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, 2005                                                                   

Date of reporting period:
     December 31, 2005                                                                               



Item 1. Reports to Shareholders.

The Registrant’s annual report to shareholders is as follows:

 



 

 

 

 

 

 

 

 

 

FIXED INCOME

 

LIQUIDITY

 

EQUITIES

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

 

BlackRock

 

Closed-End Funds

 

Annual Report

 

 

 

DECEMBER 31, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Insured Municipal 2008 Term Trust [BRM]

 

 

 

BlackRock Insured Municipal Term Trust [BMT]

 

 

 

BlackRock Municipal 2018 Term Trust [BPK]

 

 

 

BlackRock Municipal 2020 Term Trust [BKK]

 

 

 

BlackRock Municipal Target Term Trust [BMN]

 

 

 

BlackRock Strategic Municipal Trust [BSD]

 

 

 

BlackRock California Insured Municipal 2008 Term Trust [BFC]

 

 

 

BlackRock California Municipal 2018 Term Trust [BJZ]

 

 

 

BlackRock Florida Insured Municipal 2008 Term Trust [BRF]

 

 

 

BlackRock Florida Municipal 2020 Term Trust [BFO]

 

 

 

BlackRock New York Insured Municipal 2008 Term Trust [BLN]

 

 

 

BlackRock New York Municipal 2018 Term Trust [BLH]

 

 

 

BlackRock Pennsylvania Strategic Municipal Trust [BPS]

 

 

 

 

 

 


 

 

 

(BLACKROCK LOGO)

NOT FDIC INSURED

 

MAY LOSE VALUE

 

NO BANK GUARANTEE

 




 

 

TABLE OF CONTENTS

 

 

 

Letter to Shareholders

1

 

 

Trusts’ Summaries

2

 

 

Portfolios of Investments

15

 

 

Financial Statements

 

 

 

Statements of Assets and Liabilities

58

 

 

Statements of Operations

60

 

 

Statements of Changes in Net Assets

62

 

 

Financial Highlights

67

 

 

Notes to Financial Statements

80

 

 

Report of Independent Registered Public Accounting Firm

86

 

 

Directors/Trustees Information

87

 

 

Dividend Reinvestment Plans

90

 

 

Additional Information

90


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, 2005

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, 2005.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

 

Tax-

 

Closing

 

 

 

 

 

 

Current

 

Equivalent

 

Market

 

 

 

Trust (Ticker)

 

Yield1

 

Yield1

 

Price

 

NAV

 











BlackRock Insured Municipal 2008 Term Trust (BRM)

 

 

 

5.20

%

 

 

 

8.00

%

 

 

$

15.30

 

 

 

$

15.89

 

 























BlackRock Insured Municipal Term Trust (BMT)

 

 

 

5.55

 

 

 

 

8.55

 

 

 

 

10.36

 

 

 

 

10.51

 

 























BlackRock Municipal 2018 Term Trust (BPK)

 

 

 

5.77

 

 

 

 

8.88

 

 

 

 

15.71

 

 

 

 

15.71

 

 























BlackRock Municipal 2020 Term Trust (BKK)

 

 

 

5.68

 

 

 

 

8.74

 

 

 

 

14.00

 

 

 

 

15.28

 

 























BlackRock Municipal Target Term Trust (BMN)

 

 

 

3.77

 

 

 

 

5.80

 

 

 

 

9.91

 

 

 

 

10.16

 

 























BlackRock Strategic Municipal Trust (BSD)

 

 

 

6.41

 

 

 

 

9.86

 

 

 

 

17.14

 

 

 

 

15.68

 

 























BlackRock California Insured Municipal 2008 Term Trust (BFC)

 

 

 

5.05

 

 

 

 

7.77

 

 

 

 

15.31

 

 

 

 

15.86

 

 























BlackRock California Municipal 2018 Term Trust (BJZ)

 

 

 

4.84

 

 

 

 

7.45

 

 

 

 

15.19

 

 

 

 

15.21

 

 























BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 

 

 

4.96

 

 

 

 

7.63

 

 

 

 

15.11

 

 

 

 

15.04

 

 























BlackRock Florida Municipal 2020 Term Trust (BFO)

 

 

 

5.00

 

 

 

 

7.69

 

 

 

 

13.35

 

 

 

 

14.90

 

 























BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 

 

 

4.90

 

 

 

 

7.54

 

 

 

 

15.30

 

 

 

 

15.73

 

 























BlackRock New York Municipal 2018 Term Trust (BLH)

 

 

 

4.85

 

 

 

 

7.46

 

 

 

 

15.15

 

 

 

 

16.11

 

 























BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 

 

 

5.72

 

 

 

 

8.80

 

 

 

 

15.85

 

 

 

 

15.27

 

 























 

 

1

Yields are based on closing market price. Tax-equivalent yield assumes the maximum Federal tax rate of 35%. Past performance does not guarantee future results.

          BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to the municipal bond market. As of December 31, 2005, BlackRock managed over $25 billion in municipal bonds, including seven open-end and 37 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, are wholly owned subsidiaries of BlackRock.

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

Sincerely,

 

 

-s- Laurence D. Fink

-s- Ralph L. Schlosstein

Laurence D. Fink

Ralph L. Schlosstein

Chief Executive Officer

President

BlackRock Advisors, Inc.

BlackRock Advisors, Inc.

