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, 2006__________________________________

Date of reporting period:__ June 30, 2006_________________________________


Item 1. Reports to Stockholders.

FIXED INCOME           LIQUIDITY           EQUITIES           ALTERNATIVES           BLACKROCK SOLUTIONS


BlackRock
Closed-End Funds
Semi-Annual Report

JUNE 30, 2006 (UNAUDITED)


 

BlackRock Insured Municipal 2008 Term Trust (BRM)

BlackRock Insured Municipal Term Trust (BMT)

BlackRock Municipal 2018 Term Trust (BPK)

BlackRock Municipal 2020 Term Trust (BKK)

BlackRock Municipal Target Term Trust (BMN)

BlackRock Strategic Municipal Trust (BSD)

BlackRock California Insured Municipal 2008 Term Trust (BFC)

BlackRock California Municipal 2018 Term Trust (BJZ)

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

BlackRock Florida Municipal 2020 Term Trust (BFO)

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

BlackRock New York Municipal 2018 Term Trust (BLH)

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

BlackRock Long-Term Municipal Advantage Trust (BTA)


 

 

 

 

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE


TABLE OF CONTENTS 
   
Letter to Shareholders    1 
     
Trusts’ Summaries    2 
     
Portfolios of Investments    16 
     
Financial Statements     
     
     Statements of Assets and Liabilities    61 
     
     Statements of Operations    64 
     
     Statements of Changes in Net Assets    67 
     
Financial Highlights    72 
     
Notes to Financial Statements    86 
     
Board Review of Investment Management Agreements    93 
     
Dividend Reinvestment Plans    98 
     
Additional Information    98 

 

 

 


Privacy Principles of the Trusts

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

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

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


LETTER TO SHAREHOLDERS

June 30, 2006

Dear Shareholder:

     We are pleased to report that during the semi-annual period, the Trusts provided monthly income, as well as the opportunity to invest in various portfolios of municipal securities. This report contains the Trusts’ unaudited and 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 June 30, 2006.

 
   
Tax-
Closing 
   
Current  
Equivalent
Market
Trust (Ticker)   
Yield1
     
Yield1
     
Price 
     
NAV 
   BlackRock Insured Municipal 2008 Term Trust (BRM)    5.24 %    8.07 %   
$15.16  
 
$15.45   
   BlackRock Insured Municipal Term Trust (BMT)    3.89     5.98    
  9.39 
 
10.16 
   BlackRock Municipal 2018 Term Trust (BPK)    5.79     8.91    
15.64 
 
15.58 
   BlackRock Municipal 2020 Term Trust (BKK)    5.40     8.30    
14.73 
 
15.15 
   BlackRock Municipal Target Term Trust (BMN)    3.76     5.79    
  9.93 
 
10.11 
   BlackRock Strategic Municipal Trust (BSD)    6.43     9.90    
17.09 
 
15.29 
   BlackRock California Insured Municipal 2008 Term Trust (BFC)    5.07     7.80    
15.24 
 
15.37 
   BlackRock California Municipal 2018 Term Trust (BJZ)    4.84     7.44    
15.20 
 
14.97 
   BlackRock Florida Insured Municipal 2008 Term Trust (BRF)    3.22     4.96    
13.96 
 
14.69 
   BlackRock Florida Municipal 2020 Term Trust (BFO)    5.10     7.85    
13.09 
 
14.73 
   BlackRock New York Insured Municipal 2008 Term Trust (BLN)    3.71     5.70    
14.76 
 
15.33 
   BlackRock New York Municipal 2018 Term Trust (BLH)    4.81     7.41    
15.27 
 
16.01 
   BlackRock Pennsylvania Strategic Municipal Trust (BPS)    5.35     8.22    
16.95 
 
15.00 
   BlackRock Long-Term Municipal Advantage Trust (BTA) 
 
6.37
 
 
9.79
 
 
12.96 
 
13.58 
1Yields 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 June 30, 2006, BlackRock managed over $25 billion in municipal bonds, including seven open-end and 38 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 (unaudited)
JUNE 30, 2006

BlackRock Insured Municipal 2008 Term Trust (BRM)

Trust Information

 
Symbol on New York Stock Exchange:   
BRM
Initial Offering Date:    September 18, 1992
Termination Date (on or about):    December 31, 2008
Closing Market Price as of 6/30/06:    $15.16  
Net Asset Value as of 6/30/06:    $15.45  
Yield on Closing Market Price as of 6/30/06 ($15.16):1    5.24 % 
Current Monthly Distribution per Common Share:2    $0.06625  
Current Annualized Distribution per Common Share:2    $0.79500  
Leverage as of 6/30/06:3    39 % 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

           
 
6/30/06 
12/31/05 
Change
High 
Low 
Market Price 
$15.16 
$15.30 
(0.92
)% 
$15.72 
$15.02 
NAV 
$15.45 
$15.89 
(2.77
)% 
$15.92 
$15.44 

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

Sector Breakdown

 
Sector    June 30, 2006   December 31, 2005
City, County & State    29 %    31 % 
Power    25     24  
Education    11     10  
Industrial & Pollution Control    9     9  
Lease Revenue    7     7  
Transportation    7     6  
Tax Revenue    6     6  
Hospital    3     4  
Water & Sewer    3     3  

As of June 30, 2006, and December 31, 2005, all long-term investments had ratings of AAA/Aaa by Standard & Poor’s (“S&P”), Moody’s Investors Service (“Moody’s”) or Fitch’s Ratings (“Fitch”).

2


TRUST SUMMARIES (unaudited)
JUNE 30, 2006

BlackRock Insured Municipal Term Trust (BMT)

Trust Information

 
Symbol on New York Stock Exchange:   
BMT
Initial Offering Date:    February 20, 1992
Termination Date (on or about):    December 31, 2010
Closing Market Price as of 6/30/06:    $9.39  
Net Asset Value as of 6/30/06:    $10.16  
Yield on Closing Market Price as of 6/30/06 ($9.39):1    3.89 % 
Current Monthly Distribution per Common Share:2    $0.030417  
Current Annualized Distribution per Common Share:2    $0.365004  
Leverage as of 6/30/06:3    39 % 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

             
 
6/30/06 
12/31/05 
Change
High 
Low 
Market Price 
$  9.39 
$10.36 
(9.36
)% 
$10.83 
$  9.33 
NAV 
$10.16 
$10.51 
(3.33
)% 
$10.53 
$10.14 

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

Sector Breakdown

 
Sector    June 30, 2006   December 31, 2005
City, County & State    32 %    32 % 
Education    17     17  
Water & Sewer    15     15  
Power    13     13  
Hospital    8     8  
Transportation    7     7  
Lease Revenue    6     6  
Tax Revenue    2     2  

Credit Breakdown4

 
Credit Rating    June 30, 2006  
December 31, 2005
AAA/Aaa    99 %    100 % 
A    1      

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

3


TRUST SUMMARIES (unaudited)
JUNE 30, 2006

BlackRock Municipal 2018 Term Trust (BPK)

Trust Information

 
Symbol on New York Stock Exchange:   
BPK
Initial Offering Date:    October 26, 2001
Termination Date (on or about):    December 31, 2018
Closing Market Price as of 6/30/06:    $15.64  
Net Asset Value as of 6/30/06:    $15.58  
Yield on Closing Market Price as of 6/30/06 ($15.64):1    5.79 % 
Current Monthly Distribution per Common Share:2    $0.0755  
Current Annualized Distribution per Common Share:2    $0.9060  
Leverage as of 6/30/06:3    36 % 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

           
 
6/30/06 
12/31/05 
Change
High 
Low 
Market Price 
$15.64 
$15.71 
(0.45 )% 
$16.20 
$15.36 
NAV 
$15.58 
$15.71 
(0.83 )% 
$15.82 
$15.54 

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

Sector Breakdown

 
Sector    June 30, 2006   December 31, 2005
Hospital    23 %    24 % 
Industrial & Pollution Control    23     22  
City, County & State    21     22  
Housing    11     12  
Education    5     5  
Transportation    5     5  
Tax Revenue    4     4  
Lease Revenue    3     3  
Power    3     3  
Tobacco    2      

Credit Breakdown4

 
Credit Rating    June 30, 2006   December 31, 2005
AAA/Aaa    22 %    21 % 
AA/Aa    10     5  
A    22     25  
BBB/Baa    29     28  
BB/Ba    1     5  
B    5     2  
Not Rated5    11     14  

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

5 The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2006, and December 31, 2005, the market value of these securities was $5,609,740 representing 1.5% and $5,795,231 representing 1.6%, respectively, of the Trust’s long-term investments.

4


TRUST SUMMARIES (unaudited)
JUNE 30, 2006

BlackRock Municipal 2020 Term Trust (BKK)

Trust Information

 
Symbol on New York Stock Exchange:   
BKK
Initial Offering Date:    September 30, 2003
Termination Date (on or about):    December 31, 2020
Closing Market Price as of 6/30/06:    $14.73  
Net Asset Value as of 6/30/06:    $15.15  
Yield on Closing Market Price as of 6/30/06 ($14.73):1    5.40 % 
Current Monthly Distribution per Common Share:2    $0.06625  
Current Annualized Distribution per Common Share:2    $0.79500  
Leverage as of 6/30/06:3    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:

           
 
6/30/06 
12/31/05 
Change
High 
Low 
Market Price 
$14.73 
$14.00 
5.21 % 
$15.02 
$14.00 
NAV 
$15.15 
$15.28 
(0.85 )% 
$15.49 
$15.09 

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

Sector Breakdown

 
Sector    June 30, 2006   December 31, 2005
City, County & State    24 %    29 % 
Hospitals    18     17  
Industrial & Pollution Control    18     16  
Tobacco    11     5  
Housing    8     8  
Education    7     6  
Tax Revenue    5     4  
Transportation    5     6  
Power    4     4  
Lease Revenue        5  

Credit Breakdown4

 
Credit Rating    June 30, 2006   December 31, 2005
AAA/Aaa    20 %    19 % 
AA/Aa    7     5  
A    16     15  
BBB/Baa    37     41  
BB/Ba    1     1  
B    5     4  
Not Rated    14     15  

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

5


TRUST SUMMARIES (unaudited)
JUNE 30, 2006

BlackRock Municipal Target Term Trust (BMN)

Trust Information

 
Symbol on New York Stock Exchange:   
BMN
Initial Offering Date:    September 27, 1991
Termination Date (on or about):    December 31, 2006
Closing Market Price as of 6/30/06:    $9.93  
Net Asset Value as of 6/30/06:    $10.11  
Yield on Closing Market Price as of 6/30/06 ($9.93):1    3.76 % 
Current Monthly Distribution per Common Share:2    $0.031125  
Current Annualized Distribution per Common Share:2    $0.373500  

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

           
 
6/30/06 
12/31/05 
Change
High 
Low 
Market Price 
$  9.93 
$  9.91 
0.20 % 
$10.01 
$  9.91 
NAV 
$10.11 
$10.16 
(0.49 )% 
$10.17 
$10.09 

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

Sector Breakdown

 
Sector    June 30, 2006   December 31, 2005
City, County & State    29 %    40 % 
Education    16     11  
Power    16     11  
Lease Revenue    11     8  
Housing    9     4  
Transportation    8     12  
Water & Sewer    5     6  
Tax Revenue    4     4  
Hospital    2     3  
Industrial & Pollution Control        1  

As of June 30, 2006 and December 31, 2005, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

6


TRUST SUMMARIES (unaudited)
JUNE 30, 2006

BlackRock Strategic Municipal Trust (BSD)

Trust Information

 
Symbol on New York Stock Exchange:   
BSD
Initial Offering Date:    August 25, 1999
Closing Market Price as of 6/30/06:    $17.09  
Net Asset Value as of 6/30/06:    $15.29  
Yield on Closing Market Price as of 6/30/06 ($17.09):1    6.43 % 
Current Monthly Distribution per Common Share:2    $0.091625  
Current Annualized Distribution per Common Share:2    $1.099500  
Leverage as of 6/30/06:3    36 % 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

           
 
6/30/06 
12/31/05 
Change
High 
Low 
Market Price 
$17.09 
$17.14 
(0.29 )% 
$17.95 
$16.05 
NAV 
$15.29 
$15.68 
(2.49 )% 
$15.83 
$15.24 

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

Sector Breakdown

 
Sector    June 30, 2006   December 31, 2005
City, County & State    22 %    15 % 
Industrial & Pollution Control    20     23  
Hospital    16     14  
Education    10     9  
Power    9     10  
Tax Revenue    8     5  
Housing    7     7  
Transportation    7     6  
Water & Sewer    1     5  
Lease Revenue        5  
Other        1  

Credit Breakdown4

 
Credit Rating    June 30, 2006   December 31, 2005
AAA/Aaa    50 %    48 % 
AA/Aa    16     15  
A    6     11  
BBB/Baa    12     12  
BB/Ba    4     4  
B    5     5  
Not Rated5    7     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 June 30, 2006 and December 31, 2005, the market value of these securities was $972,350 representing 0.6% and $998,610 representing 0.6%, respectively, of the Trust’s long-term investments.

7


TRUST SUMMARIES (unaudited)
JUNE 30, 2006

BlackRock California Insured Municipal 2008 Term Trust (BFC)

Trust Information

 
Symbol on New York Stock Exchange:   
BFC
Initial Offering Date:    September 18, 1992
Termination Date (on or about):    December 31, 2008
Closing Market Price as of 6/30/06:    $15.24  
Net Asset Value as of 6/30/06:    $15.37  
Yield on Closing Market Price as of 6/30/06 ($15.24):1    5.07 % 
Current Monthly Distribution per Common Share:2    $0.064375  
Current Annualized Distribution per Common Share:2    $0.772500  
Leverage as of 6/30/06:3    40 % 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

           
 
6/30/06 
12/31/05 
Change
High 
Low 
Market Price 
$15.24 
$15.31 
(0.46 )% 
$15.84 
$15.06 
NAV 
$15.37 
$15.86 
(3.09 )% 
$15.92 
$15.36 

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

Sector Breakdown

 
Sector    June 30, 2006   December 31, 2005
City, County & State    21 %    21 % 
Lease Revenue    20     20  
Power    19     19  
Education    12     12  
Tax Revenue    10     8  
Water & Sewer    10     10  
Resource Recovery    5     5  
Transportation    2     4  
Hospital    1     1  

As of June 30, 2006, and December 31, 2005, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

8


TRUST SUMMARIES (unaudited)
JUNE 30, 2006

BlackRock California Municipal 2018 Term Trust (BJZ)

Trust Information

 
Symbol on New York Stock Exchange:    BJZ
Initial Offering Date:    October 26, 2001
Termination Date (on or about):    December 31, 2018
Closing Market Price as of 6/30/06:    $15.20  
Net Asset Value as of 6/30/06:    $14.97  
Yield on Closing Market Price as of 6/30/06 ($15.20):1    4.84 % 
Current Monthly Distribution per Common Share:2    $0.06125  
Current Annualized Distribution per Common Share:2    $0.73500  
Leverage as of 6/30/06:3    37 % 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

             
 
6/30/06 
12/31/05 
Change
High 
Low 
Market Price 
$15.20 
$15.19 
0.07 % 
$15.59 
$14.93 
NAV 
$14.97 
$15.21 
(1.58 )% 
$15.34 
$14.94 

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

Sector Breakdown

 
Sector    June 30, 2006   December 31, 2005
City, County & State    20 %    21 % 
Transportation    19     19  
Lease Revenue    15     15  
Hospital    14     14  
Industrial & Pollution Control    9     7  
Education    7     8  
Housing    7     7  
Power    5     5  
Water & Sewer    4     4  

Credit Breakdown4

 
Credit Rating    June 30, 2006   December 31, 2005
AAA/Aaa    36 %    37 % 
AA/Aa    4     4  
A    34     35  
BBB/Baa    23     21  
Not Rated    3     3  

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

9


TRUST SUMMARIES (unaudited)
JUNE 30, 2006

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

Trust Information

 
Symbol on New York Stock Exchange:   
BRF
Initial Offering Date:    September 18, 1992
Termination Date (on or about):    December 31, 2008
Closing Market Price as of 6/30/06:    $13.96  
Net Asset Value as of 6/30/06:    $14.69  
Yield on Closing Market Price as of 6/30/06 ($13.96):1    3.22 % 
Current Monthly Distribution per Common Share:2    $0.0375  
Current Annualized Distribution per Common Share:2    $0.4500  
Leverage as of 6/30/06:3    40 % 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

