Untitled Document

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:
811-07090
 

 

The BlackRock California 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
The BlackRock California 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, 2004
 

 

Date of reporting period:
June 30, 2004
 

 



Item 1. Reports to Shareholders.
The Trust'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, 2004 (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)

 

 

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE


TABLE OF CONTENTS

Letter to Shareholders 1  
     
Trusts’ Summaries 2  
     
Portfolios of Investments 15  
     
Financial Statements    
     
   Statements of Assets and Liabilities 56  
     
   Statements of Operations 58  
     
   Statements of Changes in Net Assets 60  
     
Financial Highlights 65  
     
Notes to Financial Statements 78  
     
Dividend Reinvestment Plans 84  
     
Additional Information 85  

 


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, 2004

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, 2004.












      Tax- Closing    
  Current Equivalent Market    
   Trust (Ticker) Yield1 Yield1 Price NAV









BlackRock Insured Municipal 2008 Term Trust (BRM) 4.92 % 7.57 % $ 16.15   $ 16.68  











BlackRock Insured Municipal Term Trust (BMT) 5.33   8.20     10.79     10.87  











BlackRock Municipal 2018 Term Trust (BPK) 5.52   8.50     14.12     15.07  











BlackRock Municipal 2020 Term Trust (BKK) 6.75   10.39     13.88     13.74  











BlackRock Municipal Target Term Trust (BMN) 4.51   6.93     10.65     10.60  











BlackRock Strategic Municipal Trust (BSD) 7.15   11.01     13.35     14.90  











BlackRock California Insured Municipal 2008 Term Trust (BFC) 4.87   7.49     15.86     16.47  











BlackRock California Municipal 2018 Term Trust (BJZ) 5.57   8.57     13.20     14.36  











BlackRock Florida Insured Municipal 2008 Term Trust (BRF) 4.88   7.51     15.36     15.67  











BlackRock Florida Municipal 2020 Term Trust (BFO) 6.47   9.96     13.90     13.78  











BlackRock New York Insured Municipal 2008 Term Trust (BLN) 4.76   7.32     15.76     16.43  











BlackRock New York Municipal 2018 Term Trust (BLH) 5.20   8.00     14.14     14.97  











BlackRock Pennsylvania Strategic Municipal Trust (BPS) 6.37   9.80     13.93     15.53  











1 Yields are based on closing market price. 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, 2004, BlackRock managed over $19 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., which manages the Trusts, is a wholly owned subsidiary 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,


Laurence D. Fink
Chief Executive Officer
BlackRock Advisors, Inc.


Ralph L. Schlosstein
President
BlackRock Advisors, Inc.

 

 

 

1


TRUST SUMMARIES (unaudited)
JUNE 30, 2004

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 6/30/04: $16.15  



Net Asset Value as of 6/30/04: $16.68  



Yield on Closing Market Price as of 6/30/04 ($16.15):1 4.92 %



Current Monthly Distribution per Common Share:2 $0.06625  



Current Annualized Distribution per Common Share:2 $0.79500  



Leverage as of 6/30/04:3 37 %



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:

 




  6/30/04 12/31/03 Change High Low







Market Price
$16.15
$17.27 (6.49 )% $17.76 $15.87







NAV
$16.68
$17.38 (4.03 )% $17.75 $16.46







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

Sector Breakdown

Sector
June 30, 2004 December 31, 2003





City, County & State 29 % 29 %





Power 22   21  





Education 10   14  





Tax Revenue 9   9  





Industrial & Pollution Control 8   6  





Transportation 8   7  





Lease Revenue 6   5  





Hospital 4   4  





Water & Sewer 4   4  





Housing   1  





As of June 30, 2004, all long-term investments had ratings of AAA/Aaa by Standard & Poor’s (“S&P”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch”).

2


TRUST SUMMARIES (unaudited)
JUNE 30, 2004

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 6/30/04: $10.79  



Net Asset Value as of 6/30/04: $10.87  



Yield on Closing Market Price as of 6/30/04 ($10.79):1 5.33 %



Current Monthly Distribution per Common Share:2 $0.047917  



Current Annualized Distribution per Common Share:2 $0.575004  



Leverage as of 6/30/04:3 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:

 




  6/30/04 12/31/03 Change High Low







Market Price
$10.79
$11.06
(2.44 )% $11.74 $10.47







NAV
$10.87
$11.40
(4.65 )% $11.72 $10.62







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

Sector Breakdown






Sector
June 30, 2004 December 31, 2003





City, County & State 32 % 35 %





Education 15   15  





Water & Sewer 15   14  





Power 14   12  





Hospital 10   10  





Lease Revenue 6   6  





Transportation 6   6  





Tax Revenue 2   2  





As of June 30, 2004, 99.5% of all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch and the remaining 0.5% was rated A+.

3


TRUST SUMMARIES (unaudited)
JUNE 30, 2004

BlackRock Municipal 2018 Term Trust (BPK)

Trust Information



Symbol on New York Stock Exchange: BPK



Initial Offering Date: October 30, 2001



Termination Date (on or about): December 31, 2018



Closing Market Price as of 6/30/04: $14.12  



Net Asset Value as of 6/30/04: $15.07  



Yield on Closing Market Price as of 6/30/04 ($14.12):1 5.52 %



Current Monthly Distribution per Common Share:2 $0.065  



Current Annualized Distribution per Common Share:2 $0.780  



Leverage as of 6/30/04:3 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:

 





  6/30/04 12/31/03 Change High Low







Market Price
$14.12
$14.36
(1.67 )% $15.09 $13.59







NAV
$15.07
$15.53
(2.96 )% $16.05 $14.96







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

Sector Breakdown




Sector
June 30, 2004 December 31, 2003





Industrial & Pollution Control 21 % 23 %





Hospital 21   21  





City, County & State 17   12  





Tobacco 11   12  





Housing 9   10  





Power 5   6  





Transportation 4   4  





Education 4   4  





Lease Revenue 3   3  





Tax Revenue 1   1  





Other 4   4  





Credit Breakdown4




Credit Rating
June 30, 2004 December 31, 2003





AAA/Aaa 14 % 15 %





AA/Aa 4   5  





A 23   22  





BBB/Baa 39   40  





BB/Ba 4   2  





B 3   4  





Not Rated5 13   12  





 


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, 2004, and December 31, 2003, the market value of these securities was $14,355,925 representing 3.8% and $18,920,780 representing 5.0%, respectively, of the Trust’s long-term investments.

4


TRUST SUMMARIES (unaudited)
JUNE 30, 2004

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 6/30/04: $13.88  



Net Asset Value as of 6/30/04: $13.74  



Yield on Closing Market Price as of 6/30/04 ($13.88):1 6.75 %



Current Monthly Distribution per Common Share:2 $0.078125  



Current Annualized Distribution per Common Share:2 $0.937500  



Leverage as of 6/30/04:3 39 %



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:

 





  6/30/04 12/31/03 Change High Low







Market Price
$13.88
$15.00
(7.47 )% $15.48 $13.40







NAV
$13.74
$14.51
(5.31 )% $15.04 $13.53







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

Sector Breakdown




Sector
June 30, 2004 December 31, 2003





City, County & State 31 % 26 %





Hospitals 16   15  





Industrial & Pollution Control 14   13  





Lease Revenue 10   14  





Tobacco 9   9  





Education 7   6  





Power 5   6  





Housing 4   2  





Transportation 2   3  





Tax Revenue 2   6  





Credit Breakdown4




Credit Rating
June 30, 2004 December 31, 2003





AAA/Aaa 13 % 22 %





AA/Aa 6   11  





A 23   18  





BBB/Baa 36   34  





BB/Ba 2   1  





B 3   5  





CCC 1    





Not Rated5 16   9  





 


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, 2004, the market value of these securities was $8,153,706 representing 1.8% of the Trust’s long-term investments.

5


TRUST SUMMARIES (unaudited)
JUNE 30, 2004

BlackRock Municipal Target Term Trust (BMN)

Trust Information



Symbol on the New York Stock Exchange: BMN



Initial Offering Date: September 27, 1991



Termination Date (on or about): December 31, 2006



Closing Market Price as of 6/30/04: $10.65  



Net Asset Value as of 6/30/04: $10.60  



Yield on Closing Market Price as of 6/30/04 ($10.65):1 4.51 %



Current Monthly Distribution per Common Share:2 $0.04  



Current Annualized Distribution per Common Share:2 $0.48  



Leverage as of 6/30/04:3 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:

 




  6/30/04 12/31/03 Change High Low







Market Price
$10.65
$10.95
(2.74 )% $11.55 $10.40







NAV
$10.60
$10.97
(3.37 )% $11.11 $10.55







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

Sector Breakdown




Sector
June 30, 2004 December 31, 2003





City, County & State 38 % 39 %





Power 14   13  





Transportation 11   11  





Education 10   10  





Lease Revenue 8   7  





Water & Sewer 8   7  





Housing 4   5  





Tax Revenue 3   3  





Hospital 3   4  





Industrial & Pollution Control 1   1  





As of June 30, 2004, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

6


TRUST SUMMARIES (unaudited)
JUNE 30, 2004

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 6/30/04: $13.35  



Net Asset Value as of 6/30/04: $14.90  



Yield on Closing Market Price as of 6/30/04 ($13.35):1 7.15 %



Current Monthly Distribution per Common Share:2 $0.079585  



Current Annualized Distribution per Common Share:2 $0.955020  



Leverage as of 6/30/04:3 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:

 




  6/30/04 12/31/03 Change High Low







Market Price
$13.35
$14.69
(9.12 )% $15.60 $13.03







NAV
$14.90
$15.91
(6.35 )% $16.39 $14.76







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

Sector Breakdown




Sector
June 30, 2004 December 31, 2003





Hospital 20 % 19 %





Industrial & Pollution Control 15   16  





City, County & State 11   11  





Tax Revenue 9   9  





Education 9   9  





Power 9   8  





Transportation 8   8  





Housing 5   5  





Water & Sewer 4   4  





Lease Revenue 3   4  





Tobacco 3   3  





Other 4   4  





Credit Breakdown4




Credit Rating
June 30, 2004 December 31, 2003





AAA/Aaa 44 % 43 %





AA/Aa 10   10  





A 6   12  





BBB/Baa 20   15  





BB/Ba 8   7  





B 5   7  





CCC 2    





Not Rated5 5   6  





 


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, 2004, and December 31, 2003, the market value of these securities was $4,349,200 representing 2.6% and $6,508,720 representing 3.7%, respectively, of the Trust’s long-term investments.

7


TRUST SUMMARIES (unaudited)
JUNE 30, 2004

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 6/30/04: $15.86  



Net Asset Value as of 6/30/04: $16.47  



Yield on Closing Market Price as of 6/30/04 ($15.86):1 4.87 %



Current Monthly Distribution per Common Share:2 $0.064375  



Current Annualized Distribution per Common Share:2 $0.772500  



Leverage as of 6/30/04:3 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:

 




  6/30/04 12/31/03 Change High Low







Market Price
$15.86
$17.09
(7.20 )% $17.35 $15.60







NAV
$16.47
$17.19
(4.19 )% $17.65 $16.08







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

Sector Breakdown

Sector
June 30, 2004 December 31, 2003





City, County & State 23 % 22 %





Lease Revenue 19   19  





Power 18   18  





Education 12   11  





Water & Sewer 10   10  





Tax Revenue 8   8  





Resource Recovery 5   5  





Transportation 4   4  





Hospital 1   3  





As of June 30, 2004, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

8


TRUST SUMMARIES (unaudited)
JUNE 30, 2004

BlackRock California Municipal 2018 Term Trust (BJZ)

Trust Information



Symbol on New York Stock Exchange: BJZ



Initial Offering Date: October 30, 2001



Termination Date (on or about): December 31, 2018



Closing Market Price as of 6/30/04: $13.20  



Net Asset Value as of 6/30/04: $14.36  



Yield on Closing Market Price as of 6/30/04 ($13.20):1 5.57 %



Current Monthly Distribution per Common Share:2 $0.06125  



Current Annualized Distribution per Common Share:2 $0.73500  



Leverage as of 6/30/04:3 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:

 




  6/30/04 12/31/03 Change High Low







Market Price
$13.20
$13.42
(1.64 )% $14.53 $12.88







NAV
$14.36
$14.77
(2.78 )% $15.25 $14.04







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

Sector Breakdown




Sector
June 30, 2004 December 31, 2003





Transportation 18 % 19 %





City, County & State 18   18  





Lease Revenue 15   15  





Hospital 10   10  





Tobacco 10   11  





Housing 7   7  





Education 5   5  





Power 5   5  





Industrial & Pollution Control 3   2  





Water & Sewer 2   1  





Other 7   7  





Credit Breakdown4




Credit Rating
June 30, 2004 December 31, 2003





AAA/Aaa 33 % 33 %





AA/Aa 4   4  





A 32   25  





BBB/Baa 24   28  





Not Rated5 7   10  





 


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, 2004, and December 31, 2003, the market value of these securities was $8,387,206 representing 6.1% and $12,685,095 representing 9.0%, respectively, of the Trust’s long-term investments.

9


TRUST SUMMARIES (unaudited)
JUNE 30, 2004

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 6/30/04: $15.36  



Net Asset Value as of 6/30/04: $15.67  



Yield on Closing Market Price as of 6/30/04 ($15.36):1 4.88 %



Current Monthly Distribution per Common Share:2 $0.0625  



Current Annualized Distribution per Common Share:2 $0.7500  



Leverage as of 6/30/04:3 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:

 




  6/30/04 12/31/03 Change High Low







Market Price
$15.36
$16.19
(5.13 )% $16.74 $15.06







NAV
$15.67
$16.43
(4.63 )% $16.81 $15.44







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

Sector Breakdown




Sector
June 30, 2004 December 31, 2003





Tax Revenue 34 % 33 %





Power 14   14  





Education 14   16  





Lease Revenue 11   11  





City, County & State 10   10  





Water & Sewer 7   7  





Transportation 5   6  





Resource Recovery 4   3  





Other 1    





As of June 30, 2004, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

10


TRUST SUMMARIES (unaudited)
JUNE 30, 2004

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 6/30/04: $13.90  



Net Asset Value as of 6/30/04: $13.78  



Yield on Closing Market Price as of 6/30/04 ($13.90):1 6.47 %



Current Monthly Distribution per Common Share:2 $0.075  



Current Annualized Distribution per Common Share:2 $0.900  



Leverage as of 6/30/04:3 39 %



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:

 




  6/30/04 12/31/03 Change High Low







Market Price
$13.90
$15.39
(9.68 )% $15.53 $13.00







NAV
$13.78
$14.50
(4.97 )% $15.08 $13.58







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

Sector Breakdown






Sector
June 30, 2004 December 31, 2003





City, County & State 29 % 31 %





Water & Sewer 17   21  





Hospitals 10   10  





Education 9    





Power 9   11  





Tobacco 8   11  





Lease Revenue 5   1  





Industrial & Pollution Control 5   6  





Tax Revenue 5   6  





Transportation 3   3  





Credit Breakdown4




Credit Rating
June 30, 2004 December 31, 2003





AAA/Aaa 56 % 50 %





AA/Aa 1   1  





A 4   5  





BBB/Baa 17   17  





BB/Ba 2    





Not Rated5 20   27  





 


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, 2004, and December 31, 2003, the market value of these securities was $2,067,000 representing 1.7% and $2,097,600 representing 2.0%, respectively, of the Trust’s long-term investments.

11


TRUST SUMMARIES (unaudited)
JUNE 30, 2004

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 6/30/04: $15.76  



Net Asset Value as of 6/30/04: $16.43  



Yield on Closing Market Price as of 6/30/04 ($15.76):1 4.76 %



Current Monthly Distribution per Common Share:2 $0.0625  



Current Annualized Distribution per Common Share:2 $0.7500  



Leverage as of 6/30/04:3 37 %



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:

 




  6/30/04 12/31/03 Change High Low







Market Price
$15.76
$16.96
(7.08 )% $17.35 $15.51







NAV
$16.43
$17.13
(4.09 )% $17.52 $16.19







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

Sector Breakdown




Sector
June 30, 2004 December 31, 2003





Transportation 24 % 27 %





Education 20   19  





City, County & State 17   16  





Water & Sewer 12   11  





Hospital 9   10  





Tax Revenue 7   6  





Power 5   5  





Housing 3   3  





Lease Revenue 3   3  





As of June 30, 2004, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

12


TRUST SUMMARIES (unaudited)
JUNE 30, 2004

BlackRock New York Municipal 2018 Term Trust (BLH)

Trust Information



Symbol on New York Stock Exchange: BLH



Initial Offering Date: October 30, 2001



Termination Date (on or about): December 31, 2018



Closing Market Price as of 6/30/04: $14.14  



Net Asset Value as of 6/30/04: $14.97  



Yield on Closing Market Price as of 6/30/04 ($14.14):1 5.20 %



Current Monthly Distribution per Common Share:2 $0.06125  



Current Annualized Distribution per Common Share:2 $0.73500  



Leverage as of 6/30/04:3 37 %



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:

 




  6/30/04 12/31/03 Change High Low







Market Price
$14.14
$14.70
(3.81 )% $15.17 $13.78







NAV
$14.97
$15.53
(3.61 )% $16.15 $14.74







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

Sector Breakdown




Sector
June 30, 2004 December 31, 2003





Education 22 % 22 %





Hospital 17   17  





City, County & State 12   11  





Lease Revenue 11   7  





Transportation 11   11  





Tobacco 9   10  





Tax Revenue 6   6  





Industrial & Pollution Control 6   6  





Power 1   1  





Housing   4  





Other 5   5  





Credit Breakdown4




Credit Rating
June 30, 2004 December 31, 2003





AAA/Aaa 23 % 23 %





AA/Aa 37   37  





A 22   19  





BBB/Baa 15   13  





CCC/Caa 3   3  





Not Rated5   5  





 


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

5 The investment advisor has deemed all of the non-rated securities at December 31, 2003, to be of investment grade quality.

13


TRUST SUMMARIES (unaudited)
JUNE 30, 2004

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 6/30/04: $13.93  



Net Asset Value as of 6/30/04: $15.53  



Yield on Closing Market Price as of 6/30/04 ($13.93):1 6.37 %



Current Monthly Distribution per Common Share:2 $0.073965  



Current Annualized Distribution per Common Share:2 $0.887580  



Leverage as of 6/30/04:3 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 the Notes to Financial Statements).

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

 




  6/30/04 12/31/03 Change High Low







Market Price
$13.93
$15.12
(7.87 )% $15.85 $13.41







NAV
$15.53
$16.09
(3.48 )% $16.42 $15.30







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

Sector Breakdown

Sector
June 30, 2004 December 31, 2003





Education 21 % 21 %





Hospital 20   20  





Transportation 17   17  





Housing 10   12  





Water & Sewer 7   7  





Lease Revenue 5   5  





Industrial & Pollution Control 5   4  





City, County & State 5   5  





Other 10   9  





Credit Breakdown4




Credit Rating
June 30, 2004 December 31, 2003





AAA/Aaa 53 % 52 %





AA/Aa 14   14  





A 7   7  





BBB/Baa 11   10  





BB/Ba   5  





B 5    





Not Rated5 10   12  





 


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, 2004, and December 31, 2003, the market value of these securities was $4,349,200 representing 10.1% and $4,322,000 representing 9.5%, respectively, of the Trust’s long-term investments.