1


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Insured Municipal 2008 Term Trust (BRM)

 

Trust Information

 

 

 

 

 

 

 






Symbol on New York Stock Exchange:

 

BRM

 





Initial Offering Date:

 

September 18, 1992

 





Termination Date (on or about):

 

December 31, 2008

 





Closing Market Price as of 12/31/05:

 

 

$

15.30

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.89

 

 








Yield on Closing Market Price as of 12/31/05 ($15.30):1

 

 

 

5.20

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.066250

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.795000

 

 








Leverage as of 12/31/05:3

 

 

 

39

%

 








 

 

1

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

2

The distribution is not constant and is subject to change. Past performance does not guarantee future results.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

 

$

15.30

 

 

 

$

16.31

 

 

 

 

(6.19

)%

 

 

$

16.41

 

 

 

$

15.14

 

 




























NAV

 

 

$

15.89

 

 

 

$

16.75

 

 

 

 

(5.13

)%

 

 

$

16.77

 

 

 

$

15.84

 

 




























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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 









Sector

 

December 31, 2005

 

December 31, 2004

 







City, County & State

 

 

 

31

%

 

 

 

32

%

 













Power

 

 

 

24

 

 

 

 

22

 

 













Education

 

 

 

10

 

 

 

 

11

 

 













Industrial & Pollution Control

 

 

 

9

 

 

 

 

9

 

 













Lease Revenue

 

 

 

7

 

 

 

 

6

 

 













Transportation

 

 

 

6

 

 

 

 

8

 

 













Tax Revenue

 

 

 

6

 

 

 

 

5

 

 













Hospital

 

 

 

4

 

 

 

 

4

 

 













Water & Sewer

 

 

 

3

 

 

 

 

3

 

 













As of December 31, 2005 and 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, 2005

BlackRock Insured Municipal Term Trust (BMT)

 

Trust Information

 

 

 

 

 

 

 






Symbol on New York Stock Exchange:

 

BMT

 





Initial Offering Date:

 

February 20, 1992

 





Termination Date (on or about):

 

December 31, 2010

 





Closing Market Price as of 12/31/05:

 

 

$

10.36

 

 








Net Asset Value as of 12/31/05:

 

 

$

10.51

 

 








Yield on Closing Market Price as of 12/31/05 ($10.36):1

 

 

 

5.55

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.047917

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.575004

 

 








Leverage as of 12/31/05:3

 

 

 

39

%

 








 

 

1

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

2

The distribution is not constant and is subject to change. Past performance does not guarantee future results.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
















 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

 

$

10.36

 

 

 

$

11.30

 

 

 

 

(8.32

)%

 

 

$

11.53

 

 

 

$

10.21

 

 




























NAV

 

 

$

10.51

 

 

 

$

11.05

 

 

 

 

(4.89

)%

 

 

$

11.11

 

 

 

$

10.44

 

 




























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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







City, County & State

 

 

 

32

%

 

 

 

32

%

 













Education

 

 

 

17

 

 

 

 

17

 

 













Water & Sewer

 

 

 

15

 

 

 

 

14

 

 













Power

 

 

 

13

 

 

 

 

12

 

 













Hospital

 

 

 

8

 

 

 

 

11

 

 













Transportation

 

 

 

7

 

 

 

 

6

 

 













Lease Revenue

 

 

 

6

 

 

 

 

6

 

 













Tax Revenue

 

 

 

2

 

 

 

 

2

 

 













As of December 31, 2005 all long-term investments had ratings of AAA/Aaa and 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, 2005

BlackRock Municipal 2018 Term Trust (BPK)

 

Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BPK

 






Initial Offering Date:

 

October 26, 2001

 








Termination Date (on or about):

 

December 31, 2018

 








Closing Market Price as of 12/31/05:

 

 

$

15.71

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.71

 

 








Yield on Closing Market Price as of 12/31/05 ($15.71):1

 

 

 

5.77

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0755

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.9060

 

 








Leverage as of 12/31/05:3

 

 

 

36

%

 








 

 

1

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

2

The distribution is not constant and is subject to change. Past performance does not guarantee future results.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

 

$

15.71

 

 

 

$

15.16

 

 

 

 

3.63

%

 

 

$

16.09

 

 

 

$

14.68

 

 




























NAV

 

 

$

15.71

 

 

 

$

15.81

 

 

 

 

(0.63

)%

 

 

$

16.18

 

 

 

$

15.49

 

 




























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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 









Sector

 

December 31, 2005

 

December 31, 2004

 







Hospital

 

 

 

24

%

 

 

 

21

%

 













Industrial & Pollution Control

 

 

 

22

 

 

 

 

23

 

 













City, County & State

 

 

 

22

 

 

 

 

19

 

 













Housing

 

 

 

12

 

 

 

 

12

 

 













Education

 

 

 

5

 

 

 

 

5

 

 













Transportation

 

 

 

5

 

 

 

 

4

 

 













Tax Revenue

 

 

 

4

 

 

 

 

4

 

 













Power

 

 

 

3

 

 

 

 

5

 

 













Lease Revenue

 

 

 

3

 

 

 

 

3

 

 













Other

 

 

 

 

 

 

 

4

 

 













Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 









Credit Rating

 

December 31, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

21

%

 

 

 

15

%

 













AA/Aa

 

 

 

5

 

 

 

 

4

 

 













A

 

 

 

25

 

 

 

 

26

 

 













BBB/Baa

 

 

 

28

 

 

 

 

33

 

 













BB/Ba

 

 

 

5

 

 

 

 

5

 

 













B

 

 

 

2

 

 

 

 

4

 

 













Not Rated5

 

 

 

14

 

 

 

 

13

 

 













 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of December 31, 2005, and December 31, 2004, the market value of these securities was $23,429,928 representing 6.4% and $17,931,814 representing 4.7%, respectively, of the Trust’s long-term investments.

