30, 2005

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

 





Closing Market Price as of 6/30/05:

 

 

$

15.46

 

 








Net Asset Value as of 6/30/05:

 

 

$

15.50

 

 








Yield on Closing Market Price as of 6/30/05 ($15.46):1

 

 

 

4.85

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.7500

 

 








Leverage as of 6/30/05:3

 

 

 

38

%

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



















 

 

6/30/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.46

 

$

15.85

 

 

 

(2.46

)%

 

$

16.04

 

$

15.20

 




















NAV

 

$

15.50

 

$

15.91

 

 

 

(2.58

)%

 

$

15.95

 

$

15.42

 




















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

 

 

 

 

 

 

 

 

 

 

 

 

Sector Breakdown


Sector

 

June 30, 2005

 

December 31, 2004

 







Tax Revenue

 

 

 

35

%

 

 

 

34

%

 













Power

 

 

 

16

 

 

 

 

15

 

 













Lease Revenue

 

 

 

13

 

 

 

 

12

 

 













Education

 

 

 

12

 

 

 

 

12

 

 













City, County & State

 

 

 

11

 

 

 

 

11

 

 













Transportation

 

 

 

5

 

 

 

 

5

 

 













Water & Sewer

 

 

 

4

 

 

 

 

7

 

 













Resource Recovery

 

 

 

4

 

 

 

 

4

 

 













As of June 30, 2005, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

11


 

TRUST SUMMARIES (unaudited)

JUNE 30, 2005

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

 





Closing Market Price as of 6/30/05:

 

 

$

14.28

 

 








Net Asset Value as of 6/30/05:

 

 

$

15.03

 

 








Yield on Closing Market Price as of 6/30/05 ($14.28):1,2

 

 

 

5.67

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0675

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.8100

 

 








Leverage as of 6/30/05:3

 

 

 

37

%

 








1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2

A change in the distribution rate was declared on June 1, 2005 and effective July 13, 2005. The Monthly Distribution per Common Share was decreased to $0.055625. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



















 

 

6/30/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

14.28

 

$

15.08

 

 

 

(5.31

)%

 

$

16.25

 

$

14.04

 




















NAV

 

$

15.03

 

$

14.63

 

 

 

2.73

%

 

$

15.11

 

$

14.64

 




















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

 

 

 

 

 

 

 

 

 

 

 

 

Sector Breakdown


Sector

 

June 30, 2005

 

December 31, 2004

 







City, County & State

 

 

 

27

%

 

 

 

32

%

 













Water & Sewer

 

 

 

18

 

 

 

 

17

 

 













Tobacco

 

 

 

10

 

 

 

 

9

 

 













Education

 

 

 

10

 

 

 

 

9

 

 













Power

 

 

 

9

 

 

 

 

9

 

 













Tax Revenue

 

 

 

7

 

 

 

 

5

 

 













Hospital

 

 

 

6

 

 

 

 

6

 

 













Lease Revenue

 

 

 

5

 

 

 

 

5

 

 













Industrial & Pollution Control

 

 

 

5

 

 

 

 

5

 

 













Transportation

 

 

 

3

 

 

 

 

3

 

 













 

 

 

 

 

 

 

 

 

 

 

 

Credit Breakdown4


Credit Rating

 

June 30, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

54

%

 

 

 

56

%

 













AA/Aa

 

 

 

1

 

 

 

 

1

 

 













A

 

 

 

4

 

 

 

 

4

 

 













BBB/Baa

 

 

 

19

 

 

 

 

18

 

 













BB/Ba

 

 

 

2

 

 

 

 

2

 

 













Not Rated5

 

 

 

20

 

 

 

 

19

 

 













 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2005, and December 31, 2004, the market value of these securities was $2,158,300 representing 1.7% and $7,203,690 representing 5.7%, respectively, of the Trust’s long-term investments.

12


 

TRUST SUMMARIES (unaudited)
JUNE 30, 2005

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

 





Closing Market Price as of 6/30/05:

 

 

$

15.85

 

 








Net Asset Value as of 6/30/05:

 

 

$

16.17

 

 








Yield on Closing Market Price as of 6/30/05 ($15.85):1

 

 

 

4.73

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.7500

 

 








Leverage as of 6/30/05:3

 

 

 

38

%

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

6/30/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.85

 

$

16.09

 

 

 

(1.49

)%

 

$

16.21

 

$

15.30

 




















NAV

 

$

16.17

 

$

16.56

 

 

 

(2.36

)%

 

$

16.58

 

$

16.06

 




















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

 

 

 

 

 

 

 

 

 

 

 

 

Sector Breakdown

 



Sector

 

June 30, 2005

 

December 31, 2004

 







Transportation

 

 

 

25

%

 

 

 

24

%

 













Education

 

 

 

20

 

 

 

 

20

 

 













City, County & State

 

 

 

18

 

 

 

 

17

 

 













Water & Sewer

 

 

 

11

 

 

 

 

11

 

 













Hospital

 

 

 

8

 

 

 

 

10

 

 













Tax Revenue

 

 

 

7

 

 

 

 

7

 

 













Power

 

 

 

5

 

 

 

 

5

 

 













Housing

 

 

 

3

 

 

 

 

3

 

 













Lease Revenue

 

 

 

3

 

 

 

 

3

 

 













As of June 30, 2005, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

13


 

TRUST SUMMARIES (unaudited)
JUNE 30, 2005

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

 





Closing Market Price as of 6/30/05:

 

 

$

15.43

 

 








Net Asset Value as of 6/30/05:

 

 

$

16.25

 

 








Yield on Closing Market Price as of 6/30/05 ($15.43):1

 

 

 

4.76

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.06125

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.73500

 

 








Leverage as of 6/30/05:3

 

 

 

35

%

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

6/30/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.43

 

$

14.82

 

 

 

4.12

%

 

$

15.49

 

$

14.60

 




















NAV

 

$

16.25

 

$

15.77

 

 

 

3.04

%

 

$

16.26

 

$

15.80

 




















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

 

 

 

 

 

 

 

 

 

 

 

 

Sector Breakdown

 



Sector

 

June 30, 2005

 

December 31, 2004

 







Education

 

 

 

22

%

 

 

 

22

%

 













Hospital

 

 

 

17

 

 

 

 

17

 

 













City, County & State

 

 

 

12

 

 

 

 

11

 

 













Transportation

 

 

 

11

 

 

 

 

11

 

 













Lease Revenue

 

 

 

10

 

 

 

 

11

 

 













Tobacco

 

 

 

10

 

 

 

 

10

 

 













Tax Revenue

 

 

 

6

 

 

 

 

6

 

 













Industrial & Pollution Control

 

 

 

6

 

 

 

 

6

 

 













Housing

 

 

 

5

 

 

 

 

 

 













Power

 

 

 

1

 

 

 

 

1

 

 













Other

 

 

 

 

 

 

 

5

 

 














 

 

 

 

 

 

 

 

 

 

 

 

Credit Breakdown4

 



Credit Rating

 

June 30, 2005

 

December 31, 2004

 













AAA/Aaa

 

 

 

33

%

 

 

 

23

%

 













AA/Aa

 

 

 

26

 

 

 

 

37

 

 













A

 

 

 

21

 

 

 

 

21

 

 













BBB/Baa

 

 

 

16

 

 

 

 

16

 

 













CCC/Caa

 

 

 

3

 

 

 

 

3

 

 













Not Rated

 

 

 

1

 

 

 

 

 

 













 

 

4

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

14


 

TRUST SUMMARIES (unaudited)
JUNE 30, 2005

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 


 

 

 

 

 

 

 

Trust Information

 





Symbol on American Stock Exchange:

 

BPS

 





Initial Offering Date:

 

August 25, 1999

 





Closing Market Price as of 6/30/05:

 

 

$

15.26

 

 








Net Asset Value as of 6/30/05:

 

 

$

15.51

 

 








Yield on Closing Market Price as of 6/30/05 ($15.26):1,2

 

 

 

5.82

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.073965

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.887580

 

 








Leverage as of 6/30/05:3

 

 

 

36

%

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2

A change in the distribution rate was declared on June 1, 2005 and effective July 13, 2005. The Monthly Distribution per Common Share was increased to $0.0755. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

6/30/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.26

 

$

15.70

 

 

 

(2.80

)%

 

$

15.90

 

$

14.06

 




















NAV

 

$

15.51

 

$

15.81

 

 

 

(1.90

)%

 

$

15.87

 

$

15.46

 




















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

 

 

 

 

 

 

 

 

 

 

 

 

Sector Breakdown

 



Sector

 

June 30, 2005

 

December 31, 2004

 







Education

 

 

 

25

%

 

 

 

24

%

 













Transportation

 

 

 

20

 

 

 

 

19

 

 













Hospital

 

 

 

17

 

 

 

 

22

 

 













Housing

 

 

 

15

 

 

 

 

3

 

 













Water & Sewer

 

 

 

9

 

 

 

 

8

 

 













Lease Revenue

 

 

 

6

 

 

 

 

6

 

 













Industrial & Pollution Control

 

 

 

6

 

 

 

 

5

 

 













City, County & State

 

 

 

2

 

 

 

 

2

 

 













Other

 

 

 

 

 

 

 

11

 

 














 

 

 

 

 

 

 

 

 

 

 

 

Credit Breakdown4

 



Credit Rating

 

June 30, 2005

 

December 31, 2004

 













AAA/Aaa

 

 

 

52

%

 

 

 

56

%

 













AA/Aa

 

 

 

7

 

 

 

 

7

 

 













A

 

 

 

20

 

 

 

 

19

 

 













BBB/Baa

 

 

 

14

 

 

 

 

12

 

 













B

 

 

 

 

 

 

 

6

 

 













Not Rated

 

 

 

7

 

 

 

 

 

 













 

 

4

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

15


 

 

PORTFOLIO OF INVESTMENTS (unaudited)

 

JUNE 30, 2005

 

BlackRock Insured Municipal 2008 Term Trust (BRM)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

 

Option Call

 

 

 

 

Rating1

 

 

(000)

 

Description

 

Provisions2

 

Value

 


 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—134.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—2.1%

 

 

 

 

 

 

AAA

 

 

$

2,410

 

 

Auburn Univ., 5.00%, 4/01/09, AMBAC

 

No Opt. Call

 

$

2,576,410

 

AAA

 

 

 

6,555

 

 

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

 

No Opt. Call

 

 

6,817,659

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,394,069

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Alaska—0.9%

 

 

 

 

 

 

AAA

 

 

 

4,000

 

 

Anchorage, GO, Ser. B, 3.75%, 7/01/09, MBIA

 

No Opt. Call

 

 

4,105,840

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arizona—2.0%

 

 

 

 

 

 

AAA

 

 

 

4,000

 

 

Chandler, GO, Zero Coupon, 7/01/08, FGIC

 

No Opt. Call

 

 

3,647,880

 

AAA

 

 

 

1,000

 

 

Phoenix Str. & Hwy., 4.25%, 7/01/09, FGIC

 

No Opt. Call

 

 

1,046,250

 

AAA

 

 

 

4,200

 

 

Pima Cnty. Str. & Hwy., 4.125%, 7/01/09, FGIC

 

07/08 @ 101

 

 

4,371,192

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,065,322

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—2.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Dept. of Wtr. Res. Pwr. Sply. Rev., Ser. A,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

3.125%, 5/01/08, FSA

 

No Opt. Call

 

 

5,038,200

 

AAA

 

 

 

5,000

 

 

3.375%, 5/01/09, MBIA

 

No Opt. Call

 

 

5,074,300

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,112,500

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—2.5%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

1,594,200

 

AAA

 

 

 

1,000

 

 

El Paso Cnty., COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC

 

No Opt. Call

 

 

1,006,730

 

AAA

 

 

 

6,965

 

 

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

 

06/07 @ 101

 

 

7,318,195

 

AAA

 

 

 

1,000

 

 

Thornton, COP, 3.25%, 12/01/08, AMBAC

 

No Opt. Call

 

 

1,008,330

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,927,455

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Delaware—0.1%

 

 

 

 

 

 

AAA

 

 

 

650

 

 

Delaware River & Bay Auth., 3.25%, 1/01/09, MBIA

 

No Opt. Call

 

 

654,908

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

District of Columbia—3.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Dist. of Columbia, GO,

 

 

 

 

 

 

AAA

 

 

 

195

3

 

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

 

ETM

 

 

213,576

 

AAA

 

 

 

2,605

 

 

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

 

No Opt. Call

 

 

2,842,081

 

AAA

 

 

 

10,000

 

 

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

 

No Opt. Call

 

 

10,718,500

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

13,774,157

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—4.7%

 

 

 

 

 

 

AAA

 

 

 

2,280

 

 

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

 

No Opt. Call

 

 

2,384,561

 

AAA

 

 

 

13,890

 

 

Dept. of Env. Protection Presvtn., Ser. B, 5.00%, 7/01/09, MBIA

 

No Opt. Call

 

 

14,931,750

 

AAA

 

 

 

1,300

 

 

Palm Beach, Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA

 

No Opt. Call

 

 

1,390,337

 

AAA

 

 

 

2,080

 

 

Tampa Wtr. & Swr., 5.50%, 10/01/08, FSA

 

No Opt. Call

 

 

2,251,163

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

20,957,811

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Georgia—5.9%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,476,950

 

AAA

 

 

 

20,000

 

 

Monroe Cnty., PCR, Pwr. Co. Plant Vogtle Proj., 4.20%, 1/01/12, AMBAC

 

No Opt. Call

 

 

20,626,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

26,103,350

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Hawaii—3.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hawaii, GO, FSA,

 

 

 

 

 

 

AAA

 

 

 

6,510

 

 

Ser. CY, 4.00%, 2/01/09

 

No Opt. Call

 

 

6,728,671

 

AAA

 

 

 

8,045

 

 

Ser. CZ, 3.25%, 7/01/09

 

No Opt. Call

 

 

8,119,979

 

AAA

 

 

 

1,880

 

 

Honolulu City & Cnty., Ser. A, 5.00%, 3/01/09, MBIA

 

No Opt. Call

 

 

2,009,100

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

16,857,750

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—14.3%

 

 

 

 

 

 

AAA

 

 

 

2,930

 

 

Chicago, Ser. A, 5.00%, 1/01/09, AMBAC

 

No Opt. Call

 

 

3,116,582

 

 

 

 

 

 

 

 

Chicago Park Dist. Pkg. Rev., GO,

 

 

 

 

 

 

AAA

 

 

 

3,290

 

 

Ser. A, 3.00%, 1/01/08, FGIC

 

No Opt. Call

 

 

3,293,126

 

AAA

 

 

 

1,750

 

 

Ser. A, 3.50%, 1/01/09, FGIC

 

No Opt. Call

 

 

1,775,270

 

AAA

 

 

 

1,000

 

 

Ser. C, 3.00%, 1/01/09, AMBAC

 

No Opt. Call

 

 

998,030

 

AAA

 

 

 

3,105

3

 

Chicago Pub. Bldg., Ser. A, Zero Coupon, 1/01/07, MBIA

 

ETM

 

 

2,976,267

 

 

 

 

 

 

 

 

Cook Cnty. High Sch.,

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

Arlington Heights Proj., 4.50%, 12/01/08, FSA

 

No Opt. Call

 

 

2,095,640

 

AAA

 

 

 

1,175

3

 

J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC

 

ETM

 

 

1,020,405

 

AAA

 

 

 

4,805

 

 

J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC

 

No Opt. Call

 

 

4,131,435

 

See Notes to Financial Statements.

16


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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

Amount

 

 

 

Option Call

 

 

 

 

Rating1

 

(000)

 

Description

 

Provisions2

 

Value

 


 

 

 

 

 

 

 

Illinois—(continued)

 

 

 

 

 

 

AAA

 

 

$

13,000

 

 

Dev. Fin. Auth., Gas Sply., 3.05%, 2/01/33, AMBAC

 

No Opt. Call

 

$

13,002,990

 

AAA

 

 

 

8,985

 

 

Du Page Cnty. Forest Presvtn. Dist., Zero Coupon, 11/01/08

 

No Opt. Call

 

 

8,078,413

 

 

 

 

 

 

 

 

Illinois, GO, Ser. 1, MBIA,

 

 

 

 

 

 

AAA

 

 

 

6,750

 

 

3.50%, 7/01/08

 

No Opt. Call

 

 

6,872,782

 

AAA

 

 

 

5,000

 

 

3.75%, 7/01/09

 

No Opt. Call

 

 

5,141,800

 

AAA

 

 

 

1,455

 

 

Kane & Du Page Cntys. Sch. Dist., GO, Ser. A, 3.75%, 1/01/09, FSA

 

No Opt. Call

 

 

1,487,956

 

 

 

 

 

 

 

 

Met. Pier & Expo. Auth. Ded. St. Tax Rev., McCormick Place Expansion Proj., FGIC,

 

 

 

 

 

 

AAA

 

 

 

8,385

3

 

Zero Coupon, 6/15/08

 

ETM

 

 

7,690,638

 

AAA

 

 

 

215

 

 

Zero Coupon, 6/15/08

 

No Opt. Call

 

 

196,398

 

AAA

 

 

 

1,570

3

 

Ser. A, Zero Coupon, 6/15/08

 

ETM

 

 

1,439,989

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

63,317,721

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kansas—0.2%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

Dev. Fin. Auth. Pub. Wtr. Sply., 4.00%, 4/01/09, AMBAC

 

No Opt. Call

 

 

1,034,340

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—0.8%

 

 

 

 

 

 

AAA

 

 

 

3,890

 

 

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

 

No Opt. Call

 

 

3,471,708

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—1.3%

 

 

 

 

 

 

AAA

 

 

 

5,770

 

 

Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. A, 3.50%, 5/15/09, MBIA

 

No Opt. Call

 

 

5,846,856

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—4.9%

 

 

 

 

 

 

AAA

 

 

 

1,665

3

 

Detroit, GO, 3.50%, 4/01/09, MBIA

 

ETM

 

 

1,697,118

 

AAA

 

 

 

6,315

 

 

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

 

No Opt. Call

 

 

6,552,633

 

AAA

 

 

 

3,000

 

 

Michigan Trunk Line, Ser. A, 4.125%, 11/01/08, FSA

 

No Opt. Call

 

 

3,116,370

 

AAA

 

 

 

2,535

 

 

Washtenaw Cmnty. Coll., 4.00%, 4/01/09, MBIA

 

No Opt. Call

 

 

2,628,415

 

AAA

 

 

 

2,695

 

 

West Ottawa Pub. Sch. Dist., GO, Ser. B, 3.50%, 5/01/09, FGIC

 

No Opt. Call

 

 

2,748,092

 

AAA

 

 

 

2,000

 

 

Western Twnshps. Util. Auth. Swr. Disp. Sys., 5.00%, 1/01/09, FGIC

 

No Opt. Call

 

 

2,138,300

 

AAA

 

 

 

2,800

 

 

Wyandotte Elec., 6.25%, 10/01/08, MBIA

 

No Opt. Call

 

 

2,952,264

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

21,833,192

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Mississippi—0.5%

 

 

 

 

 

 

AAA

 

 

 

2,175

 

 

De Soto Cnty. Sch. Dist., GO, 3.25%, 2/01/09, FSA

 

No Opt. Call

 

 

2,193,248

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nevada—3.1%

 

 

 

 

 

 

AAA

 

 

 

6,270

 

 

Clark Cnty. Sch. Dist., Ser. A, 4.00%, 6/01/09, FGIC

 

No Opt. Call

 

 

6,499,168

 

 

 

 

 

 

 

 

Dept. of Bus. & Ind., Las Vegas Monorail Proj., AMBAC,

 

 

 

 

 

 

AAA

 

 

 

2,085

 

 

Zero Coupon, 1/01/09

 

No Opt. Call

 

 

1,843,661

 

AAA

 

 

 

3,585

 

 

Zero Coupon, 1/01/10

 

No Opt. Call

 

 

3,043,988

 

AAA

 

 

 

2,245

 

 

Las Vegas Clark Cnty. Library Dist., 4.75%, 2/01/09, FGIC

 

No Opt. Call

 

 

2,377,006

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

13,763,823

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—1.2%

 

 

 

 

 

 

AAA

 

 

 

1,220

 

 

Econ. Dev. Auth., Econ. Recovery Fund, Ser. A, 4.50%, 3/15/09, MBIA

 

No Opt. Call

 

 

1,285,197

 

 

 

 

 

 

 

 

Monmouth Cnty. Impvt. Auth., Gov’t. Loan,

 

 

 

 

 

 

AAA

 

 

 

1,220

 

 

3.10%, 4/15/09, AMBAC

 

No Opt. Call

 

 

1,226,027

 

AAA

 

 

 

1,000

 

 

5.00%, 12/01/08, FSA

 

No Opt. Call

 

 

1,069,560

 

AAA

 

 

 

1,750

 

 

Transp. Trust Fund Auth. Transp. Sys., Ser. C, 5.25%, 12/15/08, AMBAC

 

No Opt. Call

 

 

1,881,372

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,462,156

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Mexico—1.1%

 

 

 

 

 

 

AAA

 

 

 

2,030

 

 

Farmington Util. Sys., Ser. A, 3.50%, 5/15/09, FSA

 

No Opt. Call

 

 

2,066,662

 

AAA

 

 

 

2,600

 

 

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

 

No Opt. Call

 

 

2,665,364

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,732,026

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—13.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Env. Fac. Corp., PCR, Ser. D,

 

 

 

 

 

 

AAA

 

 

 

1,030

 

 

6.50%, 5/15/07

 

08/05 @ 102

 

 

1,055,152

 

AAA

 

 

 

80

 

 

6.50%, 11/15/07

 

08/05 @ 102

 

 

81,954

 

AAA

 

 

 

2,000

 

 

Erie Cnty. Pub. Impvt., Ser. A, 4.50%, 3/15/09, FGIC

 

No Opt. Call

 

 

2,109,040

 

 

 

 

 

 

 

 

New York, MBIA,

 

 

 

 

 

 

AAA

 

 

 

1,450

3

 

Ser. E, 6.125%, 8/01/06

 

ETM

 

 

1,503,998

 

AAA

 

 

 

3,550

 

 

Ser. E, 6.125%, 8/01/06

 

No Opt. Call

 

 

3,684,900

 

AAA

 

 

 

15,915

 

 

GO, Ser. F, 5.25%, 9/15/09

 

09/08 @ 101

 

 

17,125,972

 

 

 

 

 

 

 

 

New York City, GO, MBIA,

 

 

 

 

 

 

AAA

 

 

 

15,500

 

 

Ser. E, 6.20%, 8/01/07

 

No Opt. Call

 

 

16,539,120

 

AAA

 

 

 

5,000

4

 

Ser. G, 5.75%, 2/01/06

 

N/A

 

 

5,164,300

 

AAA

 

 

 

4,250

 

 

New York City Hlth. & Hosp. Corp. Hlth. Sys. Svcs., Ser. A, 3.50%, 2/15/09, AMBAC

 

No Opt. Call

 

 

4,316,258

 

AAA

 

 

 

4,000

 

 

Port Auth. of NY & NJ, Ser. 129, 2.875%, 11/01/08, FSA

 

No Opt. Call

 

 

4,008,080

 

AAA

 

 

 

2,715

 

 

Thruway Auth. Svc. Contract Rev., Local Hwy. & Brdg. Proj., Ser. A, 5.40%, 1/01/09, MBIA

 

08/05 @ 102

 

 

2,775,029

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

58,363,803

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

17


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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

 

Value

 













 

 

 

 

 

 

 

North Carolina—8.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Eastn. Mun. Pwr. Agcy. Sys. Rev., Ser. B,

 

 

 

 

 

 

AAA

 

 

$

13,500

 

 

6.125%, 1/01/09, FGIC

 

No Opt. Call

 

$

14,910,075

 

AAA

 

 

 

5,000

4

 

7.00%, 1/01/08, CAPMAC

 

N/A

 

 

5,489,550

 

AAA

 

 

 

14,675

 

 

7.25%, 1/01/07, CAPMAC

 

No Opt. Call

 

 

15,645,604

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

36,045,229

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—0.5%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

Bldg. Auth. Worker’s Comp. Facs., Ser. A, 5.00%, 4/01/09, FGIC

 

No Opt. Call

 

 

2,143,940

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oregon—2.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Dept. of Admin. Svcs., FSA,

 

 

 

 

 

 

AAA

 

 

 

2,905

 

 

COP, 5.00%, 11/01/08

 

No Opt. Call

 

 

3,097,572

 

AAA

 

 

 

2,255

 

 

Lottery Rev., Ser. C, 3.125%, 4/01/09

 

No Opt. Call

 

 

2,268,801

 

AAA

 

 

 

1,285

 

 

Lane Cnty. Sch. Dist. No. 4, 3.00%, 1/01/09, FSA

 

No Opt. Call

 

 

1,289,228

 

AAA

 

 

 

2,000

 

 

Washington & Clackamas Cntys. Sch. Dist., GO, 3.75%, 6/15/08, MBIA

 

No Opt. Call

 

 

2,050,980

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,706,581

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—11.4%

 

 

 

 

 

 

AAA

 

 

 

1,460

 

 

Bensalem Twnshp. Sch. Dist., GO, 3.25%, 8/15/09, FGIC

 

No Opt. Call

 

 

1,476,805

 

AAA

 

 

 

1,500

 

 

Bristol Twnshp. Sch. Dist., 4.25%, 2/15/09, FGIC

 

No Opt. Call

 

 

1,566,240

 

 

 

 

 

 

 

 

Dauphin Cnty. Gen. Auth., HAPSCO-Western PA Hosp. Proj., MBIA,

 

 

 

 

 

 

AAA

 

 

 

5,275

 

 

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

 

08/05 @ 100

 

 

5,288,345

 

AAA

 

 

 

2,725

 

 

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

 

ETM

 

 

2,853,920

 

 

 

 

 

 

 

 

Dept. of Gen. Svcs., COP, FSA,

 

 

 

 

 

 

AAA

 

 

 

2,075

 

 

4.50%, 5/01/08

 

No Opt. Call

 

 

2,167,628

 

AAA

 

 

 

2,120

 

 

4.50%, 11/01/08

 

No Opt. Call

 

 

2,227,208

 

AAA

 

 

 

2,165

 

 

4.50%, 5/01/09

 

No Opt. Call

 

 

2,285,288

 

AAA

 

 

 

2,220

 

 

4.50%, 11/01/09

 

No Opt. Call

 

 

2,353,888

 

AAA

 

 

 

3,500

 

 

Indiana Cnty. Indl. Dev. Auth., PCR, Elec. & Gas Corp. Proj., Ser. A, 6.00%, 6/01/06, MBIA

 

No Opt. Call

 

 

3,602,550

 

AAA

 

 

 

16,250

 

 

Lehigh Cnty. Indl. Dev. Auth., PCR, 3.125%, 11/01/08, AMBAC

 

No Opt. Call

 

 

16,395,275

 

AAA

 

 

 

3,175

 

 

Philadelphia, GO, 4.10%, 9/15/08, FSA

 

No Opt. Call

 

 

3,291,205

 

AAA

 

 

 

3,125

 

 

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

 

No Opt. Call

 

 

3,161,156

 

AAA

 

 

 

3,955

 

 

West Chester Area Sch. Dist., GO, Ser. AA, 3.65%, 1/15/09, MBIA

 

07/07 @ 100

 

 

4,016,817

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

50,686,325

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

South Carolina—0.9%

 

 

 

 

 

 

AAA

 

 

 

2,020

 

 

Chester Cnty. Sch. Dist., 3.25%, 2/01/09, FSA

 

No Opt. Call

 

 

2,043,776

 

AAA

 

 

 

1,705

 

 

Lexington Cnty. Sch. Dist. 1, COP, 3.50%, 3/01/09, AMBAC

 

No Opt. Call

 

 

1,740,174

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

3,783,950

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—0.2%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

Clarksville Wtr. Swr. & Gas Rev., 4.30%, 2/01/09, FSA

 

No Opt. Call

 

 

1,045,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—24.1%

 

 

 

 

 

 

AAA

 

 

 

5,380

 

 

Austin Pub. Impvt., GO, 3.50%, 9/01/08, FSA

 

No Opt. Call

 

 

5,471,568

 

 

 

 

 

 

 

 

Austin Util. Sys.,

 

 

 

 

 

 

AAA

 

 

 

11,515

 

 

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

 

No Opt. Call

 

 

10,340,240

 

AAA

 

 

 

5,000

 

 

Ser. A, Zero Coupon, 11/15/09, AMBAC

 

No Opt. Call

 

 

4,326,000

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

4,326,000

 

AAA

 

 

 

5,000

 

 

6.625%, 11/15/08, AMBAC

 

No Opt. Call

 

 

5,567,950

 

 

 

 

 

 

 

 

Coppell Indpt. Sch. Dist., MBIA,

 

 

 

 

 

 

AAA

 

 

 

1,430

3

 

6.10%, 8/15/09

 

ETM

 

 

1,592,448

 

AAA

 

 

 

620

 

 

6.10%, 8/15/09

 

08/05 @ 100

 

 

622,232

 

AAA

 

 

 

2,500

 

 

Dallas Wtr. Wks. & Swr. Sys., 3.50%, 4/01/09, FSA

 

No Opt. Call

 

 

2,543,800

 

AAA

 

 

 

4,390

 

 

Houston Indpt. Sch. Dist., Zero Coupon, 8/15/09, AMBAC

 

No Opt. Call

 

 

3,834,533

 

AAA

 

 

 

2,000

 

 

Houston Pub. Impvt., Ser. A-1, 5.00%, 3/01/09, MBIA

 

No Opt. Call

 

 

2,132,340

 

 

 

 

 

 

 

 

Lower Colorado River Auth.,

 

 

 

 

 

 

AAA

 

 

 

2,010

 

 

3.50%, 5/15/09, MBIA

 

No Opt. Call

 

 

2,046,301

 

AAA

 

 

 

2,690

 

 

5.25%, 5/15/09, FSA

 

No Opt. Call

 

 

2,908,858

 

AAA

 

 

 

1,650

 

 

Lubbock Cnty., 3.50%, 2/15/09, FGIC

 

No Opt. Call

 

 

1,676,846

 

 

 

 

 

 

 

 

Mun. Pwr. Agcy., AMBAC,

 

 

 

 

 

 

AAA

 

 

 

1,075

3

 

Zero Coupon, 9/01/08

 

ETM

 

 

978,368

 

AAA

 

 

 

13,925

 

 

Zero Coupon, 9/01/08

 

No Opt. Call

 

 

12,590,846

 

AAA

 

 

 

1,155

3

 

Zero Coupon, 9/01/09

 

ETM

 

 

1,013,166

 

AAA

 

 

 

15,020

 

 

Zero Coupon, 9/01/09

 

No Opt. Call

 

 

13,095,037

 

AAA

 

 

 

1,500

 

 

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

 

No Opt. Call

 

 

1,601,160

 

 

 

 

 

 

 

 

Pub. Fin. Auth.,

 

 

 

 

 

 

AAA

 

 

 

2,270

 

 

3.50%, 2/01/09, FGIC

 

No Opt. Call

 

 

2,308,113

 

See Notes to Financial Statements.

18


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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 













 

 

 

 

 

 

 

Texas—(continued)

 

 

 

 

 

 

AAA

 

 

$

5,900

 

 

Ser. B, 6.25%, 2/01/09, AMBAC

 

No Opt. Call

 

$

6,533,778

 

AAA

 

 

 

6,000

3

 

San Antonio Elec. & Gas, Ser. B, Zero Coupon, 2/01/10, FGIC

 

ETM

 

 

5,147,400

 

 

 

 

 

 

 

 

St. Pub. Fin. Auth. Bldg. Rev., Gen. Svcs. Comm Projs., AMBAC,

 

 

 

 

 

 

AAA

 

 

 

2,250

4

 

Ser. A, 5.50%, 2//01/08

 

N/A

 

 

2,422,822

 

AAA

 

 

 

750

 

 

Ser. A, 5.50%, 2/01/09

 

02/08 @ 101

 

 

804,120

 

AAA

 

 

 

9,050

 

 

Tarrant Regl. Wtr. Dist. Impvt., 3.50%, 3/01/09, FSA

 

No Opt. Call

 

 

9,205,207

 

AAA

 

 

 

1,825

 

 

Williamson Cnty., GO, Ser. B, 5.00%, 2/15/09, FSA

 

No Opt. Call

 

 

1,947,603

 

AAA

 

 

 

2,275

 

 

Ysleta Indpt. Sch. Dist., GO, Zero Coupon, 8/15/08

 

No Opt. Call

 

 

2,057,442

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

107,094,178

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Utah—3.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermountain Pwr. Agcy. Sply., Ser. B, MBIA,

 

 

 

 

 

 

AAA

 

 

 

2,215

3

 

6.00%, 7/01/07

 

ETM

 

 

2,356,738

 

AAA

 

 

 

1,285

 

 

6.00%, 7/01/07

 

No Opt. Call

 

 

1,365,942

 

AAA

 

 

 

10,300

4

 

Utah, GO, Ser. F, 5.00%, 7/01/07

 

N/A

 

 

10,761,234

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

14,483,914

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—10.6%

 

 

 

 

 

 

AAA

 

 

 

1,250

 

 

Clark Cnty. Pub. Util. Dist. No. 1 Rev., 5.00%, 1/01/09, MBIA

 

No Opt. Call

 

 

1,334,300

 

 

 

 

 

 

 

 

Hlth. Care Fac. Auth., Catholic Hlth. Initiatives Proj., Ser. A, MBIA,

 

 

 

 

 

 

AAA

 

 

 

1,010

 

 

5.30%, 12/01/08

 

No Opt. Call

 

 

1,083,235

 

AAA

 

 

 

1,000

 

 

5.40%, 12/01/10

 

06/10 @ 101

 

 

1,102,590

 

AAA

 

 

 

12,850

 

 

King Cnty., GO, Ser. D, 5.55%, 12/01/08, MBIA

 

12/07 @ 102

 

 

13,798,716

 

AAA

 

 

 

3,060

 

 

King Cnty. Pub. Transp. Sales Tax, GO, 3.50%, 12/01/08, FSA

 

No Opt. Call

 

 

3,115,049

 

AAA

 

 

 

2,045

 

 

Motor Vehicle Fuel Tax, GO, 4.00%, 7/01/09, MBIA

 

No Opt. Call

 

 

2,121,279

 

 

 

 

 

 

 

 

Pub. Pwr. Sply.,

 

 

 

 

 

 

AAA

 

 

 

11,000

 

 

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

 

No Opt. Call

 

 

11,620,070

 

AAA

 

 

 

5,550

 

 

Nuclear Proj. No. 3, Zero Coupon, 7/01/07, BIG

 

No Opt. Call

 

 

5,220,052

 

AAA

 

 

 

2,000

 

 

Nuclear Proj. No. 3, Zero Coupon, 7/01/08, BIG

 

No Opt. Call

 

 

1,810,580

 

AAA

 

 

 

5,710

 

 

Seattle Impvt. Ltd. Tax, 4.00%, 7/01/08, FSA

 

No Opt. Call

 

 

5,881,814

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

47,087,685

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

West Virginia—1.5%

 

 

 

 

 

 

AAA

 

 

 

1,550

 

 

Econ. Dev. Auth., Correctional Juvenile & Pub. Proj., Ser. A, 4.25%, 6/01/08, MBIA

 

No Opt. Call

 

 

1,608,249

 

 

 

 

 

 

 

 

Hgr. Ed. Policy Comm. Rev., Ser. A, MBIA,

 

 

 

 

 

 

AAA

 

 

 

2,455

 

 

St. Coll. Fac. Proj., 5.00%, 4/01/09

 

No Opt. Call

 

 

2,627,194

 

AAA

 

 

 

2,135

 

 

Univ. Facs. Proj., 5.00%, 4/01/09

 

No Opt. Call

 

 

2,284,749

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,520,192

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—3.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Wisconsin, GO,

 

 

 

 

 

 

AAA

 

 

 

7,705

 

 

Ser. A, 4.00%, 5/01/09, FGIC

 

No Opt. Call

 

 

7,992,165

 

AAA

 

 

 

6,080

 

 

Ser. C, 4.00%, 5/01/09, MBIA

 

No Opt. Call

 

 

6,306,602

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

14,298,767

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wyoming—0.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Albany Cnty. Impvts. Statutory Trust, COP, MBIA,

 

 

 

 

 

 

AAA

 

 

 

1,270

 

 

3.75%, 1/15/09

 

No Opt. Call

 

 

1,303,769

 

AAA

 

 

 

1,395

 

 

3.75%, 7/15/09

 

No Opt. Call

 

 

1,434,381

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,738,150

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $570,561,012)

 

 

 

 

596,606,346

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—25.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Illinois—1.5%

 

 

 

 

 

 

A1+

 

 

 

6,600

5

 

Joliet Regl. Port Dist., Marine Term. Rev., Exxon Corp. Proj., 2.22%, 7/01/05, FRDD

 

N/A

 

 

6,600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kansas—0.7%

 

 

 

 

 

 

A1+

 

 

 

3,455

5

 

Dept. Transp. Hwy., Ser. B-1, 2.26%, 7/01/05, FRDD

 

N/A

 

 

3,455,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—0.4%

 

 

 

 

 

 

A1+

 

 

 

1,600

5

 

East Baton Rouge Parish Poll. Ctrl. Rev., Exxon Proj., 2.21%, 7/01/05, FRDD

 

N/A

 

 

1,600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Maryland—0.4%

 

 

 

 

 

 

VMIG1

 

 

 

2,000

5

 

Cmnty. Dev. Admin. Multi-Fam. Hsg., Avalon Lea Apts. Proj., 2.22%, 7/06/05, FRWD

 

N/A

 

 

2,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Massachusetts—5.6%

 

 

 

 

 

 

A1+

 

 

 

7,000

5

 

Massachusetts St., Ser. A, 2.29%, 7/06/05, FRWD

 

N/A

 

 

7,000,000

 

 

 

 

 

 

 

 

St. Hlth. & Edl. Fac. Auth. Rev., Harvard Univ. Proj., FRWD,

 

 

 

 

 

 

A1+

 

 

 

5,750

5

 

Ser. R, 2.10%, 7/07/05

 

N/A

 

 

5,750,000

 

A1+

 

 

 

12,000

5

 

Ser. BB, 2.10%, 7/07/05

 

N/A

 

 

12,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

24,750,000

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

19


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

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

 

Value

 










 

 

 

 

 

 

 

Michigan—0.3%

 

 

 

 

 

 

 

 

 

 

 

Detroit Swr. Disp. Rev.,

 

 

 

 

A1+

 

 

$

995

5

 

Ser. A, 2.25%, 7/06/05, MBIA, FRWD

 

$

997,296

 

A1+

 

 

 

490

5

 

Ser. C-1, 2.25%, 7/07/05, FSA, FRWD

 

 

490,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

1,487,296

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—0.2%

 

 

 

 

A1+

 

 

 

1,055

5

 

Edl. Fac. Auth., Princeton Univ. Proj., Ser. B, 2.10%, 7/01/05, FRDD

 

 

1,055,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—3.1%

 

 

 

 

A1+

 

 

 

1,800

5

 

Jay Str. Dev. Corp. Lease Rev., Ser. A, 2.23%, 7/01/05, FRDD

 

 

1,800,000

 

A-1

 

 

 

7,000

5

 

New York City, GO, Ser. H-7, 2.21%, 7/01/05, FRDD

 

 

7,000,000

 

A1+

 

 

 

5,000

5

 

New York City Mun. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev., Ser. C, 2.25%, 7/01/05, FRDD

 

 

5,000,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

13,800,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—4.1%

 

 

 

 

A1+

 

 

 

7,540

5

 

Buncombe Cnty. Met. Swr. Dist. Swr. Sys. Rev., 2.28%, 7/07/05, XLCA, FRWD

 

 

7,540,000

 

A1+

 

 

 

10,550

5

 

Mecklenburg Cnty., Ser. C, 2.27%, 7/05/05, FRWD

 

 

10,550,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

18,090,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—4.0%

 

 

 

 

VMIG1

 

 

 

7,000

5

 

Hamilton Cnty. Hosp. Facs., Ser. A, 2.23%, 7/06/05, FRWD

 

 

7,000,000

 

VMIG1

 

 

 

10,605

5

 

Univ. of Akron, 2.28%, 7/07/05, FGIC, FRWD

 

 

10,605,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

17,605,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—1.8%

 

 

 

 

VMIG1

 

 

 

8,195

5

 

Hgr. Ed. Facs. Auth., St. Sys. Higher Ed. Proj., Ser. A, 2.23%, 7/07/05, MBIA, FRWD

 

 

8,195,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—1.2%

 

 

 

 

VMIG1

 

 

 

275

5

 

Clarksville Pub. Bldg. Auth., 2.28%, 7/01/05, FRDD

 

 

275,000

 

A1+

 

 

 

5,000

5

 

Shelby Cnty. Pub. Sch. Impvt., Ser. B, 2.25%, 7/07/05, FRWD

 

 

5,000,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

5,275,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—0.6%

 

 

 

 

A1+

 

 

 

2,500

5

 

Snohomish Cnty. Pub. Util. Dist. No. 001 Generation Sys. Rev.,
Ser. A-1, 2.27%, 7/06/05, FSA, FRWD

 

 

2,500,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—0.6%

 

 

 

 

A1+

 

 

 

2,500

5

 

Hwy. & Transp. Auth. Transp. Rev., Ser. A, 2.20%, 7/06/05, AMBAC, FRWD

 

 

2,500,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

Money Market Fund—1.2%

 

 

 

 

 

 

 

 

5,400

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

 

5,400,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $114,312,294)

 

 

114,312,296

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—160.0% (cost $684,873,3066)

 

$

710,918,642

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.0%

 

 

4,322,045

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(61.0)%

 

 

(271,084,167

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

$

444,156,520

 

 

 

 

 

 

 

 

 

 



 

 

 


1

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

2

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

3

Security is collateralized by U.S. Treasury obligations.

4

This bond is prefunded. 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

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, 2005.

6

Cost for Federal income tax purposes is $684,529,336. The net unrealized appreciation on a tax basis is $26,389,306, consisting of $26,593,127 gross unrealized appreciation and $203,821 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 85.9% of the Trust’s managed assets.


 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

 

FRWD

Floating Rate Weekly Demand

BIG

Bond Investors Guaranty Insurance Co.

 

FSA

Financial Security Assurance

CAPMAC

Capital Markets Assurance Co.

 

GO

General Obligation

COP

Certificate of Participation

 

MBIA

Municipal Bond Insurance Assoc.

ETM

Escrowed to Maturity

 

PCR

Pollution Control Revenue

FGIC

Financial Guaranty Insurance Co.

 

XLCA

XL Capital Assurance

FRDD

Floating Rate Daily Demand

 

 

 

 

 

See Notes to Financial Statements.

