UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-07090

Name of Fund: BlackRock California Insured Municipal 2008 Term Trust, Inc.

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Robert S. Kapito, President, BlackRock California Insured Municipal
      2008 Term Trust, Inc., 40 East 52
nd Street, New York, NY 10022.

Registrant’s telephone number, including area code: (888) 825-2257

Date of fiscal year end: 12/31/07

Date of reporting period: 01/01/07 – 06/30/07




Item 1 – Report to Stockholders


 

 

 

 

 

 

 

 

 

FIXED INCOME

 

LIQUIDITY

 

EQUITIES

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

 

 

 

BlackRock

 

 

Closed-End Funds

(BLACKROCK LOGO)

 

 

 

 

 

SEMI-ANNUAL REPORT | JUNE 30, 2007 (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 Strategic Municipal Trust (BSD)

 

 

 

 

BlackRock California Insured Municipal 2008 Term Trust (BFC)

 

 

 

 

BlackRock California Municipal 2018 Term Trust (BJZ)

 

 

 

 

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 

 

 

 

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

 

 

 

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 

 

 

 

BlackRock New York Municipal 2018 Term Trust (BLH)

 

 

 

 

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 


 

 

NOT FDIC INSURED

 

MAY LOSE VALUE

 

NO BANK GUARANTEE

 




TABLE OF CONTENTS

 

 

 

Letter to Shareholders

 

1

 

 

 

Trusts’ Summaries

 

2

 

 

 

Financial Statements

 

 

 

 

 

Portfolios of Investments

 

14

 

 

 

Statements of Assets and Liabilities

 

49

 

 

 

Statements of Operations

 

51

 

 

 

Statements of Changes in Net Assets

 

53

 

 

 

Financial Highlights

 

57

 

 

 

Notes to Financial Statements

 

69

 

 

 

Dividend Reinvestment Plans

 

76

 

 

 

Additional Information

 

77


BlackRock Privacy Principles

          BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

          If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

          BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our website.

          BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

          We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.



LETTER TO SHAREHOLDERS

June 30, 2007

Dear Shareholder:

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

          The portfolio management team continuously monitors the municipal bond market and adjusts the Trusts’ investments in order to gain exposure to various issuers, revenue sources and security types. This strategy enables the Trusts to move among different sectors, credit ratings and coupon levels 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, 2007.

 

 

 

 

 

 

 

 

 

 

 

 

 

 











Trust (Ticker)

 

Current
Yield1

 

Tax-
Equivalent
Yield1

 

Closing
Market
Price

 

NAV

 











BlackRock Insured Municipal 2008 Term Trust (BRM)

 

4.82

%

 

7.42

%

 

$

15.20

 

$

15.25

 















BlackRock Insured Municipal Term Trust (BMT)

 

3.75

 

 

5.77

 

 

 

9.74

 

 

10.15

 















BlackRock Municipal 2018 Term Trust (BPK)

 

5.71

 

 

8.78

 

 

 

15.86

 

 

15.43

 















BlackRock Municipal 2020 Term Trust (BKK)

 

5.22

 

 

8.03

 

 

 

15.24

 

 

15.29

 















BlackRock Strategic Municipal Trust (BSD)

 

6.06

 

 

9.32

 

 

 

16.83

 

 

15.04

 















BlackRock California Insured Municipal 2008 Term Trust (BFC)

 

4.46

 

 

6.86

 

 

 

15.08

 

 

15.27

 















BlackRock California Municipal 2018 Term Trust (BJZ)

 

4.68

 

 

7.20

 

 

 

15.69

 

 

14.85

 















BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 

3.11

 

 

4.78

 

 

 

14.49

 

 

14.81

 















BlackRock Florida Municipal 2020 Term Trust (BFO)

 

4.54

 

 

6.98

 

 

 

13.49

 

 

14.86

 















BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 

4.37

 

 

6.72

 

 

 

15.11

 

 

15.30

 















BlackRock New York Municipal 2018 Term Trust (BLH)

 

4.79

 

 

7.37

 

 

 

15.36

 

 

15.99

 















BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 

4.72

 

 

7.26

 

 

 

17.79

 

 

14.54

 















 

 

1 Yields are based on closing market price. Tax-equivalent yield assumes the maximum Federal tax rate of 35%. These yields may increase/decrease due to an increase/decrease in the monthly distributions per share. 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, 2007, BlackRock managed over $36 billion in municipal bonds, including 14 open-end and 68 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, LLC, and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, are wholly owned subsidiaries of BlackRock.

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

Sincerely,

 

 

-s- Laurence D. Fink

-s- Ralph L. Schlosstein

Laurence D. Fink

Ralph L. Schlosstein

Chief Executive Officer

President

BlackRock Advisors, LLC

BlackRock Advisors, LLC

1


TRUST SUMMARIES (unaudited)
JUNE 30, 2007

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






Yield on Closing Market Price as of 6/30/07 ($15.20):1

 

 

4.82

%






Current Monthly Distribution per Common Share:2

 

$

0.061

 






Current Annualized Distribution per Common Share:2

 

$

0.732

 






 

 

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.

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

 

 

 

 

 

 

 

 

 

 

 










 

6/30/07

 

12/31/06

 

Change

 

High

 

Low











Market Price

$  15.20

 

$  15.53

 

(2.12)%

 

$  15.64

 

$  15.03











NAV

$  15.25

 

$  15.42

 

(1.10)%

 

$  15.44

 

$  15.21











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

Sector Breakdown

 

 

 

 

 

 

 

 







Sector

 

June 30, 2007

 

December 31, 2006

 







City, County & State

 

31

%

 

29

%

 









Power

 

28

 

 

29

 

 









Industrial & Pollution Control

 

12

 

 

11

 

 









Transportation

 

9

 

 

8

 

 









Education

 

7

 

 

9

 

 









Lease Revenue

 

6

 

 

7

 

 









Tax Revenue

 

4

 

 

3

 

 









Hospital

 

2

 

 

2

 

 









Water & Sewer

 

1

 

 

2

 

 









As of June 30, 2007 and December 31, 2006, all long-term investments had ratings of AAA/Aaa by Standard & Poor’s (“S&P”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch”).

2


TRUST SUMMARIES (unaudited)
JUNE 30, 2007

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




Yield on Closing Market Price as of 6/30/07 ($9.74):1

 

 

3.75

%






Current Monthly Distribution per Common Share:2

 

$

0.030417

 






Current Annualized Distribution per Common Share:2

 

$

0.365004

 






Leverage as of 6/30/07:3

 

 

20

%






 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

6/30/07

 

12/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

9.74

 

$

9.77

 

(0.31)%

 

$

9.98

 

$

9.67

 

















NAV

 

$

10.15

 

$

10.28

 

(1.26)%

 

$

10.30

 

$

10.10

 

















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

 

 

 

 

 

 

 

 

Sector Breakdown


Sector

 

June 30, 2007

 

December 31, 2006

 







City, County & State

 

29

%

 

33

%

 









Education

 

18

 

 

17

 

 









Water & Sewer

 

15

 

 

15

 

 









Power

 

14

 

 

13

 

 









Hospital

 

8

 

 

7

 

 









Lease Revenue

 

7

 

 

6

 

 









Transportation

 

7

 

 

7

 

 









Tax Revenue

 

2

 

 

2

 

 









As of June 30, 2007 and December 31, 2006, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

3


TRUST SUMMARIES (unaudited)
JUNE 30, 2007

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






Yield on Closing Market Price as of 6/30/07 ($15.86):1

 

 

5.71

%






Current Monthly Distribution per Common Share:2

 

$

0.0755

 






Current Annualized Distribution per Common Share:2

 

$

0.9060

 






Leverage as of 6/30/07:3

 

 

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:

 

 

 

 

 

 

 

 

 

 

 










 

6/30/07

 

12/31/06

 

Change

 

High

 

Low











Market Price

$  15.86

 

$  17.01

 

(6.76)%

 

$  17.60

 

$  15.33











NAV

$  15.43

 

$  15.97

 

(3.38)%

 

$  16.02

 

$  15.31











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

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006




Hospital

25

%

23

%






Industrial & Pollution Control

24

 

23

 






City, County & State

18

 

21

 






Housing

13

 

11

 






Tax Revenue

6

 

4

 






Education

5

 

5

 






Transportation

4

 

5

 






Lease Revenue

3

 

3

 






Tobacco

2

 

2

 






Power

 

3

 






 

 

 

 

 

Credit Breakdown4


Credit Rating

June 30, 2007

December 31, 2006




AAA/Aaa

26

%

24

%






AA/Aa

11

 

10

 






A

20

 

22

 






BBB/Baa

30

 

28

 






BB/Ba

 

1

 






B

5

 

5

 






Not Rated5

8

 

10

 






 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2007 and December 31, 2006, the market value of these securities was $5,670,328 representing 1.5% and $5,742,150 representing 1.5%, respectively, of the Trust’s long-term investments.

4


TRUST SUMMARIES (unaudited)
JUNE 30, 2007

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




Yield on Closing Market Price as of 6/30/07 ($15.24):1

 

 

5.22

%






Current Monthly Distribution per Common Share:2

 

$

0.06625

 






Current Annualized Distribution per Common Share:2

 

$

0.79500

 






Leverage as of 6/30/07:3

 

 

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:

 

 

 

 

 

 

 

 

 

 

 










 

6/30/07

 

12/31/06

 

Change

 

High

 

Low











Market Price

$  15.24

 

$  15.77

 

(3.36)%

 

$  16.10

 

$  15.02











NAV

$  15.29

 

$  15.77

 

(3.04)%

 

$  15.90

 

$  15.16











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

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006




City, County & State

22

%

24

%






Hospital

18

 

17

 






Industrial & Pollution Control

17

 

17

 






Tobacco

11

 

11

 






Education

8

 

8

 






Housing

7

 

7

 






Power

6

 

6

 






Tax Revenue

6

 

5

 






Transportation

5

 

5

 






 

 

 

Credit Breakdown4


Credit Rating

June 30, 2007

December 31, 2006




AAA/Aaa

25

%

21

%






AA/Aa

10

 

8

 






A

16

 

16

 






BBB/Baa

30

 

35

 






BB/Ba

1

 

1

 






B

5

 

5

 






Not Rated

13

 

14

 






 

 

4

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

5



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Strategic Municipal Trust (BSD)

 


 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BSD

 


Initial Offering Date:

 

August 25, 1999

 


Yield on Closing Market Price as of 6/30/07 ($16.83):1

 

6.06

%

 


Current Monthly Distribution per Common Share:2

 

$0.085

 

 


Current Annualized Distribution per Common Share:2

 

$1.020

 

 


Leverage as of 6/30/07:3

 

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:

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$16.83

$18.69

(9.95)%

$20.65

$16.42


NAV

$15.04

$15.64

(3.84)%

$15.73

$14.87


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

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


City, County & State

23

%

24

%


Hospital

21

 

20

 


Industrial & Pollution Control

17

 

19

 


Housing

9

 

6

 


Power

8

 

8

 


Transportation

7

 

7

 


Tax Revenue

6

 

6

 


Education

5

 

6

 


Water & Sewer

2

 

4

 


Other

1

 

 


Tobacco

1

 

 


 

Credit Breakdown4


Credit Rating

June 30, 2007

December 31, 2006


AAA/Aaa

46

%

47

%


AA/Aa

19

 

17

 


A

8

 

7

 


BBB/Baa

14

 

15

 


BB/Ba

3

 

3

 


B

4

 

4

 


Not Rated5

6

 

7

 


 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2007 and December 31, 2006, the market value of these securities was $4,556,989 representing 2.7% and $1,007,720 representing 0.6%, respectively, of the Trust’s long-term investments.

6



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

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

 


Yield on Closing Market Price as of 6/30/07 ($15.08):1

 

4.46

%

 


Current Monthly Distribution per Common Share:2

 

$0.056

 

 


Current Annualized Distribution per Common Share:2

 

$0.672

 

 


 

 

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.

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

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$15.08

$15.34

(1.69)%

$15.72

$15.05


NAV

$15.27

$15.41

(0.91)%

$15.42

$15.23


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

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


Lease Revenue

28

%

26

%


City, County & State

23

 

22

 


Power

21

 

22

 


Education

11

 

10

 


Tax Revenue

11

 

14

 


Water & Sewer

5

 

5

 


Hospital

1

 

1

 


As of June 30, 2007 and December 31, 2006, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

7



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

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

 


Yield on Closing Market Price as of 6/30/07 ($15.69):1

 

4.68

%

 


Current Monthly Distribution per Common Share:2

 

$0.06125

 

 


Current Annualized Distribution per Common Share:2

 

$0.73500

 

 


Leverage as of 6/30/07:3

 

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:

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$15.69

$15.94

(1.57)%

$15.98

$15.13


NAV

$14.85

$15.26

(2.69)%

$15.30

$14.74


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

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


City, County & State

20

%

21

%


Transportation

19

 

19

 


Hospital

14

 

14

 


Lease Revenue

14

 

14

 


Education

8

 

8

 


Housing

7

 

6

 


Industrial & Pollution Control

7

 

9

 


Power

5

 

5

 


Water & Sewer

4

 

4

 


Resource Recovery

2

 

 


 

Credit Breakdown4


Credit Rating

June 30, 2007

December 31, 2006


AAA/Aaa

40

%

40

%


AA/Aa

4

 

3

 


A

29

 

29

 


BBB/Baa

24

 

25

 


Not Rated

3

 

3

 


 

 

4

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

8



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

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

 


Yield on Closing Market Price as of 6/30/07 ($14.49):1

 

3.11

%

 


Current Monthly Distribution per Common Share:2

 

$0.0375

 

 


Current Annualized Distribution per Common Share:2

 

$0.4500

 

 


 

 

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.