           
 
6/30/06 
12/31/05 
Change
High 
Low 
Market Price 
$13.96 
$15.11 
(7.61 )% 
$15.50 
$13.78 
NAV 
$14.69 
$15.04 
(2.33 )% 
$15.07 
$14.68 

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

Sector Breakdown

 
Sector    June 30, 2006   December 31, 2005
Tax Revenue    36 %    36 % 
Power    15     16  
Lease Revenue    13     13  
Education    12     12  
City, County & State    10     10  
Transportation    5     5  
Resource Recovery    4     4  
Water & Sewer    4     4  
Other    1      

As of June 30, 2006, and December 31, 2005, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

10


TRUST SUMMARIES (unaudited)
JUNE 30, 2006

BlackRock Florida Municipal 2020 Term Trust (BFO)

Trust Information

 
Symbol on New York Stock Exchange:   
BFO
Initial Offering Date:    September 30, 2003
Termination Date (on or about):    December 31, 2020
Closing Market Price as of 6/30/06:    $13.09  
Net Asset Value as of 6/30/06:    $14.73  
Yield on Closing Market Price as of 6/30/06 ($13.09):1    5.10 % 
Current Monthly Distribution per Common Share:2    $0.055625  
Current Annualized Distribution per Common Share:2    $0.667500  
Leverage as of 6/30/06:3    37 % 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

           
 
6/30/06 
12/31/05 
Change
High 
Low 
Market Price 
$13.09 
$13.35 
(1.95 )% 
$14.25 
$13.00 
NAV 
$14.73 
$14.90 
(1.14 )% 
$15.07 
$14.69 

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

Sector Breakdown

 
Sector    June 30, 2006   December 31, 2005
City, County & State    26 %    26 % 
Water & Sewer    18     18  
Tobacco    11     10  
Education    10     10  
Power    10     10  
Tax Revenue    7     7  
Hospitals    6     6  
Industrial & Pollution Control    5     5  
Lease Revenue    4     5  
Transportation    3     3  

Credit Breakdown4

 
Credit Rating    June 30, 2006   December 31, 2005
AAA/Aaa    59 %    58 % 
AA/Aa    1     1  
A    4     4  
BBB/Baa    18     17  
BB/Ba    2     2  
Not Rated5    16     18  

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

5 The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2006, and December 31, 2005, the market value of these securities was $2,089,420 representing 1.8% and $2,124,960 representing 1.7%, respectively, of the Trust’s long-term investments.

11


TRUST SUMMARIES (unaudited)
JUNE 30, 2006

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

Trust Information

 
Symbol on New York Stock Exchange:   
BLN
Initial Offering Date:    September 18, 1992
Termination Date (on or about):    December 31, 2008
Closing Market Price as of 6/30/06:    $14.76  
Net Asset Value as of 6/30/06:    $15.33  
Yield on Closing Market Price as of 6/30/06 ($14.76):1    3.71 % 
Current Monthly Distribution per Common Share:2    $0.0456  
Current Annualized Distribution per Common Share:2    $0.5472  
Leverage as of 06/30/06:3    39 % 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

           
 
6/30/06 
12/31/05 
Change
High 
Low 
Market Price 
$14.76 
$15.30 
(3.53 )% 
$15.53 
$14.61 
NAV 
$15.33 
$15.73 
(2.54 )% 
$15.77 
$15.31 

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

Sector Breakdown

 
Sector    June 30, 2006   December 31, 2005
Transportation    26 %    26 % 
Education    20     20  
City, County & State    17     17  
Water & Sewer    12     11  
Hospital    8     8  
Power    6     6  
Tax Revenue    6     6  
Lease Revenue    3     3  
Housing    2     3  

As of June 30, 2006, and December 31, 2005, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

12


TRUST SUMMARIES (unaudited)
JUNE 30, 2006

BlackRock New York Municipal 2018 Term Trust (BLH)

Trust Information

 
Symbol on New York Stock Exchange:   
BLH
Initial Offering Date:    October 26, 2001
Termination Date (on or about):    December 31, 2018
Closing Market Price as of 6/30/06:    $15.27  
Net Asset Value as of 6/30/06:    $16.01  
Yield on Closing Market Price as of 6/30/06 ($15.27):1    4.81 % 
Current Monthly Distribution per Common Share:2    $0.06125  
Current Annualized Distribution per Common Share:2    $0.73500  
Leverage as of 6/30/06:3    35 % 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

           
 
6/30/06 
12/31/05 
Change
High 
Low 
Market Price 
$15.27 
$15.15  0.79 % 
$15.85 
$15.10 
NAV 
$16.01 
$16.11  (0.62 )% 
$16.32 
$15.98 

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

Sector Breakdown

 
Sector    June 30, 2006   December 31, 2005
Education    22 %    22 % 
Hospital    17     17  
City, County & State    11     11  
Tobacco    11     10  
Lease Revenue    10     10  
Transportation    10     11  
Industrial & Pollution Control    7     7  
Tax Revenue    6     6  
Housing    5     5  
Power    1     1  

Credit Breakdown4

 
Credit Rating    June 30, 2006   December 31, 2005
AAA/Aaa    39 %    35 % 
AA/Aa    37     26  
A    10     21  
BBB/Baa    10     13  
B    1     1  
CCC/Caa    3     3  
Not Rated        1  

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

13


TRUST SUMMARIES (unaudited)
JUNE 30, 2006

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

Trust Information

 
Symbol on American Stock Exchange:    BPS
Initial Offering Date:    August 25, 1999
Closing Market Price as of 6/30/06:    $16.95  
Net Asset Value as of 6/30/06:    $15.00  
Yield on Closing Market Price as of 6/30/06 ($16.95):1    5.35 % 
Current Monthly Distribution per Common Share:2    $0.0755  
Current Annualized Distribution per Common Share:2    $0.9060  
Leverage as of 6/30/06:3    37 % 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

           
 
6/30/06 
12/31/05 
Change
High 
Low 
Market Price 
$16.95 
$15.85 
6.94 % 
$16.95 
$15.29 
NAV 
$15.00 
$15.27 
(1.77 )% 
$15.30 
$14.98 

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

Sector Breakdown

 
Sector    June 30, 2006   December 31, 2005
Education    34 %    24 % 
Transportation    17     23  
Hospital    13     15  
Water & Sewer    13     9  
Housing    10     12  
Industrial & Pollution Control    5     6  
Lease Revenue    4     6  
Other    2      
Power    2     3  
City, County & State        2  

Credit Breakdown4

 
Credit Rating    June 30, 2006   December 31, 2005
AAA/Aaa    60 %    61 % 
AA/Aa    13     7  
A    18     21  
BBB/Baa    7     8  
Not Rated5    2     3  

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

5 The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2006, and December 31, 2005, the market value of these securities was $972,350 representing 2.3% and $998,610 representing 2.7%, respectively, of the Trust’s long-term investments.

14


TRUST SUMMARIES (unaudited)
JUNE 30, 2006

BlackRock Long-Term Municipal Advantage Trust (BTA)

Trust Information

 
Symbol on New York Stock Exchange:   
BTA
Initial Offering Date:    February 28, 2006
Closing Market Price as of 6/30/06:    $12.96  
Net Asset Value as of 6/30/06:    $13.58  
Yield on Closing Market Price as of 6/30/06 ($12.96):1    6.37 % 
Current Monthly Distribution per Common Share:2    $0.06875  
Current Annualized Distribution per Common Share:2    $0.82500  

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

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 Trust’s market price and NAV:

       
 
6/30/06 
High 
Low 
Market Price 
$12.96 
$15.02 
$12.92 
NAV 
$13.58 
$14.35 
$13.48 

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

Sector Breakdown

 
Sector    June 30, 2006
Tobacco    26 % 
Industrial & Pollution Control    19  
Education    15  
Hospital    15  
City, County & State    14  
Transportation    9  
Housing    2  

Credit Breakdown4

 
Credit Rating    June 30, 2006
AAA/Aaa    4 % 
AA/Aa     
A    14  
BBB/Baa    64  
B    5  
Not Rated5    13  

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

5 The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2006, the market value of these securities was $6,863,780 representing 3.8% of the Trust’s long-term investments.

15


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2006

BlackRock Insured Municipal 2008 Term Trust (BRM)

 
Principal 
           
 
Amount 
      Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
 
  LONG-TERM INVESTMENTS—129.5%         
 
  Alabama—2.2%         
AAA 
 
$      2,410 
  Auburn Univ. RB, 5.00%, 4/01/09, AMBAC    No Opt. Call    $      2,480,540 
AAA 
 
6,555 
  Birmingham Jefferson Civic Ctr. Auth. ST, Ser. A, 4.25%, 1/01/09, FSA    No Opt. Call    6,615,044 
 
          9,095,584 
 
  Arizona—2.1%         
AAA 
 
4,000 
  Chandler GO, Zero Coupon, 7/01/08, FGIC    No Opt. Call    3,690,240 
AAA 
 
1,000 
  Phoenix Str. & Hwy. RB, 4.25%, 7/01/09, FGIC    No Opt. Call    1,010,330 
AAA 
 
4,200 
  Pima Cnty. Str. & Hwy. RB, 4.125%, 7/01/09, FGIC    07/08 @ 101    4,228,728 
 
          8,929,298 
 
  California—2.3%         
 
  Dept. of Wtr. Res. Pwr. Sply. RB,         
AAA 
 
5,000 
     Ser. A, 3.125%, 5/01/08, FSA    No Opt. Call    4,915,600 
AAA 
 
5,000 
     Ser. A, 3.375%, 5/01/09, MBIA    No Opt. Call    4,904,950 
 
          9,820,550 
 
  Colorado—2.5%         
AAA 
 
2,000 
  E-470 Pub. Hwy. Auth. RB, Ser. B, Zero Coupon, 9/01/11, MBIA    No Opt. Call    1,603,860 
AAA 
 
1,000 
  El Paso Cnty. COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC    No Opt. Call    978,470 
AAA 
 
6,965 
  Regl. Transp. Dist. COP, Transp. Vehicles Proj., Ser. A, 5.00%, 6/01/08, MBIA    06/07 @ 101    7,109,942 
AAA 
 
1,000 
  Thornton COP, 3.25%, 12/01/08, AMBAC    No Opt. Call    979,280 
 
          10,671,552 
 
  Delaware—0.2%         
AAA 
 
650 
  Delaware River & Bay Auth. RB, 3.25%, 1/01/09, MBIA    No Opt. Call    635,908 
 
  District of Columbia—3.1%         
 
  Dist. of Columbia GO,         
AAA 
 
1953
     Ser. B, 5.50%, 6/01/09, FSA    ETM    203,531 
AAA 
 
2,605 
     Ser. B, 5.50%, 6/01/09, FSA    No Opt. Call    2,716,781 
AAA 
 
10,000 
     Ser. B-1, 5.50%, 6/01/08, AMBAC    No Opt. Call    10,295,800 
 
          13,216,112 
 
  Florida—4.8%         
AAA 
 
2,280 
  Broward Cnty. Sch. Brd. COP, Ser. B, 4.25%, 7/01/09, FSA    No Opt. Call    2,297,807 
AAA 
 
13,890 
  Dept. of Env. Protection Presvtn. RB, Ser. B, 5.00%, 7/01/09, MBIA    No Opt. Call    14,328,507 
AAA 
 
1,300 
  Palm Beach RB, Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA    No Opt. Call    1,334,489 
AAA 
 
2,080 
  Tampa Wtr. & Swr. RB, 5.50%, 10/01/08, FSA    No Opt. Call    2,153,174 
 
          20,113,977 
 
  Georgia—6.0%         
AAA 
 
5,000 
  Georgia GO, Ser. E, 5.25%, 2/01/10    No Opt. Call    5,239,750 
AAA 
 
20,000 
  Monroe Cnty. PCRB, Vogtle Power Plant Co. Proj., 4.20%, 1/01/12, AMBAC    No Opt. Call    20,040,200 
 
          25,279,950 
 
  Hawaii—5.0%         
 
  Hawaii GO,         
AAA 
 
6,510 
     Ser. CY, 4.00%, 2/01/09, FSA    No Opt. Call    6,528,749 
AAA 
 
8,045 
     Ser. CZ, 3.25%, 7/01/09, FSA    No Opt. Call    7,839,289 
 
  Honolulu City & Cnty. GO,         
AAA 
 
1,880 
     Ser. A, 5.00%, 3/01/09, MBIA    No Opt. Call    1,932,508 
AAA 
 
4,750 
     Ser. E, 4.00%, 7/01/08, FGIC    No Opt. Call    4,766,198 
 
          21,066,744 
 
  Illinois—12.2%         
 
  Chicago Park Dist., Pkg. Rev. GO,         
AAA 
 
1,750 
     Ser. A, 3.50%, 1/01/09, FGIC    No Opt. Call    1,724,100 
AAA 
 
1,000 
     Ser. C, 3.00%, 1/01/09, AMBAC    No Opt. Call    968,040 
AAA 
 
3,1053
  Chicago Pub. Bldg. RB, Ser. A, Zero Coupon, 1/01/07, MBIA    ETM    3,047,806 
 
  Cook Cnty. High Sch. GO,         
AAA 
 
2,000 
     Arlington Heights Proj., 4.50%, 12/01/08, FSA    No Opt. Call    2,027,660 
AAA 
 
1,1753
     J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC    ETM    1,023,778 
AAA 
 
4,805 
     J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC    No Opt. Call    4,182,416 

See Notes to Financial Statements.

16


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

 
Principal 
           
 
Amount 
      Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
 
  Illinois—(cont’d)         
AAA 
 
$     13,000 
  Dev. Fin. Auth. Gas Sply. RB, 3.05%, 2/01/33, AMBAC    No Opt. Call    $      12,694,890 
AAA 
 
8,985 
  Du Page Cnty. Forest Presvtn. Dist. GO, Zero Coupon, 11/01/08    No Opt. Call    8,170,330 
AAA 
 
6,750 
  Illinois GO, Ser. 1, 3.50%, 7/01/08, MBIA    No Opt. Call    6,683,715 
AAA 
 
1,455 
  Kane & Du Page Cntys. Sch. Dist. GO, Ser. A, 3.75%, 1/01/09, FSA    No Opt. Call    1,448,845 
 
  Met. Pier & Expo. Auth. Ded. St. Tax RB, McCormick Place Expansion Proj.,         
AAA 
 
8,3853
     Zero Coupon, 6/15/08, FGIC    ETM    7,774,740 
AAA 
 
215 
     Zero Coupon, 6/15/08, FGIC    No Opt. Call    199,010 
AAA 
 
1,5703
     Ser. A, Zero Coupon, 6/15/08, FGIC    ETM    1,455,735 
 
          51,401,065 
 
  Kansas—0.2%         
AAA 
 
1,000 
  Dev. Fin. Auth. Pub. Wtr. Sply. RB, 4.00%, 4/01/09, AMBAC    No Opt. Call    1,003,040 
 
  Kentucky—0.8%         
AAA 
 
3,890 
  Owensboro Elec. Lt. & Pwr. RB, Ser. B, Zero Coupon, 1/01/09, AMBAC    No Opt. Call    3,511,503 
 
  Louisiana—1.3%         
AAA 
 
5,770 
  Pub. Facs. Auth. RB, Ochsner Clinic Fndtn. Proj., Ser. A, 3.50%, 5/15/09, MBIA    No Opt. Call    5,652,292 
 
  Michigan—4.9%         
AAA 
 
6,315 
  Detroit City Sch. Dist. GO, Sch. Bldg. & Site Impvt. Proj., Ser. A, 4.00%, 5/01/09, FGIC    No Opt. Call    6,326,430 
AAA 
 
1,6653
  Detroit GO, 3.50%, 4/01/09, MBIA    ETM    1,638,610 
AAA 
 
3,000 
  Trunk Line RB, Ser. A, 4.125%, 11/01/08, FSA    No Opt. Call    3,019,320 
AAA 
 
2,535 
  Washtenaw Cmnty. Coll. GO, 4.00%, 4/01/09, MBIA    No Opt. Call    2,543,366 
AAA 
 
2,695 
  West Ottawa Pub. Sch. Dist. GO, Ser. B, 3.50%, 5/01/09, FGIC    No Opt. Call    2,657,674 
AAA 
 