20


 

 

PORTFOLIO OF INVESTMENTS (unaudited)

 

JUNE 30, 2005

 

BlackRock Insured Municipal Term Trust (BMT)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—131.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—0.9%

 

 

 

 

 

 

AAA

 

 

$

1,000

 

 

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

 

No Opt. Call

 

$

1,055,590

 

AAA

 

 

 

1,410

 

 

Fed. Hwy. Fin. Auth., Grant Antic. Notes, Ser. A, 4.50%, 3/01/11, MBIA

 

No Opt. Call

 

 

1,499,549

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,555,139

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Alaska—8.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Anchorage, GO, Ser. B,

 

 

 

 

 

 

AAA

 

 

 

14,345

 

 

4.125%, 7/01/11, MBIA

 

No Opt. Call

 

 

15,014,768

 

AAA

 

 

 

6,000

 

 

4.625%, 7/01/10, FGIC

 

No Opt. Call

 

 

6,408,240

 

AAA

 

 

 

1,260

 

 

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

 

No Opt. Call

 

 

1,293,730

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

22,716,738

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arizona—3.1%

 

 

 

 

 

 

AAA

 

 

 

1,030

 

 

Mesa, GO, Ser. A, 3.75%, 7/01/10, FGIC

 

No Opt. Call

 

 

1,060,704

 

AAA

 

 

 

6,340

 

 

Pima Cnty. Str. & Hwy., 4.25%, 7/01/11, FGIC

 

07/08 @ 101

 

 

6,585,802

 

AAA

 

 

 

1,000

 

 

St. Univ., 4.20%, 7/01/11, FGIC

 

No Opt. Call

 

 

1,054,080

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,700,586

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arkansas—0.2%

 

 

 

 

 

 

AAA

 

 

 

500

 

 

Little Rock Cap. Impvt., 4.00%, 4/01/11, FSA

 

No Opt. Call

 

 

519,990

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—6.8%

 

 

 

 

 

 

AAA

 

 

 

145

 

 

California, GO, 6.80%, 11/01/10, FGIC

 

11/05 @ 101

 

 

148,300

 

AAA

 

 

 

6,100

3

 

Contra Costa Trans. Auth. Sales Tax Rev., 6.50%, 3/01/09, FGIC

 

ETM

 

 

6,649,427

 

 

 

 

 

 

 

 

Dept. of Wtr. Res. Pwr. Sply. Rev., Ser. A,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

3.60%, 5/01/10, AMBAC

 

No Opt. Call

 

 

5,115,450

 

AAA

 

 

 

3,500

 

 

3.70%, 5/01/11, MBIA

 

No Opt. Call

 

 

3,590,265

 

AAA

 

 

 

3,065

 

 

Los Angeles Cnty., Asset Leasing Corp. Proj., 6.05%, 12/01/10, AMBAC

 

No Opt. Call

 

 

3,514,789

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

19,018,231

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—1.2%

 

 

 

 

 

 

AAA

 

 

 

3,245

 

 

Weld Cnty. Sch. Dist. No. 6, 3.75%, 12/01/10, FSA

 

No Opt. Call

 

 

3,339,332

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Delaware—0.4%

 

 

 

 

 

 

AAA

 

 

 

1,015

 

 

Delaware River & Bay Auth., 3.75%, 1/01/11, MBIA

 

No Opt. Call

 

 

1,041,847

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

District of Columbia—4.0%

 

 

 

 

 

 

AAA

 

 

 

10,000

 

 

Dist. of Columbia, GO, Ser. B, 5.50%, 6/01/11, FSA

 

No Opt. Call

 

 

11,170,900

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—0.9%

 

 

 

 

 

 

AAA

 

 

 

2,320

 

 

Tampa Wtr. & Swr., 5.50%, 10/01/10, FSA

 

No Opt. Call

 

 

2,585,895

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Hawaii—4.5%

 

 

 

 

 

 

AAA

 

 

 

11,080

 

 

Hawaii, GO, Ser. CN, 5.25%, 3/01/07, FGIC

 

03/07 @ 102

 

 

11,750,894

 

AAA

 

 

 

1,000

 

 

Univ. of Hawaii Univ. Sys., 3.875%, 7/15/10, FGIC

 

No Opt. Call

 

 

1,035,800

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

12,786,694

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—16.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Chicago, GO, Ser. A,

 

 

 

 

 

 

AAA

 

 

 

4,000

 

 

4.375%, 1/01/11, AMBAC

 

No Opt. Call

 

 

4,218,280

 

AAA

 

 

 

1,790

 

 

5.00%, 1/01/11, MBIA

 

No Opt. Call

 

 

1,943,421

 

 

 

 

 

 

 

 

Chicago Park Dist. Pkg. Rev., GO, Ser. A, FGIC,

 

 

 

 

 

 

AAA

 

 

 

3,120

 

 

3.50%, 1/01/10

 

No Opt. Call

 

 

3,165,334

 

AAA

 

 

 

3,695

 

 

4.00%, 1/01/11

 

No Opt. Call

 

 

3,827,576

 

AAA

 

 

 

1,000

 

 

Du Page & Cook Cntys. Sch. Dist., GO, 4.50%, 1/01/11, FGIC

 

No Opt. Call

 

 

1,060,800

 

AAA

 

 

 

1,750

 

 

Du Page & Will Cntys. Sch. Dist., GO, 4.25%, 12/30/10, FGIC

 

No Opt. Call

 

 

1,841,735

 

 

 

 

 

 

 

 

Du Page Cnty. Forest Presvtn. Dist.,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Zero Coupon, 11/01/10

 

No Opt. Call

 

 

4,142,100

 

AAA

 

 

 

11,965

 

 

Zero Coupon, 11/01/11

 

No Opt. Call

 

 

9,467,067

 

AAA

 

 

 

2,580

 

 

Edl. Fac. Auth., 5.70%, 7/01/13, FGIC

 

08/05 @ 101

 

 

2,614,469

 

 

 

 

 

 

 

 

Illinois, GO, Ser. 1,

 

 

 

 

 

 

AAA

 

 

 

1,500

 

 

4.50%, 2/01/11, FGIC

 

No Opt. Call

 

 

1,598,730

 

AAA

 

 

 

2,000

 

 

4.50%, 4/01/11, FSA

 

No Opt. Call

 

 

2,133,020

 

AAA

 

 

 

4,000

 

 

5.25%, 2/01/11, FGIC

 

No Opt. Call

 

 

4,415,200

 

AAA

 

 

 

2,265

 

 

Kane & Du Page Cntys. Sch. Dist., GO, Ser. A, 4.00%, 1/01/11, FSA

 

No Opt. Call

 

 

2,346,268

 

AAA

 

 

 

1,500

 

 

Lake Cnty. Cmnty. Cons. Sch. Dist., No. 050 Woodland Sch. Proj., 3.625%, 1/01/11, FGIC

 

No Opt. Call

 

 

1,525,785

 

See Notes to Financial Statements.

21


BlackRock Insured Municipal Term Trust (BMT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

 

Illinois—(continued)

 

 

 

 

 

 

AAA

 

 

$

1,025

 

 

Orland Park, GO, Ser. A, 3.50%, 12/01/10, FGIC

 

No Opt. Call

 

$

1,040,119

 

AAA

 

 

 

1,075

 

 

Rockford Sch. Dist., GO, 4.30%, 2/01/11, FGIC

 

No Opt. Call

 

 

1,130,384

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

46,470,288

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Indiana—3.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Indianapolis Loc. Pub. Impvt. Bond Bank, Wtr. Wks. Proj., Ser. A, MBIA,

 

 

 

 

 

 

AAA

 

 

 

2,085

 

 

4.25%, 7/01/10

 

No Opt. Call

 

 

2,191,043

 

AAA

 

 

 

2,815

 

 

4.375%, 1/01/11

 

No Opt. Call

 

 

2,971,486

 

AAA

 

 

 

2,950

 

 

4.375%, 7/01/11

 

No Opt. Call

 

 

3,127,561

 

AAA

 

 

 

2,635

 

 

Mun. Pwr. Agcy. Pwr. Sply. Sys., Ser. A, 4.50%, 1/01/11, AMBAC

 

No Opt. Call

 

 

2,797,922

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,088,012

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kansas0.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Dev. Fin. Auth. Pub. Wtr. Sply., AMBAC,

 

 

 

 

 

 

AAA

 

 

 

1,025

 

 

4.125%, 4/01/10

 

No Opt. Call

 

 

1,069,526

 

AAA

 

 

 

1,000

 

 

4.25%, 4/01/11

 

No Opt. Call

 

 

1,051,910

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,121,436

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky3.7%

 

 

 

 

 

 

AAA

 

 

 

12,675

 

 

Econ. Dev. Fin. Sys., Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/10, MBIA

 

No Opt. Call

 

 

10,461,185

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—1.8%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Louisiana Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. B, 4.00%, 5/15/11, MBIA

 

No Opt. Call

 

 

5,171,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—2.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Detroit, GO, MBIA,

 

 

 

 

 

 

AAA

 

 

 

1,580

 

 

4.00%, 4/01/10

 

No Opt. Call

 

 

1,642,836

 

AAA

 

 

 

1,955

 

 

4.00%, 4/01/11

 

No Opt. Call

 

 

2,038,381

 

AAA

 

 

 

70

 

 

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

 

07/05 @ 100

 

 

70,347

 

AAA

 

 

 

2,810

 

 

Wyandotte City Sch. Dist., Bldg. & Site Proj., 4.00%, 5/01/11, FSA

 

No Opt. Call

 

 

2,920,826

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,672,390

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Minnesota—1.8%

 

 

 

 

 

 

AAA

 

 

 

2,800

 

 

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

 

No Opt. Call

 

 

2,913,400

 

A+

 

 

 

2,180

3

 

So. Minnesota Mun. Pwr. Agcy., Ser. B, 5.75%, 1/01/11

 

ETM

 

 

2,215,708

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,129,108

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nevada—1.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Dept. of Bus. & Ind., Las Vegas Monorail Proj., AMBAC,

 

 

 

 

 

 

AAA

 

 

 

3,795

 

 

Zero Coupon, 1/01/11

 

No Opt. Call

 

 

3,086,891

 

AAA

 

 

 

2,870

 

 

Zero Coupon, 1/01/12

 

No Opt. Call

 

 

2,231,138

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,318,029

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—0.4%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

1,012,570

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Mexico—3.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Fin. Auth., Pub. Proj., Ser. A, MBIA,

 

 

 

 

 

 

AAA

 

 

 

1,433

 

 

3.40%, 6/01/11

 

No Opt. Call

 

 

1,445,969

 

AAA

 

 

 

1,275

 

 

4.20%, 6/01/10

 

No Opt. Call

 

 

1,335,932

 

AAA

 

 

 

3,020

 

 

4.30%, 6/01/11

 

No Opt. Call

 

 

3,192,321

 

AAA

 

 

 

2,230

3

 

Hwy. Comm., Ser. B, 4.75%, 6/15/11, AMBAC

 

ETM

 

 

2,411,879

 

AAA

 

 

 

1,750

 

 

Las Cruces Sch. Dist. No. 002, GO, 5.25%, 8/01/11, FSA

 

08/09 @ 100

 

 

1,889,195

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,275,296

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—6.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Env. Fac. Corp., PCR, Ser. D,

 

 

 

 

 

 

AAA

 

 

 

1,010

 

 

6.70%, 5/15/09

 

08/05 @ 102

 

 

1,034,765

 

AAA

 

 

 

785

 

 

6.80%, 5/15/10

 

08/05 @ 102

 

 

804,288

 

AAA

 

 

 

8,950

 

 

Long Island Pwr. Auth. Elec. Sys. Rev., Ser. A, 5.50%, 12/01/10, AMBAC

 

No Opt. Call

 

 

9,987,126

 

AAA

 

 

 

5,000

 

 

Thruway Auth. Personal Income Tax Rev., Ser. A, 5.00%, 3/15/11, FSA

 

No Opt. Call

 

 

5,475,600

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

17,301,779

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—0.7%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

Akron, GO, 4.00%, 12/01/10, MBIA

 

No Opt. Call

 

 

1,042,410

 

AAA

 

 

 

1,015

 

 

Univ. of Cincinnati, Ser. G, 3.50%, 6/01/09, AMBAC

 

No Opt. Call

 

 

1,035,422

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,077,832

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

22


BlackRock Insured Municipal Term Trust (BMT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

 

Oregon—3.9%

 

 

 

 

 

 

AAA

 

 

$

1,000

 

 

Dept. of Admin. Svcs. Lottery Rev., Ser. C, 3.50%, 4/01/11, FSA

 

No Opt. Call

 

$

1,016,620

 

AAA

 

 

 

1,995

 

 

Lane Cnty. Sch. Dist. No. 4, 3.75%, 1/01/11, FSA

 

No Opt. Call

 

 

2,056,905

 

 

 

 

 

 

 

 

Washington & Clackamas Cntys. Sch. Dist., GO, MBIA,

 

 

 

 

 

 

AAA

 

 

 

3,820

 

 

4.00%, 6/15/10

 

No Opt. Call

 

 

3,978,110

 

AAA

 

 

 

3,720

 

 

4.00%, 6/15/11

 

No Opt. Call

 

 

3,883,903

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,935,538

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—9.0%

 

 

 

 

 

 

AAA

 

 

 

2,430

 

 

Central York Sch. Dist., GO, 4.125%, 6/01/11, FGIC

 

No Opt. Call

 

 

2,552,642

 

AAA

 

 

 

2,725

3

 

Dauphin Cnty. Gen. Auth., HAPSCO-Western PA Hosp. Proj., Ser. B, 6.25%, 7/01/08, MBIA

 

ETM

 

 

2,853,920

 

AAA

 

 

 

7,500

 

 

Hgr. Edl. Facs. Auth., Univ. of PA Hlth. Svcs. Proj., Ser. A, 5.25%, 8/01/10, FSA

 

08/09 @ 101

 

 

8,109,150

 

AAA

 

 

 

2,100

 

 

Philadelphia Wtr. & Wst., 5.625%, 6/15/08, AMBAC

 

No Opt. Call

 

 

2,263,905

 

AAA

 

 

 

7,000

 

 

Pittsburgh, GO, Ser. A, 5.20%, 9/01/05, FGIC

 

09/05 @ 100

 

 

7,029,890

 

AAA

 

 

 

1,075

 

 

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

 

No Opt. Call

 

 

1,163,978

 

AAA

 

 

 

1,250

 

 

Wilson Sch. Dist., GO, 4.00%, 5/15/10, FSA

 

No Opt. Call

 

 

1,300,912

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

25,274,397

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Rhode Island—2.0%

 

 

 

 

 

 

AAA

 

 

 

235

 

 

Clean Wtr. Protection Fin. Agcy., PCR, Ser. A, 6.70%, 10/01/10, MBIA

 

10/05 @ 100

 

 

237,178

 

AAA

 

 

 

5,000

3

 

Rhode Island St. & Providence Plantations, GO, Ser. B, 4.20%, 6/01/10, FGIC

 

ETM

 

 

5,269,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,506,378

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—0.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Clarksville Wtr. Swr. & Gas, FSA,

 

 

 

 

 

 

AAA

 

 

 

1,005

 

 

4.45%, 2/01/10

 

No Opt. Call

 

 

1,062,808

 

AAA

 

 

 

1,100

 

 

4.65%, 2/01/11

 

No Opt. Call

 

 

1,181,917

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,244,725

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—15.7%

 

 

 

 

 

 

AAA

 

 

 

1,090

 

 

Addison, GO, 3.375%, 2/15/11, FGIC

 

No Opt. Call

 

 

1,096,355

 

 

 

 

 

 

 

 

Bexar Met. Wtr. Dist. Wtr. Wks. Sys., FSA,

 

 

 

 

 

 

AAA

 

 

 

1,085

 

 

3.70%, 5/01/10

 

No Opt. Call

 

 

1,111,941

 

AAA

 

 

 

1,090

 

 

3.80%, 5/01/11

 

No Opt. Call

 

 

1,122,678

 

AAA

 

 

 

2,000

 

 

Dallas Rapid Transit, 4.30%, 12/01/10, AMBAC

 

No Opt. Call

 

 

2,109,320

 

 

 

 

 

 

 

 

Harris Cnty., GO,

 

 

 

 

 

 

AAA

 

 

 

1,500

 

 

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

 

No Opt. Call

 

 

1,629,150

 

AAA

 

 

 

330

3

 

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

 

ETM

 

 

300,735

 

AAA

 

 

 

2,255

 

 

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

 

No Opt. Call

 

 

2,042,489

 

 

 

 

 

 

 

 

Houston, GO, MBIA,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Ser. A, 5.00%, 3/01/11

 

No Opt. Call

 

 

5,445,600

 

AAA

 

 

 

2,000

 

 

Ser. A1, 5.00%, 3/01/11

 

No Opt. Call

 

 

2,178,240

 

AAA

 

 

 

2,490

 

 

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

 

No Opt. Call

 

 

2,652,099

 

AAA

 

 

 

10,440

 

 

Houston Wtr. & Swr. Sys., Ser. C, Zero Coupon, 12/01/10, AMBAC

 

No Opt. Call

 

 

8,673,761

 

AAA

 

 

 

5,550

 

 

Katy Indpt. Sch. Dist., GO, Ser. A, Zero Coupon, 2/15/11

 

No Opt. Call

 

 

4,535,959

 

AAA

 

 

 

4,000

 

 

Mun. Pwr. Agcy., 5.50%, 9/01/10, MBIA

 

No Opt. Call

 

 

4,445,720

 

AAA

 

 

 

2,245

 

 

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

 

No Opt. Call

 

 

2,332,420

 

AAA

 

 

 

1,250

 

 

Texas Tech Univ. Revs., Ser. 9, 5.00%, 2/15/11, AMBAC

 

No Opt. Call

 

 

1,362,625

 

AAA

 

 

 

1,500

 

 

Univ. of Houston, Ser. A, 4.00%, 2/15/10, FSA

 

No Opt. Call

 

 

1,554,900

 

AAA

 

 

 

1,630

 

 

Univ. Sys. Fin., 3.50%, 3/15/11, FSA

 

No Opt. Call

 

 

1,652,657

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

44,246,649

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Utah—2.3%

 

 

 

 

 

 

AAA

 

 

 

3,470

 

 

Intermountain Pwr. Agcy. Sply., Ser. A, 5.25%, 7/01/11, MBIA

 

07/09 @ 101

 

 

3,774,319

 

AAA

 

 

 

3,175

 

 

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

 

No Opt. Call

 

 

2,624,487

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,398,806

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—13.0%

 

 

 

 

 

 

AAA

 

 

 

7,345

 

 

Benton Cnty. Sch. Dist. No. 17, GO, Kennewick Sch. Proj., 4.50%, 12/01/10, FSA

 

No Opt. Call

 

 

7,818,826

 

AAA

 

 

 

1,000

 

 

Chelan Cnty. Sch. Dist., GO, 4.50%, 12/01/10, FSA

 

No Opt. Call

 

 

1,064,510

 

AAA

 

 

 

3,000

 

 

Clark Cnty. Pub. Util. Dist. No. 1 Elec. Rev., 4.50%, 1/01/11, AMBAC

 

No Opt. Call

 

 

3,197,910

 

AAA

 

 

 

2,040

 

 

Clark Cnty. Sch. Dist. No. 114, GO, Evergreen Proj., 4.125%, 12/01/10, FSA

 

No Opt. Call

 

 

2,133,921

 

AAA

 

 

 

1,300

 

 

Pub. Pwr. Sply. Sys., Ser. B, Zero Coupon, 7/01/10, MBIA

 

No Opt. Call

 

 

1,085,474

 

AAA

 

 

 

9,160

3

 

Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/10

 

ETM

 

 

7,776,932

 

AAA

 

 

 

3,745

 

 

Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/10

 

No Opt. Call

 

 

3,127,000

 

AAA

 

 

 

1,010

 

 

Tacoma, GO, 4.625%, 12/01/10, FGIC

 

No Opt. Call

 

 

1,081,377

 

See Notes to Financial Statements.

23


 

 

BlackRock Insured Municipal Term Trust (BMT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 












 

 

 

 

 

 

 

Washington—(continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

Washington, GO, MBIA,

 

 

 

 

 

 

AAA

 

 

$

5,000

 

 

Ser. A, 5.50%, 7/01/11

 

07/09 @ 100

 

$

5,458,450

 

AAA

 

 

 

1,505

 

 

Ser. R, 3.125%, 1/01/11

 

No Opt. Call

 

 

1,500,861

 

AAA

 

 

 

2,280

 

 

Whatcom Cnty. Sch. Dist. No. 503, GO, 4.50%, 12/01/10, FSA

 

No Opt. Call

 

 

2,427,083

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

36,672,344

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

West Virginia—3.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth., Correctional Juvenile & Pub. Proj., Ser. A, MBIA,

 

 

 

 

 

 

AAA

 

 

 

3,705

 

 

4.50%, 6/01/10

 

No Opt. Call

 

 

3,932,228

 

AAA

 

 

 

4,420

 

 

4.50%, 6/01/11

 

No Opt. Call

 

 

4,719,366

 

AAA

 

 

 

1,170

 

 

Sch. Bldg. Auth., 4.00%, 7/01/11, AMBAC

 

No Opt. Call

 

 

1,218,672

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,870,266

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—5.7%

 

 

 

 

 

 

AAA

 

 

 

1,045

 

 

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

 

No Opt. Call

 

 

1,107,407

 

 

 

 

 

 

 

 

Clean Wtr., Ser. 2, MBIA,

 

 

 

 

 

 

AAA

 

 

 

4,640

 

 

4.00%, 6/01/10

 

No Opt. Call

 

 

4,819,893

 

AAA

 

 

 

9,850

 

 

4.00%, 6/01/11

 

No Opt. Call

 

 

10,254,441

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

16,181,741

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wyoming—2.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Albany Cnty. Impvts. Statutory Trust, COP, MBIA,

 

 

 

 

 

 

AAA

 

 

 

1,325

 

 

4.00%, 1/15/10

 

No Opt. Call

 

 

1,375,549

 

AAA

 

 

 

1,450

 

 

4.00%, 7/15/10

 

No Opt. Call

 

 

1,507,536

 

AAA

 

 

 

1,480

 

 

4.00%, 1/15/11

 

No Opt. Call

 

 

1,541,035

 

AAA

 

 

 

1,510

 

 

4.00%, 7/15/11

 

No Opt. Call

 

 

1,573,178

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,997,298

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $348,642,633)

 

 

 

 

370,862,819

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—26.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—2.7%

 

 

 

 

 

 

A1+

 

 

 

7,500

4

 

Highlands Cnty. Hlth. Facs. Auth., Adventist Hlth. Sys. Proj., Ser. B,
2.30%, 7/07/05, FGIC, FRWD

 

N/A

 

 

7,500,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Indiana—4.3%

 

 

 

 

 

 

VMIG1

 

 

 

12,000

4

 

St. Dev. Fin. Auth. Rev. Edl. Fac., Eiteljorg Museum Proj., 2.35%, 7/06/05, FRWD

 

N/A

 

 

12,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Massachusetts—10.0%

 

 

 

 

 

 

A1+

 

 

 

10,000

4

 

Massachusetts St., Ser. A, 2.29%, 7/06/05, FRWD

 

N/A

 

 

10,000,000

 

 

 

 

 

 

 

 

St. Hlth. & Edl. Fac. Auth. Rev., Harvard Univ. Proj., FRWD,

 

 

 

 

 

 

A1+

 

 

 

5,000

4

 

Ser. BB, 2.10%, 7/07/05

 

N/A

 

 

5,000,000

 

A1+

 

 

 

13,250

4

 

Ser. GG-1, 2.10%, 7/07/05

 

N/A

 

 

13,250,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

28,250,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—1.1%

 

 

 

 

 

 

A1+

 

 

 

3,000

4

 

Sports & Expo. Auth., Ser. B-2, 2.28%, 7/06/05, MBIA, FRWD

 

N/A

 

 

3,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—2.5%

 

 

 

 

 

 

A1+

 

 

 

7,000

4

 

Buncombe Cnty. Met. Swr. Dist. Swr. Sys. Rev., 2.28%, 7/07/05, XLCA, FRWD

 

N/A

 

 

7,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—3.2%

 

 

 

 

 

 

VMIG1

 

 

 

9,000

4

 

Hamilton Cnty. Hosp. Facs., Ser. A, 2.23%, 7/06/05, FRWD

 

N/A

 

 

9,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—2.4%

 

 

 

 

 

 

VMIG1

 

 

 

6,930

4

 

Clarksville Pub. Bldg. Auth., Pooled Fin. Mun. Bond Fund, 2.28%, 7/01/05, FRDD

 

N/A

 

 

6,930,000

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

24


 

 

BlackRock Insured Municipal Term Trust (BMT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

 

Value

 












 

 

 

 

 

 

 

MONEY MARKET FUND—0.2%

 

 

 

 

 

 

 

 

 

 

500

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

 

 

$

500,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $74,180,000)

 

 

 

 

74,180,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—158.2% (cost $422,822,6335)

 

 

 

$

445,042,819

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—2.4%

 

 

 

 

6,749,412

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(60.6)%

 

 

 

 

(170,528,725

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

281,263,506

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

Security is collateralized by 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, 2005.

5

Cost for Federal income tax purposes is $422,566,958. The net unrealized appreciation on a tax basis is $22,475,861, consisting of $22,478,148 gross unrealized appreciation and $2,287 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 79.6% of the Trust’s managed assets.

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

 

FSA

Financial Security Assurance

COP

Certificate of Participation

 

GO

General Obligation

ETM

Escrowed to Maturity

 

MBIA

Municipal Bond Insurance Assoc.

FGIC

Financial Guaranty Insurance Co.

 

PCR

Pollution Control Revenue

FRDD

Floating Rate Daily Demand

 

XLCA

XL Capital Assurance

FRWD

Floating Rate Weekly Demand

 

 

 

 

 

See Notes to Financial Statements.

25


 

 

PORTFOLIO OF INVESTMENTS (unaudited)

 

JUNE 30, 2005

 

BlackRock Municipal 2018 Term Trust (BPK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

 

Value

 


 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—150.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—4.5%

 

 

 

 

 

 

Baa2

 

 

$

5,000

 

 

Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19

 

08/05 @ 102

 

$

5,128,250

 

A2

 

 

 

5,845

 

 

Huntsville Hlth. Care Auth., GO, Ser. A, 5.625%, 6/01/22

 

06/12 @ 101

 

 

6,306,638

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,434,888

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—5.8%

 

 

 

 

 

 

NR

 

 

 

1,750

 

 

Agua Caliente Band of Cahuilla Indians, 5.60%, 7/01/13

 

No Opt. Call

 

 

1,771,473

 

AAA

 

 

 

5,425

 

 

Clovis Unified Sch. Dist., Cap. Apprec. Election 2004, Ser. A, Zero Coupon, 8/01/21, FGIC

 

No Opt. Call

 

 

2,666,116

 

NR

 

 

 

1,235

 

 

Lincoln Spec. Tax Rev. Cmnty. Facs. Dist. 1, 5.90%, 9/01/24

 

09/13 @ 102

 

 

1,268,098

 

B-

 

 

 

3,460

 

 

Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev., Amer. Airlines, Inc. Proj., Ser. C, 7.50%,

 

12/12 @ 102

 

 

3,641,823

 

BBB+

 

 

 

5,000

 

 

Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. Rev., Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23

 

No Opt. Call

 

 

5,343,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

14,690,910

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—2.1%

 

 

 

 

 

 

BBB

 

 

 

5,000

 

 

Hsg. & Fin. Auth. Sld. Wst. Rev., Wst. Mgmt. Proj., 5.70%, 7/01/18

 

No Opt. Call

 

 

5,353,500

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Connecticut—1.6%

 

 

 

 

 

 

Baa3

 

 

 

3,750

3

 

Mashantucket Western Pequot Tribe Spec. Rev., Ser. B, 5.75%, 9/01/18

 

09/07 @ 102

 

 

3,952,725

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—12.5%

 

 

 

 

 

 

Baa1

 

 

 

1,585

 

 

Cap. Trust Agcy. Multi-Fam. Hsg., American Oppty. Proj., Ser. A, 5.75%, 6/01/23

 

06/13 @ 102

 

 

1,585,951

 

NR

 

 

 

2,000

 

 

CFM Cmnty. Dev. Dist. Cap. Impvt., Ser. B, 5.875%, 5/01/14

 

No Opt. Call

 

 

2,089,360

 

NR

 

 

 

2,615

 

 

Live Oak Cmnty. Dev. Dist. Spl. Assmt. No. 1, Ser. B, 5.30%, 5/01/08

 

No Opt. Call

 

 

2,651,662

 

NR

 

 

 

1,860

 

 

Live Oak Cmnty. Dev. Dist. Spl. Assmt. No. 2, Ser. B, 5.00%, 11/01/09

 

No Opt. Call

 

 

1,878,842

 

BB+

 

 

 

4,515

 

 

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

5,113,463

 

NR

 

 

 

1,595

 

 

Pine Islands Cmnty. Dev. Dist. Util. Sys. Rev., 5.30%, 11/01/10

 

No Opt. Call

 

 

1,609,291

 

NR

 

 

 

4,945

 

 

Stevens Plantation Cmnty. Dist. Spl. Assmt. Rev., Ser. B, 6.375%, 5/01/13

 

No Opt. Call

 

 

5,151,454

 

NR

 

 

 

840

 

 

Sumter Landing Cmnty. Dev. Dist., 6.25%, 5/01/13

 

No Opt. Call

 

 

891,685

 

NR4

 

 

 

295

 

 

Vlg. Cmnty. Dev. Dist. Assmt. Rev., Ser. B, 5.40%, 5/01/07

 

No Opt. Call

 

 

298,847

 

NR4

 

 

 

5,410

 

 

Vlg. Ctr. Cmnty. Dev. Dist., Ser. B, 5.875%, 1/01/15

 

No Opt. Call

 

 

5,706,576

 

NR

 

 

 

3,130

 

 

Vlg. of Westport Cmnty. Dev. Dist. Cap. Impvt. Rev., Ser. A, 5.40%, 5/01/20

 

05/13 @ 100

 

 

3,169,751

 

NR

 

 

 

1,500

 

 

Westchester Cmnty. Dev. Dist. No. 1 Spl. Assmt., 6.00%, 5/01/23

 

05/13 @ 101

 

 

1,577,970

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

31,724,852

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—20.8%

 

 

 

 

 

 

NR

 

 

 

1,825

 

 

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

 

No Opt. Call

 

 

1,878,472

 

AAA

 

 

 

5,000

 

 

Chicago O’Hare Intl. Arpt., Ser. A, 5.75%, 1/01/18, MBIA

 

01/12 @ 100

 

 

5,564,900

 

 

 

 

 

 

 

 

Dev. Fin. Auth.,

 

 

 

 

 

 

A2

 

 

 

5,000

 

 

PCR, Ser. C, 5.95%, 8/15/26

 

12/06 @ 101

 

 

5,151,800

 

A

 

 

 

12,500

5

 

Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.50%, 11/15/20

 

11/09 @ 101

 

 

13,275,500

 

BBB+

 

 

 

5,980

 

 

Edl. Facs. Auth. Student Hsg. Edl. Adv. Fund, Univ. Ctr. Proj., 6.00%, 5/01/22

 

05/12 @ 101

 

 

6,407,092

 

Baa2

 

 

 

2,750

 

 

Fin. Auth. Student Hsg., MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19

 

06/14 @ 100

 

 

2,937,302

 

A

 

 

 

5,000

 

 

Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care Proj., 5.50%, 1/01/22

 

01/13 @ 100

 

 

5,331,100

 

 

 

 

 

 

 

 

Kane & Du Page Cntys. Sch. Dist., GO, Ser. B, FSA,

 

 

 

 

 

 

AAA

 

 

 

4,625

6

 

Zero Coupon, 1/01/12

 

N/A

 

 

2,662,705

 

AAA

 

 

 

4,100

6

 

Zero Coupon, 1/01/12

 

N/A

 

 

2,214,123

 

AAA

 

 

 

2,950

6

 

Zero Coupon, 1/01/12

 

N/A

 

 

1,417,829

 

AAA

 

 

 

1,700

6

 

Zero Coupon, 1/01/12

 

N/A

 

 

762,909

 

 

 

 

 

 

 

 

Sports Facs. Auth. Ded. St. Tax Supported Rev., AMBAC,

 

 

 

 

 

 

AAA

 

 

 

1,885

 

 

Zero Coupon, 6/15/19

 

06/15 @ 101

 

 

1,633,843

 

AAA

 

 

 

1,985

 

 

Zero Coupon, 6/15/20

 

06/15 @ 101

 

 

1,711,487

 

AAA

 

 

 

2,090

 

 

Zero Coupon, 6/15/21

 

06/15 @ 101

 

 

1,795,853

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

52,744,915

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Indiana—10.5%

 

 

 

 

 

 

AA

 

 

 

13,970

 

 

Hlth. Fac. Fin. Auth., Sisters of St. Francis Proj., 5.75%, 11/01/21

 

11/11 @ 101

 

 

15,267,394

 

BBB

 

 

 

2,500

 

 

Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17

 

No Opt. Call

 

 

2,645,250

 

BBB

 

 

 

4,000

 

 

Petersburg PCR Pwr. & Lt. Conv., 5.75%, 8/01/21

 

08/11 @ 102

 

 

4,230,440

 

NR

 

 

 

4,480

 

 

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

 

01/09 @ 102

 

 

4,476,954

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

26,620,038

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—1.5%

 

 

 

 

 

 

AAA

 

 

 

3,445

 

 

Pub. Facs. Auth. Dept. of Pub. Safety, 5.875%, 6/15/14, MBIA

 

06/10 @ 100

 

 

3,775,582

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

26


 

 

BlackRock Municipal 2018 Term Trust (BPK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call Provisions2

 

 

Value

 


 

 

 

 

 

 

 

Maryland—2.1%

 

 

 

 

 

 

NR4

 

 

$

5,170

 

 

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

 

07/07 @ 102

 

$

5,243,207

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—6.8%

 

 

 

 

 

 

A1

 

 

 

5,450

 

 

Hosp. Fin. Auth., Henry Ford Hlth. Sys. Proj., Ser. A, 6.00%, 11/15/19

 

11/09 @ 101

 

 

5,846,106

 

BB+

 

 

 

9,000

 

 

Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09

 

07/07 @ 101

 

 

9,476,370

 

A

 

 

 

700

 

 

Pontiac Tax Increment Fin. Auth. Dev. Area 2, 5.625%, 6/01/22, ACA

 

06/12 @ 101

 

 

748,391

 

A

 

 

 

1,000

 

 

Pontiac Tax Increment Fin. Auth. Dev. Area 3, 5.375%, 6/01/17, ACA

 

06/12 @ 101

 

 

1,067,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

17,138,067

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Mississippi—4.4%

 

 

 

 

 

 

BBB

 

 

 

9,000

 

 

Lowndes Cnty. Sld. Wst. Disp., PCR, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22

 

No Opt. Call

 

 

11,196,360

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Multi-State—8.6%

 

 

 

 

 

 

A3

 

 

 

14,000

3

 

Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/01/52

 

10/14 @ 100

 

 

15,813,140

 

Baa2

 

 

 

6,000

3

 

MuniMae TE Bond Subsidiary LLC, Ser. B2, Zero Coupon, 6/30/49

 

09/14 @ 100

 

 

5,956,140

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

21,769,280

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nevada—2.6%

 

 

 

 

 

 

BBB+

 

 

 

5,000

 

 

Dept. of Bus. & Ind., Republic Svc., Inc. Proj., 5.625%, 12/01/26

 

No Opt. Call

 

 

5,458,600

 

NR

 

 

 

1,100

 

 

Las Vegas Spec. Imp. Dist. 809, Summerlin Area Proj., 5.35%, 6/01/17

 

12/05 @ 103

 

 

1,120,075

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,578,675

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Hampshire—4.0%

 

 

 

 

 

 

AAA

 

 

 

7,000

 

 

Bus. Fin. Auth., PCR, Pub. Svc. Co. Proj., Ser. C, 5.45%, 5/01/21, MBIA

 

05/12 @ 101

 

 

7,795,480

 

A+

 

 

 

2,025

 

 

Hlth. & Ed. Facs. Auth., Exeter Hosp. Proj., 6.00%, 10/01/24

 

10/11 @ 101

 

 

2,224,604

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,020,084

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—12.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

B

 

 

 

4,065

 

 

Continental Airlines, Inc. Proj., 7.00%, 11/15/30

 

11/10 @ 101

 

 

3,743,377

 

B

 

 

 

6,750

 

 

Continental Airlines, Inc. Proj., 7.20%, 11/15/30

 

11/10 @ 101

 

 

6,365,588

 

Baa3

 

 

 

8,410

 

 

Kapkowski Road Landfill Proj., 5.50%, 4/01/16

 

No Opt. Call

 

 

8,848,834

 

BBB

 

 

 

8,500

 

 

Econ. Dev. Auth. Cigarette Tax, 5.50%, 6/15/24

 

06/12 @ 100

 

 

9,011,870

 

NR

 

 

 

2,500

 

 

Middlesex Cnty. Impvt. Auth., Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25

 

01/15 @ 100

 

 

2,495,500

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

30,465,169

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Mexico—0.9%

 

 

 

 

 

 

NR

 

 

 

2,175

 

 

Sandoval Cnty. Proj. Dev., Santa Ana Pueblo Proj., 7.75%, 7/01/15

 

No Opt. Call

 

 

2,254,975

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—1.7%

 

 

 

 

 

 

A-

 

 

 

4,000

 

 

Wake Cnty. Ind. Facs., PCR, Carolina Pwr. & Lt. Co. Proj., 5.375%, 2/01/17

 

02/12 @ 101

 

 

4,360,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—0.2%

 

 

 

 

 

 

NR

 

 

 

500

 

 

Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. Rev., Ser. A, 6.00%, 12/01/22

 

12/14 @ 101

 

 

521,025

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oklahoma—1.1%

 

 

 

 

 

 

B-

 

 

 

2,700

 

 

Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35

 

No Opt. Call

 

 

2,801,007

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—7.4%

 

 

 

 

 

 

NR

 

 

 

2,000

 

 

Montgomery Cnty. Indl. Dev. Auth., Whitemarsh Continuing Care Proj., 6.00%, 2/01/21

 

02/15 @ 100

 

 

2,082,160

 

 

 

 

 

 

 

 

Philadelphia Auth. for Ind. Dev., Ser. B, FSA,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

5.50%, 10/01/18

 

10/11 @ 101

 

 

5,530,700

 

AAA

 

 

 

5,000

 

 

5.50%, 10/01/19

 

10/11 @ 101

 

 

5,518,950

 

 

 

 

 

 

 

 

West Cornwall Twnshp. Mun. Auth. Coll., Elizabethtown Coll. Proj.,

 

 

 

 

 

 

BBB+

 

 

 

2,500

 

 

5.90%, 12/15/18

 

12/11 @ 100

 

 

2,759,875

 

BBB+

 

 

 

2,650

 

 

6.00%, 12/15/22

 

12/11 @ 100

 

 

2,934,027

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

18,825,712

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

South Carolina—3.5%

 

 

 

 

 

 

BBB+

 

 

 

5,000

 

 

Jobs Econ. Dev. Auth. Hosp. Fac. Rev., Palmetto Hlth. Alliance Proj., Ser. A, 6.125%, 8/01/23

 

08/13 @ 100

 

 

5,470,200

 

NR

 

 

 

3,211

 

 

Lancaster Cnty. Assmt. Rev., Edgewater Imp. Dist. Proj., Ser. B, 6.125%, 11/01/14

 

No Opt. Call

 

 

3,300,266

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,770,466

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—2.4%

 

 

 

 

 

 

AAA

 

 

 

12,000

 

 

Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Hosp. Facs. Rev., Ser. A, Zero Coupon, 1/01/19, FSA

 

01/13 @ 71.667

 

 

6,064,920

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—20.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Affordable Hsg. Corp. Multi-Fam. Hsg. Rev., Arborstone/Baybrook Oaks Proj., Ser. A,

 

 

 

 

 

 

Ba3

 

 

 

12,695

 

 

5.55%, 11/01/18

 

11/11 @ 102

 

 

10,343,505

 

Ba3

 

 

 

9,800

 

 

5.75%, 11/01/22

 

11/11 @ 102

 

 

7,860,776

 

BBB

 

 

 

2,000

 

 

Alliance Arpt. Auth. Inc. Spec. Facs., Fed. Express Corp. Proj., 6.375%, 4/01/21

 

04/06 @ 102

 

 

2,091,580

 

See Notes to Financial Statements.

27


BlackRock Municipal 2018 Term Trust (BPK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

 

Texas—(continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

Birdville Indpt. Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

$

1,615

 

 

Zero Coupon, 2/15/18

 

No Opt. Call

 

$

937,556

 

AAA

 

 

 

1,815

 

 

Zero Coupon, 2/15/19

 

No Opt. Call

 

 

1,001,154

 

AAA

 

 

 

2,625

 

 

Zero Coupon, 2/15/20

 

No Opt. Call

 

 

1,374,161

 

AAA

 

 

 

2,500

 

 

Zero Coupon, 2/15/21

 

No Opt. Call

 

 

1,240,600

 

BBB+

 

 

 

10,010

 

 

Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 5.75%, 5/01/36

 

No Opt. Call

 

 

10,694,284

 

NR

 

 

 

4,305

 

 

Dallas Cnty. Flood Ctrl., 6.75%, 4/01/16

 

04/13 @ 100

 

 

4,469,623

 

 

 

 

 

 

 

 

Dallas Ft. Worth Intl. Arpt. Fac. Impvt., Ser. A, FGIC,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

5.875%, 11/01/17

 

11/11 @ 100

 

 

5,580,650

 

AAA

 

 

 

5,000

 

 

5.875%, 11/01/18

 

11/11 @ 100

 

 

5,559,900

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

51,153,789

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—4.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Northwest Wind Proj.,

 

 

 

 

 

 

A-

 

 

 

5,000

 

 

Ser. A, 6.00%, 1/01/07

 

N/A

 

 

5,381,350

 

A-

 

 

 

6,175

 

 

Ser. B, 5.875%, 1/01/07

 

N/A

 

 

6,634,791

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

12,016,141

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—6.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hlth. & Edl. Facs. Auth.,

 

 

 

 

 

 

AA-

 

 

 

5,000

 

 

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

 

10/11 @ 101

 

 

5,283,100

 

A

 

 

 

10,000

 

 

Wheaton Franciscan Svcs. Proj., 6.25%, 8/15/22

 

02/12 @ 101

 

 

11,125,300

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

16,408,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Trust Territories—1.6%

 

 

 

 

 

 

A-

 

 

 

4,000

3

 

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

 

12/13 @ 102

 

 

4,026,280

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $359,331,582)

 

 

 

 

379,910,967

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—2.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alaska—1.6%

 

 

 

 

 

 

A1+

 

 

 

4,000

7

 

Valdez Alaska Marine Term., Exxon Pipeline Co. Proj., Ser. A, 2.27%, 7/07/05, FRWD

 

N/A

 

 

4,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—0.5%

 

 

 

 

 

 

VMIG1

 

 

 

1,300

7

 

Hamilton Cnty. Hosp. Facs. Proj., 2.26%, 7/07/05, FRWD

 

N/A

 

 

1,300,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Virginia—0.6%

 

 

 

 

 

 

A1+

 

 

 

1,500

7

 

Fairfax Cnty. IDA Rev., Iova Health Systems Proj., 2.19%, 7/06/05, FRWD

 

N/A

 

 

1,500,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

 

(000)

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—0.0%

 

 

 

 

 

 

 

 

 

 

50

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

50,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $6,850,000)

 

 

 

 

6,850,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—152.8% (cost $366,181,5828)

 

 

 

$

386,760,967

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.6%

 

 

 

 

4,025,169

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(54.4)%

 

 

 

 

(137,637,518)

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

253,148,618

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

 


1

 

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

2

 

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

3

 

Security is 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, 2005, the Trust held 11.8% of its net assets, with a current market value of $29,748,285, in securities restricted as to resale.

4

 

Security is deemed to be of investment grade quality by the investment advisor.

5

 

Security, or a portion thereof, pledged as collateral with a value of $1,603,602 on 856 short U.S. Treasury Note futures contracts expiring September 2005. The value of such contracts on June 30, 2005 was $97,129,250, with an unrealized loss of $1,046,030.

6

 

This bond is prefunded. 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.

7

 

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, 2005.

8

 

Cost for Federal income tax purposes is $366,114,184. The net unrealized appreciation on a tax basis is $20,646,783, consisting of $24,981,362 gross unrealized appreciation and $4,334,579 gross unrealized depreciation.