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

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$14.49

$14.42

0.49%

$14.73

$14.32


NAV

$14.81

$14.83

(0.13)%

$14.85

$14.78


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

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


Tax Revenue

42

%

41

%


Education

14

 

12

 


Power

13

 

12

 


Transportation

11

 

7

 


City, County & State

9

 

17

 


Resource Recovery

5

 

6

 


Water & Sewer

4

 

4

 


Hospital

1

 

 


Other

1

 

1

 


As of June 30, 2007 and December 31, 2006, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

9



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

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

 


Yield on Closing Market Price as of 6/30/07 ($13.49):1

 

4.54

%

 


Current Monthly Distribution per Common Share:2

 

$0.051

 

 


Current Annualized Distribution per Common Share:2

 

$0.612

 

 


Leverage as of 6/30/07:3

 

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:

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$13.49

$13.85

(2.60)%

$14.55

$13.31


NAV

$14.86

$15.16

(1.98)%

$15.26

$14.72


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

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


City, County & State

22

%

25

%


Water & Sewer

18

 

18

 


Tax Revenue

12

 

8

 


Hospital

10

 

6

 


Education

9

 

10

 


Power

9

 

10

 


Tobacco

6

 

11

 


Industrial & Pollution Control

5

 

5

 


Lease Revenue

4

 

4

 


Housing

2

 

 


Transportation

2

 

3

 


Other

1

 

 


 

 

 

 

 

Credit Breakdown4


Credit Rating

June 30, 2007

December 31, 2006


AAA/Aaa

55

%

59

%


AA/Aa

2

 

1

 


A

7

 

4

 


BBB/Baa

18

 

16

 


BB/Ba

 

2

 


Not Rated5

18

 

18

 


 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2007 and December 31, 2006, the market value of these securities was $2,132,380 representing 1.6% and $2,115,580 representing 1.7%, respectively, of the Trust’s long-term investments.

10



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

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

 


Yield on Closing Market Price as of 6/30/07 ($15.11):1

 

4.37

%

 


Current Monthly Distribution per Common Share:2

 

$0.055

 

 


Current Annualized Distribution per Common Share:2

 

$0.660

 

 


 

 

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.

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

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$15.11

$14.90

1.41%

$15.30

$14.88


NAV

$15.30

$15.42

(0.78)%

$15.43

$15.26


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

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


Transportation

25

 

25

%


Education

19

 

19

 


Water & Sewer

15

 

15

 


City, County & State

10

 

10

 


Hospital

9

 

9

 


Power

8

 

8

 


Tax Revenue

7

 

7

 


Lease Revenue

4

 

4

 


Housing

3

 

3

 


As of June 30, 2007 and December 31, 2006, all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch.

11



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

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

 


Yield on Closing Market Price as of 6/30/07 ($15.36):1

 

4.79

%

 


Current Monthly Distribution per Common Share:2

 

$0.06125

 

 


Current Annualized Distribution per Common Share:2

 

$0.73500

 

 


Leverage as of 6/30/07:3

 

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:

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$15.36

$15.62

(1.66)%

$16.25

$15.14


NAV

$15.99

$16.33

(2.08)%

$16.40

$15.89


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

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


Education

22

%

22

%


Hospital

15

 

16

 


City, County & State

11

 

11

 


Tobacco

11

 

11

 


Transportation

11

 

11

 


Lease Revenue

10

 

10

 


Industrial & Pollution Control

7

 

7

 


Housing

6

 

5

 


Tax Revenue

6

 

6

 


Power

1

 

1

 


 

 

 

 

 

Credit Breakdown4


Credit Rating

June 30, 2007

December 31, 2006


AAA/Aaa

39

%

39

%


AA/Aa

37

 

37

 


A

9

 

9

 


BBB/Baa

10

 

10

 


B

4

 

2

 


CCC/Caa

 

3

 


Not Rated

1

 

 


 

 

4

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

12



TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 


 

 

 

 

 

Trust Information


Symbol on American Stock Exchange:

 

BPS

 


Initial Offering Date:

 

August 25, 1999

 


Yield on Closing Market Price as of 6/30/07 ($17.79):1

 

4.72

%

 


Current Monthly Distribution per Common Share:2

 

$0.07

 

 


Current Annualized Distribution per Common Share:2

 

$0.84

 

 


Leverage as of 6/30/07:3

 

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:

 

 

 

 

 

 

 


 

6/30/07

12/31/06

Change

High

Low


Market Price

$17.79

$17.43

2.07%

$18.67

$16.50


NAV

$14.54

$15.01

(3.13)%

$15.04

$14.41


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

 

 

 

 

 

Sector Breakdown


Sector

June 30, 2007

December 31, 2006


Education

24

%

29

%


Housing

15

 

9

 


Water & Sewer

13

 

15

 


Hospital

12

 

9

 


City, County & State

10

 

8

 


Transportation

10

 

15

 


Lease Revenue

6

 

6

 


Industrial & Pollution Control

5

 

5

 


Other

3

 

2

 


Power

2

 

2

 


 

 

 

 

 

Credit Breakdown4


Credit Rating

June 30, 2007

December 31, 2006


AAA/Aaa

50

%

61

%


AA/Aa

17

 

11

 


A

19

 

17

 


BBB/Baa

10

 

8

 


BB/Ba

1

 

 


Not Rated5

3

 

3

 


 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2007 and December 31, 2006, the market value of these securities was $1,006,420 representing 2.2% and $1,007,720 representing 2.1%, respectively, of the Trust’s long-term investments.

13



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Insured Municipal 2008 Term Trust (BRM)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

LONG-TERM INVESTMENTS—97.2%

 

 

 

 

 

 

 

 

 

Alabama—1.6%

 

 

 

 

 

 

$

6,555

 

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

 

No Opt. Call

 

$

6,595,838

 

 

 

 

 

 

 

 



 

 

 

 

Arizona—1.9%

 

 

 

 

 

 

 

4,000

 

Chandler, Ad Valorem Ppty. Tax GO, Zero Coupon, 7/01/08, FGIC

 

No Opt. Call

 

 

3,849,120

 

 

4,200

 

Pima Cnty., Hwy. Impvts. Misc. RB, 4.125%, 7/01/09, FGIC

 

07/08 @ 101

 

 

4,226,124

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

8,075,244

 

 

 

 

 

 

 

 



 

 

 

 

California—1.2%

 

 

 

 

 

 

 

5,000

 

Dept. of Wtr. Recs., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, Ser. A, 3.125%, 5/01/08, FSA

 

No Opt. Call

 

 

4,978,900

 

 

 

 

 

 

 

 



 

 

 

 

Colorado—2.6%

 

 

 

 

 

 

 

1,000

 

City of Thornton, Pub. Impvts. Lease Approp. COP, 3.25%, 12/01/08, AMBAC

 

No Opt. Call

 

 

991,110

 

 

1,000

 

Cnty. of El Paso, Correctional Fac. Impvts. Lease Approp. COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC

 

No Opt. Call

 

 

990,450

 

 

2,000

 

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

 

No Opt. Call

 

 

1,687,760

 

 

6,965

 

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

 

07/07 @ 101

 

 

7,039,804

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

10,709,124

 

 

 

 

 

 

 

 



 

 

 

 

Delaware—0.2%

 

 

 

 

 

 

 

650

 

Delaware River & Bay Auth., Pub. Impvts. Port, Arpt. & Marina RB, 3.25%, 1/01/09, MBIA

 

No Opt. Call

 

 

643,877

 

 

 

 

 

 

 

 



 

 

 

 

District of Columbia—3.1%

 

 

 

 

 

 

 

 

 

Dist. of Columbia, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

195

2

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

 

ETM

 

 

200,864

 

 

2,605

 

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

 

No Opt. Call

 

 

2,684,296

 

 

10,000

 

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

 

No Opt. Call

 

 

10,155,900

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

13,041,060

 

 

 

 

 

 

 

 



 

 

 

 

Florida—1.4%

 

 

 

 

 

 

 

2,280

 

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

 

No Opt. Call

 

 

2,294,364

 

 

2,080

 

City of Tampa, Wtr. RB, Wtr. & Swr. Proj., 5.50%, 10/01/08, FSA

 

No Opt. Call

 

 

2,123,846

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

Florida—(cont’d)

 

 

 

 

 

 

$

1,300

 

Town of Palm Beach, Misc. RB, Beach Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA

 

No Opt. Call

 

$

1,322,230

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,740,440

 

 

 

 

 

 

 

 



 

 

 

 

Georgia—6.1%

 

 

 

 

 

 

 

5,000

 

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

 

No Opt. Call

 

 

5,172,000

 

 

20,000

 

Monroe Cnty. Dev. Auth., Indl. PCRB, Georgia Pwr. Co. Plant Scherer Proj.,
4.20%, 1/01/12, AMBAC

 

No Opt. Call

 

 

20,101,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

25,273,000

 

 

 

 

 

 

 

 



 

 

 

 

Hawaii—2.7%

 

 

 

 

 

 

 

4,750

 

City & Cnty. of Honolulu, Ad Valorem Ppty. Tax GO, Ser. E, 4.00%, 7/01/08, FGIC

 

No Opt. Call

 

 

4,762,540

 

 

6,510

 

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

 

No Opt. Call

 

 

6,528,684

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

11,291,224

 

 

 

 

 

 

 

 



 

 

 

 

Illinois—11.3%

 

 

 

 

 

 

 

 

 

Cook Cnty. High Sch. Dist. No. 201, Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, J. Sterling Morton Twnshp. Proj.,

 

 

 

 

 

 

 

1,175

2

Zero Coupon, 12/01/09, FGIC

 

ETM

 

 

1,069,802

 

 

4,805

 

Zero Coupon, 12/01/09, FGIC

 

No Opt. Call

 

 

4,367,553

 

 

2,000

 

Cook Cnty. Sch. Dist. No. 25, Ad Valorem Ppty. Tax GO, Arlington Heights Proj.,
4.50%, 12/01/08, FSA

 

No Opt. Call

 

 

2,020,340

 

 

8,985

 

Du Page Cnty. Forest Presvtn. Dist., Pub. Impvts. Ad Valorem Ppty. Tax GO, Zero Coupon, 11/01/08

 

No Opt. Call

 

 

8,535,480

 

 

13,000

 

Fin. Auth. RB, Peoples Gas, Light & Coke Proj., 3.05%, 2/01/33, AMBAC

 

No Opt. Call

 

 

12,920,960

 

 

6,750

 

Illinois, Pub. Impvts. GO, Ser. 1, 3.50%, 7/01/08, MBIA

 

No Opt. Call

 

 

6,734,813

 

 

1,455

 

Kane & Du Page Cntys. Cmnty. Unit Sch. Dist. No. 303, Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 3.75%, 1/01/09, FSA

 

No Opt. Call

 

 

1,453,516

 

 

 

 

Met. Pier & Expo. Auth.,

 

 

 

 

 

 

 

8,385

2

Pub. Impvts. Misc. Tax RB, McCormick Place Expansion Proj., Zero Coupon, 6/15/08, FGIC

 

ETM

 

 

8,083,978

 

 

215

 

Pub. Impvts. Misc. Tax RB, McCormick Place Expansion Proj., Zero Coupon, 6/15/08, FGIC

 

No Opt. Call

 

 

207,400

 

See Notes to Financial Statements.