2,000 
  Western Twnshps. Util. Auth. Swr. Disp. Sys. GO, 5.00%, 1/01/09, FGIC    No Opt. Call    2,053,540 
AAA 
 
2,160 
  Wyandotte Elec. RB, 6.25%, 10/01/08, MBIA    No Opt. Call    2,218,860 
 
          20,457,800 
 
  Mississippi—0.5%         
AAA 
 
2,175 
  De Soto Cnty. Sch. Dist. GO, 3.25%, 2/01/09, FSA    No Opt. Call    2,124,105 
 
  Nevada—2.7%         
AAA 
 
6,270 
  Clark Cnty. Sch. Dist. GO, Ser. A, 4.00%, 6/01/09, FGIC    No Opt. Call    6,283,418 
 
  Dept. of Bus. & Ind. RB, Las Vegas Monorail Proj.,         
AAA 
 
2,085 
     Zero Coupon, 1/01/09, AMBAC    No Opt. Call    1,868,452 
AAA 
 
3,585 
     Zero Coupon, 1/01/10, AMBAC    No Opt. Call    3,070,875 
 
          11,222,745 
 
  New Jersey—1.3%         
AAA 
 
1,220 
  Econ. Dev. Auth. RB, Econ. Recovery Fund, Ser. A, 4.50%, 3/15/09, MBIA    No Opt. Call    1,239,410 
 
  Monmouth Cnty. Impvt. Auth. Gov’t. Loan RB,         
AAA 
 
1,220 
     3.10%, 4/15/09, AMBAC    No Opt. Call    1,184,230 
AAA 
 
1,000 
     5.00%, 12/01/08, FSA    No Opt. Call    1,026,120 
AAA 
 
1,750 
  Transp. Trust Fund Auth. Transp. Sys. RB, Ser. C, 5.25%, 12/15/08, AMBAC    No Opt. Call    1,803,655 
 
          5,253,415 
 
  New Mexico—1.1%         
AAA 
 
2,030 
  Farmington Util. Sys. RB, Ser. A, 3.50%, 5/15/09, FSA    No Opt. Call    1,996,627 
AAA 
 
2,455 
  Fin. Auth. RB, Fin. Auth. Pub. Impvt. Proj., Ser. A, 3.80%, 6/01/08, MBIA    No Opt. Call    2,453,600 
 
          4,450,227 
 
  New York—12.0%         
AAA 
 
2,000 
  Erie Cnty. Pub. Impvt. GO, Ser. A, 4.50%, 3/15/09, FGIC    No Opt. Call    2,031,300 
AAA 
 
15,500 
  New York City GO, Ser. E, 6.20%, 8/01/07, MBIA    No Opt. Call    15,895,560 
AAA 
 
4,250 
  New York City Hlth. & Hosp. Corp. Hlth. Sys. Svcs. RB, Ser. A, 3.50%, 2/15/09, AMBAC    No Opt. Call    4,182,637 
 
  New York GO,         
AAA 
 
1,4503
     Ser. E, 6.125%, 8/01/06, MBIA    ETM    1,452,393 
AAA 
 
3,550 
     Ser. E, 6.125%, 8/01/06, MBIA    No Opt. Call    3,555,822 
AAA 
 
15,915 
     Ser. F, 5.25%, 9/15/09, MBIA    09/08 @ 101    16,531,229 
AAA 
 
4,000 
  Port Auth. of New York & New Jersey RB, Ser. 129, 2.875%, 11/01/08, FSA    No Opt. Call    3,888,760 
AAA 
 
2,715 
  Thruway Auth. Svc. Contract RB, Local Hwy. & Brdg. Proj., Ser. A, 5.40%, 1/01/09, MBIA    07/06 @ 101    2,737,670 
 
          50,275,371 

See Notes to Financial Statements.

17


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

  Principal             
  Amount        Option Call     
Rating1 
      (000)       
Description 
  Provisions2        Value 
      North Carolina—8.2%         
      Eastn. Mun. Pwr. Agcy. Sys. RB,         
AAA 
  $     13,500       Ser. B, 6.125%, 1/01/09, FGIC    No Opt. Call    $      14,201,865 
AAA 
  5,000       Ser. B, 7.00%, 1/01/08, CAPMAC    No Opt. Call    5,232,000 
AAA 
 
14,6754
     Ser. B, 7.25%, 1/01/07, CAPMAC    N/A    14,921,393 
              34,355,258 
      Ohio—0.5%         
AAA 
  2,000    Bldg. Auth. RB, Workers’ Comp. Facs. Proj., Ser. A, 5.00%, 4/01/09, FGIC    No Opt. Call    2,058,020 
      Oregon—2.0%         
      Dept. of Admin. Svcs.,         
AAA 
  2,905       COP, 5.00%, 11/01/08, FSA    No Opt. Call    2,979,600 
AAA 
  2,255       Lottery RB, Ser. C, 3.125%, 4/01/09, FSA    No Opt. Call    2,191,838 
AAA 
  1,285    Lane Cnty. Sch. Dist. No. 4 GO, 3.00%, 1/01/09, FSA    No Opt. Call    1,247,234 
AAA 
  2,000    Washington & Clackamas Cntys. Sch. Dist. GO, 3.75%, 6/15/08, MBIA    No Opt. Call    1,996,620 
              8,415,292 
      Pennsylvania—10.3%         
AAA 
  1,460    Bensalem Twnshp. Sch. Dist. GO, 3.25%, 8/15/09, FGIC    No Opt. Call    1,421,865 
AAA 
  1,500    Bristol Twnshp. Sch. Dist. GO, 4.25%, 2/15/09, FGIC    No Opt. Call    1,514,325 
      Dauphin Cnty. Gen. Auth. RB, HAPSCO-Western PA. Hosp. Proj.,         
AAA 
  3,570       Ser. A, 6.25%, 7/01/08, MBIA    07/06 @ 100    3,574,463 
AAA 
 
1,8703
     Ser. B, 6.25%, 7/01/08, MBIA    ETM    1,911,252 
      Dept. of Gen. Svcs. COP,         
AAA 
  2,075       4.50%, 5/01/08, FSA    No Opt. Call    2,098,385 
AAA 
  2,120       4.50%, 11/01/08, FSA    No Opt. Call    2,151,143 
AAA 
  2,165       4.50%, 5/01/09, FSA    No Opt. Call    2,201,004 
AAA 
  2,220       4.50%, 11/01/09, FSA    No Opt. Call    2,262,380 
AAA 
  16,250    Lehigh Cnty. Indl. Dev. Auth. PCRB, 3.125%, 11/01/08, AMBAC    No Opt. Call    15,878,850 
AAA 
  3,175    Philadelphia GO, 4.10%, 9/15/08, FSA    No Opt. Call    3,193,383 
AAA 
  3,125    Pittsburgh Pub. Pkg. Auth. Pkg. RB, 3.25%, 12/01/08, AMBAC    No Opt. Call    3,064,375 
AAA 
  3,955    West Chester Area Sch. Dist. GO, Ser. AA, 3.65%, 1/15/09, MBIA    07/07 @ 100    3,943,649 
              43,215,074 
      South Carolina—0.9%         
AAA 
  2,020    Chester Cnty. Sch. Dist. GO, 3.25%, 2/01/09, FSA    No Opt. Call    1,976,247 
AAA 
  1,705    Lexington Cnty. Sch. Dist. 1 COP, 3.50%, 3/01/09, AMBAC    No Opt. Call    1,682,477 
              3,658,724 
      Tennessee—0.2%         
AAA 
  1,000    Clarksville Wtr. Swr. & Gas RB, 4.30%, 2/01/09, FSA    No Opt. Call    1,010,640 
      Texas—24.7%         
AAA 
  5,380    Austin Pub. Impvt. GO, 3.50%, 9/01/08, FSA    No Opt. Call    5,324,478 
      Austin Util. Sys. RB,         
AAA 
  5,000       6.625%, 11/15/08, AMBAC    No Opt. Call    5,294,600 
AAA 
  11,515       Ser. A, Zero Coupon, 11/15/08, MBIA    No Opt. Call    10,461,493 
AAA 
  5,000       Ser. A, Zero Coupon, 11/15/09, AMBAC    No Opt. Call    4,354,300 
AAA 
  5,000       Ser. A, Zero Coupon, 11/15/09, MBIA    No Opt. Call    4,354,300 
      Coppell Indpt. Sch. Dist. GO,         
AAA 
 
1,4303
     6.10%, 8/15/09, MBIA    ETM    1,516,458 
AAA 
  620       6.10%, 8/15/09, MBIA    08/06 @ 100    621,507 
AAA 
  2,500    Dallas Wtr. Wks. & Swr. Sys. RB, 3.50%, 4/01/09, FSA    No Opt. Call    2,460,450 
AAA 
  4,390    Houston Indpt. Sch. Dist. GO, Zero Coupon, 8/15/09, AMBAC    No Opt. Call    3,863,815 
      Lower Colorado River Auth. RB,         
AAA 
  2,010       3.50%, 5/15/09, MBIA    No Opt. Call    1,976,956 
AAA 
  2,690       5.25%, 5/15/09, FSA    No Opt. Call    2,785,710 
AAA 
  1,650    Lubbock Cnty. GO, 3.50%, 2/15/09, FGIC    No Opt. Call    1,627,378 
      Mun. Pwr. Agcy. RB,         
AAA 
 
1,0753
     Zero Coupon, 9/01/08, AMBAC    ETM    988,602 
AAA 
  13,925       Zero Coupon, 9/01/08, AMBAC    No Opt. Call    12,781,479 
AAA 
 
1,1553
     Zero Coupon, 9/01/09, AMBAC    ETM    1,016,585 
AAA 
  15,020       Zero Coupon, 9/01/09, AMBAC    No Opt. Call    13,224,209 
AAA 
  1,500    North Texas Tollway Auth. RB, Ser. C, 5.00%, 1/01/09, FSA    No Opt. Call    1,538,370 

See Notes to Financial Statements.

18


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

 
Principal 
           
 
Amount 
      Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
 
  Texas—(cont’d)         
 
  Pub. Fin. Auth. Bldg. RB, Gen Svcs. Comm. Proj.,         
AAA 
 
$      2,2504
     5.50%, 2/01/08, AMBAC    N/A    $      2,329,582 
AAA 
 
750 
     5.50%, 2/01/09, AMBAC    02/08 @ 101    775,598 
 
  Pub. Fin. Auth. RB,         
AAA 
 
2,270 
     3.50%, 2/01/09, FGIC    No Opt. Call    2,236,926 
AAA 
 
5,900 
     Ser. B, 6.25%, 2/01/09, AMBAC    No Opt. Call    6,226,801 
AAA 
 
6,0003
  San Antonio Elec. & Gas RB, Ser. B, Zero Coupon, 2/01/10, FGIC    ETM    5,179,920 
AAA 
 
9,050 
  Tarrant Regl. Wtr. Dist. Impvt. RB, 3.50%, 3/01/09, FSA    No Opt. Call    8,914,069 
AAA 
 
1,825 
  Williamson Cnty. GO, Ser. B, 5.00%, 2/15/09, FSA    No Opt. Call    1,875,169 
AAA 
 
2,275 
  Ysleta Indpt. Sch. Dist. GO, Zero Coupon, 8/15/08    No Opt. Call    2,086,266 
 
          103,815,021 
 
  Utah—3.3%         
 
  Intermountain Pwr. Agcy. Sply. RB,         
AAA 
 
2,2153
     Ser. B, 6.00%, 7/01/07, MBIA    ETM    2,263,664 
AAA 
 
1,285 
     Ser. B, 6.00%, 7/01/07, MBIA    No Opt. Call    1,311,599 
AAA 
 
10,3004
  Utah, GO, Ser. F, 5.00%, 7/01/07    N/A    10,427,411 
 
          14,002,674 
 
  Washington—10.9%         
AAA 
 
1,250 
  Clark Cnty. Pub. Util. Dist. No. 1 RB, 5.00%, 1/01/09, MBIA    No Opt. Call    1,281,975 
 
  Hlth. Care Fac. Auth. RB, Catholic Hlth. Initiatives Proj.,         
AAA 
 
1,010 
     Ser. A, 5.30%, 12/01/08, MBIA    No Opt. Call    1,040,219 
AAA 
 
1,000 
     Ser. A, 5.40%, 12/01/10, MBIA    06/10 @ 101    1,052,660 
AAA 
 
12,850 
  King Cnty. GO, Ser. D, 5.55%, 12/01/08, MBIA    12/07 @ 102    13,334,316 
AAA 
 
3,060 
  King Cnty. Pub. Transp. Sales Tax GO, 3.50%, 12/01/08, FSA    No Opt. Call    3,021,077 
AAA 
 
2,045 
  Motor Vehicle Fuel Tax GO, 4.00%, 7/01/09, MBIA    No Opt. Call    2,051,851 
 
  Pub. Pwr. Sply. RB,         
AAA 
 
11,000 
     Ser. A, 5.80%, 7/01/07, FSA    No Opt. Call    11,211,970 
AAA 
 
5,550 
     Nuclear Proj. No. 3, Zero Coupon, 7/01/07, MBIA    No Opt. Call    5,343,096 
AAA 
 
2,000 
     Nuclear Proj. No. 3, Zero Coupon, 7/01/08, MBIA    No Opt. Call    1,843,320 
AAA 
 
5,710 
  Seattle Impvt. Ltd. Tax GO, 4.00%, 7/01/08, FSA    No Opt. Call    5,724,047 
 
          45,904,531 
 
  West Virginia—1.5%         
AAA 
 
1,550 
  Econ. Dev. Auth. RB, Correctional Juvenile & Pub. Proj., Ser. A, 4.25%, 6/01/08, MBIA    No Opt. Call    1,560,091 
 
  Higher Ed. Policy Comm. RB,         
AAA 
 
2,455 
     St. Coll. Fac. Proj., Ser. A, 5.00%, 4/01/09, MBIA    No Opt. Call    2,523,003 
AAA 
 
2,135 
     Univ. Facs. Proj., Ser. A, 5.00%, 4/01/09, MBIA    No Opt. Call    2,194,139 
 
          6,277,233 
 
  Wisconsin—1.5%         
AAA 
 
6,080 
  Wisconsin, GO, Ser. C, 4.00%, 5/01/09, MBIA    No Opt. Call    6,099,030 
 
  Wyoming—0.3%         
AAA 
 
1,270 
  Albany Cnty. Impvts. Statutory Trust COP, 3.75%, 1/15/09, MBIA    No Opt. Call    1,265,149 
 
  Total Long-Term Investments (cost $537,746,831)        544,257,884 
 
  SHORT-TERM INVESTMENTS—32.9%         
 
  Connecticut—1.5%         
A-1+ 
 
6,5555
  St. Hlth. & Edl. RB, Quinnipac Univ. Proj., Ser. F, 4.00%, 7/03/06, RAA, FRDD    N/A    6,555,000 
 
  Florida—2.2%         
A-1+ 
 
9,1555
  Pinellas Cnty. Hlth. Fac. Auth. RB, 4.04%, 7/03/06, AMBAC, FRDD    N/A    9,155,000 
 
  Illinois—1.6%         
A-1+ 
 
6,6005
  Joliet Regl. Port Dist. Marine Term. RB, Exxon Corp. Proj., 3.84%, 7/03/06, FRDD    N/A    6,600,000 
 
  Kansas—0.8%         
A-1+ 
 
3,4555
  Dept. Transp. Hwy. RB, Ser. B-1, 3.89%, 7/03/06, FRDD    N/A    3,455,000 
 
  Kentucky—1.9%         
A-1+ 
 
8,0005
  Kentucky, Inc. Pub. Energy Auth. RB, Ser. A, 4.06%, 7/03/06, FRDD    N/A    8,000,000 
 
  Louisiana—0.3%         
A-1+ 
 
1,3005
  East Baton Rouge Parish PCRB, Exxon Proj., 3.97%, 7/03/06, FRDD    N/A    1,300,000 
 
  Maryland—0.5%         
VMIG1 
 
2,0005
  Cmnty. Dev. Admin. Multi-Fam. Hsg. RB, Avalon Lea Apts. Proj., 3.97%, 7/05/06, FRWD    N/A    2,000,000 

See Notes to Financial Statements.

