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
BlackRock California Insured Municipal 2008 Term Trust, Inc.
(Exact name of registrant as specified in charter)
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Robert S. Kapito, President
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, 2005
Date of reporting period: June 30, 2005
Item 1. Reports to Shareholders.
The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
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FIXED INCOME |
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LIQUIDITY |
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EQUITIES |
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ALTERNATIVES |
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BLACKROCK SOLUTIONS |
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BlackRock |
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Closed-End Funds |
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Semi-Annual Report |
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JUNE 30, 2005 (Unaudited) |
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BlackRock Insured Municipal 2008 Term Trust (BRM) |
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BlackRock Insured Municipal Term Trust (BMT) |
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BlackRock Municipal 2018 Term Trust (BPK) |
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BlackRock Municipal 2020 Term Trust (BKK) |
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BlackRock Municipal Target Term Trust (BMN) |
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BlackRock Strategic Municipal Trust (BSD) |
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BlackRock California Insured Municipal 2008 Term Trust (BFC) |
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BlackRock California Municipal 2018 Term Trust (BJZ) |
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BlackRock Florida Insured Municipal 2008 Term Trust (BRF) |
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BlackRock Florida Municipal 2020 Term Trust (BFO) |
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BlackRock New York Insured Municipal 2008 Term Trust (BLN) |
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BlackRock New York Municipal 2018 Term Trust (BLH) |
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BlackRock Pennsylvania Strategic Municipal Trust (BPS) |
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NOT FDIC INSURED |
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MAY LOSE VALUE |
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NO BANK GUARANTEE |
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TABLE OF CONTENTS
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2 | |
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3 | |
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16 | |
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Financial Statements |
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58 | |
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60 | |
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62 | |
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67 | |
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80 | |
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86 | |
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86 | |
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89 |
Privacy Principles of the Trusts
The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Trusts collect, how we protect that information and why, in certain cases, we may share information with select other parties.
Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of shareholders may become available to the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).
The Trusts restrict access to non-public personal information about their shareholders to BlackRock employees with a legitimate business need for the information. The Trusts maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.
June 30, 2005
Dear Shareholder:
We are pleased to report that during the semi-annual period, the Trusts provided monthly income, as well as the opportunity to invest in various portfolios of municipal securities. This report contains the Trusts’ unaudited financial statements and a listing of the portfolios’ holdings.
The portfolio management team continuously monitors the municipal bond market and adjusts the portfolios in order to gain exposure to various issuers, revenue sources and security types. This strategy enables the Trusts to move among different sectors, credits and coupons to capitalize on changing market conditions.
The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of June 30, 2005.
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Tax- |
Closing |
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Current |
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Equivalent |
Market |
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Trust (Ticker) |
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Yield1 |
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Yield2 |
Price |
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NAV |
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BlackRock Insured Municipal 2008 Term Trust (BRM) |
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4.93 |
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7.58 |
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$ |
16.12 |
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$ |
16.33 |
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BlackRock Insured Municipal Term Trust (BMT) |
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5.14 |
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7.91 |
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11.18 |
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10.87 |
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BlackRock Municipal 2018 Term Trust (BPK) |
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4.92 |
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7.57 |
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15.85 |
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15.91 |
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BlackRock Municipal 2020 Term Trust (BKK) |
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6.31 |
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9.71 |
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14.86 |
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15.36 |
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BlackRock Municipal Target Term Trust (BMN) |
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4.72 |
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7.26 |
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10.17 |
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10.32 |
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BlackRock Strategic Municipal Trust (BSD) |
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5.90 |
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9.08 |
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16.20 |
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15.92 |
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BlackRock California Insured Municipal 2008 Term Trust (BFC) |
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4.78 |
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7.35 |
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16.17 |
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16.42 |
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BlackRock California Municipal 2018 Term Trust (BJZ) |
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4.92 |
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7.57 |
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14.95 |
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15.30 |
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BlackRock Florida Insured Municipal 2008 Term Trust (BRF) |
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4.85 |
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7.46 |
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15.46 |
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15.50 |
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BlackRock Florida Municipal 2020 Term Trust (BFO) |
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5.67 |
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8.72 |
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14.28 |
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15.03 |
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BlackRock New York Insured Municipal 2008 Term Trust (BLN) |
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4.73 |
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7.28 |
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15.85 |
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16.17 |
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BlackRock New York Municipal 2018 Term Trust (BLH) |
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4.76 |
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7.32 |
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15.43 |
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16.25 |
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BlackRock Pennsylvania Strategic Municipal Trust (BPS) |
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5.82 |
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8.95 |
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15.26 |
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15.51 |
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1 |
Yields are based on closing market price. These yields may increase/decrease due to an increase/decrease in the monthly distribution per common share. |
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Tax-equivalent yield assumes the maximum Federal tax rate of 35%. |
BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to the municipal bond market. As of June 30, 2005, BlackRock managed over $26 billion in municipal bonds, including seven open-end and 37 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, are wholly owned subsidiaries of BlackRock.
On behalf of BlackRock, we thank you for your continued trust and assure you that we remain committed to excellence in managing your assets.
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Sincerely, |
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Laurence D. Fink |
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Ralph L. Schlosstein |
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Chief Executive Officer |
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President |
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BlackRock Advisors, Inc. |
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BlackRock Advisors, Inc. |
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JUNE 30, 2005 |
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BlackRock Insured Municipal 2008 Term Trust (BRM) |
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Trust Information
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Symbol on New York Stock Exchange: |
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BRM |
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Initial Offering Date: |
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September 18, 1992 |
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Termination Date (on or about): |
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December 31, 2008 |
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Closing Market Price as of 6/30/05: |
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$ |
16.12 |
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Net Asset Value as of 6/30/05: |
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$ |
16.33 |
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Yield on Closing Market Price as of 6/30/05 ($16.12):1 |
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4.93 |
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Current Monthly Distribution per Common Share:2 |
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$ |
0.066250 |
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Current Annualized Distribution per Common Share:2 |
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$ |
0.795000 |
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Leverage as of 6/30/05:3 |
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38 |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
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The distribution is not constant and is subject to change. |
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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:
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6/30/05 |
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12/31/04 |
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Change |
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High |
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Low |
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Market Price |
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$ |
16.12 |
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$ |
16.31 |
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(1.16 |
)% |
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$ |
16.48 |
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$ |
15.73 |
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NAV |
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$ |
16.33 |
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$ |
16.75 |
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(2.51 |
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$ |
16.77 |
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$ |
16.25 |
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The following chart shows the portfolio composition of the Trust’s long-term investments:
Sector Breakdown
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Sector |
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June 30, 2005 |
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December 31, 2004 |
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City, County & State |
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32 |
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32 |
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Power |
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23 |
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Education |
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10 |
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Industrial & Pollution Control |
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9 |
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Lease Revenue |
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Transportation |
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6 |
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Tax Revenue |
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5 |
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5 |
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Hospital |
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4 |
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Water & Sewer |
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4 |
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3 |
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As of June 30, 2005, all long-term investments had ratings of AAA/Aaa by Standard & Poor’s (“S&P”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch”).