14



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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

$

1,570

2

Student Loans Lease Abatement RB, McCormick Place Expansion Proj., Ser. A, Zero Coupon, 6/15/08, FGIC

 

ETM

 

$

1,513,637

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

46,907,479

 

 

 

 

 

 

 

 



 

 

 

 

Kansas—0.2%

 

 

 

 

 

 

 

1,000

 

Dev. Fin. Auth., Wtr. Util. Impvts. Wtr. RB, 4.00%, 4/01/09, AMBAC

 

No Opt. Call

 

 

1,003,320

 

 

 

 

 

 

 

 



 

 

 

 

Kentucky—0.9%

 

 

 

 

 

 

 

3,890

 

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

 

No Opt. Call

 

 

3,666,986

 

 

 

 

 

 

 

 



 

 

 

 

Michigan—3.0%

 

 

 

 

 

 

 

6,315

 

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

 

No Opt. Call

 

 

6,331,419

 

 

1,665

2

Detroit, Pub. Impvts. Ad Valorem Ppty. Tax GO, 3.50%, 4/01/09, MBIA

 

ETM

 

 

1,652,063

 

 

3,000

 

Michigan, Hwy. Impvts. Misc. RB, Trunk Line Proj., Ser. A, 4.125%, 11/01/08, FSA

 

No Opt. Call

 

 

3,014,700

 

 

1,485

 

Wyandotte, Elec., Pwr. & Lt. RB, 6.25%, 10/01/08, MBIA

 

No Opt. Call

 

 

1,507,126

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

12,505,308

 

 

 

 

 

 

 

 



 

 

 

 

Mississippi—0.5%

 

 

 

 

 

 

 

2,175

 

De Soto Cnty. Sch. Dist., Ad Valorem Ppty. Tax GO, 3.25%, 2/01/09, FSA

 

No Opt. Call

 

 

2,151,728

 

 

 

 

 

 

 

 



 

 

 

 

Nevada—1.3%

 

 

 

 

 

 

 

 

 

Director of the St. of Nevada Dept. of Bus. & Ind., Trans. Impvts. RB, Las Vegas Monorail Co. Proj.,

 

 

 

 

 

 

 

2,085

 

Zero Coupon, 1/01/09, AMBAC

 

No Opt. Call

 

 

1,964,883

 

 

3,585

 

Zero Coupon, 1/01/10, AMBAC

 

No Opt. Call

 

 

3,242,346

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,207,229

 

 

 

 

 

 

 

 



 

 

 

 

New Jersey—0.7%

 

 

 

 

 

 

 

1,000

 

Monmouth Cnty. Impvt. Auth., Misc. RB, Gov’t. Loan Proj., 5.00%, 12/01/08, FSA

 

No Opt. Call

 

 

1,017,310

 

 

1,750

 

Transp. Trust Fund Auth., Trans. Impvts. RB, Ser. C, 5.25%, 12/15/08, AMBAC

 

No Opt. Call

 

 

1,786,750

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,804,060

 

 

 

 

 

 

 

 



 

 

 

 

New Mexico—0.6%

 

 

 

 

 

 

 

2,445

 

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

 

No Opt. Call

 

 

2,446,712

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

New York—9.3%

 

 

 

 

 

 

$

15,500

 

City of New York, Ad Valorem Ppty. Tax GO, Ser. E, 6.20%, 8/01/07, MBIA

 

No Opt. Call

 

$

15,531,930

 

 

15,915

 

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

 

09/08 @ 101

 

 

16,342,477

 

 

4,000

 

Port Auth. of New York & New Jersey, Port, Arpt. & Marina RB, Ser. 129,
2.875%, 11/01/08, FSA

 

No Opt. Call

 

 

3,939,840

 

 

2,715

 

Thruway Auth., Misc. RB, Local Hwy. & Brdg. Proj., Ser. A, 5.40%, 1/01/09, MBIA

 

07/07 @ 100

 

 

2,717,009

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

38,531,256

 

 

 

 

 

 

 

 



 

 

 

 

North Carolina—4.6%

 

 

 

 

 

 

 

 

 

Eastn. Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

 

13,500

 

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

 

No Opt. Call

 

 

13,947,120

 

 

5,000

 

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

 

No Opt. Call

 

 

5,079,100

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

19,026,220

 

 

 

 

 

 

 

 



 

 

 

 

Oregon—1.5%

 

 

 

 

 

 

 

2,905

 

Dept. of Admin. Svcs., Lease Approp. COP, Ser. A, 5.00%, 11/01/08, FSA

 

No Opt. Call

 

 

2,950,957

 

 

1,285

 

Lane Cnty. Sch. Dist. No. 4-J, Ad Valorem Ppty. Tax GO, Eugene Proj., 3.00%, 1/01/09, FSA

 

No Opt. Call

 

 

1,265,635

 

 

2,000

 

Washington & Clackamas Cntys. Sch. Dist. No. 23-J, Sch. Impvts. Ad Valorem Ppty. Tax GO, Tigard Proj., 3.75%, 6/15/08, MBIA

 

No Opt. Call

 

 

2,000,540

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,217,132

 

 

 

 

 

 

 

 



 

 

 

 

Pennsylvania—7.6%

 

 

 

 

 

 

 

3,175

 

City of Philadelphia, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.10%, 9/15/08, FSA

 

No Opt. Call

 

 

3,187,605

 

 

 

 

Dauphin Cnty. Gen. Auth., Hlth., Hosp. & Nursing Home RB, Western Pennsylvania Hosp. Proj.,

 

 

 

 

 

 

 

1,805

 

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

 

07/07 @ 100

 

 

1,807,347

 

 

965

2

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

 

ETM

 

 

974,457

 

 

 

 

Dept. of Gen. Svcs., Lease Approp. COP,

 

 

 

 

 

 

 

2,075

 

4.50%, 5/01/08, FSA

 

No Opt. Call

 

 

2,087,118

 

 

2,120

 

4.50%, 11/01/08, FSA

 

No Opt. Call

 

 

2,139,292

 

 

2,165

 

4.50%, 5/01/09, FSA

 

No Opt. Call

 

 

2,188,880

 

 

16,250

 

Lehigh Cnty. Indl. Dev. Auth., Indl. PCRB, PPL Electric Util. Corp. Proj.,
3.125%, 11/01/08, AMBAC

 

No Opt. Call

 

 

16,083,925

 

See Notes to Financial Statements.

15



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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

Pennsylvania—(cont’d)

 

 

 

 

 

 

$

3,125

 

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

 

No Opt. Call

 

$

3,098,937

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

31,567,561

 

 

 

 

 

 

 

 



 

 

 

 

Tennessee—0.2%

 

 

 

 

 

 

 

1,000

 

Clarksville, Wtr. RB, 4.30%, 2/01/09, FSA

 

No Opt. Call

 

 

1,007,460

 

 

 

 

 

 

 

 



 

 

 

 

Texas—20.2%

 

 

 

 

 

 

 

 

 

City of Austin,

 

 

 

 

 

 

 

5,000

 

Elec., Pwr. & Lt. RB, 6.625%, 11/15/08, AMBAC

 

No Opt. Call

 

 

5,185,200

 

 

5,000

 

Elec., Pwr. & Lt. RB, Ser. A, Zero Coupon, 11/15/09, AMBAC

 

No Opt. Call

 

 

4,551,700

 

 

5,380

 

Pub. Impvts. Ad Valorem Ppty. Tax GO, 3.50%, 9/01/08, FSA

 

No Opt. Call

 

 

5,363,483

 

 

11,515

 

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

 

No Opt. Call

 

 

10,922,669

 

 

5,000

 

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

 

No Opt. Call

 

 

4,551,700

 

 

6,000

2

City of San Antonio, Elec., Pwr. & Lt. RB, Ser. B, Zero Coupon, 2/01/10, FGIC

 

ETM

 

 

5,414,880

 

 

1,430

2

Coppell Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, 6.10%, 8/15/09, MBIA

 

ETM

 

 

1,494,750

 

 

4,390

 

Houston Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/09, AMBAC

 

No Opt. Call

 

 

4,035,200

 

 

 

 

Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

 

1,075

2

Zero Coupon, 9/01/08, AMBAC

 

ETM

 

 

1,027,926

 

 

13,925

 

Zero Coupon, 9/01/08, AMBAC

 

No Opt. Call

 

 

13,313,693

 

 

1,155

2

Zero Coupon, 9/01/09, AMBAC

 

ETM

 

 

1,061,595

 

 

15,020

 

Zero Coupon, 9/01/09, AMBAC

 

No Opt. Call

 

 

13,784,755

 

 

1,500

 

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

 

No Opt. Call

 

 

1,524,990

 

 

 

 

Pub. Fin. Auth.,

 

 

 

 

 

 

 

5,900

 

Lease Approp. RB, Ser. B, 6.25%, 2/01/09, AMBAC

 

No Opt. Call

 

 

6,113,226

 

 

2,250

3

Lease RB, Gen. Svcs. Comm. Projs., 5.50%, 2/01/08, AMBAC

 

N/A

 

 

2,294,775

 

 

750

 

Lease RB, Gen. Svcs. Comm. Projs., 5.50%, 2/01/09, AMBAC

 

02/08 @ 101

 

 

764,445

 

 

2,275

 

Ysleta Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/08, PSF

 

No Opt. Call

 

 

2,178,881

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

83,583,868

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

Utah—3.3%

 

 

 

 

 

 

 

 

 

Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

$

2,215

2

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

 

ETM

 

$

2,215,266

 

 

1,285

 

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

 

No Opt. Call

 

 

1,285,154

 

 

10,300

3

Utah, Hwy. Impvts. Ad Valorem Ppty. Tax GO, Ser. F, 5.00%, 7/01/07

 

N/A

 

 

10,300,618

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

13,801,038

 

 

 

 

 

 

 

 



 

 

 

 

Washington—10.5%

 

 

 

 

 

 

 

5,710

 

City of Seattle, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.00%, 7/01/08, FSA

 

No Opt. Call

 

 

5,723,932

 

 

1,250

 

Clark Cnty. Pub. Util. Dist. No. 1, Elec., Pwr. & Lt. RB, 5.00%, 1/01/09, MBIA

 

No Opt. Call

 

 

1,271,200

 

 

 

 

Cnty. of King,

 

 

 

 

 

 

 

3,060

 

Ad Valorem Ppty. Tax GO, 3.50%, 12/01/08, FSA

 

No Opt. Call

 

 

3,048,709

 

 

12,850

 

Recreational Fac. Impvts. Ad Valorem Ppty. Tax GO, Ser. D, 5.55%, 12/01/08, MBIA

 

12/07 @ 102

 

 

13,158,014

 

 

 

 

Energy Northwest, Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

 

11,000

 

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

 

No Opt. Call

 

 

11,001,210

 

 

5,550

2

Pub. Pwr. No. 3 Proj., Ser. A, Zero Coupon, 7/01/07, MBIA

 

ETM

 

 

5,548,834

 

 

2,000

 

Pub. Pwr. No. 3 Proj., Ser. A, Zero Coupon, 7/01/08, MBIA

 

No Opt. Call

 

 

1,924,200

 

 

 

 

Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Catholic Hlth. Initiatives Proj.,

 

 

 

 

 

 

 

1,010

 

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

 

No Opt. Call

 

 

1,030,655

 

 

1,000

 

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

 

06/10 @ 101

 

 

1,045,310

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

43,752,064

 

 

 

 

 

 

 

 



 

 

 

 

West Virginia—0.4%

 

 

 

 

 

 

 

1,550

 

Econ. Dev. Auth., Correctional Fac. Impvts. Lease Approp. RB, Correctional Juvenile & Pub. Proj., Ser. A, 4.25%, 6/01/08, MBIA

 

No Opt. Call

 

 

1,557,347

 

 

 

 

 

 

 

 



 

 

 

 

Wyoming—0.3%

 

 

 

 

 

 

 

1,270

 

Albany Cnty. Impvts. Stat. Trust, Pub. Impvts. Lease Abatement COP, 3.75%, 1/15/09, MBIA

 

No Opt. Call

 

 

1,267,346

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $397,610,724)

 

 

 

 

403,352,821

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

16



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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

 

Value

 











 

 

 

SHORT-TERM INVESTMENT—1.5%

 

 

 

 

 

 

 

 

 

Michigan—1.5%

 

 

 

 

 

 

$

6,100

4

Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Trinity Hlth. Proj.,
3.92%, 7/02/07, FRDD (cost $6,100,000)

 

 

 

$

6,100,000

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—98.7%
(cost $403,710,7245)

 

 

 

$

409,452,821

 

 

 

 

Other assets in excess of liabilities—1.3%

 

 

 

 

5,344,785

 

 

 

 

 

 

 

 



 

 

 

 

Net Assets—100%

 

 

 

$

414,797,606

 

 

 

 

 

 

 

 



 

 

 


1

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

2

Security is collateralized by Municipal or U.S. Treasury obligations.

3

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

4

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2007.

5

Cost for federal income tax purposes is $403,245,816. The net unrealized appreciation on a tax basis is $6,207,005, consisting of $6,931,409 gross unrealized appreciation and $724,404 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 92.5% of the Trust’s net assets.


 

 

 

AMBAC

31.1%

CAPMAC

1.3%

FGIC

13.1%

FSA

20.0%

MBIA

26.5%

PSF

0.5%


 

 

 

KEY TO ABBREVIATIONS

 

 

 

AMBAC

American Municipal Bond Assurance Corp.

CAPMAC

Capital Markets Assurance Co.

COP

Certificate of Participation

ETM

Escrowed to Maturity

FGIC

Financial Guaranty Insurance Co.

FRDD

Floating Rate Daily Demand

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

PCRB

Pollution Control Revenue Bond

PSF

Public School Fund Guaranteed

RB

Revenue Bond

ST

Special Tax

 

 

 

See Notes to Financial Statements.

