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

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
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:    December 31, 2004   


Item 1. Reports to Shareholders.
The Registrant’s 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
Annual Report

DECEMBER 31, 2004


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    57 
     
     Statements of Operations    59 
     
     Statements of Changes in Net Assets    61 
     
Financial Highlights    66 
     
Notes to Financial Statements    79 
     
Report of Independent Registered Public Accounting Firm    85 
     
Directors/Trustees Information    86 
     
Dividend Reinvestment Plans    89 
     
Additional Information    89 

 


Privacy Principles of the Trusts

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

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

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


 


LETTER TO SHAREHOLDERS

December 31, 2004

Dear Shareholder:

     We are pleased to report that during the 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’ audited 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 December 31, 2004.


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







BlackRock Insured Municipal 2008 Term Trust (BRM)  4.87 %  7.49 %  $16.31 
$16.75 







BlackRock Insured Municipal Term Trust (BMT)  5.09   7.83    11.30 
 11.05 







BlackRock Municipal 2018 Term Trust (BPK)  5.15   7.92    15.16 
  15.81 







BlackRock Municipal 2020 Term Trust (BKK)  6.24   9.60    15.02 
 14.85 







BlackRock Municipal Target Term Trust (BMN)  4.58   7.05    10.49 
 10.55 







BlackRock Strategic Municipal Trust (BSD)  6.58   10.12    14.52 
 15.70 







BlackRock California Insured Municipal 2008 Term Trust (BFC)  4.75   7.31    16.25 
 16.76 







BlackRock California Municipal 2018 Term Trust (BJZ)  5.29   8.14    13.89 
 15.17 







BlackRock Florida Insured Municipal 2008 Term Trust (BRF)  4.73   7.28   15.85 
15.91 







BlackRock Florida Municipal 2020 Term Trust (BFO)  5.97   9.18   15.08 
14.63 







BlackRock New York Insured Municipal 2008 Term Trust (BLN)  4.66   7.17   16.09 
16.56 







BlackRock New York Municipal 2018 Term Trust (BLH)  4.96   7.63   14.82 
15.77 







BlackRock Pennsylvania Strategic Municipal Trust (BPS)  5.65   8.69   15.70 
15.81 

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 December 31, 2004, BlackRock managed over $22 billion in municipal bonds, including seven open-end and 37 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, are wholly owned subsidiaries of BlackRock.

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

Sincerely,

 
Laurence D. Fink    Ralph L. Schlosstein 
Chief Executive Officer    President 
BlackRock Advisors, Inc.    BlackRock Advisors, Inc. 

1


TRUST SUMMARIES
DECEMBER 31, 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 12/31/04:  $16.31  



Net Asset Value as of 12/31/04:  $16.75  



Yield on Closing Market Price as of 12/31/04 ($16.31):1  4.87 % 



Current Monthly Distribution per Common Share:2  $0.066250  



Current Annualized Distribution per Common Share:2  $0.795000  



Leverage as of 12/31/04:3  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:

 





 
12/31/04 
12/31/03 
Change
High 
Low 







Market Price  $16.31  $17.27  (5.56 )% 
$17.76 
$15.87 







NAV  $16.75  $17.38  (3.62 )% 
$17.75 
$16.46 








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

Sector Breakdown

Sector  December 31, 2004 December 31, 2003





City, County & State  32 %  29 % 





Power  22   21  





Education  11   14  





Industrial & Pollution Control  9   6  





Transportation  8   7  





Lease Revenue  6   5  





Tax Revenue  5   9  





Hospital  4   4  





Water & Sewer  3   4  





Housing    1  






As of December 31, 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
DECEMBER 31, 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 12/31/04:  $11.30  



Net Asset Value as of 12/31/04:  $11.05  



Yield on Closing Market Price as of 12/31/04 ($11.30):1  5.09 % 



Current Monthly Distribution per Common Share:2  $0.047917  



Current Annualized Distribution per Common Share:2  $0.575004  



Leverage as of 12/31/04:3  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:

 





  12/31/04  12/31/03 
Change
High 
Low 







Market Price  $11.30  $11.06  2.17 % 
$11.74 
$10.47 







NAV  $11.05  $11.40  (3.07 )% 
$11.72 
$10.62 








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

Sector Breakdown


Sector    December 31, 2004   December 31, 2003

City, County & State    32 %    35 % 

Education    17     15  

Water & Sewer    14     14  

Power    12     12  

Hospital    11     10  

Transportation    6     6  

Lease Revenue    6     6  

Tax Revenue    2     2  


As of December 31, 2004, 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+.

3


TRUST SUMMARIES
DECEMBER 31, 2004

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 12/31/04:  $15.16  



Net Asset Value as of 12/31/04:  $15.81  



Yield on Closing Market Price as of 12/31/04 ($15.16):1  5.15 % 



Current Monthly Distribution per Common Share:2  $0.0650  



Current Annualized Distribution per Common Share:2  $0.7800  



Leverage as of 12/31/04:3  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:

 





  12/31/04  12/31/03 
Change
High 
Low 







Market Price  $15.16  $14.36  5.57 % 
$15.16 
$13.59 







NAV  $15.81  $15.53  1.80 % 
$16.05 
$14.96 








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

Sector Breakdown


Sector 
December 31, 2004
December 31, 2003





Industrial & Pollution Control  23 %  23 % 





Hospital  21   21  





City, County & State  19   12  





Housing  12   10  





Power  5   6  





Education  5   4  





Transportation  4   4  





Tax Revenue  4   1  





Lease Revenue  3   3  





Tobacco    12  





Other  4   4  





     
Credit Breakdown4
         





Credit Rating 
December 31, 2004
December 31, 2003





AAA/Aaa  15 %  15 % 





AA/Aa  4   5  





A  26   22  





BBB/Baa  33   40  





BB/Ba  5   2  





B  4   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 December 31, 2004, and December 31, 2003, the market value of these securities was $17,931,814 representing 4.7% and $18,920,780 representing 5.0%, respectively, of the Trust’s long-term investments.

 

4


TRUST SUMMARIES
DECEMBER 31, 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 12/31/04:  $15.02  



Net Asset Value as of 12/31/04:  $14.85  



Yield on Closing Market Price as of 12/31/04 ($15.02):1  6.24 % 



Current Monthly Distribution per Common Share:2  $0.078125  



Current Annualized Distribution per Common Share:2  $0.937500  



Leverage as of 12/31/04:3  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:

 





  12/31/04  12/31/03 
Change
High 
Low 







Market Price  $15.02  $15.00  0.13 % 
$15.48 
$13.40 







NAV  $14.85  $14.51  2.34 % 
$15.04 
$13.53 








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

Sector Breakdown


Sector 
December 31, 2004
December 31, 2003





City, County & State  28 %  26 % 





Industrial & Pollution Control  19   13  





Hospitals  14   15  





Transportation  8   3  





Housing  8   2  





Tobacco  7   9  





Lease Revenue  4   14  





Tax Revenue  4   6  





Education  4   6  





Power  4   6  





 
Credit Breakdown4
         





Credit Rating 
December 31, 2004
December 31, 2003





AAA/Aaa  10 %  22 % 





AA/Aa  4   11  





A  24   18  





BBB/Baa  40   34  





BB/Ba  3   1  





B  4   5  





CC  1    





Not Rated5  14   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 December 31, 2004, the market value of these securities was $8,337,760 representing 1.8% of the Trust’s long-term investments.
 

 

5


TRUST SUMMARIES
DECEMBER 31, 2004

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 12/31/04:  $10.49  



Net Asset Value as of 12/31/04:  $10.55  



Yield on Closing Market Price as of 12/31/04 ($10.49):1  4.58 % 



Current Monthly Distribution per Common Share:2  $0.0400  



Current Annualized Distribution per Common Share:2  $0.4800  



Leverage as of 12/31/04:3  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:

 





  12/31/04  12/31/03 
Change
High 
Low 







Market Price  $10.49  $10.95  (4.20 )% 
$11.55 
$10.33 







NAV  $10.55  $10.97  (3.83 )% 
$11.11 
$10.55 








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

Sector Breakdown


Sector  December 31, 2004 December 31, 2003





City, County & State  38 %  39 % 





Power  14   13  





Transportation  12   11  





Education  10   10  





Lease Revenue  8   7  





Water & Sewer  7   7  





Housing  4   5  





Tax Revenue  3   3  





Hospital  3   4  





Industrial & Pollution Control  1   1  






As of December 31, 2004, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

6


TRUST SUMMARIES
DECEMBER 31, 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 12/31/04:  $14.52  



Net Asset Value as of 12/31/04:  $15.70  



Yield on Closing Market Price as of 12/31/04 ($14.52):1  6.58 % 



Current Monthly Distribution per Common Share:2  $0.079585  



Current Annualized Distribution per Common Share:2  $0.955020  



Leverage as of 12/31/04:3  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:

 





  12/31/04  12/31/03 
Change
High 
Low 







Market Price  $14.52  $14.69  (1.16 )% 
$15.60 
$13.03 







NAV  $15.70  $15.91  (1.32 )% 
$16.39 
$14.76 








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

Sector Breakdown


Sector 
December 31, 2004
December 31, 2003





Hospital  20 %  19 % 





Industrial & Pollution Control  16   16  





City, County & State  13   11  





Tax Revenue  9   9  





Education  8   9  





Transportation  8   8  





Power  8   8  





Water & Sewer  5   4  





Housing  5   5  





Lease Revenue  4   4  





Tobacco    3  





Other  4   4  





       
Credit Breakdown4
         





Credit Rating 
December 31, 2004
December 31, 2003





AAA/Aaa  49 %  43 % 





AA/Aa  7   10  





A  9   12  





BBB/Baa  15   15  





BB/Ba  6   7  





B  8   7  





CC  2    





Not Rated5  4   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 December 31, 2003, the market value of these securities was $6,508,720 representing 3.7% of the Trust’s long-term investments.
 

 

7


TRUST SUMMARIES
DECEMBER 31, 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 12/31/04:  $16.25  



Net Asset Value as of 12/31/04:  $16.76  



Yield on Closing Market Price as of 12/31/04 ($16.25):1  4.75 % 



Current Monthly Distribution per Common Share:2  $0.064375  



Current Annualized Distribution per Common Share:2  $0.772500  



Leverage as of 12/31/04:3  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:

 





  12/31/04  12/31/03 
Change
High 
Low 







Market Price  $16.25  $17.09  (4.92 )% 
$17.35 
$15.60 







NAV  $16.76  $17.19  (2.50 )% 
$17.65 
$16.08 








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

Sector Breakdown


Sector 
December 31, 2004
December 31, 2003





City, County & State  23 %  22 % 





Power  19   18  





Lease Revenue  18   19  





Education  12   11  





Water & Sewer  10   10  





Tax Revenue  8   8  





Resource Recovery  5   5  





Transportation  4   4  





Hospital  1   3  






As of December 31, 2004, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

8


TRUST SUMMARIES
DECEMBER 31, 2004

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 12/31/04:  $13.89  



Net Asset Value as of 12/31/04:  $15.17  



Yield on Closing Market Price as of 12/31/04 ($13.89):1  5.29 % 



Current Monthly Distribution per Common Share:2  $0.06125  



Current Annualized Distribution per Common Share:2  $0.73500  



Leverage as of 12/31/04:3  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:

 





  12/31/04  12/31/03 
Change
High 
Low 







Market Price  $13.89  $13.42  3.50 % 
$14.63 
$12.88 







NAV  $15.17  $14.77  2.71 % 
$15.25 
$14.04 








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

Sector Breakdown


Sector 
December 31, 2004
December 31, 2003





City, County & State  23 %  18 % 





Transportation  19   19  





Lease Revenue  15   15  





Hospital  10   10  





Education  8   5  





Tobacco  7   11  





Power  5   5  





Industrial & Pollution Control  4   2  





Water & Sewer  2   1  





Housing    7  





Other  7   7  





       
Credit Breakdown4
         





Credit Rating 
December 31, 2004
December 31, 2003





AAA/Aaa  31 %  33 % 





AA/Aa  4   4  





A  38   25  





BBB/Baa  24   28  





Not Rated5  3   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 December 31, 2004, and December 31, 2003, the market value of these securities was$3,052,217 representing 2.2% and $12,685,095 representing 9.0%, respectively, of the Trust’s long-term investments.
 

 

9


TRUST SUMMARIES
DECEMBER 31, 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 12/31/04:  $15.85  



Net Asset Value as of 12/31/04:  $15.91  



Yield on Closing Market Price as of 12/31/04 ($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 12/31/04:3  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:

 





  12/31/04  12/31/03 
Change
High 
Low 







Market Price  $15.85  $16.19  (2.10 )% 
$16.74 
$15.06 







NAV  $15.91  $16.43  (3.16 )% 
$16.81 
$15.44 








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

Sector Breakdown


Sector  December 31, 2004 December 31, 2003





Tax Revenue  34 %  33 % 





Power  15   14  





Lease Revenue  12   11  





Education  12   16  





City, County & State  11   10  





Water & Sewer  7   7  





Transportation  5   6  





Resource Recovery  4   3  






As of December 31, 2004, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

10


TRUST SUMMARIES
DECEMBER 31, 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 12/31/04:  $ 15.08  



Net Asset Value as of 12/31/04:  $ 14.63  



Yield on Closing Market Price as of 12/31/04 ($15.08):1  5.97 % 



Current Monthly Distribution per Common Share:2  $ 0.0750  



Current Annualized Distribution per Common Share:2  $ 0.9000  



Leverage as of 12/31/04:3  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:

 





  12/31/04  12/31/03 
Change
High 
Low 







Market Price  $15.08  $15.39  (2.01 )% 
$15.54 
$13.00 







NAV  $14.63  $14.50  0.90 % 
$15.08 
$13.58 








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

Sector Breakdown


Sector 
December 31, 2004
December 31, 2003





City, County & State  32 %  31 % 





Water & Sewer  17   21  





Power  9   11  





Education  9    





Tobacco  9   11  





Hospitals  6   10  





Lease Revenue  5   1  





Tax Revenue  5   6  





Industrial & Pollution Control  5   6  





Transportation  3   3  





 
Credit Breakdown4
         





Credit Rating 
December 31, 2004
December 31, 2003





AAA/Aaa  56 %  50 % 





AA/Aa  1   1  





A  4   5  





BBB/Baa  18   17  





BB/Ba  2    





Not Rated5  19   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 December 31, 2004, and December 31, 2003, the market value of these securities was $7,203,690 representing 5.7% and $2,097,600 representing 2.0%, respectively, of the Trust’s long-term investments.
 