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TRUST SUMMARIES (unaudited) |
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JUNE 30, 2005 |
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BlackRock Insured Municipal Term Trust (BMT) |
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Trust Information
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Symbol on New York Stock Exchange: |
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BMT |
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Initial Offering Date: |
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February 20, 1992 |
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Termination Date (on or about): |
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December 31, 2010 |
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Closing Market Price as of 6/30/05: |
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$ |
11.18 |
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Net Asset Value as of 6/30/05: |
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$ |
10.87 |
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Yield on Closing Market Price as of 6/30/05 ($11.18):1 |
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5.14 |
% |
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Current Monthly Distribution per Common Share:2 |
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$ |
0.047917 |
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Current Annualized Distribution per Common Share:2 |
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$ |
0.575004 |
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Leverage as of 6/30/05:3 |
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38 |
% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
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2 |
The distribution is not constant and is subject to change. |
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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:
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6/30/05 |
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12/31/04 |
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Change |
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High |
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Low |
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Market Price |
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$ |
11.18 |
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$ |
11.30 |
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(1.06 |
)% |
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$ |
11.68 |
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$ |
10.06 |
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NAV |
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$ |
10.87 |
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$ |
11.05 |
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(1.63 |
)% |
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$ |
11.11 |
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$ |
10.72 |
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The following chart shows the portfolio composition of the Trust’s long-term investments:
Sector Breakdown
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Sector |
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June 30, 2005 |
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December 31, 2004 |
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City, County & State |
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33 |
% |
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32 |
% |
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Education |
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17 |
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17 |
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Water & Sewer |
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15 |
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14 |
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Power |
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13 |
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12 |
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Hospital |
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7 |
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11 |
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Transportation |
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7 |
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6 |
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Lease Revenue |
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6 |
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6 |
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Tax Revenue |
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2 |
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2 |
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|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
As of June 30, 2005, 99.4% of all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch and the remaining 0.6% was rated A+.
4
|
|
|
|
TRUST SUMMARIES (unaudited) |
|
|
JUNE 30, 2005 |
|
|
BlackRock Municipal 2018 Term Trust (BPK) |
|
Trust Information
|
|
|
|
|
|
|
|
|
|
||||||
|
Symbol on New York Stock Exchange: |
|
BPK |
|
|||
|
|
||||||
|
Initial Offering Date: |
|
October 26, 2001 |
|
|||
|
|
||||||
|
Termination Date (on or about): |
|
December 31, 2018 |
|
|||
|
|
||||||
|
Closing Market Price as of 6/30/05: |
|
|
$ |
15.85 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 6/30/05: |
|
|
$ |
15.91 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 6/30/05 ($15.85):1,2 |
|
|
|
4.92 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.0650 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.7800 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 6/30/05:3 |
|
|
|
35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
2 |
A change in the distribution rate was declared on June 1, 2005 and effective July 13, 2005. The Monthly Distribution per Common Share was increased to $0.0755. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|||||||||||||||||
|
|
|
6/30/05 |
|
12/31/04 |
|
Change |
|
High |
|
|
Low |
|
||||||
|
|
||||||||||||||||||
|
Market Price |
|
$ |
15.85 |
|
$ |
15.16 |
|
|
4.55 |
% |
|
$ |
15.88 |
|
|
$ |
14.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
15.91 |
|
$ |
15.81 |
|
|
0.63 |
% |
|
$ |
16.18 |
|
|
$ |
15.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
Sector Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Sector |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|||||||||||
|
Hospital |
|
|
|
23 |
% |
|
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
23 |
|
|
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
|
18 |
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
14 |
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
|
6 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
5 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
4 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
|
4 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
3 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
— |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Breakdown4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Credit Rating |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|||||||||||
|
AAA/Aaa |
|
|
|
17 |
% |
|
|
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
5 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
23 |
|
|
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
27 |
|
|
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
|
|
9 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
|
4 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated5 |
|
|
|
15 |
|
|
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
|
5 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2005, and December 31, 2004, the market value of these securities was $11,248,630 representing 3.0% and $17,931,814 representing 4.7%, respectively, of the Trust’s long-term investments. |
5
|
|
|
|
TRUST SUMMARIES (unaudited) |
|
|
JUNE 30, 2005 |
|
|
BlackRock Municipal 2020 Term Trust (BKK) |
|
Trust Information
|
|
|
|
|
|
|
|
|
|
||||||
|
Symbol on New York Stock Exchange: |
|
BKK |
|
|||
|
|
||||||
|
Initial Offering Date: |
|
September 30, 2003 |
|
|||
|
|
||||||
|
Termination Date (on or about): |
|
December 31, 2020 |
|
|||
|
|
||||||
|
Closing Market Price as of 6/30/05: |
|
|
$ |
14.86 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 6/30/05: |
|
|
$ |
15.36 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 6/30/05 ($14.86):1,2 |
|
|
|
6.31 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.078125 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.937500 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 6/30/05:3 |
|
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
2 |
A change in the distribution rate was declared on June 1, 2005 and effective July 13, 2005. The Monthly Distribution per Common Share was decreased to $0.066250. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|||||||||||||||||||
|
|
|
6/30/05 |
|
12/31/04 |
|
Change |
|
High |
|
|
Low |
|
||||||||
|
|
||||||||||||||||||||
|
Market Price |
|
$ |
14.86 |
|
$ |
15.02 |
|
|
(1.07 |
)% |
|
$ |
15.83 |
|
|
$ |