17



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Insured Municipal Term Trust (BMT)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—122.9%

 

 

 

 

 

 

 

 

 

Alabama—0.9%

 

 

 

 

 

 

$

1,000

 

Birmingham Jefferson Civic Ctr. Auth. ST, Ser. A, 4.375%, 1/01/11, FSA

 

No Opt. Call

 

$

1,013,780

 

 

1,410

 

Fed. Hwy. Fin. Auth., Hwy. Impvts. Hwy. Tolls RB, Ser. A, 4.50%, 3/01/11, MBIA

 

No Opt. Call

 

 

1,435,859

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,449,639

 

 

 

 

 

 

 

 



 

 

 

 

Alaska—6.4%

 

 

 

 

 

 

 

 

 

City of Anchorage, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

9,295

 

Ser. B, 4.125%, 7/01/11, MBIA

 

No Opt. Call

 

 

9,351,235

 

 

6,000

 

Ser. B, 4.625%, 7/01/10, FGIC

 

No Opt. Call

 

 

6,120,540

 

 

1,260

 

Univ. of Alaska, Coll. & Univ. RB, Ser. K, 3.75%, 10/01/10, FGIC

 

No Opt. Call

 

 

1,253,838

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

16,725,613

 

 

 

 

 

 

 

 



 

 

 

 

Arizona—3.2%

 

 

 

 

 

 

 

1,000

 

Arizona St. Univ., Univ. & Coll. Impvts. RB, 4.20%, 7/01/11, FGIC

 

No Opt. Call

 

 

1,009,910

 

 

1,030

 

Mesa, Ad Valorem Ppty. Tax GO, Ser. A, 3.75%, 7/01/10, FGIC

 

No Opt. Call

 

 

1,025,365

 

 

6,340

 

Pima Cnty., Hwy. Impvt. Misc. RB, 4.25%, 7/01/11, FGIC

 

07/08 @ 101

 

 

6,378,737

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

8,414,012

 

 

 

 

 

 

 

 



 

 

 

 

Arkansas—0.2%

 

 

 

 

 

 

 

500

 

City of Little Rock, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.00%, 4/01/11, FSA

 

No Opt. Call

 

 

499,800

 

 

 

 

 

 

 

 



 

 

 

 

California—6.9%

 

 

 

 

 

 

 

145

 

California, Pub. Impvts. Misc. GO, 6.80%, 11/01/10, FGIC

 

11/07 @ 100

 

 

146,472

 

 

6,100

2

Contra Costa Transp. Auth., Hwy. Impvt. Sales Tax RB, 6.50%, 3/01/09, FGIC

 

ETM

 

 

6,255,550

 

 

 

 

Dept. of Wtr. Recs., Cash Flow Mgmt. Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

 

5,000

 

Ser. A, 3.60%, 5/01/10, AMBAC

 

No Opt. Call

 

 

4,974,850

 

 

3,500

 

Ser. A, 3.70%, 5/01/11, MBIA

 

No Opt. Call

 

 

3,479,210

 

 

3,065

 

Los Angeles Cnty. Cap. Asset Leasing Corp., Lease Abatement RB, 4.05%, 12/01/10, AMBAC

 

No Opt. Call

 

 

3,275,719

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

18,131,801

 

 

 

 

 

 

 

 



 

 

 

 

Colorado—1.2%

 

 

 

 

 

 

 

3,245

 

Weld Cnty. Sch. Dist. No. 6, Ad Valorem Ppty. Tax GO, Greeley Proj., 3.75%, 12/01/10, FSA

 

No Opt. Call

 

 

3,229,456

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

Delaware—0.4%

 

 

 

 

 

 

$

1,015

 

Delaware River & Bay Auth., Pub. Impvts. Port, Arpt. & Marina RB, 3.75%, 1/01/11, MBIA

 

No Opt. Call

 

$

1,010,057

 

 

 

 

 

 

 

 



 

 

 

 

District of Columbia—4.0%

 

 

 

 

 

 

 

10,000

 

Dist. of Columbia, Ad Valorem Ppty. Tax GO, Ser. B, 5.50%, 6/01/11, FSA

 

No Opt. Call

 

 

10,546,600

 

 

 

 

 

 

 

 



 

 

 

 

Florida—0.9%

 

 

 

 

 

 

 

2,320

 

City of Tampa, Wtr. RB, 5.50%, 10/01/10, FSA

 

No Opt. Call

 

 

2,430,873

 

 

 

 

 

 

 

 



 

 

 

 

Hawaii—0.4%

 

 

 

 

 

 

 

1,000

 

Univ. of Hawaii, Univ. & Coll. Impvts. RB, Ser. A, 3.875%, 7/15/10, FGIC

 

No Opt. Call

 

 

999,270

 

 

 

 

 

 

 

 



 

 

 

 

Illinois—16.0%

 

 

 

 

 

 

 

 

 

Chicago Pk. Dist., Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

3,120

2

Ser. A, 3.50%, 1/01/10, FGIC

 

ETM

 

 

3,080,220

 

 

3,695

2

Ser. A, 4.00%, 1/01/11, FGIC

 

ETM

 

 

3,699,803

 

 

 

 

City of Chicago, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

4,000

 

Ser. A, 4.375%, 1/01/11, AMBAC

 

No Opt. Call

 

 

4,053,840

 

 

1,790

 

Ser. A, 5.00%, 1/01/11, MBIA

 

No Opt. Call

 

 

1,850,377

 

 

 

 

Du Page & Cook Cntys. Cmnty. Unit Sch. Dist. No. 205, Sch. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

315

2

4.50%, 1/01/11, FGIC

 

ETM

 

 

320,516

 

 

685

 

4.50%, 1/01/11, FGIC

 

No Opt. Call

 

 

696,994

 

 

1,750

 

Du Page & Will Cntys. Cmnty. Sch. Dist. No. 204, Sch. Impvts. Ad Valorem Ppty. Tax GO, Indian Proj., 4.25%, 12/30/10, FGIC

 

No Opt. Call

 

 

1,769,880

 

 

 

 

Du Page Cnty. Forest Presvtn. Dist., Pub. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

5,000

 

Zero Coupon, 11/01/10

 

No Opt. Call

 

 

4,374,950

 

 

11,965

 

Zero Coupon, 11/01/11

 

No Opt. Call

 

 

10,037,319

 

 

 

 

Illinois,

 

 

 

 

 

 

 

1,500

 

Poll. Ctrl. GO, Ser. 1, 4.50%, 2/01/11, FGIC

 

No Opt. Call

 

 

1,527,150

 

 

4,000

 

Poll. Ctrl. GO, Ser. 1, 5.25%, 2/01/11, FGIC

 

No Opt. Call

 

 

4,171,840

 

 

2,000

 

Sch. Impvts. GO, Ser. 1, 4.50%, 4/01/11, FSA

 

No Opt. Call

 

 

2,037,240

 

 

2,265

 

Kane & Du Page Cntys. Cmnty. Unit Sch. Dist. No. 303, Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 4.00%, 1/01/11, FSA

 

No Opt. Call

 

 

2,267,944

 

 

1,025

 

Orland Pk., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 3.50%, 12/01/10, FGIC

 

No Opt. Call

 

 

1,010,865

 

See Notes to Financial Statements.

18



BlackRock Insured Municipal Term Trust (BMT) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

$

1,075

 

Rockford Sch. Dist. No. 205, Ad Valorem Ppty. Tax GO, 4.30%, 2/01/11, FGIC

 

No Opt. Call

 

$

1,086,976

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

41,985,914

 

 

 

 

 

 

 

 



 

 

 

 

Indiana—4.1%

 

 

 

 

 

 

 

 

 

Indianapolis Local Pub. Impvt. Bd. Bank, Wtr. Util. Impvts. Wtr. RB,

 

 

 

 

 

 

 

2,085

 

Ser. A, 4.25%, 7/01/10, MBIA

 

No Opt. Call

 

 

2,104,912

 

 

2,815

 

Ser. A, 4.375%, 1/01/11, MBIA

 

No Opt. Call

 

 

2,853,791

 

 

2,950

 

Ser. A, 4.375%, 7/01/11, MBIA

 

No Opt. Call

 

 

2,994,928

 

 

2,635

 

Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Ser. A, 4.50%, 1/01/11, AMBAC

 

No Opt. Call

 

 

2,680,269

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

10,633,900

 

 

 

 

 

 

 

 



 

 

 

 

Kansas—0.8%

 

 

 

 

 

 

 

 

 

Dev. Fin. Auth., Wtr. Util. Impvts. Wtr. RB,

 

 

 

 

 

 

 

1,025

 

4.125%, 4/01/10, AMBAC

 

No Opt. Call

 

 

1,031,458

 

 

1,000

 

4.25%, 4/01/11, AMBAC

 

No Opt. Call

 

 

1,011,370

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,042,828

 

 

 

 

 

 

 

 



 

 

 

 

Kentucky—3.6%

 

 

 

 

 

 

 

10,890

 

Econ. Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Norton Healthcare, Inc. Proj., Ser. B, Zero Coupon, 10/01/10, MBIA

 

No Opt. Call

 

 

9,532,997

 

 

 

 

 

 

 

 



 

 

 

 

Louisiana—1.9%

 

 

 

 

 

 

 

5,000

 

Pub. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Ochsner Clinic Fndtn. Proj., Ser. B, 4.00%, 5/15/11, MBIA

 

No Opt. Call

 

 

4,967,900

 

 

 

 

 

 

 

 



 

 

 

 

Michigan—2.4%

 

 

 

 

 

 

 

 

 

Detroit, Pub. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

1,580

 

4.00%, 4/01/10, MBIA

 

No Opt. Call

 

 

1,580,332

 

 

1,955

 

4.00%, 4/01/11, MBIA

 

No Opt. Call

 

 

1,952,204

 

 

35

 

Mun. Bd. Auth., Misc. RB, Ser. A, 6.50%, 11/01/12, MBIA

 

07/07 @ 100

 

 

35,074

 

 

2,810

 

Wyandotte City Sch. Dist., Ad Valorem Ppty. Tax GO, 4.00%, 5/01/11, FSA

 

No Opt. Call

 

 

2,814,833

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,382,443

 

 

 

 

 

 

 

 



 

 

 

 

Minnesota—1.9%

 

 

 

 

 

 

 

2,800

 

Hopkins Indpt. Sch. Dist. No. 270, Ad Valorem Ppty. Tax GO, Ser. B, 4.00%, 2/01/11, FSA

 

No Opt. Call

 

 

2,808,932

 

 

2,180

2

Southern Minnesota Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB, Ser. B, 5.75%, 1/01/11

 

ETM

 

 

2,249,891

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,058,823

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

Nevada—2.2%

 

 

 

 

 

 

 

 

 

Director of the St. of Nevada Dept. of Bus. & Ind., Trans. Impvts. RB, Las Vegas Monorail Co. Proj.,

 

 

 

 

 

 

$

3,795

 

Zero Coupon, 1/01/11, AMBAC

 

No Opt. Call

 

$

3,291,707

 

 

2,870

 

Zero Coupon, 1/01/12, AMBAC

 

No Opt. Call

 

 

2,386,176

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,677,883

 

 

 

 

 

 

 

 



 

 

 

 

New Jersey—0.4%

 

 

 

 

 

 

 

1,000

 

Monmouth Cnty. Impvt. Auth., Misc. RB, Gov’t. Loan Proj., 3.375%, 12/01/10, FSA

 

No Opt. Call

 

 

981,430

 

 

 

 

 

 

 

 



 

 

 

 

New Mexico—3.0%

 

 

 

 

 

 

 

 

 

Fin. Auth., Pub. Impvts. Misc. RB,

 

 

 

 

 

 

 

1,304

 

Ser. A, 3.40%, 6/01/11, MBIA

 

No Opt. Call

 

 

1,275,834

 

 

1,015

 

Ser. A, 4.20%, 6/01/10, MBIA

 

No Opt. Call

 

 

1,023,587

 

 

1,370

 

Ser. A, 4.30%, 6/01/11, MBIA

 

No Opt. Call

 

 

1,387,728

 

 

1,750

 

Las Cruces Sch. Dist. No. 2, Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.25%, 8/01/11, FSA

 

08/09 @ 100

 

 

1,796,532

 

 

2,230

2

Transp. Comm., Sales Tax RB, Ser. B, 4.75%, 6/15/11, AMBAC

 

ETM

 

 

2,288,203

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

7,771,884

 

 

 

 

 

 

 

 



 

 

 

 

New York—5.6%

 

 

 

 

 

 

 

8,950

 

Long Island Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. A, 5.50%,12/01/10, AMBAC

 

No Opt. Call

 

 

9,404,302

 

 

5,000

 

Thruway Auth., Hwy. Impvt. Income Tax RB, Ser. A, 5.00%, 3/15/11, FSA

 

No Opt. Call

 

 

5,185,600

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

14,589,902

 