 

11


TRUST SUMMARIES
DECEMBER 31, 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 12/31/04:  $16.09  



Net Asset Value as of 12/31/04:  $16.56  



Yield on Closing Market Price as of 12/31/04 ($16.09):1  4.66 % 



Current Monthly Distribution per Common Share:2  $0.0625  



Current Annualized Distribution per Common Share:2  $0.7500  



Leverage as of 12/31/04:3  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:

 





  12/31/04  12/31/03 
Change
High 
Low 







Market Price  $16.09  $16.96  (5.13 )% 
$17.35 
$15.51 







NAV  $16.56  $17.13  (3.33 )% 
$17.52 
$16.19 








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

Sector Breakdown


Sector  December 31, 2004 December 31, 2003





Transportation  24 %  27 % 





Education  19   19  





City, County & State  17   16  





Water & Sewer  11   11  





Hospital  9   10  





Tax Revenue  7   6  





Power  5   5  





Housing  3   3  





Lease Revenue  3   3  






As of December 31, 2004, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

12


TRUST SUMMARIES
DECEMBER 31, 2004

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 12/31/04:  $14.82  



Net Asset Value as of 12/31/04:  $15.77  



Yield on Closing Market Price as of 12/31/04 ($14.82):1  4.96 % 



Current Monthly Distribution per Common Share:2  $0.06125  



Current Annualized Distribution per Common Share:2  $0.73500  



Leverage as of 12/31/04:3  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:

 





  12/31/04  12/31/03 
Change
High 
Low 







Market Price  $14.82  $14.70  0.82 % 
$15.20 
$13.78 







NAV  $15.77  $15.53  1.55 % 
$16.15 
$14.74 








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

Sector Breakdown


Sector 
December 31, 2004
December 31, 2003





Education  22 %  22 % 





Hospital  17   17  





City, County & State  11   11  





Transportation  11   11  





Lease Revenue  11   7  





Tobacco  10   10  





Tax Revenue  6   6  





Industrial & Pollution Control  6   6  





Power  1   1  





Housing    4  





Other  5   5  





       
Credit Breakdown4
         





Credit Rating 
December 31, 2004
December 31, 2003





AAA/Aaa  23 %  23 % 





AA/Aa  37   37  





A  21   19  





BBB/Baa  16   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
DECEMBER 31, 2004

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

Trust Information


Symbol on New York Stock Exchange:  BPS



Initial Offering Date:  August 25, 1999



Closing Market Price as of 12/31/04:  $15.70  



Net Asset Value as of 12/31/04:  $15.81  



Yield on Closing Market Price as of 12/31/04 ($15.70):1  5.65 % 



Current Monthly Distribution per Common Share:2  $0.073965  



Current Annualized Distribution per Common Share:2  $0.887580  



Leverage as of 12/31/04:3  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:

 





  12/31/04  12/31/03 
Change
High 
Low 







Market Price  $15.70  $15.12  3.84 % 
$15.92 
$13.41 







NAV  $15.81  $16.09  (1.74 )% 
$16.42 
$15.30 








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

Sector Breakdown


Sector 
December 31, 2004
December 31, 2003





Education  24 %  21 % 





Hospital  22   20  





Transportation  19   17  





Water & Sewer  8   7  





Lease Revenue  6   5  





Industrial & Pollution Control  5   4  





Housing  3   12  





City, County & State  2   5  





Other  11   9  





       
Credit Breakdown4
         





Credit Rating 
December 31, 2004
December 31, 2003





AAA/Aaa  56 %  52 % 





AA/Aa  7   14  





A  19   7  





BBB/Baa  12   10  





BB/Ba    5  





B  6    





Not Rated5    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 December 31, 2003, the market value of these securities was $4,322,000 representing 9.5% of the Trust’s long-term investments.
 

 

14


PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2004

BlackRock Insured Municipal 2008 Term Trust (BRM)

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    LONG-TERM INVESTMENTS—138.2% 
 
    Alabama—2.1% 
 
   AAA  $  2,410   Auburn Univ., 5.00%, 4/01/09, AMBAC 
No Opt. Call
$
2,625,454 
   AAA  6,555   Birmingham Jefferson Civic Ctr. Auth., Ser. A, 4.25%, 1/01/09, FSA 
No Opt. Call
6,949,480 


     
9,574,934 


    Alaska—0.9% 
 
   AAA  4,000   Anchorage, GO, Ser. B, 3.75%, 7/01/09, MBIA 
No Opt. Call
4,164,400 


    Arizona—2.0% 
 
   AAA  4,000   Chandler, GO, Zero Coupon, 7/01/08, FGIC 
No Opt. Call
3,637,680 
   AAA  1,000   Phoenix Str. & Hwy., 4.25%, 7/01/09, FGIC 
No Opt. Call
1,065,110 
   AAA  4,200   Pima Cnty. Str. & Hwy., 4.125%, 7/01/09, FGIC 
07/08 @ 101 
4,436,250 


     
9,139,040 


    California—2.3% 
 
    California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, 
 
   AAA  5,000      3.125%, 5/01/08, FSA 
No Opt. Call
5,121,450 
   AAA  5,000      3.375%, 5/01/09, MBIA 
No Opt. Call
5,159,400 


     
10,280,850 


    Colorado—2.4% 
 
   AAA  2,000   E-470 Pub. Hwy. Auth., Ser. B, Zero Coupon, 9/01/11, MBIA 
No Opt. Call
1,556,760 
   AAA  1,000   El Paso Cnty., COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC 
No Opt. Call
1,025,880 
   AAA  6,965   Regl. Transp. Dist., COP, Transp. Vehicles Proj., Ser. A, 5.00%, 6/01/08, MBIA 
06/07 @ 101 
7,456,520 
   AAA  1,000   Thornton, COP, 3.25%, 12/01/08, AMBAC 
No Opt. Call
1,027,730 


     
11,066,890 


    Delaware—0.2% 
 
   AAA  650   Delaware River & Bay Auth., 3.25%, 1/01/09, MBIA 
No Opt. Call
664,917 


    District of Columbia—3.1% 
 
    Dist. of Columbia, GO, 
 
   AAA  195      Ser. B, 5.50%, 6/01/09, FSA 
ETM
218,564 
   AAA  2,605      Ser. B, 5.50%, 6/01/09, FSA 
No Opt. Call
2,894,546 
   AAA  10,000      Ser. B-1, 5.50%, 6/01/08, AMBAC 
No Opt. Call
10,942,500 


     
14,055,610 


    Florida—4.7% 
 
   AAA  2,280   Broward Cnty. Sch. Brd., COP, Ser. B, 4.25%, 7/01/09, FSA 
No Opt. Call
2,424,484 
   AAA  13,890   Florida Dept. of Env. Protection Presvtn., Ser. B, 5.00%, 7/01/09, MBIA 
No Opt. Call
15,225,801 
   AAA  1,300   Palm Beach, Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA 
No Opt. Call
1,416,974 
   AAA  2,080   Tampa Wtr. & Swr., 5.50%, 10/01/08, FSA 
No Opt. Call
2,305,243 


     
21,372,502 


    Georgia—5.8% 
 
   AAA  5,000   Georgia, GO, Ser. E, 5.25%, 2/01/10 
No Opt. Call
5,567,900 
   AAA  20,000   Monroe Cnty., PCR, Pwr. Co. Plant Vogtle Proj., 4.20%, 1/01/12, AMBAC 
No Opt. Call
21,066,600 


     
26,634,500 


    Hawaii—3.8% 
 
    Hawaii, GO, FSA, 
 
   AAA  6,510      Ser. CY, 4.00%, 2/01/09 
No Opt. Call
6,854,770 
   AAA  8,045      Ser. CZ, 3.25%, 7/01/09 
No Opt. Call
8,224,001 
   AAA  1,880   Honolulu City and Cnty., Ser. A, 5.00%, 3/01/09, MBIA 
No Opt. Call
2,055,028 


     
17,133,799 


    Illinois—17.2% 
 
   AAA  14,205   Chicago O’Hare Intl. Arpt., Ser. A, 6.25%, 1/01/08, MBIA 
01/05 @ 102 
14,490,805 
    Chicago Park Dist., Pkg. Rev., GO, 
 
   AAA  3,290      Ser. A, 3.00%, 1/01/08, FGIC 
No Opt. Call
3,347,542 
   AAA  1,750      Ser. A, 3.50%, 1/01/09, FGIC 
No Opt. Call
1,804,618 
   AAA  1,000      Ser. C, 3.00%, 1/01/09, AMBAC 
No Opt. Call
1,012,410 
   AAA  2,930   Chicago Proj. & Refdg., Ser. A, 5.00%, 1/01/09, AMBAC 
No Opt. Call
3,186,697 
   AAA  3,105   Chicago Pub. Bldg., Ser. A, Zero Coupon, 1/01/07, MBIA 
ETM
2,952,389 

See Notes to Financial Statements.

15


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

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    Illinois—(continued) 
 
    Cook Cnty. High Sch., 
 
   AAA  $  2,000      Arlington Heights, 4.50%, 12/01/08, FSA 
No Opt. Call
$
2,144,840 
   AAA  1,175      J. Sterling Morton Twnshp., Zero Coupon, 12/01/09, FGIC 
ETM
1,013,837 
   AAA  4,805      J. Sterling Morton Twnshp., Zero Coupon, 12/01/09, FGIC 
No Opt. Call
4,090,256 
   AAA  8,985   Du Page Cnty. Forest Presvtn. Dist., Zero Coupon, 11/01/08 
No Opt. Call
8,021,449 
    Illinois, GO, Ser. 1, MBIA, 
 
   AAA  6,750      3.50%, 7/01/08 
No Opt. Call
6,976,462 
   AAA  5,000      3.75%, 7/01/09 
No Opt. Call
5,214,100 
   AAA  13,000   Illinois Dev. Fin. Auth., Gas Sply., 3.05%, 2/01/33, AMBAC 
No Opt. Call
13,123,760 
   AAA  1,455   Kane & Du Page Cntys. Sch. Dist., GO, Ser. A, 3.75%, 1/01/09, FSA 
No Opt. Call
1,514,088 
    Met. Pier & Exposition Auth., Ded. St. Tax Rev., McCormick Place Expansion Proj., FGIC, 
 
   AAA  8,385      Zero Coupon, 6/15/08 
ETM
7,634,710 
   AAA  215      Zero Coupon, 6/15/08 
No Opt. Call
194,702 
   AAA  1,570      Ser. A, Zero Coupon, 6/15/08 
ETM
1,429,516 


     
78,152,181 


    Kansas—0.2% 
 
   AAA  1,000   Kansas Dev. Fin. Auth., Pub. Wtr. Sply., 4.00%, 4/01/09, AMBAC 
No Opt. Call
1,050,070 


    Kentucky—0.8% 
 
   AAA  3,890   Owensboro Elec. Lt. & Pwr., Ser. B, Zero Coupon, 1/01/09, AMBAC 
No Opt. Call
3,459,766 


    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
5,920,251 


    Massachusetts—0.1% 
 
   AAA  355   Massachusetts Hsg. Fin. Agcy., Hsg. Projs., Ser. A, 5.95%, 10/01/08, AMBAC 
01/05 @ 101 
355,955 


    Michigan—6.4% 
 
   AAA  1,665   Detroit, GO, 3.50%, 4/01/09, MBIA 
ETM
1,729,485 
   AAA  6,315   Detroit City Sch. Dist., GO, Sch. Bldg. & Site Impvt., Ser. A, 4.00%, 5/01/09, FGIC 
No Opt. Call
6,642,307 
    Lake Orion, Cmnty. Sch. Dist., AMBAC, 
 
   AAA  3,2903      6.60%, 5/01/05 
N/A
3,371,658 
   AAA  3,2853      6.70%, 5/01/05 
N/A
3,367,585 
   AAA  3,000   Michigan Trunk Line, Ser. A, 4.125%, 11/01/08, FSA 
No Opt. Call
3,169,830 
   AAA  2,535   Washtenaw Cmnty. Coll., 4.00%, 4/01/09, MBIA 
No Opt. Call
2,664,006 
   AAA  2,695   West Ottawa Pub. Sch. Dist., GO, Ser. B, 3.50%, 5/01/09, FGIC 
No Opt. Call
2,780,108 
   AAA  2,000   Western Twnshps. Util. Auth. Sewage Disp. Sys., 5.00%, 1/01/09, FGIC 
No Opt. Call
2,175,220 
   AAA  2,800   Wyandotte Elec., 6.25%, 10/01/08, MBIA 
No Opt. Call
3,016,552 


     
28,916,751 


    Mississippi—0.5% 
 
   AAA  2,175   De Soto Cnty. Sch. Dist., GO, 3.25%, 2/01/09, FSA 
No Opt. Call
2,219,131 


    Nevada—3.0% 
 
   AAA  6,270   Clark Cnty. Sch. Dist., Ser. A, 4.00%, 6/01/09, FGIC 
No Opt. Call
6,600,993 
   AAA  2,245   Las Vegas Clark Cnty. Library Dist., 4.75%, 2/01/09, FGIC 
No Opt. Call
2,424,016 
    Nevada Dept. of Bus. & Ind., Las Vegas Monorail Proj., AMBAC, 
 
   AAA  2,085      Zero Coupon, 1/01/09 
No Opt. Call
1,829,796 
   AAA  3,585      Zero Coupon, 1/01/10 
No Opt. Call
3,000,430 


     
13,855,235 


    New Jersey—1.2% 
 
    Monmouth Cnty. Impvt. Auth., Gov’t. Loan, 
 
   AAA  1,220      3.10%, 4/15/09, AMBAC 
No Opt. Call
1,240,057 
   AAA  1,000      5.00%, 12/01/08, FSA 
No Opt. Call
1,093,230 
   AAA  1,220   New Jersey Econ. Dev. Auth., Econ. Recovery Fund, Ser. A, 4.50%, 3/15/09, MBIA 
No Opt. Call
1,306,998 
   AAA  1,750   New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. C, 5.25%, 12/15/08, AMBAC 
No Opt. Call
1,927,590 


     
5,567,875 


    New Mexico—1.1% 
 
   AAA  2,030   Farmington Util. Sys., Ser. A, 3.50%, 5/15/09, FSA 
No Opt. Call
2,090,433 
   AAA  2,600   New Mexico Fin. Auth., Pub. Proj., Ser. A, 3.80%, 6/01/08, MBIA 
No Opt. Call
2,700,152 


     
4,790,585 


    New York—13.2% 
 
   AAA  2,000   Erie Cnty., Pub. Impvt., Ser. A, 4.50%, 3/15/09, FGIC 
No Opt. Call
2,145,080 
   AAA  15,915   New York, GO, Ser. F, 5.25%, 9/15/09, MBIA 
09/08 @ 101
17,440,930 

See Notes to Financial Statements.