14


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2004

BlackRock Insured Municipal 2008 Term Trust (BRM)

    Principal      
    Amount   Option Call  
Rating1
(000) Description Provisions2 Value






          LONG-TERM INVESTMENTS—149.9%      
          Alabama 2.1%      
   AAA  
$
2,410   Auburn Univ., 5.00%, 4/01/09, AMBAC
No Opt. Call
$
2,596,100
   AAA     6,555   Birmingham Jefferson Civic Ctr. Auth., Ser. A, 4.25%, 1/01/09, FSA
No Opt. Call
  6,832,277
           
 
           
  9,428,377
           
 
          Alaska—0.9%
   
   AAA     4,000   Anchorage, GO, Ser. B, 3.75%, 7/01/09, MBIA
No Opt. Call
  4,082,680
           
 
          Arizona—2.0%
   
   AAA     4,000   Chandler, GO, Zero Coupon, 7/01/08, FGIC
No Opt. Call
  3,519,000
   AAA     1,000   Phoenix Str. & Hwy., 4.25%, 7/01/09, FGIC
No Opt. Call
  1,046,780
   AAA     4,200   Pima Cnty. Str. & Hwy., 4.125%, 7/01/09, FGIC
07/08 @ 101
  4,372,452
               
                8,938,232
               
          California—2.2%      
          California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A,      
   AAA     5,000      3.125%, 5/01/08, FSA No Opt. Call   5,051,100
   AAA     5,000      3.375%, 5/01/09, MBIA No Opt. Call   5,050,250
               
                10,101,350
               
          Colorado—2.4%      
   AAA     2,000   E-470 Pub. Hwy. Auth., Ser. B, Zero Coupon, 9/01/11, MBIA No Opt. Call   1,473,800
   AAA     1,000   El Paso Cnty., COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC No Opt. Call   1,007,330
   AAA     6,965   Regl. Transp. Dist., COP, Transp. Vehicles Proj., Ser. A, 5.00%, 6/01/08, MBIA 06/07 @ 101   7,471,634
   AAA     1,000   Thornton, COP, 3.25%, 12/01/08, AMBAC No Opt. Call   1,009,380
               
                10,962,144
               
          Delaware—0.1%      
   AAA     650   Delaware River & Bay Auth., 3.25%, 1/01/09, MBIA No Opt. Call   650,806
               
          District of Columbia—3.1%      
          Dist. of Columbia, GO,      
   AAA     195      Ser. B, 5.50%, 6/01/09, FSA ETM   215,754
   AAA     2,605      Ser. B, 5.50%, 6/01/09, FSA No Opt. Call   2,866,568
   AAA     10,000      Ser. B-1, 5.50%, 6/01/08, AMBAC No Opt. Call   10,914,000
               
                13,996,322
               
          Florida—4.6%      
   AAA     2,280   Broward Cnty. Sch. Brd., COP, Ser. B, 4.25%, 7/01/09, FSA No Opt. Call   2,380,252
   AAA     13,890   Florida Dept. of Env. Protection Presvtn., Ser. B, 5.00%, 7/01/09, MBIA No Opt. Call   14,996,477
   AAA     1,300   Palm Beach, Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA No Opt. Call   1,396,564
   AAA     2,080   Tampa Wtr. & Swr., 5.50%, 10/01/08, FSA No Opt. Call   2,282,717
               
                21,056,010
               
          Georgia—5.8%      
   AAA     5,000   Georgia, GO, Ser. E, 5.25%, 2/01/10 No Opt. Call   5,491,300
   AAA     20,000   Monroe Cnty., PCR, Pwr. Co. Plant Vogtle Proj., 4.20%, 1/01/12, AMBAC No Opt. Call   20,773,000
               
                26,264,300
               
          Hawaii—3.7%      
          Hawaii, GO, FSA,      
   AAA     6,510      Ser. CY, 4.00%, 2/01/09 No Opt. Call   6,729,908
   AAA     8,045      Ser. CZ, 3.25%, 7/01/09 No Opt. Call   8,045,965
   AAA     1,880   Honolulu City and Cnty., Ser. A, 5.00%, 3/01/09, MBIA No Opt. Call   2,025,324
               
                16,801,197
               
          Illinois—16.9%      
   AAA     14,205   Chicago O’Hare Intl. Arpt., Ser. A, 6.25%, 1/01/08, MBIA 01/05 @ 102   14,791,098
          Chicago Park Dist., Parking Rev., GO,      
   AAA     3,290      Ser. A, 3.00%, 1/01/08, FGIC No Opt. Call   3,292,138
   AAA     1,750      Ser. A, 3.50%, 1/01/09, FGIC No Opt. Call   1,767,395
   AAA     1,000      Ser. C, 3.00%, 1/01/09, AMBAC No Opt. Call   984,530
   AAA     2,930   Chicago Proj. & Refunding, Ser. A, 5.00%, 1/01/09, AMBAC No Opt. Call   3,141,282
   AAA     3,105   Chicago Pub. Bldg., Ser. A, Zero Coupon, 1/01/07, MBIA ETM   2,900,443

See Notes to Financial Statements.

15


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

    Principal      
    Amount   Option Call  
Rating1
(000) Description Provisions2 Value







          Illinois (continued)      
          Cook Cnty. High Sch., GO,      
   AAA   $ 5,980      J. Sterling Morton Twnshp., Zero Coupon, 12/01/09, FGIC
No Opt. Call
$ 4,856,537
   AAA     2,000      Arlington Heights, 4.50%, 12/01/08, FSA
No Opt. Call
  2,115,240
   AAA     8,985   Du Page Cnty. Forest Presvtn. Dist., Zero Coupon, 11/01/08
No Opt. Call
  7,693,766
          Illinois, GO, Ser. 1, MBIA,
   
   AAA     6,750      3.50%, 7/01/08
No Opt. Call
  6,883,515
   AAA     5,000  
   3.75%, 7/01/09
No Opt. Call
  5,119,550
   AAA     13,000   Illinois Dev. Fin. Auth., Gas Sply., 3.05%, 2/01/33, AMBAC
No Opt. Call
  12,863,890
   AAA     1,455   Kane & Du Page Cntys. Sch. Dist., GO, Ser. A, 3.75%, 1/01/09, FSA
No Opt. Call
  1,484,537
          Met. Pier & Exposition Auth., Dedicated St. Tax Rev., McCormick Place Expansion Proj., FGIC,
   
   AAA     8,385      Zero Coupon, 6/15/08
ETM
  7,407,393
   AAA     215      Zero Coupon, 6/15/08
No Opt. Call
  188,099
   AAA     1,570      Ser. A, Zero Coupon, 6/15/08
ETM
  1,386,954
           
 
           
  76,876,367
           
 
          Indiana—1.5%
   
          Indiana Hlth. Fac. Fin. Auth., Hosp. Rev. & Impvt., Ancilla Sys. Inc., MBIA,
   
   AAA     3,860      Ser. A, 6.25%, 7/01/08 07/04 @ 100   3,860,000
   AAA     2,965      Ser. B, 6.25%, 7/01/08 07/04 @ 100   2,965,000
               
                6,825,000
               
          Kansas—0.2%      
   AAA     1,000   Kansas Dev. Fin. Auth., Pub. Wtr. Sply., 4.00%, 4/01/09, AMBAC No Opt. Call   1,034,060
               
          Kentucky—0.7%      
   AAA     3,890   Owensboro Elec. Lt. & Pwr., Ser. B, Zero Coupon, 1/01/09, AMBAC No Opt. Call   3,308,289
               
          Louisiana—1.3%      
   AAA     5,770   Louisiana Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. A, 3.50%, 5/15/09, MBIA No Opt. Call   5,808,890
               
          Massachusetts—0.1%      
   AAA     355   Massachusetts Hsg. Fin. Agcy. Hsg. Projs., Ser. A, 5.95%, 10/01/08, AMBAC 08/04 @ 101   357,279
               
          Michigan—6.5%      
   AAA     1,665   Detroit, GO, 3.50%, 4/01/09, MBIA No Opt. Call   1,686,845
   AAA     6,315   Detroit City Sch. Dist., GO, Sch. Bldg. & Site Impvt., Ser. A, 4.00%, 5/01/09, FGIC No Opt. Call   6,539,435
          Lake Orion, Cmnty. Sch. Dist., AMBAC,      
   AAA     3,290 3
   6.60%, 5/01/05
N/A   3,457,165
   AAA     3,285 3
   6.70%, 5/01/05
N/A   3,454,572
   AAA     3,000   Michigan Trunk Line, Ser. A, 4.125%, 11/01/08, FSA No Opt. Call   3,120,810
   AAA     2,535   Washtenaw Cmnty. Coll., 4.00%, 4/01/09, MBIA No Opt. Call   2,623,598
   AAA     2,695   West Ottawa Pub. Sch. Dist., GO, Ser. B, 3.50%, 5/01/09, FGIC No Opt. Call   2,731,005
   AAA     2,000   Western Twnshps. Util. Auth. Sewage Disp. Sys., 5.00%, 1/01/09, FGIC No Opt. Call   2,149,420
   AAA     3,400   Wyandotte Elec., 6.25%, 10/01/08, MBIA No Opt. Call   3,654,966
               
                29,417,816
               
          Mississippi—0.5%      
   AAA     2,175   De Soto Cnty. Sch. Dist., GO, 3.25%, 2/01/09, FSA No Opt. Call   2,175,000
               
          Nevada—3.0%      
   AAA     6,270   Clark Cnty. Sch. Dist, Ser. A, 4.00%, 6/01/09, FGIC No Opt. Call   6,496,598
   AAA     2,245   Las Vegas Clark Cnty. Library Dist., 4.75%, 2/01/09, FGIC No Opt. Call   2,391,935
          Nevada Dept. of Bus. & Ind., Las Vegas Monorail Proj., AMBAC,      
   AAA     2,085      Zero Coupon, 1/01/09 No Opt. Call   1,753,777
   AAA     3,585      Zero Coupon, 1/01/10 No Opt. Call   2,858,751
               
                13,501,061
               
          New Jersey—8.0%      
          Monmouth Cnty. Impvt. Auth., Gov’t. Loan,      
   AAA     1,220      3.10%, 4/15/09, AMBAC No Opt. Call   1,216,291
   AAA     1,000      5.00%, 12/01/08, FSA No Opt. Call   1,081,490
          New Jersey Econ. Dev. Auth., Ser. A, MBIA,      
   AAA     1,220      Econ. Recovery Fund, 4.50%, 3/15/09 No Opt. Call   1,290,284
   AAA     30,275 3    Mkt. Transp. Fac. Rev., 5.80%, 7/01/04 N/A   30,880,500
   AAA     1,750   New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. C, 5.25%, 12/15/08, AMBAC No Opt. Call   1,900,518
               
                36,369,083
               
          New Mexico—1.1%      
   AAA     2,030   Farmington Util. Sys., Ser. A, 3.50%, 5/15/09, FSA No Opt. Call   2,057,344
   AAA     2,825   New Mexico Fin. Auth., Pub. Proj., Ser. A, 3.80%, 6/01/08, MBIA No Opt. Call   2,907,603
               
                4,964,947
               

See Notes to Financial Statements.

16


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

    Principal        
    Amount     Option Call  
Rating1
(000) Description Provisions2 Value








          New York—14.9%        
   AAA   $ 2,000   Erie Cnty., Public Impvt., Ser. A, 4.50%, 3/15/09, FGIC
No Opt. Call
$ 2,120,600
   AAA     15,915   New York, GO, Ser. F, 5.25%, 9/15/09, MBIA 09/08 @ 101   17,251,701
          New York City, GO, Ser. E, MBIA,        
   AAA     5,000      6.125%, 8/01/06   No Opt. Call   5,377,950
   AAA     15,500      6.20%, 8/01/07   No Opt. Call   17,096,965
          New York City, Ser. G, MBIA,        
   AAA     2,890 3    5.75%, 2/01/06   N/A   3,100,479
   AAA     2,110      5.75%, 2/01/08   02/06 @ 101.5   2,240,229
   AAA     4,250   New York City Hlth. & Hosp. Corp., Hlth. Sys. Svcs., Ser. A, 3.50%, 2/15/09, AMBAC No Opt. Call   4,287,910
          New York Env. Fac. Corp., PCR, Ser. D,        
   AAA     2,545 3    6.50%, 11/15/04   N/A   2,643,721
   AAA     2,370 3    6.50%, 11/15/04   N/A   2,461,932
   AAA     1,215 3    6.50%, 11/15/04   N/A   1,262,130
   AAA     950 3    6.50%, 11/15/04   N/A   986,851
   AAA     1,030      6.50%, 5/15/07   11/04 @ 102   1,068,985
   AAA     80      6.50%, 11/15/07   11/04 @ 102   83,028
          New York Thruway Auth. Svc. Contract Rev., Local Highway and Bridge, Ser. A, MBIA,      
   AAA     680 3    5.40%, 1/01/05   N/A   707,152
   AAA     2,715      5.40%, 1/01/09   01/05 @ 102   2,817,953
   AAA     4,000   Port Auth. of NY & NJ, Ser. 129, 2.875%, 11/01/08, FSA No Opt. Call   3,979,600
               
                  67,487,186
                 
          North Carolina—8.4%        
   AAA     1,000 3 Cumberland Cnty., COP, Civic Ctr. Proj., Ser. A, 6.375%, 12/01/04, AMBAC N/A   1,040,620
          No. Carolina Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B,      
   AAA     13,500      6.125%, 1/01/09, FGIC   No Opt. Call   15,139,035
   AAA     5,000      7.00%, 1/01/08, CAPMAC   No Opt. Call   5,657,300
   AAA     14,675      7.25%, 1/01/07, CAPMAC   No Opt. Call   16,284,994
                 
                  38,121,949
                 
          Ohio—1.3%        
   AAA     2,410 3 Cleveland, GO, 6.40%, 11/15/04, MBIA   N/A   2,502,158
          Ohio Bldg. Auth., Ser. A,        
   AAA     1,000 3    Juvenile Correctional Proj., 6.50%, 10/01/04, AMBAC N/A   1,032,500
   AAA     2,000      Workers Comp. Facs., 5.00%, 4/01/09, FGIC No Opt. Call   2,157,180
               
                  5,691,838
                 
          Oregon—1.9%        
   AAA     1,285   Lane Cnty. Sch. Dist., No. 4, 3.00%, 1/01/09, FSA No Opt. Call   1,276,982
          Oregon Dept. of Admin. Svcs., FSA,        
   AAA     2,905      COP, 5.00%, 11/01/08   No Opt. Call   3,130,108
   AAA     2,255      Lottery Rev., Ser. C, 3.125%, 4/01/09   No Opt. Call   2,252,610
   AAA     2,000   Washington & Clackamas Cntys. Sch. Dist., GO, 3.75%, 6/15/08, MBIA No Opt. Call   2,059,100
               
                  8,718,800
                 
          Pennsylvania—11.8%        
   AAA     1,460   Bensalem Twnshp. Sch. Dist., GO, 3.25%, 8/15/09, FGIC No Opt. Call   1,460,190
   AAA     1,500   Bristol Twnshp. Sch. Dist., 4.25%, 2/15/09, FGIC No Opt. Call   1,567,035
          Dauphin Cnty. Gen. Auth., HAPSCO-Western Pennsylvania Hosp. Proj., MBIA,      
   AAA     6,910      Ser. A, 6.25%, 7/01/08   08/04 @ 100   6,928,242
   AAA     3,530      Ser. B, 6.25%, 7/01/08   ETM   3,763,757
   AAA     3,500   Indiana Cnty. Indl. Dev. Auth., PCR, Elec. & Gas Corp., Ser. A, 6.00%, 6/01/06, MBIA No Opt. Call   3,747,800
   AAA     16,250   Lehigh Cnty. Indl. Dev. Auth., PCR, 3.125%, 11/01/08, AMBAC No Opt. Call   16,284,775
          Pennsylvania Dept. of Gen. Svcs., COP, FSA,      
   AAA     2,075      4.50%, 5/01/08   No Opt. Call   2,186,448
   AAA     2,120      4.50%, 11/01/08   No Opt. Call   2,237,278
   AAA     2,165      4.50%, 5/01/09   No Opt. Call   2,289,964
   AAA     2,220      4.50%, 11/01/09   No Opt. Call   2,349,471
   AAA     3,175   Philadelphia, GO, 4.10%, 9/15/08, FSA   No Opt. Call   3,302,444
   AAA     3,125   Pittsburgh Pub. Parking Auth., Parking Rev., 3.25%, 12/01/08, AMBAC No Opt. Call   3,141,469
   AAA     3,955   West Chester Area Sch. Dist., GO, Ser. AA, 3.65%, 1/15/09, MBIA 07/07 @ 100   4,029,947
               
                  53,288,820
                 
          South Carolina—0.8%        
   AAA     2,020   Chester Cnty. Sch. Dist., 3.25%, 2/01/09, FSA No Opt. Call   2,028,545
   AAA     1,705   Lexington Cnty. Sch. Dist. 1, COP, 3.50%, 3/01/09, AMBAC No Opt. Call   1,730,677
               
                  3,759,222
                 

See Notes to Financial Statements.

17


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

    Principal        
    Amount     Option Call  
Rating1
(000) Description Provisions2 Value








          Tennessee—0.2%        
   AAA   $ 1,000   Clarksville Wtr., Swr & Gas Rev., 4.30%, 2/01/09, FSA
No Opt. Call
$ 1,046,450
           


          Texas—24.6%  
   
   AAA     5,380   Austin, GO, Pub. Impvt., 3.50%, 9/01/08, FSA
No Opt. Call
  5,468,985
          Austin Util. Sys.,  
   
   AAA     11,515      Ser. A, Zero Coupon, 11/15/08, MBIA
No Opt. Call
  9,910,039
   AAA     5,000      Ser. A, Zero Coupon, 11/15/09, AMBAC
No Opt. Call
  4,091,200
   AAA     5,000      Ser. A, Zero Coupon, 11/15/09, MBIA   
No Opt. Call
  4,091,200
   AAA     5,000      6.625%, 11/15/08, AMBAC  
No Opt. Call
  5,676,300
          Coppell Indpt. Sch. Dist., MBIA,  
   
   AAA     1,430      6.10%, 8/15/09  
ETM
  1,620,004
   AAA     620      6.10%, 8/15/09   08/04 @ 100   623,162
   AAA     2,500   Dallas Wtrwks. & Swr. Sys., 3.50%, 4/01/09, FSA No Opt. Call   2,527,300
   AAA     2,000   Houston, Pub. Impvt., Ser. A-1, 5.00%, 3/01/09, MBIA No Opt. Call   2,153,700
   AAA     4,390   Houston Indpt. Sch. Dist., Zero Coupon, 8/15/09, AMBAC No Opt. Call   3,636,588
          Lower Colorado River Auth.,        
   AAA     2,010      3.50%, 5/15/09, MBIA   No Opt. Call   2,032,552
   AAA     2,690      5.25%, 5/15/09, FSA   No Opt. Call   2,930,298
   AAA     1,650   Lubbock Cnty., 3.50%, 2/15/09, FGIC   No Opt. Call   1,666,830
   AAA     1,500   North Texas Tollway Auth., Ser. C, 5.00%, 1/01/09, FSA No Opt. Call   1,608,825
   AAA     6,000   San Antonio Elec. & Gas, Ser. B, Zero Coupon, 2/01/10, FGIC ETM   4,818,960
   AAA     9,050   Tarrant Regl. Wtr. Dist., Impvt., 3.50%, 3/01/09, FSA No Opt. Call   9,147,106
          Texas Mun. Pwr. Agcy.,        
   AAA     980      Zero Coupon, 9/01/08, AMBAC   ETM   856,853
   AAA     14,020      Zero Coupon, 9/01/08, AMBAC   No Opt. Call   12,175,809
   AAA     1,045      Zero Coupon, 9/01/09, AMBAC   ETM   874,362
   AAA     15,130      Zero Coupon, 9/01/09, AMBAC   No Opt. Call   12,500,255
   AAA     7,000 3    5.00%, 9/01/04, FGIC   N/A   7,040,880
          Texas Pub. Fin. Auth.,        
   AAA     2,270      3.50%, 2/01/09, FGIC   No Opt. Call   2,293,926
   AAA     3,000      Ser. A, 5.50%, 2/01/09, AMBAC   02/08 @ 101   3,274,710
   AAA     5,900      Ser. B, 6.25%, 2/01/09, AMBAC   No Opt. Call   6,633,134
   AAA     1,825   Williamson Cnty., GO, Ser. B, 5.00%, 2/15/09, FSA No Opt. Call   1,959,941
   AAA     2,275   Ysleta Indpt. Sch. Dist., GO, Zero Coupon, 8/15/08 No Opt. Call   1,977,089
               
                  111,590,008
                 
          Utah—3.6%        
          Intermountain Pwr. Agcy., Sply., Ser. B, MBIA,      
   AAA     2,215      6.00%, 7/01/07   ETM   2,433,377
   AAA     1,285      6.00%, 7/01/07   No Opt. Call   1,403,554
   AAA     1,550 3 Salt Lake Cnty. Mun. Bldg. Auth., Ser. A, 6.05%, 10/01/04, MBIA N/A   1,583,279
   AAA     10,300 3 Utah, GO, Ser. F, 5.00%, 7/01/07   N/A   11,021,103
                 
                  16,441,313
                 
          Washington—10.5%        
   AAA     1,250   Clark Cnty. Pub. Util. Dist., No. 1 Elec. Rev., 5.00%, 1/01/09, MBIA No Opt. Call   1,340,688
          King Cnty., GO,        
   AAA     3,060      Pub. Transp. Sales Tax, 3.50%, 12/01/08, FSA No Opt. Call   3,101,065
   AAA     12,850      Ser. D, 5.55%, 12/01/08, MBIA   12/07 @ 102   14,129,860
   AAA     5,710   Seattle Impvt. Ltd. Tax, 4.00%, 7/01/08, FSA No Opt. Call   5,912,134
          Washington Hlth. Care Fac. Auth., Catholic Hlth. Initiatives, Ser. A, MBIA,      
   AAA     1,010      5.30%, 12/01/08   No Opt. Call   1,093,436
   AAA     1,000      5.40%, 12/01/10   06/10 @ 101   1,098,430
   AAA     2,045   Washington Motor Vehicle Fuel Tax, GO, 4.00%, 7/01/09, MBIA No Opt. Call   2,114,428
          Washington Pub. Pwr. Sply.,        
   AAA     11,000      Ser. A, 5.80%, 7/01/07, FSA   No Opt. Call   11,952,160
   AAA     5,550      Nuclear Proj. No. 3, Zero Coupon, 7/01/07, MBIA No Opt. Call   5,037,679
   AAA     2,000      Nuclear Proj. No. 3, Zero Coupon, 7/01/08, MBIA No Opt. Call   1,740,300
               
                  47,520,180
                 
          West Virginia—1.5%        
   AAA     1,550   West Virginia Econ. Dev. Auth., Correctional Juvenile & Pub., Ser. A, 4.25%, 6/01/08, MBIA No Opt. Call   1,617,905
          West Virginia Higher Ed. Policy Comm. Rev., Ser. A, MBIA,      
   AAA     2,455      State College Fac., 5.00%, 4/01/09   No Opt. Call   2,642,341
   AAA     2,135      Univ. Facs., 5.00%, 4/01/09   No Opt. Call   2,297,922
                 
                  6,558,168
                 

See Notes to Financial Statements.