 

 

 

 

 

 

 



 

 

 

 

Ohio—0.8%

 

 

 

 

 

 

 

1,000

 

Akron, Ad Valorem Ppty. Tax GO, 4.00%, 12/01/10, MBIA

 

No Opt. Call

 

 

1,002,510

 

 

1,015

 

Univ. of Cincinnati, Univ. & Coll. Impvts. RB, Ser. G, 3.50%, 6/01/09, AMBAC

 

No Opt. Call

 

 

1,008,453

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,010,963

 

 

 

 

 

 

 

 



 

 

 

 

Oregon—3.6%

 

 

 

 

 

 

 

1,995

 

Lane Cnty. Sch. Dist. No. 4-J Eugene, Ad Valorem Ppty. Tax GO, 3.75%, 1/01/11, FSA

 

No Opt. Call

 

 

1,984,626

 

 

 

 

Washington & Clackamas Cntys. Sch. Dist. No. 23-J Tigard, Sch. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

3,820

 

4.00%, 6/15/10, MBIA

 

No Opt. Call

 

 

3,833,714

 

 

3,720

 

4.00%, 6/15/11, MBIA

 

No Opt. Call

 

 

3,730,751

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

9,549,091

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

19



BlackRock Insured Municipal Term Trust (BMT) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

Pennsylvania—6.0%

 

 

 

 

 

 

$

2,430

 

Central York Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 4.125%, 6/01/11, FGIC

 

No Opt. Call

 

$

2,446,135

 

 

2,100

 

City of Philadelphia, Swr. RB, 5.625%, 6/15/08, AMBAC

 

No Opt. Call

 

 

2,137,002

 

 

965

2

Dauphin Cnty. Gen. Auth., Hlth., Hosp. & Nursing Home RB, Western Pennsylvania Hosp. Proj., Ser. B, 6.25%, 7/01/07, MBIA

 

ETM

 

 

974,457

 

 

7,500

 

Higher Edl. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Univ. of Pennsylvania Hlth. Sys. Proj., Ser. A, 5.25%, 8/01/10, FSA

 

08/09 @ 101

 

 

7,756,350

 

 

1,075

 

Pub. Sch. Bldg. Auth., Sch. Impvts. Misc. RB, York Sch. Dist. Proj., 4.75%, 5/01/11, FSA

 

No Opt. Call

 

 

1,105,692

 

 

1,250

 

Wilson Sch. Dist., Ad Valorem Ppty. Tax GO, 4.00%, 5/15/10, FSA

 

No Opt. Call

 

 

1,252,650

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,672,286

 

 

 

 

 

 

 

 



 

 

 

 

Rhode Island—2.0%

 

 

 

 

 

 

 

235

 

Clean Wtr. Fin. Agcy., Poll. Ctrl. Misc. RB, Ser. A, 6.70%, 10/01/10, MBIA

 

10/07 @ 100

 

 

236,652

 

 

5,000

2

Providence Plantations, Misc. Tax GO, Ser. B, 4.20%, 6/01/10, FGIC

 

ETM

 

 

5,035,400

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,272,052

 

 

 

 

 

 

 

 



 

 

 

 

Tennessee—0.8%

 

 

 

 

 

 

 

 

 

Clarksville, Wtr. RB,

 

 

 

 

 

 

 

1,005

 

4.45%, 2/01/10, FSA

 

No Opt. Call

 

 

1,018,879

 

 

1,100

 

4.65%, 2/01/11, FSA

 

No Opt. Call

 

 

1,126,125

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,145,004

 

 

 

 

 

 

 

 



 

 

 

 

Texas—16.0%

 

 

 

 

 

 

 

 

 

Bexar Met. Wtr. Dist., Wtr. RB,

 

 

 

 

 

 

 

315

2

3.70%, 5/01/10, FSA

 

ETM

 

 

312,159

 

 

770

 

3.70%, 5/01/10, FSA

 

No Opt. Call

 

 

765,010

 

 

315

2

3.80%, 5/01/11, FSA

 

ETM

 

 

312,212

 

 

775

 

3.80%, 5/01/11, FSA

 

No Opt. Call

 

 

769,505

 

 

1,090

 

City of Addison, Ad Valorem Ppty. Tax GO, 3.375%, 2/15/11, FGIC

 

No Opt. Call

 

 

1,063,862

 

 

 

 

City of Houston,

 

 

 

 

 

 

 

5,000

 

Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 3/01/11, MBIA

 

No Opt. Call

 

 

5,172,900

 

 

2,000

 

Ad Valorem Ppty. Tax GO, Ser. A1, 5.00%, 3/01/11, MBIA

 

No Opt. Call

 

 

2,069,160

 

 

10,440

 

Swr. RB, Ser. C, Zero Coupon, 12/01/10, AMBAC

 

No Opt. Call

 

 

9,092,301

 

 

 

 

Cnty. of Harris, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

1,500

 

Ser. A, 5.00%, 10/01/10, FSA

 

No Opt. Call

 

 

1,547,115

 

 

330

2

Ser. B, Zero Coupon, 8/15/08, FGIC

 

ETM

 

 

316,091

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

Texas—(cont’d)

 

 

 

 

 

 

$

2,255

 

Ser. B, Zero Coupon, 8/15/08, FGIC

 

No Opt. Call

 

$

2,159,726

 

 

2,000

 

Dallas Area Rapid Trans., Sales Tax RB, 4.30%, 2/01/10, AMBAC

 

No Opt. Call

 

 

2,023,420

 

 

2,490

2

Houston Area Wtr. Corp., Wtr. RB, Northeast Wtr. Purification Proj., 4.50%, 3/01/11, FGIC

 

ETM

 

 

2,532,255

 

 

5,550

 

Katy Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon, 2/15/11, PSF

 

No Opt. Call

 

 

4,785,876

 

 

4,000

 

Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB, 5.50%, 9/01/10, MBIA

 

No Opt. Call

 

 

4,184,120

 

 

2,245

 

Pub. Fin. Auth., Misc. RB, 4.00%, 2/01/11, FGIC

 

No Opt. Call

 

 

2,245,449

 

 

1,250

 

Texas Tech Univ., Univ. & Coll. RB, Ser. 9, 5.00%, 2/15/11, AMBAC

 

No Opt. Call

 

 

1,292,400

 

 

1,500

 

Univ. of Houston, Univ. & Coll. Impvts. RB, Ser. A, 4.00%, 2/15/10, FSA

 

No Opt. Call

 

 

1,502,355

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

42,145,916

 

 

 

 

 

 

 

 



 

 

 

 

Utah—2.4%

 

 

 

 

 

 

 

3,470

 

Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB, Ser. A, 5.25%, 7/01/11, MBIA

 

07/09 @ 101

 

 

3,590,964

 

 

3,175

 

Salt Lake Cnty. Wtr. Conservancy Dist., Wtr. RB, Ser. A, Zero Coupon, 10/01/10, AMBAC

 

No Opt. Call

 

 

2,790,920

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,381,884

 

 

 

 

 

 

 

 



 

 

 

 

Washington—13.2%

 

 

 

 

 

 

 

7,345

 

Benton Cnty. Sch. Dist. No. 17, Sch. Impvts. Ad Valorem Ppty. Tax GO, Kennewick Proj., 4.50%, 12/01/10, FSA

 

No Opt. Call

 

 

7,480,001

 

 

1,000

 

Chelan Cnty. Sch. Dist. No. 246, Sch. Impvts. Ad Valorem Ppty. Tax GO, Wenatchee Proj., 4.50%, 12/01/10, FSA

 

No Opt. Call

 

 

1,018,380

 

 

1,010

 

City of Tacoma, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.625%, 12/01/10, FGIC

 

No Opt. Call

 

 

1,032,563

 

 

3,000

 

Clark Cnty. Pub. Util. Dist. No. 1, Elec., Pwr. & Lt. RB, 4.50%, 1/01/11, AMBAC

 

No Opt. Call

 

 

3,051,540

 

 

2,040

 

Clark Cnty. Sch. Dist. No. 114, Sch. Impvts. Ad Valorem Ppty. Tax GO, Evergreen Proj., 4.125%, 12/01/10, FSA

 

No Opt. Call

 

 

2,053,219

 

 

 

 

Energy Northwest, Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

 

9,160

2

Ser. A, Zero Coupon, 7/01/10, MBIA

 

ETM

 

 

8,139,210

 

 

3,745

 

Ser. A, Zero Coupon, 7/01/10, MBIA

 

No Opt. Call

 

 

3,318,857

 

 

1,300

 

Ser. B, Zero Coupon, 7/01/10, MBIA

 

No Opt. Call

 

 

1,152,411

 

See Notes to Financial Statements.

20



BlackRock Insured Municipal Term Trust (BMT) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

Washington—(cont’d)

 

 

 

 

 

 

$

5,000

3

Washington, Pub. Impvts. GO, Ser. A, 5.50%, 7/01/09, MBIA

 

N/A

 

$

5,156,800

 

 

2,280

 

Whatcom Cnty. Sch. Dist. No. 503, Ad Valorem Ppty. Tax GO, Blaine Proj.,
4.50%, 12/01/10, FSA

 

No Opt. Call

 

 

2,321,906

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

34,724,887

 

 

 

 

 

 

 

 



 

 

 

 

West Virginia—3.6%

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth., Correctional Fac. Impvts. Lease Approp. RB, Correctional Juvenile & Pub. Proj.,

 

 

 

 

 

 

 

3,705

 

Ser. A, 4.50%, 6/01/10, MBIA

 

No Opt. Call

 

 

3,766,762

 

 

4,420

 

Ser. A, 4.50%, 6/01/11, MBIA

 

No Opt. Call

 

 

4,509,019

 

 

1,170

 

Sch. Bldg. Auth., Misc. RB, Cap. Impvt. Proj., 4.00%, 7/01/11, AMBAC

 

No Opt. Call

 

 

1,172,574

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

9,448,355

 

 

 

 

 

 

 

 



 

 

 

 

Wisconsin—5.9%

 

 

 

 

 

 

 

1,045

2

Appleton, Wtr. RB, Wtr. Wks. Proj., 4.375%, 1/01/11, FGIC

 

ETM

 

 

1,059,066

 

 

 

 

Wisconsin, Misc. RB, Clean Wtr. Proj.,

 

 

 

 

 

 

 

4,640

 

Ser. 2, 4.00%, 6/01/10, MBIA

 

No Opt. Call

 

 

4,652,574

 

 

9,850

 

Ser. 2, 4.00%, 6/01/11, MBIA

 

No Opt. Call

 

 

9,867,435

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,579,075

 

 

 

 

 

 

 

 



 

 

 

 

Wyoming—2.2%

 

 

 

 

 

 

 

 

 

Albany Cnty. Impvts. Stat. Trust, Pub. Impvts. Lease Abatement COP,

 

 

 

 

 

 

 

1,325

 

4.00%, 1/15/10, MBIA

 

No Opt. Call

 

 

1,325,557

 

 

1,450

 

4.00%, 7/15/10, MBIA

 

No Opt. Call

 

 

1,450,391

 

 

1,480

 

4.00%, 1/15/11, MBIA

 

No Opt. Call

 

 

1,478,431

 

 

1,510

 

4.00%, 7/15/11, MBIA

 

No Opt. Call

 

 

1,507,735

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,762,114

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $316,061,499)

 

 

 

 

322,754,652

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 


 

 

 

SHORT-TERM INVESTMENTS—0.6%

 

 

 

 

 

 

 

Kentucky—0.1%

 

 

 

 

$

300

4

Louisville & Jefferson Cnty. Met. Swr. Dist., Swr. RB, Ser. B, 3.73%, 7/04/07, FSA, FRWD

 

$

300,000

 

 

 

 

 

 



 

 

 

 

Massachusetts—0.4%

 

 

 

 

 

1,100

4

Route 3 North Trans. Impvt. Assoc., Lease Approp. RB, Ser. B, 3.73%, 7/04/07, AMBAC, FRWD

 

 

1,100,000

 

 

 

 

 

 



 

 

 

 

Oklahoma—0.1%

 

 

 

 

 

200

4

Inds. Auth., Hlth., Hosp. & Nursing Home RB, Integris Baptist Med. Ctr. Proj., Ser. B, 3.86%, 7/02/07, MBIA, FRDD

 

 

200,000

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments
(cost $1,600,000)

 

 

1,600,000

 

 

 

 

 

 



 

 

 

 

Total Investments—123.5%
(cost $317,661,4995)

 

$

324,354,652

 

 

 

 

Other assets in excess of liabilities—1.3%

 

 

3,312,789

 

 

 

 

Preferred shares at redemption value, including dividends payable—(24.8)%

 

 

(65,031,163

)

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

$

262,636,278

 

 

 

 

 

 



 



 

 

1

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

2

Security is collateralized by Municipal or U.S. Treasury obligations.

3

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

4

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2007.