 

 

 

 

 

 

 


KEY TO ABBREVIATIONS

 

 

 

 

 

 

 

   ACA

American Capital Access

 

GO

General Obligation

   AMBAC

American Municipal Bond Assurance Corp.

 

IDA

Industrial Development Authority

   FGIC

Financial Guaranty Insurance Co.

 

MBIA

Municipal Bond Insurance Assoc.

   FRWD

Floating Rate Weekly Demand

 

PCR

Pollution Control Revenue

   FSA

 Financial Security Assurance

 

 

 

 

See Notes to Financial Statements.

28


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2005

BlackRock Municipal 2020 Term Trust (BKK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call Provisions2

 

Value

 











 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—153.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—25.6%

 

 

 

 

 

 

A

 

 

$

12,000

 

 

California, GO, 5.00%, 11/01/22

 

11/13 @ 100

 

$

12,762,840

 

BBB-

 

 

 

10,000

 

 

Foothill/Eastern Transportation Corridor Cap. Apprec., Zero Coupon, 1/15/22

 

01/10 @ 50.177

 

 

3,873,600

 

BBB

 

 

 

12,500

 

 

Foothill/Eastn. Transp. Corridor Agcy. Toll Road Rev., Zero Coupon, 1/15/21

 

01/10 @ 53.346

 

 

5,146,500

 

 

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp.,

 

 

 

 

 

 

BBB

 

 

 

3,000

 

 

   Ser. A-1, 6.625%, 6/01/40

 

06/13 @ 100

 

 

3,352,650

 

BBB

 

 

 

12,010

 

 

   Ser. A-1, 6.75%, 6/01/39

 

06/13 @ 100

 

 

13,519,537

 

BBB

 

 

 

975

 

 

   Ser. A-3, 7.875%, 6/01/42

 

06/13 @ 100

 

 

1,176,104

 

BBB

 

 

 

1,470

 

 

   Ser. A-5, 7.875%, 6/01/42

 

06/13 @ 100

 

 

1,773,202

 

A-

 

 

 

20,000

 

 

   Ser. B, 5.375%, 6/01/28

 

06/10 @ 100

 

 

21,014,800

 

B-

 

 

 

3,035

 

 

Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev., Amer. Airlines, Inc. Proj., Ser. C, 7.50%,

 

12/12 @ 102

 

 

3,194,489

 

BBB+

 

 

 

7,000

 

 

Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. Rev., Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23

 

No Opt. Call

 

 

7,480,760

 

AAA

 

 

 

6,865

 

 

Riverside Cnty., Riverside Cnty. Hosp. Proj., Zero Coupon, 6/01/25, MBIA

 

No Opt. Call

 

 

2,660,462

 

BBB+

 

 

 

3,355

 

 

Statewide Cmntys., Daughters of Charity Hlth. Proj., 5.25%, 7/01/25

 

07/15 @ 100

 

 

3,552,811

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

79,507,755

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—0.7%

 

 

 

 

 

 

AAA

 

 

 

4,500

 

 

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

 

No Opt. Call

 

 

2,069,550

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

District of Columbia—5.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Friendship Pub., Charter Sch., Inc. Proj., ACA,

 

 

 

 

 

 

A

 

 

 

3,320

 

 

   5.00%, 6/01/23

 

06/14 @ 100

 

 

3,403,764

 

A

 

 

 

2,680

 

 

   5.75%, 6/01/18

 

06/14 @ 100

 

 

2,950,224

 

AAA

 

 

 

5,000

3

 

Met. Washington Arpts. Auth. Arpt. Sys. Rev., Ser. C-2, 5.00%, 10/01/24, FSA

 

10/14 @ 100

 

 

5,244,700

 

BBB

 

 

 

4,215

 

 

Tobacco Settlement Fin. Corp., 6.50%, 5/15/33

 

No Opt. Call

 

 

4,907,229

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

16,505,917

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—16.3%

 

 

 

 

 

 

NR

 

 

 

4,860

 

 

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

 

05/14 @ 100

 

 

5,058,142

 

Baa1

 

 

 

1,500

 

 

Cap. Trust Agcy. Multi-Fam. Hsg., American Oppty. Proj., Ser. A, 5.75%, 6/01/23

 

06/13 @ 102

 

 

1,500,900

 

NR

 

 

 

3,000

 

 

CFM Cmnty. Dev. Dist. Cap. Impvt., Ser. B, 5.875%, 5/01/14

 

No Opt. Call

 

 

3,134,040

 

NR

 

 

 

4,445

 

 

Grand Hampton Cmnty. Dev. Dist. Cap. Impvt., 6.10%, 5/01/24

 

05/13 @ 101

 

 

4,611,599

 

NR

 

 

 

4,140

 

 

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

 

05/14 @ 101

 

 

4,216,259

 

BB+

 

 

 

5,475

 

 

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

6,200,711

 

NR

 

 

 

4,690

 

 

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

 

05/13 @ 100

 

 

4,872,066

 

NR

 

 

 

1,000

 

 

Pine Islands Cmnty. Dev. Dist. Util. Sys. Rev., 5.30%, 11/01/10

 

No Opt. Call

 

 

1,008,960

 

NR

 

 

 

7,680

 

 

Stevens Plantation Cmnty. Dist. Spl. Assmt. Rev., Ser. B, 6.375%, 5/01/13

 

No Opt. Call

 

 

8,000,640

 

NR

 

 

 

3,854

 

 

Vlg. Cmnty. Dev. Dist. Spl. Assmt. Rev. No. 5, Ser. A, 6.00%, 5/01/22

 

05/13 @ 101

 

 

4,087,938

 

NR

 

 

 

6,000

 

 

Westchester Cmnty. Dev. Dist. No. 1 Spl. Assmt., 6.00%, 5/01/23

 

05/13 @ 101

 

 

6,311,880

 

NR

 

 

 

1,555

 

 

World Commerce Cmnty. Dev. Dist. Spec. Assmt., Ser. A-1, 6.25%, 5/01/22

 

05/14 @ 101

 

 

1,618,164

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

50,621,299

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Georgia—1.6%

 

 

 

 

 

 

BBB

 

 

 

2,500

 

 

Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Fndtn. Proj., 5.50%, 9/01/24

 

09/14 @ 101

 

 

2,627,350

 

BBB

 

 

 

2,350

 

 

Richmond Cnty. Dev. Auth. Env. Impvt., 5.75%, 11/01/27

 

11/13 @ 100

 

 

2,488,250

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,115,600

 

 

 

 

 

 

 

 

Illinois—9.7%

 

 

 



 

NR

 

 

 

2,155

 

 

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

 

No Opt. Call

 

 

2,218,142

 

A-

 

 

 

5,000

 

 

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

 

10/14 @ 100

 

 

5,390,200

 

AA+

 

 

 

4,800

 

 

Edl. Fac. Auth., Northwestern Univ. Proj., 5.00%, 12/01/21

 

12/13 @ 100

 

 

5,157,216

 

 

 

 

 

 

 

 

Fin. Auth. Student Hsg., MJH Ed. Asst. Living Proj.,

 

 

 

 

 

 

Baa2

 

 

 

2,725

 

 

   Ser. A, 5.00%, 6/01/24

 

06/14 @ 100

 

 

2,760,044

 

Baa2

 

 

 

3,250

 

 

   Ser. A, 5.50%, 6/01/19

 

06/14 @ 100

 

 

3,471,357

 

Baa3

 

 

 

1,075

 

 

   Ser. B, 5.00%, 6/01/24

 

06/14 @ 100

 

 

1,079,934

 

AAA

 

 

 

8,265

 

 

Lake Cnty. Cmnty. Con. Sch. Dist., No. 73 Hawthorn Proj., Zero Coupon, 12/01/22, MBIA

 

No Opt. Call

 

 

3,771,154

 

AAA

 

 

 

13,455

 

 

Met. Pier & Expo. Auth. Ded. St. Tax Rev., McCormick Place Expansion Proj., Ser. A,

 

 

 

 

 

 

 

 

 

 

 

 

 

Zero Coupon, 6/15/22, MBIA

 

No Opt. Call

 

 

6,394,085

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

30,242,132

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

29


 

 

BlackRock Municipal 2020 Term Trust (BKK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

 

Value

 












 

 

 

 

 

 

 

Indiana—5.1%

 

 

 

 

 

 

BBB

 

 

$

10,000

 

 

Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17

 

No Opt. Call

 

$

10,581,000

 

NR

 

 

 

5,290

 

 

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

 

01/09 @ 102

 

 

5,286,403

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

15,867,403

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kansas—1.1%

 

 

 

 

 

 

AAA

 

 

 

6,440

 

 

Wyandotte Cnty. Unified Gov’t. Spl. Oblig., Intl. Speedway Proj., Zero Coupon, 12/01/20, MBIA

 

No Opt. Call

 

 

3,264,500

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—1.4%

 

 

 

 

 

 

BBB

 

 

 

3,750

 

 

Maysville Sld. Wst. Disp., Inland Container Corp. Proj., 6.90%, 9/01/22

 

09/13 @ 102

 

 

4,219,575

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—0.7%

 

 

 

 

 

 

BBB

 

 

 

2,000

 

 

De Soto Parish Env. Impvt. Rev., Ser. A, 5.85%, 11/01/27

 

11/13 @ 100

 

 

2,089,480

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Maryland—5.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Frederick Cnty., Urbana Cmnty. Dev. Auth. Proj.,

 

 

 

 

 

 

NR4

 

 

 

3,000

 

 

6.625%, 7/01/25

 

07/07 @ 102

 

 

3,135,060

 

NR4

 

 

 

5,171

 

 

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

 

07/07 @ 102

 

 

5,244,221

 

Baa1

 

 

 

8,500

 

 

Hlth. & Higher Edl. Facs. Auth., Medstar Hlth. Proj., 5.375%, 8/15/24

 

08/14 @ 100

 

 

8,991,725

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

17,371,006

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Massachusetts—3.3%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Bay Transp. Auth. Sales Tax Rev., Ser. A, 5.00%, 7/01/24

 

No Opt. Call

 

 

5,610,800

 

BBB

 

 

 

4,500

 

 

Dev. Fin. Agcy. Sld. Wst. Disp. Rev., Wst. Mgmt., Inc. Proj., 5.45%, 6/01/14

 

No Opt. Call

 

 

4,782,285

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,393,085

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—1.7%

 

 

 

 

 

 

BB+

 

 

 

5,000

 

 

Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09

 

07/07 @ 101

 

 

5,264,650

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Minnesota—0.4%

 

 

 

 

 

 

A2

 

 

 

1,250

 

 

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

 

10/14 @ 100

 

 

1,322,875

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Mississippi—1.0%

 

 

 

 

 

 

BBB

 

 

 

3,000

 

 

Warren Cnty. Env. Impvt, Intl. Paper Proj., Ser. A, 5.85%, 11/01/27

 

11/13 @ 100

 

 

3,121,860

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Missouri—3.6%

 

 

 

 

 

 

BBB+

 

 

 

5,000

 

 

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

 

06/14 @ 100

 

 

5,340,550

 

AA

 

 

 

5,500

 

 

Hlth. & Edu. Fac., BJC Hlth. Sys. Proj., Ser. A, 5.00%, 5/15/20

 

05/15 @ 100

 

 

5,888,630

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,229,180

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Multi-State—6.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

 

 

1,000

5

 

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

 

No Opt. Call

 

 

1,053,580

 

A3

 

 

 

2,500

5

 

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

 

No Opt. Call

 

 

2,677,300

 

Baa1

 

 

 

4,000

5

 

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

 

No Opt. Call

 

 

4,211,800

 

Baa1

 

 

 

2,500

5

 

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

 

No Opt. Call

 

 

2,666,550

 

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary, LLC,

 

 

 

 

 

 

Baa2

 

 

 

5,000

5

 

Ser. C1, 5.40%, 6/30/49

 

09/14 @ 100

 

 

4,967,300

 

Baa2

 

 

 

5,000

5

 

Ser. C2, 5.80%, 6/30/49

 

09/19 @ 100

 

 

4,985,100

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

20,561,630

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Hampshire—1.70%

 

 

 

 

 

 

BBB+

 

 

 

5,000

 

 

Hlth., Elliot Hosp. Proj., Ser. B, 5.60%, 10/01/22

 

10/13 @ 100

 

 

5,339,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—13.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

B

 

 

 

10,000

 

 

Continental Airlines, Inc. Proj., 7.00%, 11/15/30

 

11/10 @ 101

 

 

9,208,800

 

B

 

 

 

1,500

 

 

Continental Airlines, Inc. Proj., 9.00%, 6/01/33

 

06/13 @ 101

 

 

1,581,735

 

BBB-

 

 

 

1,000

 

 

First Mtg. Winchester Proj., Ser. A, 4.80%, 11/01/13

 

No Opt. Call

 

 

1,021,550

 

Baa3

 

 

 

7,500

 

 

Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31

 

No Opt. Call

 

 

8,611,725

 

BBB

 

 

 

11,500

 

 

Econ. Dev. Auth. Cigarette Tax, 5.50%, 6/15/24

 

06/12 @ 100

 

 

12,192,530

 

Baa1

 

 

 

4,000

 

 

Hlth. Care Fac. Fin. Auth., Cap. Hlth. Sys. Oblig. Grp. Proj., Ser. A, 5.75%, 7/01/23

 

07/13 @ 100

 

 

4,351,880

 

 

 

 

 

 

 

 

Middlesex Cnty. Impvt. Auth.,

 

 

 

 

 

 

NR

 

 

 

2,500

 

 

Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25

 

01/15 @ 100

 

 

2,495,500

 

Baa1

 

 

 

1,000

 

 

Str. Student Hsg. Proj., Ser. A, 5.00%, 8/15/23

 

08/14 @ 100

 

 

1,030,950

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

40,494,670

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Mexico—0.8%

 

 

 

 

 

 

NR

 

 

 

2,520

 

 

Sandoval Cnty. Proj. Dev., Santa Ana Pueblo Proj., 7.75%, 7/01/15

 

No Opt. Call

 

 

2,612,660

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

30


 

 

BlackRock Municipal 2020 Term Trust (BKK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

 

Value

 












 

 

 

 

 

 

 

Ohio—6.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Cuyahoga Cnty., Cleveland Clinic Hlth. Sys. Proj.,

 

 

 

 

 

 

Aa3

 

 

$

3,000

 

 

6.00%, 1/01/19

 

07/13 @ 100

 

$

3,446,490

 

Aa3

 

 

 

10,000

 

 

6.00%, 1/01/20

 

07/13 @ 100

 

 

11,451,300

 

NR

 

 

 

1,100

 

 

Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. Rev., Ser. A, 6.00%, 12/01/22

 

12/14 @ 101

 

 

1,146,255

 

NR

 

 

 

1,215

 

 

Port of Greater Cincinnati Dev. Auth., Coop. Pub. Pkg. Infrastructure Proj., 6.30%, 2/15/24

 

02/14 @ 102

 

 

1,305,420

 

Baa2

 

 

 

4,000

 

 

Wtr. Dev. Auth., Collateral Wtr. Dev. Dayton Pwr. Proj., Ser. A, 6.40%, 8/15/27

 

08/05 @ 100

 

 

4,017,240

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

21,366,705

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oklahoma—1.1%

 

 

 

 

 

 

B-

 

 

 

3,350

 

 

Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35

 

No Opt. Call

 

 

3,475,324

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—6.3%

 

 

 

 

 

 

BBB+

 

 

 

6,680

 

 

Higher Edl. Fac., La Salle Univ. Proj., 5.50%, 5/01/26

 

05/13 @ 100

 

 

7,147,600

 

A

 

 

 

10,000

 

 

Lancaster Cnty. Hosp. Auth., Gen. Hosp. Proj., 5.75%, 3/15/20

 

09/13 @ 100

 

 

11,027,800

 

NR

 

 

 

1,275

 

 

Montgomery Cnty. Indl. Dev. Auth., Whitemarsh Continuing Care Proj., 6.00%, 2/01/21

 

02/15 @ 100

 

 

1,327,377

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

19,502,777

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Rhode Island—1.5%

 

 

 

 

 

 

BBB

 

 

 

4,500

 

 

Hlth. & Edl. Bldg. Corp. Hosp. Fin., Ser. A, 5.875%, 9/15/23

 

09/08 @ 100

 

 

4,581,270

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—7.0%

 

 

 

 

 

 

Ba3

 

 

 

5,000

 

 

Affordable Hsg. Corp. Multi-Fam. Hsg. Rev., Arborstone/Baybrook Oaks Proj., Ser. A, 5.85%, 11/01/31

 

11/11 @ 102

 

 

3,948,550

 

BBB

 

 

 

1,100

 

 

Brazos River Auth., PCR, TXU Energy Co. LLC Proj., Ser. A, 6.75%, 4/01/38

 

No Opt. Call

 

 

1,250,403

 

BBB-

 

 

 

3,500

 

 

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

 

04/08 @ 102

 

 

3,643,710

 

 

 

 

 

 

 

 

Tpke. Auth., Central Texas Tpke. Sys. Proj., Ser. A, AMBAC,

 

 

 

 

 

 

AAA

 

 

 

7,990

 

 

Zero Coupon, 8/15/21

 

No Opt. Call

 

 

3,907,589

 

AAA

 

 

 

8,450

 

 

Zero Coupon, 8/15/24

 

No Opt. Call

 

 

3,530,410

 

 

 

 

 

 

 

 

Weatherford Indpt. Sch. Dist.,

 

 

 

 

 

 

AAA

 

 

 

6,945

 

 

Zero Coupon, 2/15/23

 

02/11 @ 50.236

 

 

2,745,289

 

AAA

 

 

 

6,945

 

 

Zero Coupon, 2/15/24

 

02/11 @ 47.435

 

 

2,579,443

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

21,605,394

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Virginia—7.7%

 

 

 

 

 

 

NR

 

 

 

5,000

 

 

Celebrate North Cmnty. Dev. Auth. Spl. Assmt. Rev., Ser. B, 6.60%, 3/01/25

 

03/14 @ 102

 

 

5,224,650

 

BBB

 

 

 

10,000

 

 

Charles City Cnty. Econ. Dev. Auth. Sld. Wst. Disp., 5.125%, 8/01/27

 

09/05 @ 100

 

 

10,329,400

 

A3

 

 

 

7,500

 

 

Mecklenburg Cnty. Ind. Dev. Auth., Exempt FAC-UAE LP Proj., 6.50%, 10/15/17

 

10/12 @ 100

 

 

8,455,875

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

24,009,925

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—2.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Washington,

 

 

 

 

 

 

AAA

 

 

 

10,000

 

 

Ser. S-5, Zero Coupon, 1/01/19, FGIC

 

No Opt. Call

 

 

5,538,200

 

AAA

 

 

 

4,630

 

 

Mtr. Veh. Proj., Ser. F, Zero Coupon, 12/01/21, MBIA

 

No Opt. Call

 

 

2,213,557

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

7,751,757

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—2.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hlth. & Ed. Fac. Auth., Wheaton Franciscan Svcs. Proj.,

 

 

 

 

 

 

A

 

 

 

2,880

 

 

5.50%, 8/15/17

 

08/13 @ 100

 

 

3,145,248

 

A

 

 

 

3,190

 

 

5.50%, 8/15/18

 

08/13 @ 100

 

 

3,460,927

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,606,175

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Trust Territories—1.3%

 

 

 

 

 

 

A-

 

 

 

4,000

5

 

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

 

12/13 @ 102

 

 

4,026,280

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

U. S. Virgin Islands—0.4%

 

 

 

 

 

 

BBB

 

 

 

1,000

 

 

Virgin Islands Pub. Fin. Auth., Sen. Lien Matching Fund Loan, Ser. A, 5.25%, 10/01/17

 

10/14 @ 100

 

 

1,098,910

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

31


BlackRock Municipal 2020 Term Trust (BKK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 


 

 

 

 

 

 

 

 

Puerto Rico—11.7%

 

 

 

 

 

 

A-

 

 

$

10,900

 

 

Puerto Rico Elec. Pwr. Auth., Ser. NN, 5.125%, 7/01/24

 

07/13 @ 100

 

$

11,631,390

 

 

 

 

 

 

 

 

Puerto Rico Pub. Impvt., Ser. A,

 

 

 

 

 

 

BBB

 

 

 

5,000

 

 

5.25%, 7/01/22

 

07/13 @ 100

 

 

5,413,000

 

BBB

 

 

 

11,000

 

 

5.25%, 7/01/23

 

07/13 @ 100

 

 

11,900,790

 

BBB

 

 

 

7,000

 

 

5.25%, 7/01/24

 

07/13 @ 100

 

 

7,558,320

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

36,503,500

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $450,280,610)

 

 

 

 

477,742,044

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—2.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Massachusetts—0.1%

 

 

 

 

 

 

A1+

 

 

 

350

6

 

St. Dev. Fin. Agcy., Boston Univ. Proj., Ser. R-4, 2.25%, 7/01/05, XLCA, FRDD

 

N/A

 

 

350,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Dakota—1.7%

 

 

 

 

 

 

VMIG1

 

 

 

5,250

6

 

Grand Forks Hosp. Fac. Rev., United Hosp. Oblig. Grp. Proj., 2.32%, 7/01/05, FRDD

 

N/A

 

 

5,250,000

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—0.2%

 

 

 

 

 

 

 

 

 

 

750

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

750,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $6,350,000)

 

 

 

 

6,350,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—155.7% (cost $456,630,6107)

 

 

 

$

484,092,044

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.4%

 

 

 

 

4,361,283

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(57.1)%

 

 

 

 

(177,628,076

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

310,825,251

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

 

2

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

3

Security, or a portion thereof, pledged as collateral with a value of $2,122,880 on 1,075 short U.S. Treasury Note futures contracts expiring September 2005. The value of such contracts on June 30, 2005 was $121,978,906, with an unrealized loss of $1,330,944.

 

4

Security is deemed to be of investment grade quality by the investment advisor.

5

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, 2005, the Trust held 7.9% of its net assets, with a current market value of $24,587,910, in securities restricted as to resale.

 

6

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, 2005.

 

7

Cost for Federal income tax purposes is $456,628,264. The net unrealized appreciation on a tax basis is $27,463,780, consisting of $28,608,397 gross unrealized appreciation and $1,144,617 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

 

ACA

American Capital Access

 

GO

General Obligation

AMBAC

American Municipal Bond Assurance Corp.

 

MBIA

Municipal Bond Insurance Assoc.

FGIC

Financial Guaranty Insurance Co.

 

PCR

Pollution Control Revenue

FRDD

Floating Rate Daily Demand

 

XLCA

XL Capital Assurance

FSA

Financial Security Assurance

 

 

 

 

See Notes to Financial Statements.

32


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2005

 

BlackRock Municipal Target Term Trust (BMN)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 


 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—144.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—3.4%

 

 

 

 

 

 

AAA

 

 

$

9,450

 

 

Fed. Hwy. Fin. Auth., Grant Antic., Ser. A, 4.125%, 3/01/07, MBIA

 

No Opt. Call

 

$

9,656,766

 

AAA

 

 

 

5,000

 

 

Jefferson Cnty. Cap. Impvt., GO, Ser. A, 5.00%, 4/01/07, MBIA

 

No Opt. Call

 

 

5,187,500

 

AAA

 

 

 

1,000

 

 

Mobile, GO, 4.00%, 2/15/07, AMBAC

 

No Opt. Call

 

 

1,019,350

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

15,863,616

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Alaska—2.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Anchorage, GO,

 

 

 

 

 

 

AAA

 

 

 

1,750

 

 

Ser. A, 4.125%, 6/01/06, FGIC

 

No Opt. Call

 

 

1,772,995

 

AAA

 

 

 

2,245

 

 

Ser. A, 4.25%, 6/01/07, FGIC

 

No Opt. Call

 

 

2,305,705

 

AAA

 

 

 

1,335

 

 

Ser. B, 3.20%, 7/01/07, MBIA

 

No Opt. Call

 

 

1,345,506

 

AAA

 

 

 

5,000

 

 

Ser. B, 3.25%, 7/01/07, MBIA

 

No Opt. Call

 

 

5,044,100

 

AAA

 

 

 

1,000

 

 

Ser. B, 4.25%, 7/01/07, FGIC

 

No Opt. Call

 

 

1,028,010

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,496,316

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arizona—2.5%

 

 

 

 

 

 

AAA

 

 

 

6,255

 

 

Maricopa Cnty. Pub. Fin. Corp. Lease Rev., 4.25%, 7/01/07, AMBAC

 

No Opt. Call

 

 

6,430,203

 

AAA

 

 

 

5,000

 

 

Trans. Brd., Grant Antic., 4.125%, 1/01/07, MBIA

 

No Opt. Call

 

 

5,104,550

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,534,753

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arkansas—1.1%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Univ. of Arkansas Athl. Fac. Rev., Razorback Stadium Proj., Zero Coupon, 12/01/21, FSA

 

12/06 @ 100

 

 

5,055,950

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—7.8%

 

 

 

 

 

 

AAA

 

 

 

6,000

 

 

California, GO, 6.30%, 9/01/06, AMBAC

 

No Opt. Call

 

 

6,253,080

 

AAA

 

 

 

30,000

 

 

Dept. of Wtr. Res. Pwr. Sply. Rev., Ser. A, 3.50%, 5/01/07, MBIA

 

No Opt. Call

 

 

30,454,500

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

36,707,580

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—8.9%

 

 

 

 

 

 

AAA

 

 

 

17,150

 

 

Denver City & Cnty., GO, Ser. B, 5.625%, 8/01/07, MBIA

 

No Opt. Call

 

 

18,149,159

 

AAA

 

 

 

1,015

 

 

El Paso Cnty., COP, Detention Fac. Proj., Ser. B, 2.50%, 12/01/06, AMBAC

 

No Opt. Call

 

 

1,012,077

 

AAA

 

 

 

9,700

 

 

Met. Football Stad. Dist. Sales Tax Rev., Ser. A, Zero Coupon, 1/01/07, MBIA

 

No Opt. Call

 

 

9,255,740

 

 

 

 

 

 

 

 

Regl. Transp. Dist., COP, Transp. Vehicle Proj., Ser. A, MBIA,

 

 

 

 

 

 

AAA

 

 

 

6,215

 

 

5.00%, 6/01/06

 

No Opt. Call

 

 

6,345,950

 

AAA

 

 

 

5,470

 

 

5.00%, 6/01/07

 

No Opt. Call

 

 

5,698,591

 

AAA

 

 

 

1,100

 

 

Thornton, COP, 2.50%, 12/01/06, AMBAC

 

No Opt. Call

 

 

1,095,215

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

41,556,732

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Delaware—0.2%

 

 

 

 

 

 

AAA

 

 

 

1,050

 

 

Delaware River & Bay Auth., 2.50%, 1/01/07, MBIA

 

No Opt. Call

 

 

1,047,722

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—2.2%

 

 

 

 

 

 

AAA

 

 

 

1,255

 

 

Delray Beach, Decade of Excellence Prog., GO, 3.50%, 2/01/07, FSA

 

No Opt. Call

 

 

1,270,110

 

AAA

 

 

 

1,740

 

 

Delray Beach Utils. Tax, 3.50%, 6/01/07, FSA

 

No Opt. Call

 

 

1,764,639

 

AAA

 

 

 

1,645

 

 

Mun. Loan Council, Ser. A, 4.00%, 5/01/07, MBIA

 

No Opt. Call

 

 

1,682,078

 

AAA

 

 

 

1,765

3

 

Orange Cnty. Tourist Dev. Tax Rev., Ser. A, 6.375%, 10/01/06, AMBAC

 

ETM

 

 

1,782,244

 

AAA

 

 

 

2,000

 

 

Sarasota Wtr. & Swr. Sys., 4.25%, 10/01/06, MBIA

 

No Opt. Call

 

 

2,038,100

 

AAA

 

 

 

1,865

 

 

Tampa Wtr. & Swr., 5.50%, 10/01/06, FSA

 

No Opt. Call

 

 

1,928,671

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,465,842

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Georgia—1.1%

 

 

 

 

 

 

AAA

 

 

 

4,805

 

 

Columbus Wtr. & Swr., 4.00%, 5/01/07, FSA

 

No Opt. Call

 

 

4,917,629

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Hawaii—4.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hawaii, GO,

 

 

 

 

 

 

AAA

 

 

 

5,675

 

 

Ser. CP, 5.50%, 10/01/06, FGIC

 

No Opt. Call

 

 

5,863,807

 

AAA

 

 

 

9,000

 

 

Ser. CS, 5.25%, 4/01/06, MBIA

 

No Opt. Call

 

 

9,171,090

 

AAA

 

 

 

1,265

 

 

Ser. CW, 3.60%, 8/01/06, FGIC

 

No Opt. Call

 

 

1,277,574

 

 

 

 

 

 

 

 

Honolulu City & Cnty., GO, Ser. A,

 

 

 

 

 

 

AAA

 

 

 

2,275

 

 

4.00%, 9/01/06, FSA

 

No Opt. Call

 

 

2,307,510

 

AAA

 

 

 

3,500

 

 

5.80%, 1/01/07, FGIC

 

No Opt. Call

 

 

3,654,910

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

22,274,891

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

33


 

 

BlackRock Municipal Target Term Trust (BMN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

 

Value

 













 

 

 

 

 

 

 

Illinois—17.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Champaign Cnty. Cmnty. #116, Ser. C, FGIC,

 

 

 

 

 

 

AAA

 

 

$

385

3

 

Zero Coupon, 1/01/07

 

ETM

 

$

369,038

 

AAA

 

 

 

680

 

 

Zero Coupon, 1/01/07

 

No Opt. Call

 

 

650,848

 

AAA

 

 

 

995

3

 

Zero Coupon, 1/01/08

 

ETM

 

 

924,902

 

AAA

 

 

 

1,765

 

 

Zero Coupon, 1/01/08

 

No Opt. Call

 

 

1,633,049

 

AAA

 

 

 

12,000

 

 

Chicago, GO, Ser. A, 4.25%, 1/01/07, MBIA

 

No Opt. Call

 

 

12,265,560

 

AAA

 

 

 

2,665

 

 

Chicago Park Dist. Pkg. Rev., GO, Ser. A, 3.00%, 1/01/07, FGIC

 

No Opt. Call

 

 

2,675,793

 

AAA

 

 

 

1,565

 

 

Chicago Wstwtr. Trans., Ser. A, 3.50%, 1/01/07, AMBAC

 

No Opt. Call

 

 

1,582,653

 

 

 

 

 

 

 

 

Cook Cnty. High Sch. Dist., No. 201 J. Sterling Morton Twnshp. Proj., FGIC,

 

 

 

 

 

 

AAA

 

 

 

6,790

3

 

Zero Coupon, 12/01/07

 

ETM

 

 

6,336,156

 

AAA

 

 

 

430

 

 

Zero Coupon, 12/01/07

 

No Opt. Call

 

 

399,457

 

 

 

 

 

 

 

 

Du Page Cnty. Trans. Rev., FSA,

 

 

 

 

 

 

AAA

 

 

 

4,815

 

 

4.50%, 1/01/07

 

No Opt. Call

 

 

4,938,986

 

AAA

 

 

 

5,390

 

 

4.50%, 1/01/09

 

No Opt. Call

 

 

5,644,786

 

 

 

 

 

 

 

 

Illinois, GO, Ser. I,

 

 

 

 

 

 

AAA

 

 

 

15,080

 

 

3.25%, 11/01/06, FGIC

 

No Opt. Call

 

 

15,186,465

 

AAA

 

 

 

4,000

 

 

4.00%, 4/01/07, FSA

 

No Opt. Call

 

 

4,084,760

 

AAA

 

 

 

12,625

 

 

4.25%, 4/01/07, MBIA

 

No Opt. Call

 

 

12,945,675

 

AAA

 

 

 

1,000

 

 

Kane Cnty., GO, 3.75%, 1/01/07, FGIC

 

No Opt. Call

 

 

1,014,900

 

 

 

 

 

 

 

 

Sales Tax, Ser. O,

 

 

 

 

 

 

AAA

 

 

 

5,900

 

 

Zero Coupon, 6/15/07

 

No Opt. Call

 

 

5,566,414

 

AAA

 

 

 

5,635

 

 

Zero Coupon, 6/15/08

 

No Opt. Call

 

 

5,113,312

 

AAA

 

 

 

2,000

 

 

Will Cnty. Cmnty. Sch. Dist., 7.05%, 12/01/08, AMBAC

 

No Opt. Call

 

 

2,259,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

83,592,154

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Indiana—2.9%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Bond Bank Sch. Fund, 4.00%, 2/01/07, AMBAC

 

No Opt. Call

 

 

5,096,050

 

AAA

 

 

 

9,000

 

 

Indiana Univ. Student Fee Rev., Zero Coupon, 8/01/06, AMBAC

 

No Opt. Call

 

 

8,678,520

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

13,774,570

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Iowa—0.9%

 

 

 

 

 

 

AAA

 

 

 

3,940

 

 

West Des Moines Cmnty. Sch. Dist., 4.00%, 6/01/07, AMBAC

 

No Opt. Call

 

 

4,028,414

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—4.1%

 

 

 

 

 

 

AAA

 

 

 

12,610

 

 

Econ. Dev. Fin. Sys., Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/07, MBIA

 

No Opt. Call

 

 

11,740,667

 

 

 

 

 

 

 

 

Ppty. & Bldgs. Auth., Proj. No. 69, FSA,

 

 

 

 

 

 

AAA

 

 

 

2,035

 

 

Ser. B, 4.00%, 8/01/06

 

No Opt. Call

 

 

2,063,327

 

AAA

 

 

 

5,560

 

 

Ser. C, 4.00%, 8/01/06

 

No Opt. Call

 

 

5,637,395

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

19,441,389

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—4.5%

 

 

 

 

 

 

AAA

 

 

 

7,530

 

 

MuniMae Trust, Ser. 7, Cl. A, 4.40%, 12/16/08

 

No Opt. Call

 

 

7,586,550

 

AAA

 

 

 

5,250

 

 

New Orleans, GO, Zero Coupon, 9/01/06, AMBAC

 

No Opt. Call

 

 

5,076,855

 

AAA

 

 

 

3,555

 

 

Off. Facs. Corp. Lease, Cap. Complex Prog., 4.00%, 5/01/07, AMBAC

 

No Opt. Call

 

 

3,630,686

 

AAA

 

 

 

4,565

 

 

Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. A, 3.00%, 5/15/07, MBIA

 

No Opt. Call

 

 

4,575,545

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

20,869,636

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Massachusetts—2.7%

 

 

 

 

 

 

AAA

 

 

 

11,760

 

 

Massachusetts, GO, Ser. A, 5.25%, 1/01/09, FSA

 

No Opt. Call

 

 

12,665,990

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—3.5%

 

 

 

 

 

 

AAA

 

 

 

1,270

3

 

Detroit, GO, 3.00%, 4/01/07, MBIA

 

ETM

 

 

1,275,956

 

AAA

 

 

 

2,100

 

 

Grand Rapids Wtr. Sply., 4.00%, 1/01/07, FGIC

 

No Opt. Call

 

 

2,139,501

 

AAA

 

 

 

5,000

 

 

Mun. Bd. Auth., Zero Coupon, 5/15/06, MBIA

 

No Opt. Call

 

 

4,880,000

 

 

 

 

 

 

 

 

Pub. Pwr. Agcy., Belle River Proj., Ser. A, MBIA,

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

2.70%, 1/01/07

 

No Opt. Call

 

 

999,270

 

AAA

 

 

 

2,000

 

 

5.00%, 1/01/07

 

No Opt. Call

 

 

2,065,080

 

AAA

 

 

 

4,850

 

 

Trunk Line, Ser. A, 4.00%, 11/01/06, FSA

 

No Opt. Call

 

 

4,931,044

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

16,290,851

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Minnesota—1.6%

 

 

 

 

 

 

AAA

 

 

 

390

 

 

Hsg. Fin. Auth., Ser. D, 5.35%, 8/01/06, MBIA

 

08/05 @ 102

 

 

395,160

 

AAA

 

 

 

5,075

 

 

Met. Council Minneapolis-St. Paul, GO, 5.25%, 12/01/06

 

No Opt. Call

 

 

5,257,548

 

 

 

 

 

 

 

 

Minneapolis Spec. Sch. Dist. No. 1, COP, FSA,

 

 

 

 

 

 

AAA

 

 

 

1,150

 

 

Ser. A, 3.00%, 2/01/07

 

No Opt. Call

 

 

1,155,957

 

AAA

 

 

 

840

 

 

Ser. B, 3.25%, 2/01/07

 

No Opt. Call

 

 

847,560

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

7,656,225

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

34


 

 

BlackRock Municipal Target Term Trust (BMN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

 

Value

 













 

 

 

 

 

 

 

Mississippi—0.4%

 

 

 

 

 

 

AAA

 

 

$

1,935

 

 

Vicksburg, GO, 4.00%, 4/01/07, MBIA

 

No Opt. Call

 

$

1,974,996

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nebraska—0.8%

 

 

 

 

 

 

AAA

 

 

 

3,850

 

 

Douglas Cnty. Sch. Dist. No. 17 Millard, GO, 3.20%, 11/15/06, FSA

 

No Opt. Call

 

 

3,873,870

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nevada—1.5%

 

 

 

 

 

 

AAA

 

 

 

2,975

 

 

Clark Cnty. Library Dist., GO, 4.00%, 2/01/07, FGIC

 

No Opt. Call

 

 

3,031,228

 

 

 

 

 

 

 

 

Dept. of Bus. & Ind., Las Vegas Monorail Proj., AMBAC,

 

 

 

 

 

 

AAA

 

 

 

800

 

 

Zero Coupon, 1/01/07

 

No Opt. Call

 

 

765,368

 

AAA

 

 

 

1,295

 

 

Zero Coupon, 1/01/08

 

No Opt. Call

 

 

1,190,882

 

AAA

 

 

 

2,005

 

 

Las Vegas Pub. Safety Bonds, GO, 4.00%, 4/01/07, FSA

 

No Opt. Call

 

 

2,046,443

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

7,033,921

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—2.5%

 

 

 

 

 

 

AAA

 

 

 

70

 

 

Elizabeth, GO, 6.60%, 8/01/06, MBIA

 

08/05 @ 100

 

 

70,203

 

AAA

 

 

 

8,565

3

 

Hwy. Auth. Garden St. Pkwy., 5.00%, 1/01/07, FGIC

 

ETM

 

 

8,853,812

 

AAA

 

 

 

1,000

 

 

Monmouth Cnty. Impvt. Auth. Gov’t. Loan, 2.34%, 12/01/06, FSA

 

No Opt. Call

 

 

992,770

 

AAA

 

 

 

375

3

 

N. Jersey Dist. Wtr. Sply., Wanaque So. Proj., 6.50%, 7/01/06, MBIA

 

ETM

 

 

381,559

 

AAA

 

 

 

1,250

 

 

Warren Cnty. Fin. Auth., PCR, 6.55%, 12/01/06, MBIA

 

12/05 @ 100

 

 

1,269,237

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,567,581

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Mexico—1.2%

 

 

 

 

 

 

AAA

 

 

 

1,855

 

 

Fin. Auth., Ser. A, 3.50%, 6/01/07, MBIA

 

No Opt. Call

 

 

1,880,246

 

AAA

 

 

 

3,535

 

 

Gallup, PCR, Plains Elec. Generation Proj., 6.50%, 8/15/07, MBIA

 

07/05 @ 100

 

 

3,550,625

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,430,871

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—9.8%

 

 

 

 

 

 

AAA

 

 

 

2,460

 

 

Dorm. Auth. Hosp. Rev., 3.00%, 2/15/07, XLCA

 

No Opt. Call

 

 

2,465,707

 

AAA

 

 

 

810

 

 

Env. Fac. Corp., PCR, Ser. D, 6.40%, 5/15/06

 

08/05 @ 102

 

 

829,626

 

AAA

 

 

 

9,220

 

 

Hsg. Fin. Agcy., Hsg. Proj. Mtg., Ser. A, 5.50%, 11/01/06, FSA

 

05/06 @ 102

 

 

9,403,755

 

AAA

 

 

 

1,040

 

 

Malone Ctrl. Sch. Dist., GO, Ser. B, 2.875%, 1/15/07, FGIC

 

No Opt. Call

 

 

1,043,474

 

AAA

 

 

 

2,800

 

 

Nassau Cnty., GO, Ser. Y, 5.00%, 3/01/06, FGIC

 

No Opt. Call

 

 

2,844,772

 

 

 

 

 

 

 

 

New York, Ser. E, MBIA,

 

 

 

 

 

 

AAA

 

 

 

2,895

3

 

6.125%, 8/01/06

 

ETM

 

 

3,002,810

 

AAA

 

 

 

7,105

 

 

6.125%, 8/01/06

 

No Opt. Call

 

 

7,374,990

 

AAA

 

 

 

13,000

 

 

New York City, GO, Ser. A, 7.00%, 8/01/07, FSA

 

08/06 @ 101.5

 

 

13,764,530

 

AAA

 

 

 

2,000

 

 

New York City Hlth. & Hosp. Corp. Hlth. Sys. Svcs., Ser. A, 3.20%, 2/15/07, FSA

 

No Opt. Call

 

 

2,013,720

 

 

 

 

 

 

 

 

Rochester, Ser. B, MBIA,

 

 

 

 

 

 

AAA

 

 

 

1,805

3

 

4.00%, 2/15/07

 

ETM

 

 

1,843,934

 

AAA

 

 

 

1,465

 

 

4.00%, 2/15/07

 

No Opt. Call

 

 

1,495,677

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

46,082,995

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—1.3%

 

 

 

 

 

 

AAA

 

 

 

6,000

 

 

Eastn. Mun. Pwr. Agcy. Sys. Rev., Ser. B, 6.00%, 1/01/06, CAPMAC

 

No Opt. Call

 

 

6,096,720

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—5.3%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

American Mun. Pwr., Inc., Omega JV2 Proj., 4.00%, 1/01/07, AMBAC

 

No Opt. Call

 

 

1,018,080

 

AAA

 

 

 

4,585

 

 

Bldg. Auth. Admin. Bldg. Fd., Ser. A, 5.00%, 10/01/06, FSA

 

No Opt. Call

 

 

4,713,884

 

AAA

 

 

 

10,000

 

 

Bldg. Auth. Correction Facs., Ser. A, 5.00%, 10/01/06, FSA

 

No Opt. Call

 

 

10,278,600

 

AAA

 

 

 

2,170

 

 

Cincinnati City Sch. Dist. Sch. Impvt., GO, 4.00%, 12/01/06, MBIA

 

No Opt. Call

 

 

2,208,843

 

AAA

 

 

 

1,285

 

 

Milford Sch. Dist. Sch. Impvt., GO, 3.25%, 12/01/06, FSA

 

No Opt. Call

 

 

1,294,818

 

AAA

 

 

 

5,400

 

 

Wtr. Dev. Auth., Pure Wtr. Proj., 3.00%, 6/01/07, AMBAC

 

No Opt. Call

 

 

5,426,784

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

24,941,009

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oklahoma—1.5%

 

 

 

 

 

 

AAA

 

 

 

6,660

 

 

Trans. Auth. Tpke. Sys. Rev., Ser. B, 5.00%, 1/01/07, AMBAC

 

No Opt. Call

 

 

6,886,573

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oregon—1.3%

 

 

 

 

 

 

AAA

 

 

 

2,020

 

 

Dept. of Admin. Svcs., COP, Ser. A, 5.00%, 11/01/06, FSA

 

No Opt. Call

 

 

2,079,226

 

AAA

 

 

 

2,065

 

 

Portland Swr. Sys., Ser. A, 5.00%, 6/01/07, FSA

 

No Opt. Call

 

 

2,150,512

 

AAA

 

 

 

2,000

 

 