18


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

    Principal          
    Amount     Option Call    
Rating1
(000) Description Provisions2 Value  









          Wisconsin—3.1%          
        Wisconsin, GO,          
AAA
  $ 7,705      Ser. A, 4.00%, 5/01/09, FGIC     
No Opt. Call
$ 7,975,369  
AAA
    6,080      Ser. C, 4.00%, 5/01/09, MBIA  
No Opt. Call
  6,293,347  
           


 
           
  14,268,716  
           


 
        Wyoming—0.6%  
     
        Albany Cnty. Impvts. Statutory Trust, COP, MBIA,
     
AAA
    1,270      3.75%, 1/15/09  
No Opt. Call
  1,296,530  
AAA
    1,395      3.75%, 7/15/09  
No Opt. Call
  1,424,044  
             

 
                2,720,574  
             

 
        Total Long-Term Investments (cost $648,286,546)     680,132,434  
           

 
                   
        SHORT-TERM INVESTMENTS—7.6%        
        Kansas—1.0%          
A1
+   4,655 4 Kansas Dept. Transp. Hwy, Ser. B-1, 1.08%, 7/01/04, FRDD
N/A
  4,655,000  
         


 
        Michigan—0.4%  
     
        Detroit, Sewage Disp. Rev.,  
     
A1
+   995 4    Ser. A, 1.03%, 7/07/04, MBIA, FRWD
N/A
  995,000  
A1
+   500 4    Ser. C-1, 1.08%, 7/01/04, FSA, FRWD
N/A
  500,000  
           


 
             
  1,495,000  
             


 
          Ohio—2.9%  
     
VMIG1
    5,000 4 Hamilton Ohio Elec. Rev., Ser. B, 1.08%, 7/01/04, FSA, FRWD
N/A
  5,000,000  
VMIG1
    8,105 4 Univ. of Akron, 1.08%, 7/01/04, FGIC, FRWD
N/A
  8,105,000  
             

 
                  13,105,000  
               

 
          Puerto Rico—1.2%          
            A1     3,000 4 Puerto Rico Comnwlth. Gov’t. Dev. Bank, 1.02%, 7/01/04, MBIA, FRDD
N/A
  3,000,000  
            A1     2,500 4 Puerto Rico Comnwlth. Hwy. & Transp. Auth., Transp. Rev., Ser. A, 1.00%,
     
             7/07/04, AMBAC, FRWD  
N/A
  2,500,000  
             


 
             
  5,500,000  
             


 
   


   
     
   
Shares
   
     
   
(000)
   
     
   
   
     
          Money Market Fund—2.1%  
     
      9,600   AIM Tax Free Investment Co. Cash Reserve Portfolio
N/A
  9,600,000  
             

 
          Total Short-Term Investments (cost $34,355,000)     34,355,000  
             

 
          Total Investments—157.5% (cost $682,641,546)     714,487,434  
          Other assets in excess of liabilities—2.3%     10,236,534  
          Preferred shares at redemption value, including dividends payable—(59.8)%     (271,035,177 )
             

 
          Net Assets Applicable to Common Shareholders—100%   $ 453,688,791  
             

 

 


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

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

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

4 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown as of June 30, 2004.

Securities that are covered by insurance, which ensures the timely payment of principal and interest, represent approximately 93.2% of the Trust’s total investments.


KEY TO ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation FRWD Floating Rate Weekly Demand
CAPMAC Capital Markets Assurance Company FSA Financial Security Assurance
COP Certificate of Participation GO General Obligation
ETM Escrowed to Maturity MBIA Municipal Bond Insurance Association
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
FRDD Floating Rate Daily Demand      

See Notes to Financial Statements.

19


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2004

BlackRock Insured Municipal Term Trust (BMT)

    Principal      
    Amount   Option Call  
Rating1
  (000) Description Provisions2 Value







          LONG-TERM INVESTMENTS—156.3%      
          Alabama—0.9%      
AAA   $ 1,410   Alabama Fed. Hwy. Fin. Auth., Grant Antic., Ser. A, 4.50%, 3/01/11, MBIA
No Opt. Call
$ 1,476,707
AAA     1,000   Birmingham Jefferson Civic Ctr. Auth., Ser. A, 4.375%, 1/01/11, FSA
No Opt. Call
  1,039,110
           
 
           
  2,515,817
           
 
          Alaska—7.9%
   
          Anchorage, GO, Ser. B,
   
AAA     14,345      4.125%, 7/01/11, MBIA
No Opt. Call
  14,690,428
AAA     6,000      4.625%, 7/01/10, FGIC
No Opt. Call
  6,347,520
AAA     1,260   Univ. of Alaska, Ser. K, 3.75%, 10/01/10, FGIC
No Opt. Call
  1,270,949
           
 
           
  22,308,897
           
 
          Arizona—3.1%
   
AAA     1,000   Arizona St. Univ., 4.20%, 7/01/11, FGIC
No Opt. Call
  1,032,390
AAA     1,030   Mesa, GO, Ser. A, 3.75%, 7/01/10, FGIC
No Opt. Call
  1,045,852
AAA     6,340   Pima Cnty. Str. & Hwy., 4.25%, 7/01/11, FGIC
07/08 @ 101
  6,518,598
           
 
           
  8,596,840
           
 
          Arkansas—0.2%
   
AAA     500   Little Rock, Cap. Impvt., 4.00%, 4/01/11, FSA No Opt. Call   510,320
               
          California—8.4%      
          California, GO, FGIC,      
AAA     4,355 3    6.80%, 11/01/04 NA   4,519,183
AAA     145      6.80%, 11/01/10 11/04 @ 102   150,200
          California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A,      
AAA     5,000      3.60%, 5/01/10, AMBAC No Opt. Call   5,053,900
AAA     3,500      3.70%, 5/01/11, MBIA No Opt. Call   3,522,820
AAA     6,100   Contra Costa Trans. Auth., Sales Tax Rev., 6.50%, 3/01/09, FGIC ETM   6,823,399
AAA     3,065   Los Angeles Cnty., Asset Leasing Corp., 6.05%, 12/01/10, AMBAC No Opt. Call   3,530,574
               
                23,600,076
               
          Colorado—1.2%      
AAA     3,245   Weld Cnty. Sch. Dist. No. 6, 3.75%, 12/01/10, FSA No Opt. Call   3,281,441
               
          Delaware—0.4%      
AAA     1,015   Delaware River & Bay Auth., 3.75%, 1/01/11, MBIA No Opt. Call   1,019,537
               
          District of Columbia—3.9%      
AAA     10,000   Dist. of Columbia, GO, Ser. B, 5.50%, 6/01/11, FSA No Opt. Call   11,094,100
               
          Florida—0.9%      
AAA     2,320   Tampa Wtr. & Swr., 5.50%, 10/01/10, FSA No Opt. Call   2,580,397
               
          Georgia—1.8%      
AAA     5,000 3 Henry Cnty. Hosp. Auth., Ser. B, 6.375%, 7/01/04, FGIC NA   5,000,000
               
          Hawaii—4.6%      
AAA     11,080   Hawaii, GO, Ser. CN, 5.25%, 3/01/11, FGIC 03/07 @ 102   11,930,279
AAA     1,000   Univ. of Hawaii, Univ. Sys., 3.875%, 7/15/10, FGIC No Opt. Call   1,020,590
               
                12,950,869
               
          Illinois—16.3%      
          Chicago, GO, Ser. A,      
AAA     4,000      4.375%, 1/01/11, AMBAC No Opt. Call   4,149,400
AAA     1,790      5.00%, 1/01/11, MBIA No Opt. Call   1,920,849
          Chicago Park Dist., Parking Rev., GO, Ser. A, FGIC,      
AAA     3,120      3.50%, 1/01/10 No Opt. Call   3,119,189
AAA     3,695      4.00%, 1/01/11 No Opt. Call   3,753,750
AAA     1,000   Du Page & Cook Cntys. Sch. Dist., GO, 4.50%, 1/01/11, FGIC No Opt. Call   1,044,500
AAA     1,750   Du Page & Will Cntys. Sch. Dist., GO, 4.25%, 12/30/10, FGIC No Opt. Call   1,815,100
          Du Page Cnty. Forest Presvtn. Dist.,      
AAA     5,000      Zero Coupon, 11/01/10 No Opt. Call   3,843,500
AAA     11,965      Zero Coupon, 11/01/11 No Opt. Call   8,717,101

See Notes to Financial Statements.

20


BlackRock Insured Municipal Term Trust (BMT) (continued)

    Principal        
    Amount     Option Call  
Rating1
(000) Description Provisions2 Value








          Illinois (continued)        
          Illinois, GO, Ser. 1,        
AAA   $ 1,500      4.50%, 2/01/11, FGIC  
No Opt. Call
$ 1,578,240
AAA     2,000      4.50%, 4/01/11, FSA  
No Opt. Call
  2,104,220
AAA     4,000      5.25%, 2/01/11, FGIC  
No Opt. Call
  4,382,880
AAA     5,000   Illinois Edl. Fac. Auth., 5.70%, 7/01/13, FGIC 08/04 @ 101   5,124,250
AAA     2,265   Kane & Du Page Cntys. Sch. Dist., GO, Ser. A, 4.00%, 1/01/11, FSA No Opt. Call   2,301,013
AAA     1,025   Orland Park, GO, Ser. A, 3.50%, 12/01/10, FGIC No Opt. Call   1,019,035
AAA     1,075   Rockford Sch. Dist., GO, 4.30%, 2/01/11, FGIC No Opt. Call   1,110,948
               
                  45,983,975
                 
          Indiana—3.9%        
AAA     2,635   Indiana Mun. Pwr. Agcy., Pwr. Sply. Sys., Ser. A, 4.50%, 1/01/11, AMBAC No Opt. Call   2,752,258
          Indianapolis Loc. Pub. Impvt. Bond Bank, Wtr. Wks. Proj., Ser. A, MBIA,      
AAA     2,085      4.25%, 7/01/10   No Opt. Call   2,162,750
AAA     2,815      4.375%, 1/01/11   No Opt. Call   2,920,140
AAA     2,950      4.375%, 7/01/11   No Opt. Call   3,058,707
                 
                  10,893,855
                 
          Kansas—0.7%        
          Kansas Dev. Fin. Auth., Pub. Wtr. Sply., AMBAC,      
AAA     1,025      4.125%, 4/01/10   No Opt. Call   1,061,562
AAA     1,000      4.25%, 4/01/11   No Opt. Call   1,035,460
                 
                  2,097,022
                 
          Kentucky—3.5%        
AAA     12,675   Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon, 10/01/10, MBIA No Opt. Call   9,765,074
               
          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   5,065,500
               
          Massachusetts—2.9%        
AAA     7,865 3 Massachusetts, GO, Ser. C, 6.70%, 11/01/04, FGIC NA   8,080,658
               
          Michigan—3.8%        
          Detroit, GO, MBIA,        
AAA     1,580      4.00%, 4/01/10   No Opt. Call   1,624,493
AAA     1,955      4.00%, 4/01/11   No Opt. Call   2,002,408
          Michigan Mun. Bd. Auth.,        
AAA     70      Ser. A, 6.50%, 11/01/12, MBIA   07/04 @ 101   70,891
AAA     730      Ser. B, 6.45%, 11/01/07, AMBAC   11/04 @ 102   756,098
AAA     730      Ser. B, 6.65%, 11/01/09, AMBAC   11/04 @ 102   756,565
AAA     1,310 3    Ser. G, 6.45%, 11/01/04, AMBAC   N/A   1,357,933
AAA     1,320 3    Ser. G, 6.65%, 11/01/04, AMBAC   N/A   1,369,130
AAA     2,810   Wyandotte City Sch. Dist., Bldg. & Site, 4.00%, 5/01/11, FSA No Opt. Call   2,873,815
               
                  10,811,333
                 
          Minnesota—1.8%        
AAA     2,800   Hopkins Indpt. Sch. Dist. No. 270, GO, Ser. B, 4.00%, 2/01/11, FSA No Opt. Call   2,868,040
  A+     2,180   So. Minnesota Mun. Pwr. Agcy., Ser. B, 5.75%, 1/01/11 ETM   2,222,990
               
                  5,091,030
                 
          Nevada—3.3%        
AAA     4,185 3 Clark Cnty. Sch. Dist., GO, 6.75%, 12/15/04, FGIC NA   4,328,587
          Nevada Dept. of Bus. & Ind., Las Vegas Monorail Proj., AMBAC,      
AAA     3,795      Zero Coupon, 1/01/11   No Opt. Call   2,884,276
AAA     2,870      Zero Coupon, 1/01/12   No Opt. Call   2,054,748
                 
                  9,267,611
                 
          New Jersey—0.3%        
AAA     1,000   Monmouth Cnty. Impvt. Auth., Gov’t. Loan, 3.375%, 12/01/10, FSA No Opt. Call   995,020
               
          New Mexico—4.0%        
AAA     1,750   Las Cruces Sch. Dist. No. 002, GO, 5.25%, 8/01/11, FSA 08/09 @ 100   1,895,670
          New Mexico Fin. Auth., Pub. Proj., Ser. A, MBIA,      
AAA     1,444      3.40%, 6/01/11   No Opt. Call   1,427,264
AAA     1,625      4.20%, 6/01/10   No Opt. Call   1,689,269
AAA     3,625      4.30%, 6/01/11   No Opt. Call   3,780,983
AAA     2,230   New Mexico Hwy. Comm., Ser. B, 4.75%, 6/15/11, AMBAC ETM   2,399,012
               
                  11,192,198
                 

See Notes to Financial Statements.

21


BlackRock Insured Municipal Term Trust (BMT) (continued)

    Principal          
    Amount       Option Call  
Rating1
(000) Description Provisions2 Value









          New York—15.8%          
AAA   $ 8,950   Long Island Pwr. Auth., Elec. Sys. Rev., Ser. A, 5.50%, 12/01/10, AMBAC
No Opt. Call
$ 9,935,574
AAA     4,500 3 New York City, GO, Ser. B1, 6.95%, 8/15/04, MBIA
N/A
  4,573,035
          New York Env. Fac. Corp., PCR, Ser. D,    
   
AAA     2,650 3    6.70%, 11/15/04       
N/A
  2,754,675
AAA     2,495 3
   6.70%, 11/15/04
N/A
  2,593,552
AAA     1,010  
   6.70%, 5/15/09
11/04 @ 102   1,048,946
AAA     2,135 3
   6.80%, 11/15/04
N/A   2,220,080
AAA     2,045 3
   6.80%, 11/15/04
N/A   2,126,493
AAA     785  
   6.80%, 5/15/10
11/04 @ 102   815,552
         
New York Med Care Fac. Fin., New York Hosp., Ser. A, AMBAC,
     
AAA     9,715 3
   6.60%, 2/15/05
N/A   10,221,637
AAA     2,695 3
   6.625%, 2/15/05
N/A   2,835,949
AAA     5,000  
New York St. Thruway Auth., Personal Income Tax Rev., Ser. A, 5.00%, 3/15/11, FSA
No Opt. Call   5,415,750
               
                    44,541,243
                   
          Ohio—0.7%          
AAA     1,000   Akron, GO, 4.00%, 12/01/10, MBIA     No Opt. Call   1,025,450
AAA     1,015   Univ. of Cincinnati, Ser. G, 3.50%, 6/01/09, AMBAC No Opt. Call   1,028,804
               
                    2,054,254
                   
          Oregon—3.8%          
AAA     1,995   Lane Cnty. Sch. Dist. No. 4, 3.75%, 1/01/11, FSA No Opt. Call   2,018,900
AAA     1,000   Oregon Dept. of Admin. Svcs., Lottery Rev., Ser. C, 3.50%, 4/01/11, FSA No Opt. Call   997,520
          Washington & Clackamas Cntys. Sch. Dist., GO, MBIA,      
AAA     3,820  
   4.00%, 6/15/10
    No Opt. Call   3,941,705
AAA     3,720  
   4.00%, 6/15/11
    No Opt. Call   3,824,421
                   
                    10,782,546
                   
          Pennsylvania—9.4%          
AAA     2,430   Central York Sch. Dist., GO, 4.125%, 6/01/11, FGIC No Opt. Call   2,508,756
AAA     3,530   Dauphin Cnty. Gen. Auth., HAPSCO-Western Pennsylvania Hosp. Proj., Ser. B, 6.25%,      
         
   7/01/08, MBIA
    ETM   3,763,757
AAA     7,500   Pennsylvania Higher Edl. Facs. Auth., Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.25%,      
         
   8/01/10, FSA
  08/09 @ 101   8,129,025
AAA     2,100   Philadelphia Wtr. & Wst., 5.625%, 6/15/08, AMBAC No Opt. Call   2,303,448
AAA     7,000   Pittsburgh, GO, Ser. A, 5.20%, 3/01/10, FGIC 09/05 @ 100   7,239,960
AAA     1,075   State Pub. Sch. Bldg. Auth., York Sch. Dist. Proj., 4.75%, 5/01/11, FSA No Opt. Call   1,149,788
AAA     1,250   Wilson Sch. Dist., GO, 4.00%, 5/15/10, FSA No Opt. Call   1,285,925
               
                    26,380,659
                   
          Rhode Island—1.9%          
AAA     5,000   Rhode Island & Providence Plantations, GO, Ser. B, 4.20%, 6/01/10, FGIC ETM   5,220,350
AAA     235   Rhode Island Clean Wtr. Protection Fin. Agcy., PCR, Ser. A, 6.70%, 10/01/10, MBIA 10/04 @ 100   237,916
               
                    5,458,266
                   
          South Carolina—5.4%          
AAA     14,925   Piedmont Mun. Pwr. Agcy., Elec. Rev., 6.30%, 1/01/11, MBIA 08/04 @ 101   15,113,950
               
          Tennessee—0.8%          
          Clarksville Wtr., Swr. & Gas, FSA,          
AAA     1,005  
   4.45%, 2/01/10
    No Opt. Call   1,055,290
AAA     1,100  
   4.65%, 2/01/11
    No Opt. Call   1,167,617
                   
                    2,222,907
                   
          Texas—16.1%          
AAA     1,090   Addison, GO, 3.375%, 2/15/11, FGIC     No Opt. Call   1,064,232
          Bexar Met. Wtr. Dist., Wtr. Wks. Sys., FSA,      
AAA     1,085  
   3.70%, 5/01/10
    No Opt. Call   1,096,078
AAA     1,090  
   3.80%, 5/01/11
    No Opt. Call   1,100,355
AAA     2,500   Dallas Ft. Worth Regl. Arpt., Ser. A, 7.375%, 11/01/10, FGIC 07/04 @ 102   2,550,000
AAA     2,000   Dallas Rapid Transit, 4.30%, 12/01/10, AMBAC No Opt. Call   2,079,180
          Harris Cnty., GO,          
AAA     1,500      Ser. A, 5.00%, 10/01/10, FSA     No Opt. Call   1,617,885
AAA     330      Ser. B, Zero Coupon, 8/15/08, FGIC     ETM   288,945
AAA     2,255      Ser. B, Zero Coupon, 8/15/08, FGIC     No Opt. Call   1,963,676
          Houston, GO, MBIA,          
AAA     5,000      Ser. A, 5.00%, 3/01/11     No Opt. Call   5,385,950
AAA     2,000      Ser. A1, 5.00%, 3/01/11     No Opt. Call   2,154,380

See Notes to Financial Statements.