5

Cost for federal income tax purposes is $317,336,182. The net unrealized appreciation on a tax basis is $7,018,470, consisting of $7,644,955 gross unrealized appreciation and $626,485 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 94.8% of the Trust’s managed assets.


 

 

 

AMBAC

17.8%

FGIC

18.1%

FSA

21.0%

MBIA

36.4%

PSF

  1.5%


 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

 

 

American Municipal Bond Assurance Corp.

COP

 

 

Certificate of Participation

ETM

 

 

Escrowed to Maturity

FGIC

 

 

Financial Guaranty Insurance Co.

FRDD

 

 

Floating Rate Daily Demand

FRWD

 

 

Floating Rate Weekly Demand

FSA

 

 

Financial Security Assurance

GO

 

 

General Obligation

MBIA

 

 

Municipal Bond Insurance Assoc.

PSF

 

 

Public School Fund Guaranteed

RB

 

 

Revenue Bond

ST

 

 

Special Tax

 

See Notes to Financial Statements.

21



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Municipal 2018 Term Trust (BPK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—154.4%

 

 

 

 

 

 

 

 

 

Alabama—2.9%

 

 

 

 

 

 

$

1,000

 

Courtland Indl. Dev. Brd., Indl. RB, Intl. Paper Co. Proj., Ser. A, 4.75%, 5/01/17

 

11/14 @ 100

 

$

993,350

 

 

5,845

 

Huntsville Hlth. Care Auth., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.625%, 6/01/22

 

06/12 @ 101

 

 

6,142,978

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

7,136,328

 

 

 

 

 

 

 

 



 

 

 

 

California—7.2%

 

 

 

 

 

 

 

1,750

2

Agua Caliente Band of Cahuilla Indians, Casino Parimutuel Betting RB, 5.60%, 7/01/13

 

No Opt. Call

 

 

1,811,688

 

 

1,120

3

City of Lincoln, Pub. Impvts. ST, 5.90%,9/01/13

 

N/A

 

 

1,243,077

 

 

5,425

 

Clovis Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon, 8/01/21, FGIC

 

No Opt. Call

 

 

2,846,660

 

 

 

 

Poll. Ctrl. Fing. Auth.,

 

 

 

 

 

 

 

6,500

 

Rec. Recovery Impvts. RB, Chemical Wst. Mgmt., Inc. Proj., Ser. C, 5.125%, 11/01/23, AMT

 

11/15 @ 101

 

 

6,564,545

 

 

5,000

 

Rec. Recovery RB, Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23, AMT

 

No Opt. Call

 

 

5,186,800

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

17,652,770

 

 

 

 

 

 

 

 



 

 

 

 

Colorado—4.3%

 

 

 

 

 

 

 

5,000

 

Hsg. & Fin. Auth., Rec. Recovery Misc. RB, Wst. Mgmt., Inc. Proj., 5.70%, 7/01/18, AMT

 

No Opt. Call

 

 

5,367,100

 

 

5,010

 

Pk. Creek Met. Dist., Misc. RB, Sr. Ltd. Ppty. Misc. Tax Proj., 5.25%, 12/01/20

 

12/15 @ 101

 

 

5,184,699

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

10,551,799

 

 

 

 

 

 

 

 



 

 

 

 

Connecticut—1.6%

 

 

 

 

 

 

 

3,750

2

Mashantucket Western Pequot Tribe, Recreational RB, Ser. B, 5.75%, 9/01/18

 

09/07 @ 102

 

 

3,829,350

 

 

 

 

 

 

 

 



 

 

 

 

Florida—7.5%

 

 

 

 

 

 

 

2,000

 

CFM Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.875%, 5/01/14

 

No Opt. Call

 

 

2,061,620

 

 

90

 

Live Oak Cmnty. Dev. Dist. No. 1, Pub. Impvts. SA, Ser. B, 5.30%, 5/01/08

 

No Opt. Call

 

 

90,021

 

 

4,515

 

Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

5,017,790

 

 

1,280

 

Pine Island Cmnty. Dev. Dist., Pub. Impvts. Misc. RB, 5.30%, 11/01/10

 

No Opt. Call

 

 

1,281,843

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

Florida—(cont’d)

 

 

 

 

 

 

$

2,870

 

Stevens Plantation Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 6.375%, 5/01/13

 

No Opt. Call

 

$

2,927,056

 

 

5,410

 

Vlg. Ctr. Cmnty. Dev. Dist., Recreational Fac. Impvts. RB, Ser. B, 5.875%, 1/01/15

 

No Opt. Call

 

 

5,580,307

 

 

1,400

 

Westchester Cmnty. Dev. Dist. No. 1, Pub. Impvts. SA, 6.00%, 5/01/23

 

05/13 @ 101

 

 

1,452,234

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

18,410,871

 

 

 

 

 

 

 

 



 

 

 

 

Illinois—24.9%

 

 

 

 

 

 

 

1,825

2

Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23

 

No Opt. Call

 

 

1,861,573

 

 

 

 

Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB,

 

 

 

 

 

 

 

5,000

 

Ser. A, 5.00%, 1/01/19, AMBAC

 

01/16 @ 100

 

 

5,225,350

 

 

8,000

 

Ser. A, 5.00%, 1/01/20, AMBAC

 

01/16 @ 100

 

 

8,331,760

 

 

5,000

 

Ser. A, 5.75%, 1/01/18, MBIA, AMT

 

01/12 @ 100

 

 

5,271,050

 

 

5,980

3

Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Edl. Adv. Fund, Univ. Ctr. Proj., 6.00%, 5/01/12

 

N/A

 

 

6,550,432

 

 

 

 

Fin. Auth.,

 

 

 

 

 

 

 

12,500

3

Cash Flow Mgmt. Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys./Sunbelt Oblig. Proj.,
5.50%, 11/15/09

 

N/A

 

 

13,046,000

 

 

2,750

 

Univ. & Coll. Impvts. RB, MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19

 

06/14 @ 100

 

 

2,886,895

 

 

5,000

 

Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Elmhurst Mem. Hosp. Proj.,
5.50%, 1/01/22

 

01/13 @ 100

 

 

5,162,700

 

 

13,375

3

Kane & Du Page Cntys. Cmnty. Unit Sch. Dist. No. 303, Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, Zero Coupon, 1/01/12, FSA

 

N/A

 

 

7,384,149

 

 

 

 

Sports Facs. Auth., Recreational Fac. Impvts. Misc. Tax RB,

 

 

 

 

 

 

 

1,885

 

Zero Coupon, 6/15/19, AMBAC

 

06/15 @ 101

 

 

1,735,821

 

 

1,985

 

Zero Coupon, 6/15/20, AMBAC

 

06/15 @ 101

 

 

1,827,312

 

 

2,090

 

Zero Coupon, 6/15/21, AMBAC

 

06/15 @ 101

 

 

1,924,138

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

61,207,180

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

22



BlackRock Municipal 2018 Term Trust (BPK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

Indiana—10.6%

 

 

 

 

 

 

$

13,970

3

Hlth. Fac. Fing. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Sisters of St. Francis Hlth. Proj., 5.75%, 11/01/11

 

N/A

 

$

15,045,970

 

 

2,500

 

Indianapolis Arpt. Auth., Port, Arpt. & Marina RB, FedEx Corp. Proj., 5.10%,1/15/17, AMT

 

No Opt. Call

 

 

2,571,100

 

 

4,000

 

Petersburg, Indl. RB, Indianapolis Pwr. & Lt. Co. Proj., 5.75%, 8/01/21

 

08/11 @ 102

 

 

4,169,600

 

 

4,215

 

Vincennes, Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%,1/01/24

 

01/09 @ 102

 

 

4,231,902

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

26,018,572

 

 

 

 

 

 

 

 



 

 

 

 

Kentucky—1.3%

 

 

 

 

 

 

 

3,195

 

Hsg. Corp., St. Sngl. Hsg. Local or Gtd. Hsg. RB, Ser. C, 4.625%, 7/01/22, AMT

 

07/16 @ 100

 

 

3,069,564

 

 

 

 

 

 

 

 



 

 

 

 

Louisiana—1.2%

 

 

 

 

 

 

 

2,825

 

Pub. Facs. Auth., Pub. Impvts. Misc. RB, Dept. of Pub. Safety Proj., 5.875%, 6/15/14, MBIA

 

06/10 @ 100

 

 

2,951,560

 

 

 

 

 

 

 

 



 

 

 

 

Maryland—2.1%

 

 

 

 

 

 

 

4,949

 

Frederick Cnty., Pub. Impvts. ST, Urbana Cmnty. Dev. Auth. Proj., Ser. A, 5.80%, 7/01/20

 

07/07 @ 102

 

 

5,051,890

 

 

 

 

 

 

 

 



 

 

 

 

Massachusetts—0.9%

 

 

 

 

 

 

 

2,000

3

Bay Transp. Auth., Trans. Impvts. Sales Tax RB, Ser. C, 5.00%, 7/01/34

 

N/A

 

 

2,138,020

 

 

 

 

 

 

 

 



 

 

 

 

Michigan—4.8%

 

 

 

 

 

 

 

 

 

Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home RB,

 

 

 

 

 

 

 

3,500

 

Edward W. Sparrow Hosp. Proj., 4.50%, 11/15/26

 

11/17 @ 100

 

 

3,259,550

 

 

5,450

3

Henry Ford Hlth. Sys. Proj., Ser. A, 6.00%, 11/15/09

 

N/A

 

 

5,756,944

 

 

1,000

 

Oakwood Healthcare Sys. Proj., 5.00%, 7/15/18

 

07/17 @ 100

 

 

1,022,170

 

 

 

 

Pontiac Tax Incr. Fin. Auth. TA RB,

 

 

 

 

 

 

 

700

 

Dev. Area 2 Proj., 5.625%, 6/01/22, ACA

 

06/12 @ 101

 

 

735,686

 

 

1,000

 

Dev. Area 3 Proj., 5.375%, 6/01/17, ACA

 

06/12 @ 101

 

 

1,038,480

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

11,812,830

 

 

 

 

 

 

 

 



 

 

 

 

Mississippi—4.3%

 

 

 

 

 

 

 

9,000

 

Lowndes Cnty., Indl. RB, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22

 

No Opt. Call

 

 

10,601,820

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

Multi-State—10.5%

 

 

 

 

 

 

$

14,000

2

Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/31/52

 

10/14 @ 100

 

$

15,687,420

 

 

 

 

Munimae TE Bond Subsidiary LLC,

 

 

 

 

 

 

 

6,000

2

Ser. B2, 5.20%, 6/29/49

 

09/14 @ 100

 

 

6,001,080

 

 

4,000

2

Ser. D, 5.90%, 11/29/49

 

09/15 @ 101

 

 

4,129,680

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

25,818,180

 

 

 

 

 

 

 

 



 

 

 

 

Nevada—3.0%

 

 

 

 

 

 

 

1,000

 

City of Henderson, Pub. Impvts. SA, Local Impvt. No. T-18 Proj., 5.15%, 9/01/21

 

09/07 @ 103

 

 

1,004,080

 

 

5,000

 

Director of the St. of Nevada Dept. of Bus. & Ind., Rec. Recovery Impvts. RB, Republic Svcs., Inc. Proj., 5.625%, 12/01/26, AMT

 

No Opt. Call

 

 

5,332,000

 

 

1,085

 

Las Vegas Spl. Dist. No. 809, Pub. Impvts. RB, Summerlin Area Proj., 5.35%, 6/01/17

 

12/07 @ 103

 

 

1,119,894

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

7,455,974

 

 

 

 

 

 

 

 



 

 

 

 

New Hampshire—6.4%

 

 

 

 

 

 

 

 

 

Bus. Fin. Auth.,

 

 

 

 

 

 

 

6,000

 

Indl. RB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA, AMT

 

06/13 @ 102

 

 

5,999,640

 

 

7,000

 

Rec. Recovery RB, Pub. Svc. Co. Proj., Ser. C, 5.45%, 5/01/21, MBIA

 

05/12 @ 101

 

 

7,426,930

 

 

2,025

 

Hlth. & Ed. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Exeter Hosp./Healthcare, Inc. Proj., 6.00%, 10/01/24

 

10/11 @ 101

 

 

2,175,133

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,601,703

 

 

 

 

 

 

 

 



 

 

 

 

New Jersey—13.5%

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

 

8,500

 

Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.50%, 6/15/24

 

06/12 @ 100

 

 

8,824,275

 

 

4,065

 

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT

 

11/10 @ 101

 

 

4,306,298

 

 

6,750

 

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.20%, 11/15/30, AMT

 

11/10 @ 101

 

 

7,217,303

 

 

8,410

 

SA, Kapkowski Rd. Landfill Proj., 5.50%, 4/01/16

 

No Opt. Call

 

 

8,766,920

 

 

1,500

 

Hlth. Care Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Atlanticare Regl. Med. Ctr. Proj., 5.00%, 7/01/20

 

07/17 @ 100

 

 

1,541,625

 

 

2,500

 

