UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number 811-07090
Name of Fund: The BlackRock California Insured Municipal 2008 Term Trust, Inc. (BFC)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, The BlackRock California Insured Municipal 2008 Term Trust, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 12/31/2008
Date of reporting period: 01/01/2008 – 06/30/2008
Item 1 – Report to Stockholders
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EQUITIES |
FIXED INCOME |
REAL ESTATE |
LIQUIDITY |
ALTERNATIVES |
BLACKROCK SOLUTIONS |
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Semi-Annual Report JUNE 30, 2008 | (UNAUDITED) |
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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
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Table of Contents |
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Semi-Annual Report: |
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16 | |
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Financial Statements: |
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17 | |
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44 | |
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46 | |
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48 | |
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50 | |
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62 | |
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67 | |
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Disclosure of Investment Advisory Agreement and Subadvisory Agreement |
68 |
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71 | |
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72 |
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2 |
SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
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THIS PAGE NOT PART OF YOUR FUND REPORT
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Dear Shareholder Throughout the past year, investors were overwhelmed by lingering credit and financial market troubles, surging oil prices and more recently, renewed inflation concerns. Healthy nonfinancial corporate profits and robust exporting activity remained among the few bright spots, helping the economy to grow at a modest, but still positive, pace. The Federal Reserve Board (the “Fed”) has been aggressive in its attempts to stoke economic growth and ease financial market instability. In addition to slashing the target federal funds rate 325 basis points (3.25%) between September 2007 and April 2008, the central bank introduced the new Term Securities Lending Facility, granted broker-dealers access to the discount window and used its own balance sheet to help negotiate the sale of Bear Stearns. As widely anticipated, the end of the period saw a pause in Fed action, as the central bank held the target rate steady at 2.0% amid rising inflationary pressures. As the Fed’s bold response to the financial crisis helped ease credit turmoil and investor anxiety, U.S. equity markets sank sharply over the last six months, notwithstanding a brief rally in the spring. International markets were not immune to the tumult, with most regions also registering declines. Treasury securities also traded in a volatile fashion, but generally rallied (yields fell as prices correspondingly rose), with investors continuing to seek safety as part of a broader flight to quality. The yield on 10-year Treasury issues, which fell to 3.34% in March 2008, climbed up to the 4.20% range in mid-June as investors temporarily shifted out of Treasury issues in favor of riskier assets (such as stocks and other high-quality fixed income sectors), then reversed course and declined to 3.99% by period-end when credit fears re-emerged. Tax-exempt issues eked out gains for the reporting period, but underperformed their taxable counterparts, as the group continued to be pressured by problems among municipal bond insurers and the breakdown in the market for auction rate securities. The major benchmark indexes generated results that largely reflected heightened investor risk aversion:
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Total Returns as of June 30, 2008 |
6-month |
12-month |
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U.S. equities (S&P 500 Index) |
(11.91 |
)% |
(13.12 |
)% |
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Small cap U.S. equities (Russell 2000 Index) |
(9.37 |
)% |
(16.19 |
)% |
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International equities (MSCI Europe, Australasia, Far East Index) |
(10.96 |
)% |
(10.61 |
)% |
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Fixed income (Lehman Brothers U.S. Aggregate Index) |
1.13 |
% |
7.12 |
% |
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Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) |
0.02 |
% |
3.23 |
% |
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High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index) |
(1.08 |
)% |
(1.74 |
)% |
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Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index. As you navigate today’s volatile markets, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. For more up-to-date commentary on the economy and financial markets, we invite you to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead. Sincerely,
Rob Kapito | ||||
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3 |
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Investment Objective |
BlackRock Insured Municipal 2008 Term Trust (BRM) (the “Trust”) seeks to provide monthly income that is exempt from regular federal income tax and to return $15 per share (the initial offering price per share) to investors on or about December 31, 2008.