14.56 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
NAV |
|
$ |
15.36 |
|
$ |
14.85 |
|
|
3.43 |
% |
|
$ |
15.37 |
|
|
$ |
14.89 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
Sector Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Sector |
|
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
||||||||||||
|
City, County & State |
|
|
|
|
28 |
% |
|
|
|
28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
|
17 |
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
|
|
|
16 |
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
|
9 |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
|
8 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
|
7 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
|
6 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
|
|
5 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
|
|
4 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
|
— |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Breakdown4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Credit Rating |
|
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
||||||||||||
|
AAA/Aaa |
|
|
|
|
11 |
% |
|
|
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
|
5 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
|
19 |
|
|
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
|
43 |
|
|
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
|
|
|
3 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
|
|
4 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CC |
|
|
|
|
— |
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated5 |
|
|
|
|
15 |
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
|
5 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2005, and December 31, 2004, the market value of these securities was $8,379,281 representing 1.8% and $8,337,760 representing 1.8%, respectively, of the Trust’s long-term investments. |
6
|
|
|
|
TRUST SUMMARIES (unaudited) |
|
|
JUNE 30, 2005 |
|
|
BlackRock Municipal Target Term Trust (BMN) |
|
Trust Information
|
|
|
|
|
|
|
|
|
|
||||||
|
Symbol on New York Stock Exchange: |
|
BMN |
|
|||
|
|
||||||
|
Initial Offering Date: |
|
September 27, 1991 |
|
|||
|
|
||||||
|
Termination Date (on or about): |
|
December 31, 2006 |
|
|||
|
|
||||||
|
Closing Market Price as of 6/30/05: |
|
|
$ |
10.17 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 6/30/05: |
|
|
$ |
10.32 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 6/30/05 ($10.17):1,2 |
|
|
|
4.72 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.0400 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.4800 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 6/30/05:3 |
|
|
|
32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
2 |
A change in the distribution rate was declared on June 1, 2005 and effective July 13, 2005. The Monthly Distribution per Common Share was decreased to $0.031125. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
6/30/05 |
|
12/31/04 |
|
Change |
|
High |
|
|
Low |
|
||||||
|
|
||||||||||||||||||
|
Market Price |
|
$ |
10.17 |
|
$ |
10.49 |
|
|
(3.05 |
)% |
|
$ |
10.53 |
|
|
$ |
10.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
10.32 |
|
$ |
10.55 |
|
|
(2.18 |
)% |
|
$ |
10.56 |
|
|
$ |
10.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following chart shows the portfolio composition of the Trust’s long-term investments:
Sector Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|||||||||||||||||
|
Sector |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||||||||
|
|
|||||||||||||||||
|
City, County & State |
|
|
|
39 |
% |
|
|
|
38 |
% |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Power |
|
|
|
14 |
|
|
|
|
14 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Education |
|
|
|
11 |
|
|
|
|
10 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Transportation |
|
|
|
11 |
|
|
|
|
12 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Lease Revenue |
|
|
|
8 |
|
|
|
|
8 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Water & Sewer |
|
|
|
7 |
|
|
|
|
7 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Housing |
|
|
|
3 |
|
|
|
|
4 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Tax Revenue |
|
|
|
3 |
|
|
|
|
3 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Hospital |
|
|
|
3 |
|
|
|
|
3 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Industrial & Pollution Control |
|
|
|
1 |
|
|
|
|
1 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
As of June 30, 2005, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.
7
|
|
|
TRUST SUMMARIES (unaudited) |
|
JUNE 30, 2005 |
|
BlackRock Strategic Municipal Trust (BSD) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
||||||
|
Symbol on New York Stock Exchange: |
|
BSD |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
August 25, 1999 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 6/30/05: |
|
|
$ |
16.20 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 6/30/05: |
|
|
$ |
15.92 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 6/30/05 ($16.20):1,2 |
|
|
|
5.90 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.079585 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.955020 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 6/30/05:3 |
|
|
|
35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
2 |
A change in the distribution rate was declared on June 1, 2005 and effective July 13, 2005. The Monthly Distribution per Common Share was increased to $0.091625. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/05 |
|
12/31/04 |
|
Change |
|
High |
|
Low |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Market Price |
|
$ |
16.20 |
|
$ |
14.52 |
|
|
|
11.57 |
% |
|
$ |
16.60 |
|
$ |
13.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
15.92 |
|
$ |
15.70 |
|
|
|
1.40 |
% |
|
$ |
15.95 |
|
$ |
15.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector Breakdown |
|||||||||||
|
|
|||||||||||
|
Sector |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
City, County & State |
|
|
|
24 |
% |
|
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospital |
|
|
|
13 |
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
12 |
|
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
9 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
9 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
|
8 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
8 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
|
8 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
|
6 |
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
3 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
— |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
— |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Credit Breakdown4 |
|||||||||||
|
|
|||||||||||
|
Credit Rating |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
AAA/Aaa |
|
|
|
46 |
% |
|
|
|
49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
13 |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
9 |
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
15 |
|
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
|
|
8 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
|
4 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CC |
|
|
|
— |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated5 |
|
|
|
5 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
8
|
|
|
TRUST SUMMARIES (unaudited) |
|
JUNE 30, 2005 |
|
BlackRock California Insured Municipal 2008 Term Trust (BFC) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|
||
|
Symbol on New York Stock Exchange: |
|
BFC |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
September 18, 1992 |
|
|||
|
|
|
|
|
|||
|
Termination Date (on or about): |
|
December 31, 2008 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 6/30/05: |
|
|
$ |
16.17 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 6/30/05: |
|
|
$ |
16.42 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 6/30/05 ($16.17):1 |
|
|
|
4.78 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.064375 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.772500 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 6/30/05:3 |
|
|
|
38 |
% |
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/05 |
|
12/31/04 |
|
Change |
|
High |
|
Low |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Market Price |
|
$ |
16.17 |
|
$ |
16.25 |
|
|
|
(0.49 |
)% |
|
$ |
16.59 |
|
$ |
15.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
16.42 |
|
$ |
16.76 |
|
|
|
(2.03 |
)% |
|
$ |
16.81 |
|
$ |
16.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following chart shows the portfolio composition of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector Breakdown |
|||||||||||
|
|
|||||||||||
|
Sector |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
City, County & State |
|
|
|
21 |
% |
|
|
|
23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
20 |
|
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
|
18 |
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
12 |
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
|
10 |
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
|
8 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resource Recovery |
|
|
|
6 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
4 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospital |
|
|
|
1 |
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2005, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.