Washington & Clackamas Cntys. Sch. Dist., GO, 3.125%, 6/15/07, MBIA

 

No Opt. Call

 

 

2,014,060

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,243,798

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

35


BlackRock Municipal Target Term Trust (BMN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 














 

 

 

 

 

 

 

Pennsylvania—5.1%

 

 

 

 

 

 

AAA

 

 

$

1,500

 

 

Delaware Cnty. Regl. Wtr. Qual. Ctrl. Auth. Swr. Rev., 4.00%, 5/01/07, FGIC

 

No Opt. Call

 

$

1,533,270

 

AAA

 

 

 

1,900

 

 

Dept. of Gen. Svcs., COP, 4.25%, 5/01/06, FSA

 

No Opt. Call

 

 

1,924,415

 

AAA

 

 

 

1,345

 

 

Fleetwood Area Sch. Dist., GO, 4.00%, 4/01/07, FGIC

 

No Opt. Call

 

 

1,373,501

 

AAA

 

 

 

1,615

 

 

Oxford Area Sch. Dist., GO, Ser. A, 4.00%, 2/15/07, FGIC

 

No Opt. Call

 

 

1,647,025

 

 

 

 

 

 

 

 

Philadelphia, GO, FSA,

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

4.00%, 9/15/06

 

No Opt. Call

 

 

1,015,350

 

AAA

 

 

 

3,100

 

 

4.05%, 9/15/07

 

No Opt. Call

 

 

3,183,700

 

AAA

 

 

 

2,950

 

 

Philadelphia Wtr. & Wst., 5.50%, 6/15/06, MBIA

 

No Opt. Call

 

 

3,027,909

 

AAA

 

 

 

3,620

 

 

Pittsburgh Pub. Pkg. Auth. Pkg. Rev., 2.75%, 12/01/06, AMBAC

 

No Opt. Call

 

 

3,621,919

 

 

 

 

 

 

 

 

Pocono Mtn. Sch. Dist., GO, FSA,

 

 

 

 

 

 

AAA

 

 

 

875

 

 

4.50%, 4/01/07

 

No Opt. Call

 

 

900,900

 

AAA

 

 

 

3,025

 

 

4.50%, 10/01/07

 

No Opt. Call

 

 

3,142,279

 

AAA

 

 

 

2,375

 

 

Tpke. Comm., Ser. A, 4.125%, 12/01/06, FGIC

 

No Opt. Call

 

 

2,420,909

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

23,791,177

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Rhode Island—1.1%

 

 

 

 

 

 

AAA

 

 

 

1,865

 

 

Providence, GO, Ser. C, 3.75%, 1/15/07, FGIC

 

No Opt. Call

 

 

1,893,497

 

AAA

 

 

 

3,400

 

 

Rhode Island & Providence Plantations, GO, Ser. A, 4.00%, 12/01/06, FSA

 

No Opt. Call

 

 

3,459,908

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,353,405

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

South Carolina—0.8%

 

 

 

 

 

 

AAA

 

 

 

1,715

 

 

Lexington Cnty. Sch. Dist. No. 1, COP, 3.00%, 3/01/07, AMBAC

 

No Opt. Call

 

 

1,723,232

 

AAA

 

 

 

2,070

 

 

Pickens Cnty. Sch. Dist., GO, Ser. B, 2.25%, 3/01/07, FGIC

 

No Opt. Call

 

 

2,048,472

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

3,771,704

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—16.6%

 

 

 

 

 

 

AAA

 

 

 

6,575

 

 

Austin Wtr. & Wstwtr. Sys., Ser. C, 3.75%, 11/15/06, FSA

 

No Opt. Call

 

 

6,666,327

 

AAA

 

 

 

1,095

 

 

Corpus Christi Bus. & Job Dev. Corp. Sales Tax Rev., 4.00%, 3/01/07, AMBAC

 

No Opt. Call

 

 

1,117,645

 

AAA

 

 

 

2,400

 

 

Corpus Christi Gen. Impvt., GO, Ser. A, 5.00%, 3/01/07, FSA

 

No Opt. Call

 

 

2,488,152

 

AAA

 

 

 

8,500

 

 

Cypress-Fairbanks Indpt. Sch. Dist., GO, Zero Coupon, 8/01/06, AMBAC

 

No Opt. Call

 

 

8,246,615

 

AAA

 

 

 

6,355

 

 

Dallas Rapid Transit, 3.70%, 12/01/06, AMBAC

 

No Opt. Call

 

 

6,440,919

 

AAA

 

 

 

1,305

 

 

Dallas Wtr. Wks. & Swr. Sys., 3.00%, 4/01/07, FSA

 

No Opt. Call

 

 

1,310,024

 

AAA

 

 

 

2,280

 

 

Denton Util. Sys. Mult. Util. Impvt., 4.25%, 12/01/06, AMBAC

 

No Opt. Call

 

 

2,327,971

 

AAA

 

 

 

3,445

 

 

El Paso Cnty., GO, 4.00%, 2/15/07, FSA

 

No Opt. Call

 

 

3,514,417

 

AAA

 

 

 

1,000

 

 

Houston Area Wtr. Corp., Northeast Wtr. Purification Proj., 4.00%, 3/01/07, FGIC

 

No Opt. Call

 

 

1,020,680

 

AAA

 

 

 

15,000

 

 

Mun. Pwr. Agcy., Zero Coupon, 9/01/06, AMBAC

 

No Opt. Call

 

 

14,505,300

 

AAA

 

 

 

6,135

 

 

MuniMae Trust, Ser. 10, Cl. A, 4.40%, 7/25/08

 

No Opt. Call

 

 

6,181,074

 

AAA

 

 

 

2,915

 

 

Odessa Wtr. & Swr., 4.25%, 4/01/07, FSA

 

No Opt. Call

 

 

2,990,032

 

AAA

 

 

 

1,000

 

 

Pub. Fin. Auth., 3.00%, 2/01/07, FGIC

 

No Opt. Call

 

 

1,004,410

 

 

 

 

 

 

 

 

Round Rock Indpt. Sch. Dist., GO, Ser. A,

 

 

 

 

 

 

AAA

 

 

 

2,465

 

 

4.25%, 8/01/06

 

No Opt. Call

 

 

2,504,958

 

AAA

 

 

 

1,000

 

 

4.25%, 8/01/07

 

No Opt. Call

 

 

1,028,330

 

AAA

 

 

 

8,115

3

 

San Antonio Elec. & Gas, Ser. B, Zero Coupon, 2/01/08, FGIC

 

ETM

 

 

7,524,877

 

AAA

 

 

 

1,000

 

 

Sugar Land, GO, 2.50%, 2/15/07, FGIC

 

No Opt. Call

 

 

995,050

 

AAA

 

 

 

5,000

 

 

Tarrant Regl. Wtr. Dist. Impvt., 3.00%, 3/01/07, FSA

 

No Opt. Call

 

 

5,023,200

 

AAA

 

 

 

3,000

 

 

Tech. Univ., Ser. 6, 4.25%, 2/15/07, AMBAC

 

No Opt. Call

 

 

3,070,740

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

77,960,721

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Utah—5.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Utah, GO, Ser. B,

 

 

 

 

 

 

AAA

 

 

 

5,950

 

 

4.50%, 7/01/06

 

No Opt. Call

 

 

6,060,492

 

AAA

 

 

 

20,000

 

 

4.50%, 7/01/07

 

No Opt. Call

 

 

20,707,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

26,767,692

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

36


BlackRock Municipal Target Term Trust (BMN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 















 

 

 

 

 

 

 

Washington—10.0%

 

 

 

 

 

 

AAA

 

 

$

1,325

 

 

Benton Cnty. Pub. Util. Dist. Elec. Rev., 3.75%, 11/01/06, FSA

 

No Opt. Call

 

$

1,342,013

 

AAA

 

 

 

3,000

 

 

Clark Cnty. Pub. Util. Dist. No. 1 Elec. Rev., 4.00%, 1/01/07, AMBAC

 

No Opt. Call

 

 

3,052,920

 

 

 

 

 

 

 

 

King Cnty., MBIA,

 

 

 

 

 

 

AAA

 

 

 

75

3

 

3.50%, 12/01/06

 

ETM

 

 

75,902

 

AAA

 

 

 

2,015

 

 

3.50%, 12/01/06

 

No Opt. Call

 

 

2,036,722

 

AAA

 

 

 

3,085

 

 

King Cnty. Swr. Rev., 3.50%, 1/01/07, FGIC

 

No Opt. Call

 

 

3,119,367

 

AAA

 

 

 

2,100

 

 

Kitsap Cnty., GO, Ser. B, 4.00%, 12/01/06, AMBAC

 

No Opt. Call

 

 

2,137,002

 

AAA

 

 

 

12,875

 

 

Pub. Pwr. Sply., Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/06, MBIA

 

No Opt. Call

 

 

12,508,577

 

 

 

 

 

 

 

 

Seattle, GO, Ser. E, MBIA,

 

 

 

 

 

 

AAA

 

 

 

1,700

 

 

Zero Coupon, 12/15/07

 

No Opt. Call

 

 

1,566,414

 

AAA

 

 

 

1,345

 

 

Zero Coupon, 12/15/08

 

No Opt. Call

 

 

1,197,655

 

 

 

 

 

 

 

 

Snohomish Cnty. Pub. Util. Dist. Elec. Rev.,

 

 

 

 

 

 

AAA

 

 

 

5,620

 

 

4.125%, 12/01/06, FSA

 

No Opt. Call

 

 

5,724,701

 

AAA

 

 

 

1,250

3

 

6.55%, 1/01/07, FGIC

 

ETM

 

 

1,320,200

 

AAA

 

 

 

3,890

 

 

Tacoma Elec. Sys., Ser. A, 4.00%, 1/01/07, FSA

 

No Opt. Call

 

 

3,958,620

 

AAA

 

 

 

3,360

 

 

Thurston Cnty. Sch. Dist. No. 3, GO, 4.25%, 12/01/06, FSA

 

No Opt. Call

 

 

3,430,694

 

AAA

 

 

 

5,000

 

 

Washington, GO, Ser. B, 5.00%, 1/01/08, MBIA

 

No Opt. Call

 

 

5,258,700

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

46,729,487

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

West Virginia—1.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth., Correctional Juvenile & Pub. Proj., MBIA,

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

Ser. B, 4.00%, 6/01/06

 

No Opt. Call

 

 

1,011,850

 

AAA

 

 

 

1,500

 

 

Ser. A, 4.00%, 6/01/07

 

No Opt. Call

 

 

1,533,090

 

AAA

 

 

 

5,300

 

 

West Virginia, GO, 4.00%, 6/01/06, FSA

 

No Opt. Call

 

 

5,363,759

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

7,908,699

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—5.8%

 

 

 

 

 

 

AAA

 

 

 

1,380

 

 

Appleton Wtr. Wks., Ser. B, 4.00%, 1/01/07, FGIC

 

No Opt. Call

 

 

1,405,351

 

AAA

 

 

 

5,000

3

 

Kenosha, GO, Ser. B, Zero Coupon, 10/15/08, FSA

 

ETM

 

 

4,533,950

 

AAA

 

 

 

1,275

 

 

Milwaukee, GO, Ser. W, 4.00%, 3/15/07, FSA

 

No Opt. Call

 

 

1,301,341

 

 

 

 

 

 

 

 

Wisconsin,

 

 

 

 

 

 

AAA

 

 

 

880

 

 

COP, Ser. A, 3.75%, 3/01/07, FSA

 

No Opt. Call

 

 

893,957

 

AAA

 

 

 

12,780

 

 

COP, Ser. A, 3.75%, 9/01/07, FSA

 

No Opt. Call

 

 

13,031,638

 

AAA

 

 

 

6,085

 

 

GO, Ser. G, 4.00%, 5/01/07, MBIA

 

No Opt. Call

 

 

6,218,870

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

27,385,107

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $664,278,375)

 

 

 

 

679,040,586

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—1.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Georgia—0.9%

 

 

 

 

 

 

F1+

 

 

 

4,420

4

 

De Kalb Cnty. Hsg. Auth., 4.50%, 7/07/05, FRWD

 

N/A

 

 

4,420,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—0.5%

 

 

 

 

 

 

VMIG1

 

 

 

2,100

4

 

Hamilton Cnty. Hosp. Facs. Proj., 2.56%, 7/07/05, FRWD

 

N/A

 

 

2,100,000

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

37


BlackRock Municipal Target Term Trust (BMN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

 

 

Value

 














 

 

 

 

 

 

 

MONEY MARKET FUND—0.2%

 

 

 

 

 

 

 

 

 

 

1,000

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

 

 

$

1,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $7,520,000)

 

 

 

 

7,520,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—146.5% (cost $671,798,3755)

 

 

 

$

686,560,586

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.3%

 

 

 

 

6,100,446

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(47.8)%

 

 

 

 

(224,126,248

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

468,534,784

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

Security is collateralized by 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.

5

Cost for Federal income tax purposes is $671,666,456. The net unrealized appreciation on a tax basis is $14,894,100, consisting of $15,125,422 gross unrealized appreciation and $231,322 gross unrealized depreciation.


 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

FSA

Financial Security Assurance

CAPMAC

Capital Markets Assurance Co.

GO

General Obligation

COP

Certificate of Participation

MBIA

Municipal Bond Insurance Assoc.

ETM

Escrowed to Maturity

PCR

Pollution Control Revenue

FGIC

Financial Guaranty Insurance Co.

XLCA

XL Capital Assurance

FRWD

Floating Rate Weekly Demand

 

 

 

 

 

 

 

 

See Notes to Financial Statements.

38


 

 

PORTFOLIO OF INVESTMENTS (unaudited)

 

JUNE 30, 2005

 

BlackRock Strategic Municipal Trust (BSD)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—152.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—9.6%

 

 

 

 

 

 

Baa2

 

 

$

3,000

 

 

Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., Ser. A, 6.70%, 11/01/29

 

11/09 @ 101

 

$

3,274,800

 

AA

 

 

 

7,000

 

 

Pub. Sch. & Coll. Auth. Cap. Impvt., Ser. C, 5.75%, 7/01/18

 

07/09 @ 101.5

 

 

7,769,440

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,044,240

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Alaska—1.0%

 

 

 

 

 

 

AAA

 

 

 

1,130

 

 

Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA

 

12/05 @ 102

 

 

1,158,001

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—10.0%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

California, 5.00%, 3/01/33

 

03/15 @ 100

 

 

5,318,550

 

 

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp., Ser. B,

 

 

 

 

 

 

A-

 

 

 

2,600

 

 

5.50%, 6/01/43

 

06/13 @ 100

 

 

2,803,814

 

A-

 

 

 

3,100

 

 

5.625%, 6/01/38

 

06/13 @ 100

 

 

3,379,589

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,501,953

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—2.1%

 

 

 

 

 

 

AAA

 

 

 

10,000

 

 

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

 

06/11 @ 31.387

 

 

2,392,100

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Connecticut—8.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Mashantucket Western Pequot Tribe Spec. Rev.,

 

 

 

 

 

 

Baa3

 

 

 

1,500

 

 

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

 

09/09 @ 101

 

 

1,560,525

 

Baa3

 

 

 

8,000

3

 

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

 

09/07 @ 102

 

 

8,300,960

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,861,485

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—16.8%

 

 

 

 

 

 

NR

 

 

 

1,730

 

 

Arborwood Cmnty. Dev. Dist., Master Infrastructure Projs., Ser. B, 5.10%, 5/01/14

 

No Opt. Call

 

 

1,750,085

 

NR

 

 

 

3,300

 

 

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

 

10/10 @ 101

 

 

3,695,967

 

 

 

 

 

 

 

 

Hsg. Fin. Corp., Sunset Place Proj., Ser. K-1,

 

 

 

 

 

 

BBB-

 

 

 

2,150

 

 

6.00%, 10/01/19

 

10/09 @ 102

 

 

2,145,678

 

BBB-

 

 

 

2,000

 

 

6.10%, 10/01/29

 

10/09 @ 102

 

 

1,999,780

 

BB+

 

 

 

2,045

 

 

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

2,316,065

 

NR

 

 

 

1,070

 

 

Reunion West Cmnty. Dev. Dist. Spl. Assmt., 6.25%, 5/01/36

 

05/12 @ 101

 

 

1,131,611

 

AAA

 

 

 

5,000

 

 

St. Brd. Ed. Cap. Outlay, Pub. Ed. Proj., Ser. B, 5.00%, 6/01/33

 

06/13 @ 101

 

 

5,309,650

 

NR

 

 

 

1,000

 

 

Town Center Palm Coast Cmnty., 6.00%, 5/01/36

 

05/13 @ 101

 

 

1,027,120

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

19,375,956

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Georgia—4.5%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Atlanta Arpt. Passenger Fac., Ser. C, 5.00%, 1/01/33, FSA

 

07/14 @ 100

 

 

5,247,150

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—7.6%

 

 

 

 

 

 

NR

 

 

 

850

 

 

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

 

No Opt. Call

 

 

874,905

 

AAA

 

 

 

520

4

 

Chicago Brd. of Ed. Sch. Reform, 5.75%, 12/01/27, AMBAC

 

N/A

 

 

566,394

 

AA+

 

 

 

5,000

 

 

Edl. Fac. Auth. Rev., Northwestern Univ. Proj., 5.00%, 12/01/33

 

12/13 @ 100

 

 

5,248,050

 

 

 

 

 

 

 

 

Fin. Auth. Student Hsg., MJH Ed. Asst. IV Proj.,

 

 

 

 

 

 

Baa2

 

 

 

375

 

 

Ser. A, 5.125%, 6/01/35

 

06/14 @ 100

 

 

378,049

 

Baa3

 

 

 

300

 

 

Ser. B, 5.375%, 6/01/35

 

06/14 @ 100

 

 

302,412

 

BB+

 

 

 

295

 

 

Finance Auth. Rev., Friendship Village Schaumburg Proj., Ser. A, 5.625%, 2/15/37

 

02/15 @ 100

 

 

290,593

 

AAA

 

 

 

1,000

 

 

O’Hare Intl. Arpt., Ser. A, 5.00%, 1/01/30, MBIA

 

01/15 @ 100

 

 

1,049,280

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,709,683

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—11.5%

 

 

 

 

 

 

AAA

 

 

 

32,345

 

 

Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care, Inc. Proj.,
Ser. B, Zero Coupon, 10/01/24, MBIA

 

No Opt. Call

 

 

13,234,280

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—13.9%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Detroit Swr. Disp. Rev., Ser. A, 5.00%, 7/01/30, MBIA

 

07/15 @ 100

 

 

5,344,550

 

AAA

 

 

 

2,000

 

 

Hosp. Fin. Auth., Mercy Hlth. Svcs. Proj., 5.75%, 8/15/19, MBIA

 

08/09 @ 101

 

 

2,203,420

 

BB+

 

 

 

8,000

 

 

Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09

 

07/07 @ 101

 

 

8,423,440

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

15,971,410

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Missouri—1.9%

 

 

 

 

 

 

A

 

 

 

2,000

 

 

Hlth. & Edl. Facs. Auth. Hlth. Facs. Rev., St. Anthony’s Med. Ctr. Proj., 6.125%, 12/01/19

 

12/10 @ 101

 

 

2,159,980

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

39


BlackRock Strategic Municipal Trust (BSD) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

 

 

Multi-State—5.7%

 

 

 

 

 

 

Baa1

 

 

$

2,000

3

 

Charter Mac Equity Issuer Trust, Ser. B, Zero Coupon, 11/30/10

 

No Opt. Call

 

$

2,256,400

 

A3

 

 

 

4,000

3

 

MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/09

 

06/09 @ 100

 

 

4,327,760

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,584,160

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—5.2%

 

 

 

 

 

 

B

 

 

 

6,000

 

 

Econ. Dev. Auth., Continental Airlines, Inc. Proj., 6.25%, 9/15/19

 

09/09 @ 101

 

 

5,364,840

 

NR

 

 

 

645

 

 

Middlesex Cnty. Imprvt. Auth., Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37

 

01/15 @ 100

 

 

644,749

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,009,589

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—3.5%

 

 

 

 

 

 

Aa1

 

 

 

2,500

 

 

Mtg. Agcy. Homeowner Mtg., Ser. 85, 5.70%, 10/01/17

 

09/09 @ 100

 

 

2,628,750

 

AAA

 

 

 

1,330

 

 

Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/29, AMBAC

 

10/14 @ 100

 

 

1,434,272

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,063,022

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oklahoma—1.1%

 

 

 

 

 

 

B-

 

 

 

1,225

 

 

Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35

 

No Opt. Call

 

 

1,270,827

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—13.0%

 

 

 

 

 

 

AAA

 

 

 

7,000

 

 

Allegheny Cnty. San. Swr. Auth., Ser. A, 5.00%, 12/01/30, MBIA

 

12/15 @ 100

 

 

7,498,260

 

 

 

 

 

 

 

 

Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A,

 

 

 

 

 

 

A3

 

 

 

700

 

 

6.125%, 11/01/21

 

05/11 @ 101

 

 

744,534

 

A3

 

 

 

1,000

5

 

6.25%, 11/01/31

 

05/11 @ 101

 

 

1,065,170

 

A3

 

 

 

1,000

 

 

6.50%, 11/01/16

 

05/11 @ 101

 

 

1,097,200

 

BB-

 

 

 

3,555

 

 

Econ. Dev. Fin. Auth. Exempt Facs. Rev., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36

 

12/09 @ 103

 

 

3,817,963

 

AAA

 

 

 

720

 

 

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

 

No Opt. Call

 

 

776,319

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

14,999,446

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

South Carolina—2.5%

 

 

 

 

 

 

BBB+

 

 

 

2,500

 

 

Jobs Econ. Dev. Auth. Hosp. Facs. Rev., Palmetto Hlth. Alliance Proj., Ser. C, 7.00%, 8/01/30

 

08/13 @ 100

 

 

2,880,525

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—1.9%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC

 

03/10 @ 101

 

 

2,195,520

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—18.4%

 

 

 

 

 

 

AAA

 

 

 

4,750

 

 

Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA

 

11/30 @ 61.166

 

 

814,198

 

AAA

 

 

 

5,000

 

 

Humble Indpt. Sch. Dist. Sch. Bldg., Ser. B, 5.00%, 2/15/30, FGIC

 

02/15 @ 100

 

 

5,293,100

 

AAA

 

 

 

4,865

 

 

Katy Indpt. Sch. Dist., Ser. B, 5.00%, 2/15/32

 

02/15 @ 100

 

 

5,138,364

 

AAA

 

 

 

4,060

 

 

La Joya Indpt. Sch. Dist., 5.00%, 2/15/34

 

02/14 @ 100

 

 

4,250,576

 

AAA

 

 

 

1,500

 

 

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

 

05/09 @ 101

 

 

1,630,080

 

AAA

 

 

 

15,000

 

 

Tpke. Auth. Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC

 

08/12 @ 32.807

 

 

3,485,700

 

AA+

 

 

 

500

 

 

Wtr. Fin. Asst., GO, 5.75%, 8/01/22

 

08/10 @ 100

 

 

555,015

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

21,167,033

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Utah—3.7%

 

 

 

 

 

 

AAA

 

 

 

4,000

 

 

Intermountain Pwr. Agcy. Sply., Ser. B, 5.75%, 7/01/19, MBIA

 

07/07 @ 102

 

 

4,288,360

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Virginia—1.7%

 

 

 

 

 

 

AAA

 

 

 

1,750

4

 

Res. Auth. Clean Wtr. Rev., 5.625%, 10/01/22

 

N/A

 

 

1,967,368

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—6.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Washington, GO,

 

 

 

 

 

 

Aa1

 

 

 

4,750

 

 

Ser. A, 5.625%, 7/01/24

 

07/09 @ 100

 

 

5,157,455

 

Aa1

 

 

 

2,000

4

 

Ser. B, 6.00%, 1/01/25

 

N/A

 

 

2,244,720

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

7,402,175

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

40


BlackRock Strategic Municipal Trust (BSD) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

 

 

Puerto Rico—2.2%

 

 

 

 

 

 

BBB+

 

 

$

2,375

 

 

Puerto Rico Comnwlth Infra. Fin. Auth. Spl. Tax Rev., Ser. B, 5.00%, 7/01/41

 

07/15 @ 100

 

$

2,506,836

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—152.7% (cost $162,883,9836)

 

 

 

$

175,991,099

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.1%

 

 

 

 

1,277,177

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(53.8)%

 

 

 

 

(62,004,417

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

115,263,859

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

Security is 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, 2005, the Trust held 12.9% of its net assets, with a current market value of $14,885,120, in securities restricted as to resale.

4

This bond is prefunded. 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

Security, or a portion thereof, pledged as collateral with a value of $1,065,170 on 369 short U.S. Treasury Note futures contracts expiring September 2005. The value of such contracts on June 30, 2005 was $41,869,969, with an unrealized loss of $440,654.

6

Cost for Federal income tax purposes is $162,750,883. The net unrealized appreciation on a tax basis is $13,240,216, consisting of $13,797,832 gross unrealized appreciation and $557,616 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

GO

General Obligation

FGIC

Financial Guaranty Insurance Co.

MBIA

Municipal Bond Insurance Assoc.

FSA

Financial Security Assurance

PCR

Pollution Control Revenue

 

See Notes to Financial Statements.

41


 

 

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2005

 

BlackRock California Insured Municipal 2008 Term Trust (BFC)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

 

Principal
Amount (000)

 

 

Description

 

Option Call
Provisions2

 

Value

 












 

 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—152.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—140.4%

 

 

 

 

 

 

AAA

 

 

$

2,635

 

 

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

 

No Opt. Call

 

$

2,725,117

 

 

 

 

 

 

 

 

Anaheim Union High Sch. Dist., GO, Ser. A, FSA,

 

 

 

 

 

 

AAA

 

 

 

1,060

 

 

3.50%, 8/01/08

 

No Opt. Call

 

 

1,083,543

 

AAA

 

 

 

1,250

 

 

4.00%, 8/01/09

 

No Opt. Call

 

 

1,304,350

 

AAA

 

 

 

1,000

 

 

Burbank Elec. Rev., 3.50%, 6/01/09, MBIA

 

No Opt. Call

 

 

1,023,460

 

 

 

 

 

 

 

 

California, GO,

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

5.00%, 6/01/09, MBIA

 

No Opt. Call

 

 

2,153,100

 

AAA

 

 

 

3,000

 

 

5.50%, 4/01/09, MBIA

 

No Opt. Call

 

 

3,273,060

 

AAA

 

 

 

3,000

 

 

5.50%, 2/01/10, MBIA

 

No Opt. Call

 

 

3,313,920

 

AAA

 

 

 

2,000

 

 

6.25%, 9/01/08, FGIC

 

No Opt. Call

 

 

2,204,200

 

AAA

 

 

 

15,000

 

 

6.30%, 9/01/08, MBIA

 

No Opt. Call

 

 

16,554,000

 

AAA

 

 

 

2,600

 

 

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

 

No Opt. Call

 

 

3,105,206

 

AAA

 

 

 

1,135

 

 

Chaffey Cmnty. Coll. Dist., GO, Ser. A, 3.75%, 7/01/09, FSA

 

No Opt. Call

 

 

1,172,796

 

 

 

 

 

 

 

 

Chula Vista, COP, MBIA,

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

Police Fac. Proj., 4.00%, 8/01/08

 

No Opt. Call

 

 

1,036,840

 

AAA

 

 

 

1,000

 

 

Police Fac. Proj., 4.00%, 8/01/09

 

No Opt. Call

 

 

1,043,480

 

AAA

 

 

 

5,500

3

 

Clovis Unified Sch. Dist., Ser. B, Zero Coupon, 8/01/08, FGIC

 

ETM

 

 

5,033,270

 

 

 

 

 

 

 

 

Dept. of Wtr. Res. Pwr. Sply. Rev., Ser. A,

 

 

 

 

 

 

AAA

 

 

 

10,000

 

 

3.125%, 5/01/08, FSA

 

No Opt. Call

 

 

10,076,400

 

AAA

 

 

 

10,000

 

 

3.375%, 5/01/09, MBIA

 

No Opt. Call

 

 

10,148,600

 

AAA

 

 

 

1,000

 

 

Dept. of Wtr. Res. Wtr. Rev., Central Valley Proj., Ser. Z, 4.00%, 12/01/09, FGIC

 

No Opt. Call

 

 

1,044,720

 

AAA

 

 

 

1,855

 

 

El Paso De Robles, GO, Ser. A, Zero Coupon, 8/01/09, FGIC

 

No Opt. Call

 

 

1,634,107

 

AAA

 

 

 

4,025

 

 

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

 

No Opt. Call

 

 

4,481,878

 

AAA

 

 

 

1,055

 

 

Glendale Unified Sch. Dist., Ser. D, 3.50%, 9/01/09, MBIA

 

No Opt. Call

 

 

1,081,238

 

AAA

 

 

 

2,000

 

 

Hlth. Facs. Fin. Auth., Sutter Hlth. Care Sys. Proj., 5.70%, 8/15/09, MBIA

 

08/06 @ 102

 

 

2,102,040

 

 

 

 

 

 

 

 

Long Beach Bd. of Fin. Auth., Tax Alloc. Rev., Redev. Projs., AMBAC,

 

 

 

 

 

 

AAA

 

 

 

1,245

 

 

3.50%, 8/01/08

 

No Opt. Call

 

 

1,270,809

 

AAA

 

 

 

1,120

 

 

3.75%, 8/01/09

 

No Opt. Call

 

 

1,155,840

 

AAA

 

 

 

13,110

 

 

Los Angeles, GO, Ser. A, 3.50%, 9/01/09, MBIA

 

No Opt. Call

 

 

13,436,046

 

 

 

 

 

 

 

 

Los Angeles Cnty., Asset Leasing Corp. Rev. Proj., AMBAC,

 

 

 

 

 

 

AAA

 

 

 

2,910

 

 

5.95%, 12/01/07

 

No Opt. Call

 

 

3,136,282

 

AAA

 

 

 

8,090

 

 

6.00%, 12/01/08

 

No Opt. Call

 

 

8,927,234

 

AAA

 

 

 

8,600

 

 

6.05%, 12/01/09

 

No Opt. Call

 

 

9,689,104

 

AAA

 

 

 

4,405

 

 

Los Angeles Cnty. Met. Trans. Auth. Rev., Spl. Benefit Assmt. Dist. A1, 3.75%, 9/01/08, AMBAC

 

No Opt. Call

 

 

4,538,383

 

AAA

 

 

 

9,835

 

 

Los Angeles Cnty. Sanitation Dists. Fin. Auth. Rev., Ser. A, 4.00%, 10/01/09, FSA

 

No Opt. Call

 

 

10,278,952

 

AAA

 

 

 

6,000

 

 

Los Angeles Dept. of Arpts. Arpt. Rev., LA Intl. Arpt. Proj., Ser. B, 5.00%, 5/15/09, MBIA

 

No Opt. Call

 

 

6,454,320

 

AAA

 

 

 

3,860

 

 

Los Angeles Sanitation Equip., Ser. A, 3.625%, 2/01/09, FSA

 

No Opt. Call

 

 

3,959,472

 

 

 

 

 

 

 

 

Los Angeles Unified Sch. Dist., FSA,

 

 

 

 

 

 

AAA

 

 

 

2,660

 

 

Ser. B, 3.00%, 10/01/08

 

No Opt. Call

 

 

2,677,104

 

AAA

 

 

 

7,500

 

 

Ser. F, 3.00%, 7/01/09

 

No Opt. Call

 

 

7,539,300

 

AAA

 

 

 

1,000

 

 

Mount Diablo Unified Sch. Dist., GO, 3.50%, 8/01/08, FSA

 

No Opt. Call

 

 

1,022,210

 

AAA

 

 

 

1,000

 

 

Orange Cnty. Local Trans. Auth. Sales Tax Rev., 6.00%, 2/15/09, MBIA

 

No Opt. Call

 

 

1,105,080

 

AAA

 

 

 

2,495

 

 

Pasadena Unified Sch. Dist., Ser. C, 3.50%, 11/01/08, FSA

 

No Opt. Call

 

 

2,554,705

 

AAA

 

 

 

2,100

 

 

Pub. Wks. Brd., Energy Efficiency Proj., Ser. A, 5.625%, 10/01/08, AMBAC

 

10/05 @ 102

 

 

2,157,036

 

AAA

 

 

 

3,345

 

 

Sacramento City Fin. Auth., City Hall & Redev. Projs., Ser. A, 3.50%, 12/01/08, FSA

 

No Opt. Call

 

 

3,426,986

 

AAA

 

 

 

1,000

 

 

Sacramento City Unified Sch. Dist., 3.50%, 7/01/09, FGIC

 

No Opt. Call

 

 

1,023,950

 

 

 

 

 

 

 

 

Sacramento Mun. Util. Dist. Elec. Rev., Ser. C,

 

 

 

 

 

 

AAA

 

 

 

825

3

 

5.75%, 11/15/07, MBIA

 

ETM

 

 

828,358

 

AAA

 

 

 

3,750

3

 

5.75%, 11/15/08, FGIC

 

ETM

 

 

3,765,263

 

AAA

 

 

 

3,950

3

 

5.75%, 11/15/09, MBIA

 

ETM

 

 

3,966,076

 

AAA

 

 

 

5,000

3

 

San Bernardino Cnty. Trans. Auth. Sales Tax Rev., 6.00%, 3/01/10, FGIC

 

ETM

 

 

5,449,200

 

 

 

 

 

 

 

 

San Diego Cnty., COP, AMBAC,

 

 

 

 

 

 

AAA

 

 

 

2,360

 

 

5.00%, 2/01/09

 

No Opt. Call

 

 

2,526,026

 

AAA

 

 

 

11,000

 

 

5.625%, 9/01/12

 

No Opt. Call

 

 

12,617,110

 

 

 

 

 

 

 

 

San Diego Cnty. Regl. Trans. Comm. Sales Tax Rev., Ser. A,

 

 

 

 

 

 

AAA

 

 

 

7,830

3

 

6.00%, 4/01/08, MBIA

 

ETM

 

 

8,363,458

 

AAA

 

 

 

2,500

3

 

6.00%, 4/01/08, FGIC

 

ETM

 

 

2,670,325

 

See Notes to Financial Statements.

42


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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

 

Principal
Amount
(000)

 

 

Description

 

Option Call
Provisions2

 

Value

 














 

 

 

 

 

 

 

 

California—(continued)

 

 

 

 

 

 

AAA

 

 

$

12,725

 

 

San Diego Pub. Facs. Fin. Auth. Wtr. Rev., 3.00%, 8/01/09, MBIA

 

No Opt. Call

 

$

12,792,824

 

AAA

 

 

 

1,250

 

 

San Francisco City & Cnty., GO, 4.00%, 6/15/09, FSA

 

No Opt. Call

 

 

1,305,112

 

AAA

 

 

 

1,000

3

 

San Jose Redev. Agcy., 4.00%, 8/01/09, MBIA

 

ETM

 

 

1,044,660

 

AAA

 

 

 

1,000

 

 

San Mateo Cnty. Cmnty. Coll. Dist., GO, Ser. A, 3.30%, 9/01/08, FGIC

 

No Opt. Call

 

 

1,016,780

 

 

 

 

 

 

 

 

Santa Ana Unified Sch. Dist., GO, Ser. B, FGIC,

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

Zero Coupon, 8/01/08

 

No Opt. Call

 

 

912,930

 

AAA

 

 

 

2,000

 

 

Zero Coupon, 8/01/09

 

No Opt. Call

 

 

1,761,840

 

AAA

 

 

 

4,030

 

 

Santa Barbara Cnty. Local Transp. Auth. Sales Tax Rev., 3.00%, 3/15/09, FSA

 

No Opt. Call

 

 

4,049,545

 

AAA

 

 

 

2,470

 

 

Santa Clara, COP, Ser. B, 3.50%, 2/01/09, AMBAC

 

No Opt. Call

 

 

2,523,253

 

AAA

 

 

 

4,620

 

 

Santa Clara Valley Wtr. Dist., COP, 4.00%, 2/01/09, FGIC

 

No Opt. Call

 

 

4,797,454

 

AAA

 

 

 

4,665

 

 

So. Coast Air Qual. Mgmt. Dist. Bldg. Corp., 4.00%, 8/01/09, AMBAC

 

No Opt. Call

 

 

4,867,834

 

 

 

 

 

 

 

 

Univ. of California,

 

 

 

 

 

 

AAA

 

 

 

2,500

 

 

Ser. A, 5.00%, 5/15/09, AMBAC

 

No Opt. Call

 

 

2,684,575

 

AAA

 

 

 

2,000

 

 

Ser. F, 5.00%, 9/01/11, FGIC

 

09/06 @ 101

 

 

2,067,020

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

239,957,781

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Puerto Rico—12.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Elec. Pwr. Auth.,

 

 

 

 

 

 

AAA

 

 

 

7,000

 

 

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

 

07/08 @ 101.5

 

 

7,503,510

 

AAA

 

 

 

3,000

 

 

Ser. KK, 4.50%, 7/01/09, XLCA

 

No Opt. Call

 

 

3,174,810

 

AAA

 

 

 

5,280

 

 

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

 

07/08 @ 101.5

 

 

5,666,073

 

AAA

 

 

 

4,000

 

 

Mun. Fin. Agcy., Ser. A, 5.625%, 8/01/10, FSA

 

08/09 @ 101

 

 

4,426,640

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

20,771,033

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $248,932,904)

 

 

 

 

260,728,814

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—6.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—6.2%

 

 

 

 

 

 

A1+

 

 

 

5,000

4

 

Dept. of Wtr. Res. Pwr. Sply. Rev., Ser. B-2, 2.48%, 7/01/05, FRDD

 

N/A

 

 

5,000,000

 

A1+

 

 

 

1,500

4

 

Orange Cnty. Sanitation Dist., COP, Ser. A, 2.20%, 7/01/05, FRDD

 

N/A

 

 

1,500,000

 

A1+

 

 

 

4,100

4

 

Vacaville Multi-Fam. Mtg., Quail Run Proj., Ser. A, 2.20%, 7/06/05, FRWD

 

N/A

 

 

4,100,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—0.7%

 

 

 

 

 

 

 

 

 

 

1,200

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

1,200,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $11,800,000)

 

 

 

 

11,800,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—159.5% (cost $260,732,9045)

 

 

 

$

272,528,814

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.7%

 

 

 

 

2,934,131

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(61.2)%

 

 

 

 

(104,570,870

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

170,892,075

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

Security is collateralized by 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, 2005.

5

Cost for Federal income tax purposes is $260,056,489. The net unrealized appreciation on a tax basis is $12,472,325, consisting of $12,564,180 gross unrealized appreciation and $91,855 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 96.3% of the Trust’s managed assets.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

FRWD

Floating Rate Weekly Demand

COP

Certificate of Participation

FSA

Financial Security Assurance

ETM

Escrowed to Maturity

GO

General Obligation

FGIC

Financial Guaranty Insurance Co.

MBIA

Municipal Bond Insurance Assoc.

FRDD

Floating Rate Daily Demand

XLCA

XL Capital Assurance

 

See Notes to Financial Statements.

43


 

 

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2005

 

BlackRock California Municipal 2018 Term Trust (BJZ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 










 

 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—142.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—111.4%

 

 

 

 

 

 

BBB+

 

 

$

2,100

 

 

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

 

03/14 @ 100

 

$

2,222,640

 

 

 

 

 

 

 

 

California, GO,

 

 

 

 

 

 

A

 

 

 

5,000

 

 

5.00%, 11/01/20

 

11/11 @ 100

 

 

5,308,050

 

AAA

 

 

 

6,500

 

 

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

 

06/07 @ 101

 

 

6,613,100

 

A

 

 

 

6,500

3

 

California Dept. of Wtr. Res. Pwr. Sply. Rev., Ser. A, 5.125%, 5/01/19

 

05/12 @ 101

 

 

7,046,715

 

A2

 

 

 

3,100

 

 

California Poll. Ctrl. Fin. Auth., PCR, San Diego Gas & Elec. Proj., Ser. A, 5.90%, 6/01/14

 

No Opt. Call

 

 

3,554,894

 

AAA

 

 

 

7,500

 

 

Clovis Unified Sch. Dist., Cap. Apprec. Election 2004, Ser. A, Zero Coupon, 8/01/21, FGIC

 

No Opt. Call

 

 

3,685,875

 

AAA

 

 

 

3,395

 

 

Fontana Pub. Fin. Auth. Tax Alloc. Rev., Fontana Redev. Proj., Ser. A, 5.25%, 9/01/18, FSA

 

09/11 @ 101

 

 

3,750,558

 

BBB

 

 

 

20,000

 

 

Foothill/Eastn. Transp. Corridor Agcy. Toll Road Rev., Zero Coupon, 1/15/21

 

01/10 @ 53.346

 

 

8,234,400

 

 

 

 

 

 

 

 

Hlth. Fac. Fin. Auth., Adventist Hlth. Sys. Proj., Ser. A,

 

 

 

 

 

 

A

 

 

 

1,075

 

 

5.00%, 3/01/18

 

03/13 @ 100

 

 

1,138,672

 

A

 

 

 

1,000

 

 

5.00%, 3/01/19

 

03/13 @ 100

 

 

1,053,850

 

A

 

 

 

2,060

 

 

5.00%, 3/01/20

 

03/13 @ 100

 

 

2,161,290

 

A

 

 

 

1,355

 

 

5.00%, 3/01/24

 

03/13 @ 100

 

 

1,406,368

 

 

 

 

 

 

 

 

Infrastructure & Econ. Dev.,

 

 

 

 

 

 

A

 

 

 

1,985

 

 

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

 

10/11 @ 101

 

 

2,160,990

 

A+

 

 

 

6,500

 

 

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

 

08/11 @ 102

 

 

6,965,140

 

 

 

 

 

 

 

 

Lathrop Fin. Auth., Wtr. Sply. Proj.,

 

 

 

 

 

 

NR4

 

 

 

995

 

 

5.80%, 6/01/21

 

06/13 @ 100

 

 

1,015,477

 

NR4

 

 

 

1,040

 

 

5.85%, 6/01/22

 

06/13 @ 100

 

 

1,060,665

 

NR4

 

 

 

1,000

 

 

5.90%, 6/01/23

 

06/13 @ 100

 

 

1,019,830

 

AAA

 

 

 

5,000

 

 

Long Beach Harbor Dept., Ser. A, 5.25%, 5/15/18, FGIC

 

05/10 @ 101

 

 

5,362,550

 

 

 

 

 

 

 

 

Los Angeles Cnty. Pub. Wks., Regl. Park Proj., Ser. A,

 

 

 

 

 

 

AA

 

 

 

3,220

5

 

5.00%, 10/01/07

 

N/A

 

 

3,417,096

 

AA

 

 

 

1,780

 

 

5.00%, 10/01/19

 

10/07 @ 101

 

 

1,867,469

 

AAA

 

 

 

10,025

 

 

Los Angeles Harbor Dept., Ser. B, 5.50%, 8/01/21, AMBAC

 

08/11 @ 100

 

 

10,918,027

 

 

 

 

 

 

 

 

Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. Rev., Republic Svcs., Inc. Proj.,

 

 

 

 

 

 

BBB+

 

 

 

2,500

 

 

Ser. B, 5.25%, 6/01/23

 

No Opt. Call

 

 

2,671,700

 

BBB+

 

 

 

2,500

 

 

Ser. C, 5.25%, 12/01/04

 

No Opt. Call

 

 

2,671,700

 

 

 

 

 

 

 

 

Pub. Wks. Brd., Ser. A,

 

 

 

 

 

 

A-

 

 

 

2,020

 

 

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

 

12/08 @ 101

 

 

2,111,749

 

A-

 

 

 

2,415

 

 

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

 

10/08 @ 101

 

 

2,543,333

 

AAA

 

 

 

5,000

 

 

Riverside Unified Sch. Dist., Ser. A, 5.25%, 2/01/23, FGIC

 

02/12 @ 101

 

 

5,441,700

 

 

 

 

 

 

 

 

San Bernardino Cnty. Spl. Tax Cmnty. Facs.,

 

 

 

 

 

 

NR

 

 

 

105

 

 

5.35%, 9/01/17

 

09/12 @ 102

 

 

106,052

 

NR

 

 

 

245

 

 

5.50%, 9/01/18

 

09/12 @ 102

 

 

248,322

 

NR

 

 

 

500

 

 

5.60%, 9/01/19

 

09/12 @ 102

 

 

506,745

 

NR

 

 

 

355

 

 

5.70%, 9/01/20

 

09/12 @ 102

 

 

359,768

 

AAA

 

 

 

2,980

 

 

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

 

11/11 @ 100

 

 

3,266,140

 

AAA

 

 

 

2,135

 

 

Santa Clara Valley Transp. Auth. Sales Tax Rev., Ser. A, 5.00%, 6/01/18, MBIA

 

06/11 @ 100

 

 

2,282,059

 

BBB+

 

 

 

5,000

 

 

Statewide Cmntys. Dev., Daughters of Charity Hlth. Proj., Ser. A, 5.25%, 7/01/24

 

07/15 @ 100

 

 

5,298,950

 

AAA

 

 

 

4,590

 

 

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

 

04/12 @ 66.427

 

 

2,259,290

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

109,731,164

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Multi-State—9.9%

 

 

 

 

 

 

A3

 

 

 

4,000

6

 

Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/09

 

No Opt. Call

 

 

4,291,720

 

A3

 

 

 

5,000

6

 

MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/09

 

No Opt. Call

 

 

5,409,700

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,701,420

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Trust Territories—4.1%

 

 

 

 

 

 

A-

 

 

 

4,000

6

 

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

 

12/13 @ 102

 

 

4,026,280

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

44


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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 










 

 

 

 

 

 

 

 

U.S. Virgin Islands—3.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Virgin Islands Pub. Fin. Auth., Ser. A,

 

 

 

 

 

 

BBB

 

 

$

960

 

 

Sen. Lein Matching Fund Loan, 5.25%, 10/01/23

 

10/14 @ 100

 

$

1,033,402

 

BBB

 

 

 

360

 

 

Sen. Lien Matching Fund Loan, 5.25%, 10/01/17

 

10/14 @ 100

 

 

395,608

 

BBB

 

 

 

455

 

 

Sen. Lien Matching Fund Loan, 5.25%, 10/01/19

 

10/14 @ 100

 

 

496,696

 

BBB

 

 

 

460

 

 

Sen. Lien Matching Fund Loan, 5.25%, 10/01/21

 

10/14 @ 100

 

 

498,465

 

BBB

 

 

 

315

 

 

Sen. Lien Matching Fund Loan, 5.25%, 10/01/22

 

10/14 @ 100

 

 

340,083

 

BBB

 

 

 

300

 

 

Sen. Lien Matching Fund Loan, 5.25%, 10/01/24

 

10/14 @ 100

 

 

321,990

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

3,086,244

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Puerto Rico—13.8%

 

 

 

 

 

 

BBB-

 

 

 

7,500

5

 

Pub. Fin. Corp., Ser. E, 5.70%, 2/01/10

 

N/A

 

 

8,321,325

 

BBB

 

 

 

4,410

 

 

Puerto Rico Pub. Bldgs. Auth. Gov’t. Facs., Ser. C, 5.75%, 7/01/19

 

No Opt. Call

 

 

5,261,968

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

13,583,293

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $132,583,096)

.