22


BlackRock Insured Municipal Term Trust (BMT) (continued)

    Principal          
    Amount       Option Call  
Rating1
  (000)   Description Provisions2 Value








          Texas (continued)        
AAA
  $ 2,490   Houston Area Wtr. Corp., Northeast Wtr. Purification Proj., 4.50%, 3/01/11, FGIC
No Opt. Call
$ 2,615,297
AAA
    10,440   Houston Wtr. & Swr. Sys., Ser. C, Zero Coupon, 12/01/10, AMBAC
No Opt. Call
  8,078,368
AAA
    5,550   Katy Indpt. Sch. Dist., GO, Ser. A, Zero Coupon, 2/15/11
No Opt. Call
  4,220,997
AAA
    4,000   Texas Mun. Pwr. Agcy., 5.50%, 9/01/10, MBIA
No Opt. Call
  4,427,200
AAA
    2,245   Texas Pub. Fin. Auth., 4.00%, 2/01/11, FGIC
No Opt. Call
  2,291,629
AAA
    1,250   Texas Tech Univ. Revs., Ser. 9, 5.00%, 2/15/11, AMBAC
No Opt. Call
  1,348,975
AAA
    1,630   Texas Univ. Sys. Fin., 3.50%, 3/15/11, FSA
No Opt. Call
  1,616,373
AAA
    1,500   Univ. of Houston, Ser. A, 4.00%, 2/15/10, FSA
No Opt. Call
  1,537,515
           

                45,437,035
             

        Utah—2.8%        
AAA
    3,470   Intermountain Pwr. Agcy., Sply., Ser. A, 5.25%, 7/01/11, MBIA 07/09 @ 101   3,798,852
AAA
    1,450 3 Salt Lake Cnty. Mun. Bldg. Auth., Ser. A, 6.15%, 10/01/04, MBIA N/A   1,481,465
AAA
    3,175   Salt Lake Cnty. Wtr. Conservancy Dist., Ser. A, Zero Coupon, 10/01/10, AMBAC No Opt. Call   2,476,182
           

                7,756,499
             

        Washington—12.7%        
AAA
    7,345   Benton Cnty. Sch. Dist. No. 17, GO, Kennewick Sch., 4.50%, 12/01/10, FSA No Opt. Call   7,719,228
AAA
    1,000   Chelan Cnty. Sch. Dist., GO, 4.50%, 12/01/10, FSA No Opt. Call   1,050,950
AAA
    3,000   Clark Cnty. Pub. Util. Dist. No. 1, Elec. Rev., 4.50%, 1/01/11, AMBAC No Opt. Call   3,147,630
AAA
    2,040   Clark Cnty. Sch. Dist. No. 114, Evergreen, GO, 4.125%, 12/01/10, FSA No Opt. Call   2,100,506
AAA
    1,010   Tacoma, GO, 4.625%, 12/01/10, FGIC   No Opt. Call   1,068,620
        Washington, GO, MBIA,        
AAA
    5,000      Ser. A, 5.50%, 7/01/11   07/09 @ 100   5,469,150
AAA
    1,505      Ser. R, 3.125%, 1/01/11   No Opt. Call   1,446,501
        Washington Pub. Pwr. Sply. Sys., MBIA,        
AAA
    1,300      Ser. B, Zero Coupon, 7/01/10   No Opt. Call   1,014,403
AAA
    9,160      Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/10 ETM   7,346,412
AAA
    3,745      Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/10 No Opt. Call   2,922,261
AAA
    2,280   Whatcom Cnty. Sch. Dist. No. 503, GO, 4.50%, 12/01/10, FSA No Opt. Call   2,396,166
           

                35,681,827
             

        West Virginia—3.5%        
        West Virginia Econ. Dev. Auth., Correctional Juvenile & Pub., Ser. A, MBIA,      
AAA
    3,705      4.50%, 6/01/10   No Opt. Call   3,900,328
AAA
    4,420  
   4.50%, 6/01/11
  No Opt. Call   4,650,017
AAA
    1,170   West Virginia Sch. Bldg. Auth., 4.00%, 7/01/11, AMBAC No Opt. Call   1,195,763
           

                9,746,108
             

        Wisconsin—5.7%        
AAA
    1,045   Appleton Wtr. Wks., 4.375%, 1/01/11, FGIC No Opt. Call   1,088,932
        Wisconsin Clean Wtr., Ser. 2, MBIA,        
AAA
    4,640  
   4.00%, 6/01/10
  No Opt. Call   4,761,800
AAA
    9,850  
   4.00%, 6/01/11
  No Opt. Call   10,064,237
             

                15,914,969
             

        Wyoming—2.1%        
        Albany Cnty. Impvts. Statutory Trust, COP, MBIA,      
AAA
    1,325  
   4.00%, 1/15/10
  No Opt. Call   1,357,688
AAA
    1,450  
   4.00%, 7/15/10
  No Opt. Call   1,484,872
AAA
    1,480  
   4.00%, 1/15/11
  No Opt. Call   1,510,562
AAA
    1,510  
   4.00%, 7/15/11
  No Opt. Call   1,538,705
             

                5,891,827
             

        Total Long-Term Investments (cost $418,974,627)     439,683,660
           

See Notes to Financial Statements.

23


BlackRock Insured Municipal Term Trust (BMT) (continued)

Shares        
(000) Description Value  




  MONEY MARKET FUND—2.5%      
6,950
AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $6,950,000) $ 6,950,000  
   

 
  Total Investments—158.8% (cost $425,924,627)   446,633,660  
  Other assets in excess of liabilities—1.8%   5,143,798  
  Preferred shares at redemption value, including dividends payable—(60.6)%   (170,455,142 )
   

 
  Net Assets Applicable to Common Shareholders—100% $ 281,322,316  
   

 

 


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

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

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

Securities that are covered by insurance, which ensures the timely payment of principal and interest, represent approximately 91.6% of the Trust’s total investments.


KEY TO ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation FSA Financial Security Assurance
COP Certificate of Participation GO General Obligation
ETM Escrowed to Maturity MBIA Municipal Bond Insurance Association
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue






See Notes to Financial Statements.

24


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2004

BlackRock Municipal 2018 Term Trust (BPK)

  Principal  
 
  Amount  
Option Call
 
Rating1
  (000) Description
Provisions2
Value







        LONG-TERM INVESTMENTS—156.8%
   
        Alabama—5.0%
   
        Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj.,
   
Baa2
  $ 5,000      6.15%, 6/01/19
06/05 @ 102
$ 5,197,000
BBB
    1,000      Proj. A, 5.90%, 2/01/17
08/04 @ 102
  1,023,260
A2
    5,845   Huntsville Hlth. Care Auth., Ser. A, 5.625%, 6/01/22, GO
06/12 @ 101
  5,856,456
         


         
  12,076,716
         


        California—1.9%
   
         
A
    1,750   Agua Caliente Band of Cahuilla Indians, 5.60%, 7/01/13
No Opt. Call
  1,751,785
      
B-
    3,460   Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24
12/12 @ 102
  2,918,026
         


         
  4,669,811
         


        Colorado—2.1%
   
BBB
    5,000   Colorado Hsg. & Fin. Auth., Solid Wst. Rev., Waste Management Proj., 5.70%, 7/01/18
No Opt. Call
  4,997,000
         


        Connecticut—3.0%
   
   
Baa3
  3,750 3 Mashantucket Western Pequot Tribe, Spec. Rev., Ser. B, 5.75%, 9/01/18
09/07 @ 102
  3,868,387
BBB-
  3,150   Mohegan Tribe Indians, Pub. Impvt. Priority Dist., 6.00%, 1/01/16
01/11 @ 101
  3,282,836
       


       
  7,151,223
       


      Delaware—6.4%
   
A3
  14,000 3 Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/01/52
10/14@100
  15,382,500
       


      Florida—13.0%
   
Baa1
  1,585   Capital Trust Agy. Mult. Fam., American Opp., Ser. A, 5.75%, 6/01/23
06/13 @ 102
  1,478,330
NR
  2,000   CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. B, 5.875%, 5/01/14
No Opt. Call
  1,996,280
NR
  4,725   Live Oak Cmnty. Dev. Dist., No. 1, Spl. Assmt., Ser. B, 5.30%, 5/01/08
No Opt. Call
  4,739,175
BB
  4,515   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21
11/14 @ 100
  4,546,695
NR
  5,025   Stevens Plantation Cmnty. Dist., Spl. Assmt. Rev., Ser. B, 6.375%, 5/01/13
No Opt. Call
  5,025,301
NR
  940   Sumter Landing Cmnty. Dev. Dist., 6.25%, 5/01/13
No Opt. Call
  952,822
NR
  5,500 4 Village Center Cmnty. Dev. Dist., Ser. B, 5.875%, 1/01/15
No Opt. Call
  5,516,115
NR
  5,290   Village Cmnty. Dev., Assmt. Rev., Ser. B, 5.40%, 5/01/07
No Opt. Call
  5,334,912
NR
  1,500   Westchester Cmnty. Dev. Dist. No. 1, Spl. Assmt., 6.00%, 5/01/23
05/13 @ 101
  1,484,415
       


       
  31,074,045
       


      Illinois—19.4%
   
NR
  1,825   Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23
No Opt. Call
  1,770,141
AAA
  5,000   Chicago O’Hare Intl. Arpt., Ser. A, 5.75%, 1/01/18, MBIA
01/12 @ 100
  5,283,050
      Illinois Dev. Fin. Auth.,
   
A
  12,500 5    Adventist Hlth. Sys. Sunbelt Obl., 5.50%, 11/15/20
11/09 @ 101
  12,497,750
A2
  5,000      PCR, Ser. C, 5.95%, 8/15/26
12/06 @ 101
  5,101,250
BBB
  5,980   Illinois Edl. Facs. Auth., Student Hsg., Edl. Adv. Fund, Univ. Ctr. Proj., 6.00%, 5/01/22
05/12 @ 101
  6,051,640
A2
  5,000   Illinois Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care, 5.50%, 1/01/22
01/13 @ 100
  5,048,300
      Illinois Sports Facs. Auth., Dedicated St. Tax Supported Rev., AMBAC,
   
AAA
  1,885      Zero Coupon, 6/15/19
06/15 @ 101
  1,449,697
AAA
  1,985      Zero Coupon, 6/15/20
06/15 @ 101
  1,515,528
AAA
  2,090      Zero Coupon, 6/15/21
06/15 @ 101
  1,585,829
      Kane & Du Page Cntys. Sch. Dist., GO, Ser. B, FSA,
   
AAA
  4,625      Zero Coupon, 1/01/18
01/12 @ 72.424
  2,345,430
AAA
  4,100      Zero Coupon, 1/01/19
01/12 @ 67.935
  1,946,680
AAA
  2,950      Zero Coupon, 1/01/21
01/12 @ 60.037
  1,225,754
AAA
  1,700      Zero Coupon, 1/01/22
01/12 @ 56.453
  661,776
       


       
  46,482,825
       


      Indiana—8.6%
   
AA
  13,970   Indiana Hlth. Fac. Fin. Auth., Sisters of St. Francis, 5.75%, 11/01/21
11/11 @ 101
  14,437,995
BBB
  4,000   Petersburg, PCR, Pwr. & Lt. Conv., 5.75%, 8/01/21
08/11 @ 102
  4,035,520
NR
  2,290   Vincennes Econ. Dev., Southwest Indiana Regl., 6.25%, 1/01/24
01/09 @ 102
  2,139,982
       


       
  20,613,497
       


      Louisiana—1.6%
   
NR
  3,730 4 Louisiana Pub. Facs. Auth., Dept. of Pub. Safety, 5.875%, 6/15/14
06/10 @ 100
  3,788,151
       


See Notes to Financial Statements.

25


BlackRock Municipal 2018 Term Trust (BPK) (continued)

Principal          
Amount       Option Call  
Rating1
(000)   Description Provisions2 Value







      Maryland—2.1%        
NR
$
5,170 4 Frederick Cnty., Urbana Cmnty. Dev. Auth., Ser. A, 5.80%, 7/01/20 07/07 @ 102 $ 5,051,659
         

      Michigan—9.1%        
BBB
  5,000   Dickinson Cnty. Econ. Dev. Corp., PCR, Champion Intl. Corp. Proj., 5.85%, 10/01/18 08/04 @ 102   5,113,000
A1
  5,450   Michigan Hosp. Fin. Auth., Henry Ford Hlth. Sys., Ser. A, 6.00%, 11/15/19 11/09 @ 101   5,665,983
BB+
  9,000   Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 07/07 @ 101   9,291,150
      Pontiac Tax Increment Fin. Auth., ACA,        
A
  700      Dev. Area 2, 5.625%, 6/01/22   06/12 @ 101   709,604
A
  1,000      Dev. Area 3, 5.375%, 6/01/17   06/12 @ 101   1,008,200
           

              21,787,937
           

      Mississippi—4.2%        
BBB
  9,000   Lowndes Cnty. Sld. Wst. Disp., PCR, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22 No Opt. Call   10,115,550
         

      Nevada—2.5%        
NR
  1,100   Las Vegas Spec. Imp. Dist. No. 809, Summerlin Area, 5.35%, 6/01/17 12/04 @ 103   1,043,911
BBB+
  5,000   Nevada Dept. of Bus. & Ind., Republic Svc. Inc. Proj., 5.625%, 12/01/26 No Opt. Call   5,062,000
         

              6,105,911
           

      New Hampshire—4.0%        
AAA
  7,000   New Hampshire Bus. Fin. Auth., PCR, Pub. Svc. Co. Proj., Ser. C, 5.45%, 5/01/21, MBIA 05/12 @ 101   7,465,220
A+
  2,025   New Hampshire Hlth. & Ed. Facs. Auth., Exeter Hosp. Proj., 6.00%, 10/01/24 10/11 @ 101   2,098,103
         

              9,563,323
           

      New Jersey—12.1%        
      New Jersey Econ. Dev. Auth.,        
B
  4,065      Continental Airlines Inc. Proj., 7.00%, 11/15/30 11/10 @ 101   3,159,846
B
  6,750      Continental Airlines Inc. Proj., 7.20%, 11/15/30 11/10 @ 101   5,346,608
Baa3
  8,410      Kapkowski Road Landfill Proj., 5.50%, 4/01/16    No Opt. Call   8,431,530
BBB
  15,000   Tobacco Settlement Fin. Corp., 6.00%, 6/01/37 06/12 @ 100   12,184,650
         

              29,122,634
           

      New Mexico—1.0%        
NR
  2,315   Sandoval Cnty. Proj. Dev., Santa Ana Pueblo Proj., 7.75%, 7/01/15 No Opt. Call   2,314,120
         

      New York—1.0%        
BBB
  2,465   New York Cntys. Tobacco Trust III, Tobacco Settlement Rev., 5.00%, 6/01/27 06/13 @ 100   2,398,445
         

      North Carolina—1.8%        
A3
  4,000   Wake Cnty. Ind. Facs., PCR, Carolina Pwr. & Lt. Co. Proj., 5.375%, 2/01/17 02/12 @ 101   4,201,360
         

      Pennsylvania—6.7%        
      Philadelphia Auth. for Ind. Dev., Ser. B, FSA,      
AAA
  5,000      5.50%, 10/01/18   10/11 @ 101   5,370,800
AAA
  5,000  
   5.50%, 10/01/19
  10/11 @ 101   5,351,500
      West Cornwall Twnshp., Mun. Auth. Coll., Elizabethtown Coll. Proj.,      
BBB+
  2,500  
   5.90%, 12/15/18
  12/11 @ 100   2,636,775
BBB+
  2,650  
   6.00%, 12/15/22
  12/11 @ 100   2,774,364
           

              16,133,439
           

      South Carolina—3.6%        
NR
  3,497   Lancaster Cnty., Assmnt. Rev., Edgewater Impvt. Dist., Ser. B, 6.125%, 11/01/14 No Opt. Call   3,502,490
BBB
  5,000   South Carolina Jobs Econ. Dev. Auth., Hosp. Fac. Rev., Palmetto Hlth. Alliance,      
         Ser. A, 6.125%, 8/01/23   08/13 @ 100   5,090,000
           

              8,592,490
           

      South Dakota—4.3%        
BBB
  11,915   Edl. Enhancement Fdg. Corp., Tobacco Settlement, Ser. B, 6.50%, 6/01/32 06/12 @ 101   10,340,552
         

      Tennessee—2.3%        
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   5,416,200
         

      Texas—23.6%        
BBB
  2,000   Alliance Arpt. Auth. Inc., Fed. Express Corp. Proj., 6.375%, 4/01/21 04/06 @ 102   2,078,980
      Birdville Indpt. Sch. Dist., GO,        
AAA
  1,615      Zero Coupon, 2/15/18   No Opt. Call   812,910
AAA
  1,815      Zero Coupon, 2/15/19   No Opt. Call   856,354
AAA
  2,625      Zero Coupon, 2/15/20   No Opt. Call   1,158,701
AAA
  2,500      Zero Coupon, 2/15/21   No Opt. Call   1,033,725

See Notes to Financial Statements.

26


BlackRock Municipal 2018 Term Trust (BPK) (continued)

  Principal            
  Amount       Option Call    
Rating1 (000)   Description Provisions2 Value  








        Texas (continued)          
BBB
$ 12,625   Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 5.75%, 5/01/36
No Opt. Call
$ 13,421,511  
NR
  4,305   Dallas Cnty. Flood Control, 6.75%, 4/01/16   04/13 @ 100   4,311,070  
      Dallas Ft. Worth Intl. Arpt. Fac. Impvt., Ser. A, FGIC,          
AAA
  5,000      5.875%, 11/01/17   11/11 @ 100   5,360,050  
AAA
  5,000      5.875%, 11/01/18   11/11 @ 100   5,340,900  
      Texas Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., Arborstone/Baybrook Oaks, Ser. A,        
Baa1
  12,695      5.55%, 11/01/18   11/11 @ 102   12,570,335  
Baa1
  9,800      5.75%, 11/01/22   11/11 @ 102   9,678,970  
           

 
              56,623,506  
           

 
      Washington—4.8%          
      Energy Northwest Wind Proj.,          
A-
  5,000      Ser. A, 6.00%, 7/01/23   01/07 @ 103   5,160,850  
A-
  6,175      Ser. B, 5.875%, 7/01/20   01/07 @ 103   6,405,698  
           

 
              11,566,548  
           

 
      Wisconsin—12.7%          
BBB
  17,585   Badger Tobacco Asset Sec. Corp., 6.375%, 6/01/32   06/12 @ 100   14,832,772  
      Wisconsin Hlth. & Edl. Facs. Auth.,          
A+
  5,000      Froedert & Cmnty. Hlth. Oblig., 5.375%, 10/01/21   10/11 @ 101   4,992,000  
A
  10,000      Wheaton Franciscan Svcs., 6.25%, 8/15/22   02/12 @ 101   10,602,900  
           

 
              30,427,672  
           

 
      Total Long-Term Investments (cost $374,610,862)       375,997,114  
           

 
 


           
 
Shares
             
 
(000)
             
 
           
        MONEY MARKET FUND—0.1%          
   
250
  AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $250,000)  
N/A
  250,000  
             

 
        Total Investments—156.9% (cost $374,860,862)       376,247,114  
        Other assets in excess of liabilities—0.5%       1,160,031  
        Preferred shares at redemption value, including dividends payable—(57.4)%     (137,630,461 )
           

 
        Net Assets Applicable to Common Shareholders—100%   $ 239,776,684  
           

 

 


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

2 Date (month/year) and price of the earliest 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, 2004, the Trust held 8.0% of its net assets, with a current market value of $19,250,887, in securities restricted as to resale.