9
|
|
|
TRUST SUMMARIES (unaudited) |
|
JUNE 30, 2005 |
|
BlackRock California Municipal 2018 Term Trust (BJZ) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|
||
|
Symbol on New York Stock Exchange: |
|
BJZ |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
October 26, 2001 |
|
|||
|
|
|
|
|
|||
|
Termination Date (on or about): |
|
December 31, 2018 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 6/30/05: |
|
|
$ |
14.95 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 6/30/05: |
|
|
$ |
15.30 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 6/30/05 ($14.95):1 |
|
|
|
4.92 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.06125 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.73500 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 6/30/05:3 |
|
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/05 |
|
12/31/04 |
|
Change |
|
High |
|
Low |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Market Price |
|
$ |
14.95 |
|
$ |
13.89 |
|
|
|
7.63 |
% |
|
$ |
15.05 |
|
$ |
13.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
15.30 |
|
$ |
15.17 |
|
|
|
0.86 |
% |
|
$ |
15.52 |
|
$ |
15.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector Breakdown |
|||||||||||
|
|
|||||||||||
|
Sector |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
City, County & State |
|
|
|
19 |
% |
|
|
|
23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
19 |
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospital |
|
|
|
15 |
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
15 |
|
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
8 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
7 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
7 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
|
5 |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
|
5 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
— |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
— |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Credit Breakdown4 |
|||||||||||
|
|
|||||||||||
|
Credit Rating |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
AAA/Aaa |
|
|
|
31 |
% |
|
|
|
31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
4 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
35 |
|
|
|
|
38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
27 |
|
|
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated5 |
|
|
|
3 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
|
5 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2005, and December 31, 2004, the market value of these securities was $3,095,972 representing 2.2% and $3,052,217 representing 2.2%, respectively, of the Trust’s long-term investments. |
10
|
|
|
TRUST SUMMARIES (unaudited) |
|
JUNE 30, 2005 |
|
BlackRock Florida Insured Municipal 2008 Term Trust (BRF) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
||||||
|
Symbol on New York Stock Exchange: |
|
BRF |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
September 18, 1992 |
|
|||
|
|
|
|
|
|||
|
Termination Date (on or about): |
|
December 31, 2008 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 6/30/05: |
|
|
$ |
15.46 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 6/30/05: |
|
|
$ |
15.50 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 6/30/05 ($15.46):1 |
|
|
|
4.85 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.0625 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.7500 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 6/30/05:3 |
|
|
|
38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/05 |
|
12/31/04 |
|
Change |
|
High |
|
Low |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Market Price |
|
$ |
15.46 |
|
$ |
15.85 |
|
|
|
(2.46 |
)% |
|
$ |
16.04 |
|
$ |
15.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
15.50 |
|
$ |
15.91 |
|
|
|
(2.58 |
)% |
|
$ |
15.95 |
|
$ |
15.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following chart shows the portfolio composition of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector Breakdown |
|||||||||||
|
|
|||||||||||
|
Sector |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
Tax Revenue |
|
|
|
35 |
% |
|
|
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
|
16 |
|
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
13 |
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
12 |
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
|
11 |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
5 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
|
4 |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resource Recovery |
|
|
|
4 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2005, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.
11
|
|
|
TRUST SUMMARIES (unaudited) |
|
JUNE 30, 2005 |
|
BlackRock Florida Municipal 2020 Term Trust (BFO) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|
||
|
Symbol on New York Stock Exchange: |
|
BFO |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
September 30, 2003 |
|
|||
|
|
|
|
|
|||
|
Termination Date (on or about): |
|
December 31, 2020 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 6/30/05: |
|
|
$ |
14.28 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 6/30/05: |
|
|
$ |
15.03 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 6/30/05 ($14.28):1,2 |
|
|
|
5.67 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.0675 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.8100 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 6/30/05:3 |
|
|
|
37 |
% |
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
2 |
A change in the distribution rate was declared on June 1, 2005 and effective July 13, 2005. The Monthly Distribution per Common Share was decreased to $0.055625. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/05 |
|
12/31/04 |
|
Change |
|
High |
|
Low |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Market Price |
|
$ |
14.28 |
|
$ |
15.08 |
|
|
|
(5.31 |
)% |
|
$ |
16.25 |
|
$ |
14.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
15.03 |
|
$ |
14.63 |
|
|
|
2.73 |
% |
|
$ |
15.11 |
|
$ |
14.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector Breakdown |
|||||||||||
|
|
|||||||||||
|
Sector |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
City, County & State |
|
|
|
27 |
% |
|
|
|
32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
|
18 |
|
|
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
10 |
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
10 |
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
|
9 |
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
|
7 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospital |
|
|
|
6 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
5 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
5 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
3 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Breakdown4 |
|||||||||||
|
|
|||||||||||
|
Credit Rating |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
AAA/Aaa |
|
|
|
54 |
% |
|
|
|
56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
1 |
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
4 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
19 |
|
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
|
|
2 |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated5 |
|
|
|
20 |
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
|
5 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2005, and December 31, 2004, the market value of these securities was $2,158,300 representing 1.7% and $7,203,690 representing 5.7%, respectively, of the Trust’s long-term investments. |
12
|
|
|
TRUST SUMMARIES (unaudited) |
|
BlackRock New York Insured Municipal 2008 Term Trust (BLN) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
|
|||||
|
|
|
|
|
|||
|
Symbol on New York Stock Exchange: |
|
BLN |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
September 18, 1992 |
|
|||
|
|
|
|
|
|||
|
Termination Date (on or about): |
|
December 31, 2008 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 6/30/05: |
|
|
$ |
15.85 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 6/30/05: |
|
|
$ |
16.17 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 6/30/05 ($15.85):1 |
|
|
|
4.73 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.0625 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.7500 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 6/30/05:3 |
|
|
|
38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
6/30/05 |
|
12/31/04 |
|
Change |
|
High |
|
Low |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Market Price |
|
$ |
15.85 |
|
$ |
16.09 |
|
|
|
(1.49 |
)% |
|
$ |
16.21 |
|
$ |
15.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
16.17 |
|
$ |
16.56 |
|
|
|
(2.36 |
)% |
|
$ |
16.58 |
|
$ |
16.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following chart shows the portfolio composition of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector Breakdown |
|
||||||||||
|
|
|
||||||||||
|
Sector |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
Transportation |
|
|
|
25 |
% |
|
|
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
20 |
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
|
18 |
|
|
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
|
11 |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospital |
|
|
|
8 |
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
|
7 |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
|
5 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
3 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
3 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2005, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.