 

 

 

140,128,401

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—12.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—12.3%

 

 

 

 

 

 

A1+

 

 

 

1,700

7

 

Econ. Recovery, Ser. C-5, 2.24%, 7/01/05, FRDD

 

N/A

 

 

1,700,000

 

A1+

 

 

 

4,000

7

 

Los Angeles Dept. of Wtr. & Pwr. Sys., Ser. A-2, 2.20%, 7/07/05, FRWD

 

N/A

 

 

4,000,000

 

A1+

 

 

 

4,000

7

 

Metropolitan Wtr. Dist. So. California Wtr. Wks. Rev., Ser. C-1, 2.17%, 7/07/05, FRWD

 

N/A

 

 

4,000,000

 

A1+

 

 

 

2,350

7

 

Newport Beach Rev., Hoag Mem. Presbyterian Hosp. Proj., 2.24%, 7/01/05, FRDD

 

N/A

 

 

2,350,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

12,050,000

 

 

 

 


 

 

 

 

 

 



 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—0.2%

 

 

 

 

 

 

 

 

 

 

200

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

200,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $12,250,000)

 

 

 

 

12,250,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—154.8% (cost $144,833,0968)

 

 

 

$

152,378,401

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.6%

 

 

 

 

1,614,364

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.4)%

 

 

 

 

(55,535,728)

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

98,457,037

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security, or a portion thereof, pledged as collateral with a value of $764,856 on 311 short U.S. Treasury Note futures contracts expiring September 2005. The value of such contracts on June 30, 2005 was $35,288,781, with an unrealized loss of $368,358.

4

Security is deemed to be of investment grade quality by the investment advisor.

5

This bond is prefunded. 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.

6

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, 2005, the Trust held 13.9% of its net assets, with a current market value of $13,727,700, in securities restricted as to resale.

7

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, 2005.

8

Cost for Federal income tax purposes is $144,832,624. The net unrealized appreciation on a tax basis is $7,545,777, consisting of $7,545,777 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

—    American Municipal Bond Assurance Corp.

FSA

—    Financial Security Assurance

COP

—    Certificate of Participation

GO

—    General Obligation

FGIC

—    Financial Guaranty Insurance Co.

MBIA

—    Municipal Bond Insurance Assoc

FRDD

—    Floating Rate Daily Demand

PCR

—    Pollution Control Revenue

FRWD

—    Floating Rate Weekly Demand

 

 

 

 

 

 

See Notes to Financial Statements.

45


 

 

PORTFOLIO OF INVESTMENTS (unaudited)

 

JUNE 30, 2005

 

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—142.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—124.2%

 

 

 

 

 

 

AAA

 

 

$

1,500

 

 

Alachua Cnty. Sch. Dist., GO, 4.25%, 1/01/09, FSA

 

No Opt. Call

 

$

1,567,185

 

AAA

 

 

 

8,720

 

 

Brd. of Ed., GO, 3.50%, 1/01/09, FSA

 

No Opt. Call

 

 

8,895,185

 

AAA

 

 

 

4,190

 

 

Brd. of Ed. Lottery Rev., Ser. A, 5.00%, 7/01/08, FGIC

 

No Opt. Call

 

 

4,449,822

 

AAA

 

 

 

1,765

 

 

Collier Cnty. Sch. Brd., COP, Ser. A, 3.50%, 2/15/09, FSA

 

No Opt. Call

 

 

1,793,717

 

 

 

 

 

 

 

 

Dade Cnty., GO,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Ser. A, Zero Coupon, 2/01/08, MBIA

 

02/06 @ 92.852

 

 

4,565,800

 

AAA

 

 

 

905

3

 

Ser. B, Zero Coupon, 10/01/08, AMBAC

 

ETM

 

 

821,604

 

AAA

 

 

 

1,095

 

 

Ser. B, Zero Coupon, 10/01/08, AMBAC

 

No Opt. Call

 

 

989,037

 

AAA

 

 

 

1,000

 

 

Dade Cnty. Aviation Rev., 6.00%, 10/01/08, AMBAC

 

10/05 @ 102

 

 

1,027,300

 

AAA

 

 

 

1,515

 

 

Delray Beach, Decade of Excellence Prog. Proj., GO, 3.50%, 2/01/09, FSA

 

No Opt. Call

 

 

1,543,527

 

 

 

 

 

 

 

 

Dept. of Env. Protection Presvtn., Ser. B, FGIC,

 

 

 

 

 

 

AAA

 

 

 

5,905

 

 

4.00%, 7/01/08

 

No Opt. Call

 

 

6,103,172

 

AAA

 

 

 

6,140

 

 

4.00%, 7/01/09

 

No Opt. Call

 

 

6,371,355

 

 

 

 

 

 

 

 

Div. of Bond Fin. Dept. Gen. Svc. Rev.,

 

 

 

 

 

 

AAA

 

 

 

8,000

 

 

Dept. of Env. Presvtn. Proj., Ser. B, 5.25%, 7/01/10, FSA

 

07/08 @ 101

 

 

8,586,000

 

AAA

 

 

 

2,000

 

 

Nat. Res. & Presvtn. Proj., Ser. A, 5.00%, 7/01/11, AMBAC

 

07/07 @ 101

 

 

2,100,160

 

 

 

 

 

 

 

 

Escambia Cnty. Util. Sys., Ser. B, FGIC,

 

 

 

 

 

 

AAA

 

 

 

1,595

 

 

6.125%, 1/01/09

 

No Opt. Call

 

 

1,712,376

 

AAA

 

 

 

5,235

 

 

6.25%, 1/01/12

 

No Opt. Call

 

 

6,113,433

 

AAA

 

 

 

5,060

 

 

6.25%, 1/01/13

 

No Opt. Call

 

 

5,995,037

 

AAA

 

 

 

6,000

 

 

Greater Orlando Aviation Auth., Orlando Arpt. Facs. Rev. Proj., Ser. C, 3.50%, 10/01/08, MBIA

 

No Opt. Call

 

 

6,089,820

 

AAA

 

 

 

3,000

 

 

Hillsborough Cnty. Sch. Dist. Sales Tax Rev., 4.00%, 10/01/09, AMBAC

 

No Opt. Call

 

 

3,119,610

 

AAA

 

 

 

10,000

 

 

Hillsborough Cnty. Util., 4.50%, 8/01/08, AMBAC

 

No Opt. Call

 

 

10,490,500

 

 

 

 

 

 

 

 

Indian River Cnty. Sch. Dist., GO, FSA,

 

 

 

 

 

 

AAA

 

 

 

950

 

 

3.25%, 4/01/08

 

No Opt. Call

 

 

960,659

 

AAA

 

 

 

1,000

 

 

3.25%, 4/01/09

 

No Opt. Call

 

 

1,010,860

 

 

 

 

 

 

 

 

Jacksonville Beach Utils., AMBAC,

 

 

 

 

 

 

AAA

 

 

 

1,100

 

 

3.10%, 4/01/09

 

No Opt. Call

 

 

1,106,149

 

AAA

 

 

 

1,155

 

 

3.10%, 10/01/09

 

No Opt. Call

 

 

1,159,990

 

AAA

 

 

 

5,895

 

 

Jacksonville Excise Tax, 4.25%, 10/01/08, AMBAC

 

No Opt. Call

 

 

6,153,790

 

 

 

 

 

 

 

 

Jacksonville Sales Tax,

 

 

 

 

 

 

AAA

 

 

 

1,155

 

 

3.125%, 10/01/08, FGIC

 

No Opt. Call

 

 

1,165,788

 

AAA

 

 

 

1,000

 

 

3.375%, 10/01/09, FGIC

 

No Opt. Call

 

 

1,015,180

 

AAA

 

 

 

2,000

 

 

4.10%, 10/01/08, AMBAC

 

No Opt. Call

 

 

2,078,580

 

AAA

 

 

 

825

 

 

Lake Cnty. Sch. Brd., COP, 3.50%, 7/01/09, AMBAC

 

No Opt. Call

 

 

839,767

 

AAA

 

 

 

2,000

 

 

Lakeland Elec. & Wtr., 5.90%, 10/01/08, FSA

 

No Opt. Call

 

 

2,189,140

 

AAA

 

 

 

3,000

 

 

Lee Cnty. Arprt., 4.25%, 10/01/09, FSA

 

No Opt. Call

 

 

3,129,780

 

 

 

 

 

 

 

 

Miami, GO, FGIC,

 

 

 

 

 

 

AAA

 

 

 

1,345

 

 

5.90%, 12/01/08

 

No Opt. Call

 

 

1,478,478

 

AAA

 

 

 

1,000

 

 

6.00%, 12/01/09

 

No Opt. Call

 

 

1,123,280

 

AAA

 

 

 

2,000

 

 

Miami Dade Cnty. Edl. Fac., Ser. A, 4.875%, 4/01/09, AMBAC

 

No Opt. Call

 

 

2,135,900

 

 

 

 

 

 

 

 

Miami Dade Cnty. Pub. Svc. Tax Rev. Pub. Impvt., AMBAC,

 

 

 

 

 

 

AAA

 

 

 

1,535

 

 

3.40%, 4/01/08

 

No Opt. Call

 

 

1,558,240

 

AAA

 

 

 

1,595

 

 

3.625%, 4/01/09

 

No Opt. Call

 

 

1,633,344

 

AAA

 

 

 

4,775

 

 

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

 

08/08 @ 101

 

 

5,125,437

 

AAA

 

 

 

1,090

 

 

Mun. Loan Council, Ser. C, 3.50%, 11/01/08, MBIA

 

No Opt. Call

 

 

1,113,304

 

AAA

 

 

 

1,000

4

 

Orange Cnty. Pub. Svc. Tax Rev., 5.70%, 10/01/05, FGIC

 

N/A

 

 

1,027,430

 

AAA

 

 

 

4,895

 

 

Orange Cnty. Sales Tax Rev., Ser. A, 3.25%, 1/01/09, FGIC

 

No Opt. Call

 

 

4,953,006

 

 

 

 

 

 

 

 

Orange Cnty. Tourist Dev. Tax Rev., Ser. A,

 

 

 

 

 

 

AAA

 

 

 

5,130

 

 

4.00%, 10/01/08, AMBAC

 

No Opt. Call

 

 

5,307,754

 

AAA

 

 

 

5,340

 

 

4.00%, 10/01/09, AMBAC

 

No Opt. Call

 

 

5,542,119

 

AAA

 

 

 

1,005

3

 

5.85%, 10/01/08, MBIA

 

ETM

 

 

1,098,827

 

AAA

 

 

 

495

 

 

5.85%, 10/01/08, MBIA

 

No Opt. Call

 

 

540,253

 

See Notes to Financial Statements.

46


BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

 

Florida—(continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

Orlando Wstwtr. Sys., Ser. A, AMBAC,

 

 

 

 

 

 

AAA

 

 

$

1,100

 

 

3.25%, 10/01/08

 

No Opt. Call

 

$

1,114,498

 

AAA

 

 

 

1,280

 

 

3.50%, 10/01/09

 

No Opt. Call

 

 

1,305,754

 

 

 

 

 

 

 

 

Osceola Cnty., AMBAC,

 

 

 

 

 

 

AAA

 

 

 

1,810

 

 

3.75%, 10/01/08

 

No Opt. Call

 

 

1,861,657

 

AAA

 

 

 

1,535

 

 

3.875%, 10/01/09

 

No Opt. Call

 

 

1,588,618

 

 

 

 

 

 

 

 

Osceola Cnty. Gas Tax, FGIC,

 

 

 

 

 

 

AAA

 

 

 

640

 

 

3.10%, 4/01/08

 

No Opt. Call

 

 

644,672

 

AAA

 

 

 

535

 

 

3.30%, 4/01/09

 

No Opt. Call

 

 

541,752

 

 

 

 

 

 

 

 

Palm Beach Cnty. Sch. Brd., COP, Ser. D, FSA,

 

 

 

 

 

 

AAA

 

 

 

1,770

 

 

3.00%, 8/01/08

 

No Opt. Call

 

 

1,777,735

 

AAA

 

 

 

850

 

 

3.30%, 8/01/09

 

No Opt. Call

 

 

859,035

 

AAA

 

 

 

7,085

 

 

Pasco Cnty. Sld. Wst. Disp. & Res. Rec. Sys., 6.00%, 4/01/09, FGIC

 

08/05 @ 100

 

 

7,120,638

 

 

 

 

 

 

 

 

Polk Cnty. Sch. Brd., COP, Ser. A, FSA,

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

3.20%, 1/01/08

 

No Opt. Call

 

 

2,019,080

 

AAA

 

 

 

2,000

 

 

3.375%, 1/01/09

 

No Opt. Call

 

 

2,029,940

 

AAA

 

 

 

1,020

 

 

Sebring Wtr. & Wstwtr., 3.625%, 1/01/09, FGIC

 

No Opt. Call

 

 

1,044,694

 

AAA

 

 

 

2,000

 

 

Seminole Cnty. Wtr. & Swr., 6.00%, 10/01/09, MBIA

 

No Opt. Call

 

 

2,237,760

 

 

 

 

 

 

 

 

So. Florida Wtr. Mgmt. Dist., AMBAC,

 

 

 

 

 

 

AAA

 

 

 

1,250

 

 

3.00%, 10/01/08

 

No Opt. Call

 

 

1,256,875

 

AAA

 

 

 

1,000

 

 

3.30%, 10/01/09

 

No Opt. Call

 

 

1,012,220

 

AAA

 

 

 

1,025

 

 

St. Johns Cnty. Sch. Brd. COP, Ser. A, 3.50%, 7/01/09, MBIA

 

No Opt. Call

 

 

1,043,347

 

AAA

 

 

 

500

 

 

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

 

No Opt. Call

 

 

502,850

 

AAA

 

 

 

1,370

 

 

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

 

No Opt. Call

 

 

1,485,505

 

AAA

 

 

 

2,370

 

 

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

 

No Opt. Call

 

 

2,455,841

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

167,684,166

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—18.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Mun. Fin. Agcy., Ser. A, FSA,

 

 

 

 

 

 

AAA

 

 

 

10,000

 

 

3.50%, 8/01/08

 

No Opt. Call

 

 

10,195,500

 

AAA

 

 

 

12,000

 

 

3.75%, 8/01/09

 

No Opt. Call

 

 

12,370,080

 

AAA

 

 

 

1,500

 

 

5.625%, 8/01/10

 

08/09 @ 101

 

 

1,659,990

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

24,225,570

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $185,838,667)

 

 

 

 

191,909,736

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—18.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—12.8%

 

 

 

 

 

 

A1+

 

 

 

6,000

5

 

Highlands Cnty. Hlth. Facs. Auth., Adventist Hlth. Sys. Proj., Ser. B, 2.30%, 7/07/05, FGIC, FRWD

 

N/A

 

 

6,000,000

 

A1+

 

 

 

700

5

 

Jacksonville Hlth. Facs. Hosp., Variable Baptist Med. Ctr. Proj., 2.27%, 7/01/05, FRDD

 

N/A

 

 

700,000

 

VMIG1

 

 

 

1,700

5

 

Orange Cnty. Sch. Brd., COP, Ser. B, 2.25%, 7/01/05, AMBAC, FRDD

 

N/A

 

 

1,700,000

 

A1+

 

 

 

6,000

5

 

Orlando & Orange Cnty. Expwy. Auth. Rev., Ser. D, 2.23%, 7/01/05, FSA, FRDD

 

N/A

 

 

6,000,000

 

A1+

 

 

 

2,900

5

 

Palm Beach Cnty. Sch. Brd., COP, Ser. B, 2.22%, 7/07/05, AMBAC, FRWD

 

N/A

 

 

2,900,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

17,300,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—5.2%

 

 

 

 

 

 

A-1

 

 

 

6,000

5

 

Gov’t. Dev. Bank, 2.14%, 7/06/05, MBIA, FRWD

 

N/A

 

 

6,000,000

 

A1+

 

 

 

1,000

5

 

Hwy. & Transp. Auth. Transp. Rev., Ser. A, 2.20%, 7/06/05, AMBAC, FRWD

 

N/A

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

7,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

47


BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

 

Value

 











 

 

 

 

 

 

 

MONEY MARKET FUND—0.2%

 

 

 

 

 

 

 

 

 

 

250

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

 

 

$

250,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $24,550,000)

 

 

 

 

24,550,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—160.4% (cost $210,388,6676)

 

 

 

$

216,459,736

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—2.0%

 

 

 

 

2,728,254

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(62.4)%

 

 

 

 

(84,191,167

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

134,996,823

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

Security is collateralized by U.S. Treasury obligations.

4

This bond is prefunded. 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

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, 2005.

6

Cost for Federal income tax purposes is $210,357,238. The net unrealized appreciation on a tax basis is $6,102,498, consisting of $6,116,985 gross unrealized appreciation and $14,487 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 99.8% of the Trust’s managed assets.

 

 

 

 

 

 


KEY TO ABBREVIATIONS


  AMBAC

American Municipal Bond Assurance Corp.

FRWD

Floating Rate Weekly Demand

  COP

Certificate of Participation

FSA

Financial Security Assurance

  ETM

Escrowed to Maturity

GO

General Obligation

  FGIC

Financial Guaranty Insurance Co.

MBIA

Municipal Bond Insurance Assoc.

  FRDD

Floating Rate Daily Demand

 

 

 

See Notes to Financial Statements.

48


 

 

PORTFOLIO OF INVESTMENTS (unaudited)

 

JUNE 30, 2005

 

BlackRock Florida Municipal 2020 Term Trust (BFO)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—149.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—127.7%

 

 

 

 

 

 

NR

 

 

$

1,320

 

 

Brandy Creek Cmnty. Dev. Dist. Spl. Assmt., Ser. B, 5.40%, 5/01/09

 

No Opt. Call

 

$

1,342,176

 

AAA

 

 

 

6,150

 

 

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

 

06/13 @ 101

 

 

6,611,373

 

NR

 

 

 

4,895

 

 

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

 

10/09 @ 102

 

 

5,133,093

 

AAA

 

 

 

1,095

 

 

Deltona Util. Sys., 5.00%, 10/01/23, MBIA

 

10/13 @ 100

 

 

1,172,712

 

BBB

 

 

 

4,000

 

 

Escambia Cnty. Env. Impvt., 5.75%, 11/01/27

 

11/13 @ 100

 

 

4,135,800

 

NR

 

 

 

1,010

3

 

Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC

 

No Opt. Call

 

 

1,026,564

 

BBB+

 

 

 

1,955

 

 

Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23

 

10/12 @ 100

 

 

2,075,702

 

AAA

 

 

 

1,000

 

 

Hillsborough Cnty. Sch. Brd., 5.00%, 7/01/27, MBIA

 

07/13 @ 100

 

 

1,056,580

 

AA

 

 

 

1,000

 

 

Lakeland Wtr. & Wstwtr., 5.00%, 10/01/27

 

10/12 @ 100

 

 

1,055,800

 

AAA

 

 

 

3,000

 

 

Lee Cnty. Transp. Fac., Ser. B, 5.00%, 10/01/22, AMBAC

 

10/14 @ 100

 

 

3,244,020

 

 

 

 

 

 

 

 

Marco Island Util. Sys., MBIA,

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

5.00%, 10/01/22

 

10/13 @ 100

 

 

2,147,760

 

AAA

 

 

 

1,375

 

 

5.00%, 10/01/23

 

10/13 @ 100

 

 

1,472,584

 

AAA

 

 

 

1,000

 

 

5.25%, 10/01/21

 

10/13 @ 100

 

 

1,106,880

 

BB+

 

 

 

2,500

 

 

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

2,831,375

 

 

 

 

 

 

 

 

Miami Dade Cnty., MBIA,

 

 

 

 

 

 

AAA

 

 

 

10,000

 

 

Ser. A, Zero Coupon, 10/01/20

 

04/08 @ 52.398

 

 

4,729,800

 

AAA

 

 

 

7,560

 

 

Ser. B, Zero Coupon, 10/01/32

 

04/08 @ 26.494

 

 

1,747,343

 

AAA

 

 

 

5,365

 

 

Miami Dade Cnty. Spec. Oblig. Rev., Ser. A, Zero Coupon, 10/01/19, MBIA

 

04/08 @ 55.413

 

 

2,701,277

 

AAA

 

 

 

4,695

 

 

Miami-Dade Cnty. Edl. Facs. Auth. Rev., Univ. of Miami Proj., Ser. A, 5.00%, 4/01/24, AMBAC

 

04/14 @ 100

 

 

5,038,017

 

AAA

 

 

 

4,000

 

 

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

 

No Opt. Call

 

 

2,124,600

 

NR

 

 

 

3,740

 

 

No. Palm Beach Cnty. Impvt. Dist. Wtr. Ctrl. & Impvt. Unit Dev. 43, 6.10%, 8/01/21

 

08/11 @ 101

 

 

3,952,432

 

A+

 

 

 

4,450

 

 

Orange Cnty. Hlth. Facs. Auth., Hosp. Adventist Hlth. Sys. Proj., 5.625%, 11/15/32

 

11/12 @ 101

 

 

4,801,149

 

AAA

 

 

 

6,500

 

 

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

 

08/12 @ 100

 

 

6,835,335

 

 

 

 

 

 

 

 

Palm Coast Util. Sys., MBIA,

 

 

 

 

 

 

AAA

 

 

 

1,770

 

 

5.00%, 10/01/22

 

10/13 @ 100

 

 

1,900,768

 

AAA

 

 

 

1,485

 

 

5.00%, 10/01/23

 

10/13 @ 100

 

 

1,590,390

 

AAA

 

 

 

1,500

 

 

5.00%, 10/01/24

 

10/13 @ 100

 

 

1,605,375

 

AAA

 

 

 

2,760

 

 

Polk Cnty. Util. Sys., 5.00%, 10/01/23, FGIC

 

10/13 @ 100

 

 

2,955,877

 

NR

 

 

 

4,765

 

 

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

 

05/13 @ 101

 

 

4,997,913

 

NR

 

 

 

2,765

 

 

Stevens Plantation Impvt. Proj., 6.375%, 5/01/13

 

No Opt. Call

 

 

2,880,439

 

NR

 

 

 

1,235

 

 

Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC Proj., 6.80%, 10/01/32

 

10/09 @ 100

 

 

1,267,777

 

 

 

 

 

 

 

 

Tohopekaliga Wtr. Auth., FSA,

 

 

 

 

 

 

AAA

 

 

 

3,630

 

 

Ser. A, 5.00%, 10/01/21

 

10/13 @ 100

 

 

3,906,098

 

AAA

 

 

 

3,810

 

 

Ser. A, 5.00%, 10/01/22

 

10/13 @ 100

 

 

4,085,920

 

AAA

 

 

 

2,000

 

 

Ser. A, 5.00%, 10/01/23

 

10/13 @ 100

 

 

2,141,940

 

AAA

 

 

 

1,975

 

 

Ser. B, 5.00%, 10/01/22

 

10/13 @ 100

 

 

2,118,029

 

AAA

 

 

 

1,180

 

 

Ser. B, 5.00%, 10/01/23

 

10/13 @ 100

 

 

1,263,745

 

NR

 

 

 

1,927

 

 

Vlg. Cmnty. Dev. Dist. Spl. Assmt. Rev. No. 5, Ser. A, 6.00%, 5/01/22

 

05/13 @ 101

 

 

2,043,969

 

 

 

 

 

 

 

 

Vlg. Ctr. Cmnty. Dev. Dist.,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

5.25%, 10/01/23, MBIA

 

10/13 @ 101

 

 

5,515,100

 

NR4

 

 

 

2,000

 

 

Ser. B, 6.35%, 1/01/18

 

01/14 @ 100

 

 

2,158,300

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

106,774,012

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—22.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Children’s Trust Fund Tobacco Settlement Rev.,

 

 

 

 

 

 

BBB

 

 

 

2,015

 

 

5.50%, 5/15/39

 

05/12 @ 100

 

 

2,076,135

 

BBB

 

 

 

10,500

 

 

5.625%, 5/15/43

 

05/12 @ 100

 

 

10,801,770

 

 

 

 

 

 

 

 

Pub. Fin. Corp., Ser. E,

 

 

 

 

 

 

BBB-

 

 

 

3,740

5

 

5.50%, 2/01/12

 

N/A

 

 

4,217,598

 

BBB-

 

 

 

1,260

 

 

5.50%, 8/01/29

 

02/12 @ 100

 

 

1,379,624

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

18,475,127

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $118,184,913)

 

 

 

 

125,249,139

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

49


BlackRock Florida Municipal 2020 Term Trust (BFO) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

 

Value

 












 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—2.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—0.8%

 

 

 

 

 

 

A1+

 

 

$

670

6

 

Jacksonville Hlth. Facs. Hosp., Variable Baptist Med. Ctr. Proj., 2.27%, 7/01/05, FRDD

 

N/A

 

$

670,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—1.5%

 

 

 

 

 

 

A-1

 

 

 

300

6

 

Gov’t. Dev. Bank, 2.14%, 7/06/05, MBIA, FRWD

 

N/A

 

 

300,000

 

A1+

 

 

 

950

6

 

Hwy. & Transp. Auth. Transp. Rev., Ser. A, 2.20%, 7/06/05, AMBAC, FRWD

 

N/A

 

 

950,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

1,250,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $1,920,000)

 

 

 

 

1,920,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—152.1% (cost $120,104,9137)

 

 

 

$

127,169,139

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—6.4%

 

 

 

5,364,243

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(58.5)%

 

 

 

 

(48,912,059

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

83,621,323

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

Security, or a portion thereof, pledged as collateral with a value of $581,839 on 288 short U.S. Treasury Note futures contracts expiring September 2005. The value of such contracts on June 30, 2005 was $32,679,000, with an unrealized loss of $356,081.

4

Security is deemed to be of investment grade quality by the investment advisor.

5

This bond is prefunded. 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.

6

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, 2005.

7

Cost for Federal income tax purposes is $120,100,108. The net unrealized appreciation on a tax basis is $7,069,031, consisting of $7,114,348 gross unrealized appreciation and $45,317 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

  AMBAC

American Municipal Bond Assurance Corp.

FSA

Financial Security Assurance

  COP

Certificate of Participation

GO

General Obligation

  FGIC

Financial Guaranty Insurance Co.

MBIA

Municipal Bond Insurance Assoc.

  FRDD

Floating Rate Daily Demand

PCR

Pollution Control Revenue

  FRWD

Floating Rate Weekly Demand

 

 

 

 

See Notes to Financial Statements.

50


 

 

PORTFOLIO OF INVESTMENTS (unaudited)

 

JUNE 30, 2005

 

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—138.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

New York—138.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Albany Cnty., GO, FGIC,

 

 

 

 

 

 

AAA

 

 

$

1,515

 

 

3.50%, 6/01/08

 

No Opt. Call

 

$

1,541,801

 

AAA

 

 

 

2,030

 

 

3.50%, 6/01/09

 

No Opt. Call

 

 

2,068,590

 

AAA

 

 

 

1,000

 

 

Bath Central Sch. Dist., 4.00%, 6/15/08, FGIC

 

No Opt. Call

 

 

1,030,500

 

AAA

 

 

 

2,250

 

 

Central Square Central Sch. Dist., 3.75%, 5/15/09, FGIC

 

No Opt. Call

 

 

2,320,942

 

 

 

 

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

 

AAA

 

 

 

1,070

 

 

Hosp. Lutheran Medical Proj., 3.00%, 2/01/09, MBIA

 

No Opt. Call

 

 

1,068,545

 

AAA

 

 

 

2,970

 

 

Secured Hosp. Proj., 4.00%, 2/15/09, XLCA

 

No Opt. Call

 

 

3,066,673

 

AAA

 

 

 

3,500

 

 

Secured Hosp. Proj., 5.00%, 2/15/10, MBIA

 

02/08 @ 101.5

 

 

3,704,680

 

AAA

 

 

 

5,000

 

 

Secured Hosp. Proj., 5.125%, 2/15/09, FSA

 

02/08 @ 101.5

 

 

5,284,650

 

AAA

 

 

 

1,600

 

 

St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/07, FGIC

 

No Opt. Call

 

 

1,680,304

 

AAA

 

 

 

2,500

 

 

St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, AMBAC

 

No Opt. Call

 

 

2,683,375

 

AAA

 

 

 

5,000

 

 

St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, FGIC

 

No Opt. Call

 

 

5,366,750

 

AAA

 

 

 

6,000

 

 

St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, CONNIE LEE

 

No Opt. Call

 

 

6,440,100

 

AAA

 

 

 

5,000

 

 

St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/09, AMBAC

 

No Opt. Call

 

 

5,463,450

 

AAA

 

 

 

500

 

 

W.K. Nursing Home Proj., 5.65%, 8/01/09

 

08/06 @ 102

 

 

524,280

 

AAA

 

 

 

1,000

 

 

Winthrop Univ. Hosp. Assoc. Proj., Ser. A, 4.125%, 7/01/08, AMBAC

 

No Opt. Call

 

 

1,034,510

 

AAA

 

 

 

1,625

 

 

Dorm. Auth. Sch. Dist. Fin., Ser. C, 3.50%, 10/01/08, MBIA

 

No Opt. Call

 

 

1,656,883

 

AAA

 

 

 

1,960

 

 

East Greenbush Central Sch. Dist., Ser. C, 4.00%, 6/15/09, FSA

 

No Opt. Call

 

 

2,037,498

 

 

 

 

 

 

 

 

Elmira City Sch. Dist., FGIC,

 

 

 

 

 

 

AAA

 

 

 

2,125

 

 

3.25%, 6/15/08

 

No Opt. Call

 

 

2,145,209

 

AAA

 

 

 

1,500

 

 

3.25%, 6/15/09

 

No Opt. Call

 

 

1,517,730

 

AAA

 

 

 

830

 

 

Env. Facs. Corp., PCR, Ser. D, 6.60%, 5/15/08

 

08/05 @ 102

 

 

850,310

 

AAA

 

 

 

555

 

 

Erie Cnty., GO, Ser. B, 5.70%, 5/15/08, MBIA

 

11/05 @ 101

 

 

566,466

 

 

 

 

 

 

 

 

Erie Cnty. Pub. Impvt., GO, Ser. A, FGIC,

 

 

 

 

 

 

AAA

 

 

 

3,825

 

 

3.25%, 9/01/09

 

No Opt. Call

 

 

3,864,971

 

AAA

 

 

 

1,000

 

 

3.75%, 10/01/08

 

No Opt. Call

 

 

1,027,290

 

AAA

 

 

 

1,185

 

 

Evans & Brant Central Sch. Dist., Ser. C, 3.75%, 12/15/08, FGIC

 

No Opt. Call

 

 

1,221,285

 

 

 

 

 

 

 

 

Facs. Corp.,

 

 

 

 

 

 

AAA

 

 

 

1,630

 

 

Clean Wtr. & Drinking Proj., 3.875%, 4/15/10

 

No Opt. Call

 

 

1,692,951

 

AAA

 

 

 

6,000

 

 

Mun. Wtr. Proj., 4.00%, 6/15/09

 

No Opt. Call

 

 

6,246,360

 

 

 

 

 

 

 

 

Fayetteville-Manlius Central Sch. Dist., GO, FGIC,

 

 

 

 

 

 

AAA

 

 

 

1,125

 

 

3.75%, 6/15/09

 

No Opt. Call

 

 

1,159,088

 

AAA

 

 

 

1,000

 

 

4.00%, 6/15/08

 

No Opt. Call

 

 

1,030,500

 

AAA

 

 

 

1,500

 

 

Hempstead Twnshp., GO, Ser. B, 4.00%, 8/01/09, MBIA

 

No Opt. Call

 

 

1,558,200

 

AAA

 

 

 

1,070

 

 

Highland Central Sch. Dist., GO, 3.50%, 6/15/09, FSA

 

No Opt. Call

 

 

1,092,534

 

 

 

 

 

 

 

 

Hsg. Fin. Agcy., Hsg. Mtg. Proj., Ser. A, FSA,

 

 

 

 

 

 

AAA

 

 

 

1,345

 

 

5.80%, 5/01/09

 

05/06 @ 102

 

 

1,392,828

 

AAA

 

 

 

4,585

 

 

5.80%, 11/01/09

 

05/06 @ 102

 

 

4,747,676

 

AAA

 

 

 

1,885

 

 

Hsg. Fin. Agcy. Multi-Fam. Mtg. Hsg., Ser. C, 6.30%, 8/15/08

 

08/05 @ 100

 

 

1,888,205

 

AAA

 

 

 

12,500

 

 

Long Island Pwr. Auth. Elec. Sys., 5.00%, 4/01/08, MBIA

 

No Opt. Call

 

 

13,198,625

 

 

 

 

 

 

 

 

Lowville Central Sch. Dist., GO, FGIC,

 

 

 

 

 

 

AAA

 

 

 

1,255

 

 

3.30%, 6/15/08

 

No Opt. Call

 

 

1,268,692

 

AAA

 

 

 

1,305

 

 

3.60%, 6/15/09

 

No Opt. Call

 

 

1,337,312

 

 

 

 

 

 

 

 

Met. Transp. Auth.,

 

 

 

 

 

 

AAA

 

 

 

12,000

 

 

Ser. A, 3.50%, 11/15/09, FSA

 

No Opt. Call

 

 

12,248,040

 

AAA

 

 

 

26,075

3

 

Ser. K, 6.00%, 7/01/08, MBIA

 

ETM

 

 

28,519,792

 

AAA

 

 

 

2,500

3

 

Met. Transp. Auth. Commuter Fac. Rev., Ser. A, 6.10%, 7/01/08, MBIA

 

ETM

 

 

2,741,525

 

AAA

 

 

 

1,500

 

 

Middletown Sch. Dist., GO, Ser. A, 3.00%, 11/01/09, FSA

 

No Opt. Call

 

 

1,501,170

 

 

 

 

 

 

 

 

Monroe Cnty. Pub. Impvt., GO, FGIC,

 

 

 

 

 

 

AAA

 

 

 

455

3

 

4.00%, 3/01/09

 

ETM

 

 

473,018

 

AAA

 

 

 

770

 

 

4.00%, 3/01/09

 

No Opt. Call

 

 

796,965

 

AAA

 

 

 

2,095

 

 

4.00%, 3/01/10

 

No Opt. Call

 

 

2,175,113

 

 

 

 

 

 

 

 

Mt. Sinai Union Free Sch. Dist., AMBAC,

 

 

 

 

 

 

AAA

 

 

 

935

 

 

6.00%, 2/15/08

 

No Opt. Call

 

 

1,008,257

 

AAA

 

 

 

930

 

 

6.10%, 2/15/09

 

No Opt. Call

 

 

1,028,533

 

AAA

 

 

 

1,075

 

 

6.10%, 2/15/10

 

No Opt. Call

 

 

1,209,515

 

See Notes to Financial Statements.

51


BlackRock New York Insured Municipal 2008 Term Trust (BLN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

 

New York—(continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

New Paltz Central Sch. Dist., GO, FGIC,

 

 

 

 

 

 

AAA

 

 

$

500

 

 

3.125%, 6/01/08

 

No Opt. Call

 

$

502,965

 

AAA

 

 

 

610

 

 

3.50%, 6/01/09

 

No Opt. Call

 

 

622,725

 

AAA

 

 

 

3,000

 

 

New York, GO, Ser. A, 4.00%, 3/15/09, FSA

 

No Opt. Call

 

 

3,100,800

 

 

 

 

 

 

 

 

New York City, GO,

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

Ser. A, 5.20%, 8/01/10, FSA

 

08/08 @ 101

 

 

1,074,380

 

AAA

 

 

 

4,720

 

 

Ser. C, 4.75%, 8/15/09, XLCA

 

08/08 @ 101

 

 

4,987,530

 

AAA

 

 

 

12,755

 

 

Ser. C, 5.00%, 8/01/08, FSA

 

No Opt. Call

 

 

13,512,902

 

AAA

 

 

 

45

 

 

Ser. C-1, 6.25%, 8/01/10, FSA

 

08/05 @ 100

 

 

45,120

 

AAA

 

 

 

50

 

 

Ser. C-1, 6.375%, 8/01/08, MBIA

 

08/05 @ 100

 

 

50,137

 

AAA

 

 

 

6,895

 

 

Ser. E, 6.20%, 8/01/08, MBIA

 

No Opt. Call

 

 

7,535,132

 

 

 

 

 

 

 

 

New York City Hlth. & Hosp. Corp. Hlth. Sys., Ser. A,

 

 

 

 

 

 

AAA

 

 

 

2,810

 

 

3.75%, 2/15/09, FSA

 

No Opt. Call

 

 

2,877,637

 

AAA

 

 

 

2,000

 

 

5.00%, 2/15/08, AMBAC

 

No Opt. Call

 

 

2,104,200

 

 

 

 

 

 

 

 

New York City Mun. Wtr. Fin. Auth., Ser. A,

 

 

 

 

 

 

AAA

 

 

 

11,500

 

 

Zero Coupon, 6/15/09, MBIA

 

No Opt. Call

 

 

10,123,795

 

AAA

 

 

 

1,710

3

 

6.00%, 6/15/08, FGIC

 

ETM

 

 

1,868,004

 

 

 

 

 

 

 

 

New York City Transl. Fin. Auth.,

 

 

 

 

 

 

AAA

 

 

 

4,000

 

 

Ser. B, 4.00%, 5/01/09, MBIA

 

No Opt. Call

 

 

4,152,000

 

AAA

 

 

 

2,000

3

 

Ser. C, 5.00%, 8/01/09, FSA

 

ETM

 

 

2,161,680

 

AAA

 

 

 

3,300

 

 

Ser. C, 5.50%, 2/01/09, FSA

 

No Opt. Call

 

 

3,584,196

 

 

 

 

 

 

 

 

New York City Transl. Fut. Tax, Ser. B, MBIA,

 

 

 

 

 

 

AAA

 

 

 

4,220

3

 

5.25%, 5/01/11

 

ETM

 

 

4,704,287

 

AAA

 

 

 

3,580

 

 

5.25%, 5/01/11

 

No Opt. Call

 

 

3,974,731

 

AAA

 

 

 

1,040

 

 

Newfane Central Sch. Dist., GO, 3.00%, 6/01/08, FSA

 

No Opt. Call

 

 

1,042,569

 

AAA

 

 

 

250

3

 

Pwr. Auth., Ser. CC, 5.125%, 1/01/11, MBIA

 

ETM

 

 

275,625

 

 

 

 

 

 

 

 

So. Seneca Central Sch. Dist., GO, MBIA,

 

 

 

 

 

 

AAA

 

 

 

1,185

 

 

3.20%, 6/15/08

 

No Opt. Call

 

 

1,194,610

 

AAA

 

 

 

1,045

 

 

3.375%, 6/15/09

 

No Opt. Call

 

 

1,062,180

 

AAA

 

 

 

1,030

 

 

Sodus Central Sch. Dist., 4.00%, 6/15/09, FGIC

 

No Opt. Call

 

 

1,070,726

 

AAA

 

 

 

5,000

 

 

Suffolk Cnty. Ind. Dev. Agcy., 6.00%, 2/01/08, FGIC

 

No Opt. Call

 

 

5,392,600

 

AAA

 

 

 

1,675

3

 

Suffolk Cnty. Wtr. Auth., Ser. C, 5.75%, 6/01/08, AMBAC

 

ETM

 

 

1,813,740

 

 

 

 

 

 

 

 

Thruway Auth.,

 

 

 

 

 

 

AAA

 

 

 

4,955

 

 

Ser. A, 3.75%, 3/15/09, MBIA

 

No Opt. Call

 

 

5,094,285

 

AAA

 

 

 

2,000

 

 

Hwy. & Brdg. Trust Fund, Ser. A, 3.90%, 4/01/09, FSA

 

No Opt. Call

 

 

2,067,400

 

AAA

 

 

 

2,000

 

 

Hwy. & Brdg. Trust Fund, Ser. B, 4.00%, 4/01/09, MBIA

 

No Opt. Call

 

 

2,074,420

 

AAA

 

 

 

2,900

 

 

Hwy. & Brdg. Trust Fund, Ser. B, 5.25%, 4/01/11, MBIA

 

No Opt. Call

 

 

3,215,549

 

AAA

 

 

 

3,410

 

 

Thruway Auth. Svc. Contract Rev. Local Hwy. & Brdg., Ser. A, 5.375%, 4/01/09, MBIA

 

04/08 @ 101

 

 

3,669,296

 

AAA

 

 

 

2,265

3

 

Triborough Brdg. & Tunl. Auth., Ser. A, 5.125%, 1/01/11, MBIA

 

ETM

 

 

2,451,432

 

AAA

 

 

 

2,000

 

 

Urban Dev. Corp. Correctional Facs., Ser. A, 5.50%, 1/01/09, AMBAC

 

No Opt. Call

 

 

2,171,920

 

AAA

 

 

 

5,140

 

 

Urban Dev. Corp. Correctional Facs. Svc. Contract Rev., Ser. B, 5.25%, 1/01/10, AMBAC

 

01/09 @ 101

 

 

5,548,630

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $239,275,051)

 

 

 

 

251,608,894

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

52


BlackRock New York Insured Municipal 2008 Term Trust (BLN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—17.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Georgia—1.1%

 

 

 

 

 

 

A1+

 

 

$

2,000

4

 

Mun. Elec. Auth., Proj. One, Ser. C, 2.22%, 7/06/05, MBIA, FRWD

 

N/A

 

$

2,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Indiana—2.5%

 

 

 

 

 

 

VMIG1

 

 

 

4,500

4

 

Str. Dev. Fin. Auth. Rev. Edl. Fac., Eiteljorg Museum Proj., 2.35%, 7/06/05, FRWD

 

N/A

 

 

4,500,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Massachusetts—4.2%

 

 

 

 

 

 

A1+

 

 

 

7,700

4

 

Massachusetts St., Ser. A, 2.29%, 7/06/05, FRWD

 

N/A

 

 

7,700,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—7.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

New York City, GO, FRDD,

 

 

 

 

 

 

A1+

 

 

 

4,700

4

 

Ser. A-7, 2.21%, 7/01/05

 

N/A

 

 

4,700,000

 

A-1

 

 

 

8,000

4

 

Ser. H-7, 2.21%, 7/01/05

 

N/A

 

 

8,000,000

 

 

 

 

 

 

 

 

New York City Mun. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev., FRDD

 

 

 

 

 

 

A1+

 

 

 

1,100

4

 

Ser. C, 2.25%, 7/01/05

 

N/A

 

 

1,100,000

 

A1+

 

 

 

100

4

 

Ser. G, 2.21%, 7/01/05, FGIC

 

N/A

 

 

100,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

13,900,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—1.8%

 

 

 

 

 

 

VMIG1

 

 

 

3,200

4

 

Hamilton Cnty. Hosp. Facs. Proj., 2.26%, 7/07/05, FRWD

 

N/A

 

 

3,200,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—0.2%

 

 

 

 

 

 

 

 

 

 

450

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

450,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $31,750,000)

 

 

 

 

31,750,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—155.6% (cost $271,025,0515)

 

 

 

$

283,358,894

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—4.6%

 

 

 

 

8,320,746

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(60.2)%

 

 

 

 

(109,610,751

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

182,068,889

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

Security is collateralized by 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, 2005.