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

5 Entire or partial principal amount pledged as collateral for financial futures contracts.


KEY TO ABBREVIATIONS
ACA American Capital Access GO General Obligation
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Insurance Association
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
FSA Financial Security Assurance      






See Notes to Financial Statements.

27


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2004

BlackRock Municipal 2020 Term Trust (BKK)

  Principal      
  Amount   Option Call  
Rating1
(000) Description Provisions2 Value






        LONG-TERM INVESTMENTS—163.1%      
        California—22.0%      
        California GO,      
A3
$ 12,000      5.00%, 11/01/22 11/13 @ 100 $ 12,028,560
A3
  12,500      5.125%, 11/01/23 11/13 @ 100   12,580,250
        Golden St. Tobacco Sec. Corp.,      
BBB
  3,000      Ser. A-1, 6.625%, 6/01/40 06/13 @ 100   2,640,840
BBB
  8,010      Ser. A-1, 6.75%, 6/01/39 06/13 @ 100   7,196,424
BBB
  975      Ser. A-3, 7.875%, 6/01/42 06/13 @ 100   991,419
BBB
  1,470      Ser. A-5, 7.875%, 6/01/42 06/13 @ 100   1,494,755
Baa1
  20,000      Ser. B, 5.375%, 6/01/28 06/10 @ 100   19,591,400
B-
  3,035   Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24 12/12 @ 102   2,559,598
AAA
  6,865   Riverside Cnty., Riverside Cnty. Hosp. Proj., Zero Coupon, 6/01/25, MBIA No Opt. Call   2,086,273
           

              61,169,519
           

        Colorado—0.6%      
AAA
  4,500   E-470 Pub. Hwy Auth., Cap. Apprec., Ser. B, Zero Coupon, 9/01/22, MBIA No Opt. Call   1,689,885
         

      Connecticut—0.9%      
BBB-
  2,500   Mohegan Tribe Indians Gaming Auth., Pub. Impvt., 5.125%, 1/01/23 01/14 @ 100   2,397,325
           

        Delaware—3.6%      
        Charter Mac Equity Issuer Trust,      
A3
  1,000      Ser. A, 5.75%, 4/30/15 No Opt. Call   1,011,960
A3
  2,500      Ser. A, 6.00%, 4/30/19 No Opt. Call   2,536,575
Baa1
  4,000      Ser. B, 6.00%, 4/30/15 No Opt. Call   4,047,200
Baa1
  2,500      Ser. B, 6.30%, 4/30/19 No Opt. Call   2,535,850
           

              10,131,585
           

        District of Columbia—3.4%      
        Dist. of Columbia, Friendship Pub. Charter Sch. Inc., ACA,      
A
  3,320      5.00%, 6/01/23 06/14 @ 100   3,125,813
A
  2,680      5.75%, 6/01/18 06/14 @ 100   2,776,855
BBB
  4,215   Tobacco Settlement Fin. Corp., 6.50%, 5/15/33 No Opt. Call   3,609,389
           

              9,512,057
           

        Florida—20.0%      
NR
  4,860   Bellago Edl. Facs. Benefit Dist., Ser. A, 5.85%, 5/01/22 05/14 @ 100   4,826,077
Baa1
  1,500   Capital Trust Agy. Multi-Fam., American Opp., Ser. A, 5.75%, 6/01/23 06/13 @ 102   1,399,050
NR
  3,000   CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. B, 5.875%, 5/01/14 No Opt. Call   2,994,420
      Concorde Estates Cmnty. Dev. Dist.,      
NR
  2,350      Ser. A, 5.85%, 5/01/35 05/14 @ 101   2,212,995
NR
  2,300      Ser. B, 5.00%, 5/01/11 No Opt. Call   2,231,943
NR
  4,445   Grand Hampton Cmnty. Dev. Dist., Cap. Impvt., 6.10%, 5/01/24 05/13 @ 101   4,393,082
NR
  4,140   Habitat Cmnty. Dev. Dist., 5.80%, 5/01/25 05/14 @ 101   3,941,694
BB
  5,475   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 11/14 @ 100   5,513,435
        Middle Village Cmnty. Dev. Dist.,      
NR
  4,690      Ser. A, 5.80%, 5/01/22 05/13 @ 100   4,626,544
NR
  2,750      Ser. B, 5.00%, 5/01/09 No Opt. Call   2,727,258
NR
  3,000   Sterling Hill Cmnty. Dev. Dist., Ser. B, 5.50%, 11/01/10 No Opt. Call   3,004,620
NR
  7,805   Stevens Plantation Cmnty. Dist., Spl. Assmt. Rev., Ser. B, 6.375%, 5/01/13 No Opt. Call   7,805,468
NR
  4,000   Village Cmnty. Dev. Dist. No. 5, Spl. Assmt. Rev., Ser. A, 6.00%, 5/01/22 05/13 @ 101   4,028,000
NR
  6,000   Westchester Cmnty. Dev. Dist. No. 1, Spl. Assmt., 6.00%, 5/01/23 05/13 @ 101   5,937,660
           

              55,642,246
           

        Georgia—4.8%      
BBB
  2,500   Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Foundation, 5.50%, 9/01/24 . . 09/14 @ 101   2,446,200
BBB
  2,350   Richmond Cnty. Dev. Auth., Env. Impvt., 5.75%, 11/01/27 11/13 @ 100   2,253,556
AA
  8,620   Savannah Hosp. Auth., St. Joseph/Chandler Hlth. Sys., 5.25%, 7/01/23, RAA 01/14 @ 100   8,660,342
           

              13,360,098
           

        Illinois—12.1%      
NR
  2,155   Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 No Opt. Call   2,090,221
        Illinois Dev. Fin. Auth.,      
A-
  5,000      Depaul Univ., Ser. C, 5.25%, 10/01/24 10/14 @ 100   4,974,800
AAA
  14,000      Gas Supply Rev., Ser. E, 4.875%, 11/01/38, AMBAC 11/13 @ 101   13,692,000
AA+
  4,800   Illinois Edl. Fac. Auth., Northwestern Univ., 5.00%, 12/01/21 12/13 @ 100   4,883,952
AAA
  8,265   Lake Cnty. Cmnty. Con. Sch. Dist., No. 73 Hawthorn, Zero Coupon, 12/01/22, MBIA No Opt. Call   3,051,190

See Notes to Financial Statements.

28


BlackRock Municipal 2020 Term Trust (BKK) (continued)

Principal        
Amount     Option Call  
Rating1
(000) Description Provisions2 Value







      Illinois (continued)        
AAA
$
13,455
  Met. Pier & Exposition Auth., Dedicated St. Tax Rev., McCormick Place Expansion Proj.,      
 
     Ser. A, Zero Coupon, 6/15/22, MBIA  
No Opt. Call
$ 5,092,852
 
       

 
          33,785,015
 
       

 
  Indiana—0.9%        
NR
 
2,710
  Vincennes Econ. Dev., Southwest Indiana Regl., 6.25%, 1/01/24 01/09 @ 102   2,532,468
 
     

 
  Kansas—1.0%        
AAA
 
6,440
  Wyandotte Cnty., Unified Gov’t. Spl. Oblig., Intl. Speedway, Zero Coupon, 12/01/20, MBIA No Opt. Call   2,774,030
 
     

 
  Kentucky—3.2%        
CCC
 
6,635
  Kenton Cnty. Arpt. Brd., Delta Airlines, 7.125%, 2/01/21 08/04 @ 100   4,876,327
BBB
 
3,750
  Maysville Sld. Wst. Disp., Inland Container Corp. Proj., 6.90%, 9/01/22 09/13 @ 102   3,894,112
 
     

 
          8,770,439
 
       

 
  Louisiana—0.7%        
BBB
 
2,000
  De Soto Parish, Env. Impvt. Rev., Ser. A, 5.85%, 11/01/27 11/13 @ 100   1,930,600
 
     

 
  Maryland—5.8%        
 
  Frederick Cnty., Urbana Cmnty. Dev. Auth.,      
NR
 
3,000
3    6.625%, 7/01/25   07/07 @ 102   3,101,070
NR
 
5,171
3    Ser. A, 5.80%, 7/01/20   07/07 @ 102   5,052,636
BBB
 
8,500
  Maryland Hlth. & Higher Edl. Facs. Auth., Medstar Hlth., 5.375%, 8/15/24 08/14 @ 100   8,062,335
 
     

 
          16,216,041
 
       

 
  Massachusetts—1.6%        
BBB
 
4,500
  Massachusetts Dev. Fin. Agcy., Sld. Wst. Disp. Rev., Wst. Mgmt. Inc. Proj.,      
 
     5.45%, 6/01/14   No Opt. Call   4,526,190
 
       

 
  Michigan—1.9%        
BB+
 
5,000
  Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 07/07 @ 101   5,161,750
 
       
 
  Mississippi—1.0%        
BBB
 
3,000
  Warren Cnty. Env. Impvt, Intl. Paper, Ser. A, 5.85%, 11/01/27 11/13 @ 100   2,895,900
 
     

 
  Missouri—1.8%        
BBB+
 
5,000
  Missouri Dev. Fin. Brd., Branson Landing Proj., Ser. A, 5.50%, 12/01/24 06/14 @ 100   4,981,300
 
     

 
  New Hampshire—1.8%        
BBB+
 
5,000
  New Hampshire Hlth., Elliot Hosp., Ser. B, 5.60%, 10/01/22 10/13 @ 100   4,997,750
 
     

 
  New Jersey—16.6%        
Baa1
 
1,000
  Middlesex Cnty. Impvt. Auth., Str. Student Hsg. Proj., Ser. A, 5.00%, 8/15/23 08/14 @ 100   980,650
 
  New Jersey Econ. Dev. Auth.,        
B
 
10,000
     Continental Airlines Inc. Proj., 7.00%, 11/15/30 11/10 @ 101   7,773,300
B
 
1,500
     Continental Airlines Inc. Proj., 9.00%, 6/01/33 06/13 @ 101   1,548,660
BBB-
 
1,000
     First Mtg. Winchester, Ser. A, 4.80%, 11/01/13 No Opt. Call   958,180
Baa3
 
7,500
     Kapkowski Road Landfill Proj., 6.50%, 4/01/31 No Opt. Call   8,111,325
Baa1
 
4,000
  New Jersey Hlth Care Fac. Fin. Auth., Cap. Hlth Sys. Oblig. Grp., Ser. A, 5.75%, 7/01/23 07/13 @ 100   4,043,160
 
  Tobacco Settlement Fin. Corp.,        
BBB
 
4,250
     6.75%, 6/01/39   06/13 @ 100   3,808,850
BBB
 
20,325
 
   7.00%, 6/01/41
  06/13 @ 100   18,818,714
 
       

 
          46,042,839
 
       

 
  New Mexico—1.0%        
NR
 
2,685
  Sandoval Cnty. Proj. Dev., Santa Ana Pueblo Proj., 7.75%, 7/01/15 No Opt. Call   2,683,980
 
     

 
  New York—10.5%        
BBB
 
3,360
  New York Cntys. Tobacco Trust III, Tobacco Settlement Rev., 5.00%, 6/01/27 06/13 @ 100   3,269,280
 
  Tobacco Settlement Fin. Corp.,        
AAA
 
10,000
     Ser. A-1, 5.25%, 6/01/22, AMBAC   06/13 @ 100   10,280,700
AA-
 
4,000
     Ser. C-1, 5.50%, 6/01/20   06/13 @ 100   4,198,680
AA-
 
7,000
4    Ser. C-1, 5.50%, 6/01/21   06/13 @ 100   7,332,150
AA-
 
4,000
     Ser. C-1, 5.50%, 6/01/22   06/13 @ 100   4,180,960
 
       

 
          29,261,770
 
       

 
  Ohio—6.9%        
 
  Cuyahoga Cnty., Cleveland Clinic Hlth. Sys.,      
A1
 
3,000
 
   6.00%, 1/01/19
  07/13 @ 100   3,214,230
A1
 
10,000
 
   6.00%, 1/01/20
  07/13 @ 100   10,691,700
BBB-
 
4,000
  Ohio Water Dev. Auth., Collateral Wtr. Dev. Dayton Pwr., Ser. A, 6.40%, 8/15/27 08/04 @ 101   4,020,400
NR
 
1,215
  Port of Greater Cincinnati Dev. Auth., Cooperative Pub. Parking Infrastructure Proj.,      
 
 
   6.30%, 2/15/24
  02/14 @ 102   1,165,634
 
       

 
          19,091,964
 
       

 
  Pennsylvania—6.1%        
A-
 
10,000
  Lancaster Cnty. Hosp. Auth., Gen. Hosp. Proj., 5.75%, 3/15/20 09/13 @ 100   10,298,200
BBB+
 
6,680
  Pennsylvania Higher Edl. Fac., La Salle Univ., 5.50%, 5/01/26 05/13 @ 100   6,554,483
 
     

 
          16,852,683
 
       

See Notes to Financial Statements.

29


BlackRock Municipal 2020 Term Trust (BKK) (continued)

  Principal            
  Amount       Option Call    
Rating1 (000)   Description Provisions2 Value  








        Rhode Island—1.6%          
BBB
$ 4,500   Hlth. & Edl. Bldg. Corp., Hosp. Fin., Ser. A, 5.875%, 9/15/23 09/08 @ 100 $ 4,369,725  
         

 
      Texas—8.4%          
BBB
  1,100   Brazos River Auth., PCR, TXU Energy Co. LLC Proj., Ser. A, 6.75%, 4/01/38 No Opt. Call   1,218,074  
BBB
  3,500   Port Corpus Christi Indl. Dev. Corp., Valero Convertible, Ser. C, 5.40%, 4/01/18 04/08 @ 102   3,525,270  
Baa1
  5,000   Texas Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., Arborstone/Baybrook Oaks,        
           Ser. A, 5.85%, 11/01/31   11/11 @ 102   4,811,150  
        Texas St. Tpke. Auth., Central Texas Tpke. Sys., Ser. A, AMBAC,        
AAA
  7,990      Zero Coupon, 8/15/21   No Opt. Call   3,190,327  
AAA
  18,450      Zero Coupon, 8/15/24   No Opt. Call   5,982,782  
      Weatherford Indpt. Sch. Dist.,          
AAA
  6,945      Zero Coupon, 2/15/23   02/11 @ 50.236   2,419,569  
AAA
  6,945      Zero Coupon, 2/15/24   02/11 @ 47.435   2,273,862  
           

 
              23,421,034  
           

 
      Virginia—8.0%          
NR
  5,000   Celebrate North Cmnty. Dev. Auth., Spl. Assmt. Rev., Ser. B, 6.60%, 3/01/25 03/14 @ 102   4,936,950  
BBB
  10,000   Charles City Cnty. Econ. Dev. Auth., Sld. Wst. Disp., 5.125%, 8/01/27 No Opt. Call   9,789,100  
BBB-
  7,500   Mecklenburg Cnty Ind. Dev. Auth., Exempt FAC-UAE LP Proj, 6.50%, 10/15/17 10/12 @ 100   7,537,500  
         

 
              22,263,550  
           

 
      Washington—2.4%          
      Washington,          
AAA
  10,000      Ser. S-5, Zero Coupon, 1/01/19, FGIC   No Opt. Call   4,774,900  
AAA
  4,630      Motor Vehicle, Ser. F, Zero Coupon, 12/01/21, MBIA No Opt. Call   1,850,981  
         

 
              6,625,881  
           

 
      Wisconsin—2.2%          
      Hlth. & Ed. Fac. Auth., Wheaton Franciscan Svcs.,        
A
  2,880      5.50%, 8/15/17   08/13 @ 100   2,964,211  
A
  3,190  
   5.50%, 8/15/18
  08/13 @ 100   3,269,208  
             

 
                6,233,419  
             

 
        Puerto Rico—12.3%          
        Puerto Rico Comnwlth., Pub. Impvt., Ser. A,        
A-   5,000  
   5.25%, 7/01/22
  07/13 @ 100   5,097,800  
A-   11,000  
   5.25%, 7/01/23
  07/13 @ 100   11,159,390  
A-   7,000  
   5.25%, 7/01/24
  07/13 @ 100   7,066,150  
A-   10,900   Puerto Rico Elec. Pwr. Auth., Ser. NN, 5.125%, 7/01/24 07/13 @ 100   10,944,799  
           

 
                34,268,139  
             

 
        Total Long-Term Investments (cost $462,622,605)     453,589,182  
           

 
 


           
 
Shares
           
 
(000)
           
 


           
        MONEY MARKET FUND—3.1%        
    8,550   AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $8,550,000) N/A   8,550,000  
           

 
        Total Investments—166.2% (cost $471,172,605)     462,139,182  
        Liabilities in excess of other assets—(2.3)%     (6,524,538 )
        Preferred shares at redemption value, including dividends payable—(63.9)%     (177,624,482 )
           

 
        Net Assets Applicable to Common Shareholders—100%   $ 277,990,162  
           

 

 


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

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

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

4 Entire or partial principal amount pledged as collateral for financial futures contracts.


KEY TO ABBREVIATIONS
ACA American Capital Access MBIA Municipal Bond Insurance Association
AMBAC American Municipal Bond Assurance Corporation PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company RAA Radian Asset Assurance
GO General Obligation      

See Notes to Financial Statements.