13
|
|
|
TRUST SUMMARIES (unaudited) |
|
BlackRock New York Municipal 2018 Term Trust (BLH) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
||||||
|
Symbol on New York Stock Exchange: |
|
BLH |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
October 26, 2001 |
|
|||
|
|
|
|
|
|||
|
Termination Date (on or about): |
|
December 31, 2018 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 6/30/05: |
|
|
$ |
15.43 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 6/30/05: |
|
|
$ |
16.25 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 6/30/05 ($15.43):1 |
|
|
|
4.76 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.06125 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.73500 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 6/30/05:3 |
|
|
|
35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
6/30/05 |
|
12/31/04 |
|
Change |
|
High |
|
Low |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Market Price |
|
$ |
15.43 |
|
$ |
14.82 |
|
|
|
4.12 |
% |
|
$ |
15.49 |
|
$ |
14.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
16.25 |
|
$ |
15.77 |
|
|
|
3.04 |
% |
|
$ |
16.26 |
|
$ |
15.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector Breakdown |
|
||||||||||
|
|
|
||||||||||
|
Sector |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
Education |
|
|
|
22 |
% |
|
|
|
22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospital |
|
|
|
17 |
|
|
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
|
12 |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
11 |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
10 |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
10 |
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
|
6 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
6 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
5 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
|
1 |
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
— |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Breakdown4 |
|
||||||||||
|
|
|
||||||||||
|
Credit Rating |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAA/Aaa |
|
|
|
33 |
% |
|
|
|
23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
26 |
|
|
|
|
37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
21 |
|
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
16 |
|
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CCC/Caa |
|
|
|
3 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
|
1 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
14
|
|
|
TRUST SUMMARIES (unaudited) |
|
BlackRock Pennsylvania Strategic Municipal Trust (BPS) |
|
|
|
|
|
|
|
|
|
||
|
Trust Information |
|
|||||||
|
|
|
|
|
|||||
|
Symbol on American Stock Exchange: |
|
BPS |
|
|||||
|
|
|
|
|
|||||
|
Initial Offering Date: |
|
August 25, 1999 |
|
|||||
|
|
|
|
|
|||||
|
Closing Market Price as of 6/30/05: |
|
|
$ |
15.26 |
|
|
||
|
|
|
|
|
|
|
|
||
|
Net Asset Value as of 6/30/05: |
|
|
$ |
15.51 |
|
|
||
|
|
|
|
|
|
|
|
||
|
Yield on Closing Market Price as of 6/30/05 ($15.26):1,2 |
|
|
|
5.82 |
% |
|
||
|
|
|
|
|
|
|
|
||
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.073965 |
|
|
||
|
|
|
|
|
|
|
|
||
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.887580 |
|
|
||
|
|
|
|
|
|
|
|
||
|
Leverage as of 6/30/05:3 |
|
|
|
36 |
% |
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
2 |
A change in the distribution rate was declared on June 1, 2005 and effective July 13, 2005. The Monthly Distribution per Common Share was increased to $0.0755. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
6/30/05 |
|
12/31/04 |
|
Change |
|
High |
|
Low |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Market Price |
|
$ |
15.26 |
|
$ |
15.70 |
|
|
|
(2.80 |
)% |
|
$ |
15.90 |
|
$ |
14.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
15.51 |
|
$ |
15.81 |
|
|
|
(1.90 |
)% |
|
$ |
15.87 |
|
$ |
15.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector Breakdown |
|
||||||||||
|
|
|
||||||||||
|
Sector |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
Education |
|
|
|
25 |
% |
|
|
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
20 |
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospital |
|
|
|
17 |
|
|
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
15 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
|
9 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
6 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
6 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
|
2 |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
— |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Breakdown4 |
|
||||||||||
|
|
|
||||||||||
|
Credit Rating |
|
June 30, 2005 |
|
December 31, 2004 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAA/Aaa |
|
|
|
52 |
% |
|
|
|
56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
7 |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
20 |
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
14 |
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
|
— |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
|
7 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
15
|
|
|
|
|
|
|
JUNE 30, 2005 |
|
|
BlackRock Insured Municipal 2008 Term Trust (BRM) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
|
|
|
|
|
||
|
|
|
|