19


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

  Principal         
  Amount         
Rating1 
     
(000) 
     
Description 
  Value 
      Massachusetts—4.9%     
      Hlth. & Edl. Fac. Auth. RB, Harvard Univ. Proj.,     
A-1+ 
  $     12,0005      Ser. BB, 3.92%, 7/06/06, FRWD    $      12,000,000 
A-1+ 
  8,6505      Ser. R, 3.90%, 7/03/06, FRDD    8,650,000 
          20,650,000 
      Michigan—0.3%     
      Detroit Swr. Disp. RB,     
A-1+ 
  9955      Ser. A, 4.00%, 7/05/06, MBIA, FRWD    997,296 
A-1+ 
  4905      Ser. C-1, 3.98%, 7/06/06, FSA, FRWD    490,000 
          1,487,296 
      Missouri—3.6%     
      St. Hlth. & Edl. Fac. RB,     
A-1+ 
  5,1005      Med. Research Facs. Stowers Inst. Proj., 3.98%, 7/06/06, MBIA, FRWD    5,100,000 
A-1+ 
  10,0005      SSM Hlth. Care Proj., Ser. C-1, 3.96%, 7/03/06, FSA, FRDD    10,000,000 
          15,100,000 
      New Jersey—0.2%     
A-1+ 
  1,0155   Edl. Fac. Auth. RB, Princeton Univ. Proj., Ser. B, 3.90%, 7/03/06, FRDD    1,015,000 
      New York—2.5%     
A-1+ 
  1,7005   Jay Str. Dev. Corp. Cts. Fac. Lease RB, Ser. A-2, 3.97%, 7/03/06, FRDD    1,700,000 
A-1+ 
  6,7755   New York City GO, Ser. H-7, 3.95%, 7/03/06, FRDD    6,775,000 
A-1+ 
  1,9005   New York City Mun. Wtr. Fin. Auth. Wtr. & Swr. Sys. RB, Ser. C, 3.92%, 7/03/06, FRDD    1,900,000 
          10,375,000 
      North Carolina—4.3%     
A-1+ 
  7,3705   Buncombe Cnty. Met. Swr. Dist. Swr. Sys. RB, 3.97%, 7/06/06, XLCA, FRWD    7,370,000 
A-1+ 
  10,5505   Mecklenburg Cnty. GO, Ser. C, 3.98%, 7/06/06, FRWD    10,550,000 
          17,920,000 
      Ohio—4.3%     
VMIG1 
  7,0005   Hamilton Cnty. Hosp. Facs. RB, Ser. A, 3.97%, 7/05/06, FRWD    7,000,000 
A-1+ 
  5005   Kent St. Univ. RB, 3.98%, 7/05/06, MBIA, FRWD    500,000 
VMIG1 
  10,6055   Univ. of Akron RB, 3.97%, 7/06/06, FGIC, FRWD    10,605,000 
          18,105,000 
      Pennsylvania—1.0%     
VMIG1 
  4,3855   Higher Ed. Facs. Auth. RB, St. Sys. Higher Ed. Proj., Ser. A, 3.96%, 7/06/06, MBIA, FRWD    4,385,000 
      Puerto Rico—0.6%     
A-1 
  2,5005   Hwy. & Transp. Auth. RB, Ser. A, 3.94%, 7/05/06, AMBAC, FRWD    2,500,000 
      Tennessee—0.1%     
VMIG1 
  2605   Clarksville Pub. Bldg. Auth. RB, 4.05%, 7/03/06, FRDD    260,000 
      Washington—0.6%     
A-1+ 
  2,5005   Snohomish Cnty. Pub Util. Dist. No. 001 Generation Sys. RB, Ser. A-1,     
         3.96%, 7/05/06, FSA, FRWD    2,500,000 

See Notes to Financial Statements.

20


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

Shares         
(000)   
Description 
  Value 
 
    Money Market Fund—1.7%     
7,150    AIM Tax Free Investment Co. Cash Reserve Portfolio    $      7,150,000 
    Total Short-Term Investments (cost $138,512,296)    138,512,296 
    Total Investments—162.4% (cost $676,259,1276)    $  682,770,180 
    Other assets in excess of liabilities—2.1%    8,814,557 
    Preferred shares at redemption value, including dividends payable—(64.5)%   
(271,125,237)
    Net Assets Applicable to Common Shareholders—100%    $  420,459,500 


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

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

3 Security is collateralized by municipal or U.S. Treasury obligations.

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

5 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.

6 Cost for Federal income tax purposes is $675,832,899. The net unrealized appreciation on a tax basis is $6,937,281, consisting of $11,170,137 gross unrealized appreciation and $4,232,856 gross unrealized depreciation.

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 85.6% of the Trust’s managed assets:

AMBAC 
 
21.6% 
CAPMAC 
 
3.0% 
FGIC 
 
12.9% 
FSA 
 
18.6% 
MBIA 
 
26.4% 
RAA 
 
1.0% 
XLCA 
 
1.1% 
Other 
 
1.0% 

KEY TO ABBREVIATIONS 
AMBAC    American Municipal Bond Assurance Corp.    GO    General Obligation 
CAPMAC    Capital Markets Assurance Co.    MBIA    Municipal Bond Insurance Assoc. 
COP    Certificate of Participation    PCRB    Pollution Control Revenue Bond 
ETM    Escrowed to Maturity    RAA    Radian Asset Assurance 
FGIC    Financial Guaranty Insurance Co.    RB    Revenue Bond 
FRDD    Floating Rate Daily Demand    ST    Special Tax 
FRWD    Floating Rate Weekly Demand    XLCA    XL Capital Assurance 
FSA    Financial Security Assurance         

See Notes to Financial Statements.

21


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2006

BlackRock Insured Municipal Term Trust (BMT)

  Principal             
  Amount        Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
      LONG-TERM INVESTMENTS—129.4%         
      Alabama—0.9%         
AAA 
  $      1,000    Birmingham Jefferson Civic Ctr. Auth. ST, Ser. A, 4.375%, 1/01/11, FSA    No Opt. Call    $      1,016,900 
AAA 
  1,410    Fed. Hwy. Fin. Auth. RB, Grant Antic. Notes, Ser. A, 4.50%, 3/01/11, MBIA    No Opt. Call    1,441,993 
              2,458,893 
      Alaska—8.3%         
      Anchorage GO,         
AAA 
  14,345       Ser. B, 4.125%, 7/01/11, MBIA    No Opt. Call    14,431,644 
AAA 
  6,000       Ser. B, 4.625%, 7/01/10, FGIC    No Opt. Call    6,150,240 
AAA 
  1,260    Univ. of Alaska RB, Ser. K, 3.75%, 10/01/10, FGIC    No Opt. Call    1,250,688 
              21,832,572 
      Arizona—3.2%         
AAA 
  1,000    Arizona St. Univ. RB, 4.20%, 7/01/11, FGIC    No Opt. Call    1,011,210 
AAA 
  1,030    Mesa GO, Ser. A, 3.75%, 7/01/10, FGIC    No Opt. Call    1,023,593 
AAA 
  6,340    Pima Cnty. Str. & Hwy. RB, 4.25%, 7/01/11, FGIC    07/08 @ 101    6,393,066 
              8,427,869 
      Arkansas—0.2%         
AAA 
  500    Little Rock Cap. Impvt. GO, 4.00%, 4/01/11, FSA    No Opt. Call    500,830 
      California—6.9%         
AAA 
  145    California GO, 6.80%, 11/01/10, FGIC    11/06 @ 100    146,404 
AAA 
  6,1003   Contra Costa Trans. Auth. Sales Tax RB, 6.50%, 3/01/09, FGIC    ETM    6,348,697 
      Dept. of Wtr. Res. Pwr. Sply. RB,         
AAA 
  5,000       Ser. A, 3.60%, 5/01/10, AMBAC    No Opt. Call    4,919,300 
AAA 
  3,500       Ser. A, 3.70%, 5/01/11, MBIA    No Opt. Call    3,454,255 
AAA 
  3,065    Los Angeles Cnty. RB, Asset Leasing Corp. Proj., 4.05%, 12/01/10, AMBAC    No Opt. Call    3,330,398 
              18,199,054 
      Colorado—1.2%         
AAA 
  3,245    Weld Cnty. Sch. Dist. No. 6, GO, 3.75%, 12/01/10, FSA    No Opt. Call    3,224,102 
      Delaware—0.4%         
AAA 
  1,015    Delaware River & Bay Auth. RB, 3.75%, 1/01/11, MBIA    No Opt. Call    1,006,728 
      District of Columbia—4.1%         
AAA 
  10,000    Dist. of Columbia GO, Ser. B, 5.50%, 6/01/11, FSA    No Opt. Call    10,652,200 
      Florida—0.9%         
AAA 
  2,320    Tampa Wtr. & Swr. RB, 5.50%, 10/01/10, FSA    No Opt. Call    2,462,564 
      Hawaii—4.7%         
AAA 
  11,0804   Hawaii GO, Ser. CN, 5.25%, 3/01/07, FGIC    N/A    11,404,866 
AAA 
  1,000    Univ. of Hawaii RB, Univ. Sys. Proj., 3.875%, 7/15/10, FGIC    No Opt. Call    997,230 
              12,402,096 
      Illinois—15.7%         
      Chicago GO,         
AAA 
  4,000       Ser. A, 4.375%, 1/01/11, AMBAC    No Opt. Call    4,059,360 
AAA 
  1,790       Ser. A, 5.00%, 1/01/11, MBIA    No Opt. Call    1,862,083 
      Chicago Park Dist. Pkg. GO,         
AAA 
  3,120       Ser. A, 3.50%, 1/01/10, FGIC    No Opt. Call    3,051,953 
AAA 
  3,695       Ser. A, 4.00%, 1/01/11, FGIC    No Opt. Call    3,693,485 
      Du Page & Cook Cntys. Cmnty. United Sch. Dist. No. 205 GO,         
Aaa 
  3153      4.50%, 1/01/11, FGIC    ETM    322,056 
AAA 
  685       4.50%, 1/01/11, FGIC    No Opt. Call    698,652 
AAA 
  1,750    Du Page & Will Cntys. Sch. Dist. GO, 4.25%, 12/30/10, FGIC    No Opt. Call    1,769,932 
      Du Page Cnty. Forest Presvtn. Dist. GO,         
AAA 
  5,000       Zero Coupon, 11/01/10    No Opt. Call    4,176,500 
AAA 
  11,965       Zero Coupon, 11/01/11    No Opt. Call    9,556,685 
      Illinois GO,         
AAA 
  1,500       Ser. 1, 4.50%, 2/01/11, FGIC    No Opt. Call    1,533,510 
AAA 
  2,000       Ser. 1, 4.50%, 4/01/11, FSA    No Opt. Call    2,045,240 
AAA 
  4,000       Ser. 1, 5.25%, 2/01/11, FGIC    No Opt. Call    4,213,640 

See Notes to Financial Statements.

22


BlackRock Insured Municipal Term Trust (BMT) (continued)

  Principal             
  Amount        Option Call     
Rating1 
      (000)       
Description 
  Provisions2        Value 
      Illinois—(cont’d)         
AAA 
  $      2,265    Kane & Du Page Cntys. Sch. Dist. GO, Ser. A, 4.00%, 1/01/11, FSA    No Opt. Call    $      2,264,071 
AAA 
  1,025    Orland Park GO, Ser. A, 3.50%, 12/01/10, FGIC    No Opt. Call    999,027 
AAA 
  1,075    Rockford Sch. Dist. GO, 4.30%, 2/01/11, FGIC    No Opt. Call    1,087,868 
              41,334,062 
      Indiana—4.1%         
      Indianapolis Loc. Pub. Impvt. RB, Bond Bank Wtr. Wks. Proj.,         
AAA 
  2,085       Ser. A, 4.25%, 7/01/10, MBIA    No Opt. Call    2,104,787 
AAA 
  2,815       Ser. A, 4.375%, 1/01/11, MBIA    No Opt. Call    2,853,312 
AAA 
  2,950       Ser. A, 4.375%, 7/01/11, MBIA    No Opt. Call    2,994,221 
AAA 
  2,635    Mun. Pwr. Agcy. Pwr. Sply. Sys. RB, Ser. A, 4.50%, 1/01/11, AMBAC    No Opt. Call    2,689,676 
              10,641,996 
      Kansas—0.8%         
      Dev. Fin. Auth. Pub. Wtr. Sply. RB,         
AAA 
  1,025       4.125%, 4/01/10, AMBAC    No Opt. Call    1,031,826 
AAA 
  1,000       4.25%, 4/01/11, AMBAC    No Opt. Call    1,011,500 
              2,043,326 
      Kentucky—4.0%         
AAA 
  12,675    Econ. Dev. Fin. Sys. RB, Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/10, MBIA    No Opt. Call    10,597,821 
      Louisiana—1.9%         
AAA 
  5,000    Pub. Facs. Auth. RB, Ochsner Clinic Fndtn. Proj., Ser. B, 4.00%, 5/15/11, MBIA    No Opt. Call    4,973,600 
      Michigan—2.5%         
      Detroit GO,         
AAA 
  1,580       4.00%, 4/01/10, MBIA    No Opt. Call    1,579,384 
AAA 
  1,955       4.00%, 4/01/11, MBIA    No Opt. Call    1,949,898 
AAA 
  70    Mun. Bd. Auth. RB, Ser. A, 6.50%, 11/01/12, MBIA    07/06 @ 100    70,114 
AAA 
  2,810    Wyandotte City Sch. Dist. GO, Bldg. & Site, 4.00%, 5/01/11, FSA    No Opt. Call    2,808,651 
              6,408,047 
      Minnesota—1.9%         
AAA 
  2,800    Hopkins Indpt. Sch. Dist. No. 270, GO, Ser. B, 4.00%, 2/01/11, FSA    No Opt. Call    2,802,240 
A+ 
 
2,1803
  So. Minnesota Mun. Pwr. Agcy. RB, Ser. B, 5.75%, 1/01/11    ETM    2,201,735 
              5,003,975 
      Nevada—2.0%         
      Dept. of Bus. & Ind. RB, Las Vegas Monorail Proj.,         
AAA 
  3,795       Zero Coupon, 1/01/11, AMBAC    No Opt. Call    3,102,754 
AAA 
  2,870       Zero Coupon, 1/01/12, AMBAC    No Opt. Call    2,239,863 
              5,342,617 
      New Jersey—0.4%         
AAA 
  1,000    Monmouth Cnty. Impvt. Auth. RB, Gov’t. Loan, 3.375%, 12/01/10, FSA    No Opt. Call    969,380 
      New Mexico—3.2%         
      Fin. Auth. Pub. Proj. RB,         
AAA 
  1,433       Ser. A, 3.40%, 6/01/11, MBIA    No Opt. Call    1,381,398 
AAA 
  1,035       Ser. A, 4.20%, 6/01/10, MBIA    No Opt. Call    1,043,870 
AAA 
  1,870       Ser. A, 4.30%, 6/01/11, MBIA    No Opt. Call    1,893,861 
AAA 
 
2,2303
  Hwy. Comm. RB, Ser. B, 4.75%, 6/15/11, AMBAC    ETM    2,304,259 
AAA 
  1,750    Las Cruces Sch. Dist. No. 002 GO, 5.25%, 8/01/11, FSA    08/09 @ 100    1,814,592 
              8,437,980 
      New York—5.6%         
AAA 
  8,950    Long Island Pwr. Auth. Elec. Sys. RB, Ser. A, 5.50%, 12/01/10, AMBAC    No Opt. Call    9,505,258 
AAA 
  5,000    Thruway Auth. Personal Income Tax RB, Ser. A, 5.00%, 3/15/11, FSA    No Opt. Call    5,229,100 
              14,734,358 
      Ohio—0.8%         
AAA 
  1,000    Akron GO, 4.00%, 12/01/10, MBIA    No Opt. Call    1,003,180 
AAA 
  1,015    Univ. of Cincinnati RB, Ser. G, 3.50%, 6/01/09, AMBAC    No Opt. Call    1,000,079 
              2,003,259 

See Notes to Financial Statements.