4


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Municipal 2020 Term Trust (BKK)

 

Trust Information

 

 

 

 

 

 

 






Symbol on New York Stock Exchange:

 

BKK

 





Initial Offering Date:

 

September 30, 2003

 








Termination Date (on or about):

 

December 31, 2020

 








Closing Market Price as of 12/31/05:

 

 

$

14.00

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.28

 

 








Yield on Closing Market Price as of 12/31/05 ($14.00):1

 

 

 

5.68

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.066250

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.795000

 

 








Leverage as of 12/31/05:3

 

 

 

36

%

 








 

 

1

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

2

The distribution is not constant and is subject to change. Past performance does not guarantee future results.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

 

$

14.00

 

 

 

$

15.02

 

 

 

 

(6.79

)%

 

 

$

15.67

 

 

 

$

13.68

 

 




























NAV

 

 

$

15.28

 

 

 

$

14.85

 

 

 

 

2.90

%

 

 

$

15.58

 

 

 

$

14.89

 

 




























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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 









Sector

 

December 31, 2005

 

December 31, 2004

 







City, County & State

 

 

 

29

%

 

 

 

28

%

 













Hospitals

 

 

 

17

 

 

 

 

14

 

 













Industrial & Pollution Control

 

 

 

16

 

 

 

 

19

 

 













Housing

 

 

 

8

 

 

 

 

8

 

 













Education

 

 

 

6

 

 

 

 

4

 

 













Transportation

 

 

 

6

 

 

 

 

8

 

 













Tobacco

 

 

 

5

 

 

 

 

7

 

 













Lease Revenue

 

 

 

5

 

 

 

 

4

 

 













Tax Revenue

 

 

 

4

 

 

 

 

4

 

 













Power

 

 

 

4

 

 

 

 

4

 

 













Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 













Credit Rating

 

December 31, 2005

 

December 31, 2004

 













AAA/Aaa

 

 

 

19

%

 

 

 

10

%

 













AA/Aa

 

 

 

5

 

 

 

 

4

 

 













A

 

 

 

15

 

 

 

 

24

 

 













BBB/Baa

 

 

 

41

 

 

 

 

40

 

 













BB/Ba

 

 

 

1

 

 

 

 

3

 

 













B

 

 

 

4

 

 

 

 

4

 

 













CC

 

 

 

 

 

 

 

1

 

 













Not Rated

 

 

 

15

 

 

 

 

14

5

 













 

 

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, 2005

BlackRock Municipal Target Term Trust (BMN)

 

Trust Information

 

 

 

 

 

 

 






Symbol on New York Stock Exchange:

 

BMN

 





Initial Offering Date:

 

September 27, 1991

 





Termination Date (on or about):

 

December 31, 2006

 





Closing Market Price as of 12/31/05:

 

 

$

9.91

 

 








Net Asset Value as of 12/31/05:

 

 

$

10.16

 

 








Yield on Closing Market Price as of 12/31/05 ($9.91):1

 

 

 

3.77

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.031125

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.373500

 

 








Leverage as of 12/31/05:3

 

 

 

24

%

 








 

 

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. Past performance does not guarantee future results.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

 

$

9.91

 

 

 

$

10.49

 

 

 

 

(5.53

)%

 

 

$

10.51

 

 

 

$

9.87

 

 




























NAV

 

 

$

10.16

 

 

 

$

10.55

 

 

 

 

(3.70

)%

 

 

$

10.56

 

 

 

$

10.14

 

 




























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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 









Sector

 

December 31, 2005

 

December 31, 2004

 







City, County & State

 

 

 

40

%

 

 

 

38

%

 













Transportation

 

 

 

12

 

 

 

 

12

 

 













Power

 

 

 

11

 

 

 

 

14

 

 













Education

 

 

 

11

 

 

 

 

10

 

 













Lease Revenue

 

 

 

8

 

 

 

 

8

 

 













Water & Sewer

 

 

 

6

 

 

 

 

7

 

 













Housing

 

 

 

4

 

 

 

 

4

 

 













Tax Revenue

 

 

 

4

 

 

 

 

3

 

 













Hospital

 

 

 

3

 

 

 

 

3

 

 













Industrial & Pollution Control

 

 

 

1

 

 

 

 

1

 

 













As of December 31, 2005 and 2004, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

6



 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Strategic Municipal Trust (BSD)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BSD

 





Initial Offering Date:

 

August 25, 1999

 





Closing Market Price as of 12/31/05:

 

 

$

17.14

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.68

 

 








Yield on Closing Market Price as of 12/31/05 ($17.14):1

 

 

 

6.41

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.091625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

1.099500

 

 








Leverage as of 12/31/05:3

 

 

 

35

%

 








 

 

1

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

2

The distribution is not constant and is subject to change. Past performance does not guarantee future results.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

17.14

 

$

14.52

 

18.04

%

 

$

17.14

 

$

13.79

 


















NAV

 

$

15.68

 

$

15.70

 

(0.13

)%

 

$

16.04

 

$

15.31

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







Industrial & Pollution Control

 

 

 

23

%

 

 

 

16

%

 













City, County & State

 

 

 

15

 

 

 

 

13

 

 













Hospital

 

 

 

14

 

 

 

 

20

 

 













Power

 

 

 

10

 

 

 

 

8

 

 













Education

 

 

 

9

 

 

 

 

8

 

 













Housing

 

 

 

7

 

 

 

 

5

 

 













Transportation

 

 

 

6

 

 

 

 

8

 

 













Tax Revenue

 

 

 

5

 

 

 

 

9

 

 













Water & Sewer

 

 

 

5

 

 

 

 

5

 

 













Lease Revenue

 

 

 

5

 

 

 

 

4

 

 













Other

 

 

 

1

 

 

 

 

4

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

December 31, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

48

%

 

 

 

49

%

 













AA/Aa

 

 

 

15

 

 

 

 

7

 

 













A

 

 

 

11

 

 

 

 

9

 

 













BBB/Baa

 

 

 

12

 

 

 

 

15

 

 













BB/Ba

 

 

 

4

 

 

 

 

6

 

 













B

 

 

 

5

 

 

 

 

8

 

 













CC

 

 

 

 

 

 

 

2

 

 













Not Rated

 

 

 

5

5

 

 

 

4

 

 













 

 

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, 2005, the market value of these securities was $998,610 representing 0.6% of the Trust’s long-term investments.