Amount |
|
|
|
Option Call |
|
|
|
|
||
|
Rating1 |
|
|
(000) |
|
Description |
|
Provisions2 |
|
Value |
|
|||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS—134.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama—2.1% |
|
|
|
|
|
|
|
AAA |
|
|
$ |
2,410 |
|
|
Auburn Univ., 5.00%, 4/01/09, AMBAC |
|
No Opt. Call |
|
$ |
2,576,410 |
|
|
AAA |
|
|
|
6,555 |
|
|
Birmingham Jefferson Civic Ctr. Auth., Ser. A, 4.25%, 1/01/09, FSA |
|
No Opt. Call |
|
|
6,817,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,394,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska—0.9% |
|
|
|
|
|
|
|
AAA |
|
|
|
4,000 |
|
|
Anchorage, GO, Ser. B, 3.75%, 7/01/09, MBIA |
|
No Opt. Call |
|
|
4,105,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona—2.0% |
|
|
|
|
|
|
|
AAA |
|
|
|
4,000 |
|
|
Chandler, GO, Zero Coupon, 7/01/08, FGIC |
|
No Opt. Call |
|
|
3,647,880 |
|
|
AAA |
|
|
|
1,000 |
|
|
Phoenix Str. & Hwy., 4.25%, 7/01/09, FGIC |
|
No Opt. Call |
|
|
1,046,250 |
|
|
AAA |
|
|
|
4,200 |
|
|
Pima Cnty. Str. & Hwy., 4.125%, 7/01/09, FGIC |
|
07/08 @ 101 |
|
|
4,371,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,065,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California—2.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dept. of Wtr. Res. Pwr. Sply. Rev., Ser. A, |
|
|
|
|
|
|
|
AAA |
|
|
|
5,000 |
|
|
3.125%, 5/01/08, FSA |
|
No Opt. Call |
|
|
5,038,200 |
|
|
AAA |
|
|
|
5,000 |
|
|
3.375%, 5/01/09, MBIA |
|
No Opt. Call |
|
|
5,074,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,112,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado—2.5% |
|
|
|
|
|
|
|
AAA |
|
|
|
2,000 |
|
|
E-470 Pub. Hwy. Auth., Ser. B, Zero Coupon, 9/01/11, MBIA |
|
No Opt. Call |
|
|
1,594,200 |
|
|
AAA |
|
|
|
1,000 |
|
|
El Paso Cnty., COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC |
|
No Opt. Call |
|
|
1,006,730 |
|
|
AAA |
|
|
|
6,965 |
|
|
Regl. Transp. Dist., COP, Transp. Vehicles Proj., Ser. A, 5.00%, 6/01/08, MBIA |
|
06/07 @ 101 |
|
|
7,318,195 |
|
|
AAA |
|
|
|
1,000 |
|
|
Thornton, COP, 3.25%, 12/01/08, AMBAC |
|
No Opt. Call |
|
|
1,008,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,927,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware—0.1% |
|
|
|
|
|
|
|
AAA |
|
|
|
650 |
|
|
Delaware River & Bay Auth., 3.25%, 1/01/09, MBIA |
|
No Opt. Call |
|
|
654,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia—3.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dist. of Columbia, GO, |
|
|
|
|
|
|
|
AAA |
|
|
|
195 |
3 |
|
Ser. B, 5.50%, 6/01/09, FSA |
|
ETM |
|
|
213,576 |
|
|
AAA |
|
|
|
2,605 |
|
|
Ser. B, 5.50%, 6/01/09, FSA |
|
No Opt. Call |
|
|
2,842,081 |
|
|
AAA |
|
|
|
10,000 |
|
|
Ser. B-1, 5.50%, 6/01/08, AMBAC |
|
No Opt. Call |
|
|
10,718,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,774,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida—4.7% |
|
|
|
|
|
|
|
AAA |
|
|
|
2,280 |
|
|
Broward Cnty. Sch. Brd., COP, Ser. B, 4.25%, 7/01/09, FSA |
|
No Opt. Call |
|
|
2,384,561 |
|
|
AAA |
|
|
|
13,890 |
|
|
Dept. of Env. Protection Presvtn., Ser. B, 5.00%, 7/01/09, MBIA |
|
No Opt. Call |
|
|
14,931,750 |
|
|
AAA |
|
|
|
1,300 |
|
|
Palm Beach, Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA |
|
No Opt. Call |
|
|
1,390,337 |
|
|
AAA |
|
|
|
2,080 |
|
|
Tampa Wtr. & Swr., 5.50%, 10/01/08, FSA |
|
No Opt. Call |
|
|
2,251,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,957,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia—5.9% |
|
|
|
|
|
|
|
AAA |
|
|
|
5,000 |
|
|
Georgia, GO, Ser. E, 5.25%, 2/01/10 |
|
No Opt. Call |
|
|
5,476,950 |
|
|
AAA |
|
|
|
20,000 |
|
|
Monroe Cnty., PCR, Pwr. Co. Plant Vogtle Proj., 4.20%, 1/01/12, AMBAC |
|
No Opt. Call |
|
|
20,626,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,103,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii—3.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii, GO, FSA, |
|
|
|
|
|
|
|
AAA |
|
|
|
6,510 |
|
|
Ser. CY, 4.00%, 2/01/09 |
|
No Opt. Call |
|
|
6,728,671 |
|
|
AAA |
|
|
|
8,045 |
|
|
Ser. CZ, 3.25%, 7/01/09 |
|
No Opt. Call |
|
|
8,119,979 |
|
|
AAA |
|
|
|
1,880 |
|
|
Honolulu City & Cnty., Ser. A, 5.00%, 3/01/09, MBIA |
|
No Opt. Call |
|
|
2,009,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,857,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois—14.3% |
|
|
|
|
|
|
|
AAA |
|
|
|
2,930 |
|
|
Chicago, Ser. A, 5.00%, 1/01/09, AMBAC |
|
No Opt. Call |
|
|
3,116,582 |
|
|
|
|
|
|
|
|
|
Chicago Park Dist. Pkg. Rev., GO, |
|
|
|
|
|
|
|
AAA |
|
|
|
3,290 |
|
|
Ser. A, 3.00%, 1/01/08, FGIC |
|
No Opt. Call |
|
|
3,293,126 |
|
|
AAA |
|
|
|
1,750 |
|
|
Ser. A, 3.50%, 1/01/09, FGIC |
|
No Opt. Call |
|
|
1,775,270 |
|
|
AAA |
|
|
|
1,000 |
|
|
Ser. C, 3.00%, 1/01/09, AMBAC |
|
No Opt. Call |
|
|
998,030 |
|
|
AAA |
|
|
|
3,105 |
3 |
|
Chicago Pub. Bldg., Ser. A, Zero Coupon, 1/01/07, MBIA |
|
ETM |
|
|
2,976,267 |
|
|
|
|
|
|
|
|
|
Cook Cnty. High Sch., |
|
|
|
|
|
|
|
AAA |
|
|
|
2,000 |
|
|
Arlington Heights Proj., 4.50%, 12/01/08, FSA |
|
No Opt. Call |
|
|
2,095,640 |
|
|
AAA |
|
|
|
1,175 |
3 |
|
J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC |
|
ETM |
|
|
1,020,405 |
|
|
AAA |
|
|
|
4,805 |
|
|
J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC |
|
No Opt. Call |
|
|
4,131,435 |
|
See Notes to Financial Statements.