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Performance |
For the six months ended June 30, 2008, the Trust returned 1.49% based on market price and 1.49% based on net asset value (“NAV”). For the same period, the closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of (3.26)% on a NAV basis. All returns reflect reinvestment of dividends. The portfolio is being managed to achieve the goal of returning $15 per share on 12/31/2008, and is invested with a short duration. This, combined with high credit quality, was the primary driver of the Trust’s outperformance during a period of rising long-term rates. Low reinvestment rates for maturing principal detracted from performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
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Trust Information |
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Symbol on New York Stock Exchange |
BRM |
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Initial Offering Date |
September 18, 1992 |
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Termination Date (on or about) |
December 31, 2008 |
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Yield on Closing Market Price as of June 30, 2008 ($14.99)1 |
2.04% |
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Tax Equivalent Yield2 |
3.14% |
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Current Monthly Distribution per Common Share3 |
$0.0255 |
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Current Annualized Distribution per Common Share3 |
$0.306 |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
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2 |
Tax equivalent yield assumes the maximum Federal tax rate of 35%. |
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3 |
The distribution rate is not constant and is subject to change. |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
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6/30/08 |
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12/31/07 |
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Change |
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High |
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Low |
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Market Price |
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$14.99 |
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$15.03 |
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(0.27)% |
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$15.13 |
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$14.95 |
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Net Asset Value |
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$15.15 |
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$15.19 |
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(0.26)% |
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$15.28 |
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$15.13 |
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The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
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Portfolio Composition |
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Sector |
6/30/08 |
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12/31/07 |
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City, County & State |
30 |
% |
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28 |
% |
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Power |
23 |
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26 |
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Industrial & Pollution Control |
16 |
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14 |
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Transportation |
9 |
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9 |
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Water & Sewer |
7 |
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2 |
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Lease Revenue |
6 |
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7 |
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Education |
3 |
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8 |
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Hospital |
3 |
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1 |
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Tax Revenue |
3 |
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5 |
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Credit Quality Allocations4 |
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Credit Rating |
6/30/08 |
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12/31/07 |
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AAA/Aaa |
45 |
% |
|
100 |
% |
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AA/Aa |
55 |
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— |
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4 |
Using the higher of Standard and Poor’s (“S&P’s”) or Moody’s Investors Service (“Moody’s”) ratings. |
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4 |
SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
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Trust Summary as of June 30, 2008 |
BlackRock Insured Municipal Term Trust |
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Investment Objective |
BlackRock Insured Municipal Term Trust (BMT) (the “Trust”) seeks to provide monthly income that is exempt from regular federal income tax and to return $10 per share (the initial offering price per share) to investors on or about December 31, 2010.
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Performance |
For the six months ended June 30, 2008, the Trust returned 3.89% based on market price and 1.42% based on NAV. For the same period, the closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of (3.26)% on a NAV basis. All returns reflect reinvestment of dividends. The portfolio is being managed to achieve a goal of returning $10 per share on 12/31/2010, and is invested in shorter-term issues. This was the primary driver of the Trust’s outperformance as long-term rates rose during the six months. Leverage was less efficient during the period, which detracted from performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
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Trust Information |
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Symbol on New York Stock Exchange |
BMT |
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Initial Offering Date |
February 20, 1992 |
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Termination Date (on or about) |
December 31, 2010 |
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Yield on Closing Market Price as of June 30, 2008 ($10.05)1 |
3.63% |
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Tax Equivalent Yield2 |
5.58% |
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Current Monthly Distribution per Common Share3 |
$0.030417 |
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Current Annualized Distribution per Common Share3 |
$0.365004 |
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Leverage as of June 30, 20084 |
16% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
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2 |
Tax equivalent yield assumes the maximum Federal tax rate of 35%. |
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3 |
The distribution is not constant and is subject to change. |
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4 |
As a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to Auction Market Preferred Shares (“Preferred Shares”) and Tender Option Bond Trusts (“TOBs”)) minus the sum of accrued liabilities. |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
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6/30/08 |
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12/31/07 |
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Change |
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High |
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Low |
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Market Price |
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$ |
10.05 |
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$ |
9.85 |
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2.03% |
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$ |
10.55 |
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$ |
9.85 |
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Net Asset Value |
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$ |
10.31 |
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$ |
10.35 |
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(0.39)% |
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$ |
10.59 |
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$ |
10.29 |
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The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
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Portfolio Composition |
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Sector |
6/30/08 |
|
12/31/07 |
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City, County & State |
31 |
% |
|
29 |
% |
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Education |
17 |
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|
18 |
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Power |
17 |
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14 |
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Water & Sewer |
16 |
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16 |
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Hospital |
8 |
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7 |
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Lease Revenue |
6 |
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7 |
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Transportation |
4 |
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7 |
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Tax Revenue |
1 |
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2 |
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Credit Quality Allocations5 |
Credit Rating |
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6/30/08 |
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12/31/07 |
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AAA/Aaa |
|
36 |
% |
|
100 |
% |
AA/Aa |
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60 |
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— |
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A |
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2 |
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— |
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Not Rated |
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2 |
6 |
— | ||
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5 |
Using the higher of S&P’s or Moody’s ratings. |
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6 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2008, the market value of these securities was $2,527,101 representing 1% of the Trust’s long-term investments. |
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SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
5 |
Trust Summary as of June 30, 2008 |
BlackRock Municipal 2018 Term Trust |
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Investment Objective |
BlackRock Municipal 2018 Term Trust (BPK) (the “Trust”) seeks to provide monthly income that is exempt from regular federal income tax and to return $15 per share (the initial offering price) to investors on or about December 31, 2018.