7


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock California Insured Municipal 2008 Term Trust (BFC)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BFC

 





Initial Offering Date:

 

September 18, 1992

 





Termination Date (on or about):

 

December 31, 2008

 





Closing Market Price as of 12/31/05:

 

 

$

15.31

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.86

 

 








Yield on Closing Market Price as of 12/31/05 ($15.31):1

 

 

 

5.05

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.064375

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.772500

 

 








Leverage as of 12/31/05:3

 

 

 

39

%

 








 

 

1

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

2

The distribution is not constant and is subject to change. Past performance does not guarantee future results.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.31

 

$

16.25

 

(5.78

)%

 

$

16.55

 

$

15.15

 


















NAV

 

$

15.86

 

$

16.76

 

(5.37

)%

 

$

16.81

 

$

15.81

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







City, County & State

 

 

 

21

%

 

 

 

23

%

 













Lease Revenue

 

 

 

20

 

 

 

 

18

 

 













Power

 

 

 

19

 

 

 

 

19

 

 













Education

 

 

 

12

 

 

 

 

12

 

 













Water & Sewer

 

 

 

10

 

 

 

 

10

 

 













Tax Revenue

 

 

 

8

 

 

 

 

8

 

 













Resource Recovery

 

 

 

5

 

 

 

 

5

 

 













Transportation

 

 

 

4

 

 

 

 

4

 

 













Hospital

 

 

 

1

 

 

 

 

1

 

 













As of December 31, 2005 and 2004, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

8


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock California Municipal 2018 Term Trust (BJZ)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BJZ

 





Initial Offering Date:

 

October 26, 2001

 





Termination Date (on or about):

 

December 31, 2018

 





Closing Market Price as of 12/31/05:

 

 

$

15.19

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.21

 

 








Yield on Closing Market Price as of 12/31/05 ($15.19):1

 

 

 

4.84

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.061250

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.735000

 

 








Leverage as of 12/31/05:3

 

 

 

36

%

 








 

 

1

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

2

The distribution is not constant and is subject to change. Past performance does not guarantee future results.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.19

 

$

13.89

 

9.36

%

 

$

15.49

 

$

13.80

 


















NAV

 

$

15.21

 

$

15.17

 

0.26

%

 

$

15.52

 

$

14.99

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







City, County & State

 

 

 

21

%

 

 

 

23

%

 













Transportation

 

 

 

19

 

 

 

 

19

 

 













Lease Revenue

 

 

 

15

 

 

 

 

15

 

 













Hospital

 

 

 

14

 

 

 

 

10

 

 













Education

 

 

 

8

 

 

 

 

8

 

 













Housing

 

 

 

7

 

 

 

 

 

 













Industrial & Pollution Control

 

 

 

7

 

 

 

 

4

 

 













Power

 

 

 

5

 

 

 

 

5

 

 













Water & Sewer

 

 

 

4

 

 

 

 

2

 

 













Tobacco

 

 

 

 

 

 

 

7

 

 













Other

 

 

 

 

 

 

 

7

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

December 31, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

37

%

 

 

 

31

%

 













AA/Aa

 

 

 

4

 

 

 

 

4

 

 













A

 

 

 

35

 

 

 

 

38

 

 













BBB/Baa

 

 

 

21

 

 

 

 

24

 

 













Not Rated

 

 

 

3

 

 

 

 

3

5

 













 

 

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 $3,052,217 representing 2.2% of the Trust’s long-term investments.

9


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BRF

 





Initial Offering Date:

 

September 18, 1992

 





Termination Date (on or about):

 

December 31, 2008

 





Closing Market Price as of 12/31/05:

 

 

$

15.11

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.04

 

 








Yield on Closing Market Price as of 12/31/05 ($15.11):1

 

 

 

4.96

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.7500

 

 








Leverage as of 12/31/05:3

 

 

 

39

%

 








 

 

1

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

2

The distribution is not constant and is subject to change. Past performance does not guarantee future results.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.11

 

$

15.85

 

(4.67

)%

 

$

16.04

 

$

15.03

 


















NAV

 

$

15.04

 

$

15.91

 

(5.47

)%

 

$

15.95

 

$

14.99

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







Tax Revenue

 

 

 

36

%

 

 

 

34

%

 













Power

 

 

 

16

 

 

 

 

15

 

 













Lease Revenue

 

 

 

13

 

 

 

 

12

 

 













Education

 

 

 

12

 

 

 

 

12

 

 













City, County & State

 

 

 

10

 

 

 

 

11

 

 













Transportation

 

 

 

5

 

 

 

 

5

 

 













Water & Sewer

 

 

 

4

 

 

 

 

7

 

 













Resource Recovery

 

 

 

4

 

 

 

 

4

 

 













As of December 31, 2005 and 2004, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

10


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Florida Municipal 2020 Term Trust (BFO)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BFO

 





Initial Offering Date:

 

September 30, 2003

 





Termination Date (on or about):

 

December 31, 2020

 





Closing Market Price as of 12/31/05:

 

 

$

13.35

 

 








Net Asset Value as of 12/31/05:

 

 

$

14.90

 

 








Yield on Closing Market Price as of 12/31/05 ($13.35):1

 

 

 

5.00

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.055625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.667500

 

 








Leverage as of 12/31/05:3

 

 

 

37

%

 








 

 

1

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

2

The distribution is not constant and is subject to change. Past performance does not guarantee future results.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

13.35

 

$

15.08

 

(11.47

)%

 

$

15.88

 

$

12.68

 


















NAV

 

$

14.90

 

$

14.63

 

1.85

%

 

$

15.15

 

$

14.64

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







City, County & State

 

 

 

26

%

 

 

 

32

%

 













Water & Sewer

 

 

 

18

 

 

 

 

17

 

 













Tobacco

 

 

 

10

 

 

 

 

9

 

 













Education

 

 

 

10

 

 

 

 

9

 

 













Power

 

 

 

10

 

 

 

 

9

 

 













Tax Revenue

 

 

 

7

 

 

 

 

5

 

 













Hospitals

 

 

 

6

 

 

 

 

6

 

 













Lease Revenue

 

 

 

5

 

 

 

 

5

 

 













Industrial & Pollution Control

 

 

 

5

 

 

 

 

5

 

 













Transportation

 

 

 

3

 

 

 

 

3

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

December 31, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

58

%

 

 

 

56

%

 













AA/Aa

 

 

 

1

 

 

 

 

1

 

 













A

 

 

 

4

 

 

 

 

4

 

 













BBB/Baa

 

 

 

17

 

 

 

 

18

 

 













BB/Ba

 

 

 

2

 

 

 

 

2

 

 













Not Rated5

 

 

 

18

 

 

 

 

19

 

 













 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of December 31, 2005, and December 31, 2004, the market value of these securities was $2,124,960 representing 1.7% and $7,203,690 representing 5.7%, respectively, of the Trust’s long-term investments.