16


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

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    New York—(continued) 
 
    New York City, GO, MBIA, 
 
   AAA  $  5,000      Ser. E, 6.125%, 8/01/06 
No Opt. Call
$
5,299,150 
   AAA  15,500      Ser. E, 6.20%, 8/01/07 
No Opt. Call
16,960,410 
   AAA  2,890 3    Ser. G, 5.75%, 2/01/06 
N/A
3,045,511 
   AAA  2,110      Ser. G, 5.75%, 2/01/08 
02/06 @ 101.5
2,220,522 
   AAA  4,250   New York City Hlth. & Hosp. Corp., Hlth. Sys. Svcs., Ser. A, 3.50%, 2/15/09, AMBAC 
No Opt. Call
4,376,353 
    New York Env. Fac. Corp., PCR, Ser. D, 
 
   AAA  1,030      6.50%, 5/15/07 
01/05 @ 102 
1,055,894 
   AAA  80      6.50%, 11/15/07 
01/05 @ 102
82,011 
    New York Thruway Auth. Svc. Contract Rev., Local Hwy. and Brdg., Ser. A, MBIA, 
 
   AAA  680 3    5.40%, 1/01/05 
N/A
693,600 
   AAA  2,715      5.40%, 1/01/09 
01/05 @ 102 
2,775,327 
   AAA  4,000   Port Auth. of NY & NJ, Ser. 129, 2.875%, 11/01/08, FSA 
No Opt. Call
4,063,040 


     
60,157,828 


    North Carolina—8.1% 
 
    No. Carolina Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B, 
 
   AAA  13,500      6.125%, 1/01/09, FGIC 
No Opt. Call
15,253,785 
   AAA  5,000      7.00%, 1/01/08, CAPMAC 
No Opt. Call
5,642,550 
   AAA  14,675      7.25%, 1/01/07, CAPMAC 
No Opt. Call
16,118,433 


     
37,014,768 


    Ohio—0.5% 
 
   AAA  2,000   Ohio Bldg. Auth., Ser. A, Workers Comp. Facs., 5.00%, 4/01/09, FGIC 
No Opt. Call
2,181,320 


    Oregon—1.9% 
 
   AAA  1,285   Lane Cnty. Sch. Dist., No. 4, 3.00%, 1/01/09, FSA 
No Opt. Call
1,303,376 
    Oregon Dept. of Admin. Svcs., FSA, 
 
   AAA  2,905      COP, 5.00%, 11/01/08 
No Opt. Call
3,166,973 
   AAA  2,255      Lottery Rev., Ser. C, 3.125%, 4/01/09 
No Opt. Call
2,295,815 
   AAA  2,000   Washington & Clackamas Cntys. Sch. Dist., GO, 3.75%, 6/15/08, MBIA 
No Opt. Call
2,081,320 


     
8,847,484 


    Pennsylvania—11.8% 
 
   AAA  1,460   Bensalem Twnshp. Sch. Dist., GO, 3.25%, 8/15/09, FGIC 
No Opt. Call
1,490,120 
   AAA  1,500   Bristol Twnshp. Sch. Dist., 4.25%, 2/15/09, FGIC 
No Opt. Call
1,591,665 
    Dauphin Cnty. Gen. Auth., HAPSCO-Western Pennsylvania Hosp. Proj., MBIA, 
 
   AAA  6,910      Ser. A, 6.25%, 7/01/08 
01/05 @ 100 
6,928,035 
   AAA  3,530      Ser. B, 6.25%, 7/01/08 
ETM
3,777,630 
   AAA  3,500   Indiana Cnty. Indl. Dev. Auth., PCR, Elec. & Gas Corp. Proj., Ser. A, 6.00%, 6/01/06, MBIA 
No Opt. Call
3,676,015 
   AAA  16,250   Lehigh Cnty. Indl. Dev. Auth., PCR, 3.125%, 11/01/08, AMBAC 
No Opt. Call
16,611,725 
    Pennsylvania Dept. of Gen. Svcs., COP, FSA, 
 
   AAA  2,075      4.50%, 5/01/08 
No Opt. Call
2,202,363 
   AAA  2,120      4.50%, 11/01/08 
No Opt. Call
2,268,782 
   AAA  2,165      4.50%, 5/01/09 
No Opt. Call
2,321,075 
   AAA  2,220      4.50%, 11/01/09 
No Opt. Call
2,392,183 
   AAA  3,175   Philadelphia, GO, 4.10%, 9/15/08, FSA 
No Opt. Call
3,346,228 
   AAA  3,125   Pittsburgh Pub. Pkg. Auth., Pkg. Rev., 3.25%, 12/01/08, AMBAC 
No Opt. Call
3,198,750 
   AAA  3,955   West Chester Area Sch. Dist., GO, Ser. AA, 3.65%, 1/15/09, MBIA 
07/07 @ 100 
4,063,762 


     
53,868,333 


    South Carolina—0.8% 
 
   AAA  2,020   Chester Cnty. Sch. Dist., 3.25%, 2/01/09, FSA 
No Opt. Call
2,068,823 
   AAA  1,705   Lexington Cnty. Sch. Dist. 1, COP, 3.50%, 3/01/09, AMBAC 
No Opt. Call
1,763,669 


     
3,832,492 


    Tennessee—0.2% 
 
   AAA  1,000   Clarksville Wtr., Swr. & Gas Rev., 4.30%, 2/01/09, FSA 
No Opt. Call
1,062,480 


    Texas—23.6% 
 
   AAA  5,380   Austin, GO, Pub. Impvt., 3.50%, 9/01/08, FSA 
No Opt. Call
5,568,623 
    Austin Util. Sys., 
 
   AAA  11,515      Ser. A, Zero Coupon, 11/15/08, MBIA 
No Opt. Call
10,315,252 
   AAA  5,000      Ser. A, Zero Coupon, 11/15/09, AMBAC 
No Opt. Call
4,289,050 
   AAA  5,000      Ser. A, Zero Coupon, 11/15/09, MBIA 
No Opt. Call
4,289,050 
   AAA  5,000      6.625%, 11/15/08, AMBAC 
No Opt. Call
5,712,800 

See Notes to Financial Statements.

17


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

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    Texas—(continued)   
    Coppell Indpt. Sch. Dist., MBIA,   
   AAA  $  1,430      6.10%, 8/15/09  ETM
$
1,629,642 
   AAA  620      6.10%, 8/15/09 
02/05 @ 100 
622,722 
   AAA  2,500   Dallas Wtr. Wks. & Swr. Sys., 3.50%, 4/01/09, FSA  No Opt. Call 2,572,450 
   AAA  2,000   Houston Pub. Impvt., Ser. A-1, 5.00%, 3/01/09, MBIA  No Opt. Call 2,178,780 
   AAA  4,390   Houston Indpt. Sch. Dist., Zero Coupon, 8/15/09, AMBAC  No Opt. Call 3,804,242 
    Lower Colorado River Auth.,   
   AAA  2,010      3.50%, 5/15/09, MBIA  No Opt. Call 2,069,838 
   AAA  2,690      5.25%, 5/15/09, FSA  No Opt. Call 2,962,174 
   AAA  1,650   Lubbock Cnty., 3.50%, 2/15/09, FGIC  No Opt. Call 1,700,358 
   AAA  1,500   North Texas Tollway Auth., Ser. C, 5.00%, 1/01/09, FSA  No Opt. Call 1,628,445 
   AAA  6,000   San Antonio Elec. & Gas, Ser. B, Zero Coupon, 2/01/10, FGIC  ETM 5,019,240 
   AAA  9,050   Tarrant Regl. Wtr. Dist. Impvt., 3.50%, 3/01/09, FSA  No Opt. Call 9,325,392 
    Texas Mun. Pwr. Agcy., AMBAC,   
   AAA  980      Zero Coupon, 9/01/08  ETM 888,801 
   AAA  14,020      Zero Coupon, 9/01/08  No Opt. Call 12,637,628 
   AAA  1,045      Zero Coupon, 9/01/09  ETM 912,651 
   AAA  15,130      Zero Coupon, 9/01/09  No Opt. Call 13,081,095 
    Texas Pub. Fin. Auth.,   
   AAA  2,270      3.50%, 2/01/09, FGIC  No Opt. Call 2,337,782 
   AAA  3,000      Ser. A, 5.50%, 2/01/09, AMBAC 
02/08 @ 101 
3,278,280 
   AAA  5,900      Ser. B, 6.25%, 2/01/09, AMBAC  No Opt. Call 6,685,408 
   AAA  1,825   Williamson Cnty., GO, Ser. B, 5.00%, 2/15/09, FSA  No Opt. Call 1,986,494 
   AAA  2,275   Ysleta Indpt. Sch. Dist., GO, Zero Coupon, 8/15/08  No Opt. Call 2,050,344 


      107,546,541 


    Utah—3.2%   
    Intermountain Pwr. Agcy. Sply., Ser. B, MBIA,   
   AAA  2,215      6.00%, 7/01/07  ETM 2,412,711 
   AAA  1,285      6.00%, 7/01/07  No Opt. Call 1,392,542 
   AAA  10,300 3 Utah, GO, Ser. F, 5.00%, 7/01/07 
N/A
10,971,560 


      14,776,813 


    Washington—10.5%   
   AAA  1,250   Clark Cnty. Pub. Util. Dist., No. 1 Elec. Rev., 5.00%, 1/01/09, MBIA  No Opt. Call 1,357,037 
    King Cnty., GO,   
   AAA  3,060      Pub. Transp. Sales Tax, 3.50%, 12/01/08, FSA  No Opt. Call 3,154,707 
   AAA  12,850      Ser. D, 5.55%, 12/01/08, MBIA 
12/07 @ 102 
14,149,906 
   AAA  5,710   Seattle Impvt. Ltd. Tax, 4.00%, 7/01/08, FSA  No Opt. Call 5,973,003 
    Washington Hlth. Care Fac. Auth., Catholic Hlth. Initiatives Proj., Ser. A, MBIA,   
   AAA  1,010      5.30%, 12/01/08  No Opt. Call 1,104,334 
   AAA  1,000      5.40%, 12/01/10 
06/10 @ 101 
1,111,250 
   AAA  2,045   Washington Motor Vehicle Fuel Tax, GO, 4.00%, 7/01/09, MBIA  No Opt. Call 2,155,798 
    Washington Pub. Pwr. Sply.,   
   AAA  11,000      Ser. A, 5.80%, 7/01/07, FSA  No Opt. Call 11,867,900 
   AAA  5,550      Nuclear Proj. No. 3, Zero Coupon, 7/01/07, MBIA  No Opt. Call 5,154,840 
   AAA  2,000      Nuclear Proj. No. 3, Zero Coupon, 7/01/08, MBIA  No Opt. Call 1,797,080 


      47,825,855 


    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 1,632,290 
    West Virginia Higher Ed. Policy Comm. Rev., Ser. A, MBIA,   
   AAA  2,455      St. Coll. Fac. Proj., 5.00%, 4/01/09  No Opt. Call 2,672,439 
   AAA  2,135      Univ. Facs. Proj., 5.00%, 4/01/09  No Opt. Call 2,324,097 


      6,628,826 


    Wisconsin—3.2%   
    Wisconsin, GO,   
   AAA  7,705      Ser. A, 4.00%, 5/01/09, FGIC  No Opt. Call 8,117,217 
   AAA  6,080      Ser. C, 4.00%, 5/01/09, MBIA  No Opt. Call 6,405,280 


      14,522,497 


    Wyoming—0.6%   
    Albany Cnty. Impvts. Statutory Trust, COP, MBIA,   
   AAA  1,270      3.75%, 1/15/09  No Opt. Call 1,319,581 
   AAA  1,395      3.75%, 7/15/09  No Opt. Call 1,452,795 


      2,772,376 


    Total Long-Term Investments (cost $592,663,417)  629,412,855 



See Notes to Financial Statements.

18


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

Principal      
Rating1 Amount      
(unaudited)
(000)
  Description 
Value
 







  SHORT-TERM INVESTMENTS—19.5%   
  Illinois—1.5%   
A1+
$  6,600 4 Joliet Regl. Port Dist., Marine Term. Rev., Exxon Corp. Proj., 1.82%, 1/03/05, FRDD 
$
6,600,000  



  Kansas—1.0%   
A1+
4,655 4 Kansas Dept. Transp. Hwy., Ser. B-1, 1.89%, 1/03/05, FRDD  4,655,000  



  Michigan—0.3%   
  Detroit, Swr. Disp. Rev.,   
A1+
995 4    Ser. A, 1.95%, 1/05/05, MBIA, FRWD  997,297  
A1+
500 4    Ser. C-1, 1.95%, 1/06/05, FSA, FRWD  500,000  



    1,497,297  



  New York—1.5%   
F1+
7,000 4 New York City, GO, Ser. H-7, 1.93%, 1/03/05, FRDD  7,000,000  



  North Carolina—4.0%   
A1+
7,540 4 Buncombe Cnty. Met. Swr. Dist., Swr. Sys. Rev., 1.99%, 1/06/05, XLCA, FRWD  7,540,000  
A1 +
10,550 4 Mecklenburg Cnty., Ser. C, 2.00%, 1/06/05, FRWD  10,550,000  



    18,090,000  



  Ohio—2.9%   
VMIG1 5,000 4 Hamilton Elec. Rev., Ser. B, 1.99%, 1/06/05, FSA, FRWD  5,000,000  
VMIG1 8,105 4 Univ. of Akron, 1.99%, 1/06/05, FGIC, FRWD  8,105,000  



    13,105,000  



  Pennsylvania—2.2%   
VMIG1 10,040 4 Pennsylvania Higher Ed. Facs. Auth., St. Sys. Higher Ed., Ser. A, MBIA, FRWD, 1.95%, 1/06/05  10,040,000  



  Tennessee—4.4%   
  Clarksville Pub. Bldg. Auth., FRDD,   
VMIG1 13,100 4    1.99%, 1/03/2005  13,100,000  
VMIG1 7,100 4    Pooled Fin. Mun. Bond Fund, 1.99%, 1/03/05  7,100,000  



    20,200,000  



  Puerto Rico—1.2%   
A-1
3,000 4 Puerto Rico Gov’t. Dev. Bank, 1.92%, 1/05/05, MBIA, FRWD  3,000,000  
A1+
2,500 4 Puerto Rico Hwy. & Transp. Auth., Transp. Rev., Ser. A, 1.95%, 1/06/05, AMBAC, FRWD  2,500,000  



    5,500,000  




Shares      
(000)
     

  Money Market Fund—0.5%   
2,300   AIM Tax Free Investment Co. Cash Reserve Portfolio  2,300,000  



  Total Short-Term Investments (cost $88,987,297)  88,987,297  



  Total Investments—157.7% (cost $681,650,714) 
$
718,400,152  
  Other assets in excess of liabilities—1.8% 
8,320,991  
  Preferred shares at redemption value, including dividends payable—(59.5)% 
(271,060,913 ) 
   


  Net Assets Applicable to Common Shareholders—100% 
$
455,660,230  





1      Using the higher of S&P’s, Moody’s or Fitch’s rating.
2      Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
3      This bond is prefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
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.
 

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 89.4% of the Trust’s managed assets.