23


BlackRock Insured Municipal Term Trust (BMT) (continued)

 
Principal 
           
 
Amount 
      Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
 
  Oregon—3.6%         
AAA 
 
$      1,995 
  Lane Cnty. Sch. Dist. No. 4 GO, 3.75%, 1/01/11, FSA    No Opt. Call    $      1,978,741 
 
  Washington & Clackamas Cntys. Sch. Dist. GO,         
AAA 
 
3,820 
     4.00%, 6/15/10, MBIA    No Opt. Call    3,832,377 
AAA 
 
3,720 
     4.00%, 6/15/11, MBIA    No Opt. Call    3,726,547 
 
          9,537,665 
 
  Pennsylvania—6.4%         
AAA 
 
2,430 
  Central York Sch. Dist. GO, 4.125%, 6/01/11, FGIC    No Opt. Call    2,447,642 
AAA 
 
1,8753
  Dauphin Cnty. Gen. Auth. RB, HAPSCO-Western PA. Hosp. Proj., Ser. B, 6.25%, 7/01/07, MBIA     ETM    1,916,362 
AAA 
 
7,500 
  Higher Edl. Facs. Auth. RB, Univ. of PA. Hlth. Svcs. Proj., Ser. A, 5.25%, 8/01/10, FSA    08/09 @ 101    7,801,350 
AAA 
 
2,100 
  Philadelphia Wtr. & Wst. RB, 5.625%, 6/15/08, AMBAC    No Opt. Call    2,169,447 
AAA 
 
1,075 
  State Pub. Sch. Bldg. Auth. RB, York Sch. Dist. Proj., 4.75%, 5/01/11, FSA    No Opt. Call    1,111,873 
AAA 
 
1,250 
  Wilson Sch. Dist. GO, 4.00%, 5/15/10, FSA    No Opt. Call    1,253,950 
 
          16,700,624 
 
  Rhode Island—2.0%         
AAA 
 
235 
  Clean Wtr. Protection Fin. Agcy. PCRB, Ser. A, 6.70%, 10/01/10, MBIA    10/06 @ 100    236,579 
AAA 
 
5,0003
  Rhode Island St. & Providence Plantations GO, Ser. B, 4.20%, 6/01/10, FGIC    ETM    5,051,850 
 
          5,288,429 
 
  Tennessee—0.8%         
 
  Clarksville Wtr. Swr. & Gas RB,         
AAA 
 
1,005 
     4.45%, 2/01/10, FSA    No Opt. Call    1,023,562 
AAA 
 
1,100 
     4.65%, 2/01/11, FSA    No Opt. Call    1,131,878 
 
          2,155,440 
 
  Texas—15.8%         
AAA 
 
1,090 
  Addison GO, 3.375%, 2/15/11, FGIC    No Opt. Call    1,052,602 
 
  Bexar Met. Wtr. Dist. Wtr. Wks. Sys. RB,         
AAA 
 
1,085 
     3.70%, 5/01/10, FSA    No Opt. Call    1,075,051 
AAA 
 
1,090 
     3.80%, 5/01/11, FSA    No Opt. Call    1,080,016 
AAA 
 
2,000 
  Dallas Rapid Transit RB, 4.30%, 12/01/10, AMBAC    No Opt. Call    2,026,360 
 
  Harris Cnty. GO,         
AAA 
 
1,500 
     Ser. A, 5.00%, 10/01/10, FSA    No Opt. Call    1,556,640 
AAA 
 
3303
     Ser. B, Zero Coupon, 8/15/08, FGIC    ETM    304,003 
AAA 
 
2,255 
     Ser. B, Zero Coupon, 8/15/08, FGIC    No Opt. Call    2,070,067 
AAA 
 
2,490 
  Houston Area Wtr. Corp. RB, Northeast Wtr. Purification Proj., 4.50%, 3/01/11, FGIC    No Opt. Call    2,542,265 
 
  Houston GO,         
AAA 
 
5,000 
     Ser. A, 5.00%, 3/01/11, MBIA    No Opt. Call    5,216,600 
AAA 
 
2,000 
     Ser. A1, 5.00%, 3/01/11, MBIA    No Opt. Call    2,086,640 
AAA 
 
10,440 
  Houston Wtr. & Swr. Sys. RB, Ser. C, Zero Coupon, 12/01/10, AMBAC    No Opt. Call    8,690,360 
AAA 
 
5,550 
  Katy Indpt. Sch. Dist. GO, Ser. A, Zero Coupon, 2/15/11, PSF    No Opt. Call    4,566,040 
AAA 
 
4,000 
  Mun. Pwr. Agcy. RB, 5.50%, 9/01/10, MBIA    No Opt. Call    4,233,520 
AAA 
 
2,245 
  Pub. Fin. Auth. RB, 4.00%, 2/01/11, FGIC    No Opt. Call    2,244,955 
AAA 
 
1,250 
  Texas Tech Univ. RB, Ser. 9, 5.00%, 2/15/11, AMBAC    No Opt. Call    1,302,075 
AAA 
 
1,500 
  Univ. of Houston RB, Ser. A, 4.00%, 2/15/10, FSA    No Opt. Call    1,502,955 
 
          41,550,149 
 
  Utah—2.4%         
AAA 
 
3,470 
  Intermountain Pwr. Agcy. Sply. RB, Ser. A, 5.25%, 7/01/11, MBIA    07/09 @ 101    3,625,734 
AAA 
 
3,175 
  Salt Lake Cnty. Wtr. Conservancy Dist. RB, Ser. A, Zero Coupon, 10/01/10, AMBAC    No Opt. Call    2,654,681 
 
          6,280,415 
 
  Washington—13.0%         
AAA 
 
7,345 
  Benton Cnty. Sch. Dist. No. 17 GO, Kennewick Sch. Proj., 4.50%, 12/01/10, FSA    No Opt. Call    7,500,567 
AAA 
 
1,000 
  Chelan Cnty. Sch. Dist. GO, 4.50%, 12/01/10, FSA    No Opt. Call    1,021,180 
AAA 
 
3,000 
  Clark Cnty. Pub. Util. Dist. No. 1 Elec. RB, 4.50%, 1/01/11, AMBAC    No Opt. Call    3,061,020 
AAA 
 
2,040 
  Clark Cnty. Sch. Dist. No. 114 GO, Evergreen Proj., 4.125%, 12/01/10, FSA    No Opt. Call    2,052,587 
 
  Pub. Pwr. Sply. Sys. RB,         
AAA 
 
1,300 
     Ser. B, Zero Coupon, 7/01/10, MBIA    No Opt. Call    1,101,074 
AAA 
 
3,745 
     Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/10, MBIA    No Opt. Call    3,171,940 
AAA 
     
9,1603
     Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/10, MBIA    ETM    7,773,543 
AAA 
 
1,010 
  Tacoma GO, 4.625%, 12/01/10, FGIC    No Opt. Call    1,036,452 
AAA 
 
5,0004
  Washington GO, Ser. A, 5.50%, 7/01/09, MBIA    N/A    5,224,850 
AAA 
 
2,280 
  Whatcom Cnty. Sch. Dist. No. 503 GO, 4.50%, 12/01/10, FSA    No Opt. Call    2,328,290 
 
          34,271,503 

See Notes to Financial Statements.

24


BlackRock Insured Municipal Term Trust (BMT) (continued)

 
Principal 
           
 
Amount 
      Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
 
  West Virginia—3.6%         
 
  Econ. Dev. Auth. RB, Correctional Juvenile & Pub.,         
AAA 
 
$      4,420 
     Ser. A, 4.50%, 6/01/11, MBIA    No Opt. Call    $      4,515,384 
AAA 
 
3,705 
     Ser. A, 4.50%, 6/01/10, MBIA    No Opt. Call    3,776,581 
AAA 
 
1,170 
  Sch. Bldg. Auth. RB, 4.00%, 7/01/11, AMBAC    No Opt. Call    1,169,473 
 
          9,461,438 
 
  Wisconsin—5.9%         
AAA 
 
1,045 
  Appleton Wtr. Wks. RB, 4.375%, 1/01/11, FGIC    No Opt. Call    1,060,947 
 
  Clean Wtr. RB,         
AAA 
 
4,640 
     Ser. 2, 4.00%, 6/01/10, MBIA    No Opt. Call    4,646,496 
AAA 
 
9,850 
     Ser. 2, 4.00%, 6/01/11, MBIA    No Opt. Call    9,845,370 
 
          15,552,813 
 
  Wyoming—2.2%         
 
  Albany Cnty. Impvts. Statutory Trust, COP,         
AAA 
 
1,325 
     4.00%, 1/15/10, MBIA    No Opt. Call    1,327,584 
AAA 
 
1,450 
     4.00%, 7/15/10, MBIA    No Opt. Call    1,452,132 
AAA 
 
1,480 
     4.00%, 1/15/11, MBIA    No Opt. Call    1,479,985 
AAA 
 
1,510 
     4.00%, 7/15/11, MBIA    No Opt. Call    1,509,305 
 
          5,769,006 
 
  Total Long-Term Investments (cost $332,261,443)        340,224,811 
 
  SHORT-TERM INVESTMENTS—33.5%         
 
  California—1.0%         
A-1+ 
 
2,4955
  Infrastructure & Econ. Dev. Bank RB, 3.95%, 7/05/06, AMBAC, FRWD    N/A    2,495,000 
 
  District of Columbia—0.8%         
SP-1+ 
 
2,0005
  District of Columbia GO, 3.95%, 7/05/06, FSA, FRWD    N/A    2,000,000 
 
  Idaho—0.8%         
A-1+ 
 
2,1655
  Hlth. Facs. Auth. RB, 3.98%, 7/03/06, FSA, FRDD    N/A    2,165,000 
 
  Illinois—0.9%         
SP-1+ 
 
2,4805
  St. Toll Hwy. Auth. RB, 3.98%, 7/05/06, MBIA, FRWD    N/A    2,480,000 
 
  Kentucky—0.2%         
F1+ 
 
5755
  Breckinridge Cnty. Lease RB, 4.00%, 7/05/06, FRWD    N/A    575,000 
 
  Louisiana—1.1%         
A-1+ 
 
3,0005
  East Baton Rouge Parish PCRB, Exxon Proj., 3.97%, 7/03/06, FRDD    N/A    3,000,000 
 
  Maryland—1.4%         
A-1+ 
 
3,6685
  Hlth. & Higher Edl. Fac. Auth. RB, 3.98%, 7/06/06, FRWD    N/A    3,668,000 
 
  Massachusetts—7.2%         
 
  Hlth. & Edl. Fac. Auth. RB, Harvard Univ. Proj.,         
A-1+ 
 
5,0005
     Ser. BB, 3.92%, 7/06/06, FRWD    N/A    5,000,000 
A-1+ 
 
12,3505
     Ser. GG-1, 3.92%, 7/06/06, FRWD    N/A    12,350,000 
A-1+ 
 
1,6005
     Ser. R, 3.90%, 7/03/06, FRDD    N/A    1,600,000 
 
          18,950,000 
 
  Missouri—3.0%         
A-1+ 
 
7,9005
  St. Hlth. & Edl. Fac. RB, Med. Research Facs. Stowers Inst. Proj., 3.98%, 7/06/06, MBIA, FRWD    N/A    7,900,000 
 
  New Jersey—1.3%         
A-1+ 
 
3,2805
  Sports & Expo. Auth. RB, Ser. B2, 3.90%, 7/05/06, MBIA, FRWD    N/A    3,280,000 
 
  North Carolina—2.6%         
A-1+ 
 
6,8455
  Buncombe Cnty. Met. Swr. Dist. Swr. Sys. RB, 3.97%, 7/06/06, XLCA, FRWD    N/A    6,845,000 
 
  Ohio—7.2%         
VMIG1 
 
10,0005
  Columbus Regl. Arpt. Auth. RB, Ser. A, 3.99%, 7/06/06, FRWD    N/A    10,000,000 
VMIG1 
 
8,9005
  Hamilton Cnty. Hosp. Facs. RB, Ser. A, 3.97%, 7/05/06, FRWD    N/A    8,900,000 
 
          18,900,000 
 
  Pennsylvania—1.8%         
A-1+ 
 
1,5005
  Emmaus Gen. Auth. RB, 3.98%, 7/05/06, FSA, FRWD    N/A    1,500,000 
A-1+ 
 
2,0005
  Erie Wtr. Auth. RB, 3.98%, 7/06/06, FSA, FRWD    N/A    2,000,000 
A-1+ 
 
1,1005
  Harrisburg Auth. Sch. RB, Adj. Harrisburg Proj., 3.97%, 7/06/06, AMBAC, FRWD    N/A    1,100,000 
VMIG1 
 
1055
  Higher Ed. Facs. Auth. RB, St. Sys. Higher Ed. Proj., Ser. A, 3.96%, 7/06/06, MBIA, FRWD    N/A    105,000 
 
          4,705,000 

See Notes to Financial Statements.

25


BlackRock Insured Municipal Term Trust (BMT) (continued)

    Principal         
    Amount         
Rating1 
      (000)       
Description 
  Value 
 
        Puerto Rico—0.4%     
A-1    $      1,0005   Gov’t. Dev. Bank RB, 3.87%, 7/05/06, MBIA, FRWD    $      1,000,000 
        Tennessee—2.5%     
VMIG1    6,6205   Clarksville Pub. Bldg. Auth. RB, 4.05%, 7/03/06, FRDD    6,620,000 
             
    Shares         
    (000)         
        Money Market Fund—1.3%     
NR   
3,500 
  AIM Tax Free Investment Co. Cash Reserve Portfolio    3,500,000 
        Total Short-Term Investments (cost $88,083,000)    88,083,000 
        Total Investments—162.9% (cost $420,344,4436)    $  428,307,811 
        Other assets in excess of liabilities—2.0%    5,193,993 
        Preferred shares at redemption value, including dividends payable—(64.9)%   
(170,595,847)
        Net Assets Applicable to Common Shareholders—100%    $  262,905,957 


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

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

3 Security is collateralized by municipal or U.S. Treasury obligations.

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

5 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.

6 Cost for Federal income tax purposes is $420,043,127. The net unrealized appreciation on a tax basis is $8,264,684, consisting of $9,267,880 gross unrealized appreciation and $1,003,196 gross unrealized depreciation.

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 84.2% of the Trust’s managed assets:

AMBAC 
 
13.9% 
FGIC 
 
16.4% 
FSA 
 
17.7% 
MBIA 
 
32.7% 
PSF 
 
1.1% 
XLCA 
 
1.6% 
Other 
 
0.8% 

KEY TO ABBREVIATIONS 
AMBAC 
 
American Municipal Bond Assurance Corp.    GO    General Obligation 
COP 
 
Certificate of Participation    MBIA    Municipal Bond Insurance Assoc. 
ETM 
 
Escrowed to Maturity    PCRB    Pollution Control Revenue Bond 
FGIC 
 
Financial Guaranty Insurance Co.    RB    Revenue Bond 
FRDD 
 
Floating Rate Daily Demand    ST    Special Tax 
FRWD 
 
Floating Rate Weekly Demand    XLCA  
 
XL Capital Assurance 
FSA 
 
Financial Security Assurance         

See Notes to Financial Statements.