11


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BLN

 





Initial Offering Date:

 

September 18, 1992

 





Termination Date (on or about):

 

December 31, 2008

 





Closing Market Price as of 12/31/05:

 

 

$

15.30

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.73

 

 








Yield on Closing Market Price as of 12/31/05 ($15.30):1

 

 

 

4.90

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.7500

 

 








Leverage as of 12/31/05:3

 

 

 

38

%

 








 

 

1

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

2

The distribution is not constant and is subject to change. Past performance does not guarantee future results.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.30

 

$

16.09

 

(4.91

)%

 

$

16.19

 

$

15.10

 


















NAV

 

$

15.73

 

$

16.56

 

(5.01

)%

 

$

16.58

 

$

15.68

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







Transportation

 

 

 

26

%

 

 

 

24

%

 













Education

 

 

 

20

 

 

 

 

20

 

 













City, County & State

 

 

 

17

 

 

 

 

17

 

 













Water & Sewer

 

 

 

11

 

 

 

 

11

 

 













Hospital

 

 

 

8

 

 

 

 

10

 

 













Tax Revenue

 

 

 

6

 

 

 

 

7

 

 













Power

 

 

 

6

 

 

 

 

5

 

 













Lease Revenue

 

 

 

3

 

 

 

 

3

 

 













Housing

 

 

 

3

 

 

 

 

3

 

 













As of December 31, 2005 and 2004, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

12


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock New York Municipal 2018 Term Trust (BLH)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BLH

 





Initial Offering Date:

 

October 26, 2001

 





Termination Date (on or about):

 

December 31, 2018

 





Closing Market Price as of 12/31/05:

 

 

$

15.15

 

 








Net Asset Value as of 12/31/05:

 

 

$

16.11

 

 








Yield on Closing Market Price as of 12/31/05 ($15.15):1

 

 

 

4.85

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.061250

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.735000

 

 








Leverage as of 12/31/05:3

 

 

 

35

%

 








 

 

1

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

2

The distribution is not constant and is subject to change. Past performance does not guarantee future results.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.15

 

$

14.82

 

2.23

%

 

$

15.48

 

$

14.75

 


















NAV

 

$

16.11

 

$

15.77

 

2.16

%

 

$

16.32

 

$

15.80

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







Education

 

 

 

22

%

 

 

 

22

%

 













Hospital

 

 

 

17

 

 

 

 

17

 

 













City, County & State

 

 

 

11

 

 

 

 

11

 

 













Transportation

 

 

 

11

 

 

 

 

11

 

 













Lease Revenue

 

 

 

10

 

 

 

 

11

 

 













Tobacco

 

 

 

10

 

 

 

 

10

 

 













Industrial & Pollution Control

 

 

 

7

 

 

 

 

6

 

 













Tax Revenue

 

 

 

6

 

 

 

 

6

 

 













Housing

 

 

 

5

 

 

 

 

 

 













Power

 

 

 

1

 

 

 

 

1

 

 













Other

 

 

 

 

 

 

 

5

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

December 31, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

35

%

 

 

 

23

%

 













AA/Aa

 

 

 

26

 

 

 

 

37

 

 













A

 

 

 

21

 

 

 

 

21

 

 













BBB/Baa

 

 

 

13

 

 

 

 

16

 

 













B

 

 

 

1

 

 

 

 

 

 













CCC/Caa

 

 

 

3

 

 

 

 

3

 

 













Not Rated

 

 

 

1

 

 

 

 

 

 













 

 

4

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

13


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 


Trust Information

 

 

 

 

 

 

 





Symbol on American Stock Exchange:

 

BPS

 





Initial Offering Date:

 

August 25, 1999

 





Closing Market Price as of 12/31/05:

 

 

$

15.85

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.27

 

 








Yield on Closing Market Price as of 12/31/05 ($15.85):1

 

 

 

5.72

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0755

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.9060

 

 








Leverage as of 12/31/05:3

 

 

 

36

%

 








 

 

1

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

2

The distribution is not constant and is subject to change. Past performance does not guarantee future results.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.85

 

$

15.70

 

0.96

%

 

$

17.05

 

$

14.19

 


















NAV

 

$

15.27

 

$

15.81

 

(3.42

)%

 

$

15.87

 

$

15.22

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







Education

 

 

 

24

%

 

 

 

24

%

 













Transportation

 

 

 

23

 

 

 

 

19

 

 













Hospital

 

 

 

15

 

 

 

 

22

 

 













Housing

 

 

 

12

 

 

 

 

3

 

 













Water & Sewer

 

 

 

9

 

 

 

 

8

 

 













Lease Revenue

 

 

 

6

 

 

 

 

6

 

 













Industrial & Pollution Control

 

 

 

6

 

 

 

 

5

 

 













Power

 

 

 

3

 

 

 

 

 

 













City, County & State

 

 

 

2

 

 

 

 

2

 

 













Other

 

 

 

 

 

 

 

11

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

December 31, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

61

%

 

 

 

56

%

 













AA/Aa

 

 

 

7

 

 

 

 

7

 

 













A

 

 

 

21

 

 

 

 

19

 

 













BBB/Baa

 

 

 

8

 

 

 

 

12

 

 













B

 

 

 

 

 

 

 

6

 

 













Not Rated

 

 

 

3

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, 2005, to be of investment grade quality.