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
DECEMBER 31, 2004

BlackRock Insured Municipal Term Trust (BMT)

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    LONG-TERM INVESTMENTS—136.0%   
    Alabama—0.9%   
   AAA  $  1,410   Alabama Fed. Hwy. Fin. Auth., Grant Antic., Ser. A, 4.50%, 3/01/11, MBIA  No Opt. Call
$
1,513,254 
   AAA  1,000   Birmingham Jefferson Civic Ctr. Auth., Ser. A, 4.375%, 1/01/11, FSA  No Opt. Call 1,064,700 


      2,577,954 


    Alaska—8.0%   
    Anchorage, GO, Ser. B,   
   AAA  14,345      4.125%, 7/01/11, MBIA  No Opt. Call 15,099,690 
   AAA  6,000      4.625%, 7/01/10, FGIC  No Opt. Call 6,480,540 
   AAA  1,260   Univ. of Alaska, Ser. K, 3.75%, 10/01/10, FGIC  No Opt. Call 1,304,050 


      22,884,280 


    Arizona—3.1%   
   AAA  1,000   Arizona St. Univ., 4.20%, 7/01/11, FGIC  No Opt. Call 1,061,790 
   AAA  1,030   Mesa, GO, Ser. A, 3.75%, 7/01/10, FGIC  No Opt. Call 1,071,468 
   AAA  6,340   Pima Cnty. Str. & Hwy., 4.25%, 7/01/11, FGIC 
07/08 @ 101
6,627,709 


      8,760,967 


    Arkansas—0.2%   
   AAA  500   Little Rock, Cap. Impvt., 4.00%, 4/01/11, FSA  No Opt. Call 522,730 


    California—6.8%   
   AAA  145   California, GO, 6.80%, 11/01/10, FGIC 
05/05 @ 102
150,084 
    California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A,   
   AAA  5,000      3.60%, 5/01/10, AMBAC  No Opt. Call 5,186,350 
   AAA  3,500      3.70%, 5/01/11, MBIA  No Opt. Call 3,617,565 
   AAA  6,100   Contra Costa Trans. Auth., Sales Tax Rev., 6.50%, 3/01/09, FGIC  ETM 6,836,331 
   AAA  3,065   Los Angeles Cnty., Asset Leasing Corp., 6.05%, 12/01/10, AMBAC  No Opt. Call 3,587,276 


      19,377,606 


    Colorado—1.2%   
   AAA  3,245   Weld Cnty. Sch. Dist. No. 6, 3.75%, 12/01/10, FSA  No Opt. Call 3,375,741 


    Delaware—0.4%   
   AAA  1,015   Delaware River & Bay Auth., 3.75%, 1/01/11, MBIA  No Opt. Call 1,050,241 


    District of Columbia—3.9%   
   AAA  10,000   Dist. of Columbia, GO, Ser. B, 5.50%, 6/01/11, FSA  No Opt. Call 11,260,600 


    Florida—0.9%   
   AAA  2,320   Tampa Wtr. & Swr., 5.50%, 10/01/10, FSA  No Opt. Call 2,623,572 


    Hawaii—4.5%   
   AAA  11,080   Hawaii, GO, Ser. CN, 5.25%, 3/01/11, FGIC 
03/07 @ 102 
11,883,854 
   AAA  1,000   Univ. of Hawaii, Univ. Sys., 3.875%, 7/15/10, FGIC  No Opt. Call 1,045,300 


      12,929,154 


    Illinois—17.1%   
    Chicago, GO, Ser. A,   
   AAA  4,000      4.375%, 1/01/11, AMBAC  No Opt. Call 4,265,520 
   AAA  1,790      5.00%, 1/01/11, MBIA  No Opt. Call 1,969,447 
    Chicago Park Dist., Pkg. Rev., GO, Ser. A, FGIC,   
   AAA  3,120      3.50%, 1/01/10  No Opt. Call 3,194,693 
   AAA  3,695      4.00%, 1/01/11  No Opt. Call 3,865,191 
   AAA  1,000   Du Page & Cook Cntys. Sch. Dist., GO, 4.50%, 1/01/11, FGIC  No Opt. Call 1,073,160 
   AAA  1,750   Du Page & Will Cntys. Sch. Dist., GO, 4.25%, 12/30/10, FGIC  No Opt. Call 1,861,143 
    Du Page Cnty. Forest Presvtn. Dist.,   
   AAA  5,000      Zero Coupon, 11/01/10  No Opt. Call 4,041,250 
   AAA  11,965      Zero Coupon, 11/01/11  No Opt. Call 9,211,853 
    Illinois, GO, Ser. 1,   
   AAA  1,500      4.50%, 2/01/11, FGIC  No Opt. Call 1,610,235 
   AAA  2,000      4.50%, 4/01/11, FSA  No Opt. Call 2,147,080 
   AAA  4,000      5.25%, 2/01/11, FGIC  No Opt. Call 4,458,520 
   AAA  5,000   Illinois Edl. Fac. Auth., 5.70%, 7/01/13, FGIC 
01/05 @ 101 
5,068,200 
   AAA  2,265   Kane & Du Page Cntys. Sch. Dist., GO, Ser. A, 4.00%, 1/01/11, FSA  No Opt. Call 2,369,326 

See Notes to Financial Statements.

20


BlackRock Insured Municipal Term Trust (BMT) (continued)

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    Illinois—(continued)   
   AAA  $1,500   Lake Cnty. Cmnty. Cons. Sch. Dist., Number 050 Woodland Sch. Proj., 3.625%, 1/01/11, FGIC  No Opt. Call
$
1,538,610 
   AAA  1,025   Orland Park, GO, Ser. A, 3.50%, 12/01/10, FGIC  No Opt. Call 1,048,063 
   AAA  1,075   Rockford Sch. Dist., GO, 4.30%, 2/01/11, FGIC  No Opt. Call 1,142,822 


      48,865,113 


    Indiana—3.9%   
   AAA  2,635   Indiana Mun. Pwr. Agcy., Pwr. Sply. Sys., Ser. A, 4.50%, 1/01/11, AMBAC  No Opt. Call 2,818,844 
    Indianapolis Loc. Pub. Impvt. Bond Bank, Wtr. Wks. Proj., Ser. A, MBIA,   
   AAA  2,085      4.25%, 7/01/10  No Opt. Call 2,211,643 
   AAA  2,815      4.375%, 1/01/11  No Opt. Call 2,992,373 
   AAA  2,950      4.375%, 7/01/11  No Opt. Call 3,140,953 


      11,163,813 


    Kansas—0.7%   
    Kansas Dev. Fin. Auth., Pub. Wtr. Sply., AMBAC,   
   AAA  1,025      4.125%, 4/01/10  No Opt. Call 1,082,011 
   AAA  1,000      4.25%, 4/01/11  No Opt. Call 1,059,500 


      2,141,511 


    Kentucky—3.6%   
   AAA  12,675   Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc. Proj., Ser. B, Zero Coupon, 10/01/10, MBIA  No Opt. Call 10,252,681 


    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 5,196,250 


    Michigan—2.3%   
    Detroit, GO, MBIA,   
   AAA  1,580      4.00%, 4/01/10  No Opt. Call 1,656,014 
   AAA  1,955      4.00%, 4/01/11  No Opt. Call 2,046,122 
   AAA  70   Michigan Mun. Bd. Auth., Ser. A, 6.50%, 11/01/12, MBIA 
01/05 @ 101
70,251 
   AAA  2,810   Wyandotte City Sch. Dist., Bldg. & Site, 4.00%, 5/01/11, FSA  No Opt. Call 2,937,658 


      6,710,045 


    Minnesota—1.8%   
   AAA  2,800   Hopkins Indpt. Sch. Dist. No. 270, GO, Ser. B, 4.00%, 2/01/11, FSA  No Opt. Call 2,930,564 
     A+  2,180   So. Minnesota Mun. Pwr. Agcy., Ser. B, 5.75%, 1/01/11  ETM 2,216,886 


      5,147,450 


    Nevada—1.8%   
    Nevada Dept. of Bus. & Ind., Las Vegas Monorail Proj., AMBAC,   
   AAA  3,795      Zero Coupon, 1/01/11  No Opt. Call 3,025,488 
   AAA  2,870      Zero Coupon, 1/01/12  No Opt. Call 2,174,570 


      5,200,058 


    New Jersey—0.4%   
   AAA  1,000   Monmouth Cnty. Impvt. Auth., Gov’t. Loan, 3.375%, 12/01/10, FSA  No Opt. Call 1,020,140 


    New Mexico—3.7%   
   AAA  1,750   Las Cruces Sch. Dist. No. 002, GO, 5.25%, 8/01/11, FSA 
08/09 @ 100 
1,912,487 
    New Mexico Fin. Auth., Pub. Proj., Ser. A, MBIA,   
   AAA  1,433      3.40%, 6/01/11  No Opt. Call 1,447,789 
   AAA  1,345      4.20%, 6/01/10  No Opt. Call 1,421,517 
   AAA  3,260      4.30%, 6/01/11  No Opt. Call 3,462,250 
   AAA  2,230   New Mexico Hwy. Comm., Ser. B, 4.75%, 6/15/11, AMBAC  ETM 2,435,227 


      10,679,270 


    New York—10.6%   
   AAA  8,950   Long Island Pwr. Auth., Elec. Sys. Rev., Ser. A, 5.50%, 12/01/10, AMBAC  No Opt. Call 10,116,275 
    New York Env. Fac. Corp., PCR, Ser. D,   
   AAA  1,010      6.70%, 5/15/09 
01/05 @ 102 
1,035,553 
   AAA  785      6.80%, 5/15/10 
01/05 @ 102 
804,923 
    New York Med Care Fac. Fin., New York Hosp. Proj., Ser. A, AMBAC, 
 
   AAA  9,715 3    6.60%, 2/15/05 
N/A
9,960,790 
   AAA  2,695 3    6.625%, 2/15/05 
N/A
2,763,264 
   AAA  5,000   New York Thruway Auth., Personal Income Tax Rev., Ser. A, 5.00%, 3/15/11, FSA  No Opt. Call 5,531,450 


      30,212,255 



See Notes to Financial Statements.

21


BlackRock Insured Municipal Term Trust (BMT) (continued)

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    Ohio—0.7%   
   AAA  $  1,000   Akron, GO, 4.00%, 12/01/10, MBIA  No Opt. Call
$ 
1,050,960 
   AAA  1,015   Univ. of Cincinnati, Ser. G, 3.50%, 6/01/09, AMBAC  No Opt. Call  
1,047,642 


       
2,098,602 


    Oregon—3.9%   
   AAA  1,995   Lane Cnty. Sch. Dist. No. 4, 3.75%, 1/01/11, FSA  No Opt. Call  
2,063,169 
   AAA  1,000   Oregon Dept. of Admin. Svcs., Lottery Rev., Ser. C, 3.50%, 4/01/11, FSA  No Opt. Call  
1,021,360 
    Washington & Clackamas Cntys. Sch. Dist., GO, MBIA,   
   AAA  3,820      4.00%, 6/15/10  No Opt. Call  
4,020,321 
   AAA  3,720      4.00%, 6/15/11  No Opt. Call  
3,909,720 


       
11,014,570 


    Pennsylvania—9.3%   
   AAA  2,430   Central York Sch. Dist., GO, 4.125%, 6/01/11, FGIC  No Opt. Call  
2,563,529 
   AAA  3,530   Dauphin Cnty. Gen. Auth., HAPSCO-Western Pennsylvania Hosp. Proj., Ser. B,   
       6.25%, 7/01/08, MBIA  ETM  
3,777,629 
   AAA  7,500   Pennsylvania Higher Edl. Facs. Auth., Univ. of Pennsylvania Hlth. Svcs. Proj., Ser. A,   
       5.25%, 8/01/10, FSA 
08/09 @ 101
 
8,234,025 
   AAA  2,100   Philadelphia Wtr. & Wst., 5.625%, 6/15/08, AMBAC  No Opt. Call  
2,310,882 
   AAA  7,000   Pittsburgh, GO, Ser. A, 5.20%, 3/01/10, FGIC 
09/05 @ 100
 
7,129,290 
   AAA  1,075   State Pub. Sch. Bldg. Auth., York Sch. Dist. Proj., 4.75%, 5/01/11, FSA  No Opt. Call  
1,171,567 
   AAA  1,250   Wilson Sch. Dist., GO, 4.00%, 5/15/10, FSA  No Opt. Call  
1,311,438 


       
26,498,360 


    Rhode Island—1.9%   
   AAA  5,000   Rhode Island & Providence Plantations, GO, Ser. B, 4.20%, 6/01/10, FGIC  ETM  
5,330,650 
   AAA  235   Rhode Island Clean Wtr. Protection Fin. Agcy., PCR, Ser. A, 6.70%, 10/01/10, MBIA 
04/05 @ 100 
 
237,543 


       
5,568,193 


    Tennessee—0.8%   
    Clarksville Wtr., Swr. & Gas, FSA,   
   AAA  1,005      4.45%, 2/01/10  No Opt. Call  
1,075,521 
   AAA  1,100      4.65%, 2/01/11  No Opt. Call  
1,189,254 


       
2,264,775 


    Texas—15.5%   
   AAA  1,090   Addison, GO, 3.375%, 2/15/11, FGIC  No Opt. Call  
1,101,696 
    Bexar Met. Wtr. Dist., Wtr. Wks. Sys., FSA,   
   AAA  1,085      3.70%, 5/01/10  No Opt. Call  
1,119,373 
   AAA  1,090      3.80%, 5/01/11  No Opt. Call  
1,125,861 
   AAA  2,000   Dallas Rapid Transit, 4.30%, 12/01/10, AMBAC  No Opt. Call  
2,128,560 
    Harris Cnty., GO,   
   AAA  1,500      Ser. A, 5.00%, 10/01/10, FSA  No Opt. Call  
1,650,375 
   AAA  330      Ser. B, Zero Coupon, 8/15/08, FGIC  ETM  
299,647 
   AAA  2,255      Ser. B, Zero Coupon, 8/15/08, FGIC  No Opt. Call  
2,035,949 
    Houston, GO, MBIA,   
   AAA  5,000      Ser. A, 5.00%, 3/01/11  No Opt. Call  
5,504,900 
   AAA  2,000      Ser. A1, 5.00%, 3/01/11  No Opt. Call  
2,201,960 
   AAA  2,490   Houston Area Wtr. Corp., Northeast Wtr. Purification Proj., 4.50%, 3/01/11, FGIC  No Opt. Call  
2,666,591 
   AAA  10,440   Houston Wtr. & Swr. Sys., Ser. C, Zero Coupon, 12/01/10, AMBAC  No Opt. Call  
8,530,419 
   AAA  5,550   Katy Indpt. Sch. Dist., GO, Ser. A, Zero Coupon, 2/15/11  No Opt. Call  
4,449,324 
   AAA  4,000   Texas Mun. Pwr. Agcy., 5.50%, 9/01/10, MBIA  No Opt. Call  
4,505,360 
   AAA  2,245   Texas Pub. Fin. Auth., 4.00%, 2/01/11, FGIC  No Opt. Call  
2,340,839 
   AAA  1,250   Texas Tech Univ. Revs., Ser. 9, 5.00%, 2/15/11, AMBAC  No Opt. Call  
1,372,500 
   AAA  1,630   Texas Univ. Sys. Fin., 3.50%, 3/15/11, FSA  No Opt. Call  
1,655,395 
   AAA  1,500   Univ. of Houston, Ser. A, 4.00%, 2/15/10, FSA  No Opt. Call  
1,570,545 


       
44,259,294 


    Utah—2.2%   
   AAA  3,470   Intermountain Pwr. Agcy. Sply., Ser. A, 5.25%, 7/01/11, MBIA 
07/09 @ 101
 
3,824,703 
   AAA  3,175   Salt Lake Cnty. Wtr. Conservancy Dist., Ser. A, Zero Coupon, 10/01/10, AMBAC  No Opt. Call  
2,590,038 


       
6,414,741 



See Notes to Financial Statements.