5

Cost for Federal income tax purposes is $270,536,856. The net unrealized appreciation on a tax basis is $12,822,038, consisting of $12,868,816 gross unrealized appreciation and $46,778 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 84.4% of the Trust’s managed assets.

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

  AMBAC

American Municipal Bond Assurance Corp.

FSA

Financial Security Assurance

  CONNIE LEE

College Construction Loan Insurance Assoc.

GO

General Obligation

  ETM

Escrowed to Maturity

MBIA

Municipal Bond Insurance Assoc.

  FGIC

Financial Guaranty Insurance Co.

PCR

Pollution Control Revenue

  FRDD

Floating Rate Daily Demand

XLCA

XL Capital Assurance

  FRWD

Floating Rate Weekly Demand

 

 

 

 

See Notes to Financial Statements.

53


 

 

PORTFOLIO OF INVESTMENTS (unaudited)

 

JUNE 30, 2005

 

BlackRock New York Municipal 2018 Term Trust (BLH)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

 

Option Call

 

 

 

 

Rating1

 

 

(000)

 

Description

 

Provisions2

 

Value

 


 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—150.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-State—7.3%

 

 

 

 

 

 

A3

 

 

$

4,000

3

 

Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/09

 

No Opt. Call

 

$

4,291,720

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—135.2%

 

 

 

 

 

 

NR

 

 

 

450

 

 

Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/25

 

05/15 @ 102

 

 

448,992

 

 

 

 

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

 

AA

 

 

 

1,000

 

 

Brooklyn Law Sch. Proj., Ser. A, 5.50%, 7/01/18, RAA

 

07/13 @ 100

 

 

1,110,330

 

AA-

 

 

 

1,800

4

 

City Univ. Proj., Ser. A, 5.125%, 7/01/11

 

N/A

 

 

1,994,634

 

AAA

 

 

 

3,455

4

 

Mental Hlth. Svcs. Proj., Ser. A, 5.00%, 2/15/08

 

N/A

 

 

3,712,709

 

AA-

 

 

 

295

 

 

Mental Hlth. Svcs. Proj., Ser. A, 5.00%, 2/15/18

 

02/08 @ 102

 

 

308,974

 

AAA

 

 

 

1,480

4

 

Mental Hlth. Svcs. Proj., Ser. B, 5.50%, 8/15/11, MBIA

 

N/A

 

 

1,675,345

 

AAA

 

 

 

110

 

 

Mental Hlth. Svcs. Proj., Ser. B, 5.50%, 8/15/20, MBIA

 

08/11 @ 100

 

 

121,746

 

AAA

 

 

 

1,030

4

 

Mental Hlth. Svcs. Proj., Ser. B, 5.50%, 8/15/11, MBIA

 

N/A

 

 

1,165,950

 

AA-

 

 

 

1,170

4

 

Upstate Cmnty. Proj., Ser. A, 5.00%, 7/01/09

 

N/A

 

 

1,272,293

 

AA-

 

 

 

2,060

 

 

Upstate Cmnty. Proj., Ser. A, 5.00%, 7/01/19

 

07/09 @ 101

 

 

2,166,790

 

AAA

 

 

 

1,000

 

 

Willow Towers Inc. Proj., 5.25%, 2/01/22

 

08/12 @ 101

 

 

1,083,840

 

Aaa

 

 

 

1,320

 

 

East Rochester Hsg. Auth., 5.20%, 12/20/24

 

12/11 @ 101

 

 

1,397,114

 

BBB

 

 

 

2,450

 

 

Jefferson Cnty. Ind. Dev. Agcy. Sld. Wst. Disp. Rev., 5.20%, 12/01/20

 

12/13 @ 100

 

 

2,515,293

 

AAA

 

 

 

1,900

 

 

Long Island Pwr. Auth. Elec. Sys. Rev., Zero Coupon, 6/01/18, FSA

 

No Opt. Call

 

 

1,129,740

 

AAA

 

 

 

5,000

 

 

Met. Transp. Auth., Ser. A, 5.125%, 11/15/21, FGIC

 

11/12 @ 100

 

 

5,441,650

 

 

 

 

 

 

 

 

New York City, GO,

 

 

 

 

 

 

A+

 

 

 

4,000

 

 

Ser. B, 5.375%, 12/01/20

 

12/11 @ 100

 

 

4,336,000

 

A+

 

 

 

5,000

 

 

Ser. G, 5.75%, 8/01/18

 

08/12 @ 100

 

 

5,629,050

 

A-

 

 

 

4,000

 

 

New York City Ind. Dev. Agcy. Civic Fac. Rev., YMCA of Greater New York Proj., 5.25%, 8/01/21

 

02/11 @ 100

 

 

4,210,560

 

AA

 

 

 

4,180

 

 

Niagara Cnty. Ind. Dev. Agcy. Civic Fac. Rev., Niagara Univ. Proj., Ser. A, 5.35%, 11/01/23, RAA

 

11/11 @ 101

 

 

4,544,203

 

AA

 

 

 

4,130

 

 

Oneida Hlth. Care Corp., Residential Hlth. Care Proj., 5.30%, 2/01/21, RAA

 

02/11 @ 101

 

 

4,428,682

 

AA

 

 

 

3,875

 

 

Orange Cnty. Ind. Dev. Agcy. Civic Fac. Rev., St. Luke’s Hosp. Newburg Proj.,

 

 

 

 

 

 

 

 

 

 

 

 

 

Ser. A, 5.375%, 12/01/21, RAA

 

12/11 @ 101

 

 

4,214,721

 

 

 

 

 

 

 

 

Port Auth. of NY & NJ,

 

 

 

 

 

 

AAA

 

 

 

3,885

5

 

Ser. 126, 5.00%, 11/15/18, FGIC

 

05/12 @ 101

 

 

4,126,220

 

Caa2

 

 

 

2,600

 

 

Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15

 

07/05 @ 100

 

 

2,609,048

 

BBB

 

 

 

4,000

 

 

Rockland Tobacco Asset Sec. Corp. Tobacco Settlement Rev., 5.625%, 8/15/35

 

08/12 @ 100

 

 

4,125,880

 

 

 

 

 

 

 

 

Transl. Fin. Auth.,

 

 

 

 

 

 

AAA

 

 

 

3,000

 

 

Ser. B, 5.00%, 5/01/18

 

11/11 @ 101

 

 

3,248,670

 

AAA

 

 

 

1,895

 

 

Ser. C, 5.00%, 5/01/19

 

05/09 @ 101

 

 

2,003,925

 

BBB

 

 

 

3,000

 

 

TSASC, Inc. Tobacco Settlement Rev., Ser. 1, 5.75%, 7/15/32

 

07/12 @ 100

 

 

3,135,330

 

AA-

 

 

 

3,500

 

 

Urban Dev. Corp., Correctional Facs. Proj., 5.00%, 1/01/19

 

01/08 @ 102

 

 

3,652,250

 

AAA

 

 

 

3,710

 

 

Westchester Cnty. Ind. Dev. Agcy. Civic Fac. Rev., Ser. A, 5.125%, 12/01/22, AMBAC

 

12/11 @ 102

 

 

4,051,876

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

79,861,815

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—8.2%

 

 

 

 

 

 

BBB

 

 

 

2,000

 

 

Children’s Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43

 

05/12 @ 100

 

 

2,057,480

 

BBB-

 

 

 

2,500

4

 

Pub. Fin. Corp., Ser. E, 5.70%, 2/01/10

 

N/A

 

 

2,773,775

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,831,255

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $82,151,734)

 

 

 

 

88,984,790

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

54



BlackRock New York Municipal 2018 Term Trust (BLH) (continued)

 

 

 


 

 

 

 

 

 

Shares

 

 

 

 

 

(000)

Description

 

Value

 


 

MONEY MARKET FUND—0.1%

 

 

 

 

50

AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $50,000)

 

$

50,000

 

 

 

 



 

 

Total Investments—150.8% (cost $82,201,7346)

 

$

89,034,790

 

 

Other assets in excess of liabilities—2.4%

 

 

1,408,967

 

 

Preferred shares at redemption value, including dividends payable—(53.2)%

 

 

(31,403,425

)

 

 

 



 

 

Net Assets Applicable to Common Shareholders—100%

 

$

59,040,332

 

 

 

 



 


 

 


1

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

2

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

3

Security is 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, 2005, the Trust held 7.3% of its net assets, with a current market value of $4,291,720, in securities restricted as to resale.

4

This bond is prefunded. 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

Security, or a portion thereof, pledged as collateral with a value of $427,392 on 177 short U.S. Treasury Note futures contracts expiring September 2005. The value of such contracts on June 30, 2005 was $20,083,969, with an unrealized loss of $204,566.

6

Cost for Federal income tax purposes is $82,205,727. The net unrealized appreciation on a tax basis is $6,829,063, consisting of $6,829,063 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

 

 

 

 

 

 

AMBAC

American Municipal Bond Assurance Corp.

 

GO

General Obligation

FGIC

Financial Guaranty Insurance Co.

 

MBIA

Municipal Bond Insurance Assoc.

FSA

Financial Security Assurance

 

RAA

Radian Asset Assurance

 

 

 

 

 

 

 

See Notes to Financial Statements.

55



 

 

PORTFOLIO OF INVESTMENTS (unaudited)

 

JUNE 30, 2005

 

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

 

Option Call

 

 

 

 

Rating1

 

 

(000)

 

Description

 

Provisions2

 

Value

 


 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—118.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-State—13.8%

 

 

 

 

 

 

A3

 

 

$

4,000

3

 

MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/09

 

06/09 @ 100

 

$

4,327,760

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—97.8%

 

 

 

 

 

 

AAA

 

 

 

2,150

4,5

 

Allegheny Cnty. Port Auth., 6.125%, 3/01/09, MBIA

 

N/A

 

 

2,407,935

 

AAA

 

 

 

1,800

4

 

Allegheny Cnty. San. Auth., 5.375%, 12/01/07, MBIA

 

N/A

 

 

1,938,420

 

BBB+

 

 

 

1,400

 

 

Bucks Cnty. Ind. Dev. Auth., Pennswood Vlg. Proj., Ser. A, 6.00%, 10/01/34

 

10/12 @ 101

 

 

1,502,620

 

NR

 

 

 

2,500

6

 

Delaware Cnty. Hlth. Facs. Auth., Mercy Hlth. Corp. Proj., 6.00%, 12/15/26

 

ETM

 

 

2,620,500

 

AAA

 

 

 

1,250

 

 

Delaware Cnty. Ind. Dev. Auth. Wtr. Facs., 6.00%, 6/01/29, FGIC

 

06/09 @ 101

 

 

1,380,687

 

 

 

 

 

 

 

 

Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A,

 

 

 

 

 

 

A3

 

 

 

1,000

 

 

6.25%, 11/01/31

 

05/11 @ 101

 

 

1,065,170

 

A3

 

 

 

1,000

 

 

6.375%, 11/01/41

 

05/11 @ 101

 

 

1,066,200

 

 

 

 

 

 

 

 

Higher Edl. Facs. Auth.,

 

 

 

 

 

 

AA-

 

 

 

1,250

 

 

Lafayette Coll. Proj., 6.00%, 5/01/30

 

05/10 @ 100

 

 

1,396,813

 

AA

 

 

 

140

 

 

Philadelphia Univ. Proj., 6.10%, 6/01/30, RAA

 

06/10 @ 100

 

 

155,530

 

A

 

 

 

1,000

4

 

Univ. of Pennsylvania Hlth. Svcs. Proj., Ser. A, 5.75%, 1/01/06

 

N/A

 

 

1,024,840

 

AA+

 

 

 

1,055

 

 

Hsg. Fin. Agcy. Sngl. Fam. Mtg., GO, Ser. 60A, 5.85%, 10/01/27

 

04/07 @ 101.5

 

 

1,082,958

 

BBB+

 

 

 

1,250

 

 

Montgomery Cnty. Ind. Dev. Auth. Retirement Cmnty. Rev., 5.25%, 11/15/28

 

11/08 @ 101

 

 

1,273,263

 

AAA

 

 

 

1,250

 

 

Philadelphia Arpt. Sys., Ser. B, 5.40%, 6/15/27, FGIC

 

06/07 @ 102

 

 

1,299,763

 

AAA

 

 

 

1,250

 

 

Philadelphia Pkg. Auth. Pkg. Rev., 5.625%, 9/01/18, FSA

 

09/09 @ 101

 

 

1,367,163

 

 

 

 

 

 

 

 

Philadelphia Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

 

1,190

4

 

Ser. B, 5.50%, 9/01/05, AMBAC

 

N/A

 

 

1,207,386

 

AAA

 

 

 

2,800

4

 

Ser. C, 5.50%, 3/01/10, MBIA

 

N/A

 

 

3,094,084

 

AAA

 

 

 

3,050

4

 

Ser. C, 5.75%, 3/01/10, MBIA

 

N/A

 

 

3,403,159

 

AAA

 

 

 

2,250

 

 

Southeastern Trans. Auth., 5.375%, 3/01/17, FGIC

 

03/07 @ 102

 

 

2,382,052

 

AAA

 

 

 

840

 

 

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

 

No Opt. Call

 

 

905,705

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

30,574,248

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—7.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Pub. Fin. Corp., Ser. E,

 

 

 

 

 

 

BBB-

 

 

 

1,495

4

 

5.50%, 2/01/12

 

N/A

 

 

1,685,911

 

BBB-

 

 

 

505

 

 

5.50%, 8/01/29

 

02/12 @ 100

 

 

552,945

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,238,856

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $33,902,617)

 

 

 

 

37,140,864

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—34.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania—27.5%

 

 

 

 

 

 

A1+

 

 

 

2,000

7

 

Delaware Cnty. Ind. Dev. Auth. Arpt. Facs., 2.22%, 7/01/05, FRDD

 

N/A

 

 

2,000,000

 

A1+

 

 

 

1,400

7

 

Emmaus Gen. Auth., 2.29%, 7/06/05, FSA, FRWD

 

N/A

 

 

1,400,000

 

A1+

 

 

 

1,400

7

 

Hgr. Ed. Asst. Agcy. Student Loan Rev., Ser. A, 2.33%, 7/06/05, AMBAC, FRWD

 

N/A

 

 

1,400,000

 

AAA

 

 

 

1,200

7

 

Lehigh Cnty. Gen. Purp. Auth. Rev., Lehigh Valley Hosp. Proj., Ser. A, 2.26%, 7/01/05, AMBAC, FRDD

 

N/A

 

 

1,200,000

 

A-1

 

 

 

1,200

7

 

South Fork Mun. Auth. Hosp. Rev., Conemaugh Hlth. Sys. Proj., Ser. A, 2.26%,
7/01/05, MBIA, FRDD

 

N/A

 

 

1,200,000

 

VMIG1

 

 

 

1,400

7

 

Upper Merion Mun. Util. Auth. Swr. Rev., 2.31%, 7/01/05, FRDD

 

N/A

 

 

1,400,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

56



BlackRock Pennsylvania Strategic Municipal Trust (BPS) (continued)

 


 

 

 

 

 

 

Shares

 

 

 

 

 

(000)

Description

 

Value

 


 

MONEY MARKET FUNDS—6.8%

 

 

 

 

1,550

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

$

1,550,000

 

  550

SSgA Tax Free Money Mkt. Fund

 

 

550,000

 

 

 

 



 

 

 

 

 

2,100,000

 

 

 

 



 

 

Total Short-Term Investments (cost $10,700,000)

 

 

10,700,000

 

 

 

 



 

 

Total Investments—153.1% (cost $44,602,6178)

 

$

47,840,864

 

 

Other assets in excess of liabilities—2.9%

 

 

914,942

 

 

Preferred shares at redemption value, including dividends payable—(56.0)%

 

 

(17,501,247

)

 

 

 



 

 

Net Assets Applicable to Common Shareholders—100%

 

$

31,254,559

 

 

 

 



 


 

 


1

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

2

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

3

Security is 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, 2005, the Trust held 13.8% of its net assets, with a current market value of $4,327,760, in securities restricted as to resale.

4

This bond is prefunded. 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

Security, or a portion thereof, pledged as collateral with a value of $456,155 on 83 short U.S. Treasury Note futures contracts expiring September 2005. The value of such contracts on June 30, 2005 was $9,417,906, with an unrealized loss of $151,452.

6

Security is collateralized by U.S. Treasury obligations.

7

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, 2005.

8

Cost for Federal income tax purposes is $44,531,466. The net unrealized appreciation on a tax basis is $3,309,398, consisting of $3,309,398 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

FSA

Financial Security Assurance

ETM

Escrowed to Maturity

GO

General Obligation

FGIC

Financial Guaranty Insurance Co.

MBIA

Municipal Bond Insurance Assoc.

FRDD

Floating Rate Daily Demand

RAA

Radian Asset Assurance

FRWD

Floating Rate Weekly Demand

 

 

 

 

 

 

 

 

 

 

See Notes to Financial Statements.

57


STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
June 30, 2005



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insured
Municipal 2008
Term Trust
(BRM)

 

Insured
Municipal
Term Trust
(BMT)

 

Municipal 2018
Term Trust
(BPK)

 

Municipal 2020
Term Trust
(BKK)

 

Municipal
Target
Term Trust
(BMN)

 

 

 


 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value1

 

$

710,918,642

 

$

445,042,819

 

$

386,760,967

 

$

484,092,044

 

$

686,560,586

 

Cash

 

 

 

 

529,334

 

 

512,092

 

 

502,845

 

 

547,907

 

Receivable from investments sold

 

 

3,920,000

 

 

3,606,105

 

 

140,000

 

 

165,000

 

 

425,000

 

Interest receivable

 

 

7,857,973

 

 

4,175,173

 

 

4,831,217

 

 

5,712,441

 

 

7,428,230

 

Other assets

 

 

206,170

 

 

137,987

 

 

69,346

 

 

67,063

 

 

186,435

 

 

 



 



 



 



 



 

 

 

 

722,902,785

 

 

453,491,418

 

 

392,313,622

 

 

490,539,393

 

 

695,148,158

 

 

 



 



 



 



 



 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

5,210,067

 

 

 

 

 

 

 

 

 

Payable for investments purchased

 

 

 

 

 

 

 

 

 

 

 

Variation margin payable

 

 

 

 

 

 

173,875

 

 

218,359

 

 

 

Dividends payable—common shares

 

 

1,802,470

 

 

1,240,362

 

 

1,034,022

 

 

1,580,987

 

 

1,816,426

 

Investment advisory fee payable

 

 

205,676

 

 

129,909

 

 

128,288

 

 

200,166

 

 

199,182

 

Administration fee payable

 

 

58,765

 

 

37,117

 

 

 

 

 

 

87,135

 

Deferred Directors’or Trustees’fees

 

 

134,021

 

 

97,261

 

 

32,584

 

 

15,679

 

 

117,562

 

Payable to affiliates

 

 

38,639

 

 

33,928

 

 

20,781

 

 

16,823

 

 

44,414

 

Other accrued expenses

 

 

212,460

 

 

160,610

 

 

137,936

 

 

54,052

 

 

222,407

 

 

 



 



 



 



 



 

 

 

 

7,662,098

 

 

1,699,187

 

 

1,527,486

 

 

2,086,066

 

 

2,487,126

 

 

 



 



 



 



 



 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$25,000 liquidation value per share, including dividends payable2, 3

 

 

271,084,167

 

 

170,528,725

 

 

137,637,518

 

 

177,628,076

 

 

224,126,248

 

 

 



 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

$

444,156,520

 

$

281,263,506

 

$

253,148,618

 

$

310,825,251

 

$

468,534,784

 

 

 



 



 



 



 



 

Composition of Net Assets Applicable to Common Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value

 

$

272,071

 

$

258,856

 

$

15,908

 

$

20,237

 

$

454,106

 

Paid-in capital in excess of par

 

 

377,589,494

 

 

239,251,319

 

 

225,641,716

 

 

287,166,281

 

 

420,179,598

 

Undistributed (distributions in excess of) net investment income

 

 

40,179,626

 

 

18,988,801

 

 

17,470,352

 

 

780,862

 

 

32,952,868

 

Accumulated net realized gain (loss)

 

 

69,993

 

 

544,344

 

 

(9,512,713

)

 

(3,272,619

)

 

186,001

 

Net unrealized appreciation

 

 

26,045,336

 

 

22,220,186

 

 

19,533,355

 

 

26,130,490

 

 

14,762,211

 

 

 



 



 



 



 



 

Net assets applicable to common shareholders, June 30, 2005

 

$

444,156,520

 

$

281,263,506

 

$

253,148,618

 

$

310,825,251

 

$

468,534,784

 

 

 



 



 



 



 



 

Net asset value per common share4

 

$

16.33

 

$

10.87

 

$

15.91

 

$

15.36

 

$

10.32

 

 

 



 



 



 



 



 

1 Investments at cost

 

$

684,873,306

 

$

422,822,633

 

$

366,181,582

 

$

456,630,610

 

$

671,798,375

 

2 Preferred shares outstanding

 

 

10,840

 

 

6,816

 

 

5,504

 

 

7,104

 

 

8,964

 

3 Par value per share

 

 

0.01

 

 

0.01

 

 

0.001

 

 

0.001

 

 

0.01

 

4 Common shares outstanding

 

 

27,207,093

 

 

25,885,639

 

 

15,908,028

 

 

20,236,628

 

 

45,410,639

 

See Notes to Financial Statements.

58


























 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Strategic
Municipal
Trust
(BSD)

 

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)

 


 


 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

175,991,099

 

$

272,528,814

 

$

152,378,401

 

$

216,459,736

 

$

127,169,139

 

$

283,358,894

 

$

89,034,790

 

$

47,840,864

 

 

19,584

 

 

536,801

 

 

502,894

 

 

500,066

 

 

135,564

 

 

544,286

 

 

503,911

 

 

533,813

 

 

1,179,659

 

 

 

 

 

 

 

 

4,194,900

 

 

5,240,000

 

 

 

 

100,000

 

 

2,331,059

 

 

3,249,443

 

 

1,684,413

 

 

2,925,892

 

 

1,530,852

 

 

3,439,739

 

 

1,227,978

 

 

511,103

 

 

53,306

 

 

78,013

 

 

30,800

 

 

68,972

 

 

27,035

 

 

91,285

 

 

26,025

 

 

21,290

 



 



 



 



 



 



 



 



 

 

179,574,707

 

 

276,393,071

 

 

154,596,508

 

 

219,954,666

 

 

133,057,490

 

 

292,674,204

 

 

90,792,704

 

 

49,007,070

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,484,178

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74,953

 

 

 

 

63,172

 

 

 

 

58,500

 

 

 

 

35,953

 

 

16,859

 

 

576,375

 

 

669,957

 

 

394,023

 

 

544,193

 

 

375,443

 

 

703,568

 

 

222,523

 

 

149,076

 

 

57,960

 

 

79,200

 

 

50,573

 

 

63,023

 

 

54,367

 

 

83,866

 

 

29,672

 

 

15,731

 

 

 

 

22,629

 

 

 

 

18,008

 

 

 

 

23,962

 

 

 

 

 

 

27,341

 

 

48,594

 

 

9,177

 

 

38,619

 

 

3,757

 

 

53,618

 

 

8,479

 

 

15,295

 

 

7,823

 

 

19,989

 

 

8,666

 

 

14,726

 

 

5,637

 

 

22,653

 

 

4,842

 

 

1,433

 

 

77,801

 

 

89,757

 

 

78,132

 

 

88,107

 

 

26,404

 

 

106,897

 

 

47,478

 

 

52,870

 



 



 



 



 



 



 



 



 

 

2,306,431

 

 

930,126

 

 

603,743

 

 

766,676

 

 

524,108

 

 

994,564

 

 

348,947

 

 

251,264

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,004,417

 

 

104,570,870

 

 

55,535,728

 

 

84,191,167

 

 

48,912,059

 

 

109,610,751

 

 

31,403,425

 

 

17,501,247

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

115,263,859

 

$

170,892,075

 

$

98,457,037

 

$

134,996,823

 

$

83,621,323

 

$

182,068,889

 

$

59,040,332

 

$

31,254,559

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

7,242

 

$

104,071

 

$

6,433

 

$

87,071

 

$

5,562

 

$

112,571

 

$

3,633

 

$

2,015

 

 

102,593,420

 

 

144,174,166

 

 

91,213,865

 

 

120,583,337

 

 

78,885,738

 

 

155,947,555

 

 

51,482,732

 

 

28,362,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,820,096

 

 

14,750,591

 

 

4,251,581

 

 

8,144,823

 

 

(234,642

)

 

13,495,185

 

 

2,791,044

 

 

989,518

 

 

(5,823,361

)

 

67,337

 

 

(4,191,789

)

 

110,523

 

 

(1,743,480

)

 

179,735

 

 

(1,865,567

)

 

(1,186,603

)

 

12,666,462

 

 

11,795,910

 

 

7,176,947

 

 

6,071,069

 

 

6,708,145

 

 

12,333,843

 

 

6,628,490

 

 

3,086,795

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

115,263,859

 

$

170,892,075

 

$

98,457,037

 

$

134,996,823

 

$

83,621,323

 

$

182,068,889

 

$

59,040,332

 

$

31,254,559

 



 



 



 



 



 



 



 



 

$

15.92

 

$

16.42

 

$

15.30

 

$

15.50

 

$

15.03

 

$

16.17

 

$

16.25

 

$

15.51

 



 



 



 



 



 



 



 



 

$

162,883,983

 

$

260,732,904

 

$

144,833,096

 

$

210,388,667

 

$

120,104,913

 

$

271,025,051

 

$

82,201,734

 

$

44,602,617

 

 

2,480

 

 

4,182

 

 

2,221

 

 

3,366

 

 

1,956

 

 

4,382

 

 

1,256

 

 

700

 

 

0.001

 

 

0.01

 

 

0.001

 

 

0.01

 

 

0.001

 

 

0.01

 

 

0.001

 

 

0.001

 

 

7,242,261

 

 

10,407,093

 

 

6,433,028

 

 

8,707,093

 

 

5,562,128

 

 

11,257,093

 

 

3,633,028

 

 

2,015,492

 

59


STATEMENTS OF OPERATIONS (unaudited)
For the six months ended June 30, 2005



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insured
Municipal 2008
Term Trust
(BRM)

 

Insured
Municipal
Term Trust
(BMT)

 

Municipal
2018 Term
Trust
(BPK)

 

Municipal
2020 Term
Trust
(BKK)

 

Municipal
Target
Term Trust
(BMN)

 

 

 


 


 


 


 


 

Net Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

14,515,551

 

$

9,097,195

 

$

10,694,272

 

$

12,873,009

 

$

14,705,738

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

1,246,082

 

 

784,957

 

 

774,540

 

 

1,198,020

 

 

1,257,883

 

Administration

 

 

356,023

 

 

224,274

 

 

 

 

 

 

251,576

 

Transfer agent

 

 

12,613

 

 

12,749

 

 

7,421

 

 

7,964

 

 

12,851

 

Custodian

 

 

77,440

 

 

52,877

 

 

59,896

 

 

42,067

 

 

74,835

 

Reports to shareholders

 

 

52,709

 

 

34,423

 

 

27,150

 

 

24,057

 

 

56,126

 

Trustees

 

 

38,911

 

 

20,634

 

 

16,471

 

 

19,910

 

 

35,704

 

Registration

 

 

9,587

 

 

9,472

 

 

9,472

 

 

9,472

 

 

16,002

 

Independent accountants

 

 

21,687

 

 

21,459

 

 

17,919

 

 

18,708

 

 

25,975

 

Legal

 

 

24,212

 

 

15,463

 

 

12,817

 

 

15,562

 

 

24,446

 

Insurance

 

 

22,852

 

 

14,486

 

 

12,431

 

 

15,731

 

 

23,048

 

Auction agent

 

 

348,682

 

 

218,020

 

 

177,446

 

 

231,656

 

 

314,783

 

Miscellaneous

 

 

46,490

 

 

40,594

 

 

24,559

 

 

26,791

 

 

65,406

 

 

 



 



 



 



 



 

Total expenses

 

 

2,257,288

 

 

1,449,408

 

 

1,140,122

 

 

1,609,938

 

 

2,158,635

 

Less fees waived by Advisor

 

 

 

 

 

 

 

 

 

 

 

Less fees paid indirectly

 

 

(7,021

)

 

(6,834

)

 

(4,449

)

 

(4,481

)

 

(28,758

)

 

 



 



 



 



 



 

Net expenses

 

 

2,250,267

 

 

1,442,574

 

 

1,135,673

 

 

1,605,457

 

 

2,129,877

 

 

 



 



 



 



 



 

Net investment income

 

 

12,265,284

 

 

7,654,621

 

 

9,558,599

 

 

11,267,552

 

 

12,575,861

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

363,848

 

 

268,913

 

 

371,597

 

 

1,118,477

 

 

131,906

 

Futures

 

 

 

 

 

 

(1,165,454

)

 

(1,453,809

)

 

 

 

 



 



 



 



 



 

 

 

 

363,848

 

 

268,913

 

 

(793,857

)

 

(335,332

)

 

131,906

 

 

 



 



 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(10,704,102

)

 

(3,599,043

)

 

1,521,370

 

 

12,073,639

 

 

(9,954,225

)

Futures

 

 

 

 

 

 

(1,046,030

)

 

(1,330,944

)

 

 

 

 



 



 



 



 



 

 

 

 

(10,704,102

)

 

(3,599,043

)

 

475,340

 

 

10,742,695

 

 

(9,954,225

)

 

 



 



 



 



 



 

Net gain (loss)

 

 

(10,340,254

)

 

(3,330,130

)

 

(318,517

)

 

10,407,363

 

 

(9,822,319

)

 

 



 



 



 



 



 

Dividends and Distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(2,613,918

)

 

(1,748,272

)

 

(1,447,092

)

 

(1,881,283

)

 

(2,361,824

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(2,613,918

)

 

(1,748,272

)

 

(1,447,092

)

 

(1,881,283

)

 

(2,361,824

)

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

(688,888

)

$

2,576,219

 

$

7,792,990

 

$

19,793,632

 

$

391,718

 

 

 



 



 



 



 



 

See Notes to Financial Statements.

60



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Strategic
Municipal
Trust
(BSD)

 

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)

 


 


 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,705,548

 

$

5,600,007

 

$

3,574,958

 

$

4,148,878

 

$

3,267,717

 

$

6,019,413

 

$

2,262,146

 

$

1,146,411

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

522,826

 

 

478,967

 

 

304,524

 

 

381,667

 

 

325,858

 

 

507,525

 

 

177,745

 

 

145,879

 

 

 

 

136,848

 

 

 

 

109,048

 

 

 

 

145,007

 

 

 

 

 

 

7,421

 

 

8,507

 

 

7,421

 

 

8,704

 

 

7,783

 

 

8,869

 

 

7,421

 

 

7,421

 

 

34,658

 

 

35,628

 

 

29,593

 

 

27,624

 

 

9,329

 

 

29,231

 

 

18,267

 

 

14,643

 

 

14,420

 

 

20,165

 

 

11,222

 

 

16,762

 

 

12,670

 

 

22,001

 

 

7,986

 

 

5,361

 

 

7,602

 

 

12,851

 

 

6,697

 

 

10,317

 

 

6,516

 

 

13,756

 

 

6,335

 

 

6,154

 

 

9,472

 

 

9,472

 

 

9,472

 

 

9,472

 

 

9,472

 

 

9,472

 

 

9,472

 

 

597

 

 

16,290

 

 

16,381

 

 

18,066

 

 

15,233

 

 

17,593

 

 

16,471

 

 

17,812

 

 

10,317

 

 

9,012

 

 

12,064

 

 

6,549

 

 

9,291

 

 

6,384

 

 

12,199

 

 

3,835

 

 

3,479

 

 

5,623

 

 

8,813

 

 

4,932

 

 

7,015

 

 

4,225

 

 

9,324

 

 

2,879

 

 

1,559

 

 

81,164

 

 

138,562

 

 

72,386

 

 

108,376

 

 

64,909

 

 

142,117

 

 

42,441

 

 

25,934

 

 

14,498

 

 

23,757

 

 

16,947

 

 

20,415

 

 

15,514

 

 

26,939

 

 

17,171

 

 

10,388

 



 



 



 



 



 



 



 



 

 

722,986

 

 

902,015

 

 

487,809

 

 

723,924

 

 

480,253

 

 

942,911

 

 

311,364

 

 

231,732

 

 

(217,844

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(60,783

)

 

(6,652

)

 

(6,362

)

 

(8,565

)

 

(6,453

)

 

(7,577

)

 

(3,602

)

 

(6,043

)

 

(13,553

)



 



 



 



 



 



 



 



 

 

498,490

 

 

895,653

 

 

479,244

 

 

717,471

 

 

472,676

 

 

939,309

 

 

305,321

 

 

157,396

 



 



 



 



 



 



 



 



 

 

4,207,058

 

 

4,704,354

 

 

3,095,714

 

 

3,431,407

 

 

2,795,041

 

 

5,080,104

 

 

1,956,825

 

 

989,015

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,270,792

 

 

 

 

(504,440

)

 

110,523

 

 

(205,148

)

 

107,856

 

 

 

 

37,430

 

 

(505,319

)

 

 

 

(427,550

)

 

 

 

(389,018

)

 

 

 

(245,866

)

 

(100,030

)



 



 



 



 



 



 



 



 

 

765,473

 

 

 

 

(931,990

)

 

110,523

 

 

(594,166

)

 

107,856

 

 

(245,866

)

 

(62,600

)



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,148,782

 

 

(3,265,189

)

 

1,946,348

 

 

(2,960,025

)

 

3,546,274

 

 

(4,308,219

)

 

1,836,080

 

 

(319,620

)

 

(440,654

)

 

 

 

(368,358

)

 

 

 

(356,081

)

 

 

 

(204,566

)

 

(151,452

)



 



 



 



 



 



 



 



 

 

708,128

 

 

(3,265,189

)

 

1,577,990

 

 

(2,960,025

)

 

3,190,193

 

 

(4,308,219

)

 

1,631,514

 

 

(471,072

)



 



 



 



 



 



 



 



 

 

1,473,601

 

 

(3,265,189

)

 

646,000

 

 

(2,849,502

)

 

2,596,027

 

 

(4,200,363

)

 

1,385,648

 

 

(533,672

)



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(644,683

)

 

(935,713

)

 

(510,383

)

 

(862,326

)

 

(468,889

)

 

(1,013,648

)

 

(270,446

)

 

(163,460

)

 

 

 

 

 

 

 

 

 

(35,017

)

 

 

 

 

 

 



 



 



 



 



 



 



 



 

 

(644,683

)

 

(935,713

)

 

(510,383

)

 

(862,326

)

 

(503,906

)

 

(1,013,648

)

 

(270,446

)

 

(163,460

)



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

5,035,976

 

$

503,452

 

$

3,231,331

 

$

(280,421

)

$

4,887,162

 

$

(133,907

)

$

3,072,027

 

$

291,883

 



 



 



 



 



 



 



 



 

61


 

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended June 30, 2005 (unaudited), and for the year ended December 31, 2004



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insured
Municipal 2008 Term Trust
(BRM)

 

Insured
Municipal Term Trust
(BMT)

 

 

 


 


 

 

 

2005

 

2004

 

2005

 

2004

 

 

 


 


 


 


 

Increase (Decrease) in Net Assets
Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

12,265,284

 

$

26,254,309

 

$

7,654,621

 

$

17,456,383

 

Net realized gain (loss)

 

 

363,848

 

 

1,815,872

 

 

268,913

 

 

1,087,089

 

Net change in unrealized appreciation/depreciation

 

 

(10,704,102

)

 

(16,680,739

)

 

(3,599,043

)

 

(9,591,433

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(2,613,918

)

 

(2,658,791

)

 

(1,748,272

)

 

(1,907,505

)

Net realized gain

 

 

 

 

(352,783

)

 

 

 

(87,694

)

 

 



 



 



 



 

Net increase (decrease) in net assets resulting from operations

 

 

(688,888

)

 

8,377,868

 

 

2,576,219

 

 

6,956,840

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(10,814,822

)

 

(23,950,409

)

 

(7,442,175

)

 

(15,130,266

)

Net realized gain

 

 

 

 

(1,551,757

)

 

 

 

(724,798

)

 

 



 



 



 



 

Total dividends and distributions

 

 

(10,814,822

)

 

(25,502,166

)

 

(7,442,175

)

 

(15,855,064

)

 

 



 



 



 



 

Total increase (decrease)

 

 

(11,503,710

)

 

(17,124,298

)

 

(4,865,956

)

 

(8,898,224

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

455,660,230

 

 

472,784,528

 

 

286,129,462

 

 

295,027,686

 

 

 



 



 



 



 

End of period

 

$

444,156,520

 

$

455,660,230

 

$

281,263,506

 

$

286,129,462

 

 

 



 



 



 



 

End of period undistributed net investment income

 

$

40,179,626

 

$

41,343,080

 

$

18,988,801

 

$

20,524,627

 

See Notes to Financial Statements.

62


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal
2018 Term Trust

(BPK)

 

Municipal
2020 Term Trust

(BKK)

 

Municipal
Target Term Trust

(BMN)

 

Strategic
Municipal Trust

(BSD)

 


 


 


 


 

2005

 

2004

 

2005

 

2004

 

2005

 

2004

 

2005

 

2004

 


 


 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

9,558,599

 

$

19,298,459

 

$

11,267,552

 

$

22,268,728

 

$

12,575,861

 

$

25,844,764

 

$

4,207,058

 

$

9,030,020

 

 

(793,857

)

 

(6,681,398

)

 

(335,332

)

 

(2,458,295

)

 

131,906

 

 

487,949

 

 

765,473

 

 

(1,123,930

)

 

475,340

 

 

5,895,387

 

 

10,742,694

 

 

8,164,006

 

 

(9,954,225

)

 

(19,313,537

)

 

708,128

 

 

(1,854,063

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,447,092

)

 

(1,576,219

)

 

(1,881,283

)

 

(2,082,967

)

 

(2,361,824

)

 

(3,210,573

)

 

(644,683

)

 

(695,537

)

 

 

 

 

 

 

 

 

 

 

 

(64,286

)

 

 

 

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,792,990

)

 

16,936,229

 

 

19,793,631

 

 

25,891,472

 

 

391,718

 

 

3,744,317

 

 

5,035,976

 

 

5,356,490

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,204,131

)

 

(12,408,262

)

 

(9,485,920

)

 

(18,971,839

)

 

(10,898,553

)

 

(22,516,121

)

 

(3,458,252

)

 

(6,916,504

)

 

 

 

 

 

 

 

 

 

 

 

(469,591

)

 

 

 

 



 



 



 



 



 



 



 



 

 

(6,204,131

)

 

(12,408,262

)

 

(9,485,920

)

 

(18,971,839

)

 

(10,898,553

)

 

(22,985,712

)

 

(3,458,252

)

 

(6,916,504

)



 



 



 



 



 



 



 



 

 

1,588,859

 

 

4,527,967

 

 

10,307,711

 

 

6,919,633

 

 

(10,506,835

)

 

(19,241,395

)

 

1,577,724

 

 

(1,560,014

)



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

251,559,759

 

 

247,031,792

 

 

300,517,540

 

 

293,597,907

 

 

479,041,619

 

 

498,283,014

 

 

113,686,135

 

 

115,246,149

 



 



 



 



 



 



 



 



 

$

253,148,618

 

$

251,559,759

 

$

310,825,251

 

$

300,517,540

 

$

468,534,784

 

$

479,041,619

 

$

115,263,859

 

$

113,686,135

 



 



 



 



 



 



 



 



 

$

17,470,352

 

$

15,562,976

 

$

780,862

 

$

880,513

 

$

32,952,868

 

$

33,637,384

 

$

5,820,096

 

$

5,715,973

 

63


 

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the six months ended June 30, 2005 (unaudited), and for the year ended December 31, 2004



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California Insured
Municipal 2008 Term Trust
(BFC)

 

California
Municipal 2018 Term Trust
(BJZ)

 

 

 


 


 

 

 

2005

 

2004

 

2005

 

2004

 

 

 


 


 


 


 

Increase (Decrease) in Net Assets
Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

4,704,354

 

$

9,440,369

 

$

3,095,714

 

$

6,441,824

 

Net realized gain (loss)

 

 

 

 

395,193

 

 

(931,990

)

 

(1,773,203

)

Net change in unrealized appreciation/depreciation

 

 

(3,265,189

)

 

(4,904,625

)

 

1,577,990

 

 

3,138,128

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(935,713

)

 

(1,012,468

)

 

(510,383

)

 

(535,429

)

Net realized gain

 

 

 

 

(34,878

)

 

 

 

 

 

 



 



 



 



 

Net increase (decrease) in net assets resulting from operations

 

 

503,452

 

 

3,883,591

 

 

3,231,331

 

 

7,271,320

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(4,019,741

)

 

(8,039,482

)

 

(2,364,138

)

 

(4,728,276

)

Net realized gains

 

 

 

 

(289,317

)

 

 

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(4,019,741

)

 

(8,328,799

)

 

(2,364,138

)

 

(4,728,276

)

 

 



 



 



 



 

Total increase (decrease)

 

 

(3,516,289

)

 

(4,445,208

)

 

867,193

 

 

2,543,044

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

174,408,364

 

 

178,853,572

 

 

97,589,844

 

 

95,046,800

 

 

 



 



 



 



 

End of period

 

$

170,892,075

 

$

174,408,364

 

$

98,457,037

 

$

97,589,844

 

 

 



 



 



 



 

End of period undistributed (distribution in excess of) net investment income

 

$

14,750,591

 

$

15,001,691

 

$

4,251,581

 

$

4,030,388

 

See Notes to Financial Statements.