14


PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

 

 

BlackRock Insured Municipal 2008 Term Trust (BRM)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 












 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—132.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—2.1%

 

 

 

 

 

 

AAA

 

 

$

2,410

 

 

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

 

No Opt. Call

 

$

2,529,463

 

AAA

 

 

 

6,555

 

 

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

 

No Opt. Call

 

 

6,727,069

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,256,532

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Alaska—0.9%

 

 

 

 

 

 

AAA

 

 

 

4,000

 

 

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

 

No Opt. Call

 

 

4,044,360

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arizona—2.1%

 

 

 

 

 

 

AAA

 

 

 

4,000

 

 

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

 

No Opt. Call

 

 

3,661,000

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

1,028,730

 

AAA

 

 

 

4,200

 

 

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

 

07/08 @ 101

 

 

4,303,530

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,993,260

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—2.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Ser. A, 3.125%, 5/01/08, FSA

 

No Opt. Call

 

 

4,982,650

 

AAA

 

 

 

5,000

 

 

Ser. A, 3.375%, 5/01/09, MBIA

 

No Opt. Call

 

 

5,002,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,984,850

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—2.5%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

1,601,300

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

995,040

 

AAA

 

 

 

6,965

 

 

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

 

06/07 @ 101

 

 

7,194,566

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

996,410

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,787,316

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Delaware—0.2%

 

 

 

 

 

 

AAA

 

 

 

650

 

 

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

 

No Opt. Call

 

 

648,349

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

District of Columbia—3.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Dist. of Columbia, GO,

 

 

 

 

 

 

AAA

 

 

 

195

3

 

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

 

ETM

 

 

208,381

 

AAA

 

 

 

2,605

 

 

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

 

No Opt. Call

 

 

2,773,387

 

AAA

 

 

 

10,000

 

 

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

 

No Opt. Call

 

 

10,480,800

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

13,462,568

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—4.8%

 

 

 

 

 

 

AAA

 

 

 

2,280

 

 

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

 

No Opt. Call

 

 

2,335,700

 

AAA

 

 

 

13,890

 

 

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

 

No Opt. Call

 

 

14,629,365

 

AAA

 

 

 

1,300

 

 

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

 

No Opt. Call

 

 

1,361,646

 

AAA

 

 

 

2,080

 

 

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

 

No Opt. Call

 

 

2,198,789

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

20,525,500

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Georgia—5.9%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,358,700

 

AAA

 

 

 

20,000

 

 

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

 

No Opt. Call

 

 

20,322,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

25,680,900

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Hawaii—5.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hawaii, GO,

 

 

 

 

 

 

AAA

 

 

 

6,510

 

 

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

 

No Opt. Call

 

 

6,628,612

 

AAA

 

 

 

8,045

 

 

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

 

No Opt. Call

 

 

8,013,464

 

 

 

 

 

 

 

 

Honolulu City & Cnty.,

 

 

 

 

 

 

AAA

 

 

 

1,880

 

 

Ser. A, 5.00%, 3/01/09, MBIA

 

No Opt. Call

 

 

1,970,917

 

AAA

 

 

 

4,750

 

 

Ser. E, 4.00%, 7/01/08, FGIC

 

No Opt. Call

 

 

4,825,382

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

21,438,375

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—13.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Chicago Park Dist., Pkg. Rev., GO,

 

 

 

 

 

 

AAA

 

 

 

1,750

 

 

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

 

No Opt. Call

 

 

1,754,935

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

983,490

 

AAA

 

 

 

3,105

3

 

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

 

ETM

 

 

3,001,728

 

See Notes to Financial Statements.

15



 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cook Cnty. High Sch.,

 

 

 

 

 

 

AAA

 

 

$

2,000

 

 

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

 

No Opt. Call

 

$

2,060,320

 

AAA

 

 

 

1,175

3

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

FGIC

 

ETM

 

 

1,020,981

 

AAA

 

 

 

4,805

 

 

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

 

No Opt. Call

 

 

4,167,184

 

AAA

 

 

 

13,000

 

 

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

 

No Opt. Call

 

 

12,824,110

 

AAA

 

 

 

8,985

 

 

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

 

No Opt. Call

 

 

8,124,327

 

 

 

 

 

 

 

 

Illinois, GO,

 

 

 

 

 

 

AAA

 

 

 

6,750

 

 

Ser. 1, 3.50%, 7/01/08, MBIA

 

No Opt. Call

 

 

6,777,203

 

AAA

 

 

 

5,000

 

 

Ser. 1, 3.75%, 7/01/09, MBIA

 

No Opt. Call

 

 

5,057,100

 

AAA

 

 

 

1,455

 

 

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

 

No Opt. Call

 

 

1,469,346

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

8,385

3

 

Zero Coupon, 6/15/08, FGIC

 

ETM

 

 

7,706,821

 

AAA

 

 

 

215

 

 

Zero Coupon, 6/15/08, FGIC

 

No Opt. Call

 

 

197,374

 

AAA

 

 

 

1,570

3

 

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

 

ETM

 

 

1,443,019

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

56,587,938

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kansas—0.2%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

1,018,520

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—0.8%

 

 

 

 

 

 

AAA

 

 

 

3,890

 

 

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

 

No Opt. Call

 

 

3,491,392

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—1.3%

 

 

 

 

 

 

AAA

 

 

 

5,770

 

 

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

 

No Opt. Call

 

 

5,762,557

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—4.8%

 

 

 

 

 

 

AAA

 

 

 

6,315

 

 

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

 

No Opt. Call

 

 

6,452,793

 

AAA

 

 

 

1,665

3

 

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

 

ETM

 

 

1,671,527

 

AAA

 

 

 

3,000

 

 

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

 

No Opt. Call

 

 

3,066,870

 

AAA

 

 

 

2,535

 

 

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

 

No Opt. Call

 

 

2,588,996

 

AAA

 

 

 

2,695

 

 

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

 

No Opt. Call

 

 

2,711,736

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

2,096,020

 

AAA

 

 

 

2,160

 

 

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

 

No Opt. Call

 

 

2,250,374

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

20,838,316

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Mississippi—0.5%

 

 