22


BlackRock Insured Municipal Term Trust (BMT) (continued)

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







  Washington—12.8%   
AAA $  7,345   Benton Cnty. Sch. Dist. No. 17, GO, Kennewick Sch. Proj., 4.50%, 12/01/10, FSA  No Opt. Call
$
7,895,875 
AAA 1,000   Chelan Cnty. Sch. Dist., GO, 4.50%, 12/01/10, FSA  No Opt. Call 1,075,000 
AAA 3,000   Clark Cnty. Pub. Util. Dist. No. 1, Elec. Rev., 4.50%, 1/01/11, AMBAC  No Opt. Call 3,207,630 
AAA 2,040   Clark Cnty. Sch. Dist. No. 114, Evergreen, GO, 4.125%, 12/01/10, FSA  No Opt. Call 2,151,996 
AAA 1,010   Tacoma, GO, 4.625%, 12/01/10, FGIC  No Opt. Call 1,092,507 
  Washington, GO, MBIA,   
AAA 5,000      Ser. A, 5.50%, 7/01/11 
07/09 @ 100 
5,530,150 
AAA 1,505      Ser. R, 3.125%, 1/01/11  No Opt. Call 1,497,264 
  Washington Pub. Pwr. Sply. Sys., MBIA,   
AAA 1,300      Ser. B, Zero Coupon, 7/01/10  No Opt. Call 1,068,210 
AAA 9,160      Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/10  ETM 7,686,889 
AAA 3,745      Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/10  No Opt. Call 3,077,266 
AAA 2,280   Whatcom Cnty. Sch. Dist. No. 503, GO, 4.50%, 12/01/10, FSA  No Opt. Call 2,451,000 


    36,733,787 


  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 3,970,760 
AAA 4,420      4.50%, 6/01/11  No Opt. Call 4,745,002 
AAA 1,170   West Virginia Sch. Bldg. Auth., 4.00%, 7/01/11, AMBAC  No Opt. Call 1,223,048 


    9,938,810 


  Wisconsin—5.7%   
AAA 1,045   Appleton Wtr. Wks., 4.375%, 1/01/11, FGIC  No Opt. Call 1,110,260 
  Wisconsin Clean Wtr., Ser. 2, MBIA,   
AAA 4,640      4.00%, 6/01/10  No Opt. Call 4,858,034 
AAA 9,850      4.00%, 6/01/11  No Opt. Call 10,291,280 


    16,259,574 


  Wyoming—2.1%   
  Albany Cnty. Impvts. Statutory Trust, COP, MBIA,   
AAA 1,325      4.00%, 1/15/10  No Opt. Call 1,386,400 
AAA 1,450      4.00%, 7/15/10  No Opt. Call 1,519,571 
AAA 1,480      4.00%, 1/15/11  No Opt. Call 1,542,782 
AAA 1,510      4.00%, 7/15/11  No Opt. Call 1,578,826 


    6,027,579 


  Total Long-Term Investments (cost $363,210,487)  389,029,716 


 
  SHORT-TERM INVESTMENTS—21.9%   
  Florida—2.6%   
A1+
7,500 4 Highlands Cnty. Hlth. Facs. Auth., Adventist Hlth. Sys. Proj., Ser. B, 2.00%, 1/06/05, FGIC, FRWD 
N/A
7,500,000 


  Kansas—3.5% 
 
A1+
10,000 4 Kansas Dept. Transp. Hwy., Ser. B-1, 1.89%, 1/03/05, FRDD 
N/A
10,000,000 


  Massachusetts—4.6% 
 
A1+
13,245 4 Massachusetts Dev. Fin. Agcy., Boston Univ. Proj., Ser. R-2, 1.89%, 1/03/05, XLCA, FRDD 
N/A
13,245,000 


  New York—2.1% 
 
A1+
6,000 4 New York City Transl. Fin. Auth., Ser. A-1, 2.00%, 1/05/05, FRWD 
N/A
6,000,000 


  North Carolina—2.5% 
 
A1+
7,000 4 Buncombe Cnty. Met. Swr. Dist., Swr. Sys. Rev., 1.99%, 1/06/05, XLCA, FRWD 
N/A
7,000,000 


  Ohio—3.1% 
 
VMIG1 9,000 4 Hamilton Cnty. Hosp. Facs., Ser. A, 2.01%, 1/05/05, FRWD 
N/A
9,000,000 


  Tennessee—2.4% 
 
VMIG1 7,000 4 Clarksville Pub. Bldg. Auth., Pooled Fin. Mun. Bond Fund, 1.99%, 1/03/05, FRDD 
N/A
7,000,000 



See Notes to Financial Statements.

23


BlackRock Insured Municipal Term Trust (BMT) (continued)

 
Shares
   
 
 
(000)
 
Description 
Value
 








  MONEY MARKET FUND—1.1% 
 
  3,050   AIM Tax Free Investment Co. Cash Reserve Portfolio   
$
3,050,000  
 


  Total Short-Term Investments (cost $62,795,000) 
62,795,000  
 


  Total Investments—157.9% (cost $426,005,487)   
$
451,824,716  
  Other assets in excess of liabilities—1.7% 
4,759,992  
  Preferred shares at redemption value, including dividends payable—(59.6)% 
(170,455,246 ) 
     


  Net Assets Applicable to Common Shareholders—100%   
$
286,129,462  
 




1      Using the higher of S&P’s, Moody’s or Fitch’s rating.
2      Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
3      This bond is prefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
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.
 

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 88.1% of the Trust’s managed assets.


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
DECEMBER 31, 2004

BlackRock Municipal 2018 Term Trust (BPK)

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    LONG-TERM INVESTMENTS—152.5%   
    Alabama—4.5%   
Baa2  $  5,000   Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19 
06/05 @ 102
$
5,156,350 
A2  5,845   Huntsville Hlth. Care Auth., GO, Ser. A, 5.625%, 6/01/22 
06/12 @ 101
6,076,637 


      11,232,987 


    California—5.7%   
A  1,750   Agua Caliente Band of Cahuilla Indians, 5.60%, 7/01/13 
No Opt. Call
1,766,450 
AAA  5,425   Clovis Unified Sch. Dist., Cap. Apprec. Election 2004, Ser. A, Zero Coupon, 8/01/21, FGIC 
No Opt. Call
2,443,963 
NR  1,235   Lincoln, Spec. Tax Rev., Cmnty. Facs. Dist. 1, 5.90%, 9/01/24 
09/13 @ 102
1,245,584 
B-  3,460   Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines, Inc. Proj., Ser. C, 7.50%, 12/01/24 . 
12/12 @ 102
3,482,213 
BBB+  5,000   Poll. Ctrl. Fin. Auth., Sld. Wst. Disp. Rev., Republic Svcs. Inc., Proj., Ser. C, 5.25%, 6/01/23 
No Opt. Call
5,330,500 


      14,268,710 


    Colorado—2.1%   
A2  5,000   Colorado Hsg. & Fin. Auth., Sld. Wst. Rev., Wst. Mgmt. Proj., 5.70%, 7/01/18 
No Opt. Call
5,277,500 


    Connecticut—1.6%   
Baa3  3,750 3 Mashantucket Western Pequot Tribe, Spec. Rev., Ser. B, 5.75%, 9/01/18 
09/0 7@ 102
3,959,588 


    Florida—12.2%   
Baa1  1,585   Cap. Trust Agcy. Multi-Fam., American Oppty., Ser. A, 5.75%, 12/01/23 
06/13 @ 102 
1,510,584 
NR  2,000   CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. B, 5.875%, 5/01/14 
No Opt. Call
2,046,020 
    Live Oak Cmnty. Dev. Dist., Spl. Assmt., Ser. B, 
 
NR  3,215      No. 1, 5.30%, 5/01/08 
No Opt. Call
3,268,530 
NR  1,860      No. 2, 5.00%, 11/01/09 
No Opt. Call
1,858,382 
BB  4,515   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 
11/14 @ 100
4,832,495 
NR  1,595   Pine Islands Cmnty. Dev. Dist., Util. Sys. Rev., 5.30%, 11/01/10 
No Opt. Call
1,590,885 
NR  5,025   Stevens Plantation Cmnty. Dist., Spl. Assmt. Rev., Ser. B, 6.375%, 5/01/13 
No Opt. Call
5,175,448 
NR4  940   Sumter Landing Cmnty. Dev. Dist., 6.25%, 5/01/13 
No Opt. Call
980,946 
NR4  2,240   Vlg. Cmnty. Dev. Dist., Assmt. Rev., Ser. B, 5.40%, 5/01/07 
No Opt. Call
2,277,408 
NR4  5,410   Vlg. Ctr. Cmnty. Dev. Dist., Ser. B, 5.875%, 1/01/15 
No Opt. Call
5,616,121 
NR  1,500   Westchester Cmnty. Dev. Dist. No. 1, Spl. Assmt., 6.00%, 5/01/23 
05/13@ 101 
1,545,825 


      30,702,644 


    Georgia—1.4%   
BB+  3,500   Effingham Cnty. Dev. Auth., Sld. Wst. Disp. Rev., Fort James Proj., 5.625%, 7/01/18 
07/08 @ 102 
3,553,130 


    Illinois—21.8%   
NR  1,825   Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 
No Opt. Call
1,841,407 
AAA  5,000   Chicago O’Hare Intl. Arpt., Ser. A, 5.75%, 1/01/18, MBIA 
01/12 @ 100 
5,519,250 
    Illinois Dev. Fin. Auth.,   
A  12,500 5    Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.50%, 11/15/20 
11/09 @ 101 
13,157,000 
A2  5,000      PCR, Ser. C, 5.95%, 8/15/26 
12/06 @ 101 
5,151,700 
Baa2  5,980   Illinois Edl. Facs. Auth., Student Hsg., Edl. Adv. Fund, Univ. Ctr. Proj., 6.00%, 5/01/22 
05/12 @ 101 
6,213,399 
    Illinois Fin. Auth. Student Hsg., MJH Ed. Asst. Living Proj.,   
Baa2  2,275      Ser. A, 5.00%, 6/01/24 
06/14 @ 100
2,255,367 
Baa2  2,750      Ser. A, 5.50%, 6/01/19 
06/14 @ 100
2,900,590 
Baa3  925      Ser. B, 5.00%, 6/01/24 
06/14 @ 100
893,744 
A2  5,000   Illinois Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care Proj., 5.50%, 1/01/22 
01/13 @ 100
5,229,950 
    Illinois Sports Facs. Auth., Dedicated St. Tax Supported Rev., AMBAC, 
 
AAA  1,885      Zero Coupon, 6/15/19 
06/15 @ 101 
1,570,940 
AAA  1,985      Zero Coupon, 6/15/20 
06/15 @ 101 
1,642,865 
AAA  2,090      Zero Coupon, 6/15/21 
06/15 @ 101 
1,721,450 
    Kane & Du Page Cntys. Sch. Dist., GO, Ser. B, FSA,   
AAA  4,625      Zero Coupon, 1/01/18 
01/12 @ 72.424
2,393,391 
AAA  4,100      Zero Coupon, 1/01/19 
01/12 @ 67.935
2,140,651 
AAA  2,950      Zero Coupon, 1/01/21 
01/12 @ 60.037
1,371,072 
AAA  1,700      Zero Coupon, 1/01/22 
01/12 @ 56.453
744,447 


      54,747,223 


    Indiana—9.5%   
AA  13,970   Indiana Hlth. Fac. Fin. Auth., Sisters of St. Francis Proj., 5.75%, 11/01/21 
11/11 @ 101
14,918,424 
BBB  2,500   Indianapolis Arpt. Auth., Fed. Express Corp. Proj., 5.10%, 1/15/17 
No Opt. Call
2,650,050 
Baa2  4,000   Petersburg, PCR, Pwr. & Lt. Conv., 5.75%, 8/01/21 
08/11 @ 102 
4,190,920 
NR  2,290   Vincennes Econ. Dev., Southwest Indiana Regl., 6.25%, 1/01/24 
01/09 @ 102 
2,128,028 


      23,887,422 



See Notes to Financial Statements.

25


BlackRock Municipal 2018 Term Trust (BPK) (continued)

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    Louisiana—1.5% 
 
NR4  $  3,730   Louisiana Pub. Facs. Auth., Dept. of Pub. Safety, 5.875%, 6/15/14 
06/10 @ 100 
$
3,857,715 


    Maryland—2.1% 
 
NR4  5,170   Frederick Cnty., Urbana Cmnty. Dev. Auth., Ser. A, 5.80%, 7/01/20 
07/07 @ 102 
5,199,624 


    Michigan—6.7% 
 
A1  5,450   Michigan Hosp. Fin. Auth., Henry Ford Hlth. Sys. Proj., Ser. A, 6.00%, 11/15/19 
11/09 @ 101 
5,805,176 
BB+  9,000   Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 
07/07 @ 101
9,375,480 
    Pontiac Tax Increment Fin. Auth., ACA, 
 
A  700      Dev. Area 2, 5.625%, 6/01/22 
06/12 @ 101
740,516 
A  1,000      Dev. Area 3, 5.375%, 6/01/17 
06/12 @ 101
1,057,050 


     
16,978,222 


    Mississippi—4.3% 
 
BBB  9,000   Lowndes Cnty. Sld. Wst. Disp., PCR, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22 
No Opt. Call
10,809,360 


    Nevada—2.6% 
 
NR  1,100   Las Vegas, Spec. Imp. Dist. 809, Summerlin Area Proj., 5.35%, 6/01/17 
06/05 @ 103 
1,102,607 
BBB+  5,000   Nevada Dept. of Bus. & Ind., Republic Svc., Inc. Proj., 5.625%, 12/01/26 
No Opt. Call
5,358,000 


     
6,460,607 


    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 
7,761,250 
A+  2,025   New Hampshire Hlth. & Ed. Facs. Auth., Exeter Hosp. Proj., 6.00%, 10/01/24 
10/11 @ 101 
2,193,845 


     
9,955,095 


    New Jersey—10.7% 
 
    New Jersey Econ. Dev. Auth., 
 
Baa2  8,500      Cigarette Tax, 5.50%, 6/15/24 
06/12 @ 100 
8,702,810 
B  4,065      Continental Airlines, Inc. Proj., 7.00%, 11/15/30 
11/10 @ 101 
3,569,111 
B  6,750      Continental Airlines, Inc. Proj., 7.20%, 11/15/30 
11/10 @ 101 
6,071,693 
Baa3  8,410   Kapkowski Road Landfill Proj., 5.50%, 4/01/16 
No Opt. Call
8,709,816 


     
27,053,430 


    New Mexico—1.0% 
 
NR  2,315   Sandoval Cnty. Proj. Dev., Santa Ana Pueblo Proj., 7.75%, 7/01/15 
No Opt. Call
2,392,321 


    North Carolina—1.7% 
 
A3  4,000   Wake Cnty. Ind. Facs., PCR, Carolina Pwr. & Lt. Co. Proj., 5.375%, 2/01/17 
02/12 @ 101 
4,309,360 


    Ohio—0.2% 
 
NR  500   Pinnacle Cmnty. Infrastructure Fin. Auth., Facs. Rev., Ser. A, 6.00%, 12/01/22 
12/14 @ 101 
513,110 


    Oklahoma—1.1% 
 
B-  2,700   Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35 
No Opt. Call
2,789,127 


    Pennsylvania—6.7% 
 
    Philadelphia Auth. for Ind. Dev., Ser. B, FSA, 
 
AAA  5,000      5.50%, 10/01/18 
10/11 @ 101 
5,564,900 
AAA  5,000      5.50%, 10/01/19 
10/11 @ 101 
5,552,250 
    West Cornwall Twnshp., Mun. Auth. Coll., Elizabethtown Coll. Proj., 
 
BBB+  2,500      5.90%, 12/15/18 
12/11 @ 100 
2,737,875 
BBB+  2,650      6.00%, 12/15/22 
12/11 @ 100 
2,897,960 


     
16,752,985 


    South Carolina—3.5% 
 
NR  3,497   Lancaster Cnty., Assmt. Rev., Edgewater Imp. Dist. Proj., Ser. B, 6.125%, 11/01/14 
No Opt. Call
3,622,507 
BBB  5,000   South Carolina Jobs Econ. Dev. Auth., Hosp. Fac. Rev., Palmetto Hlth. Alliance Proj., Ser. A, 
 
       6.125%, 8/01/23 
08/13 @ 100 
5,277,450 


     
8,899,957 


    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 
5,823,600 


    Texas—21.9% 
 
BBB  2,000   Alliance Arpt. Auth. Inc. Spec. Facs., Fed. Express Corp. Proj., 6.375%, 4/01/21 
04/06 @ 102 
2,094,280 
    Birdville Indpt. Sch. Dist., GO, 
 
AAA  1,615      Zero Coupon, 2/15/18 
No Opt. Call
887,362 
AAA  1,815      Zero Coupon, 2/15/19 
No Opt. Call
942,275 
AAA  2,625      Zero Coupon, 2/15/20 
No Opt. Call
1,285,646 
AAA  2,500      Zero Coupon, 2/15/21 
No Opt. Call
1,155,150 
BBB  10,010   Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 5.75%, 5/01/36 
No Opt. Call
10,942,431 
NR  4,305   Dallas Cnty. Flood Ctrl., 6.75%, 4/01/16 
04/13 @ 100 
4,430,663 

See Notes to Financial Statements.