64


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 


 


 


 


 

2005

 

2004

 

2005

 

2004

 

2005

 

2004

 

2005

 

2004

 


 


 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,431,407

 

$

7,050,079

 

$

2,795,041

 

$

5,531,138

 

$

5,080,104

 

$

10,428,588

 

$

1,956,825

 

$

3,886,296

 

 

110,523

 

 

561,418

 

 

(594,166

)

 

(793,308

)

 

107,856

 

 

663,356

 

 

(245,866

)

 

(511,787

)

 

(2,960,025

)

 

(4,141,764

)

 

3,190,193

 

 

1,550,777

 

 

(4,308,219

)

 

(6,508,843

)

 

1,631,514

 

 

503,951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(862,326

)

 

(779,042

)

 

(468,889

)

 

(546,138

)

 

(1,013,648

)

 

(1,092,221

)

 

(270,446

)

 

(320,057

)

 

 

 

(79,831

)

 

(35,017

)

 

 

 

 

 

(86,126

)

 

 

 

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(280,421

)

 

2,610,860

 

 

4,887,162

 

 

5,742,469

 

 

(133,907

)

 

3,404,754

 

 

3,072,027

 

 

3,558,403

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,265,160

)

 

(6,530,321

)

 

(2,336,115

)

 

(5,005,915

)

 

(4,221,411

)

 

(9,170,031

)

 

(1,335,138

)

 

(2,670,276

)

 

 

 

(620,381

)

 

(320,969

)

 

 

 

 

 

(611,616

)

 

 

 

 



 



 



 



 



 



 



 



 

 

(3,265,160

)

 

(7,150,702

)

 

(2,657,084

)

 

(5,005,915

)

 

(4,221,411

)

 

(9,781,647

)

 

(1,335,138

)

 

(2,670,276

)



 



 



 



 



 



 



 



 

 

(3,545,581

)

 

(4,539,842

)

 

2,230,078

 

 

736,554

 

 

(4,355,318

)

 

(6,376,893

)

 

1,736,889

 

 

888,127

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

138,542,404

 

 

143,082,246

 

 

81,391,245

 

 

80,654,691

 

 

186,424,207

 

 

192,801,100

 

 

57,303,443

 

 

56,415,316

 



 



 



 



 



 



 



 



 

$

134,996,823

 

$

138,542,404

 

$

83,621,323

 

$

81,391,245

 

$

182,068,889

 

$

186,424,207

 

$

59,040,332

 

$

57,303,443

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,144,823

 

$

8,840,902

 

$

(234,621

)

$

(224,679

)

$

13,495,185

 

$

13,650,140

 

$

2,791,044

 

$

2,439,803

 

65


 

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the six months ended June 30, 2005 (unaudited), and for the year ended December 31, 2004



 

 

 

 

 

 

 

 

 

 

Pennsylvania
Strategic Municipal Trust
(BPS)

 

 

 


 

 

 

2005

 

2004

 

 

 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

Net investment income

 

$

989,015

 

$

2,156,602

 

Net realized gain (loss)

 

 

(62,600

)

 

(632,942

)

Net change in unrealized appreciation/depreciation

 

 

(471,072

)

 

(125,255

)

Dividends and distributions to preferred shareholders from net investment income

 

 

(163,460

)

 

(187,388

)

 

 



 



 

Net increase (decrease) in net assets resulting from operations

 

 

291,883

 

 

1,211,017

 

 

 



 



 

 

 

 

 

 

 

Dividends to Common Shareholders from:

 

 

 

 

 

 

 

Net investment income

 

 

(894,455

)

 

(1,788,911

)

 

 



 



 

Total decrease

 

 

(602,572

)

 

(577,894

)

 

 



 



 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

Beginning of period

 

 

31,857,131

 

 

32,435,025

 

 

 



 



 

End of period

 

$

31,254,559

 

$

31,857,131

 

 

 



 



 

End of period undistributed net investment income

 

$

989,518

 

$

1,058,418

 

See Notes to Financial Statements.

66


 

FINANCIAL HIGHLIGHTS

BlackRock Insured Municipal 2008 Term Trust (BRM)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months

 

 

 

 

 

Ended

 

 

 

 

 

June 30,

 

Year Ended December 31,

 

 

 

2005

 


 

 

 

(unaudited)

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.75

 

$

17.38

 

$

17.62

 

$

16.80

 

$

16.62

 

$

16.00

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.46

 

 

0.97

 

 

1.07

 

 

1.26

 

 

1.33

 

 

1.30

 

Net realized and unrealized gain (loss)

 

 

(0.38

)

 

(0.55

)

 

(0.07

)

 

0.53

 

 

(0.08

)

 

0.54

 

Dividends and distributions to preferred shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.10

)

 

(0.10

)

 

(0.08

)

 

(0.13

)

 

(0.27

)

 

(0.38

)

Net realized gain on investments

 

 

 

 

(0.01

)

 

(0.01

)

 

(0.01

)

 

 

 

 

 

 



 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

(0.02

)

 

0.31

 

 

0.91

 

 

1.65

 

 

0.98

 

 

1.46

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.40

)

 

(0.88

)

 

(1.02

)

 

(0.79

)

 

(0.80

)

 

(0.80

)

Net realized gain on investments

 

 

 

 

(0.06

)

 

(0.13

)

 

(0.04

)

 

 

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.40

)

 

(0.94

)

 

(1.15

)

 

(0.83

)

 

(0.80

)

 

(0.80

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

(0.04

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

16.33

 

$

16.75

 

$

17.38

 

$

17.62

 

$

16.80

 

$

16.62

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

16.12

 

$

16.31

 

$

17.27

 

$

16.58

 

$

15.70

 

$

14.88

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

1.29

%

 

(0.09

)%

 

11.29

%

 

11.15

%

 

11.06

%

 

14.40

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS
OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees paid indirectly

 

 

1.02

%3

 

0.99

%

 

0.98

%

 

0.98

%

 

1.01

%

 

1.05

%

Expenses before fees paid indirectly

 

 

1.02

%3

 

1.00

%

 

0.98

%

 

0.98

%

 

1.02

%

 

1.05

%

Net investment income before preferred share dividends

 

 

5.53

%3

 

5.66

%

 

6.03

%

 

7.34

%

 

7.87

%

 

8.06

%

Preferred share dividends

 

 

1.183

%

 

0.57

%

 

0.47

%

 

0.73

%

 

1.60

%

 

2.40

%

Net investment income available to common shareholders

 

 

4.35

%3

 

5.09

%

 

5.56

%

 

6.61

%

 

6.27

%

 

5.66

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

446,948

 

$

464,135

 

$

480,887

 

$

468,417

 

$

460,153

 

$

438,958

 

Portfolio turnover

 

 

0

%

 

4

%

 

18

%

 

23

%

 

3

%

 

3

%

Net assets of common shareholders, end of period (000)

 

$

444,157

 

$

455,660

 

$

472,785

 

$

479,390

 

$

457,070

 

$

452,057

 

Preferred shares outstanding (000)

 

$

271,000

 

$

271,000

 

$

271,000

 

$

271,000

 

$

271,000

 

$

271,000

 

Asset coverage per preferred share, end of period

 

$

65,982

 

$

67,041

 

$

68,622

 

$

69,235

 

$

67,178

 

$

66,735

 


 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

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 common shareholders.

3

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 Insured Municipal Term Trust (BMT)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2005
(unaudited)

 

Year Ended December 31,

 

 

 


 

 

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

11.05

 

$

11.40

 

$

11.29

 

$

10.85

 

$

10.85

 

$

10.60

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.30

 

 

0.67

 

 

0.73

 

 

0.81

 

 

0.89

 

 

0.89

 

Net realized and unrealized gain (loss)

 

 

(0.12

)

 

(0.34

)

 

0.10

 

 

0.41

 

 

(0.12

)

 

0.28

 

Dividends and distributions to preferred shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.07

)

 

(0.07

)

 

(0.06

)

 

(0.08

)

 

(0.18

)

 

(0.26

)

Net realized gain on investments

 

 

 

 

 

 

 

 

(0.02

)

 

(0.01

)

 

(0.01

)

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.11

 

 

0.26

 

 

0.77

 

 

1.12

 

 

0.58

 

 

0.90

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.29

)

 

(0.58

)

 

(0.64

)

 

(0.58

)

 

(0.57

)

 

(0.60

)

Net realized gain on investments

 

 

 

 

(0.03

)

 

(0.02

)

 

(0.10

)

 

(0.02

)

 

(0.02

)

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.29

)

 

(0.61

)

 

(0.66

)

 

(0.68

)

 

(0.59

)

 

(0.62

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

0.01

 

 

(0.03

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

10.87

 

$

11.05

 

$

11.40

 

$

11.29

 

$

10.85

 

$

10.85

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

11.18

 

$

11.30

 

$

11.06

 

$

10.94

 

$

10.63

 

$

10.44

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

1.52

%

 

7.92

%

 

7.28

%

 

9.51

%

 

7.73

%

 

17.81

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees paid indirectly

 

 

1.03

%3

 

1.02

%

 

1.02

%

 

1.05

%

 

1.06

%

 

1.11

%

Expenses before fees paid indirectly

 

 

1.04

%3

 

1.02

%

 

1.02

%

 

1.06

%

 

1.06

%

 

1.11

%

Net investment income before preferred share dividends

 

 

5.48

%3

 

6.04

%

 

6.36

%

 

7.32

%

 

8.12

%

 

8.40

%

Preferred share dividends

 

 

1.25

%3

 

0.66

%

 

0.50

%

 

0.70

%

 

1.68

%

 

2.44

%

Net investment income available to common shareholders

 

 

4.23

%3

 

5.38

%

 

5.86

%

 

6.62

%

 

6.44

%

 

5.96

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

281,864

 

$

289,091

 

$

293,334

 

$

287,692

 

$

284,390

 

$

274,553

 

Portfolio turnover

 

 

0

%

 

1

%

 

11

%

 

36

%

 

7

%

 

14

%

Net assets of common shareholders, end of period (000)

 

$

281,264

 

$

286,129

 

$

295,028

 

$

292,371

 

$

280,743

 

$

280,965

 

Preferred shares outstanding (000)

 

$

170,400

 

$

170,400

 

$

170,400

 

$

170,400

 

$

170,400

 

$

170,400

 

Asset coverage per preferred share, end of period

 

$

66,284

 

$

66,987

 

$

68,288

 

$

67,895

 

$

66,195

 

$

66,242

 


 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

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 common shareholders.

3

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


FINANCIAL HIGHLIGHTS

BlackRock Municipal 2018 Term Trust (BPK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2005
(unaudited)

 

Year Ended December 31,

 

For the period
October 30, 20011
through
December 31, 20012

 

 

 

 

 

 

 


 

 

 

 

2004

 

2003

 

2002

 

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.81

 

$

15.53

 

$

14.66

 

$

13.66

 

$

14.33

3

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.60

 

 

1.21

 

 

1.21

 

 

1.17

 

 

0.10

 

Net realized and unrealized gain (loss)

 

 

(0.02

)

 

(0.05

)

 

0.52

 

 

0.73

 

 

(0.55

)

Dividends to preferred shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.09

)

 

(0.10

)

 

(0.08

)

 

(0.12

)

 

(0.01

)

 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

(0.49

)

 

1.06

 

 

1.65

 

 

1.78

 

 

(0.46

)

 

 



 



 



 



 



 

Dividends to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.39

)

 

(0.78

)

 

(0.78

)

 

(0.78

)

 

(0.07

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.14

)

 

 



 



 



 



 



 

Net asset value, end of period

 

$

15.91

 

$

15.81

 

$

15.53

 

$

14.66

 

$

13.66

 

 

 



 



 



 



 



 

Market price, end of period

 

$

15.85

 

$

15.16

 

$

14.36

 

$

13.43

 

$

13.06

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN4

 

 

7.22

%

 

11.27

%

 

12.92

%

 

8.84

%

 

(12.51

)%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees paid indirectly

 

 

0.91

%6

 

0.91

%

 

0.93

%

 

0.92

%

 

0.93

%6

Expenses before fees paid indirectly

 

 

0.91

%6

 

0.91

%

 

0.94

%

 

0.94

%

 

0.93

%6

Net investment income before preferred share dividends

 

 

7.62

%6

 

7.83

%

 

8.21

%

 

8.14

%

 

4.39

%6

Preferred share dividends

 

 

1.15

%6

 

0.64

%

 

0.57

%

 

0.84

%

 

0.28

%6

Net investment income available to common shareholders

 

 

6.47

%6

 

7.19

%

 

7.64

%

 

7.30

%

 

4.11

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

252,879

 

$

246,602

 

$

235,575

 

$

227,674

 

$

206,486

 

Portfolio turnover

 

 

4

%

 

31

%

 

15

%

 

53

%

 

0

%

Net assets of common shareholders, end of period (000)

 

$

253,149

 

$

251,560

 

$

247,032

 

$

233,233

 

$

217,229

 

Preferred shares outstanding (000)

 

$

137,600

 

$

137,600

 

$

137,600

 

$

137,600

 

$

137,600

 

Asset coverage per preferred share, end of period

 

$

71,000

 

$

70,736

 

$

69,887

 

$

67,381

 

$

64,485

 


 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Calculated using the average shares outstanding method.

3

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.

4

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

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.

69


 

FINANCIAL HIGHLIGHTS

BlackRock Municipal 2020 Term Trust (BKK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2005
(unaudited)

 

Year Ended
December 31, 2004

 

For the period
September 30, 20031
through
December 31, 2003

 

 

 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

14.85

 

 

 

$

14.51

 

 

 

$

14.33

2

 

 

 

 



 

 

 



 

 

 



 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

0.56

 

 

 

 

1.10

 

 

 

 

0.15

 

 

Net realized and unrealized gain

 

 

 

0.51

 

 

 

 

0.28

 

 

 

 

0.25

 

 

Dividends to preferred shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.09

)

 

 

 

(0.10

)

 

 

 

(0.01

)

 

 

 

 



 

 

 



 

 

 



 

 

Net increase from investment operations

 

 

 

0.98

 

 

 

 

1.28

 

 

 

 

0.39

 

 

 

 

 



 

 

 



 

 

 



 

 

Dividends to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.47

)

 

 

 

(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

 

 

$

15.36

 

 

 

$

14.85

 

 

 

$

14.51

 

 

 

 

 



 

 

 



 

 

 



 

 

Market price, end of period

 

 

$

14.86

 

 

 

$

15.02

 

 

 

$

15.00

 

 

 

 

 



 

 

 



 

 

 



 

 

TOTAL INVESTMENT RETURN3

 

 

 

2.00

%

 

 

 

6.63

%

 

 

 

1.05

%

 

 

 

 



 

 

 



 

 

 



 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees paid indirectly

 

 

 

1.06

%5

 

 

 

1.09

%

 

 

 

0.85

%5

 

Expenses before fees paid indirectly

 

 

 

1.06

%5

 

 

 

1.09

%

 

 

 

0.87

%5

 

Net investment income before preferred share dividends

 

 

 

7.44

%5

 

 

 

7.67

%

 

 

 

4.25

%5

 

Preferred share dividends

 

 

 

1.24

%5

 

 

 

0.72

%

 

 

 

0.30

%5

 

Net investment income available to common shareholders

 

 

 

6.20

%5

 

 

 

6.95

%

 

 

 

3.95

%5

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

 

$

305,579

 

 

 

$

290,212

 

 

 

$

279,827

 

 

Portfolio turnover

 

 

 

7

%

 

 

 

51

%

 

 

 

17

%

 

Net assets of common shareholders, end of period (000)

 

 

$

310,825

 

 

 

$

300,518

 

 

 

$

293,598

 

 

Preferred shares outstanding (000)

 

 

$

177,600

 

 

 

$

177,600

 

 

 

$

177,600

 

 

Asset coverage per preferred share, end of period

 

 

$

68,758

 

 

 

$

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 return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

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.

70


 

 

FINANCIAL HIGHLIGHTS

 

BlackRock Municipal Target Term Trust (BMN)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

Year Ended December 31,

 

 

 

June 30, 2005

 


 

 

 

(unaudited)

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

10.55

 

$

10.97

 

$

11.16

 

$

10.57

 

$

10.67

 

$

10.60

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.27

 

 

0.57

 

 

0.62

 

 

0.70

 

 

0.83

 

 

0.90

 

Net realized and unrealized gain (loss)

 

 

(0.21

)

 

(0.41

)

 

(0.16

)

 

0.62

 

 

(0.10

)

 

0.05

 

Dividends and distributions to preferred shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.05

)

 

(0.07

)

 

(0.06

)

 

(0.08

)

 

(0.17

)

 

(0.26

)

Net realized gain on investments

 

 

 

 

 

 

 

 

(0.01

)

 

(0.02

)

 

 

 

 



 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

(0.01

)

 

0.09

 

 

0.40

 

 

1.23

 

 

0.54

 

 

0.69

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.24

)

 

(0.50

)

 

(0.57

)

 

(0.60

)

 

(0.58

)

 

(0.60

)

Net realized gain on investments

 

 

 

 

(0.01

)

 

(0.02

)

 

(0.04

)

 

(0.06

)

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.24

)

 

(0.51

)

 

(0.59

)

 

(0.64

)

 

(0.64

)

 

(0.60

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

10.32

 

$

10.55

 

$

10.97

 

$

11.16

 

$

10.57

 

$

10.67

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

10.17

 

$

10.49

 

$

10.95

 

$

11.01

 

$

10.40

 

$

9.94

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

(0.78

)%

 

0.39

%

 

4.99

%

 

12.28

%

 

11.16

%

 

7.63

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees paid indirectly

 

 

0.91

%3

 

0.96

%

 

0.96

%

 

0.97

%

 

0.96

%

 

1.00

%

Expenses before fees paid indirectly

 

 

0.92

%3

 

0.97

%

 

0.96

%

 

0.97

%

 

0.98

%

 

1.00

%

Net investment income before preferred share dividends

 

 

5.38

%3

 

5.29

%

 

5.60

%

 

6.44

%

 

7.73

%

 

8.61

%

Preferred share dividends

 

 

1.01

%3

 

0.66

%

 

0.54

%

 

0.75

%

 

1.57

%

 

2.48

%

Net investment income available to common shareholders

 

 

4.37

%3

 

4.63

%

 

5.06

%

 

5.69

%

 

6.16

%

 

6.13

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

471,641

 

$

488,873

 

$

504,660

 

$

494,694

 

$

489,251

 

$

477,169

 

Portfolio turnover

 

 

3

%

 

2

%

 

4

%

 

18

%

 

42

%

 

5

%

Net assets of common shareholders, end of period (000)

 

$

468,535

 

$

479,042

 

$

498,283

 

$

506,952

 

$

480,172

 

$

484,646

 

Preferred shares outstanding (000)

 

$

224,100

 

$

299,100

 

$

299,100

 

$

299,100

 

$

299,100

 

$

299,100

 

Asset coverage per preferred share, end of period

 

$

77,271

 

$

65,048

 

$

66,654

 

$

67,379

 

$

65,141

 

$

65,530

 



 

 

1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios 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.

3

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.

71


FINANCIAL HIGHLIGHTS

 

BlackRock Strategic Municipal Trust (BSD)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2005
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 


 

 

 

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.70

 

$

15.91

 

$

15.01

 

$

14.33

 

$

14.75

 

$

13.39

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.58

 

 

1.26

 

 

1.23

 

 

1.26

 

 

1.25

 

 

1.22

 

Net realized and unrealized gain (loss)

 

 

0.21

 

 

(0.41

)

 

0.68

 

 

0.42

 

 

(0.58

)

 

1.41

 

Dividends to preferred shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.09

)

 

(0.10

)

 

(0.08

)

 

(0.12

)

 

(0.23

)

 

(0.36

)

 

 



 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

0.70

 

 

0.75

 

 

1.83

 

 

1.56

 

 

0.44

 

 

2.27

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.48

)

 

(0.96

)

 

(0.93

)

 

(0.88

)

 

(0.86

)

 

(0.91

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

15.92

 

$

15.70

 

$

15.91

 

$

15.01

 

$

14.33

 

$

14.75

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

16.20

 

$

14.52

 

$

14.69

 

$

13.78

 

$

13.58

 

$

13.69

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

15.14

%

 

5.59

%

 

13.75

%

 

8.03

%

 

5.32

%

 

17.44

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.88

%3

 

0.89

%

 

0.91

%

 

0.98

%

 

0.91

%

 

0.90

%

Expenses after fees waived and before fees paid indirectly

 

 

0.90

%3

 

0.90

%

 

0.91

%

 

0.99

%

 

0.92

%

 

0.90

%

Expenses before fees waived and paid indirectly

 

 

1.28

%3

 

1.28

%

 

1.30

%

 

1.39

%

 

1.31

%

 

1.30

%

Net investment income before preferred share dividends

 

 

7.46

%3

 

8.04

%

 

8.09

%

 

8.54

%

 

8.40

%

 

8.86

%

Preferred share dividends

 

 

1.14

%3

 

0.62

%

 

0.54

%

 

0.78

%

 

1.58

%

 

2.60

%

Net investment income available to common shareholders

 

 

6.32

%3

 

7.42

%

 

7.55

%

 

7.76

%

 

6.82

%

 

6.26

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

113,720

 

$

112,298

 

$

110,385

 

$

106,807

 

$

107,381

 

$

100,171

 

Portfolio turnover

 

 

38

%

 

23

%

 

8

%

 

13

%

 

4

%

 

44

%

Net assets of common shareholders, end of period (000)

 

$

115,264

 

$

113,686

 

$

115,246

 

$

108,721

 

$

103,783

 

$

106,833

 

Preferred shares outstanding (000)

 

$

62,000

 

$

62,000

 

$

62,000

 

$

62,000

 

$

62,000

 

$

62,000

 

Asset coverage per preferred share, end of period

 

$

71,479

 

$

70,844

 

$

71,476

 

$

68,844

 

$

66,855

 

$

68,092

 


 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

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.

3

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.

72


FINANCIAL HIGHLIGHTS

 

BlackRock California Insured Municipal 2008 Term Trust (BFC)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2005
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 


 

 

 

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.76

 

$

17.19

 

$

17.34

 

$

16.77

 

$

16.72

 

$

16.11

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.46

 

 

0.91

 

 

0.96

 

 

1.18

 

 

1.27

 

 

1.27

 

Net realized and unrealized gain (loss)

 

 

(0.32

)

 

(0.44

)

 

0.06

 

 

0.48

 

 

(0.19

)

 

0.52

 

Dividends and distributions to preferred shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.09

)

 

(0.10

)

 

(0.07

)

 

(0.11

)

 

(0.24

)

 

(0.35

)

Net realized gain on investments

 

 

 

 

 

 

(0.01

)

 

(0.03

)

 

(0.01

)

 

 

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.05

 

 

0.37

 

 

0.94

 

 

1.52

 

 

0.83

 

 

1.44

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.39

)

 

(0.77

)

 

(1.00

)

 

(0.81

)

 

(0.77

)

 

(0.77

)

Net realized gain on investments

 

 

 

 

(0.03

)

 

(0.09

)

 

(0.14

)

 

(0.02

)

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.39

)

 

(0.80

)

 

(1.09

)

 

(0.95

)

 

(0.79

)

 

(0.77

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

0.01

 

 

(0.06

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

16.42

 

$

16.76

 

$

17.19

 

$

17.34

 

$

16.77

 

$

16.72

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

16.17

 

$

16.25

 

$

17.09

 

$

16.44

 

$

15.90

 

$

15.63

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

1.91

%

 

(0.20

)%

 

10.90

%

 

9.56

%

 

7.06

%

 

18.68

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees paid indirectly

 

 

1.05

%3

 

1.05

%

 

1.04

%

 

1.05

%

 

1.08

%

 

1.11

%

Expenses before fees paid indirectly

 

 

1.06

%3

 

1.05

%

 

1.04

%

 

1.06

%

 

1.09

%

 

1.11

%

Net investment income before preferred share dividends

 

 

5.53

%3

 

5.37

%

 

5.51

%

 

6.91

%

 

7.57

%

 

7.74

%

Preferred share dividends

 

 

1.10

%3

 

0.58

%

 

0.38

%

 

0.64

%

 

1.45

%

 

2.14

%

Net investment income available to common shareholders

 

 

4.43

%3

 

4.79

%

 

5.13

%

 

6.27

%

 

6.12

%

 

5.60

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

171,414

 

$

175,711

 

$

180,408

 

$

177,861

 

$

176,424

 

$

170,286

 

Portfolio turnover

 

 

0

%

 

0

%

 

15

%

 

33

%

 

5

%

 

0

%

Net assets of common shareholders, end of period (000)

 

$

170,892

 

$

174,408

 

$

178,854

 

$

180,498

 

$

174,487

 

$

173,974

 

Preferred shares outstanding (000)

 

$

104,550

 

$

104,550

 

$

104,550

 

$

104,550

 

$

104,550

 

$

104,550

 

Asset coverage per preferred share, end of period

 

$

65,869

 

$

66,714

 

$

67,776

 

$

68,161

 

$

66,735

 

$

66,629

 


 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

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 common shareholders.

3

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.

73


 

 

FINANCIAL HIGHLIGHTS

 

BlackRock California Municipal 2018 Term Trust (BJZ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

Year Ended December 31,

 

For the period
October 30, 20011

 

 

 

June 30, 2005

 


 

through

 

 

 

(unaudited)

 

2004

 

2003

 

2002

 

December 31, 20012

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATNG PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.17

 

$

14.77

 

$

14.59

 

$

13.63

 

$

14.33

3

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.48

 

 

1.00

 

 

1.04

 

 

1.03

 

 

0.09

 

Net realized and unrealized gain (loss)

 

 

0.10

 

 

0.21

 

 

(0.06

)

 

0.78

 

 

(0.57

)

Dividends to preferred shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.08

)

 

(0.08

)

 

(0.07

)

 

(0.11

)

 

(0.01

)

 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

0.50

 

 

1.13

 

 

0.91

 

 

1.70

 

 

(0.49

)

 

 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.37

)

 

(0.73

)

 

(0.73

)

 

(0.74

)

 

(0.06

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.12

)

 

 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.15

)

 

 



 



 



 



 



 

Net asset value, end of period

 

$

15.30

 

$

15.17

 

$

14.77

 

$

14.59

 

$

13.63

 

 

 



 



 



 



 



 

Market price, end of period

 

$

14.95

 

$

13.89

 

$

13.42

 

$

13.40

 

$

12.85

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN4

 

 

10.34

%

 

9.04

%

 

5.67

%

 

10.04

%

 

(13.94

)%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees paid indirectly

 

 

0.99

%6

 

1.01

%

 

1.03

%

 

0.99

%

 

1.07

%6

Expenses before fees paid indirectly

 

 

1.00

%6

 

1.02

%

 

1.03

%

 

1.03

%

 

1.07

%6

Net investment income before preferred share dividends

 

 

6.37

%6

 

6.77

%

 

7.29

%

 

7.33

%

 

3.78

%6

Preferred share dividends

 

 

1.05

%6

 

0.56

%

 

0.51

%

 

0.81

%

 

0.27

%6

Net investment income available to common shareholders

 

 

5.32

%6

 

6.21

%

 

6.78

%

 

6.52

%

 

3.51

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

97,999

 

$

95,091

 

$

92,324

 

$

90,721

 

$

82,906

 

Portfolio turnover

 

 

9

%

 

9

%

 

9

%

 

42

%

 

0

%

Net assets of common shareholders, end of period (000)

 

$

98,457

 

$

97,590

 

$

95,047

 

$

93,844

 

$

87,664

 

Preferred shares outstanding (000)

 

$

55,525

 

$

55,525

 

$

55,528

 

$

55,525

 

$

55,525

 

Asset coverage per preferred share, end of period

 

$

69,335

 

$

68,945

 

$

67,796

 

$

67,254

 

$

64,488

 


 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Calculated using the average shares outstanding method.

3

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.

4

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

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.

74



 

 

FINANCIAL HIGHLIGHTS

 

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

Year Ended December 31,

 

 

 

 

June 30, 2005

 


 

 

 

(unaudited)

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.91

 

$

16.43

 

$

16.41

 

$

16.01

 

$

15.84

 

$

15.56

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.39

 

 

0.81

 

 

0.88

 

 

1.12

 

 

1.25

 

 

1.24

 

Net realized and unrealized gain (loss)

 

 

(0.32

)

 

(0.41

)

 

0.13

 

 

0.36

 

 

(0.04

)

 

0.28

 

Dividends and distributions to preferred shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.10

)

 

(0.09

)

 

(0.06

)

 

(0.11

)

 

(0.25

)

 

(0.37

)

Net realized gain on investments

 

 

 

 

(0.01

)

 

(0.02

)

 

(0.04

)

 

(0.01

)

 

 

 

 



 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

(0.03

)

 

0.30

 

 

0.93

 

 

1.33

 

 

0.95

 

 

1.15

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.38

)

 

(0.75

)

 

(0.81

)

 

(0.75

)

 

(0.75

)

 

(0.81

)

Net realized gain on investments

 

 

 

 

(0.07

)

 

(0.10

)

 

(0.18

)

 

(0.04

)

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.38

)

 

(0.82

)

 

(0.91

)

 

(0.93

)

 

(0.79

)

 

(0.81

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

0.01

 

 

(0.06

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

15.50

 

$

15.91

 

$

16.43

 

$

16.41

 

$

16.01

 

$

15.84

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

15.46

 

$

15.85

 

$

16.19

 

$

15.91

 

$

15.40

 

$

14.00

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

(0.09

)%

 

3.05

%

 

7.64

%

 

9.61

%

 

15.90

%

 

4.96

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees paid indirectly

 

 

1.07

%3

 

1.07

%

 

1.05

%

 

1.05

%

 

1.10

%

 

1.14

%

Expenses before fees paid indirectly

 

 

1.08

%3

 

1.07

%

 

1.05

%

 

1.06

%

 

1.12

%

 

1.14

%

Net investment income before preferred share dividends

 

 

5.10

%3

 

5.03

%

 

5.34

%

 

6.90

%

 

7.75

%

 

7.94

%

Preferred share dividends

 

 

1.28

%3

 

0.56

%

 

0.39

%

 

0.70

%

 

1.55

%

 

2.39

%

Net investment income available to common shareholders

 

 

3.82

%3

 

4.47

%

 

4.95

%

 

6.20

%

 

6.20

%

 

5.55

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

135,753

 

$

140,140

 

$

144,071

 

$

141,064

 

$

140,004

 

$

135,492

 

Portfolio turnover

 

 

0

%

 

0

%

 

6

%

 

52

%

 

7

%

 

0

%

Net assets of common shareholders, end of period (000)

 

$

134,997

 

$

138,542

 

$

143,082

 

$

142,920

 

$

139,367

 

$

137,917

 

Preferred shares outstanding (000)

 

$

84,150

 

$

84,150

 

$

84,169

 

$

84,150

 

$

84,150

 

$

84,150

 

Asset coverage per preferred share, end of period

 

$

65,118

 

$

66,159

 

$

67,514

 

$

67,460

 

$

66,406

 

$

65,982

 


 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

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 common shareholders.

3

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.

75


FINANCIAL HIGHLIGHTS

BlackRock Florida Municipal 2020 Term Trust (BFO)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2005
(unaudited)

 

Year Ended
December 31, 2004

 

For the period
September 30, 20031
through
December 31, 2003

 

 

 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.63

 

$

14.50

 

$

14.33

2

 

 





 





 





 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

0.50

 

 

 

0.99

 

 

 

0.12

 

Net realized and unrealized gain

 

 

 

0.47

 

 

 

0.14

 

 

 

0.26

 

Dividends and distributions to preferred shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.08

)

 

 

(0.10

)

 

 

(0.01

)

Net realized gains on investments

 

 

 

(0.04

)

 

 

 

 

 

 

 

 





 





 





 

Net increase from investment operations

 

 

 

0.85

 

 

 

1.03

 

 

 

0.37

 

 

 





 





 





 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.42

)

 

 

(0.90

)

 

 

(0.15

)

Net realized gains on investments

 

 

 

(0.03

)

 

 

 

 

 

 

 

 





 





 





 

Total dividends and distributions

 

 

 

(0.45

)

 

 

(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

 

$

15.03

 

$

14.63

 

$

14.50

 

 

 





 





 





 

Market price, end of period

 

$

14.28

 

$

15.08

 

$

15.39

 

 

 





 





 





 

TOTAL INVESTMENT RETURN3

 

 

 

(2.64

)%

 

 

4.10

%

 

 

3.60

%

 

 





 





 





 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees paid indirectly

 

 

 

1.16

%5

 

 

1.21

%

 

 

1.02

%5

Expenses before fees paid indirectly

 

 

 

1.17

%5

 

 

1.25

%

 

 

1.05

%5

Net investment income before preferred share dividends

 

 

 

6.83

%5

 

 

6.93

%

 

 

3.45

%5

Preferred share dividends

 

 

 

1.15

%5

 

 

0.68

%

 

 

0.30

%5

Net investment income available to common shareholders

 

 

 

5.68

%5

 

 

6.25

%

 

 

3.15

%5

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

82,523

 

$

79,810

 

$

76,698

 

Portfolio turnover

 

 

 

0

%

 

 

9

%

 

 

0

%

Net assets of common shareholders, end of period (000)

 

$

83,621

 

$

81,391

 

$

80,655

 

Preferred shares outstanding (000)

 

$

48,900

 

$

48,900

 

$

48,900

 

Asset coverage per preferred share, end of period

 

$

67,757

 

$

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 return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

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.

76


FINANCIAL HIGHLIGHTS

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

Year Ended December 31,

 

 

 

2005

 


 

 

 

(unaudited)

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.56

 

$

17.13

 

$

17.09

 

$

16.22

 

$

16.17

 

$

15.63

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.45

 

 

0.93

 

 

1.01

 

 

1.13

 

 

1.25

 

 

1.24

 

Net realized and unrealized gain (loss)

 

 

(0.37

)

 

(0.53

)

 

(0.05

)

 

0.75

 

 

(0.17

)

 

0.53

 

Dividends and distributions to preferred shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.09

)

 

(0.10

)

 

(0.08

)

 

(0.11

)

 

(0.26

)

 

(0.38

)

Net realized gain on investments

 

 

 

 

(0.01

)

 

(0.01

)

 

(0.03

)

 

(0.01

)

 

 

 

 



 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

(0.01

)

 

0.29

 

 

0.87

 

 

1.74

 

 

0.81

 

 

1.39

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.38

)

 

(0.81

)

 

(0.79

)

 

(0.75

)

 

(0.75

)

 

(0.80

)

Net realized gain on investments

 

 

 

 

(0.05

)

 

(0.04

)

 

(0.12

)

 

(0.02

)

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.38

)

 

(0.86

)

 

(0.83

)

 

(0.87

)

 

(0.77

)

 

(0.80

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

0.01

 

 

(0.05

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

16.17

 

$

16.56

 

$

17.13

 

$

17.09

 

$

16.22

 

$

16.17

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

15.85

 

$

16.09

 

$

16.96

 

$

16.22

 

$

15.50

 

$

14.75

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

0.86

%

 

0.03

%

 

9.88

%

 

10.47

%

 

10.48

%

 

6.10

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees paid indirectly

 

 

1.04

%3

 

1.03

%

 

1.03

%

 

1.04

%

 

1.10

%

 

1.12

%

Expenses before fees paid indirectly

 

 

1.04

%3

 

1.03

%

 

1.03

%

 

1.05

%

 

1.10

%

 

1.12

%

Net investment income before preferred share dividends

 

 

5.60

%3

 

5.51

%

 

5.85

%

 

6.75

%

 

7.59

%

 

7.85

%

Preferred share dividends

 

 

1.12

%3

 

0.58

%

 

0.48

%

 

0.68

%

 

1.56

%

 

2.40

%

Net investment income available to common shareholders

 

 

4.48

%3

 

4.93

%

 

5.37

%

 

6.07

%

 

6.03

%

 

5.45

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

182,867

 

$

189,322

 

$

192,958

 

$

187,970

 

$

184,600

 

$

177,057

 

Portfolio turnover

 

 

3

%

 

0

%

 

7

%

 

31

%

 

9

%

 

0

%

Net assets of common shareholders, end of period (000)

 

$

182,069

 

$

186,424

 

$

192,801

 

$

192,337

 

$

182,611

 

$

182,075

 

Preferred shares outstanding (000)

 

$

109,550

 

$

109,550

 

$

109,550

 

$

109,550

 

$

109,550

 

$

109,550

 

Asset coverage per preferred share, end of period

 

$

66,563

 

$

67,549

 

$

69,000

 

$

68,893

 

$

66,674

 

$

66,596

 


 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

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 common shareholders.

3

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.

77


 

FINANCIAL HIGHLIGHTS

BlackRock New York Municipal 2018 Term Trust (BLH)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period

 

 

 

Six Months Ended

 

Year Ended December 31,

October 30, 20011

 

 

 

June 30, 2005

 


through

 

 

 

(unaudited)

 

2004

 

2003

 

2002

 

December 31, 20012

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

15.77

 

 

$

15.53

 

$

15.11

 

$

13.58

 

 

$

14.33

3

 

 

 

 



 

 



 



 



 

 



 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

0.54

 

 

 

1.07

 

 

1.06

 

 

1.01

 

 

 

0.09

 

 

Net realized and unrealized gain (loss)

 

 

 

0.38

 

 

 

 

 

0.18

 

 

1.37

 

 

 

(0.61

)

 

Dividends to preferred shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.07

)

 

 

(0.09

)

 

(0.08

)

 

(0.11

)

 

 

(0.01

)

 

 

 

 



 

 



 



 



 

 



 

 

Net increase (decrease) from investment operations

 

 

 

0.85

 

 

 

0.98

 

 

1.16

 

 

2.27

 

 

 

(0.53

)

 

 

 

 



 

 



 



 



 

 



 

 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.37

)

 

 

(0.74

)

 

(0.74

)

 

(0.74

)

 

 

(0.06

)

 

 

 

 



 

 



 



 



 

 



 

 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.13

)

 

 

 

 



 

 



 



 



 

 



 

 

Total capital charges

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.16

)

 

 

 

 



 

 



 



 



 

 



 

 

Net asset value, end of period

 

 

$

16.25

 

 

$

15.77

 

$

15.53

 

$

15.11

 

 

$

13.58

 

 

 

 

 



 

 



 



 



 

 



 

 

Market price, end of period

 

 

$

15.43

 

 

$

14.82

 

$

14.70

 

$

13.46

 

 

$

13.15

 

 

 

 

 



 

 



 



 



 

 



 

 

TOTAL INVESTMENT RETURN4

 

 

 

6.66

%

 

 

5.94

%

 

14.94

%

 

7.96

%

 

 

(11.94

)%

 

 

 

 



 

 



 



 



 

 



 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees paid indirectly

 

 

 

1.06

%6

 

 

1.11

%

 

1.12

%

 

1.13

%

 

 

1.15

%6

 

Expenses before fees paid indirectly

 

 

 

1.08

%6

 

 

1.12

%

 

1.14

%

 

1.17

%

 

 

1.15

%6

 

Net investment income before preferred share dividends

 

 

 

6.78

%6

 

 

6.91

%

 

7.03

%

 

7.03

%

 

 

3.73

%6

 

Preferred share dividends

 

 

 

0.94

%6

 

 

0.57

%

 

0.53

%

 

0.80

%

 

 

0.26

%6

 

Net investment income available to common shareholders

 

 

 

5.84

%6

 

 

6.34

%

 

6.50

%

 

6.23

%

 

 

3.47

%6

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

 

$

58,209

 

 

$

56,270

 

$

54,510

 

$

52,265

 

 

$

47,959

 

 

Portfolio turnover

 

 

 

9

%

 

 

0

%

 

11

%

 

41

%

 

 

1

%

 

Net assets of common shareholders, end of period (000)

 

 

$

59,040

 

 

$

57,303

 

$

56,415

 

$

54,881

 

 

$

49,353

 

 

Preferred shares outstanding (000)

 

 

$

31,400

 

 

$

31,400

 

$

31,400

 

$

31,400

 

 

$

31,400

 

 

Asset coverage per preferred share, end of period

 

 

$

72,009

 

 

$

70,626

 

$

69,917

 

$

68,702

 

 

$

64,311

 

 


 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Calculated using the average shares outstanding method.

3

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.

4

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

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.

78


 

 

FINANCIAL HIGHLIGHTS

 

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months

 

 

 

 

 

Ended

 

Year Ended December 31,

 

 

 

June 30, 2005

 


 

 

 

(unaudited)

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.81

 

$

16.09

 

$

15.61

 

$

14.65

 

$

14.62

 

$

13.40

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.49

 

 

1.07

 

 

1.12

 

 

1.17

 

 

1.17

 

 

1.18

 

Net realized and unrealized gain (loss)

 

 

(0.27

)

 

(0.37

)

 

0.30

 

 

0.73

 

 

(0.08

)

 

1.29

 

Dividends to preferred shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.08

)

 

(0.09

)

 

(0.07

)

 

(0.11

)

 

(0.24

)

 

(0.36

)

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.14

 

 

0.61

 

 

1.35

 

 

1.79

 

 

0.85

 

 

2.11

 

 

 



 



 



 



 



 



 

Dividends to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.44

)

 

(0.89

)

 

(0.87

)

 

(0.83

)

 

(0.82

)

 

(0.88

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

15.51

 

$

15.81

 

$

16.09

 

$

15.61

 

$

14.65

 

$

14.62

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

15.26

 

$

15.70

 

$

15.12

 

$

14.33

 

$

14.03

 

$

13.13

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

0.06

%

 

10.12

%

 

11.91

%

 

8.19

%

 

13.12

%

 

5.08

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.01

%3

 

1.03

%

 

1.12

%

 

1.34

%

 

1.11

%

 

1.22

%

Expenses after fees waived and before fees paid indirectly

 

 

1.09

%3

 

1.08

%

 

1.15

%

 

1.36

%

 

1.16

%

 

1.22

%

Expenses before fees waived and paid indirectly

 

 

1.48

%3

 

1.47

%

 

1.54

%

 

1.75

%

 

1.55

%

 

1.63

%

Net investment income before preferred share dividends

 

 

6.33

%3

 

6.74

%

 

7.09

%

 

7.69

%

 

7.86

%

 

8.49

%

Preferred share dividends

 

 

1.05

%3

 

0.59

%

 

0.46

%

 

0.71

%

 

1.63

%

 

2.60

%

Net investment income available to common shareholders

 

 

5.28

%3

 

6.15

%

 

6.63

%

 

6.98

%

 

6.23

%

 

5.89

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

31,529

 

$

31,989

 

$

31,892

 

$

30,545

 

$

30,122

 

$

27,920

 

Portfolio turnover

 

 

0

%

 

5

%

 

0

%

 

7

%

 

16

%

 

28

%

Net assets of common shareholders, end of period (000)

 

$

31,255

 

$

31,857

 

$

32,435

 

$

31,454

 

$

29,531

 

$

29,469

 

Preferred shares outstanding (000)

 

$

17,500

 

$

17,500

 

$

17,500

 

$

17,500

 

$

17,500

 

$

17,500

 

Asset coverage per preferred share, end of period

 

$

69,651

 

$

70,513

 

$

71,341

 

$

69,939

 

$

67,194

 

$

67,112

 



 

 

1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

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.