 

 

 

 

AAA

 

 

 

2,175

 

 

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

 

No Opt. Call

 

 

2,168,671

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nevada—2.6%

 

 

 

 

 

 

AAA

 

 

 

6,270

 

 

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

 

No Opt. Call

 

 

6,399,977

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

2,085

 

 

Zero Coupon, 1/01/09, AMBAC

 

No Opt. Call

 

 

1,852,231

 

AAA

 

 

 

3,585

 

 

Zero Coupon, 1/01/10, AMBAC

 

No Opt. Call

 

 

3,052,735

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,304,943

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—1.2%

 

 

 

 

 

 

AAA

 

 

 

1,220

 

 

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

 

No Opt. Call

 

 

1,262,859

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

1,220

 

 

3.10%, 4/15/09, AMBAC

 

No Opt. Call

 

 

1,211,314

 

AAA

 

 

 

1,000

 

 

5.00%, 12/01/08, FSA

 

No Opt. Call

 

 

1,046,140

 

AAA

 

 

 

1,750

 

 

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

 

No Opt. Call

 

 

1,838,952

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,359,265

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Mexico—1.1%

 

 

 

 

 

 

AAA

 

 

 

2,030

 

 

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

 

No Opt. Call

 

 

2,039,541

 

AAA

 

 

 

2,600

 

 

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

 

No Opt. Call

 

 

2,627,352

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,666,893

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—13.0%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

2,062,300

 

 

 

 

 

 

 

 

New York,

 

 

 

 

 

 

AAA

 

 

 

1,450

3

 

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

 

ETM

 

 

1,473,650

 

AAA

 

 

 

3,550

 

 

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

 

No Opt. Call

 

 

3,610,527

 

AAA

 

 

 

4,250

 

 

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

 

No Opt. Call

 

 

4,262,325

 

 

 

 

 

 

 

 

New York City, GO,

 

 

 

 

 

 

AAA

 

 

 

15,500

 

 

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

 

No Opt. Call

 

 

16,185,100

 

AAA

 

 

 

5,000

4

 

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

 

N/A

 

 

5,083,650

 

See Notes to Financial Statements.

16



 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

New York—(cont’d)

 

 

 

 

 

 

AAA

 

 

$

15,915

 

 

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

 

09/08 @ 101

 

$

16,828,362

 

AAA

 

 

 

4,000

 

 

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

 

No Opt. Call

 

 

3,940,520

 

AAA

 

 

 

2,715

 

 

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

 

01/06 @ 101

 

 

2,745,354

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

56,191,788

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—8.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

13,500

 

 

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

 

No Opt. Call

 

 

14,557,050

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,357,300

 

AAA

 

 

 

14,675

4

 

Ser. B, 7.25%, 1/01/07, CAPMAC

 

N/A

 

 

15,243,069

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

35,157,419

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—0.5%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

2,103,540

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oregon—2.0%

 

 

 

 

 

 

AAA

 

 

 

2,905

 

 

Dept. of Admin. Svcs., COP, 5.00%, 11/01/08, FSA

 

No Opt. Call

 

 

3,037,700

 

AAA

 

 

 

2,255

 

 

Dept. of Admin. Svcs., Lottery Rev., Ser. C, 3.125%, 4/01/09, FSA

 

No Opt. Call

 

 

2,242,891

 

AAA

 

 

 

1,285

 

 

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

 

No Opt. Call

 

 

1,269,387

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

2,021,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,571,378

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—11.6%

 

 

 

 

 

 

AAA

 

 

 

1,460

 

 

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

 

No Opt. Call

 

 

1,455,036

 

AAA

 

 

 

1,500

 

 

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

 

No Opt. Call

 

 

1,541,760

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

5,275

 

 

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

 

01/06 @ 100

 

 

5,283,598

 

AAA

 

 

 

2,725

3

 

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

 

ETM

 

 

2,825,607

 

 

 

 

 

 

 

 

Dept. of Gen. Svcs., COP,

 

 

 

 

 

 

AAA

 

 

 

2,075

 

 

4.50%, 5/01/08, FSA

 

No Opt. Call

 

 

2,130,610

 

AAA

 

 

 

2,120

 

 

4.50%, 11/01/08, FSA

 

No Opt. Call

 

 

2,188,518

 

AAA

 

 

 

2,165

 

 

4.50%, 5/01/09, FSA

 

No Opt. Call

 

 

2,246,036

 

AAA

 

 

 

2,220

 

 

4.50%, 11/01/09, FSA

 

No Opt. Call

 

 

2,310,776

 

AAA

 

 

 

3,500

 

 

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

 

No Opt. Call

 

 

3,538,115

 

AAA

 

 

 

16,250

 

 

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

 

No Opt. Call

 

 

16,177,850

 

AAA

 

 

 

3,175

 

 

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

 

No Opt. Call

 

 

3,240,659

 

AAA

 

 

 

3,125

 

 

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

 

No Opt. Call

 

 

3,121,500

 

AAA

 

 

 

3,955

 

 

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

 

07/07 @ 100

 

 

3,978,374

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

50,038,439

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

South Carolina—0.9%

 

 

 

 

 

 

AAA

 

 

 

2,020

 

 

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

 

No Opt. Call

 

 

2,019,960

 

AAA

 

 

 

1,705

 

 

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

 

No Opt. Call

 

 

1,717,634

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

3,737,594

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—0.2%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

1,028,970

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—24.2%

 

 

 

 

 

 

AAA

 

 

 

5,380

 

 

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

 

No Opt. Call

 

 

5,396,086

 

 

 

 

 

 

 

 

Austin Util. Sys.,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

6.625%, 11/15/08, AMBAC

 

No Opt. Call

 

 

5,430,150

 

AAA

 

 

 

11,515

 

 

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

 

No Opt. Call

 

 

10,391,712

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

4,338,400

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

4,338,400

 

 

 

 

 

 

 

 

Coppell Indpt. Sch. Dist.,

 

 

 

 

 

 

AAA

 

 

 