26


BlackRock Municipal 2018 Term Trust (BPK) (continued)

  Principal     Option Call  
Rating1 
Amount     Provisions2  
(unaudited) 
(000)
  Description  (unaudited)
Value
 








    Texas—(continued)   
    Dallas Ft. Worth Intl. Arpt. Fac. Impvt., Ser. A, FGIC,   
   AAA  $  5,000      5.875%, 11/01/17  11/11 @ 100 
$
5,564,050  
   AAA  5,000      5.875%, 11/01/18  11/11 @ 100  5,557,750  
    Texas Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., Arborstone/Baybrook Oaks Proj., Ser. A,   
   Baa3  12,695      5.55%, 11/01/18  11/11 @ 102  12,711,377  
   Baa3  9,800      5.75%, 11/01/22  11/11 @ 102  9,659,566  



      55,230,550  



    Washington—4.7%   
    Energy Northwest Wind Proj.,   
    A-  5,000      Ser. A, 6.00%, 7/01/23  01/07 @ 103  5,284,350  
    A-  6,175      Ser. B, 5.875%, 7/01/20  01/07 @ 103  6,537,226  



      11,821,576  



    Wisconsin—6.4%   
    Wisconsin Hlth. & Edl. Facs. Auth.,   
   A+  5,000      Froedert & Cmnty. Hlth. Oblig. Proj., 5.375%, 10/01/21  10/11 @ 101  5,167,300  
   A  10,000      Wheaton Franciscan Svcs. Proj., 6.25%, 8/15/22  02/12 @ 101  10,980,000  



      16,147,300  



    Multi-State—8.7%   
    A3  14,000 3 Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/01/52  10/14 @ 100  15,842,820  
   Baa2  6,000  3 Munimae TE Bond Subsidiary LLC, Ser. B2, 5.20%, 6/30/49  09/14 @ 100  5,936,340  



      21,779,160  



    Trust Territories—1.6%   
    A-  4,000 3 San Manuel Entertainment Auth., 2004 Gaming Proj., Ser.C, 4.50%, 12/01/16  12/13 @ 102  4,003,280  



    U. S. Virgin Islands—2.0%   
    Virgin Islands Pub. Fin. Auth., Sen. Lien Matching Fund Loan, Ser. A,   
   BBB  920      5.25%, 10/01/17  10/14 @ 100  985,099  
   BBB  1,160      5.25%, 10/01/19  10/14 @ 100  1,233,556  
   BBB  1,175      5.25%, 10/01/21  10/14 @ 100  1,243,784  
   BBB  815      5.25%, 10/01/22  10/14 @ 100  860,738  
   BBB  775      5.25%, 10/01/24  10/14 @ 100  810,410  



      5,133,587  



    Total Long-Term Investments (cost $364,091,018)  383,539,170  
 


 
 
     
  Shares      
 
(000)
     

    MONEY MARKET FUND—0.7%   
  1,750   AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,750,000)  N/A  
1,750,000
 



    Total Investments—153.2% (cost $365,841,018)  $ 385,289,170  
    Other assets in excess of liabilities—1.5%  3,881,240  
    Preferred shares at redemption value, including dividends payable—(54.7)%  (137,610,651 ) 
     


    Net Assets Applicable to Common Shareholders—100%  $ 251,559,759  





1      Using the higher of S&P’s, Moody’s or Fitch’s rating.
2      Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
3      Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of December 31, 2004, the Trust held 11.8% of its net assets, with a current market value of $29,742,028, 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
DECEMBER 31, 2004

BlackRock Municipal 2020 Term Trust (BKK)

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    LONG-TERM INVESTMENTS—157.1% 
 
    California—22.9% 
 
A  $ 12,000   California, GO, 5.00%, 11/01/22 
11/13 @ 100 
$
12,574,680 
BBB  12,500   Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., Zero Coupon, 1/15/21 
01/10 @ 53.346 
4,932,750 
    Golden St. Tobacco Sec. Corp., 
 
BBB  3,000      Ser. A-1, 6.625%, 6/01/40 
06/13 @ 100 
2,973,720 
BBB  12,010      Ser. A-1, 6.75%, 6/01/39 
06/13 @ 100 
12,047,351 
BBB  975      Ser. A-3, 7.875%, 6/01/42 
06/13 @ 100 
1,057,495 
BBB  1,470      Ser. A-5, 7.875%, 6/01/42 
06/13 @ 100 
1,594,377 
A-  20,000      Ser. B, 5.375%, 6/01/28 
06/10 @ 100 
20,708,400 
B-  3,035   Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines, Inc. Proj., Ser. C, 
 
       7.50%, 12/01/24 
12/12 @ 102 
3,054,485 
BBB+  7,000   Poll. Ctrl. Fin. Auth., Sld. Wst. Disp. Rev., Republic Svcs. Inc., Proj., Ser. C, 5.25%, 6/01/23 
No Opt. Call
7,462,700 
AAA  6,865   Riverside Cnty., Riverside Cnty. Hosp. Proj., Zero Coupon, 6/01/25, MBIA 
No Opt. Call
2,389,157 


     
68,795,115 


    Colorado—0.6% 
 
AAA  4,500   E-470 Pub. Hwy. Auth., Cap. Apprec., Ser. B, Zero Coupon, 9/01/22, MBIA 
No Opt. Call
1,920,960 


    District of Columbia—5.2% 
 
    Friendship Pub., Charter Sch. Inc. Proj., ACA, 
 
A  3,320      5.00%, 6/01/23 
06/14 @ 100 
3,352,104 
A  2,680      5.75%, 6/01/18 
06/14 @ 100 
2,921,602 
AAA  5,000 3 Met. Washington Arpts. Auth., Arpt. Sys. Rev., Ser. C-2, 5.00%, 10/01/24, FSA 
10/14 @ 100 
5,143,350 
BBB  4,215   Tobacco Settlement Fin. Corp., 6.50%, 5/15/33 
No Opt. Call
4,061,490 


     
15,478,546 


    Florida—16.9% 
 
NR  4,860   Bellago Edl. Facs. Benefit Dist., Ser. A, 5.85%, 5/01/22 
05/14 @ 100 
4,977,320 
Baa1  1,500   Cap. Trust Agcy. Multi-Fam., American Oppty., Ser. A, 5.75%, 12/01/23 
06/13 @ 102 
1,429,575 
NR  3,000   CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. B, 5.875%, 5/01/14 
No Opt. Call
3,069,030 
NR  4,445   Grand Hampton Cmnty. Dev. Dist., Cap. Impvt., 6.10%, 5/01/24 
05/13 @ 101 
4,538,078 
NR  4,140   Habitat Cmnty. Dev. Dist., 5.80%, 5/01/25 
05/14 @ 101 
4,135,612 
BB  5,475   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 
11/14 @ 100 
5,860,002 
NR  4,690   Middle Vlg. Cmnty. Dev. Dist., Ser. A, 5.80%, 5/01/22 
05/13 @ 100 
4,786,520 
NR  1,905   Pine Islands Cmnty. Dev. Dist., Util. Sys. Rev., 5.30%, 11/01/10 
No Opt. Call
1,900,085 
NR  7,805   Stevens Plantation Cmnty. Dist., Spl. Assmt. Rev., Ser. B, 6.375%, 5/01/13 
No Opt. Call
8,038,682 
NR  4,000   Vlg. Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A, 6.00%, 5/01/22 
05/13 @ 101 
4,145,800 
NR  6,000   Westchester Cmnty. Dev. Dist. No. 1, Spl. Assmt., 6.00%, 5/01/23 
05/13 @ 101 
6,183,300 
NR  1,555   World Commerce Cmnty. Dev. Dist., Spec. Assmt., Ser. A-1, 6.25%, 5/01/22 
05/14 @ 101 
1,590,159 


     
50,654,163 


    Georgia—2.5% 
 
BB+  2,500   Effingham Cnty. Dev. Auth., Sld. Wst. Disp. Rev., Fort James Proj., 5.625%, 7/01/18 
07/08 @ 102 
2,537,950 
BBB  2,500   Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Fndtn. Proj., 5.50%, 9/01/24 
09/14 @ 101 
2,604,725 
BBB  2,350   Richmond Cnty. Dev. Auth., Env. Impvt., 5.75%, 11/01/27 
11/13 @ 100 
2,400,313 


     
7,542,988 


    Illinois—9.7% 
 
NR  2,155   Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 
No Opt. Call
2,174,374 
A-  5,000   Illinois Dev. Fin. Auth., DePaul Univ. Proj., Ser. C, 5.25%, 10/01/24 
10/14 @ 100 
5,300,800 
AA+  4,800   Illinois Edl. Fac. Auth., Northwestern Univ. Proj., 5.00%, 12/01/21 
12/13 @ 100 
5,093,664 
    Illinois Fin. Auth. Student Hsg., MJH Ed. Asst. Living Proj., 
 
Baa2  2,725      Ser. A, 5.00%, 6/01/24 
06/14 @ 100 
2,701,483 
Baa2  3,250      Ser. A, 5.50%, 6/01/19 
06/14 @ 100 
3,427,970 
Baa3  1,075      Ser. B, 5.00%, 6/01/24 
06/14 @ 100 
1,038,676 
AAA  8,265   Lake Cnty. Cmnty. Con. Sch. Dist., No. 73 Hawthorn Proj., Zero Coupon, 12/01/22, MBIA 
No Opt. Call
3,461,630 
AAA  13,455   Met. Pier & Exposition Auth., Ded. St. Tax Rev., McCormick Place Expansion Proj., Ser. A, 
 
       Zero Coupon, 6/15/22, MBIA 
No Opt. Call
5,862,074 


     
29,060,671 



See Notes to Financial Statements.

28


BlackRock Municipal 2020 Term Trust (BKK) (continued)

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    Indiana—4.4% 
 
BBB  $  10,000   Indianapolis Arpt. Auth., Fed. Express Corp. Proj., 5.10%, 1/15/17 
No Opt. Call
$ 
10,600,200 
NR  2,710   Vincennes Econ. Dev., Southwest Indiana Regl., 6.25%, 1/01/24 
01/09 @ 102 
 
2,518,322 


     
 
13,118,522 


    Kansas—1.0% 
 
AAA  6,440   Wyandotte Cnty., Unified Gov’t. Spl. Oblig., Intl. Speedway Proj., Zero Coupon, 12/01/20, MBIA 
No Opt. Call
 
3,080,767 


    Kentucky—3.1% 
 
CC  6,635   Kenton Cnty. Arpt. Brd., Delta Airlines Proj., 7.125%, 2/01/21 
01/05 @ 100 
 
5,374,085 
BBB  3,750   Maysville Sld. Wst. Disp., Inland Container Corp. Proj., 6.90%, 9/01/22 
09/13 @ 102 
 
4,049,175 


     
 
9,423,260 


    Louisiana—0.7% 
 
BBB  2,000   De Soto Parish, Env. Impvt. Rev., Ser. A, 5.85%, 11/01/27 
11/13 @ 100 
 
2,039,820 


    Maryland—5.7% 
 
    Frederick Cnty., Urbana Cmnty. Dev. Auth., 
 
NR4  3,000      6.625%, 7/01/25 
07/07 @ 102 
 
3,137,130 
NR4  5,171      Ser. A, 5.80%, 7/01/20 
07/07 @ 102 
 
5,200,630 
BBB  8,500   Maryland Hlth. & Higher Edl. Facs. Auth., Medstar Hlth., 5.375%, 8/15/24 
08/14 @ 100 
 
8,681,815 


     
 
17,019,575 


    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
 
4,777,920 


    Michigan—1.7% 
 
BB+  5,000   Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 
07/07 @ 101 
 
5,208,600 


    Minnesota—0.4% 
 
A2  1,250   Higher Ed. Facs. Auth., Univ. of St. Thomas Proj., Ser. 5, 5.00%, 10/01/24 
10/14 @ 100 
 
1,299,763 


    Mississippi—1.0% 
 
BBB  3,000   Warren Cnty. Env. Impvt., Intl. Paper Proj., Ser. A, 5.85%, 11/01/27 
11/13 @ 100 
 
3,047,190 


    Missouri—1.8% 
 
BBB+  5,000   Missouri Dev. Fin. Brd., Branson Landing Proj., Ser. A, 5.50%, 12/01/24 
06/14 @ 100 
 
5,293,250 


    New Hampshire—1.7% 
 
BBB+  5,000   New Hampshire Hlth., Elliot Hosp. Proj., Ser. B, 5.60%, 10/01/22 
10/13 @ 100 
 
5,235,100 


    New Jersey—15.3% 
 
Baa1  1,000   Middlesex Cnty. Impvt. Auth., Str. Student Hsg. Proj., Ser. A, 5.00%, 8/15/23 
08/14 @ 100 
 
1,008,300 
    New Jersey Econ. Dev. Auth., 
 
BBB  11,500      Cigarette Tax, 5.50%, 6/15/24 
06/12 @ 100 
 
11,774,390 
B  10,000      Continental Airlines, Inc. Proj., 7.00%, 11/15/30 
11/10 @ 101 
 
8,780,100 
B  1,500      Continental Airlines, Inc. Proj., 9.00%, 6/01/33 
06/13 @ 101 
 
1,537,785 
BBB-  1,000      First Mtg. Winchester Proj., Ser. A, 4.80%, 11/01/13 
No Opt. Call
 
1,009,640 
Baa3  7,500      Kapkowski Road Landfill Proj., 6.50%, 4/01/31 
No Opt. Call
 
8,534,400 
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 
 
4,271,000 
BBB  9,000   Tobacco Settlement Fin. Corp., 7.00%, 6/01/41 
06/13 @ 100 
 
9,113,220 


     
 
46,028,835 


    New Mexico—0.9% 
 
NR  2,685   Sandoval Cnty. Proj. Dev., Santa Ana Pueblo Proj., 7.75%, 7/01/15 
No Opt. Call
 
2,774,679 


    Ohio—7.0% 
 
    Cuyahoga Cnty., Cleveland Clinic Hlth. Sys. Proj., 
 
Aa3  3,000      6.00%, 1/01/19 
07/13 @ 100 
 
3,398,250 
Aa3  10,000      6.00%, 1/01/20 
07/13 @ 100 
 
11,274,100 
BBB-  4,000   Ohio Wtr. Dev. Auth., Collateral Wtr. Dev. Dayton Pwr. Proj., Ser. A, 6.40%, 8/15/27 
01/05 @ 100 
 
4,016,600 
NR  1,100   Pinnacle Cmnty. Infrastructure Fin. Auth., Facs. Rev., Ser. A, 6.00%, 12/01/22 
12/14 @ 101 
 
1,128,842 
NR  1,215   Port of Greater Cincinnati Dev. Auth., Coop. Pub. Pkg. Infrastructure Proj., 6.30%, 2/15/24 
02/14 @ 102 
 
1,245,083 


     
 
21,062,875 


    Oklahoma—1.2% 
 
B-  3,350   Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35 
No Opt. Call
 
3,460,583 


    Pennsylvania—5.9% 
 
A-  10,000   Lancaster Cnty. Hosp. Auth., Gen. Hosp. Proj., 5.75%, 3/15/20 
09/13 @ 100 
 
10,741,600 
BBB+  6,680   Pennsylvania Higher Edl. Fac., La Salle Univ. Proj., 5.50%, 5/01/26 
05/13 @ 100 
 
6,973,920 


     
 
17,715,520 


    Rhode Island—1.5% 
 
BBB  4,500   Hlth. & Edl. Bldg. Corp., Hosp. Fin., Ser. A, 5.875%, 9/15/23 
09/08 @ 100 
 
4,541,850 



See Notes to Financial Statements.