3

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.

79


 

NOTES TO FINANCIAL STATEMENTS (unaudited)


Note 1. Organization & Accounting Policies

The BlackRock Insured Municipal 2008 Term Trust Inc. (“Municipal Insured 2008”), The BlackRock Insured Municipal Term Trust Inc. (“Insured Municipal”), The BlackRock Municipal Target Term Trust Inc. (“Municipal Target”), 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 (“Municipal Strategic”), 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. Municipal Insured 2008, Insured Municipal, Municipal 2018, Municipal 2020, Municipal Target and Municipal Strategic are registered as diversified closed-end management investment companies under the Investment Company Act of 1940 (“1940 Act”), as amended. 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 Investment Company Act of 1940, as amended. Municipal Insured 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. Municipal Strategic and Pennsylvania Strategic are herein referred to as the Strategic Trusts.

     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 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. 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. 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 and ratified by the relevant 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 investment advisor and/or sub-advisor deems relevant.

InvestmentTransactions and Investment Income: Investment transactions are recorded on trade date. Realized and unrealized gains and losses are calculated on the identified cost basis. 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 futures contracts and can be either cash or securities. During the period the 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 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. 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 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.

Segregation: In cases in which the Investment Company Act of 1940, as amended, 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, reverse repurchase 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 to shareholders. For this reason and because substantially all of the gross income of each Trust consists of tax-exempt interest, no Federal income tax provisions are required.

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 4.

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.

80


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 (“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 trusts selected by the Trustees. This has the same economic effect for the Trustees as if the Trustees had invested the deferred amounts 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 Trustees in order to match its deferred compensation obligations.

Note 2. Agreements

Each Trust has an Investment Management Agreement with BlackRock Advisors, Inc. (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc., a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to the 2018 Trusts and 2020 Trusts. BlackRock, Inc. is an indirect majority owned subsidiary of The PNC Financial Services Group, Inc. The Investment Management Agreements for the 2018 Trusts, 2020 Trusts and Strategic Trusts cover both investment advisory and administration services. Each 2008 Trust, Insured Municipal Trust and Municipal Target 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, Insured Municipal Trust and Municipal Target 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, Insured Municipal Trust and Municipal Target Trust is computed weekly and payable monthly based on an annual rate of 0.10% for each 2008 Trust and Insured Municipal Trust and 0.07% for Municipal Target Trust, of the Trusts’ average weekly managed assets.

     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, occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which may 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, 2005, the Trusts reimbursed the Advisor the following amounts:

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Amount

 

 

Trust

 

Amount

 


 


 

 


 


 

Municipal Insured 2008

 

$

14,842

 

 

California 2018

 

$

3,470

 

Insured Municipal

 

 

9,450

 

 

Florida Insured 2008

 

 

4,644

 

Municipal 2018

 

 

7,497

 

 

Florida 2020

 

 

2,534

 

Municipal 2020

 

 

8,183

 

 

New York Insured 2008

 

 

6,230

 

Municipal Target

 

 

17,376

 

 

New York 2018

 

 

1,752

 

Municipal Strategic

 

 

3,461

 

 

Pennsylvania Strategic

 

 

1,177

 

California Insured 2008

 

 

5,808

 

 

 

 

 

 

 

     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.

Note 3. Portfolio Investments

Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the six months ended June 30, 2005, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Purchases

 

Sales

 

 

Trust

 

Purchases

 

Sales

 


 


 


 

 


 


 


 

Municipal Insured 2008

 

$

10,487,169

 

$

363,848

 

 

California 2018

 

$

12,853,604

 

$

13,875,749

 

Insured Municipal

 

 

 

 

16,193,167

 

 

Florida Insured 2008

 

 

 

 

6,022,468

 

Municipal 2018

 

 

15,232,351

 

 

19,781,939

 

 

Florida 2020

 

 

 

 

4,488,874

 

Municipal 2020

 

 

32,580,271

 

 

39,103,669

 

 

New York Insured 2008

 

 

8,164,079

 

 

13,719,079

 

Municipal Target

 

 

17,272,091

 

 

24,982,800

 

 

New York 2018

 

 

8,995,891

 

 

8,311,816

 

Municipal Strategic

 

 

65,165,644

 

 

64,466,231

 

 

Pennsylvania Strategic

 

 

 

 

2,457,374

 

California Insured 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     There were no purchases or sales of U.S. government securities for the six months ended June 30, 2005.

81


          For Federal income tax purposes, the following Trusts had capital loss carryforwards as of their last respective tax year-end (other than the 2020 Trusts and Strategic Trusts, each of which has a tax year-end of June 30th). These amounts may be used to offset future realized capital gains, if any:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Capital Loss
Carryforward Amount

 

Expires

 

Trust

 

Capital Loss
Carryforward Amount

 

Expires

 


 


 


 


 


 


 

Municipal 2018

 

 

$

2,036,899

 

 

 

 

2010

 

 

 

Florida 2020

 

 

$

1,569,623

 

 

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

6,665,869

 

 

 

 

2012

 

 

 

New York 2018

 

 

$

668,608

 

 

 

 

2010

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,702,768

 

 

 

 

 

 

 

 

 

 

 

 

431,368

 

 

 

 

2011

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal 2020

 

 

$

273,311

 

 

 

 

2012

 

 

 

 

 

 

 

590,480

 

 

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

4,334,083

 

 

 

 

2013

 

 

 

 

 

 

$

1,690,456

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

$

4,607,394

 

 

 

 

 

 

 

 

Pennsylvania Strategic

 

 

$

87,565

 

 

 

 

2009

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Strategic

 

 

$

78,019

 

 

 

 

2008

 

 

 

 

 

 

 

408,700

 

 

 

 

2010

 

 

 

 

 

 

1,802,842

 

 

 

 

2009

 

 

 

 

 

 

 

741,016

 

 

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

760,288

 

 

 

 

2010

 

 

 

 

 

 

$

1,237,281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

2,477,786

 

 

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,073,537

 

 

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

6,192,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California 2018

 

 

$

1,287,186

 

 

 

 

2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,444,501

 

 

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,731,687

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          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 4. Distributions to Shareholders

The estimated tax character of distributions paid during the six months ended June 30, 2005, and the tax character of distributions paid during year ended December 31, 2004, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2005

 

 

 


 

Distributions Paid From:

 

 

Tax-exempt
Income

 

Ordinary
Income

 

Long-term
Capital Gains

 

Total
Distributions

 


 

 


 


 


 


 

Municipal Insured 2008

 

 

$

13,428,740

 

 

 

$

 

 

 

$

 

 

 

$

13,428,740

 

 

Insured Municipal

 

 

 

9,190,447

 

 

 

 

 

 

 

 

 

 

 

 

9,190,447

 

 

Municipal 2018

 

 

 

7,651,223

 

 

 

 

 

 

 

 

 

 

 

 

7,651,223

 

 

Municipal 2020

 

 

 

11,367,203

 

 

 

 

 

 

 

 

 

 

 

 

11,367,203

 

 

Municipal Target

 

 

 

13,260,377

 

 

 

 

 

 

 

 

 

 

 

 

13,260,377

 

 

Municipal Strategic

 

 

 

4,102,935

 

 

 

 

 

 

 

 

 

 

 

 

4,102,935

 

 

California Insured 2008

 

 

 

4,955,454

 

 

 

 

 

 

 

 

 

 

 

 

4,955,454

 

 

California 2018

 

 

 

2,874,521

 

 

 

 

 

 

 

 

 

 

 

 

2,874,521

 

 

Florida Insured 2008

 

 

 

4,127,486

 

 

 

 

 

 

 

 

 

 

 

 

4,127,486

 

 

Florida 2020

 

 

 

2,805,004

 

 

 

 

183,445

 

 

 

 

172,541

 

 

 

 

3,160,990

 

 

New York Insured 2008

 

 

 

5,235,059

 

 

 

 

 

 

 

 

 

 

 

 

5,235,059

 

 

New York 2018

 

 

 

1,605,584

 

 

 

 

 

 

 

 

 

 

 

 

1,605,584

 

 

Pennsylvania Strategic

 

 

 

1,057,915

 

 

 

 

 

 

 

 

 

 

 

 

1,057,915

 

 

82


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2004

 

 

 


 

Distributions Paid From:

 

 

Tax-exempt
Income

 

Ordinary
Income

 

Long-term
Capital Gains

 

Total
Distributions

 


 

 


 


 


 


 

Municipal Insured 2008

 

 

$

26,619,425

 

 

 

$

 

 

 

$

1,894,315

 

 

 

$

28,513,740

 

 

Insured Municipal

 

 

 

17,037,771

 

 

 

 

 

 

 

 

812,492

 

 

 

 

17,850,263

 

 

Municipal 2018

 

 

 

13,984,481

 

 

 

 

 

 

 

 

 

 

 

 

13,984,481

 

 

Municipal 2020

 

 

 

21,054,806

 

 

 

 

 

 

 

 

 

 

 

 

21,054,806

 

 

Municipal Target

 

 

 

25,726,694

 

 

 

 

 

 

 

 

533,877

 

 

 

 

26,260,571

 

 

Municipal Strategic

 

 

 

7,612,041

 

 

 

 

 

 

 

 

 

 

 

 

7,612,041

 

 

California Insured 2008

 

 

 

9,051,950

 

 

 

 

 

 

 

 

324,195

 

 

 

 

9,376,145

 

 

California 2018

 

 

 

5,263,705

 

 

 

 

 

 

 

 

 

 

 

 

5,263,705

 

 

Florida Insured 2008

 

 

 

7,309,322

 

 

 

 

 

 

 

 

700,253

 

 

 

 

8,009,575

 

 

Florida 2020

 

 

 

5,552,053

 

 

 

 

 

 

 

 

 

 

 

 

5,552,053

 

 

New York Insured 2008

 

 

 

10,262,252

 

 

 

 

 

 

 

 

697,742

 

 

 

 

10,959,994

 

 

New York 2018

 

 

 

2,990,333

 

 

 

 

 

 

 

 

 

 

 

 

2,990,333

 

 

Pennsylvania Strategic

 

 

 

1,976,299

 

 

 

 

 

 

 

 

 

 

 

 

1,976,299

 

 

          As of June 30, 2005, the estimated components of distributable earnings on a tax basis were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Undistributed
Tax-exempt
Income

 

Undistributed
Ordinary
Income

 

Undistributed
Long-term
Gains

 

Unrealized
Net
Appreciation

 


 

 


 


 


 


 

Municipal Insured 2008

 

 

$

25,643,748

 

 

 

$

11,643

 

 

 

$

353,680

 

 

 

$

42,173,996

 

 

Insured Municipal

 

 

 

16,332,115

 

 

 

 

 

 

 

 

544,377

 

 

 

 

26,245,919

 

 

Municipal 2018

 

 

 

18,257,268

 

 

 

 

 

 

 

 

 

 

 

 

20,864,009

 

 

Municipal 2020

 

 

 

2,407,083

 

 

 

 

 

 

 

 

 

 

 

 

27,448,107

 

 

Municipal Target

 

 

 

23,575,077

 

 

 

 

 

 

 

 

186,001

 

 

 

 

25,982,676

 

 

Municipal Strategic

 

 

 

6,312,081

 

 

 

 

 

 

 

 

 

 

 

 

13,212,875

 

 

California Insured 2008

 

 

 

9,195,553

 

 

 

 

 

 

 

 

67,337

 

 

 

 

18,041,774

 

 

California 2018

 

 

 

4,665,037

 

 

 

 

 

 

 

 

 

 

 

 

7,536,600

 

 

Florida Insured 2008

 

 

 

6,140,857

 

 

 

 

 

 

 

 

116,255

 

 

 

 

8,660,395

 

 

Florida 2020

 

 

 

151,813

 

 

 

 

 

 

 

 

 

 

 

 

7,065,276

 

 

New York Insured 2008

 

 

 

10,304,151

 

 

 

 

 

 

 

 

179,735

 

 

 

 

16,289,196

 

 

New York 2018

 

 

 

3,021,526

 

 

 

 

 

 

 

 

 

 

 

 

6,820,584

 

 

Pennsylvania Strategic

 

 

 

1,090,228

 

 

 

 

 

 

 

 

 

 

 

 

3,294,103

 

 

Note 5. Capital

There are 200 million of $0.01 par value common shares authorized for each of the 2008 Trusts, Insured Municipal and Municipal Target. 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, 2005, the common shares outstanding and the shares owned by affiliates of the Advisor of each Trust were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Common
Shares

Outstanding

 

Common
Shares

Owned

 

Trust

 

Common
Shares
Outstanding

 

Common
Shares
Owned

 


 


 


 


 


 


 

Municipal Insured 2008

 

 

 

27,207,093

 

 

 

 

 

 

 

California 2018

 

 

 

6,433,028

 

 

 

 

 

 

Insured Municipal

 

 

 

25,885,639

 

 

 

 

 

 

 

Florida Insured 2008

 

 

 

8,707,093

 

 

 

 

 

 

Municipal 2018

 

 

 

15,908,028

 

 

 

 

 

 

 

Florida 2020

 

 

 

5,562,128

 

 

 

 

8,028

 

 

Municipal 2020

 

 

 

20,236,628

 

 

 

 

8,028

 

 

 

New York Insured 2008

 

 

 

11,257,093

 

 

 

 

 

 

Municipal Target

 

 

 

45,410,639

 

 

 

 

 

 

 

New York 2018

 

 

 

3,633,028

 

 

 

 

 

 

Municipal Strategic

 

 

 

7,242,261

 

 

 

 

 

 

 

Pennsylvania Strategic

 

 

 

2,015,492

 

 

 

 

 

 

California Insured 2008

 

 

 

10,407,093

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

83


          There were no transactions in common shares of beneficial interest for the six months ended June 30, 2005 and the year end December 31, 2004.

          As of June 30, 2005, 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

 

Trust

 

Series

 

Shares

 


 


 


 


 


 


 

Municipal Insured 2008

 

T7

 

 

4,660

 

Municipal Strategic

 

W7

 

 

2,480

 

 

 

 

R7

 

 

2,060

 

California Insured 2008

 

W7

 

 

2,622

 

 

 

 

T28

 

 

2,060

 

 

 

W28

 

 

1,560

 

 

 

 

R28

 

 

2,060

 

California 2018

 

M7

 

 

2,221

 

 

Insured Municipal

 

M7

 

 

4,216

 

Florida Insured 2008

 

R7

 

 

3,366

 

 

 

 

M28

 

 

2,600

 

Florida 2020

 

F7

 

 

1,956

 

 

Municipal 2018

 

W7

 

 

2,752

 

New York Insured 2008

 

F7

 

 

2,672

 

 

 

 

R7

 

 

2,752

 

 

 

F28

 

 

1,710

 

 

Municipal 2020

 

M7

 

 

2,368

 

New York 2018

 

T7

 

 

1,256

 

 

 

 

W7

 

 

2,368

 

Pennsylvania Strategic

 

W7

 

 

700

 

 

 

 

F7

 

 

2,368

 

 

 

 

 

 

 

 

 

Municipal Target

 

W7

 

 

5,964

 

 

 

 

 

 

 

 

 

 

 

F7

 

 

3,000

 

 

 

 

 

 

 

 

 

          Dividends on 7-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 cumulative at a rate which is reset every 28 days based on the results of an auction. The dividend ranges on the preferred shares for each of the Trusts for the six months ended June 30, 2005, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Low

 

High

 

Trust

 

Low

 

High

 


 


 


 


 


 


 

Municipal Insured 2008

 

0.70

%

 

2.75

%

 

California 2018

 

1.06

%

 

2.05

%

 

Insured Municipal

 

1.30

 

 

2.90

 

 

Florida Insured 2008

 

1.00

 

 

2.80

 

 

Municipal 2018

 

1.40

 

 

2.80

 

 

Florida 2020

 

1.60

 

 

2.85

 

 

Municipal 2020

 

1.50

 

 

2.85

 

 

New York Insured 2008

 

1.00

 

 

2.65

 

 

Municipal Target

 

1.25

 

 

2.80

 

 

New York 2018

 

0.99

 

 

2.65

 

 

Municipal Strategic

 

1.50

 

 

2.65

 

 

Pennsylvania Strategic

 

1.00

 

 

2.71

 

 

California Insured 2008

 

1.10

 

 

2.40

 

 

 

 

 

 

 

 

 

 

          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 or 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 Directors/Trustees for each Trust. In addition, the Investment Company Act of 1940, as amended, 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 sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.

          On February 7, 2005, Municipal Target Trust’s Board approved the redemption of all of the 3,000 W28 preferred shares outstanding in preparation for its termination on or about December 31, 2006. The shares were redeemed at a price of $25,000 per share (an aggregate price of $75,000,000) plus any accrued and unpaid dividends through the redemption date on March 10, 2005. Management believes that the redemption of the W28 preferred shares will not affect the Municipal Target Trust’s ability to satisfy the terms of the remaining preferred shares outstanding.

84


 

 

Note 6. Dividends
 

Subsequent to June 30, 2005, the Board of each Trust declared dividends from undistributed earnings per common share payable August 1, 2005, to shareholders of record on July 4, 2005. The per share common dividends declared were:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Common Dividend
Per Share

 

Trust

 

Common Dividend
Per Share

 


 


 


 


 

Municipal Insured 2008

 

 

$

0.066250

 

 

California 2018

 

 

$

0.061250

 

 

Insured Municipal

 

 

 

0.047917

 

 

Florida Insured 2008

 

 

 

0.062500

 

 

Municipal 2018

 

 

 

0.075500

 

 

Florida 2020

 

 

 

0.055625

 

 

Municipal 2020

 

 

 

0.066250

 

 

New York Insured 2008

 

 

 

0.062500

 

 

Municipal Target

 

 

 

0.031125

 

 

New York 2018

 

 

 

0.061250

 

 

Municipal Strategic

 

 

 

0.091625

 

 

Pennsylvania Strategic

 

 

 

0.075500

 

 

California Insured 2008

 

 

 

0.064375

 

 

 

 

 

 

 

 

 

The dividends declared on preferred shares for the period July 1, 2005, to July 31, 2005, for each of the Trusts were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Series

 

Dividends
Declared

 

Trust

 

Series

 

Dividends
Declared

 


 

 


 


 


 


 


 

Municipal Insured 2008

 

 

T7

 

 

178,525

 

 

California Insured 2008

 

 

W7

 

 

85,346

 

 

 

 

 

R7

 

 

95,007

 

 

 

 

 

W28

 

 

52,354

 

 

 

 

 

T28

 

 

90,434

 

 

California 2018

 

 

M7

 

 

78,490

 

 

 

 

 

R28

 

 

84,934

 

 

Florida Insured 2008

 

 

R7

 

 

187,385

 

 

Insured Municipal

 

 

M7

 

 

164,761

 

 

Florida 2020

 

 

F7

 

 

79,687

 

 

 

 

 

M28

 

 

113,698

 

 

New York Insured 2008

 

 

F7

 

 

95,818

 

 

Municipal 2018

 

 

W7

 

 

115,474

 

 

 

 

 

F28

 

 

68,862

 

 

 

 

 

R7

 

 

150,700

 

 

New York 2018

 

 

T7

 

 

43,357

 

 

Municipal 2020

 

 

M7

 

 

99,930

 

 

Pennsylvania Strategic

 

 

W7

 

 

30,310

 

 

 

 

 

W7

 

 

97,988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F7

 

 

95,336

 

 

 

 

 

 

 

 

 

 

 

Municipal Target

 

 

W7

 

 

229,912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F7

 

 

117,330

 

 

 

 

 

 

 

 

 

 

 

Municipal Strategic

 

 

W7

 

 

102,821

 

 

 

 

 

 

 

 

 

 

 

85



 

DIVIDEND REINVESTMENT PLANS


          Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common shareholders of the 2008 Trusts, Insured Municipal and Municipal Target 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 EquiServe Trust Company, N.A. (the “Plan Agent”) in the respective Trust’s shares pursuant 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 Trust, 2020 Trust and/or Municipal Target 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.

 

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENTS


          At a meeting held on May 26, 2005, the board of trustees (the “Board” or the “Trustees”) of each trust (each a “Trust”), including the independent trustees (the “Independent Trustees”), unanimously approved the continuance of an Investment Management Agreement between each Trust and BlackRock Advisors, Inc. (the “Advisor”). For each Investment Management Agreement, the Boards also approved a related Sub-Investment Advisory Agreement, when applicable, among each respective Trust, the Advisor and BlackRock Financial Management, Inc. (the “Sub-Advisor”). The Investment Management Agreements and the Sub-Investment Advisory Agreements sometimes are referred to herein collectively as the “Agreements”. The Advisor and the Sub-Advisor sometimes are referred to herein collectively as “BlackRock”.

Information Received by the Boards

          To assist each Board in its evaluation of the Agreements, the Independent Trustees received information from BlackRock on or about April 27, 2005 which detailed, among other things: the organization, business lines and capabilities of BlackRock, including the responsibilities of various departments and key personnel and biographical information relating to key personnel; financial statements for BlackRock, Inc., the PNC Financial Services Group, Inc. and each Trust; the advisory and/or administrative fees paid by each Trust to BlackRock, including comparisons, compiled by an independent third party, with the management fees of funds with similar investment objectives (“Peers”); the profitability of BlackRock and certain industry profitability analyses for advisors to registered investment companies; the expenses of BlackRock in providing the various services; non-investment advisory reimbursements and “fallout” benefits to BlackRock; the expenses of each Trust, including comparisons of the respective Trust’s expense ratios (both before and after any fee waivers) with the expense ratios of its Peers; and each Trust’s performance for the past one-, three-, five- and ten-year periods, when applicable, as well as each Trust’s performance compared to its Peers. This information supplemented the information received by each Board throughout the year regarding each Trust’s performance, expense ratios, portfolio composition, trade execution and compliance.

          In addition to the foregoing materials, independent legal counsel to the Independent Trustees provided a legal memorandum outlining, among other things, the duties of the Boards under the 1940 Act as well as the general principles of relevant law in reviewing and approving advisory contracts, the requirements of the 1940 Act in such matters, an advisor’s fiduciary duty with respect to advisory agreements and compensation, and the standards used by courts in determining whether investment company boards of directors have fulfilled their duties and factors to be considered by the boards in voting on advisory agreements.

86


          Prior to the Board meeting, the Independent Trustees reviewed a preliminary binder of information, and, in consultation with independent counsel, submitted a memorandum on May 12, 2005, to BlackRock setting forth certain questions and requests for additional information. BlackRock responded to these questions in writing on May 24, 2005 and May 25, 2005. The Independent Trustees reviewed these responses with independent counsel on May 25, 2005.

          At the Board meeting on May 26, 2005, BlackRock made a presentation to and responded to additional questions from the Boards. After the presentations and after reviewing the written materials, the Independent Trustees met in executive session with their legal counsel to review the Boards’ duties in reviewing the Agreements and to consider the renewal of the Agreements. With this background, the Boards considered each Agreement and, in consultation with independent counsel, reviewed the factors set out in judicial decisions and Securities and Exchange Commission statements relating to the renewal of the Agreements.

Matters Considered by the Boards

          In connection with their deliberations, the Boards considered all factors they believed relevant with respect to each Trust, including the following: the nature, extent and quality of the services to be provided by BlackRock; the investment performance of each Trust; the costs of the services to be provided and profits to be realized by BlackRock and its affiliates from their relationship with the Trusts; the extent to which economies of scale would be realized as the BlackRock closed-end complex grows; and whether BlackRock realizes other benefits from its relationship with the Trusts.

          Nature and Quality of Investment Advisory and Sub-Advisory Services. In evaluating the nature, extent and quality of BlackRock’s services, the Boards reviewed information concerning the types of services that BlackRock provides and is expected to provide to each Trust, narrative and statistical information concerning each Trust’s performance record and how such performance compares to each Trust’s Peers, information describing BlackRock’s organization and its various departments, the experience and responsibilities of key personnel and available resources. The Boards further noted the willingness of the personnel of BlackRock to engage in open, candid discussions with the Boards. The Boards further considered the quality of BlackRock’s investment process in making portfolio management decisions. Given the Boards’ experience with BlackRock, the Boards noted that they were familiar with and continue to have a good understanding of the organization, operations and personnel of BlackRock.

          In addition to advisory services, the Independent Trustees considered the quality of the administrative or non-investment advisory services provided to the Trusts. In this regard, BlackRock provides each Trust with such administrative and other services (exclusive of, and in addition to, any such services provided by others for the Trusts) and officers and other personnel as are necessary for the operations of the respective Trust. In addition to investment management services, BlackRock and its affiliates provide each Trust with a wide range of services, including: preparing shareholder reports and communications, including annual and semi-annual financial statements and Trust web sites; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory inquiries); and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). In addition, in evaluating the administrative services, the Boards considered, in particular, BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations in light of the new Securities and Exchange Commission regulations governing compliance. The Boards noted BlackRock’s focus on compliance and its compliance systems. The Independent Trustees noted that BlackRock’s commitment to supporting the secondary market for the common shares of its closed-end funds is particularly noteworthy.

          The Investment Performance of the Trusts. As previously noted, the Boards received myriad performance information regarding each Trust and its Peers. Among other things, the Boards received materials reflecting each Trust’s historic performance and each Trust’s performance compared to its Peers. More specifically, each Trust’s one-, three-, five- and ten-year total returns (when applicable) were evaluated relative to its respective Peers (including the performance of individual peers as well as the Peers’ average performance).

          The Boards also reviewed a narrative analysis of the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the Boards’ request. The summary placed the Peer rankings into context by analyzing various factors that affect these comparisons. In evaluating the performance information, in certain limited instances, the Boards noted that the Peers most similar to a given Trust still would not adequately reflect such Trust’s investment objectives and strategies, thereby limiting the usefulness of the comparisons of such Trust’s performance with that of its Peers. The Boards noted the quality of information provided by BlackRock throughout the year with respect to the performance of the Trusts. The Boards considered this information in connection with its deliberations as to whether the level of management services provided to each Trust, in light of all the other facts and circumstances relating to that Trust, supports a conclusion that the Trust’s Agreement should be renewed.

          Fees and Expenses. In evaluating the management fees and expenses that a Trust is expected to bear, the Boards considered each Trust’s current management fee structure and the Trust’s expected expense ratios in absolute terms as well as relative to the fees and expense ratios of applicable Peers. In reviewing fees, the Boards, among other things, reviewed comparisons of each Trust’s gross management fees before and after any applicable reimbursements and fee waivers and total expense ratios before and after any applicable waivers with those of the applicable Peers. The Boards also reviewed a narrative analysis of the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the request of the Boards. This summary placed the rankings into context by analyzing various factors that affect these comparisons.

          The Boards also compared the management fees charged to the Trusts by BlackRock to the management fees BlackRock charges other types of clients (such as open-end investment companies and institutional separately managed accounts). With respect to open-end investment com-

87


panies, the management fees charged to the Trusts generally were higher than those charged to the open-end investment companies. The Boards also noted that BlackRock provides the Trusts with certain services not provided to open-end funds, such as leverage management in connection with the issuance of preferred shares, stock exchange listing compliance requirements, rating agency compliance with respect to the leverage employed by the Trusts and secondary market support and other services not provided to the Trusts, such as monitoring of subscriptions and redemptions. With respect to separately managed institutional accounts, the management fees for such accounts were generally lower than those charged to the comparable Trusts. The Boards noted, however, the various services that are provided and the costs incurred by BlackRock in managing and operating the Trusts. For instance, BlackRock and its affiliates provide numerous services to the Trusts that are not provided to institutional accounts including, but not limited to: preparing shareholder reports and communications, including annual and semi-annual financial statements; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; income monitoring; expense budgeting; preparing proxy statements; and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). Further, the Boards noted the increased compliance requirements for the Trusts in light of new Securities and Exchange Commission regulations and other legislation. These services are generally not required to the same extent, if at all, for separate accounts.

          The Boards considered this information in connection with its deliberations as to whether the fees paid by each Trust under its Agreements, in light of all the other facts and circumstances relating to that Trust, supports a conclusion that the Trust’s Agreements should be renewed.

          Profitability. The Trustees also considered BlackRock’s profitability in conjunction with their review of fees. The Trustees reviewed BlackRock’s revenues, expenses and profitability margins on an after-tax basis. In reviewing profitability, the Trustees recognized that one of the most difficult issues in determining profitability is establishing a method of allocating expenses. The Trustees also reviewed BlackRock’s assumptions and methodology of allocating expenses. In this regard, the methods of allocation used appeared reasonable but the Boards noted the inherent limitations in allocating costs among various advisory products. The Boards also recognized that individual fund or product line profitability of other advisors is generally not publicly available.

          The Boards recognized that profitability may be affected by numerous factors including, among other things, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is somewhat limited. Nevertheless, to the extent available, the Boards considered BlackRock’s pre-tax profit margin compared to the pre-tax profitability of various publicly-traded investment management companies and/or investment management companies that publicly disclose some or all of their financial results.

          In evaluating the reasonableness of BlackRock’s compensation, the Boards also considered any other revenues paid to BlackRock, including partial reimbursements paid to BlackRock for certain non-investment advisory services. The Boards noted that these payments were less than BlackRock’s costs for providing these services. The Boards also considered indirect benefits (such as soft dollar arrangements) that BlackRock and its affiliates are expected to receive that are attributable to their management of the Trusts.

          In reviewing each Trust’s fees and expenses, the Boards examined the potential benefits of economies of scale, and whether any economies of scale should be reflected in the Trust’s fee structures, for example through the use of breakpoints. In this connection, the Boards reviewed information provided by BlackRock, noting that most closed-end fund complexes do not have fund-level breakpoints, as closed-end funds generally do not experience substantial growth after their initial public offering and each fund is managed independently consistent with its own investment objectives. The information also revealed that only one closed-end fund complex used a complex-level breakpoint structure, and that this complex generally is homogeneous with regard to the types of funds managed and is about four times as large as the Trust’s complex. The Boards concluded that breakpoints were not warranted at this time.

          Other Benefits. In evaluating fees, the Boards also considered indirect benefits or profits BlackRock or its affiliates may receive as a result of their relationships with the Trusts. The Trustees, including the Independent Trustees, considered the intangible benefits that accrue to BlackRock and its affiliates by virtue of their relationships with the Trusts, including potential benefits accruing to BlackRock and its affiliates as a result of potentially stronger relationships with members of the broker-dealer community, increased name recognition of BlackRock and its affiliates, enhanced sales of other investment funds and products sponsored by BlackRock and its affiliates and increased assets under management which may increase the benefits realized by BlackRock from soft dollar arrangements with broker-dealers. The Boards also considered the unquantifiable nature of these potential benefits.

          Miscellaneous. During the Boards’ deliberations in connection with the Agreements, the Boards were aware that the Advisor pays compensation, out of its own assets, to the lead underwriter and to certain qualifying underwriters of many of its closed-end funds, and to employees of BlackRock and its affiliates that participated in the offering of such funds. The Boards considered whether the management fee met applicable standards in light of the services provided by BlackRock, without regard to whether BlackRock ultimately pays any portion of the anticipated compensation to the underwriters.

Conclusion

          The Trustees did not identify any single factor discussed above as all-important or controlling. The Trustees, including a majority of Independent Trustees, determined that each of the factors described above, in light of all the other factors and all of the facts and circumstances applicable to each respective Trust, was acceptable for each Trust and supported the Trustees’ conclusion that the terms of each Agreement were fair and reasonable, that the respective Trust’s fees are reasonable in light of the services provided to the respective Trust, and that the renewal of each Agreement should be approved.

88


 

ADDITIONAL INFORMATION


          We are required by the Internal Revenue Code to advise you within 60 days of a Trust’s tax year-end as to the Federal tax status of dividends paid by the Trusts during such tax year. Accordingly, during the tax year-end June 30, 2005, all dividends paid by the Strategic Trusts (the only Trusts with June 30th tax year-ends) were federally tax-exempt interest dividends.

          The Joint Annual Meeting of Shareholders was held on May 26, 2005, to elect a certain number of Directors/Trustees for each of the following Trusts to three-year terms, unless otherwise indicated, expiring in 2008:

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Insured 2008

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Elected the Class I Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

R. Glenn Hubbard1

 

 

 

25,134,043

 

 

 

 

950,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

25,127,028

 

 

 

 

957,517

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class III Directors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Andrew F. Brimmer

 

 

 

25,125,347

 

 

 

 

959,198

 

 

Kent Dixon

 

 

 

25,151,329

 

 

 

 

933,216

 

 

Robert S. Kapito

 

 

 

25,151,737

 

 

 

 

932,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insured Municipal

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class I Directors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Richard E. Cavanagh2

 

 

 

6,279

 

 

 

 

14

 

 

R. Glenn Hubbard

 

 

 

24,505,715

 

 

 

 

322,870

 

 

James Clayburn La Force, Jr.

 

 

 

24,490,729

 

 

 

 

337,856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

24,491,783

 

 

 

 

336,802

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal 2018

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class I Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Richard E. Cavanagh2

 

 

 

5,165

 

 

 

 

176

 

 

R. Glenn Hubbard

 

 

 

15,565,463

 

 

 

 

205,676

 

 

James Clayburn La Force, Jr.

 

 

 

15,559,484

 

 

 

 

211,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustee as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

15,548,699

 

 

 

 

222,440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal 2020

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Frank J. Fabozzi2

 

 

 

6,951

 

 

 

 

13

 

 

Kathleen F. Feldstein

 

 

 

19,748,832

 

 

 

 

357,782

 

 

Walter F. Mondale

 

 

 

19,714,249

 

 

 

 

392,365

 

 

Ralph L. Schlosstein

 

 

 

19,750,067

 

 

 

 

356,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municpal Target

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class I Directors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Richard E. Cavanagh2

 

 

 

11,303

 

 

 

 

25

 

 

R. Glenn Hubbard

 

 

 

42,403,512

 

 

 

 

794,365

 

 

James Clayburn La Force, Jr.

 

 

 

42,357,139

 

 

 

 

840,738

 

 

89


 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

42,376,847

 

 

 

 

821,030

 

 

 

 

 

 

 

 

 

 

Municipal Strategic

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Frank J. Fabozzi2

 

 

 

2,244

 

 

 

 

1

 

 

Kathleen F. Feldstein

 

 

 

6,830,641

 

 

 

 

94,495

 

 

Walter F. Mondale

 

 

 

6,821,510

 

 

 

 

103,626

 

 

Ralph L. Schlosstein

 

 

 

6,845,647

 

 

 

 

79,489

 

 

 

 

 

 

 

 

 

 

California Insured 2008

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class I Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

R. Glenn Hubbard1

 

 

 

10,059,947

 

 

 

 

95,837  

 

 

 

 

 

 

 

 

 

 

Elected the Class II Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

10,060,327

 

 

 

 

95,457  

 

 

 

 

 

 

 

 

 

 

Elected the Class III Directors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Andrew F. Brimmer

 

 

 

10,060,039

 

 

 

 

95,745

 

 

Kent Dixon

 

 

 

10,061,382

 

 

 

 

94,402

 

 

Robert S. Kapito

 

 

 

10,061,147

 

 

 

 

94,637

 

 

 

 

 

 

 

 

 

 

California 2018

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class I Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Richard E. Cavanagh2

 

 

 

2,209

 

 

 

 

 

 

R. Glenn Hubbard

 

 

 

6,384,551

 

 

 

 

28,322

 

 

James Clayburn La Force, Jr.

 

 

 

6,387,185

 

 

 

 

25,688

 

 

Elected the Class II Trustee as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

6,385,099

 

 

 

 

27,774  

 

 

 

 

 

 

 

 

 

 

Florida Insured 2008

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class III Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Andrew F. Brimmer

 

 

 

8,346,838

 

 

 

 

139,035

 

 

Kent Dixon

 

 

 

8,388,849

 

 

 

 

97,024

 

 

Robert S. Kapito

 

 

 

8,336,725

 

 

 

 

149,148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida 2020

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Frank J. Fabozzi2

 

 

 

1,956

 

 

 

 

 

 

Kathleen F. Feldstein

 

 

 

5,379,180

 

 

 

 

53,584

 

 

Walter F. Mondale

 

 

 

5,374,513

 

 

 

 

58,251

 

 

Ralph L. Schlosstein

 

 

 

5,382,180

 

 

 

 

50,584

 

 

90


 

 

 

 

 

 

 

 

 

 

 

 

New York Insured 2008

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Elected the Class I Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

R. Glenn Hubbard1

 

 

 

9,579,899

 

 

 

 

662,980

 

 

 

 

 

 

 

 

 

 

Elected the Class II Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

9,586,065

 

 

 

 

656,814

 

 

 

 

 

 

 

 

 

 

Elected the Class III Directors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Andrew F. Brimmer

 

 

 

9,587,623

 

 

 

 

655,256

 

 

Kent Dixon

 

 

 

9,589,440

 

 

 

 

653,439

 

 

Robert S. Kapito

 

 

 

9,595,362

 

 

 

 

647,517

 

 

 

 

 

 

 

 

 

 

New York 2018

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class I Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Richard E. Cavanagh2

 

 

 

1,248

 

 

 

 

8

 

 

R. Glenn Hubbard

 

 

 

3,441,271

 

 

 

 

35,120

 

 

James Clayburn La Force, Jr.

 

 

 

3,441,271

 

 

 

 

35,120

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustee as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

3,436,717

 

 

 

 

39,674  

 

 

 

 

 

 

 

 

 

 

Pennsylvania Strategic

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Frank J. Fabozzi2

 

 

 

545

 

 

 

 

8

 

 

Kathleen F. Feldstein

 

 

 

1,922,351

 

 

 

 

20,480

 

 

Walter F. Mondale

 

 

 

1,915,862

 

 

 

 

26,969

 

 

Ralph L. Schlosstein

 

 

 

1,926,187

 

 

 

 

16,644

 

 


 

 


1

Mr. Hubbard and Ms. Feldstein will serve until the end of the term for the Class of Directors/Trustees to which they were elected, if such class was not standing for election at the May 26, 2005, Annual Shareholder Meeting.

2

Voted on by the holders of preferred shares only.

91


          The following Trusts had an additional proposal (Proposal #2A) to amend its respective Declaration of Trust in order to change the maximum number of permitted Trustees allowed on its respective Board to 11:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

 

Votes Against

 

 

Votes Withheld

 

 

 

 


 

 


 

 


 

Municipal 2018

 

 

 

15,175,519

 

 

 

 

341,201

 

 

 

 

254,418

 

 

Municipal 2020

 

 

 

19,317,546

 

 

 

 

506,803

 

 

 

 

282,264

 

 

California 2018

 

 

 

6,322,300

 

 

 

 

52,424

 

 

 

 

38,149

 

 

Florida 2020

 

 

 

5,292,795

 

 

 

 

96,583

 

 

 

 

43,386

 

 

New York 2018

 

 

 

3,406,203

 

 

 

 

42,537

 

 

 

 

27,651

 

 

          The following Trust had an additional proposal (Proposal #2B) to amend its Declaration of Trust in order to reduce the maximum number of permitted Trustees allowed on its Board from 15 to 11:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

 

Votes Against

 

 

Votes Withheld

 

 

 

 


 

 


 

 


 

Florida Insured 2008

 

 

8,324,731

 

 

97,491

 

 

63,651

 

          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. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

          Quarterly performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/indiv/products/closedendfunds/funds.html. 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, Kevin M. Klingert—Director of BlackRock Advisors, Inc. and Managing Director of the Advisor and the Sub-Advisor, Henry Gabbay, Anne Ackerley and Bartholomew Battista—Managing Directors of the Advisor and the Sub-Advisor, James Kong and Vincent Tritto—Managing Directors of the Sub-Advisor, and Brian P. Kindelan—Managing Director of the Advisor.

92


BlackRock Closed-End Funds

 

 

Directors/Trustees

Transfer Agent

Ralph L. Schlosstein, Chairman

Equiserve Trust Company, N.A.

Andrew F. Brimmer

c/o Computershare Investor Services

Richard E. Cavanagh

250 Royall Street

Kent Dixon

Canton, MA 02021

Frank J. Fabozzi

(800) 699-1BFM

Kathleen F. Feldstein1

 

R. Glenn Hubbard2

Auction Agent3

Robert S. Kapito

Bank of New York

James Clayburn La Force, Jr.

101 Barclay Street, 7 West

Walter F. Mondale

New York, NY 10286

 

 

Officers

Auction Agent4

Robert S. Kapito, President

Deutsche Bank Trust Company Americas

Henry Gabbay, Treasurer

60 Wall Street, 27th Floor

Bartholomew Battista, Chief Compliance Officer

New York, NY 10005

Anne Ackerley, Vice President

 

Kevin M. Klingert, Vice President

Independent Registered Public Accounting Firm

James Kong, Assistant Treasurer

Deloitte & Touche LLP

Vincent B. Tritto, Secretary

200 Berkeley Street

Brian P. Kindelan, Assistant Secretary

Boston, MA 02116

 

 

Investment Advisor

Legal Counsel

BlackRock Advisors, Inc.

Skadden, Arps, Slate, Meagher & Flom LLP

100 Bellevue Parkway

Four Times Square

Wilmington, DE 19809

New York, NY 10036

(800) 227-7BFM

 

 

Legal Counsel – Independent Trustees

Sub-Advisor3

Debevoise & Plimpton LLP

BlackRock Financial Management, Inc.

919 Third Avenue

40 East 52nd Street

New York, NY 10022

New York, NY 10022

 


 Accounting Agent and Custodian
    State Street Bank and Trust Company
    225 Franklin Street

          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.

Boston, MA 02110


BlackRock Closed-End Funds

 

c/o BlackRock Advisors, Inc.

 

100 Bellevue Parkway

 

Wilmington, DE 19809

 

(800) 227-7BFM


 

 

1

Appointed as a Director/Trustee of the 2008 Trusts, Strategic Trusts, Insured Municipal Trust and Municipal Target Trust on January 19, 2005, and elected by Shareholders on May 26, 2005.

2

Appointed as a Director/Trustee of each Trust on November 16, 2004. Elected by Shareholders on May 26, 2005, as a Director/Trustee for each Trust, except the 2020 Trusts, Strategic Trusts and Florida Insured 2008 Trust, for which Mr. Hubbard’s class of Directors/Trustees did not stand for election.

3

For the 2018 Trusts and 2020 Trusts.

4

For the Trusts, except the 2018 Trusts and 2020 Trusts.

 

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 December 31st is available, 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.

(BLACKROCK LOGO)

 

 

CEF-SEMI-4

 



Item 2. Code of Ethics.
Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.

Item 6. Schedule of Investments.
The Registrant’s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable for semi-annual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.
Not applicable because no such purchases were made during the period covered by this report.

Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable because no applicable matters were voted on by shareholders during the period covered by this report.

Item 11. Controls and Procedures.
(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures as of a date within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures are effective, as of such date, in ensuring that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The Registrant's principal executive officer and principal financial officer are aware of no changes in the Registrant's internal control over financial reporting that occurred during the Registrant's second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable.

(a) (2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(a) (3) Not applicable.

(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


SIGNATURES

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

(Registrant)____BlackRock New York Insured Municipal 2008 Term Trust, Inc.__________

By: /s/ Henry Gabbay      
Name: Henry Gabbay
Title: Treasurer
Date: 8/19/05

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

By: /s/ Robert S. Kapito      
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: 08/19/05


By: /s/ Henry Gabbay      
Name: Henry Gabbay
Title: Principal Financial Officer
Date: 8/19/05