30


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2004

BlackRock Municipal Target Term Trust (BMN)

  Principal          
  Amount     Option Call    
   Rating1 (000)   Description Provisions2 Value  






 
        LONG-TERM INVESTMENTS—145.5%        
      Alabama—3.4%        
AAA
$
9,450
  Alabama Fed. Hwy. Fin. Auth., Grant Antic., Ser. A, 4.125%, 3/01/07, MBIA
No Opt. Call
$ 9,826,677  
AAA
 
5,000
  Jefferson Cnty., Capital Impvt., GO, Ser. A, 5.00%, 4/01/07, MBIA
No Opt. Call
  5,313,400  
AAA
 
1,000
  Mobile, GO, 4.00%, 2/15/07, AMBAC
No Opt. Call
  1,036,090  
 
   
 
 
 
   
  16,176,167  
 
   
 
 
 
  Alaska—2.4%
     
 
  Anchorage, GO,
     
AAA
 
1,750
     Ser. A, 4.125%, 6/01/06, FGIC
No Opt. Call
  1,811,740  
AAA
 
2,245
     Ser. A, 4.25%, 6/01/07, FGIC
No Opt. Call
  2,347,237  
AAA
 
1,335
     Ser. B, 3.20%, 7/01/07, MBIA
No Opt. Call
  1,353,637  
AAA
 
5,000
     Ser. B, 3.25%, 7/01/07, MBIA
No Opt. Call
  5,076,950  
AAA
 
1,000
     Ser. B, 4.25%, 7/01/07, FGIC
No Opt. Call
  1,043,890  
 
   
 
 
 
   
  11,633,454  
 
   
 
 
 
  Arizona—2.4%
     
AAA
 
5,000
  Arizona Trans. Brd., Grant Antic., 4.125%, 1/01/07, MBIA
No Opt. Call
  5,192,200  
AAA
 
6,255
  Maricopa Cnty. Pub. Fin. Corp., Lease Rev., 4.25%, 7/01/07, AMBAC
No Opt. Call
  6,536,850  
 
   
 
 
 
   
  11,729,050  
 
   
 
 
 
  Arkansas—1.1%        
AAA
 
5,000
  Univ. of Arkansas, Athl. Fac. Rev., Razorback Stadium Proj., 3.55%, 12/01/21, FSA
12/06 @ 100
  5,145,200  
 
   
 
 
 
  California—7.8%
     
AAA
 
6,000
  California, GO, 6.30%, 9/01/06, AMBAC
No Opt. Call
  6,522,180  
AAA
 
30,000
  California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, 3.50%, 5/01/07, MBIA No Opt. Call   30,860,700  
 
       
 
 
        37,382,880  
 
       
 
 
  Colorado—8.8%        
AAA
 
17,150
  Denver City & Cnty., GO, Ser. B, 5.625%, 8/01/07, MBIA No Opt. Call   18,633,646  
AAA
 
1,015
  El Paso Cnty., COP, Detention Fac. Proj., Ser. B, 2.50%, 12/01/06, AMBAC No Opt. Call   1,020,887  
AAA
 
9,700
  Met. Football Stad. Dist., Sales Tax Rev., Ser. A, Zero Coupon, 1/01/07, MBIA No Opt. Call   9,021,097  
 
  Regl. Transp. Dist., COP, Transp. Vehicle Proj., Ser. A, MBIA        
AAA
 
6,215
 
   5.00%, 6/01/06
No Opt. Call   6,532,649  
AAA
 
5,470
 
   5.00%, 6/01/07
No Opt. Call   5,839,389  
AAA
 
1,100
  Thornton, COP, 2.50%, 12/01/06, AMBAC No Opt. Call   1,106,380  
 
       
 
 
        42,154,048  
 
       
 
 
  Delaware—0.2%        
AAA
 
1,050
  Delaware River & Bay Auth., 2.50%, 1/01/07, MBIA No Opt. Call   1,049,748  
 
       
 
 
  Florida—2.2%        
 
  Delray Beach, FSA,        
AAA
 
1,255
     Decade of Excellence Prog., GO, 3.50%, 2/01/07 No Opt. Call   1,284,455  
AAA
 
1,740
     Utils. Tax, 3.50%, 6/01/07 No Opt. Call   1,785,936  
AAA
 
1,645
  Florida Mun. Loan Council, Ser. A, 4.00%, 5/01/07, MBIA No Opt. Call   1,709,451  
AAA
 
1,765
  Orange Cnty. Tourist Dev., Tax Rev., Ser. A, 6.375%, 10/01/06, AMBAC ETM   1,781,732  
AAA
 
2,000
  Sarasota Wtr. & Swr. Sys., 4.25%, 10/01/06, MBIA No Opt. Call   2,086,700  
AAA
 
1,865
  Tampa Wtr. & Swr., 5.50%, 10/01/06, FSA No Opt. Call   1,996,389  
 
       
 
 
        10,644,663  
 
       
 
 
  Georgia—1.0%        
AAA
 
4,805
  Columbus Wtr. & Swr., 4.00%, 5/01/07, FSA No Opt. Call   4,990,569  
 
       
 
 
  Hawaii—4.8%        
 
  Hawaii, GO,        
AAA
 
5,675
     Ser. CP, 5.50%, 10/01/06, FGIC No Opt. Call   6,065,837  
AAA
 
9,000
     Ser. CS, 5.25%, 4/01/06, MBIA No Opt. Call   9,472,680  
AAA
 
1,265
     Ser. CW, 3.60%, 8/01/06, FGIC No Opt. Call   1,297,523  
 
  Honolulu City & Cnty., GO, Ser. A,        
AAA
 
2,275
     4.00%, 9/01/06, FSA No Opt. Call   2,354,762  
AAA
 
3,500
     5.80%, 1/01/07, FGIC No Opt. Call   3,775,835  
 
       
 
 
        22,966,637  
 
       
 

See Notes to Financial Statements.

31


BlackRock Municipal Target Term Trust (BMN) (continued)

  Principal            
  Amount       Option Call    
   Rating1 (000)   Description Provisions2 Value  







 
        Illinois—17.4%          
      Champaign Cnty. Cmnty. Unit Sch. Dist., No. 116, Ser. C, FGIC,        
AAA
$ 1,065      Zero Coupon, 1/01/07  
No Opt. Call
$
989,971  
AAA
  2,760      Zero Coupon, 1/01/08  
No Opt. Call
  2,457,311  
AAA
  12,000   Chicago, GO, Ser. A, 4.25%, 1/01/07, MBIA
No Opt. Call
  12,482,520  
AAA
  2,665   Chicago Park Dist., Parking Rev., GO, Ser. A, 3.00%, 1/01/07, FGIC
No Opt. Call
  2,692,423  
AAA
  1,565   Chicago Wstwtr. Trans., Ser. A, 3.50%, 1/01/07, AMBAC
No Opt. Call
  1,599,837  
AAA
  7,220   Cook Cnty. Cmnty. Sch. Dist., Zero Coupon, 12/01/07, FGIC
No Opt. Call
  6,480,672  
      Du Page Cnty., Trans. Rev., FSA,  
     
AAA
  4,815      4.50%, 1/01/07  
No Opt. Call
  5,037,405  
AAA
  5,390  
   4.50%, 1/01/09
 
No Opt. Call
  5,666,992  
      Illinois, GO, Ser. I,  
     
AAA
  15,080      3.25%, 11/01/06, FGIC  
No Opt. Call
  15,391,100  
AAA
  4,000      4.00%, 4/01/07, FSA  
No Opt. Call
  4,152,240  
AAA
  12,625      4.25%, 4/01/07, MBIA  
No Opt. Call
  13,188,328  
      Illinois Sales Tax, Ser. O,  
     
AAA
  5,900      Zero Coupon, 6/15/07  
No Opt. Call
  5,387,998  
AAA
  5,635      Zero Coupon, 6/15/08  
No Opt. Call
  4,922,341  
AAA
  1,000   Kane Cnty., GO, 3.75%, 1/01/07, FGIC  
No Opt. Call
  1,028,240  
AAA
  2,000   Will Cnty. Cmnty. Sch. Dist., 7.05%, 12/01/08, AMBAC
No Opt. Call
  2,323,800  
           
 
              83,801,178  
             
 
      Indiana—2.8%  
     
AAA
  5,000   Indiana Bond Bank, Sch. Fund, 4.00%, 2/01/07, AMBAC
No Opt. Call
  5,175,350  
AAA
  9,000   Indiana Univ., Student Fee Rev., Zero Coupon, 8/01/06, AMBAC
No Opt. Call
  8,505,450  
       
 
 
         
  13,680,800  
         
 
 
      Iowa—0.8%  
     
AAA
  3,940   West Des Moines Cmnty. Sch. Dist., 4.00%, 6/01/07, AMBAC
No Opt. Call
  4,094,290  
       
 
 
      Kentucky—4.0%  
     
AAA
  12,610   Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon, 10/01/07, MBIA
No Opt. Call
  11,342,695  
      Kentucky Ppty. & Bldgs. Auth., Proj. No. 69, FSA,
     
AAA
  2,035      Ser. B, 4.00%, 8/01/06  
No Opt. Call
  2,105,757  
AAA
  5,560      Ser. C, 4.00%, 8/01/06  
No Opt. Call
  5,753,321  
         
 
 
         
  19,201,773  
         
 
 
      Louisiana—4.4%  
     
AAA
  3,555   Louisiana Off. Facs. Corp. Lease, Cap. Complex Prog., 4.00%, 5/01/07, AMBAC
No Opt. Call
  3,687,388  
AAA
  4,565   Louisiana Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. A, 3.00%, 5/15/07, MBIA
No Opt. Call
  4,599,831  
AAA
  7,630 3 MuniMae Trust, Ser. 7, Cl. A, 4.40%, 12/16/08
N/A
  7,719,882  
AAA
  5,250   New Orleans, GO, Zero Coupon, 9/01/06, AMBAC
No Opt. Call
  4,954,425  
       
 
 
         
  20,961,526  
           
 
 
        Massachusetts—2.7%  
     
AAA
  11,760   Massachusetts, GO, Ser. A, 5.25%, 1/01/09, FSA
No Opt. Call
  12,801,701  
       
 
 
      Michigan—3.8%  
     
AAA
  1,270   Detroit, GO, 3.00%, 4/01/07, MBIA  
No Opt. Call
  1,282,967  
AAA
  2,100   Grand Rapids Wtr. Sply., 4.00%, 1/01/07, FGIC
No Opt. Call
  2,169,825  
      Michigan Mun. Bd. Auth.,  
     
AAA
  5,000      Zero Coupon, 5/15/06, MBIA  
No Opt. Call
  4,784,950  
AAA
  1,165 3    Ser. G, 6.35%, 11/01/04, AMBAC  
N/A
  1,207,254  
AAA
  675      Ser. G, 6.35%, 11/01/06, AMBAC   11/04 @ 102   698,922  
      Michigan Pub. Pwr. Agcy., Belle River Proj., Ser. A, MBIA,        
AAA
  1,000  
   2.70%, 1/01/07
  No Opt. Call   1,002,150  
AAA
  2,000  
   5.00%, 1/01/07
  No Opt. Call   2,114,340  
AAA
  4,850   Michigan Trunk Line, Ser. A, 4.00%, 11/01/06, FSA No Opt. Call   5,028,383  
           
 
              18,288,791  
               
 
        Minnesota—2.1%          
AAA
  5,075   Met. Council Minneapolis-St. Paul, GO, 5.25%, 12/01/06 No Opt. Call   5,415,532  
      Minneapolis Spec. Sch. Dist. No. 1, COP, FSA,        
AAA
  1,150      Ser. A, 3.00%, 2/01/07   No Opt. Call   1,162,489  
AAA
  840      Ser. B, 3.25%, 2/01/07   No Opt. Call   854,314  
AAA
  2,465   Minnesota Hsg. Fin. Auth., Ser. D, 5.35%, 8/01/06, MBIA 02/05 @ 102   2,537,052  
           
 
              9,969,387  
             
 
      Mississippi—0.4%          
AAA
  1,935   Vicksburg, GO, 4.00%, 4/01/07, MBIA   No Opt. Call   2,002,919  
             
 

See Notes to Financial Statements.

32


BlackRock Municipal Target Term Trust (BMN) (continued)

  Principal            
  Amount       Option Call    
   Rating1 (000)   Description Provisions2 Value  







 
        Nebraska—0.8%          
AAA
$ 3,850   Douglas Cnty. Sch. Dist. No. 17 Millard, GO, 3.20%, 11/15/06, FSA
No Opt. Call
$
3,923,689  
       


 
      Nevada—1.5%  
     
AAA
  2,975   Clark Cnty., Library Dist., GO, 4.00%, 2/01/07, FGIC
No Opt. Call
  3,077,072  
AAA
  2,005   Las Vegas, GO, Pub. Safety Bonds, 4.00%, 4/01/07, FSA
No Opt. Call
  2,078,062  
      Nevada Dept. of Bus. & Ind., Las Vegas Monorail Proj., AMBAC,
     
AAA
  800      Zero Coupon, 1/01/07  
No Opt. Call
  742,192  
AAA
  1,295      Zero Coupon, 1/01/08  
No Opt. Call
  1,152,589  
             
 
              7,049,915  
             
 
      New Jersey—3.6%          
AAA
  140   Elizabeth, GO, 6.60%, 8/01/06, MBIA   08/04 @ 100   140,524  
AAA
  1,000   Monmouth Cnty. Impvt. Auth., Gov’t. Loan, 2.34%, 12/01/06, FSA No Opt. Call   1,002,320  
AAA
  8,565   New Jersey Hwy. Auth., Garden St. Pkwy., 5.00%, 1/01/07, FGIC ETM   9,097,143  
AAA
  5,000   New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. A, 5.125%, 6/15/07, AMBAC 06/05 @ 102   5,249,400  
AAA
  730   No. Jersey Dist. Wtr. Sply., Wanaque So. Proj., 6.50%, 7/01/06, MBIA ETM   758,755  
AAA
  1,250   Warren Cnty. Fin. Auth., PCR, 6.55%, 12/01/06, MBIA 12/04 @ 100   1,275,225  
           
 
              17,523,367  
             
 
      New Mexico—1.2%          
AAA
  3,535   Gallup, PCR, Plains Elec. Generation, 6.50%, 8/15/07, MBIA 08/04 @ 101   3,555,362  
AAA
  2,345   New Mexico Fin. Auth., Pub. Proj., Ser. A, 3.50%, 6/01/07, MBIA No Opt. Call   2,399,638  
             
 
                5,955,000  
               
 
        New York—10.6%          
AAA
  1,040   Malone Ctrl. Sch. Dist., GO, Ser. B, 2.875%, 1/15/07, FGIC No Opt. Call   1,048,715  
AAA
  2,800   Nassau Cnty., GO, Ser. Y, 5.00%, 3/01/06, FGIC No Opt. Call   2,934,428  
      New York City, GO,          
AAA
  13,000      Ser. A, 7.00%, 8/01/07, FSA   08/06 @ 101.5   14,293,500  
AAA
  10,000      Ser. E, 6.125%, 8/01/06, MBIA   No Opt. Call   10,755,900  
AAA
  2,000   New York City Hlth. & Hosp. Corp., Hlth. Sys. Svcs., Ser. A, 3.20%, 2/15/07, FSA No Opt. Call   2,026,500  
AAA
  2,460   New York Dorm. Auth., Hosp. Rev., 3.00%, 2/15/07, XLCA No Opt. Call   2,480,270  
      New York Env. Fac. Corp., PCR, Ser. D,          
AAA
  1,910 3    6.40%, 11/15/04   N/A   1,983,401  
AAA
  1,780 3    6.40%, 11/15/04   N/A   1,848,406  
AAA
  810      6.40%, 5/15/06   11/04 @ 102   840,375  
AAA
  9,220   New York Hsg. Fin. Agcy., Hsg. Proj. Mtg., Ser. A, 5.50%, 11/01/06, FSA 05/06 @ 102   9,624,758  
      Rochester, Ser. B, MBIA,          
AAA
  1,805      4.00%, 2/15/07   ETM   1,879,420  
AAA
  1,465      4.00%, 2/15/07   No Opt. Call   1,517,491  
             
 
              51,233,164  
             
 
      North Carolina—1.3%          
AAA
  6,000   No. Carolina Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B, 6.00%, 1/01/06, CAPMAC No Opt. Call   6,346,020  
           
 
      Ohio—5.3%          
AAA
  1,000   Amer. Muni. Pwr. Inc., Omega JU2 Proj., 4.00%, 1/01/07, AMBAC No Opt. Call   1,033,250  
AAA
  2,170   Cincinnati City Sch. Dist., GO, Sch. Impvt., 4.00%, 12/01/06, MBIA No Opt. Call   2,252,612  
AAA
  1,285   Milford Sch. Dist., GO, Sch. Impvt., 3.25%, 12/01/06, FSA No Opt. Call   1,311,548  
      Ohio Bldg. Auth., Ser. A, FSA,          
AAA
  4,585      Admin. Bldg. Fd., 5.00%, 10/01/06   No Opt. Call   4,846,987  
AAA
  10,000      Correction Facs., 5.00%, 10/01/06   No Opt. Call   10,571,400  
AAA
  5,400   Ohio Wtr. Dev. Auth., Pure Wtr., 3.00%, 6/01/07, AMBAC No Opt. Call   5,450,868  
           
 
              25,466,665  
             
 
      Oklahoma—1.5%          
AAA
  6,660   Oklahoma Trans. Auth., Tpke. Sys. Rev., Ser. B, 5.00%, 1/01/07, AMBAC No Opt. Call   7,049,011  
           
 
      Oregon—1.3%          
AAA
  2,020   Oregon Dept. of Admin. Svcs., COP, Ser. A, 5.00%, 11/01/06, FSA No Opt. Call   2,141,968  
AAA
  2,065   Portland Swr. Sys., Ser. A, 5.00%, 6/01/07, FSA No Opt. Call   2,202,054  
AAA
  2,000   Washington & Clackamas Cntys. Sch. Dist., GO, 3.125%, 6/15/07, MBIA No Opt. Call   2,028,960  
           
 
              6,372,982  
             
 
      Pennsylvania—5.0%          
AAA
  1,500   Delaware Cnty. Regl. Wtr. Qual. Ctrl. Auth., Swr. Rev., 4.00%, 5/01/07, FGIC No Opt. Call   1,554,210  
AAA
  1,345   Fleetwood Area Sch. Dist., GO, 4.00%, 4/01/07, FGIC No Opt. Call   1,394,012  
AAA
  1,615   Oxford Area Sch. Dist., GO, Ser. A, 4.00%, 2/15/07, FGIC No Opt. Call   1,671,218  
AAA
  1,900   Pennsylvania Dept. of Gen. Svcs., COP, 4.25%, 5/01/06, FSA No Opt. Call   1,967,659  
AAA
  2,375   Pennsylvania Tpke. Comm., Ser. T, 4.125%, 12/01/06, FGIC No Opt. Call   2,472,327  

See Notes to Financial Statements.