29


BlackRock Municipal 2020 Term Trust (BKK) (continued)

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    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
$
1,265,143 
   BBB  3,500   Port Corpus Christi Indl. Dev. Corp., Valero Convertible, Ser. C, 5.40%, 4/01/18 
04/08 @ 102 
3,612,350 
   Baa3  5,000   Texas Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., Arborstone/Baybrook Oaks Proj., Ser. A, 
 
       5.85%, 11/01/31 
11/11 @ 102 
4,646,700 
    Texas Tpke. Auth., Central Texas Tpke. Sys. Proj., Ser. A, AMBAC, 
 
   AAA  7,990      Zero Coupon, 8/15/21 
No Opt. Call
3,633,772 
   AAA  18,450      Zero Coupon, 8/15/24 
No Opt. Call
6,977,790 
    Weatherford Indpt. Sch. Dist., 
 
   AAA  6,945      Zero Coupon, 2/15/23 
02/11 @ 50.236 
2,632,850 
   AAA  6,945      Zero Coupon, 2/15/24 
02/11 @ 47.435 
2,468,322 


     
25,236,927 


    Utah—1.5% 
 
   BBB  4,200   Tooele Cnty. Hazardous Wst. Treat., Union Pacific Proj., Ser. A, 5.70%, 11/01/26 
04/08 @ 102 
4,355,820 


    Virginia—7.9% 
 
    NR  5,000   Celebrate North Cmnty. Dev. Auth., Spl. Assmt. Rev., Ser. B, 6.60%, 3/01/25 
03/14 @ 102 
5,113,900 
   BBB  10,000   Charles City Cnty. Econ. Dev. Auth., Sld. Wst. Disp., 5.125%, 8/01/27 
05/14 @ 100 
10,223,800 
   Aa3  7,500   Mecklenburg Cnty. Ind. Dev. Auth., Exempt FAC-UAE LP Proj., 6.50%, 10/15/17 
10/12 @ 100 
8,365,200 


     
23,702,900 


    Washington—2.4% 
 
    Washington, 
 
   AAA  10,000      Ser. S-5, Zero Coupon, 1/01/19, FGIC 
No Opt. Call
5,214,000 
   AAA  4,630      Motor Vehicle, Ser. F, Zero Coupon, 12/01/21, MBIA 
No Opt. Call
2,055,998 


     
7,269,998 


    Wisconsin—2.2% 
 
    Hlth. & Ed. Fac. Auth., Wheaton Franciscan Svcs. Proj., 
 
     A  2,880      5.50%, 8/15/17 
08/13 @ 100 
3,098,477 
     A  3,190      5.50%, 8/15/18 
08/13 @ 100 
3,406,090 


     
6,504,567 


    Multi-State—6.8% 
 
    Charter Mac Equity Issuer Trust, 
 
    A3  1,000 5    Ser. A, 5.75%, 4/30/15 
No Opt. Call
1,050,750 
    A3  2,500 5    Ser. A, 6.00%, 4/30/19 
No Opt. Call
2,632,700 
   Baa1  4,000 5    Ser. B, 6.00%, 4/30/15 
No Opt. Call
4,200,520 
   Baa1  2,500 5    Ser. B, 6.30%, 4/30/19 
No Opt. Call
2,642,700 
    Munimae TE Bond Subsidiary, LLC, 
 
   Baa2  5,000 5    Ser. C1, 5.40%, 6/30/49 
09/14 @ 100 
4,951,100 
   Baa2  5,000 5    Ser. C2, 5.80%, 6/30/49 
09/14 @ 100 
4,931,350 


     
20,409,120 


    Trust Territories—1.3% 
 
    A-  4,000 5 San Manuel Entertainment Auth., 2004 Gaming Proj., Ser.C, 4.50%, 12/01/16 
12/13 @ 102 
4,003,280 


    Puerto Rico—11.9% 
 
    Puerto Rico, Pub. Impvt., Ser. A, 
 
    A-  5,000      5.25%, 7/01/22 
07/13 @ 100 
5,338,500 
    A-  11,000      5.25%, 7/01/23 
07/13 @ 100 
11,680,350 
    A-  7,000      5.25%, 7/01/24 
07/13 @ 100 
7,397,320 
    A-  10,900   Puerto Rico Elec. Pwr. Auth., Ser. NN, 5.125%, 7/01/24 
07/13 @ 100 
11,462,549 


     
35,878,719 


    U. S. Virgin Islands—2.0% 
 
    Virgin Islands Pub. Fin. Auth., Sen. Lien Matching Fund Loan, Ser. A, 
 
   BBB  1,090      5.25%, 10/01/17 
10/14 @ 100 
1,167,129 
   BBB  1,385      5.25%, 10/01/19 
10/14 @ 100 
1,472,823 
   BBB  1,400      5.25%, 10/01/21 
10/14 @ 100 
1,481,956 
   BBB  970      5.25%, 10/01/22 
10/14 @ 100 
1,024,436 
   BBB  925      5.25%, 10/01/24 
10/14 @ 100 
967,263 


     
6,113,607 


    Total Long-Term Investments (cost $456,176,799) 
472,055,490 



See Notes to Financial Statements.

30


BlackRock Municipal 2020 Term Trust (BKK) (continued)

 
Shares
   
 
 
(000)
                                                                           Description 
Value
 







  MONEY MARKET FUND—0.6% 
 
  1,950   AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,950,000) 
$
1,950,000  



  Total Investments—157.7% (cost $458,126,799) 
$
474,005,490  
  Other assets in excess of liabilities—1.4% 
4,144,813  
  Preferred shares at redemption value, including dividends payable—(59.1)% 
(177,632,763 ) 
   


  Net Assets Applicable to Common Shareholders—100% 
$
300,517,540  





1      Using the higher of S&P’s, Moody’s or Fitch’s rating.
2      Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
3      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 December 31, 2004, the Trust held 8.1% of its net assets, with a current market value of $24,412,400, in securities restricted as to resale.
 

 


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.

31


PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2004

BlackRock Municipal Target Term Trust (BMN)

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    LONG-TERM INVESTMENTS—145.0%   
    Alabama—3.4%   
   AAA  $  9,450   Alabama Fed. Hwy. Fin. Auth., Grant Antic., Ser. A, 4.125%, 3/01/07, MBIA  No Opt. Call
$
9,806,360 
   AAA  5,000   Jefferson Cnty., Cap. Impvt., GO, Ser. A, 5.00%, 4/01/07, MBIA  No Opt. Call 5,289,400 
   AAA  1,000   Mobile, GO, 4.00%, 2/15/07, AMBAC  No Opt. Call 1,034,610 


      16,130,370 


    Alaska—2.4%   
    Anchorage, GO,   
   AAA  1,750      Ser. A, 4.125%, 6/01/06, FGIC  No Opt. Call 1,794,870 
   AAA  2,245      Ser. A, 4.25%, 6/01/07, FGIC  No Opt. Call 2,345,217 
   AAA  1,335      Ser. B, 3.20%, 7/01/07, MBIA  No Opt. Call 1,361,299 
   AAA  5,000      Ser. B, 3.25%, 7/01/07, MBIA  No Opt. Call 5,104,500 
   AAA  1,000      Ser. B, 4.25%, 7/01/07, FGIC  No Opt. Call 1,044,930 


      11,650,816 


    Arizona—2.4%   
   AAA  5,000   Arizona Trans. Brd., Grant Antic., 4.125%, 1/01/07, MBIA  No Opt. Call 5,176,400 
   AAA  6,255   Maricopa Cnty. Pub. Fin. Corp., Lease Rev., 4.25%, 7/01/07, AMBAC  No Opt. Call 6,534,473 


      11,710,873 


    Arkansas—1.1%   
   AAA  5,000   Univ. of Arkansas, Athl. Fac. Rev., Razorback Stadium Proj., 3.55%, 12/01/21, FSA  12/06 @ 100  5,117,700 


    California—7.8%   
   AAA  6,000   California, GO, 6.30%, 9/01/06, AMBAC  No Opt. Call 6,401,640 
   AAA  30,000   California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, 3.50%, 5/01/07, MBIA  No Opt. Call 30,767,700 


      37,169,340 


    Colorado—8.8%   
   AAA  17,150   Denver City & Cnty., GO, Ser. B, 5.625%, 8/01/07, MBIA  No Opt. Call 18,548,068 
   AAA  1,015   El Paso Cnty., COP, Detention Fac. Proj., Ser. B, 2.50%, 12/01/06, AMBAC  No Opt. Call 1,018,756 
   AAA  9,700   Met. Football Stad. Dist., Sales Tax Rev., Ser. A, Zero Coupon, 1/01/07, MBIA  No Opt. Call 9,187,161 
    Regl. Transp. Dist., COP, Transp. Vehicle Proj., Ser. A, MBIA,   
   AAA  6,215      5.00%, 6/01/06  No Opt. Call 6,449,181 
   AAA  5,470      5.00%, 6/01/07  No Opt. Call 5,814,938 
   AAA  1,100   Thornton, COP, 2.50%, 12/01/06, AMBAC  No Opt. Call 1,104,070 


      42,122,174 


    Delaware—0.2%   
   AAA  1,050   Delaware River & Bay Auth., 2.50%, 1/01/07, MBIA  No Opt. Call 1,054,872 


    Florida—2.2%   
    Delray Beach, FSA,   
   AAA  1,255      Decade of Excellence Prog., GO, 3.50%, 2/01/07  No Opt. Call 1,286,312 
   AAA  1,740      Utils. Tax, 3.50%, 6/01/07  No Opt. Call 1,789,399 
   AAA  1,645   Florida Mun. Loan Council, Ser. A, 4.00%, 5/01/07, MBIA  No Opt. Call 1,708,596 
   AAA  1,765   Orange Cnty. Tourist Dev., Tax Rev., Ser. A, 6.375%, 10/01/06, AMBAC  ETM 1,782,826 
   AAA  2,000   Sarasota Wtr. & Swr. Sys., 4.25%, 10/01/06, MBIA  No Opt. Call 2,068,820 
   AAA  1,865   Tampa Wtr. & Swr., 5.50%, 10/01/06, FSA  No Opt. Call 1,968,713 


      10,604,666 


    Georgia—1.0%   
   AAA  4,805   Columbus Wtr. & Swr., 4.00%, 5/01/07, FSA  No Opt. Call 4,989,656 


    Hawaii—4.7%   
    Hawaii, GO,   
   AAA  5,675      Ser. CP, 5.50%, 10/01/06, FGIC  No Opt. Call 5,983,606 
   AAA  9,000      Ser. CS, 5.25%, 4/01/06, MBIA  No Opt. Call 9,328,860 
   AAA  1,265      Ser. CW, 3.60%, 8/01/06, FGIC  No Opt. Call 1,290,629 
    Honolulu City & Cnty., GO, Ser. A,   
   AAA  2,275      4.00%, 9/01/06, FSA  No Opt. Call 2,338,177 
   AAA  3,500      5.80%, 1/01/07, FGIC  No Opt. Call 3,736,810 


      22,678,082 



See Notes to Financial Statements.

32


BlackRock Municipal Target Term Trust (BMN) (continued)

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    Illinois—17.6%   
    Champaign Cnty. Cmnty. Unit Sch. Dist., Proj. No. 116, Ser. C, FGIC,   
   AAA  $  1,065      Zero Coupon, 1/01/07  No Opt. Call
$
1,008,693 
   AAA  2,760      Zero Coupon, 1/01/08  No Opt. Call 2,536,164 
   AAA  12,000   Chicago, GO, Ser. A, 4.25%, 1/01/07, MBIA  No Opt. Call 12,445,200 
   AAA  2,665   Chicago Park Dist., Pkg. Rev., GO, Ser. A, 3.00%, 1/01/07, FGIC  No Opt. Call 2,699,512 
   AAA  1,565   Chicago Wstwtr. Trans., Ser. A, 3.50%, 1/01/07, AMBAC  No Opt. Call 1,600,385 
    Cook Cnty. High Sch. Dist., Number 201 J. Sterling Morton Twnshp. Proj., FGIC,   
   AAA  6,790      Zero Coupon, 12/01/07  ETM 6,295,416 
   AAA  430      Zero Coupon, 12/01/07  No Opt. Call 396,284 
    Du Page Cnty., Trans. Rev., FSA,   
   AAA  4,815      4.50%, 1/01/07  No Opt. Call 5,016,893 
   AAA  5,390      4.50%, 1/01/09  No Opt. Call 5,760,886 
    Illinois, GO, Ser. I,   
   AAA  15,080      3.25%, 11/01/06, FGIC  No Opt. Call 15,333,947 
   AAA  4,000      4.00%, 4/01/07, FSA  No Opt. Call 4,141,240 
   AAA  12,625      4.25%, 4/01/07, MBIA  No Opt. Call 13,139,216 
    Illinois Sales Tax, Ser. O,   
   AAA  5,900      Zero Coupon, 6/15/07  No Opt. Call 5,504,346 
   AAA  5,635      Zero Coupon, 6/15/08  No Opt. Call 5,087,391 
   AAA  1,000   Kane Cnty., GO, 3.75%, 1/01/07, FGIC  No Opt. Call 1,027,440 
   AAA  2,000   Will Cnty. Cmnty. Sch. Dist., 7.05%, 12/01/08, AMBAC  No Opt. Call 2,333,300 