Hsg. & Mtg. Fin. Agcy., St. Sngl. Fam. Hsg. Local or Gtd. Hsg. RB, Ser. T,
4.55%, 10/01/22, AMT

 

04/17 @ 100

 

 

2,398,800

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

33,055,221

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

23



BlackRock Municipal 2018 Term Trust (BPK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

New York—8.1%

 

 

 

 

 

 

$

7,500

 

City of New York, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 9/01/18

 

09/15 @ 100

 

$

7,847,550

 

 

3,460

 

New York City Indl. Dev. Agcy., Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT

 

08/16 @ 101

 

 

4,072,593

 

 

7,500

 

Tobacco Settlement Fing. Auth., Hsg. Tobacco Settlement Funded RB, Ser. B1-C,
5.50%, 6/01/20

 

06/13 @ 100

 

 

8,014,350

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

19,934,493

 

 

 

 

 

 

 

 



 

 

 

 

North Carolina—2.9%

 

 

 

 

 

 

 

3,140

 

Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 28A, 4.65%, 7/01/23, AMT

 

01/17 @ 100

 

 

3,029,974

 

 

4,000

 

Wake Cnty. Indl. Facs. & Poll. Ctrl. Fing. Auth., Indl. RB, Carolina Pwr. & Lt. Co. Proj., 5.375%, 2/01/17

 

02/12 @ 101

 

 

4,182,720

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

7,212,694

 

 

 

 

 

 

 

 



 

 

 

 

Ohio—0.2%

 

 

 

 

 

 

 

500

 

Pinnacle Cmnty. Infrastructure Fing. Auth., Hsg. Misc. RB, Ser. A, 6.00%, 12/01/22

 

12/14 @ 101

 

 

521,780

 

 

 

 

 

 

 

 



 

 

 

 

Oklahoma—1.3%

 

 

 

 

 

 

 

2,700

 

Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT

 

No Opt. Call

 

 

3,140,991

 

 

 

 

 

 

 

 



 

 

 

 

Pennsylvania—7.4%

 

 

 

 

 

 

 

2,000

 

Montgomery Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Whitemarsh Continuing Care Proj., 6.00%, 2/01/21

 

02/15 @ 100

 

 

2,088,980

 

 

 

 

Philadelphia Auth. for Indl. Dev., Indl. Impvts. RB,

 

 

 

 

 

 

 

5,000

 

Ser. B, 5.50%, 10/01/18, FSA

 

10/11 @ 101

 

 

5,312,550

 

 

5,000

 

Ser. B, 5.50%, 10/01/19, FSA

 

10/11 @ 101

 

 

5,312,550

 

 

 

 

West Cornwall Twnshp. Mun. Auth., Univ. & Coll. Impvts. RB, Elizabethtown Coll. Proj.,

 

 

 

 

 

 

 

2,500

3

5.90%, 12/15/11

 

N/A

 

 

2,688,050

 

 

2,650

3

6.00%, 12/15/11

 

N/A

 

 

2,860,039

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

18,262,169

 

 

 

 

 

 

 

 



 

 

 

 

Puerto Rico—1.2%

 

 

 

 

 

 

 

2,665

 

Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.25%, 7/01/17

 

07/16 @ 100

 

 

2,817,704

 

 

 

 

 

 

 

 



 

 

 

 

South Carolina—2.2%

 

 

 

 

 

 

 

5,000

 

Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Alliance Proj., Ser. A, 6.125%, 8/01/23

 

08/13 @ 100

 

 

5,411,700

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

Tennessee—2.7%

 

 

 

 

 

 

$

12,000

 

Knox Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home RB, Covenant Hlth. Proj., Ser. A, Zero Coupon, 1/01/19, FSA

 

01/13 @ 71.667

 

$

6,662,760

 

 

 

 

 

 

 

 



 

 

 

 

Texas—11.3%

 

 

 

 

 

 

 

2,000

 

Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT

 

04/16 @ 100

 

 

1,973,600

 

 

 

 

Birdville Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

1,615

 

Zero Coupon, 2/15/18, PSF

 

No Opt. Call

 

 

1,003,173

 

 

1,815

 

Zero Coupon, 2/15/19, PSF

 

No Opt. Call

 

 

1,073,228

 

 

2,625

 

Zero Coupon, 2/15/20, PSF

 

No Opt. Call

 

 

1,476,326

 

 

2,500

 

Zero Coupon, 2/15/21, PSF

 

No Opt. Call

 

 

1,338,025

 

 

10,010

 

Brazos River Auth., Rec. Recovery RB, TXU Energy Co. LLC Proj., Ser. C, 5.75%, 5/01/36, AMT

 

No Opt. Call

 

 

10,180,571

 

 

 

 

Dallas-Ft. Worth Intl. Arpt. Facs. Impvt. Corp., Port, Arpt. & Marina RB,

 

 

 

 

 

 

 

5,000

 

Ser. A, 5.875%, 11/01/17, FGIC, AMT

 

11/11 @ 100

 

 

5,290,100

 

 

5,000

 

Ser. A, 5.875%, 11/01/18, FGIC, AMT

 

11/11 @ 100

 

 

5,290,100

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

27,625,123

 

 

 

 

 

 

 

 



 

 

 

 

Trust Territories—1.6%

 

 

 

 

 

 

 

4,000

2

San Manuel Entertainment Auth. RB, 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16

 

12/13 @ 102

 

 

3,930,560

 

 

 

 

 

 

 

 



 

 

 

 

Virginia—1.1%

 

 

 

 

 

 

 

2,750

 

Hsg. Dev. Auth., Local or Gtd. Hsg. RB, Ser. E-2, 4.375%, 10/01/19, AMT

 

07/15 @ 100

 

 

2,656,087

 

 

 

 

 

 

 

 



 

 

 

 

Wisconsin—7.4%

 

 

 

 

 

 

 

1,990

 

Franklin, Rec. Recovery RB, Wst. Mgmt., Inc. Proj., 4.95%, 4/01/16, AMT

 

No Opt. Call

 

 

2,007,731

 

 

 

 

Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB,

 

 

 

 

 

 

 

4,560

3

Froedert & Cmnty. Proj., 5.375%, 10/01/11

 

N/A

 

 

4,830,316

 

 

440

 

Froedert & Cmnty. Proj., 5.375%, 10/01/21

 

10/11 @ 101

 

 

463,065

 

 

10,000

3

Wheaton Franciscan Svcs. Proj., 6.25%, 2/15/12

 

N/A

 

 

10,975,300

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

18,276,412

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $360,871,942)

 

 

 

 

378,816,105

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

24



BlackRock Municipal 2018 Term Trust (BPK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

 

Value

 


 

 

 

MONEY MARKET FUND—0.3%

 

 

 

 

 

 

 

800

4,5

Merrill Lynch Institutional Tax Exempt Fund, 3.59%, (cost $800,000)

 

 

 

$

800,000

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—154.7%
(cost $361,671,9426)

 

 

 

$

379,616,105

 

 

 

 

Other assets in excess of liabilities—1.4%

 

 

 

 

3,461,259

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.1)%

 

 

 

 

(137,636,641

)

 

 

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

245,440,723

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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, 2007, the Trust held 15.2% of its net assets, with a current market value of $37,251,351, in securities restricted as to resale.

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

Represents an investment in an affiliate.

5

Represents current yield as of June 30, 2007.

6

Cost for federal income tax purposes is $361,559,072. The net unrealized appreciation on a tax basis is $18,057,033, consisting of $18,931,948 gross unrealized appreciation and $874,915 gross unrealized depreciation.


 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

 

 

ACA

American Capital Access

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

PSF

Public School Fund Guaranteed

RB

Revenue Bond

SA

Special Assessment

ST

Special Tax

TA

Tax Allocation

 

 

 

See Notes to Financial Statements.

25



PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Municipal 2020 Term Trust (BKK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 










 

 

 

LONG-TERM INVESTMENTS—155.7%

 

 

 

 

 

 

 

 

 

Alabama—0.4%

 

 

 

 

 

 

$

1,165

 

Courtland Indl. Dev. Brd., Indl. RB, Intl. Paper Co. Proj., Ser. A, 4.75%, 5/01/17

 

11/14 @ 100

 

$

1,157,253

 

 

 

 

 

 

 

 



 

 

 

 

California—23.1%

 

 

 

 

 

 

 

12,000

 

California, Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, 5.00%, 11/01/22

 

11/13 @ 100

 

 

12,420,720

 

 

 

 

Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB, Cap. Apprec. Proj.,

 

 

 

 

 

 

 

12,500

 

Zero Coupon, 1/15/21

 

01/10 @ 53.346

 

 

5,842,875

 

 

10,000

 

Zero Coupon, 1/15/22

 

01/10 @ 50.177

 

 

4,390,500

 

 

 

 

Golden St. Tobacco Sec. Corp., Misc. Purps. Tobacco Settlement Funded RB,

 

 

 

 

 

 

 

3,000

2

Ser. A-1, 6.625%, 6/01/13

 

N/A

 

 

3,414,870

 

 

12,010

2

Ser. A-1, 6.75%, 6/01/13

 

N/A

 

 

13,749,408

 

 

975

2

Ser. A-3, 7.875%, 6/01/13

 

N/A

 

 

1,168,450

 

 

1,470

2

Ser. A-5, 7.875%, 6/01/13

 

N/A

 

 

1,761,663

 

 

20,000

2

Ser. B, 5.375%, 6/01/10

 

N/A

 

 

20,801,000

 

 

6,865

 

Riverside Cnty. Asset Leasing Corp., Hlth., Hosp. & Nursing Home Impvts. RB, Riverside Cnty. Hosp. Proj., Zero Coupon, 6/01/25, MBIA

 

No Opt. Call

 

 

2,893,117

 

 

5,000

 

Statewide Cmntys. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, John Muir Hlth. Proj., Ser. A, 5.00%, 8/15/22

 

08/16 @ 100

 

 

5,095,150

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

71,537,753

 

 

 

 

 

 

 

 



 

 

 

 

Colorado—1.7%

 

 

 

 

 

 

 

4,500

 

E-470 Pub. Hwy. Auth., Cap. Apprec. Hwy. Impvt. Tolls RB, Ser. B, Zero Coupon, 9/01/22, MBIA

 

No Opt. Call

 

 

2,220,525

 

 

3,000

 

Pk. Creek Met. Dist., Misc. RB, 5.25%, 12/01/25

 

12/15 @ 101

 

 

3,097,140

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,317,665

 

 

 

 

 

 

 

 



 

 

 

 

District of Columbia—5.3%

 

 

 

 

 

 

 

 

 

Dist. of Columbia, Misc. RB, Friendship Pub. Charter Sch., Inc. Proj.,

 

 

 

 

 

 

 

3,320

 

5.00%, 6/01/23, ACA

 

06/14 @ 100

 

 

3,350,810

 

 

2,680

 

5.75%, 6/01/18, ACA

 

06/14 @ 100

 

 

2,865,751

 

 

5,000

 

Met. Washington Arpts. Auth., Port, Arpt. & Marina RB, Ser. C-2, 5.00%, 10/01/24, FSA, AMT

 

10/14 @ 100

 

 

5,112,550

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 










 

 

 

District of Columbia—(cont’d)

 

 

 

 

 

 

$

4,215

 

Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB, 6.50%, 5/15/33

 

No Opt. Call

 

$

4,987,272

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

16,316,383

 

 

 

 

 

 

 

 



 

 

 

 

Florida—13.3%

 

 

 

 

 

 

 

4,510

 

Bellago Edl. Facs. Benefit Dist., Sch. Impvts. SA, Ser. A, 5.85%, 5/01/22

 

05/14 @ 100

 

 

4,658,199

 

 

3,000

 

CFM Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.875%, 5/01/14

 

No Opt. Call

 

 

3,092,430

 

 

4,185

 

Grand Hampton Cmnty. Dev. Dist., Pub. Impvts. Misc. RB, 6.10%, 5/01/24

 

05/13 @ 101

 

 

4,435,765

 

 

3,905

 

Habitat Cmnty. Dev. Dist., Pub. Impvts. SA, 5.80%, 5/01/25

 

05/14 @ 101

 

 

4,010,982

 

 

5,475

 

Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

6,084,696

 

 

4,345

 

Middle Vlg. Cmnty. Dev. Dist., Econ. Impvts. SA, Ser. A, 5.80%, 5/01/22

 

05/13 @ 100

 

 

4,518,800

 

 

795

 

Pine Island Cmnty. Dev. Dist., Pub. Impvts. Misc. RB, 5.30%, 11/01/10

 

No Opt. Call

 

 

796,145

 

 

4,455

 

Stevens Plantation Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 6.375%, 5/01/13

 

No Opt. Call

 

 

4,543,565

 

 

3,095

 

Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA, Ser. A, 6.00%, 5/01/22

 

05/13 @ 101

 

 

3,274,015

 

 

5,605

 

Westchester Cmnty. Dev. Dist. No. 1, Pub. Impvts. SA, 6.00%, 5/01/23

 

05/13 @ 101

 

 

5,814,122

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

41,228,719

 

 

 

 

 

 

 

 



 

 

 

 

Georgia—1.7%

 

 

 

 

 

 

 

2,500

2

Milledgeville & Baldwin Cnty. Dev. Auth., Univ. & Coll. Impvts. RB, Georgia Coll. & St. Univ. Fndtn. Proj., 5.50%, 9/01/14

 

N/A

 

 

2,727,600

 

 

2,350

 

Richmond Cnty. Dev. Auth., Mult. Util. Impvts. Misc. RB, Intl. Paper Co. Proj., 5.75%, 11/01/27, AMT

 

11/13 @ 100

 

 

2,451,050

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,178,650

 

 

 

 

 

 

 

 



 

 

 

 

Illinois—12.9%

 

 

 

 

 

 

 

2,155

3

Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23

 

No Opt. Call

 

 

2,198,186

 

See Notes to Financial Statements.