26


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2006

BlackRock Municipal 2018 Term Trust (BPK)

   
Principal 
           
   
Amount 
      Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
 
   
  LONG-TERM INVESTMENTS—151.0%         
   
  Alabama—2.5%         
A2   
$      5,845 
  Huntsville Hlth. Care Auth. RB, Ser. A, 5.625%, 6/01/22    06/12 @ 101    $      6,125,209 
   
  California—7.0%         
A   
1,750 
  Agua Caliente Band of Cahuilla Indians RB, 5.60%, 7/01/13    No Opt. Call    1,797,040 
AAA   
5,425 
  Clovis Unified Sch. Dist. Cap. Apprec. Election 2004 GO, Ser. A, Zero Coupon, 8/01/21, FGIC    No Opt. Call    2,638,829 
NR   
1,235 
  Lincoln Cmny. Facs. Dist. 1 ST, 5.90%, 9/01/24    09/13 @ 102    1,295,058 
BBB+   
5,000 
  Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. RB, Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23    No Opt. Call    5,146,400 
BBB   
6,500 
  Poll. Ctrl. Sld. RB, Wst. Mgmt. Inc. Proj., Ser. C, 5.125%, 11/01/23    11/15 @ 101    6,580,340 
   
          17,457,667 
   
  Colorado—4.2%         
BBB   
5,000 
  Hsg. & Fin. Auth. Sld. Wst. RB, Wst. Mgmt. Inc. Proj., 5.70%, 7/01/18    No Opt. Call    5,294,150 
Baa2   
5,010 
  Park Creek Met. Dist. RB, Sr. Ltd. Ppty. Tax Proj., 5.25%, 12/01/20    12/15 @ 101    5,135,801 
   
          10,429,951 
   
  Connecticut—1.6%         
Baa3   
3,7503
  Mashantucket Western Pequot Tribe Spec. RB, Ser. B, 5.75%, 9/01/18    09/07 @ 102    3,877,800 
   
  Florida—10.8%         
NR   
670 
  Baywinds Cmnty. Dev. Dist. SA, Ser. B, 4.90%, 5/01/12    No Opt. Call    666,938 
Baa5   
1,5854
  Cap. Trust Agcy. Multi-Fam. Hsg. RB, American Oppty. Proj., Ser. A, 5.75%, 6/01/23    06/13 @ 102    1,511,662 
NR   
2,000 
  CFM Cmnty. Dev. Dist. Cap. Impvt. RB, Ser. B, 5.875%, 5/01/14    No Opt. Call    2,028,000 
   
  Live Oak Cmnty. Dev. Dist. SA,         
NR   
1,860 
     No. 1, Ser. B, 5.00%, 11/01/09    No Opt. Call    1,847,426 
NR5   
90 
     No. 2, Ser. B, 5.30%, 5/01/08    No Opt. Call    90,079 
BB+   
4,515 
  Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21    11/14 @ 100    5,008,444 
NR   
1,595 
  Pine Islands Cmnty. Dev. Dist. Util. Sys. RB, 5.30%, 11/01/10    No Opt. Call    1,572,750 
NR   
3,920 
  Stevens Plantation Cmnty. Dist. SA, Ser. B, 6.375%, 5/01/13    No Opt. Call    3,966,334 
NR5   
5,410 
  Vlg. Ctr. Cmnty. Dev. Dist. RB, Ser. B, 5.875%, 1/01/15    No Opt. Call    5,519,661 
NR   
3,130 
  Vlg. of Westport Cmnty. Dev. Dist. Cap. Impvt. RB, Ser. A, 5.40%, 5/01/20    05/13 @ 100    3,074,036 
NR   
1,450 
  Westchester Cmnty. Dev. Dist. No. 1 SA, 6.00%, 5/01/23    05/13 @ 101    1,506,768 
   
          26,792,098 
   
  Illinois—24.3%         
NR   
1,8253
  Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23    No Opt. Call    1,815,273 
   
  Chicago O’Hare Intl. Arpt. RB,         
AAA   
5,000 
     Ser. A, 5.00%, 1/01/19, AMBAC    01/16 @ 100    5,167,850 
AAA   
8,000 
     Ser. A, 5.00%, 1/01/20, AMBAC    01/16 @ 100    8,243,680 
AAA   
5,000 
     Ser. A, 5.75%, 1/01/18, MBIA    01/12 @ 100    5,313,300 
A2   
12,5004
,6 Dev. Fin. Auth. Adventist Hlth. Sys. RB, Sunbelt Oblig. Proj., 5.50%, 11/15/09    N/A    13,176,375 
BBB   
5,980 
  Edl. Facs. Auth. Student Hsg. Edl. Adv. Fund RB, Univ. Ctr. Proj., 6.00%, 5/01/22    05/12 @ 101    6,383,112 
Baa2   
2,750 
  Fin. Auth. Student Hsg. RB, MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19    06/14 @ 100    2,872,045 
A   
5,000 
  Hlth. Facs. Auth. RB, Elmhurst Mem. Hlth. Care Proj., 5.50%, 1/01/22    01/13 @ 100    5,156,550 
   
  Kane & Du Page Cntys. Sch. Dist. GO,         
AAA   
4,625 
     Ser. B, Zero Coupon, 1/01/18, FSA    01/12 @ 72.425    2,655,212 
AAA   
4,100 
     Ser. B, Zero Coupon, 1/01/19, FSA    01/12 @ 67.935    2,207,891 
AAA   
2,950 
     Ser. B, Zero Coupon, 1/01/21, FSA    01/12 @ 60.038    1,413,846 
AAA   
1,700 
     Ser. B, Zero Coupon, 1/01/22, FSA    01/12 @ 56.454    760,750 
   
  Sports Facs. Auth. RB,         
AAA   
1,885 
     Zero Coupon, 6/15/19, AMBAC    06/15 @ 101    1,642,872 
AAA   
1,985 
     Zero Coupon, 6/15/20, AMBAC    06/15 @ 101    1,728,141 
AAA   
2,090 
     Zero Coupon, 6/15/21, AMBAC    06/15 @ 101    1,819,199 
   
          60,356,096 
   
  Indiana—10.6%         
AA   
13,9704
  Hlth. Fac. Fin. Auth. RB, Sisters of St. Francis Proj., 5.75%, 11/01/11    N/A    15,278,430 
BBB   
2,500 
  Indianapolis Arpt. Auth. RB, FedEx Corp. Proj., 5.10%, 1/15/17    No Opt. Call    2,542,750 
BBB+   
4,000 
  Petersburg PCRB, Pwr. & Lt. Conv. Proj., 5.75%, 8/01/21    08/11 @ 102    4,214,520 
NR   
4,350 
  Vincennes Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24    01/09 @ 102    4,195,619 
   
          26,231,319 

See Notes to Financial Statements.

27


BlackRock Municipal 2018 Term Trust (BPK) (continued)

   
Principal 
           
   
Amount 
      Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
 
   
  Louisiana—1.3%         
AAA   
$      3,145 
  Pub. Facs. Auth. Dept. of Pub. Safety RB, 5.875%, 6/15/14, MBIA    06/10 @ 100    $      3,298,350 
   
  Maryland—2.1%         
NR   
5,170 
  Frederick Cnty. ST, Urbana Cmnty. Dev. Auth. Proj., Ser. A, 5.80%, 7/01/20    07/07 @ 102    5,217,771 
   
  Michigan—3.1%         
A1   
5,4504
  Hosp. Fin. Auth. RB, Henry Ford Hlth. Sys. Proj., Ser. A, 6.00%, 11/15/09    N/A    5,838,530 
A   
700 
  Pontiac Tax Increment Fin. Auth. Dev. Area 2 RB, 5.625%, 6/01/22, ACA    06/12 @ 101    732,718 
A   
1,000 
  Pontiac Tax Increment Fin. Auth. Dev. Area 3 RB, 5.375%, 6/01/17, ACA    06/12 @ 101    1,038,160 
   
          7,609,408 
   
  Mississippi—4.2%         
BBB   
9,000 
  Lowndes Cnty. Sld. Wst. Disp. PCRB, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22    No Opt. Call    10,480,590 
   
  Multi-State—10.3%         
A3   
14,0003
  Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/01/52    No Opt. Call    15,575,840 
   
  Munimae TE Bond Subsidiary LLC,         
Baa1   
6,0003
     Ser. B2, 5.20%, 6/30/49    09/14 @ 100    6,039,420 
Baa3   
4,0003
     Ser. D, 5.90%, 11/29/49    09/15 @ 101    3,971,520 
   
          25,586,780 
   
  Nevada—3.0%         
BBB+   
5,000 
  Dept. of Bus. & Ind. Republic Svc. RB, 5.625%, 12/01/26    No Opt. Call    5,259,150 
NR   
1,000 
  Henderson Local Impvt. Dist. No. T18 SA, 5.15%, 9/01/21    09/06 @ 103    988,100 
NR   
1,100 
  Las Vegas Spec. Imp. Dist. 809, RB, Summerlin Area Proj., 5.35%, 6/01/17    12/06 @ 103    1,104,455 
   
          7,351,705 
   
  New Hampshire—6.3%         
   
  Bus. Fin. Auth. PCRB, Pub. Svc. Co. Proj.,         
AAA   
6,000 
     Ser. B, 4.75%, 5/01/21, MBIA    06/13 @ 102    5,942,940 
AAA   
7,000 
     Ser. C, 5.45%, 5/01/21, MBIA    05/12 @ 101    7,483,420 
A+   
2,025 
  Hlth. & Ed. Facs. Auth. RB, Exeter Hosp. Proj., 6.00%, 10/01/24    10/11 @ 101    2,188,053 
   
          15,614,413 
   
  New Jersey—12.7%         
   
  Econ. Dev. Auth.,         
BBB   
8,500 
     RB, Cigarette Tax Proj., 5.50%, 6/15/24    06/12 @ 100    8,802,430 
B   
4,065 
     RB, Continental Airlines, Inc. Proj., 7.00%, 11/15/30    11/10 @ 101    4,183,983 
B   
6,750 
     RB, Continental Airlines, Inc. Proj., 7.20%, 11/15/30    11/10 @ 101    7,008,120 
Baa3   
8,410 
     SA, Kapkowski Rd. Landfill Proj., 5.50%, 4/01/16    No Opt. Call    8,855,225 
NR   
2,500 
  Middlesex Cnty. Impvt. Auth. RB, Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25    01/15 @ 100    2,519,250 
   
          31,369,008 
   
  New York—7.9%         
AA-   
7,500 
  City of New York GO, 5.00%, 9/01/18    09/15 @ 100    7,749,900 
B   
3,460 
  New York City Indl. Dev. Agcy. RB, American Airlines, JFK Intl. Arpt. Proj., 7.625%, 8/01/25    08/16 @ 101    3,995,989 
AA-   
7,500 
  Tobacco Settlement Fin. Corp. SA, Ser. B1, 5.50%, 6/01/20    06/13 @ 100    7,977,000 
   
          19,722,889 
   
  North Carolina—1.7%         
A-   
4,000 
  Wake Cnty. Ind. Facs. PCRB, Carolina Pwr. & Lt. Co. Proj., 5.375%, 2/01/17    02/12 @ 101    4,169,680 
   
  Ohio—0.2%         
NR   
500 
  Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. RB, Ser. A, 6.00%, 12/01/22    12/14 @ 101    512,450 
   
  Oklahoma—1.2%         
B   
2,700 
  Tulsa Mun. Arpt. Trust RB, Ser. A, 7.75%, 6/01/35    No Opt. Call    2,978,802 
   
  Pennsylvania—7.4%         
NR   
2,000 
  Montgomery Cnty. Indl. Dev. Auth. RB, Whitemarsh Continuing Care Proj., 6.00%, 2/01/21    02/15 @ 100    2,097,360 
   
  Philadelphia Auth. for Ind. Dev. RB,         
AAA   
5,000 
     Ser. B, 5.50%, 10/01/18, FSA    10/11 @ 101    5,337,700 
AAA   
5,000 
     Ser. B, 5.50%, 10/01/19, FSA    10/11 @ 101    5,332,850 
   
  West Cornwall Twnshp. Mun. Auth. Coll. RB, Elizabethtown Coll. Proj.,         
BBB+   
2,5004
     5.90%, 12/15/11    N/A    2,648,650 
BBB+   
2,6504
     6.00%, 12/15/11    N/A    2,828,027 
   
          18,244,587 

See Notes to Financial Statements.

28


BlackRock Municipal 2018 Term Trust (BPK) (continued)

   
Principal 
           
   
Amount 
      Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
 
   
  South Carolina—2.1%         
BBB+   
$      5,000 
  Jobs Econ. Dev. Auth. Hosp. Fac. RB, Palmetto Hlth. Alliance Proj., Ser. A, 6.125%, 8/01/23    08/13 @ 100    $      5,297,749 
   
  Tennessee—2.5%         
AAA   
12,000 
  Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Hosp. Facs. RB, Ser. A, Zero Coupon, 1/01/19, FSA    01/13 @ 71.667    6,114,000 
   
  Texas—11.2%         
BBB   
2,000 
  Alliance Arpt. Auth., Inc. Spl. Fac. RB, Fedex Corp. Proj., 4.85%, 4/01/21    04/16 @ 100    1,954,560 
   
  Birdville Indpt. Sch. Dist. GO,         
AAA   
1,615 
     Zero Coupon, 2/15/18    No Opt. Call    933,308 
AAA   
1,815 
     Zero Coupon, 2/15/19    No Opt. Call    990,700 
AAA   
2,625 
     Zero Coupon, 2/15/20    No Opt. Call    1,354,789 
AAA   
2,500 
     Zero Coupon, 2/15/21    No Opt. Call    1,220,350 
BBB   
10,010 
  Brazos River Auth. PCRB, TXU Elec. Co. Proj., Ser. C, 5.75%, 5/01/36    No Opt. Call    10,512,302 
   
  Dallas Ft. Worth Intl. Arpt. Fac. Impvt. RB,         
AAA   
5,000 
     Ser. A, 5.875%, 11/01/17, FGIC    11/11 @ 100    5,353,400 
AAA   
5,000 
     Ser. A, 5.875%, 11/01/18, FGIC    11/11 @ 100    5,341,150 
   
          27,660,559 
   
  Trust Territories—1.6%         
A   
4,0003
  San Manuel Entertainment Auth., 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16    12/13 @ 102    3,918,160 
   
  Washington—4.7%         
   
  Energy Northwest Wind Proj. RB,         
A-   
5,0004
     Ser. A, 6.00%, 1/01/07    N/A    5,198,200 
A-   
6,1754
     Ser. B, 5.875%, 1/01/07    N/A    6,416,134 
   
          11,614,334 
   
  Wisconsin—6.5%         
   
  Hlth. & Edl. Facs. Auth. RB,         
AA-   
4,5604
     Foredert & Cmnty. Proj., 5.375%, 10/01/11    N/A    4,901,498 
AA-   
440 
     Foredert & Cmnty. Proj., 5.375%, 10/01/21    10/11 @ 101    455,378 
A   
10,000 
     Wheaton Franciscan Svcs. Proj., 6.25%, 8/15/22    02/12 @ 101    10,827,700 
   
          16,184,576 
   
  Total Long-Term Investments (cost $357,251,494)        374,215,951 
   
  SHORT-TERM INVESTMENTS—3.0%         
   
  New York—1.2%         
A-1+   
3,0007
  Triborough Brdg. & Tunl. Auth. RB, 3.93%, 7/06/06, FRWD    N/A    3,000,000 
   
  Tennessee—1.1%         
VMIG1   
2,7007
  Montgomery Cnty. Pub. Bldg. Auth. RB, 4.05%, 7/03/06, FRDD    N/A    2,700,000 

See Notes to Financial Statements.

29


BlackRock Municipal 2018 Term Trust (BPK) (continued)

Shares       
(000) 
Description 
  Value 
 
  Money Market Fund—0.7%     
1,750  AIM Tax Free Investment Co. Cash Reserve Portfolio    $       1,750,000 
  Total Short-Term Investments (cost $7,450,000)    7,450,000 
  Total Investments—154.0% (cost $364,701,4948)    $  381,665,951 
  Other assets in excess of liabilities—1.5%    3,824,601 
  Preferred shares at redemption value, including dividends payable—(55.5)%   
(137,621,962)
  Net Assets Applicable to Common Shareholders—100%    $  247,868,590 


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

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

3 Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2006, the Trust held 14.2% of its net assets, with a current market value of $35,198,013, in securities restricted as to resale.

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

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

6 Security pledged as collateral.

7 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.

8 Cost for Federal income tax purposes is $364,605,064. The net unrealized appreciation on a tax basis is $17,060,887, consisting of $18,106,460 gross unrealized appreciation and $1,045,573 gross unrealized depreciation.

KEY TO ABBREVIATIONS
ACA 
 
American Capital Access    MBIA 
 
Municipal Bond Insurance Assoc. 
AMBAC 
 
American Municipal Bond Assurance Corp.    PCRB 
 
Pollution Control Revenue Bond 
FGIC 
 
Financial Guaranty Insurance Co.    RB 
 
Revenue Bond 
FRDD 
 
Floating Rate Daily Demand    SA 
 
Special Assessment 
FRWD 
 
Floating Rate Weekly Demand    ST 
 
Special Tax 
FSA 
 
Financial Security Assurance    TA 
 
Tax Allocation 
GO 
 
General Obligation     
 

See Notes to Financial Statements.