1,430

3

 

6.10%, 8/15/09, MBIA

 

ETM

 

 

1,553,509

 

AAA

 

 

 

620

 

 

6.10%, 8/15/09, MBIA

 

02/06 @ 100

 

 

621,866

 

AAA

 

 

 

2,500

 

 

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

 

No Opt. Call

 

 

2,511,325

 

AAA

 

 

 

4,390

 

 

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

 

No Opt. Call

 

 

3,847,001

 

 

 

 

 

 

 

 

Lower Colorado River Auth.,

 

 

 

 

 

 

AAA

 

 

 

2,010

 

 

3.50%, 5/15/09, MBIA

 

No Opt. Call

 

 

2,019,447

 

AAA

 

 

 

2,690

 

 

5.25%, 5/15/09, FSA

 

No Opt. Call

 

 

2,851,077

 

AAA

 

 

 

1,650

 

 

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

 

No Opt. Call

 

 

1,655,280

 

See Notes to Financial Statements.

17



 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

Texas—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Mun. Pwr. Agcy.,

 

 

 

 

 

 

AAA

 

 

$

1,075

3

 

Zero Coupon, 9/01/08, AMBAC

 

ETM

 

$

979,605

 

AAA

 

 

 

13,925

 

 

Zero Coupon, 9/01/08, AMBAC

 

No Opt. Call

 

 

12,695,979

 

AAA

 

 

 

1,155

3

 

Zero Coupon, 9/01/09, AMBAC

 

ETM

 

 

1,011,942

 

AAA

 

 

 

15,020

 

 

Zero Coupon, 9/01/09, AMBAC

 

No Opt. Call

 

 

13,183,354

 

AAA

 

 

 

1,500

 

 

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

 

No Opt. Call

 

 

1,569,825

 

 

 

 

 

 

 

 

Pub. Fin. Auth.,

 

 

 

 

 

 

AAA

 

 

 

2,270

 

 

3.50%, 2/01/09, FGIC

 

No Opt. Call

 

 

2,279,829

 

AAA

 

 

 

5,900

 

 

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

 

No Opt. Call

 

 

6,386,396

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

2,250

4

 

5.50%, 2/01/08, AMBAC

 

N/A

 

 

2,367,945

 

AAA

 

 

 

750

 

 

5.50%, 2/01/09, AMBAC

 

02/08 @ 101

 

 

788,385

 

AAA

 

 

 

6,000

3

 

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

 

ETM

 

 

5,141,820

 

AAA

 

 

 

9,050

 

 

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

 

No Opt. Call

 

 

9,090,092

 

AAA

 

 

 

1,825

 

 

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

 

No Opt. Call

 

 

1,910,994

 

AAA

 

 

 

2,275

 

 

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

 

No Opt. Call

 

 

2,069,431

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

104,429,850

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Utah—3.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermountain Pwr. Agcy. Sply.,

 

 

 

 

 

 

AAA

 

 

 

2,215

3

 

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

 

ETM

 

 

2,302,824

 

AAA

 

 

 

1,285

 

 

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

 

No Opt. Call

 

 

1,335,565

 

AAA

 

 

 

10,300

4

 

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

 

N/A

 

 

10,559,869

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

14,198,258

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—10.8%

 

 

 

 

 

 

AAA

 

 

 

1,250

 

 

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

 

No Opt. Call

 

 

1,308,188

 

 

 

 

 

 

 

 

Hlth. Care Fac. Auth. Catholic Hlth. Initiatives Proj.,

 

 

 

 

 

 

AAA

 

 

 

1,010

 

 

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

 

No Opt. Call

 

 

1,061,490

 

AAA

 

 

 

1,000

 

 

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

 

06/10 @ 101

 

 

1,075,120

 

AAA

 

 

 

3,060

 

 

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

 

No Opt. Call

 

 

3,073,372

 

AAA

 

 

 

12,850

 

 

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

 

12/07 @ 102

 

 

13,623,184

 

AAA

 

 

 

2,045

 

 

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

 

No Opt. Call

 

 

2,083,691

 

 

 

 

 

 

 

 

Pub. Pwr. Sply.,

 

 

 

 

 

 

AAA

 

 

 

11,000

 

 

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

 

No Opt. Call

 

 

11,393,030

 

AAA

 

 

 

5,550

 

 

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

 

No Opt. Call

 

 

5,272,889

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

1,826,020

 

AAA

 

 

 

5,710

 

 

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

 

No Opt. Call

 

 

5,799,247

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

46,516,231

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

West Virginia—1.5%

 

 

 

 

 

 

AAA

 

 

 

1,550

 

 

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

 

No Opt. Call

 

 

1,582,302

 

 

 

 

 

 

 

 

Higher Ed. Policy Comm. Rev.,

 

 

 

 

 

 

AAA

 

 

 

2,455

 

 

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

 

No Opt. Call

 

 

2,578,241

 

AAA

 

 

 

2,135

 

 

Univ. Facs. Proj., Ser. A, 5.00%, 4/01/09, MBIA

 

No Opt. Call

 

 

2,242,177

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,402,720

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—1.4%

 

 

 

 

 

 

AAA

 

 

 

6,080

 

 

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

 

No Opt. Call

 

 

6,197,283

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wyoming—0.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Albany Cnty. Impvts. Statutory Trust, COP,

 

 

 

 

 

 

AAA

 

 

 

1,270

 

 

3.75%, 1/15/09, MBIA

 

No Opt. Call

 

 

1,284,504

 

AAA

 

 

 

1,395

 

 

3.75%, 7/15/09, MBIA

 

No Opt. Call

 

 

1,411,098

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,695,602

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $556,947,570)

 

 

 

 

573,289,577

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—29.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Connecticut—1.5%

 

 

 

 

 

 

A-1+

 

 

 

6,700

5

 

Hlth. & Edl. Fac. Auth., Quinnipac Univ. Proj., Ser. F, 3.70%, 1/05/06, RAA, FRWD

 

N/A

 

 

6,700,000