16
|
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
|
|
|
|
|
|||
|
|
|
Amount |
|
|
|
Option Call |
|
|
|
|
|||
|
Rating1 |
|
(000) |
|
Description |
|
Provisions2 |
|
Value |
|
||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
Illinois—(continued) |
|
|
|
|
|
|
|
AAA |
|
|
$ |
13,000 |
|
|
Dev. Fin. Auth., Gas Sply., 3.05%, 2/01/33, AMBAC |
|
No Opt. Call |
|
$ |
13,002,990 |
|
|
AAA |
|
|
|
8,985 |
|
|
Du Page Cnty. Forest Presvtn. Dist., Zero Coupon, 11/01/08 |
|
No Opt. Call |
|
|
8,078,413 |
|
|
|
|
|
|
|
|
|
Illinois, GO, Ser. 1, MBIA, |
|
|
|
|
|
|
|
AAA |
|
|
|
6,750 |
|
|
3.50%, 7/01/08 |
|
No Opt. Call |
|
|
6,872,782 |
|
|
AAA |
|
|
|
5,000 |
|
|
3.75%, 7/01/09 |
|
No Opt. Call |
|
|
5,141,800 |
|
|
AAA |
|
|
|
1,455 |
|
|
Kane & Du Page Cntys. Sch. Dist., GO, Ser. A, 3.75%, 1/01/09, FSA |
|
No Opt. Call |
|
|
1,487,956 |
|
|
|
|
|
|
|
|
|
Met. Pier & Expo. Auth. Ded. St. Tax Rev., McCormick Place Expansion Proj., FGIC, |
|
|
|
|
|
|
|
AAA |
|
|
|
8,385 |
3 |
|
Zero Coupon, 6/15/08 |
|
ETM |
|
|
7,690,638 |
|
|
AAA |
|
|
|
215 |
|
|
Zero Coupon, 6/15/08 |
|
No Opt. Call |
|
|
196,398 |
|
|
AAA |
|
|
|
1,570 |
3 |
|
Ser. A, Zero Coupon, 6/15/08 |
|
ETM |
|
|
1,439,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,317,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas—0.2% |
|
|
|
|
|
|
|
AAA |
|
|
|
1,000 |
|
|
Dev. Fin. Auth. Pub. Wtr. Sply., 4.00%, 4/01/09, AMBAC |
|
No Opt. Call |
|
|
1,034,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky—0.8% |
|
|
|
|
|
|
|
AAA |
|
|
|
3,890 |
|
|
Owensboro Elec. Lt. & Pwr., Ser. B, Zero Coupon, 1/01/09, AMBAC |
|
No Opt. Call |
|
|
3,471,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana—1.3% |
|
|
|
|
|
|
|
AAA |
|
|
|
5,770 |
|
|
Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. A, 3.50%, 5/15/09, MBIA |
|
No Opt. Call |
|
|
5,846,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan—4.9% |
|
|
|
|
|
|
|
AAA |
|
|
|
1,665 |
3 |
|
Detroit, GO, 3.50%, 4/01/09, MBIA |
|
ETM |
|
|
1,697,118 |
|
|
AAA |
|
|
|
6,315 |
|
|
Detroit City Sch. Dist., GO, Sch. Bldg. & Site Impvt. Proj., Ser. A, 4.00%, 5/01/09, FGIC |
|
No Opt. Call |
|
|
6,552,633 |
|
|
AAA |
|
|
|
3,000 |
|
|
Michigan Trunk Line, Ser. A, 4.125%, 11/01/08, FSA |
|
No Opt. Call |
|
|
3,116,370 |
|
|
AAA |
|
|
|
2,535 |
|
|
Washtenaw Cmnty. Coll., 4.00%, 4/01/09, MBIA |
|
No Opt. Call |
|
|
2,628,415 |
|
|
AAA |
|
|
|
2,695 |
|
|
West Ottawa Pub. Sch. Dist., GO, Ser. B, 3.50%, 5/01/09, FGIC |
|
No Opt. Call |
|
|
2,748,092 |
|
|
AAA |
|
|
|
2,000 |
|
|
Western Twnshps. Util. Auth. Swr. Disp. Sys., 5.00%, 1/01/09, FGIC |
|
No Opt. Call |
|
|
2,138,300 |
|
|
AAA |
|
|
|
2,800 |
|
|
Wyandotte Elec., 6.25%, 10/01/08, MBIA |
|
No Opt. Call |
|
|
2,952,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,833,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi—0.5% |
|
|
|
|
|
|
|
AAA |
|
|
|
2,175 |
|
|
De Soto Cnty. Sch. Dist., GO, 3.25%, 2/01/09, FSA |
|
No Opt. Call |
|
|
2,193,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nevada—3.1% |
|
|
|
|
|
|
|
AAA |
|
|
|
6,270 |
|
|
Clark Cnty. Sch. Dist., Ser. A, 4.00%, 6/01/09, FGIC |
|
No Opt. Call |
|
|
6,499,168 |
|
|
|
|
|
|
|
|
|
Dept. of Bus. & Ind., Las Vegas Monorail Proj., AMBAC, |
|
|
|
|
|
|
|
AAA |
|
|
|
2,085 |
|
|
Zero Coupon, 1/01/09 |
|
No Opt. Call |
|
|
1,843,661 |
|
|
AAA |
|
|
|
3,585 |
|
|
Zero Coupon, 1/01/10 |
|
No Opt. Call |
|
|
3,043,988 |
|
|
AAA |
|
|
|
2,245 |
|
|
Las Vegas Clark Cnty. Library Dist., 4.75%, 2/01/09, FGIC |
|
No Opt. Call |
|
|
2,377,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,763,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey—1.2% |
|
|
|
|
|
|
|
AAA |
|
|
|
1,220 |
|
|
Econ. Dev. Auth., Econ. Recovery Fund, Ser. A, 4.50%, 3/15/09, MBIA |
|
No Opt. Call |
|
|
1,285,197 |
|
|
|
|
|
|
|
|
|
Monmouth Cnty. Impvt. Auth., Gov’t. Loan, |
|
|
|
|
|
|
|
AAA |
|
|
|
1,220 |
|
|
3.10%, 4/15/09, AMBAC |
|
No Opt. Call |
|
|
1,226,027 |
|
|
AAA |
|
|
|
1,000 |
|
|
5.00%, 12/01/08, FSA |
|
No Opt. Call |
|
|
1,069,560 |
|
|
AAA |
|
|
|
1,750 |
|
|
Transp. Trust Fund Auth. Transp. Sys., Ser. C, 5.25%, 12/15/08, AMBAC |
|
No Opt. Call |
|
|
1,881,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,462,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico—1.1% |
|
|
|
|
|
|
|
AAA |
|
|
|
2,030 |
|
|
Farmington Util. Sys., Ser. A, 3.50%, 5/15/09, FSA |
|
No Opt. Call |
|
|
2,066,662 |
|
|
AAA |
|
|
|
2,600 |
|
|
Fin. Auth. Pub. Impvt., Proj., Ser. A, 3.80%, 6/01/08, MBIA |
|
No Opt. Call |
|
|