33


BlackRock Municipal Target Term Trust (BMN) (continued)

  Principal            
  Amount       Option Call    
   Rating1 (000)   Description Provisions2 Value  







 
        Pennsylvania (continued)          
        Philadelphia, GO, FSA,          
AAA
$
1,000      4.00%, 9/15/06  
No Opt. Call
$
1,035,890  
AAA
  3,100      4.05%, 9/15/07  
No Opt. Call
  3,226,108  
AAA
  2,950   Philadelphia Wtr. & Wst., 5.50%, 6/15/06, MBIA
No Opt. Call
  3,136,912  
AAA
  3,620   Pittsburgh Pub. Parking Auth., Parking Rev., 2.75%, 12/01/06, AMBAC
No Opt. Call
  3,652,761  
      Pocono Mtn. Sch. Dist., GO, FSA,  
     
AAA
  875      4.50%, 4/01/07  
No Opt. Call
  918,365  
AAA
  3,025      4.50%, 10/01/07  
No Opt. Call
  3,186,777  
         
 
 
         
  24,216,239  
         
 
 
      Rhode Island—1.1%  
     
AAA
  1,865   Providence, GO, Ser. C, 3.75%, 1/15/07, FGIC
No Opt. Call
  1,916,623  
AAA
  3,400   Rhode Island & Providence Plantations, GO, Ser. A, 4.00%, 12/01/06, FSA
No Opt. Call
  3,529,438  
       
 
 
         
  5,446,061  
         
 
 
      South Carolina—0.8%  
     
AAA
  1,715   Lexington Cnty. Sch. Dist. No. 1, COP, 3.00%, 3/01/07, AMBAC
No Opt. Call
  1,734,208  
AAA
  2,070   Pickens Cnty. Sch. Dist., GO, Ser. B, 2.25%, 3/01/07, FGIC
No Opt. Call
  2,045,657  
       
 
 
         
  3,779,865  
         
 
 
      Texas—16.2%  
     
AAA
  6,575   Austin Wtr. & Wstwtr. Sys., Ser. C, 3.75%, 11/15/06, FSA
No Opt. Call
  6,775,669  
AAA
  2,400   Corpus Christi, Gen. Impvt., GO, Ser. A, 5.00%, 3/01/07, FSA
No Opt. Call
  2,544,120  
AAA
  1,095   Corpus Christi Bus. & Job Dev., Corp. Sales Tax Rev., 4.00%, 3/01/07, AMBAC
No Opt. Call
  1,132,318  
AAA
  8,500   Cypress-Fairbanks Indpt. Sch. Dist., GO, Zero Coupon, 8/01/06, AMBAC
No Opt. Call
  8,065,735  
AAA
  6,355   Dallas Rapid Transit, 3.70%, 12/01/06, AMBAC
No Opt. Call
  6,545,142  
AAA
  1,305   Dallas Wtr. Wks. & Swr. Sys., 3.00%, 4/01/07, FSA
No Opt. Call
  1,316,601  
AAA
  2,280   Denton Util. Sys., Mult. Util. Impvt., 4.25%, 12/01/06, AMBAC
No Opt. Call
  2,377,333  
AAA
  3,445   El Paso Cnty., GO, 4.00%, 2/15/07, FSA  
No Opt. Call
  3,562,268  
AAA
  1,000   Houston Area Wtr. Corp., Northeast Wtr. Purification Proj., 4.00%, 3/01/07, FGIC
No Opt. Call
  1,034,080  
AAA
  6,285 3 MuniMae Trust, Ser. 10, Cl. A, 4.40%, 7/25/08
N/A
  6,359,037  
AAA
  2,915   Odessa Texas Wtr. & Swr., 4.25%, 4/01/07, FSA
No Opt. Call
  3,036,439  
      Round Rock Indpt. Sch. Dist., GO, Ser. A,
     
AAA
  2,465      4.25%, 8/01/06  
No Opt. Call
  2,560,543  
AAA
  1,000      4.25%, 8/01/07  
No Opt. Call
  1,044,150  
AAA
  8,115   San Antonio Elec. & Gas, Ser. B, Zero Coupon, 2/01/08, FGIC
ETM
  7,253,268  
AAA
  1,000   Sugar Land, GO, 2.50%, 2/15/07, FGIC  
No Opt. Call
  996,480  
AAA
  5,000   Tarrant Regl. Wtr. Dist., Impvt., 3.00%, 3/01/07, FSA
No Opt. Call
  5,043,150  
AAA
  15,000   Texas Mun. Pwr. Agcy., Zero Coupon, 9/01/06, AMBAC
No Opt. Call
  14,194,650  
AAA
  1,000   Texas Pub. Fin. Auth., 3.00%, 2/01/07, FGIC
No Opt. Call
  1,008,380  
AAA
  3,000   Texas Tech. Univ., Ser. 6, 4.25%, 2/15/07, AMBAC
No Opt. Call
  3,119,370  
       
 
 
         
  77,968,733  
           
 
 
        Utah—5.7%  
     
        Utah, GO, Ser. B,  
     
AAA
  5,950      4.50%, 7/01/06  
No Opt. Call
  6,222,808  
AAA
  20,000      4.50%, 7/01/07  
No Opt. Call
  21,114,400  
         
 
 
         
  27,337,208  
         
 
 
      Washington—9.7%  
     
AAA
  1,325   Benton Cnty. Pub. Util. Dist., Elec. Rev., 3.75%, 11/01/06, FSA
No Opt. Call
  1,364,790  
AAA
  3,000   Clark Cnty. Pub. Util., Dist. No. 1, Elec. Rev., 4.00%, 1/01/07, AMBAC
No Opt. Call
  3,096,090  
      King Cnty.,  
     
AAA
  2,090      GO, 3.50%, 12/01/06, MBIA  
No Opt. Call
  2,142,835  
AAA
  3,085      Swr. Rev., 3.50%, 1/01/07, FGIC  
No Opt. Call
  3,146,947  
AAA
  2,100   Kitsap Cnty., GO, Ser. B, 4.00%, 12/01/06, AMBAC
No Opt. Call
  2,177,448  
      Seattle, GO, Ser. E, MBIA,  
     
AAA
  1,700      Zero Coupon, 12/15/07  
No Opt. Call
  1,523,013  
AAA
  1,345      Zero Coupon, 12/15/08  
No Opt. Call
  1,150,715  
      Snohomish Cnty. Pub. Util. Dist., Elec. Rev.,
     
AAA
  5,620      4.125%, 12/01/06, FSA  
No Opt. Call
  5,843,620  
AAA
  1,250      6.55%, 1/01/07, FGIC  
ETM
  1,276,687  
AAA
  3,890   Tacoma Elec. Sys., Ser. A, 4.00%, 1/01/07, FSA
No Opt. Call
  4,014,597  
AAA
  3,360   Thurston Cnty. Sch. Dist. No. 3, GO, 4.25%, 12/01/06, FSA
No Opt. Call
  3,503,438  
AAA
  5,000   Washington, GO, Ser. B, 5.00%, 1/01/08, MBIA
No Opt. Call
  5,344,050  
AAA
  12,875   Washington Pub. Pwr. Sply., Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/06, MBIA
No Opt. Call
  12,267,171  
       
 
 
         
  46,851,401  
         
 
 

See Notes to Financial Statements.

34


BlackRock Municipal Target Term Trust (BMN) (continued)

    Principal            
    Amount       Option Call    
      Rating1   (000)   Description Provisions2 Value  








 
          West Virginia—1.7%          
AAA
 
$
5,300   West Virginia, GO, 4.00%, 6/01/06, FSA  
No Opt. Call
$ 5,482,744  
          West Virginia Econ. Dev. Auth., Correctional Juvenile & Pub., MBIA,
     
AAA
    1,000      Ser. B, 4.00%, 6/01/06  
No Opt. Call
  1,033,540  
AAA
    1,500      Ser. A, 4.00%, 6/01/07  
No Opt. Call
  1,553,640  
           
 
 
           
  8,069,924  
           
 
 
        Wisconsin—5.7%  
     
AAA
    1,380   Appleton Wtr. Wks., Ser. B, 4.00%, 1/01/07, FGIC
No Opt. Call
  1,424,202  
AAA
    5,000   Kenosha, GO, Ser. B, Zero Coupon, 10/15/08, FSA
No Opt. Call
  4,340,850  
AAA
    1,275   Milwaukee, GO, Ser. W, 4.00%, 3/15/07, FSA
No Opt. Call
  1,319,051  
        Wisconsin,  
     
AAA
    880      COP, Ser. A, 3.75%, 3/01/07, FSA  
No Opt. Call
  904,385  
AAA
    12,780      COP, Ser. A, 3.75%, 9/01/07, FSA  
No Opt. Call
  13,159,183  
AAA
    6,085      GO, Ser. G, 4.00%, 5/01/07, MBIA  
No Opt. Call
  6,321,706  
           
 
 
             
  27,469,377  
             
 
 
          Total Long-Term Investments (cost $673,954,159)
  700,733,402  
           
 
 
          SHORT-TERM INVESTMENTS—15.3%        
          Florida—0.1%          
      F1+     200 4 Orange Cnty. Sch. Brd., COP, Ser. B, 1.06%, 7/01/04, AMBAC, FRDD
N/A
  200,000  
           
 
 
          Georgia—3.1%  
     
      F1+     4,540 4 De Kalb County Hsg. Auth., 4.50%, 7/01/04, FRWD
N/A
  4,540,000  
      A1+     10,345 4 Mun. Elec. Auth., Proj. One, Ser. C, 1.04%, 7/07/04, MBIA, FRWD
N/A
  10,345,000  
           
 
 
             
  14,885,000  
             
 
 
          Massachusetts—2.3%  
     
      A1+     11,200 4 Massachusetts Dev. Fin. Agcy., Boston Univ., Ser. R-2, 1.07%, 7/01/04, XLCA, FRDD
N/A
  11,200,000  
           
 
 
          New Jersey—2.5%  
     
      A1+     11,890 4 New Jersey Sports & Exposition Auth., Ser. B-2, 1.05%, 7/07/04, MBIA, FRWD
N/A
  11,890,000  
           
 
 
          North Carolina—1.0%  
     
      A1+     5,000 4 North Carolina, GO, Ser. B, 1.05%, 7/07/04, FRWD
N/A
  5,000,000  
           
 
 
          Ohio—1.2%  
     
VMIG1
    5,845 4 Hamilton Elec. Rev., Ser. B, 1.08%, 7/01/04, FSA, FRWD
N/A
  5,845,000  
               
 
          Texas—0.7%          
A1+
    3,465 4 Brownsville Util. Sys., Ser. A, 1.04%, 7/07/04, MBIA, FRWD
N/A
  3,465,000  
           
 
 
          Puerto Rico—0.5%  
     
         A1     2,500 4 Puerto Rico Comnwlth. Hwy. & Transp. Auth., Transp. Rev.,
     
             Ser. A, 1.00%, 7/07/04, AMBAC, FRWD
N/A
  2,500,000  
           
 
 

See Notes to Financial Statements.

35


BlackRock Municipal Target Term Trust (BMN) (continued)

  Shares        
  (000) Description Value  




 
    Money Market Fund—3.9%      
 
18,800
AIM Tax Free Investment. Co. Cash Reserve Portfolio $ 18,800,000  
     

 
    Total Short-Term Investments (cost $73,785,000)   73,785,000  
     

 
    Total Investments—160.8% (cost $747,739,159)   774,518,402  
    Other assets in excess of liabilities—1.3%   6,234,687  
    Preferred shares at redemption value, including dividends payable—(62.1)%   (299,194,700 )
     

 
    Net Assets Applicable to Common Shareholders—100% $ 481,558,389  
     

 

 


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

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

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

4 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown as of June 30, 2004.


KEY TO ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation FRWD — Floating Rate Weekly Demand
CAPMAC Capital Markets Assurance Company FSA — Financial Security Assurance
COP Certificate of Participation GO — General Obligation
ETM Escrowed to Maturity MBIA — Municipal Bond Insurance Association
FGIC Financial Guaranty Insurance Company PCR — Pollution Control Revenue
FRDD Floating Rate Daily Demand XLCA — XL Capital Assurance

See Notes to Financial Statements.

36


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2004

BlackRock Strategic Municipal Trust (BSD)

  Principal            
  Amount     Option Call      
   Rating1 (000)   Description Provisions2   Value  







 
        LONG-TERM INVESTMENTS—155.0%          
        Alabama—14.7%          
AAA
$ 7,000   Alabama Pub. Sch. & Coll. Auth., Cap. Impvt., Ser. C, 5.75%, 7/01/18 07/09 @ 101.5   $ 7,649,460  
Baa2
  3,000   Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., Ser. A, 6.70%, 11/01/29 11/09 @ 101     3,190,170  
AAA
  4,635 3 Jefferson Cnty. Swr., Ser. D, 5.75%, 2/01/07, FGIC N/A     5,061,976  
             
 
              15,901,606  
             
 
      Alaska—1.1%          
AAA
  1,130   Alaska Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA 12/05 @ 102     1,168,827  
             
 
      California—5.2%          
      Golden St. Tobacco Sec. Corp., Ser. B,          
Baa1
  2,600      5.50%, 6/01/43 06/13 @ 100     2,551,536  
Baa1
  3,100      5.625%, 6/01/38 06/13 @ 100     3,103,472  
             
 
              5,655,008  
             
 
      Colorado—2.0%          
AAA
  10,000   Northwest Pkwy. Pub. Hwy. Auth., Ser. B, Zero Coupon, 6/15/30, FSA 06/11 @ 31.387     2,104,300  
             
 
      Connecticut—8.8%          
      Mashantucket Western Pequot Tribe, Spec. Rev.,          
Baa3
  1,500      Ser. A, 5.50%, 9/01/28 09/09 @ 101     1,455,090  
Baa3
  8,000 4    Ser. B, 5.75%, 9/01/27 09/07 @ 102     7,989,280  
             
 
              9,444,370  
             
 
      Delaware—2.1%          
   
Baa1
  2,000 4 Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50 No Opt. Call     2,266,480  
             
 
      Florida—9.3%          
      Florida Hsg. Fin. Corp., Sunset Place, Ser. K-1,          
A
  2,400      6.00%, 10/01/19 10/09 @ 102     2,447,664  
A
  2,000      6.10%, 10/01/29 10/09 @ 102     2,040,280  
NR
  3,300   Hillsborough Cnty. Ind. Dev. Auth., National Gypsum, Ser. A, 7.125%, 4/01/30 10/10 @ 101     3,448,665  
BB
  2,045   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 11/14 @ 100     2,059,356  
             
 
              9,995,965  
             
 
      Illinois—9.0%          
NR
  850   Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 No Opt. Call     824,449  
AAA
  5,000   Chicago Brd. of Ed., Sch. Reform, 5.75%, 12/01/27, AMBAC 12/07 @ 102     5,547,350  
CCC
  7,560   Chicago O’Hare Intl. Arpt., Delta Air Lines Inc. Term. Proj., 6.45%, 5/01/18 08/04 @ 100     3,328,819  
             
 
              9,700,618  
             
 
      Iowa—0.7%          
BBB
  1,000   Tobacco Settlement Auth., Tobacco Settlement Rev., Ser. B, 5.30%, 6/01/25 06/11 @ 101     800,440  
             
 
      Kentucky—9.6%          
AAA
32,345   Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon, 10/01/24, MBIA No Opt. Call     10,393,095  
           
 
      Maryland—4.0%          
NR
  4,000 4,5 MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/49 06/09 @ 100     4,349,200  
             
 
      Michigan—9.7%          
AAA
  2,000   Michigan Hosp. Fin. Auth., Mercy Hlth. Svcs., 5.75%, 8/15/19, MBIA 08/09 @ 101     2,170,140  
BB+
  8,000   Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 07/07 @ 101     8,258,800  
             
 
              10,428,940  
             
 
      Missouri—1.9%          
A
  2,000   Missouri Hlth. & Edl. Facs. Auth., Hlth. Facs. Rev., St. Anthony’s Med. Ctr., 6.125%, 12/01/19 12/10 @ 101     2,071,280  
             
 
      New Jersey—10.8%          
B
  6,000   New Jersey Econ. Dev. Auth., Continental Airlines Inc. Proj., 6.25%, 9/15/19 09/09 @ 101     4,787,820  
AAA
  6,000 3 New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. A, 6.00%, 6/15/10 N/A     6,825,840  
             
 
              11,613,660  
             
 
      New York—8.8%          
      New York City Transl. Fin. Auth., Ser. B,          
AA+
  4,885 3    6.00%, 5/15/10 N/A     5,630,940  
AA+
  1,115      6.00%, 11/15/21 05/10 @ 101     1,232,900  

See Notes to Financial Statements.

37


BlackRock Strategic Municipal Trust (BSD) (continued)

  Principal            
  Amount       Option Call    
      Rating1 (000)   Description Provisions2 Value  







 
                   
        New York (continued)          
Aa1
$ 2,500   New York Mtg. Agcy., Homeowner Mtg., Ser. 85, 5.70%, 10/01/17 09/09 @ 100 $ 2,598,000  
         

 
              9,461,840  
           

 
      Pennsylvania—17.7%          
      Lehigh Cnty. Gen. Purp. Auth., Kidspeace Oblig. Grp.,        
B3
  2,250      6.00%, 11/01/23   11/08 @ 102   2,014,335  
B3
  2,335      6.20%, 11/01/14   11/09 @ 102   2,271,698  
BBB+
  1,500   Montgomery Cnty. Ind. Dev. Auth., Retirement Cmnty. Rev., 5.25%, 11/15/28 11/08 @ 101   1,378,230  
      Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A,        
A3
  700      6.125%, 11/01/21   05/11 @ 101   710,122  
A3
  1,000      6.25%, 11/01/31   05/11 @ 101   1,014,060  
A3
  1,000      6.50%, 11/01/16   05/11 @ 101   1,049,240  
AAA
  8,500   Philadelphia Sch. Dist., GO, Ser. C, 5.75%, 3/01/29, MBIA 03/10 @ 100   8,974,810  
AAA
  1,500   Washington Cnty. Auth., Cap. Fdg. & Equip. Proj., 6.15%, 12/01/29, AMBAC No Opt. Call   1,688,520  
           

 
                19,101,015  
             

 
        South Carolina—2.5%          
BBB
  2,500   South Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,        
           Ser. C, 7.00%, 8/01/30   08/13 @ 100   2,693,725  
             

 
        Tennessee—5.5%          
Baa1
  3,750   Maury Cnty. Ind. Dev. Brd., PCR, Saturn Corp. Proj., 6.50%, 9/01/24 09/04 @ 102   3,832,725  
AAA
  2,000   Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC 03/10 @ 101   2,141,520  
           

 
                5,974,245  
             

 
        Texas—15.3%          
AAA
  4,750   Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA 11/30 @ 61.166   613,035  
AAA
  1,500   Lower Colorado River Auth., Ser. A, 5.50%, 5/15/21, AMBAC 05/09 @ 101   1,599,285  
Ba3
  3,000   Port Corpus Christi Auth., Celanese Proj., Ser. B, 6.70%, 11/01/30 05/12 @ 101   2,898,540  
AAA
  15,000   Texas Tpke. Auth., Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC 08/12 @ 32.807   2,972,100  
AA+
  500   Texas Wtr. Fin. Asst., GO, 5.75%, 8/01/22 08/10 @ 100   535,520  
AAA
  7,030 3,6 Travis Cnty. Hlth. Facs. Dev. Corp., Ascension Hlth., Ser. A, 5.875%, 11/15/09, AMBAC N/A   7,937,784  
           

 
                16,556,264  
             

 
        Utah—4.1%          
AAA
  4,000   Intermountain Pwr. Agcy., Sply., Ser. B, 5.75%, 7/01/19, MBIA 07/07 @ 102   4,381,520  
           

 
        Virginia—1.7%          
AAA
  1,750   Virginia Res. Auth., Clean Wtr. Rev., 5.625%, 10/01/22 10/10 @ 100   1,872,360  
           

 
        Washington—6.6%          
        Washington, GO,          
Aa1
  4,750      Ser. A, 5.625%, 7/01/24   07/09 @ 100   4,948,028  
Aa1
  2,000      Ser. B, 6.00%, 1/01/25   01/10 @ 100   2,162,080  
             

 
                7,110,108  
             

 
        Wisconsin—3.9%          
BBB
  5,000   Badger Tobacco Asset Sec. Corp., 6.375%, 6/01/32 06/12 @ 100   4,217,450  
           

 
        Total Long-Term Investments (cost $161,930,386)     167,262,316  
           

 

See Notes to Financial Statements.

38


BlackRock Strategic Municipal Trust (BSD) (continued)

  Shares        
  (000) Description Value  




 
    MONEY MARKET FUND—0.7%      
 
750
AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $750,000) $ 750,000  
     

 
    Total Investments—155.7% (cost $162,680,386)   168,012,316  
    Other assets in excess of liabilities—1.8%   1,931,778  
    Preferred shares at redemption value, including dividends payable—(57.5)%   (62,013,068 )
     

 
    Net Assets Applicable to Common Shareholders—100% $ 107,931,026  
     

 


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

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

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

4 Security is 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, 2004, the Trust held 13.5% of its net assets, with a current market value of $14,604,960, in securities restricted as to resale.

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

6 Entire or partial principal amount pledged as collateral for financial futures contracts.


KEY TO ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation GO General Obligation
FGIC Financial Guaranty Insurance Company MBIA Municipal Bond Insurance Association
FSA Financial Security Assurance PCR Pollution Control Revenue

See Notes to Financial Statements.