30


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2006

BlackRock Municipal 2020 Term Trust (BKK)

    Principal             
    Amount        Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
 
        LONG-TERM INVESTMENTS—148.9%         
        California—22.9%         
A+    $     12,000    California, GO, 5.00%, 11/01/22    11/13 @ 100    $      12,272,160 
        Foothill/Eastern Corridor Agcy. Toll Rd. Cap. Apprec. RB,         
BBB    12,500       Zero Coupon, 1/15/21    01/10 @ 53.346    5,324,625 
BBB    10,000       Zero Coupon, 1/15/22    01/10 @ 50.177    4,007,600 
        Golden St. Tobacco Sec. Corp. RB,         
BBB    3,000       Ser. A-1, 6.625%, 6/01/40    06/13 @ 100    3,333,150 
BBB    12,010       Ser. A-1, 6.75%, 6/01/39    06/13 @ 100    13,431,383 
BBB    975       Ser. A-3, 7.875%, 6/01/42    06/13 @ 100    1,167,114 
BBB    1,470       Ser. A-5, 7.875%, 6/01/42    06/13 @ 100    1,759,649 
AAA    20,0003      Ser. B, 5.375%, 6/01/10    N/A    21,050,200 
AAA    6,865    Riverside Cnty. RB, Riverside Cnty. Hosp. Proj., Zero Coupon, 6/01/25, MBIA    No Opt. Call    2,620,645 
A+    5,000    Statewide Cmntys. Dev. Auth. RB, John Muir Hlth. Proj., Ser. A, 5.00%, 8/15/22    08/16 @ 100    5,099,200 
                70,065,726 
        Colorado—1.7%         
AAA    4,500    E-470 Pub. Hwy. Auth. Cap. Apprec. RB, Ser. B, Zero Coupon, 9/01/22, MBIA    No Opt. Call    2,036,205 
Baa2    3,000    Park Creek Met. Dist. RB, 5.25%, 12/01/25    12/15 @ 101    3,033,480 
                5,069,685 
        District of Columbia—5.2%         
        District of Columbia RB, Friendship Pub. Charter Sch., Inc. Proj.,         
A    3,320       5.00%, 6/01/23, ACA    06/14 @ 100    3,267,743 
A    2,680       5.75%, 6/01/18, ACA    06/14 @ 100    2,833,028 
AAA    5,0004   Met. Washington Arpts. Auth. Arpt. Sys. RB, Ser. C-2, 5.00%, 10/01/24, FSA    10/14 @ 100    5,094,250 
BBB    4,215    Tobacco Settlement Fin. Corp. RB, 6.50%, 5/15/33    No Opt. Call    4,739,430 
                15,934,451 
        Florida—15.0%         
NR    830    Baywinds Cmnty. Dev. Dist. SA, Ser. B, 4.90%, 5/01/12    No Opt. Call    826,207 
NR    4,690    Bellago Edl. Facs. Benefit Dist. SA, Ser. A, 5.85%, 5/01/22    05/14 @ 100    4,745,342 
Baa2    1,500    Cap. Trust Agcy. Multi-Fam. Hsg. RB, American Oppty. Proj., Ser. A, 5.75%, 6/01/23    06/13 @ 102    1,430,595 
NR    3,000    CFM Cmnty. Dev. Dist. Cap. Impvt. RB, Ser. B, 5.875%, 5/01/14    No Opt. Call    3,042,000 
NR    4,320    Grand Hampton Cmnty. Dev. Dist. Cap. Impvt. RB, 6.10%, 5/01/24    05/13 @ 101    4,438,541 
NR    4,025    Habitat Cmnty. Dev. Dist. SA, 5.80%, 5/01/25    05/14 @ 101    4,106,546 
BB+    5,475    Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21    11/14 @ 100    6,073,363 
NR    4,525    Middle Vlg. Cmnty. Dev. Dist. SA, Ser. A, 5.80%, 5/01/22    05/13 @ 100    4,607,626 
NR    1,000    Pine Islands Cmnty. Dev. Dist. Util. Sys. RB, 5.30%, 11/01/10    No Opt. Call    986,050 
NR    6,080    Stevens Plantation Cmnty. Dist. SA, Ser. B, 6.375%, 5/01/13    No Opt. Call    6,151,866 
NR    3,480    Vlg. Cmnty. Dev. Dist. Assmt. No. 5 SA, Ser. A, 6.00%, 5/01/22    05/13 @ 101    3,600,478 
NR    5,810    Westchester Cmnty. Dev. Dist. No. 1 SA, 6.00%, 5/01/23    05/13 @ 101    6,037,461 
                46,046,075 
        Georgia—1.6%         
BBB    2,500    Milledgeville Baldwin Cnty. Dev. Auth. RB, Georgia Coll. & St. Univ. Fndtn. Proj., 5.50%, 9/01/24    09/14 @ 101    2,599,975 
BBB    2,350    Richmond Cnty. Dev. Auth. Env. Impvt. RB, 5.75%, 11/01/27    11/13 @ 100    2,400,407 
                5,000,382 
        Illinois—12.4%         
NR    2,1555   Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23    No Opt. Call    2,143,514 
        Chicago O’Hare Intl. Arpt. RB,         
AAA    5,000       Ser. A, 5.00%, 1/01/21, AMBAC    01/16 @ 100    5,144,550 
AAA    7,000       Ser. A, 5.00%, 1/01/22, AMBAC    01/16 @ 100    7,191,590 
A-    5,000    Dev. Fin. Auth. RB, DePaul Univ. Proj., Ser. C, 5.25%, 10/01/24    10/14 @ 100    5,189,100 
AA+    4,800    Edl. Fac. Auth. RB, Northwestern Univ. Proj., 5.00%, 12/01/21    12/13 @ 100    4,943,376 
        Fin. Auth. Student Hsg. RB, MJH Ed. Asst. Living Proj.,         
Baa2    2,725       Ser. A, 5.00%, 6/01/24    06/14 @ 100    2,721,594 
Baa2    3,250       Ser. A, 5.50%, 6/01/19    06/14 @ 100    3,394,235 
Baa3    1,075       Ser. B, 5.00%, 6/01/24    06/14 @ 100    1,062,229 
AAA    13,455    Met. Pier & Expo. Auth. Ded. RB, McCormick Place Expansion Proj., Ser. A, Zero Coupon,         
           6/15/22, MBIA    No Opt. Call    6,257,920 
                38,048,108 

See Notes to Financial Statements.

31


BlackRock Municipal 2020 Term Trust (BKK) (continued)

   
Principal 
           
   
Amount 
      Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
 
   
  Indiana—4.9%         
BBB   
$     10,000 
  Indianapolis Arpt. Auth. RB, FedEx Corp. Proj., 5.10%, 1/15/17    No Opt. Call    $      10,171,000 
NR   
5,140 
  Vincennes Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24    01/09 @ 102    4,957,581 
   
          15,128,581 
   
  Kansas—1.0%         
AAA   
6,440 
  Wyandotte Cnty. Unified Gov’t. SO RB, Intl. Speedway Proj., Zero Coupon,         
   
     12/01/20, MBIA    No Opt. Call    3,175,500 
   
  Kentucky—1.3%         
BBB   
3,750 
  Maysville Sld. Wst. Disp. RB, Inland Container Corp. Proj., 6.90%, 9/01/22    09/13 @ 102    4,081,837 
   
  Louisiana—0.7%         
BBB   
2,000 
  De Soto Parish Env. Impvt. RB, Ser. A, 5.85%, 11/01/27    11/13 @ 100    2,054,860 
   
  Maryland—5.6%         
   
  Frederick Cnty. ST, Urbana Cmnty. Dev. Auth. Proj.,         
NR   
3,000 
     6.625%, 7/01/25    07/07 @ 102    3,090,270 
NR   
5,171 
     Ser. A, 5.80%, 7/01/20    07/07 @ 102    5,218,780 
BBB+   
8,500 
  Hlth. & Higher Edl. Facs. RB, Medstar Hlth. Proj., 5.375%, 8/15/24    08/14 @ 100    8,795,800 
   
          17,104,850 
   
  Massachusetts—1.5%         
BBB   
4,500 
  Dev. Fin. Agcy. Sld. Wst. Disp. RB, Wst. Mgmt., Inc. Proj., 5.45%, 6/01/14    No Opt. Call    4,693,275 
   
  Minnesota—0.4%         
A2   
1,250 
  Higher Ed. Facs. Auth. RB, Univ. of St. Thomas Proj., Ser. 5, 5.00%, 10/01/24    10/14 @ 100    1,276,988 
   
  Mississippi—1.0%         
BBB   
3,000 
  Warren Cnty. Env. Impvt. RB, Intl. Paper Proj., Ser. A, 5.85%, 11/01/27    11/13 @ 100    3,082,290 
   
  Missouri—3.5%         
BBB+   
5,000 
  Dev. Fin. Brd. RB, Branson Landing Proj., Ser. A, 5.50%, 12/01/24    06/14 @ 100    5,161,300 
AA   
5,500 
  Hlth. & Ed. Fac. RB, BJC Hlth. Sys. Proj., Ser. A, 5.00%, 5/15/20    05/15 @ 100    5,646,190 
   
          10,807,490 
   
  Multi-State—7.3%         
   
  Charter Mac Equity Issuer Trust,         
A3   
1,0005
     Ser. A, 5.75%, 4/30/15    No Opt. Call    1,048,510 
A3   
2,5005
     Ser. A, 6.00%, 4/30/19    No Opt. Call    2,670,700 
Baa1   
4,0005
     Ser. B, 6.00%, 4/30/15    No Opt. Call    4,115,360 
Baa1   
2,5005
     Ser. B, 6.30%, 4/30/19    No Opt. Call    2,609,375 
   
  Munimae TE Bond Subsidiary, LLC,         
Baa2   
5,0005
     Ser. C1, 5.80%, 6/30/49    09/14 @ 100    4,963,550 
Baa2   
5,0005
     Ser. C2, 5.80%, 6/30/49    09/19 @ 100    4,895,650 
Baa3   
2,0005
     Ser. D, 5.90%, 9/15/49    09/15 @ 101    1,985,760 
   
          22,288,905 
   
  Nevada—0.6%         
NR   
1,765 
  Henderson Local Impvt. Dist. No. T18 SA, 5.15%, 9/01/21    09/06 @ 103    1,743,997 
   
  New Hampshire—4.9%         
AAA   
10,000 
  Bus. Fin. Auth. PCRB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA    06/13 @ 102    9,904,900 
A-   
5,000 
  Hlth. & Edu. Fac. RB, Elliot Hosp. Proj., Ser. B, 5.60%, 10/01/22    10/13 @ 100    5,201,400 
   
          15,106,300 
   
  New Jersey—11.8%         
   
  Econ. Dev. Auth. RB,         
Baa3   
7,500 
     Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31    No Opt. Call    8,511,075 
BBB   
11,500 
     Cigarette Tax Proj., 5.50%, 6/15/24    06/12 @ 100    11,909,170 
B   
5,000 
     Continental Airlines, Inc. Proj., 7.00%, 11/15/30    11/10 @ 101    5,146,350 
B   
1,500 
     Continental Airlines, Inc. Proj., 9.00%, 6/01/33    06/13 @ 101    1,708,065 
BBB-   
1,000 
     First Mtg. Winchester Proj., Ser. A, 4.80%, 11/01/13    No Opt. Call    992,560 
Baa1   
4,000 
  Hlth. Care Fac. Fin. Auth. RB, Cap. Hlth. Sys. Oblig. Grp. Proj., Ser. A, 5.75%, 7/01/23    07/13 @ 100    4,211,160 
   
  Middlesex Cnty. Impvt. Auth. RB,         
NR   
2,500 
     Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25    01/15 @ 100    2,519,250 
Baa1   
1,000 
     Str. Student Hsg. Proj., Ser. A, 5.00%, 8/15/23    08/14 @ 100    1,001,420 
   
          35,999,050 

See Notes to Financial Statements.

32


BlackRock Municipal 2020 Term Trust (BKK) (continued)

    Principal             
    Amount        Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
 
        New York—8.5%         
        New York City Indl. Dev. Agcy. RB American Airlines,         
B    $      5,635       JFK Intl. Arpt. Proj., 7.625%, 8/01/25    08/16 @ 101    $      6,507,918 
B    5,000       JFK Intl. Arpt. Proj., 7.75%, 8/01/31    08/16 @ 101    5,780,200 
AAA    8,500    St. Energy Research & Dev. RB, Brooklyn Union Gas/Keyspan Proj.,         
           Ser. A, 4.70%, 2/01/24, FGIC    02/16 @ 100    8,310,790 
AA-    5,000    Tobacco Settlement Fin. Corp. SA, Ser. B1, 5.50%, 6/01/20    06/13 @ 100    5,318,000 
                25,916,908 
        Ohio—5.0%         
        Cuyahoga Cnty. RB, Cleveland Clinic Hlth. Sys. Proj.,         
Aa3    3,000       6.00%, 1/01/19    07/13 @ 100    3,269,040 
Aa3    10,000       6.00%, 1/01/20    07/13 @ 100    10,871,900 
NR    1,100    Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. RB, Ser. A, 6.00%, 12/01/22    12/14 @ 101    1,127,390 
                15,268,330 
        Oklahoma—1.2%         
B    3,350    Tulsa Mun. Arpt. Trust RB, Ser. A, 7.75%, 6/01/35    No Opt. Call    3,695,921 
        Pennsylvania—6.2%         
BBB+    6,680    Higher Edl. Fac. RB, La Salle Univ. Proj., 5.50%, 5/01/26    05/13 @ 100    6,932,972 
A+    10,000    Lancaster Cnty. Hosp. Auth. RB, Gen. Hosp. Proj., 5.75%, 3/15/20    09/13 @ 100    10,684,000 
NR    1,275    Montgomery Cnty. Indl. Dev. Auth. RB, Whitemarsh Continuing Care Proj., 6.00%, 2/01/21    02/15 @ 100    1,337,067 
                18,954,039 
        Puerto Rico—3.6%         
A3    10,900    Elec. Pwr. Auth. RB, Ser. NN, 5.125%, 7/01/24    07/13 @ 100    11,108,081 
        Rhode Island—1.5%         
Baa2    4,5003   Hlth. & Edl. Bldg. Corp. Hosp. Fin. RB, Ser. A, 5.875%, 9/15/08    N/A    4,686,570 
        Texas—5.8%         
BBB    1,100    Brazos River Auth. PCRB, TXU Energy Co. LLC Proj., Ser. A, 6.75%, 4/01/38    No Opt. Call    1,224,047 
BBB-    3,500    Port Corpus Christi Indl. Dev. Corp. RB, Valero Proj., Ser. C, 5.40%, 4/01/18    04/08 @ 102    3,628,520 
        Tpke. Auth. RB, Central Texas Tpke. Sys. Proj.,         
AAA    7,990       Ser. A, Zero Coupon, 8/15/21, AMBAC    No Opt. Call    3,833,762 
AAA    8,450       Ser. A, Zero Coupon, 8/15/24, AMBAC    No Opt. Call    3,443,037 
        Weatherford Indpt. Sch. Dist. GO,         
AAA    6,945       Zero Coupon, 2/15/23, PSF    02/11 @ 50.236    2,826,684 
AAA    6,945       Zero Coupon, 2/15/24, PSF    02/11 @ 47.435    2,666,672 
                17,622,722 
        Trust Territories—1.3%         
A    4,0005   San Manuel Entertainment Auth., 2004 Gaming Proj., Ser.C, 4.50%, 12/01/16    12/13 @ 102    3,918,160 
        U.S. Virgin Islands—0.3%         
BBB    1,000    Pub. Fin. Auth. RB, Sen. Lien Matching Fund Loan, Ser. A, 5.25%, 10/01/17    10/14 @ 100    1,035,060 
        Virginia—7.6%         
NR    5,000    Celebrate North Cmnty. Dev. Auth. SA, Ser. B, 6.60%, 3/01/25    03/14 @ 102    5,200,700 
BBB    10,000    Charles City Cnty. Econ. Dev. Auth. Sld. Wst. Disp. RB, 5.125%, 8/01/27    06/06 @ 100    10,035,100 
Baa1    7,500    Mecklenburg Cnty. Ind. Dev. Auth. RB, Exempt FAC-UAE LP Proj., 6.50%, 10/15/17    10/12 @ 100    8,111,400 
                23,347,200 
        Washington—2.5%         
        Washington, GO,         
AAA    10,000       Ser. S-5, Zero Coupon, 1/01/19, FGIC    No Opt. Call    5,530,800 
AAA    4,630       Mtr. Veh. Proj., Ser. F, Zero Coupon, 12/01/21, MBIA    No Opt. Call    2,183,462 
                7,714,262 
        Wisconsin—2.1%         
        Hlth. & Ed. Fac. Auth. RB, Wheaton Franciscan Svcs. Proj.,         
A    2,880       5.50%, 8/15/17    08/13 @ 100    3,017,722 
A    3,190       5.50%, 8/15/18    08/13 @ 100    3,324,937 
                6,342,659 
        Total Long-Term Investments (cost $439,434,967)        456,318,262 

See Notes to Financial Statements.