2,665,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,732,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York—13.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Env. Fac. Corp., PCR, Ser. D, |
|
|
|
|
|
|
|
AAA |
|
|
|
1,030 |
|
|
6.50%, 5/15/07 |
|
08/05 @ 102 |
|
|
1,055,152 |
|
|
AAA |
|
|
|
80 |
|
|
6.50%, 11/15/07 |
|
08/05 @ 102 |
|
|
81,954 |
|
|
AAA |
|
|
|
2,000 |
|
|
Erie Cnty. Pub. Impvt., Ser. A, 4.50%, 3/15/09, FGIC |
|
No Opt. Call |
|
|
2,109,040 |
|
|
|
|
|
|
|
|
|
New York, MBIA, |
|
|
|
|
|
|
|
AAA |
|
|
|
1,450 |
3 |
|
Ser. E, 6.125%, 8/01/06 |
|
ETM |
|
|
1,503,998 |
|
|
AAA |
|
|
|
3,550 |
|
|
Ser. E, 6.125%, 8/01/06 |
|
No Opt. Call |
|
|
3,684,900 |
|
|
AAA |
|
|
|
15,915 |
|
|
GO, Ser. F, 5.25%, 9/15/09 |
|
09/08 @ 101 |
|
|
17,125,972 |
|
|
|
|
|
|
|
|
|
New York City, GO, MBIA, |
|
|
|
|
|
|
|
AAA |
|
|
|
15,500 |
|
|
Ser. E, 6.20%, 8/01/07 |
|
No Opt. Call |
|
|
16,539,120 |
|
|
AAA |
|
|
|
5,000 |
4 |
|
Ser. G, 5.75%, 2/01/06 |
|
N/A |
|
|
5,164,300 |
|
|
AAA |
|
|
|
4,250 |
|
|
New York City Hlth. & Hosp. Corp. Hlth. Sys. Svcs., Ser. A, 3.50%, 2/15/09, AMBAC |
|
No Opt. Call |
|
|
4,316,258 |
|
|
AAA |
|
|
|
4,000 |
|
|
Port Auth. of NY & NJ, Ser. 129, 2.875%, 11/01/08, FSA |
|
No Opt. Call |
|
|
4,008,080 |
|
|
AAA |
|
|
|
2,715 |
|
|
Thruway Auth. Svc. Contract Rev., Local Hwy. & Brdg. Proj., Ser. A, 5.40%, 1/01/09, MBIA |
|
08/05 @ 102 |
|
|
2,775,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,363,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
17
|
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rating1 |
|
|
Principal |
|
Description |
|
Option Call |
|
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
North Carolina—8.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eastn. Mun. Pwr. Agcy. Sys. Rev., Ser. B, |
|
|
|
|
|
|
|
AAA |
|
|
$ |
13,500 |
|
|
6.125%, 1/01/09, FGIC |
|
No Opt. Call |
|
$ |
14,910,075 |
|
|
AAA |
|
|
|
5,000 |
4 |
|
7.00%, 1/01/08, CAPMAC |
|
N/A |
|
|
5,489,550 |
|
|
AAA |
|
|
|
14,675 |
|
|
7.25%, 1/01/07, CAPMAC |
|
No Opt. Call |
|
|
15,645,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,045,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio—0.5% |
|
|
|
|
|
|
|
AAA |
|
|
|
2,000 |
|
|
Bldg. Auth. Worker’s Comp. Facs., Ser. A, 5.00%, 4/01/09, FGIC |
|
No Opt. Call |
|
|
2,143,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oregon—2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dept. of Admin. Svcs., FSA, |
|
|
|
|
|
|
|
AAA |
|
|
|
2,905 |
|
|
COP, 5.00%, 11/01/08 |
|
No Opt. Call |
|
|
3,097,572 |
|
|
AAA |
|
|
|
2,255 |
|
|
Lottery Rev., Ser. C, 3.125%, 4/01/09 |
|
No Opt. Call |
|
|
2,268,801 |
|
|
AAA |
|
|
|
1,285 |
|
|
Lane Cnty. Sch. Dist. No. 4, 3.00%, 1/01/09, FSA |
|
No Opt. Call |
|
|
1,289,228 |
|
|
AAA |
|
|
|
2,000 |
|
|
Washington & Clackamas Cntys. Sch. Dist., GO, 3.75%, 6/15/08, MBIA |
|
No Opt. Call |
|
|
2,050,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,706,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania—11.4% |
|
|
|
|
|
|
|
AAA |
|
|
|
1,460 |
|
|
Bensalem Twnshp. Sch. Dist., GO, 3.25%, 8/15/09, FGIC |
|
No Opt. Call |
|
|
1,476,805 |
|
|
AAA |
|
|
|
1,500 |
|
|
Bristol Twnshp. Sch. Dist., 4.25%, 2/15/09, FGIC |
|
No Opt. Call |
|
|
1,566,240 |
|
|
|
|
|
|
|
|
|
Dauphin Cnty. Gen. Auth., HAPSCO-Western PA Hosp. Proj., MBIA, |
|
|
|
|
|
|
|
AAA |
|
|
|
5,275 |
|
|
Ser. A, 6.25%, 7/01/08 |
|
08/05 @ 100 |
|
|
5,288,345 |
|
|
AAA |
|
|
|
2,725 |
|
|
Ser. B, 6.25%, 7/01/08 |
|
ETM |
|
|
2,853,920 |
|
|
|
|
|
|
|
|
|
Dept. of Gen. Svcs., COP, FSA, |
|
|
|
|
|
|
|
AAA |
|
|
|
2,075 |
|
|
4.50%, 5/01/08 |
|
No Opt. Call |
|
|
2,167,628 |
|
|
AAA |
|
|
|
2,120 |
|
|
4.50%, 11/01/08 |
|
No Opt. Call |
|
|
2,227,208 |
|
|
AAA |
|
|
|
2,165 |
|
|
4.50%, 5/01/09 |
|
No Opt. Call |
|
|
2,285,288 |
|
|
AAA |
|
|
|
2,220 |
|
|
4.50%, 11/01/09 |
|
No Opt. Call |
|
|
2,353,888 |
|
|
AAA |
|
|
|
3,500 |
|
|
Indiana Cnty. Indl. Dev. Auth., PCR, Elec. & Gas Corp. Proj., Ser. A, 6.00%, 6/01/06, MBIA |
|
No Opt. Call |
|
|
3,602,550 |
|
|
AAA |
|
|
|
16,250 |
|
|
Lehigh Cnty. Indl. Dev. Auth., PCR, 3.125%, 11/01/08, AMBAC |
|
No Opt. Call |
|
|
16,395,275 |
|
|
AAA |
|
|
|
3,175 |
|
|
Philadelphia, GO, 4.10%, 9/15/08, FSA |
|
No Opt. Call |
|
|
3,291,205 |
|
|
AAA |
|
|
|
3,125 |
|
|
Pittsburgh Pub. Pkg. Auth. Pkg. Rev., 3.25%, 12/01/08, AMBAC |
|
No Opt. Call |
|
|
3,161,156 |
|
|
AAA |
|
|
|
3,955 |
|
|
West Chester Area Sch. Dist., GO, Ser. AA, 3.65%, 1/15/09, MBIA |
|
07/07 @ 100 |
|
|
4,016,817 |
|
|
|
|
|
|
|
|
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