39


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2004

BlackRock California Insured Municipal 2008 Term Trust (BFC)

  Principal          
  Amount     Option Call    
   Rating1 (000)   Description Provisions2 Value  






 
        LONG-TERM INVESTMENTS—153.9%        
        California—141.7%        
AAA
$ 2,635   Alameda Cnty., COP, Ser. A, 3.80%, 12/01/08, MBIA
No Opt. Call
$ 2,737,870  
      Anaheim Union High Sch. Dist., GO, Ser. A, FSA,
     
AAA
  1,060      3.50%, 8/01/08
No Opt. Call
  1,088,249  
AAA
  1,250  
   4.00%, 8/01/09
No Opt. Call
  1,303,800  
AAA
  1,000   Burbank, Elec. Rev., 3.50%, 6/01/09, MBIA
No Opt. Call
  1,021,370  
      California, GO,
     
AAA
  2,000      5.00%, 6/01/09, MBIA
No Opt. Call
  2,171,900  
AAA
  3,000      5.50%, 4/01/09, MBIA
No Opt. Call
  3,315,150  
AAA
  3,000      5.50%, 2/01/10, MBIA
No Opt. Call
  3,326,220  
AAA
  2,000      6.25%, 9/01/08, FGIC
No Opt. Call
  2,260,280  
AAA
  15,000      6.30%, 9/01/08, MBIA
No Opt. Call
  16,981,200  
      California Dept. of Wtr. Res.,        
AAA
  10,000      Pwr. Sply. Rev., Ser. A, 3.125%, 5/01/08, FSA
No Opt. Call
  10,102,200  
AAA
  10,000      Pwr. Sply. Rev., Ser. A, 3.375%, 5/01/09, MBIA
No Opt. Call
  10,100,500  
AAA
  1,000      Wtr. Rev., Central Valley Proj., Ser. Z, 4.00%, 12/01/09, FGIC
No Opt. Call
  1,045,720  
AAA
  2,000   California Hlth. Facs. Fin. Auth., Sutter Hlth. Care Sys., 5.70%, 8/15/09, MBIA 08/06 @ 102   2,167,680  
AAA
  2,100   California Pub. Wks. Brd., Energy Efficiency, Ser. A, 5.625%, 10/01/08, AMBAC 10/05 @ 102   2,232,321  
AAA
  2,600   Castaic Lake Wtr. Agcy., COP, Wtr. Sys. Impvt. Proj., Ser. A, 7.25%, 8/01/10, MBIA No Opt. Call   3,130,374  
AAA
  1,135   Chaffey Cmnty. College Dist., GO, Ser. A, 3.75%, 7/01/09, FSA No Opt. Call   1,170,072  
      Chula Vista, COP, MBIA, Police Fac. Proj.,        
AAA
  1,000  
   4.00%, 8/01/08
No Opt. Call   1,043,800  
AAA
  1,000  
   4.00%, 8/01/09
No Opt. Call   1,040,650  
AAA
  5,500   Clovis Unified Sch. Dist., Ser. B, Zero Coupon, 8/01/08, FGIC ETM   4,841,155  
AAA
  1,855   El Paso De Robles, GO, Ser. A, Zero Coupon, 8/01/09, FGIC No Opt. Call   1,548,832  
AAA
  4,025   Elsinore Valley Mun. Wtr. Dist., COP, Ser. A, 6.00%, 7/01/09, FGIC No Opt. Call   4,545,432  
AAA
  1,055   Glendale Unified Sch. Dist., Ser. D, 3.50%, 9/01/09, MBIA No Opt. Call   1,076,132  
      Long Beach Bd. of Fin. Auth., Tax Allocation Rev., Redev. Projs., AMBAC,        
AAA
  1,245  
   3.50%, 8/01/08
No Opt. Call   1,275,764  
AAA
  1,120  
   3.75%, 8/01/09
No Opt. Call   1,152,491  
AAA
  13,110   Los Angeles, GO, Ser. A, 3.50%, 9/01/09, MBIA No Opt. Call   13,372,593  
      Los Angeles Cnty.,        
AAA
  2,910      Asset Leasing Corp. Rev., 5.95%, 12/01/07, AMBAC No Opt. Call   3,246,541  
AAA
  8,090      Asset Leasing Corp. Rev., 6.00%, 12/01/08, AMBAC No Opt. Call   9,137,817  
AAA
  8,600      Asset Leasing Corp. Rev., 6.05%, 12/01/09, AMBAC No Opt. Call   9,842,098  
AAA
  4,405      Met. Trans. Auth. Rev., Spl. Benefit Assmt. Dist. A1, 3.75%, 9/01/08, AMBAC No Opt. Call   4,567,633  
AAA
  9,835      Sanitation Dists. Fin. Auth. Rev., Cap. Proj., Ser. A, 4.00%, 10/01/09, FSA No Opt. Call   10,271,379  
AAA
  6,000   Los Angeles Dept. of Arpts., Arpt. Rev., LA Intl. Arpt., Ser. B, 5.00%, 5/15/09, MBIA No Opt. Call   6,516,900  
AAA
  3,860   Los Angeles Sanitation Equip., Ser. A, 3.625%, 2/01/09, FSA No Opt. Call   3,957,426  
      Los Angeles Unified Sch. Dist., FSA,        
AAA
  2,660      Ser. B, 3.00%, 10/01/08 No Opt. Call   2,675,588  
AAA
  7,500      Ser. F, 3.00%, 7/01/09 No Opt. Call   7,473,375  
AAA
  1,000   Mount Diablo Unified Sch. Dist., GO, 3.50%, 8/01/08, FSA No Opt. Call   1,026,650  
AAA
  1,000   Orange Cnty. Local Trans. Auth., Sales Tax Rev., 6.00%, 2/15/09, MBIA No Opt. Call   1,124,640  
AAA
  2,495   Pasadena Unified Sch. Dist., Ser. C, 3.50%, 11/01/08, FSA No Opt. Call   2,565,484  
AAA
  3,345   Sacramento City Fin. Auth., City Hall & Redev. Projs., Ser. A, 3.50%, 12/01/08, FSA No Opt. Call   3,441,303  
AAA
  1,000   Sacramento City Unified Sch. Dist., 3.50%, 7/01/09, FGIC No Opt. Call   1,019,420  
      Sacramento Mun. Util. Dist., Elec. Rev., Ser. C,        
AAA
  825      5.75%, 11/15/07, MBIA ETM   835,692  
AAA
  3,750      5.75%, 11/15/08, FGIC ETM   3,797,362  
AAA
  3,950      5.75%, 11/15/09, MBIA ETM   3,999,454  
AAA
  5,000   San Bernardino Cnty., Trans. Auth., Sales Tax Rev., 6.00%, 3/01/10, FGIC ETM   5,284,900  
      San Diego Cnty.,        
AAA
  2,360      COP, 5.00%, 2/01/09, AMBAC No Opt. Call   2,551,915  
AAA
  11,000      COP, 5.625%, 9/01/12, AMBAC No Opt. Call   12,356,960  
AAA
  7,830      Regl. Trans. Comm., Sales Tax Rev., Ser. A, 6.00%, 4/01/08, MBIA ETM   7,907,752  
AAA
  2,500      Regl. Trans. Comm., Sales Tax Rev., Ser. A, 6.00%, 4/01/08, FGIC ETM   2,524,825  
AAA
  12,725   San Diego Pub. Facs. Fin. Auth., Wtr. Rev., 3.00%, 8/01/09, MBIA No Opt. Call   12,679,190  

See Notes to Financial Statements.

40


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

  Principal              
  Amount       Option Call      
   Rating1 (000)   Description Provisions2   Value  








 
                     
      California (continued)            
AAA
$
1,250   San Francisco City & Cnty., GO, 4.00%, 6/15/09, FSA
No Opt. Call
  $ 1,305,438  
AAA
  1,000   San Jose Redev. Agcy., 4.00%, 8/01/09, MBIA
ETM
    1,044,770  
AAA
  1,000   San Mateo Cnty. Cmnty. College Dist., GO, Ser. A, 3.30%, 9/01/08, FGIC
No Opt. Call
    1,019,380  
      Santa Ana Unified Sch. Dist., GO, Ser. B, FGIC,
       
AAA
  1,000      Zero Coupon, 8/01/08  
No Opt. Call
    878,450  
AAA
  2,000      Zero Coupon, 8/01/09  
No Opt. Call
    1,669,900  
AAA
  4,030   Santa Barbara Cnty., Local Transp. Auth., Sales Tax Rev., 3.00%, 3/15/09, FSA
No Opt. Call
    4,024,842  
AAA
  2,470   Santa Clara, COP, Ser. B, 3.50%, 2/01/09, AMBAC
No Opt. Call
    2,519,252  
AAA
  2,865 3 Santa Clara Cnty. Fin. Auth., Fac. Replacement Proj. A, 6.50%, 11/15/04, AMBAC
N/A
    2,976,133  
AAA
  4,620   Santa Clara Valley Wtr. Dist., COP, 4.00%, 2/01/09, FGIC
No Opt. Call
    4,800,041  
AAA
  4,665   So. Coast Air Quality Mgmt. Dist. Bldg. Corp., 4.00%, 8/01/09, AMBAC
No Opt. Call
    4,865,782  
      Univ. of California,  
       
AAA
  2,500      Ser. A, 5.00%, 5/15/09, AMBAC  
No Opt. Call
    2,721,275  
AAA
  2,000      Ser. F, 5.00%, 9/01/11, FGIC  
09/06 @ 101
    2,130,020  
             

 
              242,811,342  
             

 
      Puerto Rico—12.2%            
      Puerto Rico Elec. Pwr. Auth.,            
AAA
  7,000      Ser. DD, 5.00%, 7/01/10, FSA  
07/08 @ 101.5
    7,574,210  
AAA
  3,000      Ser. KK, 4.50%, 7/01/09, XLCA  
No Opt. Call
    3,183,180  
AAA
  5,280      Ser. DD, 5.00%, 7/01/09, FSA  
07/08 @ 101.5
    5,725,579  
AAA
  4,000   Puerto Rico Mun. Fin. Agcy., Ser. A, 5.625%, 8/01/10, FSA
08/09 @ 101
    4,451,720  
       
 

 
       
   
20,934,689
 
             

 
        Total Long-Term Investments (cost $251,872,912)     263,746,031  
             

 
                     
   
Shares
               
   
(000)
             
   
               
        MONEY MARKET FUNDS—5.4%          
   
8,600
  AIM Tax Free Investment Co. Cash Reserve Portfolio N/A     8,600,000  
   
   650
  SSgA Tax Free Money Mkt. Fund   N/A     650,000  
               

 
        Total Money Market Funds (cost $9,250,000)       9,250,000  
             

 
        Total Investments—159.3% (cost $261,122,912)     272,996,031  
        Other assets in excess of liabilities—1.7%       2,945,978  
        Preferred shares at redemption value, including dividends payable—(61.0)%     (104,571,169 )
             

 
        Net Assets Applicable to Common Shareholders—100%     $ 171,370,840  
             

 

 


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

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

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

Securities that are covered by insurance, which ensures the timely payment of principal and interest, represent approximately 96.6% of the Trust’s total investments.


KEY TO ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation FSA Financial Security Assurance
COP Certificate of Participation GO General Obligation
ETM Escrowed to Maturity MBIA Municipal Bond Insurance Association
FGIC Financial Guaranty Insurance Company XLCA XL Capital Assurance

See Notes to Financial Statements.

41


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2004

BlackRock California Municipal 2018 Term Trust (BJZ)

  Principal            
  Amount     Option Call      
      Rating1 (000)   Description Provisions2   Value  







 
        LONG-TERM INVESTMENTS—148.4%          
        California—123.5%          
BBB+
$ 2,100   ABAG Fin. Auth. for Nonprofit Corps., San Diego Hosp. Assoc., Ser. C, 5.375%, 3/01/21 03/14 @ 100   $ 2,043,846  
      California, GO,          
A3
  5,000      5.00%, 11/01/20 11/11 @ 100     5,054,500  
AAA
  6,500      Ser. BZ, 5.35%, 12/01/21, MBIA 06/07 @ 101     6,545,110  
      California Cnty. Tobacco Sec. Agcy.,          
BBB
  5,000      Ser. A, 5.50%, 6/01/33 06/12 @ 100     3,955,600  
BBB
  5,000      Fresno Cnty. Fdg. Corp., 5.875%, 6/01/27 06/12 @ 100     4,255,300  
A-
  6,500 3 California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, 5.125%, 5/01/19 05/12 @ 101     6,679,530  
      California Hlth. Fac. Fin. Auth., Adventist Hlth. Sys., Ser. A,          
A
  1,075      5.00%, 3/01/18 03/13 @ 100     1,069,088  
A
  1,000  
   5.00%, 3/01/19
03/13 @ 100     985,170  
A
  2,060  
   5.00%, 3/01/20
03/13 @ 100     2,010,951  
A
  1,355  
   5.00%, 3/01/24
03/13 @ 100     1,271,911  
AAA
  20,000   California Hsg. Fin. Agcy., Home Mtg. Rev., Ser. T, Zero Coupon, 8/01/21, MBIA 08/11 @ 57.562     7,474,400  
      California Infrastructure & Econ. Dev.,          
A
  1,985      J. David Gladstone Inst. Proj., 5.50%, 10/01/20 10/11 @ 101     2,047,329  
A
  6,500      Kaiser Hosp. Asst. LLC, Ser. A, 5.55%, 8/01/31 08/11 @ 102     6,580,600  
A2
  3,100   California Poll. Ctrl. Fin. Auth., PCR, San Diego Gas & Elec., Ser. A, 5.90%, 6/01/14 No Opt. Call     3,412,356  
      California Pub. Wks. Brd., Ser. A,          
Baa1
  2,020      California Cmnty. College, 5.00%, 12/01/17 12/08 @ 101     2,060,643  
A3
  2,415      California St. Univ., 5.00%, 10/01/17 10/08 @ 101     2,468,927  
A-
  2,500   Daly City Hsg. Dev. Fin. Agcy., Sr. Franciscan Acquisition Proj., Ser. A, 5.80%, 12/15/25 12/13 @ 102     2,524,875  
AAA
  3,395   Fontana Pub. Fin. Auth., Tax Allocation Rev., Fontana Redev. Proj., Ser. A, 5.25%, 9/01/18, FSA . 09/11 @ 101     3,562,713  
BBB
  20,000   Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., Zero Coupon, 1/15/21 01/10 @ 53.346     7,456,200  
      Lathrop Fin. Auth., Wtr. Sply. Proj.,          
NR
  995 4
   5.80%, 6/01/21
06/13 @ 100     968,831  
NR
  1,040 4
   5.85%, 6/01/22
06/13 @ 100     1,010,745  
NR
  1,000 4
   5.90%, 6/01/23
06/13 @ 100     971,130  
AAA
  5,000   Long Beach Harbor Dept., Ser. A, 5.25%, 5/15/18, FGIC 05/10 @ 101     5,155,800  
AA
  5,000   Los Angeles Cnty., Pub. Wks. Fin. Auth., Regl. Pk. & Open Space, Ser. A, 5.00%, 10/01/19 10/07 @ 101     5,090,200  
AAA
  10,025   Los Angeles Habor Dept., Ser. B, 5.50%, 8/01/21, AMBAC 08/11 @ 100     10,465,198  
AAA
  5,000   Riverside Unified Sch. Dist., Ser. A, 5.25%, 2/01/23, FGIC 02/12 @ 101     5,135,950  
      San Bernardino Cnty., Spl. Tax, Cmnty. Facs.,          
NR
  105  
   5.35%, 9/01/17
09/12 @ 102     99,666  
NR
  245  
   5.50%, 9/01/18
09/12 @ 102     234,090  
NR
  500  
   5.60%, 9/01/19
09/12 @ 102     477,575  
NR
  355  
   5.70%, 9/01/20
09/12 @ 102     341,212  
AAA
  2,980   San Diego Cnty., COP, 5.25%, 11/01/19, AMBAC 11/11 @ 100     3,117,944  
AAA
2,135  
Santa Clara Valley Transp. Auth., Sales Tax Rev., Ser. A, 5.00%, 6/01/18, MBIA
06/11 @ 100  
2,194,972  
AAA
  4,590   Stockton East Wtr. Dist., COP, Ser. B, Zero Coupon, 4/01/19, FGIC 04/12 @ 66.427     2,026,623  
BBB
  1,000   Tobacco Sec. Auth. No. California, Tobacco Settlement Rev., Ser. A, 5.375%, 6/01/41 06/11 @ 100     725,510  
BBB
  6,000   Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A, 5.50%, 6/01/36 06/12 @ 100     4,620,900  
           

 
            114,095,395  
           
 
        Delaware—4.7%          
         A3   4,000 5 Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49 No Opt. Call     4,353,320  
             

 
        Maryland—5.9%          
         NR   5,000 4,5 MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/49 06/09 @ 100     5,436,500  
             

 
        Puerto Rico—14.3%          
A-
  4,410   Puerto Rico Pub. Bldgs. Auth., Gov’t. Facs., Ser. C, 5.75%, 7/01/19 No Opt. Call     4,898,540  
BBB+
  7,500 6 Puerto Rico Pub. Fin. Corp., Ser. E, 5.70%, 2/01/10 N/A     8,380,425  
             

 
                13,278,965  
             

 
        Total Long-Term Investments (cost $138,375,043)     137,164,180  
             
 

See Notes to Financial Statements.

42


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

  Shares        
  (000) Description Value  




 
    MONEY MARKET FUNDS—10.0%      
  4,600 AIM Tax Free Investment. Co. Cash Reserve Portfolio $ 4,600,000  
  4,600 SSgA Tax Free Money Mkt. Fund   4,600,000  
     

 
    Total Money Market Funds (cost $9,200,000)   9,200,000  
     

 
    Total Investments—158.4% (cost $147,575,043)   146,364,180  
    Other assets in excess of liabilities—1.7%   1,562,181  
    Preferred shares at redemption value, including dividends payable—(60.1)%   (55,528,192 )
     

 
    Net Assets Applicable to Common Shareholders—100% $ 92,398,169  
     

 


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

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

3 Entire or partial principal amount pledged as collateral for financial futures contracts.

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, 2004, the Trust held 10.6% of its net assets, with a current market value of $9,789,820, in securities restricted as to resale.

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


KEY TO ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation GO General Obligation
COP Certificate of Participation MBIA Municipal Bond Insurance Association
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
FSA Financial Security Assurance      

See Notes to Financial Statements.

43


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2004

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

  Principal          
  Amount     Option Call    
   Rating1 (000)   Description Provisions2 Value  






 
        LONG-TERM INVESTMENTS—152.5%        
        Florida—134.8%        
AAA
$ 1,500   Alachua Cnty. Sch. Dist., GO, 4.25%, 1/01/09, FSA
No Opt. Call
$ 1,564,725  
AAA
  1,765   Collier Cnty. Sch. Brd., COP, Ser. A, 3.50%, 2/15/09, FSA
No Opt. Call
  1,784,521  
      Dade Cnty.,        
AAA
  1,000      Aviation Rev., 6.00%, 10/01/08, AMBAC 10/05 @ 102   1,065,900  
AAA
  5,000      GO, Ser. A, Zero Coupon, 2/01/08, MBIA 02/06 @ 92.852   4,442,300  
AAA
  905      GO, Ser. B, Zero Coupon, 10/01/08, AMBAC ETM   789,142  
AAA
  1,095      GO, Ser. B, Zero Coupon, 10/01/08, AMBAC No Opt. Call   949,091  
AAA
  1,515   Delray Beach, Decade of Excellence Prog., GO, 3.50%, 2/01/09, FSA No Opt. Call   1,533,544  
      Escambia Cnty. Util. Sys., Ser. B, FGIC,        
AAA
  1,595      6.125%, 1/01/09 No Opt. Call   1,780,865  
AAA
  5,235      6.25%, 1/01/12 No Opt. Call   6,027,841  
AAA
  5,060      6.25%, 1/01/13 No Opt. Call   5,854,268  
      Florida Brd. of Ed.,        
AAA
  8,720      GO, 3.50%, 1/01/09, FSA No Opt. Call   8,824,902  
AAA
  4,190      Lottery Rev., Ser. A, 5.00%, 7/01/08, FGIC No Opt. Call   4,509,152  
      Florida Dept. of Env. Protection Presvtn., Ser. B, FGIC,        
AAA
  5,905      4.00%, 7/01/08 No Opt. Call   6,134,291  
AAA
  6,140      4.00%, 7/01/09 No Opt. Call   6,348,453  
      Florida Div. of Bond Fin. Dept., Gen. Svc. Rev.,        
AAA
  2,000      Nat. Res. & Presvtn., Ser. A, 5.00%, 7/01/11, AMBAC 07/07 @ 101   2,115,820  
AAA
  8,000      Dept. of Env. Presvtn., Ser. B, 5.25%, 7/01/10, FSA 07/08 @ 101   8,595,600  
AAA
  1,090   Florida Mun. Loan Council, Ser. C, 3.50%, 11/01/08, MBIA No Opt. Call   1,110,536  
AAA
  6,000   Greater Orlando Aviation Auth., Orlando Arpt. Facs. Rev., Ser. C, 3.50%, 10/01/08, MBIA No Opt. Call   6,089,280  
      Hillsborough Cnty. Cap Impvt., FGIC,        
AAA
  2,630 3    6.25%, 8/01/04 N/A   2,665,426  
AAA
  1,500 3    6.60%, 8/01/04 N/A   1,520,565  
AAA
  5,000 3 Hillsborough Cnty. Sch. Brd., COP, 5.875%, 7/01/04, MBIA