26



BlackRock Municipal 2020 Term Trust (BKK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 










 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

 

 

 

Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina Impvts. RB,

 

 

 

 

 

 

$

5,000

 

Ser. A, 5.00%, 1/01/21, AMBAC

 

01/16 @ 100

 

$

5,196,550

 

 

7,000

 

Ser. A, 5.00%, 1/01/22, AMBAC

 

01/16 @ 100

 

 

7,265,090

 

 

4,800

 

Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Northwestern Univ. Proj.,  5.00%, 12/01/21

 

12/13 @ 100

 

 

4,967,568

 

 

 

 

Fin. Auth., Univ. & Coll. Impvts. RB,

 

 

 

 

 

 

 

5,000

 

DePaul Univ. Proj., Ser. C, 5.25%, 10/01/24

 

10/14 @ 100

 

 

5,195,050

 

 

2,725

 

MJH Ed. Asst. Living Proj., Ser. A, 5.00%, 6/01/24

 

06/14 @ 100

 

 

2,755,084

 

 

3,250

 

MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19

 

06/14 @ 100

 

 

3,411,785

 

 

1,075

 

MJH Ed. Asst. Living Proj., Ser. B, 5.00%, 6/01/24

 

06/14 @ 100

 

 

1,077,451

 

 

1,000

 

Lake Cook-Dane & McHenry Cntys. Cmnty. Unit Sch. Dist. 220, Ad Valorem Ppty. Tax GO, 5.25%, 12/01/20, FSA

 

No Opt. Call

 

 

1,088,610

 

 

13,455

 

Met. Pier & Expo. Auth., Misc. Taxes RB, McCormick Place Expansion Proj., Ser. A, Zero Coupon, 6/15/22, MBIA

 

No Opt. Call

 

 

6,734,497

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

39,889,871

 

 

 

 

 

 

 

 



 

 

 

 

Indiana—4.9%

 

 

 

 

 

 

 

10,000

 

Indianapolis Arpt. Auth., Port, Arpt. & Marina RB, FedEx Corp. Proj., 5.10%, 1/15/17, AMT

 

No Opt. Call

 

 

10,284,400

 

 

4,975

 

Vincennes, Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24

 

01/09 @ 102

 

 

4,994,950

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,279,350

 

 

 

 

 

 

 

 



 

 

 

 

Kansas—1.1%

 

 

 

 

 

 

 

6,440

 

Wyandotte Cnty.-Kansas City Unified Gov’t., Recreational Fac. Impvts. Sales Tax RB, Intl. Speedway Proj., Zero Coupon, 12/01/20, MBIA

 

No Opt. Call

 

 

3,415,132

 

 

 

 

 

 

 

 



 

 

 

 

Kentucky—0.6%

 

 

 

 

 

 

 

2,000

 

Hsg. Corp., St. Sngl. Hsg. Local or Gtd. Hsg. RB, Ser. C, 4.625%, 7/01/22, AMT

 

07/16 @ 100

 

 

1,921,480

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 










 

 

 

Louisiana—0.7%

 

 

 

 

 

 

$

2,000

 

Desoto Parish, Mult. Util. Impvts. Misc. RB, Intl. Paper Co. Proj., Ser. A, 5.85%, 11/01/27, AMT

 

11/13 @ 100

 

$

2,097,200

 

 

 

 

 

 

 

 



 

 

 

 

Maryland—5.5%

 

 

 

 

 

 

 

 

 

Frederick Cnty., Pub. Impvts. ST, Urbana Cmnty. Dev. Auth. Proj.,

 

 

 

 

 

 

 

3,000

 

6.625%, 7/01/25

 

08/07 @ 102

 

 

3,064,380

 

 

4,950

 

Ser. A, 5.80%, 7/01/20

 

07/07 @ 102

 

 

5,052,910

 

 

8,500

 

Hlth. & Higher Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Medstar Hlth., Inc. Proj., 5.375%, 8/15/24

 

08/14 @ 100

 

 

8,778,630

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

16,895,920

 

 

 

 

 

 

 

 



 

 

 

 

Massachusetts—1.5%

 

 

 

 

 

 

 

4,500

 

Dev. Fin. Agcy., Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., 5.45%, 6/01/14, AMT

 

No Opt. Call

 

 

4,689,720

 

 

 

 

 

 

 

 



 

 

 

 

Michigan—0.5%

 

 

 

 

 

 

 

1,500

 

Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Edward W. Sparrow Hosp. Proj., 4.50%, 11/15/26

 

11/17 @ 100

 

 

1,396,950

 

 

 

 

 

 

 

 



 

 

 

 

Minnesota—0.4%

 

 

 

 

 

 

 

1,250

 

Higher Ed. Facs. Auth., Univ. & Coll. Impvts. RB, Univ. of St. Thomas Proj., Ser. 5, 5.00%, 10/01/24

 

10/14 @ 100

 

 

1,280,463

 

 

 

 

 

 

 

 



 

 

 

 

Mississippi—1.0%

 

 

 

 

 

 

 

3,000

 

Warren Cnty., Mult. Util. Impvts. Misc. RB, Intl. Paper Co. Proj., Ser. A, 5.85%, 11/01/27, AMT

 

11/13 @ 100

 

 

3,145,800

 

 

 

 

 

 

 

 



 

 

 

 

Missouri—3.5%

 

 

 

 

 

 

 

5,000

 

Dev. Fin. Brd., Econ. Impvts. RB, Branson Landing Proj., Ser. A, 5.50%, 12/01/24

 

06/14 @ 100

 

 

5,206,850

 

 

5,500

 

Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, BJC Hlth. Sys. Proj., Ser. A, 5.00%, 5/15/20

 

05/15 @ 100

 

 

5,647,400

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

10,854,250

 

 

 

 

 

 

 

 



 

 

 

 

Multi-State—7.4%

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

 

1,000

3

Ser. A, 5.75%, 4/30/15

 

No Opt. Call

 

 

1,056,690

 

 

2,500

3

Ser. A, 6.00%, 4/30/19

 

No Opt. Call

 

 

2,706,625

 

 

4,000

3

Ser. B, 6.00%, 4/30/15

 

No Opt. Call

 

 

4,196,880

 

 

2,500

3

Ser. B, 6.30%, 4/30/19

 

No Opt. Call

 

 

2,694,175

 

See Notes to Financial Statements.

27



BlackRock Municipal 2020 Term Trust (BKK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 










 

 

 

Multi-State—(cont’d)

 

 

 

 

 

 

 

 

 

Munimae TE Bond Subsidiary LLC,

 

 

 

 

 

 

$

5,000

3

Ser. C1, 5.40%, 6/29/49

 

09/14 @ 100

 

$

5,030,850

 

 

5,000

3

Ser. C2, 5.80%, 6/29/49

 

09/19 @ 100

 

 

5,126,300

 

 

2,000

3

Ser. D, 5.90%, 11/29/49

 

09/15 @ 101

 

 

2,064,840

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

22,876,360

 

 

 

 

 

 

 

 



 

 

 

 

Nevada—2.2%

 

 

 

 

 

 

 

1,765

 

City of Henderson, Pub. Impvts. SA, Local Impvt. No. T-18 Proj., 5.15%, 9/01/21

 

09/07 @ 103

 

 

1,772,201

 

 

5,000

 

Cnty. of Clark, Private Schs. RB, Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/20

 

05/16 @ 100

 

 

5,133,150

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,905,351

 

 

 

 

 

 

 

 



 

 

 

 

New Hampshire—4.9%

 

 

 

 

 

 

 

10,000

 

Bus. Fin. Auth., Indl. RB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA, AMT

 

06/13 @ 102

 

 

9,999,400

 

 

5,000

 

Hlth. & Ed. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Elliot Hosp. Proj., Ser. B, 5.60%, 10/01/22

 

10/13 @ 100

 

 

5,212,450

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,211,850

 

 

 

 

 

 

 

 



 

 

 

 

New Jersey—12.5%

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

 

7,500

 

Econ. Impvts. Elec., Pwr. & Lt. RB, Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31, AMT

 

No Opt. Call

 

 

8,797,575

 

 

11,500

 

Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.50%, 6/15/24

 

06/12 @ 100

 

 

11,938,725

 

 

1,000

 

Hlth., Hosp. & Nursing Home RB, Winchester Gardens Proj., Ser. A, 4.80%, 11/01/13

 

No Opt. Call

 

 

1,010,830

 

 

5,000

 

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT

 

11/10 @ 101

 

 

5,296,800

 

 

1,500

 

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 9.00%, 6/01/33, AMT

 

06/13 @ 101

 

 

1,810,245

 

 

 

 

Hlth. Care Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB,

 

 

 

 

 

 

 

2,110

 

Atlanticare Regl. Med. Ctr. Proj., 5.00%, 7/01/20

 

07/17 @ 100

 

 

2,168,552

 

 

4,000

 

Cap. Hlth. Sys., Inc. Proj., Ser. A, 5.75%, 7/01/23

 

07/13 @ 100

 

 

4,202,600

 

 

2,500

 

Hsg. & Mtg. Fin. Agcy., St. Sngl. Fam. Hsg. Local or Gtd. Hsg. RB, Ser. T, 4.55%, 10/01/22, AMT

 

04/17 @ 100

 

 

2,398,800

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 










 

 

 

New Jersey—(cont’d)

 

 

 

 

 

 

$

1,000

 

Middlesex Cnty. Impvt. Auth., Univ. & Coll. Impvts. RB, Student Hsg. Urban Renewal Proj., Ser. A, 5.00%, 8/15/23

 

08/14 @ 100

 

$

1,025,240

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

38,649,367

 

 

 

 

 

 

 

 



 

 

 

 

New York—8.5%

 

 

 

 

 

 

 

8,500

 

Energy Research & Dev. Auth., Natural Gas RB, Brooklyn Union Gas Co. Proj., Ser. A, 4.70%, 2/01/24, FGIC, AMT

 

02/16 @ 100

 

 

8,371,650

 

 

 

 

New York City Indl. Dev.Agcy., Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj.,

 

 

 

 

 

 

 

5,635

 

7.625%, 8/01/25, AMT

 

08/16 @ 101

 

 

6,632,677

 

 

5,000

 

7.75%, 8/01/31, AMT

 

08/16 @ 101

 

 

5,930,000

 

 

5,000

 

Tobacco Settlement Fing. Auth., Hsg. Tobacco Settlement Funded RB, Ser. B1-C, 5.50%, 6/01/20

 

06/13 @ 100

 

 

5,342,900

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

26,277,227

 

 

 

 

 

 

 

 



 

 

 

 

Ohio—4.9%

 

 

 

 

 

 

 

 

 

Cnty. of Cuyahoga, Hlth., Hosp. & Nursing Home RB, Cleveland Clinic Fndtn. Proj.,

 

 

 

 

 

 

 

3,000

 

6.00%, 1/01/19

 

07/13 @ 100

 

 

3,264,090

 

 

10,000

 

6.00%, 1/01/20

 

07/13 @ 100

 

 

10,880,300

 

 

1,100

 

Pinnacle Cmnty. Infrastructure Fing. Auth., Hsg. Misc. RB, Ser. A, 6.00%, 12/01/22

 

12/14 @ 101

 

 

1,147,916

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,292,306

 

 

 

 

 

 

 

 



 

 

 

 

Oklahoma—1.3%

 

 

 

 

 

 

 

3,350

 

Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT

 

No Opt. Call

 

 

3,897,156

 

 

 

 

 

 

 

 



 

 

 

 

Pennsylvania—6.2%

 

 

 

 

 

 

 

6,680

 

Higher Edl. Facs. Auth., Univ. & Coll. Impvts. RB, La Salle Univ. Proj., 5.50%, 5/01/26

 

05/13 @ 100

 

 

6,932,370

 

 

10,000

2

Lancaster Cnty. Hosp. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Lancaster Gen. Hosp. Proj., 5.75%, 9/15/13

 

N/A

 

 

10,949,900

 

 

1,275

 

Montgomery Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Whitemarsh Continuing Care Proj., 6.00%, 2/01/21

 

02/15 @ 100

 

 

1,331,725