      84,326,313 


    Indiana—2.9%   
   AAA  5,000   Indiana Bond Bank, Sch. Fund, 4.00%, 2/01/07, AMBAC  No Opt. Call 5,167,900 
   AAA  9,000   Indiana Univ., Student Fee Rev., Zero Coupon, 8/01/06, AMBAC  No Opt. Call 8,621,730 


      13,789,630 


    Iowa—0.9%   
   AAA  3,940   West Des Moines Cmnty. Sch. Dist., 4.00%, 6/01/07, AMBAC  No Opt. Call 4,094,881 


    Kentucky—4.1%   
   AAA  12,610   Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/07, MBIA  No Opt. Call 11,616,080 
    Kentucky Ppty. & Bldgs. Auth., Proj. No. 69, FSA,   
   AAA  2,035      Ser. B, 4.00%, 8/01/06  No Opt. Call 2,088,724 
   AAA  5,560      Ser. C, 4.00%, 8/01/06  No Opt. Call 5,706,784 


      19,411,588 


    Louisiana—4.4%   
   AAA  3,555   Louisiana Off. Facs. Corp. Lease, Cap. Complex Prog., 4.00%, 5/01/07, AMBAC  No Opt. Call 3,687,530 
   AAA  4,565   Louisiana Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. A, 3.00%, 5/15/07, MBIA  No Opt. Call 4,623,204 
   AAA  7,580   MuniMae Trust, Ser. 7, Cl. A, 4.40%, 12/16/08  No Opt. Call 7,693,094 
   AAA  5,250   New Orleans, GO, Zero Coupon, 9/01/06, AMBAC  No Opt. Call 5,021,992 


      21,025,820 


    Massachusetts—2.7%   
   AAA  11,760   Massachusetts, GO, Ser. A, 5.25%, 1/01/09, FSA  No Opt. Call 12,942,938 


    Michigan—3.4%   
   AAA  1,270   Detroit, GO, 3.00%, 4/01/07, MBIA  ETM 1,289,266 
   AAA  2,100   Grand Rapids Wtr. Sply., 4.00%, 1/01/07, FGIC  No Opt. Call 2,168,607 
   AAA  5,000   Michigan Mun. Bd. Auth., Zero Coupon, 5/15/06, MBIA  No Opt. Call 4,837,650 
    Michigan Pub. Pwr. Agcy., Belle River Proj., Ser. A, MBIA,   
   AAA  1,000      2.70%, 1/01/07  No Opt. Call 1,007,540 
   AAA  2,000      5.00%, 1/01/07  No Opt. Call 2,103,980 
   AAA  4,850   Michigan Trunk Line, Ser. A, 4.00%, 11/01/06, FSA  No Opt. Call 4,997,925 


      16,404,968 


    Minnesota—2.1%   
   AAA  5,075   Met. Council Minneapolis-St. Paul, GO, 5.25%, 12/01/06  No Opt. Call 5,362,194 
    Minneapolis Spec. Sch. Dist. No. 1, COP, FSA,   
   AAA  1,150      Ser. A, 3.00%, 2/01/07  No Opt. Call 1,165,951 
   AAA  840      Ser. B, 3.25%, 2/01/07  No Opt. Call 855,876 
   AAA  2,435   Minnesota Hsg. Fin. Auth., Ser. D, 5.35%, 8/01/06, MBIA  02/05 @ 102  2,486,476 


      9,870,497 



See Notes to Financial Statements.

33


BlackRock Municipal Target Term Trust (BMN) (continued)

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    Mississippi—0.4% 
 
   AAA  $  1,935   Vicksburg, GO, 4.00%, 4/01/07, MBIA 
No Opt. Call
$
2,003,751 


    Nebraska—0.8% 
 
   AAA  3,850   Douglas Cnty. Sch. Dist. No. 17 Millard, GO, 3.20%, 11/15/06, FSA 
No Opt. Call
3,914,834 


    Nevada—1.5% 
 
   AAA  2,975   Clark Cnty., Library Dist., GO, 4.00%, 2/01/07, FGIC 
No Opt. Call
3,076,121 
   AAA  2,005   Las Vegas, GO, Pub. Safety Bonds, 4.00%, 4/01/07, FSA 
No Opt. Call
2,078,463 
    Nevada Dept. of Bus. & Ind., Las Vegas Monorail Proj., AMBAC, 
 
   AAA  800      Zero Coupon, 1/01/07 
No Opt. Call
755,480 
   AAA  1,295      Zero Coupon, 1/01/08 
No Opt. Call
1,185,417 


     
7,095,481 


    New Jersey—3.6% 
 
   AAA  140   Elizabeth, GO, 6.60%, 8/01/06, MBIA 
01/05 @ 100 
140,517 
   AAA  1,000   Monmouth Cnty. Impvt. Auth., Gov’t. Loan, 2.34%, 12/01/06, FSA 
No Opt. Call
1,002,030 
   AAA  8,565   New Jersey Hwy. Auth., Garden St. Pkwy., 5.00%, 1/01/07, FGIC 
ETM
9,020,572 
    New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. A, AMBAC, 
 
   AAA  1,165 3    5.125%, 6/15/05 
N/A
1,204,470 
   AAA  3,835      5.125%, 6/15/07 
06/05 @ 102 
3,961,440 
   AAA  730   No. Jersey Dist. Wtr. Sply., Wanaque So. Proj., 6.50%, 7/01/06, MBIA 
ETM
758,813 
   AAA  1,250   Warren Cnty. Fin. Auth., PCR, 6.55%, 12/01/06, MBIA 
06/05 @ 100 
1,272,150 


     
17,359,992 


    New Mexico—1.1% 
 
   AAA  3,535   Gallup, PCR, Plains Elec. Generation Proj., 6.50%, 8/15/07, MBIA 
01/05 @ 100 
3,551,685 
   AAA  1,855   New Mexico Fin. Auth., Pub. Proj., Ser. A, 3.50%, 6/01/07, MBIA 
No Opt. Call
1,901,950 


     
5,453,635 


    New York—9.8% 
 
   AAA  1,040   Malone Ctrl. Sch. Dist., GO, Ser. B, 2.875%, 1/15/07, FGIC 
No Opt. Call
1,053,218 
   AAA  2,800   Nassau Cnty., GO, Ser. Y, 5.00%, 3/01/06, FGIC 
No Opt. Call
2,891,168 
    New York City, GO, 
 
   AAA  13,000      Ser. A, 7.00%, 8/01/07, FSA 
08/06 @ 101.5 
14,136,590 
   AAA  10,000      Ser. E, 6.125%, 8/01/06, MBIA 
No Opt. Call
10,598,300 
   AAA  2,000   New York City Hlth. & Hosp. Corp., Hlth. Sys. Svcs., Ser. A, 3.20%, 2/15/07, FSA 
No Opt. Call
2,035,620 
   AAA  2,460   New York Dorm. Auth., Hosp. Rev., 3.00%, 2/15/07, XLCA 
No Opt. Call
2,490,159 
   AAA  810   New York Env. Fac. Corp., PCR, Ser. D, 6.40%, 5/15/06 
01/05 @ 102 
830,299 
   AAA  9,220   New York Hsg. Fin. Agcy., Hsg. Proj. Mtg., Ser. A, 5.50%, 11/01/06, FSA 
05/06 @ 102 
9,539,012 
    Rochester, Ser. B, MBIA, 
 
   AAA  1,805      4.00%, 2/15/07 
ETM
1,871,623 
   AAA  1,465      4.00%, 2/15/07 
No Opt. Call
1,518,150 


     
46,964,139 


    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
6,217,020 


    Ohio—5.3% 
 
   AAA  1,000   Amer. Muni. Pwr., Inc., Omega JU2 Proj., 4.00%, 1/01/07, AMBAC 
No Opt. Call
1,032,860 
   AAA  2,170   Cincinnati City Sch. Dist., GO, Sch. Impvt., 4.00%, 12/01/06, MBIA 
No Opt. Call
2,239,592 
   AAA  1,285   Milford Sch. Dist., GO, Sch. Impvt., 3.25%, 12/01/06, FSA 
No Opt. Call
1,308,336 
    Ohio Bldg. Auth., Ser. A, FSA, 
 
   AAA  4,585      Admin. Bldg. Fd., 5.00%, 10/01/06 
No Opt. Call
4,797,881 
   AAA  10,000      Correction Facs., 5.00%, 10/01/06 
No Opt. Call
10,455,600 
   AAA  5,400   Ohio Wtr. Dev. Auth., Pure Wtr. Proj., 3.00%, 6/01/07, AMBAC 
No Opt. Call
5,480,298 


     
25,314,567 


    Oklahoma—1.5% 
 
   AAA  6,660   Oklahoma Trans. Auth., Tpke. Sys. Rev., Ser. B, 5.00%, 1/01/07, AMBAC 
No Opt. Call
7,012,913 


    Oregon—1.3% 
 
   AAA  2,020   Oregon Dept. of Admin. Svcs., COP, Ser. A, 5.00%, 11/01/06, FSA 
No Opt. Call
2,115,991 
   AAA  2,065   Portland Swr. Sys., Ser. A, 5.00%, 6/01/07, FSA 
No Opt. Call
2,194,207 
   AAA  2,000   Washington & Clackamas Cntys. Sch. Dist., GO, 3.125%, 6/15/07, MBIA 
No Opt. Call
2,038,500 


     
6,348,698 



See Notes to Financial Statements.

34


BlackRock Municipal Target Term Trust (BMN) (continued)

  Principal    
Option Call
 
Rating1 
Amount    
Provisions2
 
(unaudited) 
(000)
 
Description 
(unaudited)
Value 







    Pennsylvania—5.0%     
   AAA  $  1,500   Delaware Cnty. Regl. Wtr. Qual. Ctrl. Auth., Swr. Rev., 4.00%, 5/01/07, FGIC  No Opt. Call 
$
1,555,230 
   AAA  1,345   Fleetwood Area Sch. Dist., GO, 4.00%, 4/01/07, FGIC  No Opt. Call  1,394,281 
   AAA  1,615   Oxford Area Sch. Dist., GO, Ser. A, 4.00%, 2/15/07, FGIC  No Opt. Call  1,670,217 
   AAA  1,900   Pennsylvania Dept. of Gen. Svcs., COP, 4.25%, 5/01/06, FSA  No Opt. Call  1,948,431 
   AAA  2,375   Pennsylvania Tpke. Comm., Ser. A, 4.125%, 12/01/06, FGIC  No Opt. Call  2,456,225 
    Philadelphia, GO, FSA,     
   AAA  1,000      4.00%, 9/15/06  No Opt. Call  1,028,740 
   AAA  3,100      4.05%, 9/15/07  No Opt. Call  3,231,781 
   AAA  2,950   Philadelphia Wtr. & Wst., 5.50%, 6/15/06, MBIA  No Opt. Call  3,087,175 
   AAA  3,620   Pittsburgh Pub. Pkg. Auth., Pkg. Rev., 2.75%, 12/01/06, AMBAC  No Opt. Call  3,651,494 
    Pocono Mtn. Sch. Dist., GO, FSA,     
   AAA  875      4.50%, 4/01/07  No Opt. Call  916,554 
   AAA  3,025      4.50%, 10/01/07  No Opt. Call  3,187,382 


        24,127,510 


    Rhode Island—1.1%     
   AAA  1,865   Providence, GO, Ser. C, 3.75%, 1/15/07, FGIC  No Opt. Call  1,918,264 
   AAA  3,400   Rhode Island & Providence Plantations, GO, Ser. A, 4.00%, 12/01/06, FSA  No Opt. Call  3,509,038 


        5,427,302 


    South Carolina—0.8%     
   AAA  1,715   Lexington Cnty. Sch. Dist. No. 1, COP, 3.00%, 3/01/07, AMBAC  No Opt. Call  1,738,993 
   AAA  2,070   Pickens Cnty. Sch. Dist., GO, Ser. B, 2.25%, 3/01/07, FGIC  No Opt. Call  2,068,675 


        3,807,668 


    Texas—16.4%     
   AAA  6,575   Austin Wtr. & Wstwtr. Sys., Ser. C, 3.75%, 11/15/06, FSA  No Opt. Call  6,747,594 
   AAA  2,400   Corpus Christi, Gen. Impvt., GO, Ser. A, 5.00%, 3/01/07, FSA  No Opt. Call  2,533,368 
   AAA  1,095   Corpus Christi Bus. & Job Dev., Corp. Sales Tax Rev., 4.00%, 3/01/07, AMBAC  No Opt. Call  1,132,964 
   AAA  8,500   Cypress-Fairbanks Indpt. Sch. Dist., GO, Zero Coupon, 8/01/06, AMBAC  No Opt. Call  8,183,290 
   AAA  6,355   Dallas Rapid Transit, 3.70%, 12/01/06, AMBAC  No Opt. Call  6,519,849 
   AAA  1,305   Dallas Wtr. Wks. & Swr. Sys., 3.00%, 4/01/07, FSA  No Opt. Call  1,323,087 
   AAA  2,280   Denton Util. Sys., Mult. Util. Impvt., 4.25%, 12/01/06, AMBAC  No Opt. Call  2,362,376 
   AAA  3,445   El Paso Cnty., GO, 4.00%, 2/15/07, FSA  No Opt. Call  3,562,785 
   AAA  1,000   Houston Area Wtr. Corp., Northeast Wtr. Purification Proj., 4.00%, 3/01/07, FGIC  No Opt. Call  1,034,670 
   AAA  6,185   MuniMae Trust, Ser. 10, Cl. A, 4.40%, 7/25/08  No Opt. Call  6,277,280 
   AAA  2,915   Odessa Wtr. & Swr., 4.25%, 4/01/07, FSA  No Opt. Call  3,034,369 
    Round Rock Indpt. Sch. Dist., GO, Ser. A,     
   AAA  2,465      4.25%, 8/01/06  No Opt. Call  2,538,777 
   AAA  1,000      4.25%, 8/01/07  No Opt. Call  1,046,890 
   AAA  8,115   San Antonio Elec. & Gas, Ser. B, Zero Coupon, 2/01/08, FGIC  ETM  7,489,009 
   AAA  1,000   Sugar Land, GO, 2.50%, 2/15/07, FGIC  No Opt. Call  1,003,470 
   AAA  5,000   Tarrant Regl. Wtr. Dist., Impvt., 3.00%, 3/01/07, FSA  No Opt. Call  5,068,900 
   AAA  15,000   Texas Mun. Pwr. Agcy., Zero Coupon, 9/01/06, AMBAC  No Opt. Call  14,412,000 
   AAA  1,000   Texas Pub. Fin. Auth., 3.00%, 2/01/07, FGIC  No Opt. Call  1,013,470 
   AAA  3,000   Texas Tech. Univ., Ser. 6, 4.25%, 2/15/07, AMBAC  No Opt. Call  3,117,930 


        78,402,078 


    Utah—5.7%     
    Utah, GO, Ser. B,     
   AAA  5,950      4.50%, 7/01/06  No Opt. Call  6,152,003 
   AAA  20,000      4.50%, 7/01/07  No Opt. Call  21,063,400 


        27,215,403 


    Washington—9.8%     
   AAA  1,325   Benton Cnty. Pub. Util. Dist., Elec. Rev., 3.75%, 11/01/06, FSA  No Opt. Call  1,359,066