33


BlackRock Municipal 2020 Term Trust (BKK) (continued)

    Principal         
    Amount         
Rating1 
     
(000) 
     
Description 
  Value 
 
        SHORT-TERM INVESTMENTS—7.3%     
        Delaware—4.2%     
A-1+    $     13,0006   St. Econ. Dev. Auth. RB, Hosp. Billing Proj., Ser. B, 3.98%, 7/05/06, FRWD    $     13,000,000 
        New York—1.4%     
        Triborough Brdg. & Tunl. Auth. RB,     
A-1+    3,9006  
     3.93%, 7/06/06, FRWD 
  3,900,000 
A-1+    3006  
     3.94%, 7/06/06, FRWD 
  300,000 
            4,200,000 
        North Dakota—0.1%     
VMIG1    3006   Grand Forks Hosp. Fac. RB, United Hosp. Oblig. Grp. Proj., 4.07%, 7/03/06, FRDD    300,000 
        Tennessee—1.6%     
VMIG1   
4,8006
  Montgomery Cnty. Pub. Bldg. Auth. RB, 4.05%, 7/03/06, FRDD    4,800,000 
   
 
       
   
Shares 
       
   
(000) 
       
        Money Market Fund—0.0%     
NR    100    AIM Tax Free Investment Co. Cash Reserve Portfolio    100,000 
        Total Short-Term Investments (cost $22,400,000)    22,400,000 
        Total Investments—156.2% (cost $461,834,9677)    $  478,718,262 
        Other assets in excess of liabilities—1.8%    5,433,085 
        Preferred shares at redemption value, including dividends payable—(58.0)%   
(177,667,551)
        Net Assets Applicable to Common Shareholders—100%    $  306,483,796 


1 Using the higher of S&P, Moody 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 prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

4 Security pledged as collateral.

5 Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2006, the Trust held 9.3% of its net assets, with a current market value of $28,350,579, in securities restricted as to resale.

6 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.

7 Cost for Federal income tax purposes is $461,810,384. The net unrealized appreciation on a tax basis is $16,907,878, consisting of $18,146,103 gross unrealized appreciation and $1,238,225 gross unrealized depreciation.

KEY TO ABBREVIATIONS
ACA 
 
American Capital Access  PCRB 
 
Pollution Control Revenue Bond 
AMBAC 
 
American Municipal Bond Assurance Corp.  PSF 
 
Public School Fund Guaranteed 
FGIC 
 
Financial Guaranty Insurance Co.  RB 
 
Revenue Bond 
FRDD 
 
Floating Rate Daily Demand  SA 
 
Special Assessment 
FRWD 
 
Floating Rate Weekly Demand  SO 
 
Special Obligation 
FSA 
 
Financial Security Assurance  ST 
 
Special Tax 
GO 
 
General Obligation  TA 
 
Tax Allocation 
MBIA 
 
Municipal Bond Insurance Assoc.   
 

See Notes to Financial Statements.

34


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2006

BlackRock Municipal Target Term Trust (BMN)

  Principal             
  Amount        Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
      LONG-TERM INVESTMENTS—50.5%         
      Arkansas—1.1%         
AAA 
  $      5,000    Univ. of Arkansas Athl. Fac. RB, Razorback Stadium Proj., 3.55%, 12/01/21, FSA    No Opt. Call    $      4,995,600 
      California—1.3%         
AAA 
  6,000    California GO, 6.30%, 9/01/06, AMBAC    No Opt. Call    6,023,400 
      Colorado—2.5%         
AAA 
  1,015    El Paso Cnty. COP, Detention Fac. Proj., Ser. B, 2.50%, 12/01/06, AMBAC    No Opt. Call    1,007,408 
AAA 
  9,700    Met. Football Stadium Dist. Sales Tax RB, Ser. A, Zero Coupon, 1/01/07, MBIA    No Opt. Call    9,520,453 
AAA 
  1,100    Thornton COP, 2.50%, 12/01/06, AMBAC    No Opt. Call    1,091,563 
              11,619,424 
      Florida—1.0%         
AAA 
  9103   Orange Cnty. Tourist Dev. RB, Ser. A, 6.375%, 10/01/06, AMBAC    ETM    915,679 
AAA 
  2,000    Sarasota Wtr. & Swr. Sys. RB, 4.25%, 10/01/06, MBIA    No Opt. Call    2,002,200 
AAA 
  1,865    Tampa Wtr. & Swr. RB, 5.50%, 10/01/06, FSA    No Opt. Call    1,872,441 
              4,790,320 
      Hawaii—2.0%         
      Hawaii GO,         
AAA 
  5,675       Ser. CP, 5.50%, 10/01/06, FGIC    No Opt. Call    5,697,359 
AAA 
  1,265       Ser. CW, 3.60%, 8/01/06, FGIC    No Opt. Call    1,264,671 
AAA 
  2,275    Honolulu City & Cnty. GO, Ser. A, 4.00%, 9/01/06, FSA    No Opt. Call    2,275,660 
              9,237,690 
      Illinois—3.5%         
      Champain Cnty. Cmnty. No. 116 GO,         
AAA 
  3853      Ser. C, Zero Coupon, 1/01/07, FGIC    ETM    377,908 
AAA 
  680       Ser. C, Zero Coupon, 1/01/07, FGIC    No Opt. Call    667,345 
AAA 
  15,080    Illinois GO, Ser. I, 3.25%, 11/01/06, FGIC    No Opt. Call    15,042,300 
              16,087,553 
      Indiana—2.0%         
AAA 
  9,000    Univ. Student Fee RB, Zero Coupon, 8/01/06, AMBAC    No Opt. Call    8,975,970 
      Kentucky—1.7%         
      Ppty. & Bldgs. Auth. RB, Proj. No. 69,         
AAA 
  2,035       Ser. B, 4.00%, 8/01/06, FSA    No Opt. Call    2,035,143 
AAA 
  5,560       Ser. C, 4.00%, 8/01/06, FSA    No Opt. Call    5,560,389 
              7,595,532 
      Louisiana—3.8%         
AAA 
  7,480    MuniMae Trust RB, Ser. 7, Cl. A, 4.40%, 12/16/08    No Opt. Call    7,461,973 
AAA 
  5,250    New Orleans GO, Zero Coupon, 9/01/06, AMBAC    No Opt. Call    5,218,605 
AAA 
  4,565    Pub. Facs. Auth. RB, Ochsner Clinic Fndtn. Proj., Ser. A, 3.00%, 5/15/07, MBIA    No Opt. Call    4,511,772 
              17,192,350 
      Michigan—1.1%         
AAA 
  4,850    Trunk Line RB, Ser. A, 4.00%, 11/01/06, FSA    No Opt. Call    4,853,249 
      Minnesota—1.2%         
AAA 
  375    Hsg. Fin. Auth. RB, Ser. D, 5.35%, 8/01/06, MBIA    07/06 @ 101    375,019 
AAA 
  5,075    Met. Council Minneapolis-St. Paul GO, 5.25%, 12/01/06    No Opt. Call    5,106,465 
              5,481,484 
      Nebraska—0.8%         
AAA 
  3,850    Douglas Cnty. Sch. Dist. No. 17 Millard GO, 3.20%, 11/15/06, FSA    No Opt. Call    3,838,027 
      Nevada—0.2%         
AAA 
  8003   Dept. of Bus. & Ind. RB, Las Vegas Monorail Proj., Zero Coupon, 1/01/07, AMBAC    ETM    784,552 
      New Jersey—0.3%         
AAA 
  70    Elizabeth GO, 6.60%, 8/01/06, MBIA    07/06 @ 100    70,113 
AAA 
  1,000    Monmouth Cnty. Impvt. Auth. Gov’t. Loan RB, 2.34%, 12/01/06, FSA    No Opt. Call    991,360 
AAA 
  3753   N. Jersey Dist. Wtr. Sply. RB, Wanaque So. Proj., 6.50%, 7/01/06, MBIA    ETM    375,000 
              1,436,473 

See Notes to Financial Statements.

35


BlackRock Municipal Target Term Trust (BMN) (continued)

    Principal             
    Amount        Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
 
        New York—3.9%         
AAA    $      8,070    Hsg. Fin. Agcy. Hsg. Proj. Mtg. RB, Ser. A, 5.50%, 11/01/06, FSA    07/06 @ 102    $      8,081,137 
        New York GO,         
AAA    2,8953      Ser. E, 6.125%, 8/01/06, MBIA    ETM    2,899,777 
AAA    7,105       Ser. E, 6.125%, 8/01/06, MBIA    No Opt. Call    7,116,652 
                18,097,566 
        Ohio—3.9%         
        Bldg. Auth. RB,         
AAA    4,585       Admin. Bldg. Fd. Proj., Ser. A, 5.00%, 10/01/06, FSA    No Opt. Call    4,598,113 
AAA    10,000       Correction Facs. Proj., Ser. A, 5.00%, 10/01/06, FSA    No Opt. Call    10,028,100 
AAA    2,170    Cincinnati City Sch. Dist. Sch. Impvt. GO, 4.00%, 12/01/06, MBIA    No Opt. Call    2,172,192 
AAA    1,285    Milford Sch. Dist. GO, 3.25%, 12/01/06, FSA    No Opt. Call    1,281,312 
                18,079,717 
        Oregon—0.4%         
AAA    2,020    Dept. of Admin. Svcs. COP, Ser. A, 5.00%, 11/01/06, FSA    No Opt. Call    2,027,555 
        Pennsylvania—1.5%         
AAA    1,000    Philadelphia GO, 4.00%, 9/15/06, FSA    No Opt. Call    1,000,390 
AAA    3,620    Pittsburgh Pub. Auth. Pkg. RB, 2.75%, 12/01/06, AMBAC    No Opt. Call    3,597,882 
AAA    2,375    Tpke. Comm. RB, Ser. A, 4.125%, 12/01/06, FGIC    No Opt. Call    2,378,396 
                6,976,668 
        Rhode Island—0.7%         
AAA    3,400    Rhode Island & Providence Plantations GO, Ser. A, 4.00%, 12/01/06, FSA    No Opt. Call    3,403,162 
        Texas—10.3%         
AAA    6,575    Austin Wtr. & Wstwtr. Sys. RB, Ser. C, 3.75%, 11/15/06, FSA    No Opt. Call    6,573,553 
AAA    8,500    Cypress-Fairbanks Indpt. Sch. Dist. GO, Zero Coupon, 8/01/06, AMBAC    No Opt. Call    8,477,305 
AAA    6,355    Dallas Rapid Transit RB, 3.70%, 12/01/06, AMBAC    No Opt. Call    6,352,585 
AAA    2,280    Denton Util. Sys. Mult. Util. Impvt. RB, 4.25%, 12/01/06, AMBAC    No Opt. Call    2,284,195 
AAA    15,000    Mun. Pwr. Agcy. RB, Zero Coupon, 9/01/06, AMBAC    No Opt. Call    14,913,000 
AAA    6,035    MuniMae Trust RB, Ser. 10, Cl. A, 4.40%, 7/25/08    No Opt. Call    6,012,912 
AAA    2,465    Round Rock Indpt. Sch. Dist. GO, Ser. A, 4.25%, 8/01/06, PSF    No Opt. Call    2,465,666 
                47,079,216 
        Utah—1.3%         
AAA    5,950    Utah GO, Ser. B, 4.50%, 7/01/06    No Opt. Call    5,950,000 
        Washington—6.0%         
AAA    1,325    Benton Cnty. Pub. Util. Dist. Elec. RB, 3.75%, 11/01/06, FSA    No Opt. Call    1,324,709 
        King Cnty. GO,         
AAA    753      3.50%, 12/01/06, MBIA    ETM    74,952 
AAA    2,015       3.50%, 12/01/06, MBIA    No Opt. Call    2,011,675 
AAA    2,100    Kitsap Cnty. GO, Ser. B, 4.00%, 12/01/06, AMBAC    No Opt. Call    2,101,869 
AAA    12,875    Pub. Pwr. Sply. RB, Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/06, MBIA    No Opt. Call    12,875,000 
AAA    5,620    Snohomish Cnty. Pub. Util. Dist. Elec. RB, 4.125%, 12/01/06, FSA    No Opt. Call    5,627,587 
AAA    3,3604   Thurston Cnty. Sch. Dist. No. 3 GO, 4.25%, 12/01/06, FSA    N/A    3,366,317 
                27,382,109 
        Total Long-Term Investments (cost $231,876,931)        231,907,617 
        SHORT-TERM INVESTMENTS—49.4%         
        Nebraska—2.2%         
A-1+    10,2375   American Pub. Energy Agcy. Gas Sply. RB, Ser. A, 3.99%, 7/06/06, FRWD    N/A    10,237,000 
        Taxable Commercial Paper—38.1%         
A-1    20,000    Amsterdam Fdg. Corp., 5.07%, 7/11/06    N/A    19,971,833 
F1+    20,000    Atomium Fdg. Corp., 5.07%, 7/05/06    N/A    19,988,733 
F1+    2,000    Credit Suisse FB USA, Inc., 5.17%, 11/02/06    N/A    1,964,385 
A-1    20,000    Fairway Fin. Ltd., 5.05%, 7/05/06    N/A    19,988,778 
F1+    20,000    Nordea N.A., Inc., 5.75%, 12/01/06    N/A    19,560,550 
A-1    16,777    Scaldis Capital LLC, 5.07%, 7/06/06    N/A    16,765,186 
A-1+    20,000    Svenska Handlesbanken, Inc., 5.07%, 7/05/06    N/A    19,988,733 
A-1    20,000    Thames Asset Global Sec., 5.06%, 7/06/06    N/A    19,985,945 
A-1+    16,700    UBS Fin. DE, Inc., 5.05%, 7/07/06    N/A    16,685,944 
A-1    20,000    Victory Receivable Corp., 5.09%, 7/06/06    N/A    19,985,861 
                174,885,948 

See Notes to Financial Statements.

36


BlackRock Municipal Target Term Trust (BMN) (continued)

  Principal         
  Amount         
  (000)                                                                                 Description    Value 
 
      U.S. Government and Agency Securities—5.9%     
 
$ 27,2006
  Fed. Home Loan Bank, 4.972%, 7/03/06    $    27,192,505 
 
 
       
  Shares         
  (000)         
      Money Market Fund—3.2%     
 
14,450 
  AIM Tax Free Investment Co. Cash Reserve Portfolio    14,450,000 
      Total Short-Term Investments (cost $226,765,453)    226,765,453 
      Total Investments—99.9% (cost $458,642,3847)    $ 458,673,070 
      Other assets in excess of liabilities—0.1%    202,804 
      Net Assets Applicable to Common Shareholders—100%    $ 458,875,874 


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

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

3 Security is collateralized by municipal or U.S. Treasury obligations.

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

5 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2006.

6 Rate shown is the yield to maturity as of June 30, 2006.

7 Cost for Federal income tax purposes is $458,496,826. The net unrealized appreciation on a tax basis is $176,244, consisting of $392,373 gross unrealized appreciation and $216,129 gross unrealized depreciation.

KEY TO ABBREVIATIONS 
AMBAC 
 
American Municipal Bond Assurance Corp.  FSA    Financial Security Assurance 
COP 
 
Certificate of Participation  GO    General Obligation 
ETM 
 
Escrowed to Maturity  MBIA    Municipal Bond Insurance Assoc. 
FGIC 
 
Financial Guaranty Insurance Co.  PSF    Public School Fund Guaranteed 
FRWD 
 
Floating Rate Weekly Demand  RB    Revenue Bond 

See Notes to Financial Statements.

37


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2006

BlackRock Strategic Municipal Trust (BSD)

<
    Principal             
    Amount        Option Call     
Rating1 
     
(000) 
     
Description 
  Provisions2        Value 
 
        LONG-TERM INVESTMENTS—154.3%         
        Alabama—9.9%         
AAA