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Performance |
For the six months ended June 30, 2008, the Trust returned 2.10% based on market price and (3.04)% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (3.00)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s shorter duration bias was a positive contributor to performance as long-term rates rose during the six months. Detracting from the Trust’s relative performance was the asset allocation to lower-rated issues as the market experienced spread widening.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
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Trust Information |
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Symbol on New York Stock Exchange |
BPK |
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Initial Offering Date |
October 26, 2001 |
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Termination Date (on or about) |
December 31, 2018 |
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Yield on Closing Market Price as of June 30, 2008 ($15.10)1 |
6.00% |
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Tax Equivalent Yield2 |
9.23% |
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Current Monthly Distribution per Common Share3 |
$0.0755 |
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Current Annualized Distribution per Common Share3 |
$0.906 |
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Leverage as of June 30, 20084 |
38% |
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
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2 |
Tax equivalent yield assumes the maximum Federal tax rate of 35%. |
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3 |
The distribution is not constant and is subject to change. |
|
4 |
As a percentage of total managed assets, which is the total managed assets of the Trust (including any assets attributable to Preferred Shares and TOBs), minus the sum of accrued liabilities. |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
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|
6/30/08 |
|
12/31/07 |
|
Change |
|
High |
|
Low |
|
||||
Market Price |
|
$ |
15.10 |
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$ |
15.22 |
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(0.79)% |
$ |
16.35 |
|
$ |
14.83 |
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Net Asset Value |
|
$ |
14.19 |
|
$ |
15.06 |
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(5.78)% |
$ |
15.47 |
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$ |
14.10 |
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The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
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Portfolio Composition |
|
Sector |
6/30/08 |
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12/31/07 | ||
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Hospital |
24 |
% |
|
25 |
% |
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Industrial & Pollution Control |
23 |
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24 |
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City, County & State |
17 |
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|
18 |
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Housing |
14 |
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|
14 |
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Education |
6 |
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|
6 |
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Tax Revenue |
5 |
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|
5 |
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Transportation |
5 |
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|
4 |
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Lease Revenue |
2 |
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|
3 |
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Water & Sewer |
2 |
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|
— |
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Power |
1 |
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|
— |
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Tobacco |
1 |
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|
1 |
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Credit Quality Allocations5 |
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Credit Rating |
6/30/08 |
|
12/31/07 | ||
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AAA/Aaa |
15 |
% |
|
27 |
% |
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AA/Aa |
23 |
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|
11 |
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A |
14 |
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18 |
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BBB/Baa |
25 |
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|
26 |
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BB/Ba |
2 |
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|
2 |
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B |
4 |
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|
8 |
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CCC/Caa |
3 |
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— |
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Not Rated6 |
14 |
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8 |
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5 |
Using the higher of S&P’s or Moody’s ratings. |
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6 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2008 and December 31, 2007, the market value of these securities was $6,691,519 representing 2% and $5,534,635 representing 2%, respectively, of the Trust’s long-term investments. |
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6 |
SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
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Trust Summary as of June 30, 2008 |
BlackRock Municipal 2020 Term Trust |
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Investment Objective |
BlackRock Municipal 2020 Term Trust (BKK) (the “Trust”) seeks to provide current income exempt from regular federal income tax and to return $15 per share (the initial public offering price) on or about December 31, 2020.
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Performance |
For the six months ended June 30, 2008, the Trust returned 3.94% based on market price and (3.59)% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (3.00)% on a NAV basis. All returns reflect reinvestment of dividends. Detracting from the Trust’s relative performance was the asset allocation to lower-rated issues as the market experienced spread widening. The Trust’s intermediate duration bias was a positive contributor during a period of rising long-term rates.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
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Trust Information |
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Symbol on New York Stock Exchange |
BKK |
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Initial Offering Date |
September 30, 2003 |
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Termination Date (on or about) |
December 31, 2020 |
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Yield on Closing Market Price as of June 30, 2008 ($13.78)1 |
5.42% |
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Tax Equivalent Yield2 |
8.34% |
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Current Monthly Distribution per Common Share3 |
$0.06225 |
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Current Annualized Distribution per Common Share3 |
$0.747 |
|
Leverage as of June 30, 20084 |
39% |
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
2 |
Tax equivalent yield assumes the maximum Federal tax rate of 35%. |
|
3 |
The distribution is not constant and is subject to change. |
|
4 |
As a percentage of total managed assets, which is the total managed assets of the Trust (including any assets attributable to Preferred Shares and TOBs), minus the sum of accrued liabilities. |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
6/30/08 |
|
12/31/07 |
|
Change |
|
High |
|
Low |
|
||||
Market Price |
|
$ |
13.78 |
|
$ |
13.60 |
|
1.32% |
$ |
15.14 |
|
$ |
13.25 |
|
|
Net Asset Value |
|
$ |
13.90 |
|
$ |
14.79 |
|
(6.02)% |
$ |
15.25 |
|
$ |
13.69 |
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The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
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Portfolio Composition |
|
Sector |
6/30/08 |
|
12/31/07 | ||
|
City, County & State |
20 |
% |
|
22 |
% |
|
Hospitals |
19 |
|
|
17 |
|
|
Industrial & Pollution Control |
15 |
|
|
17 |
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Tobacco |
9 |
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|
11 |
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Power |
8 |
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|
7 |
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Education |
8 |
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|
8 |
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Housing |
7 |
|
|
7 |
|
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Transportation |
6 |
|
|
5 |
|
|
Tax Revenue |
6 |
|
|
6 |
|
|
Water & Sewer |
1 |
|
|
— |
|
|
Lease Revenue |
1 |
|
|
— |
|
|
Credit Quality Allocations5 |
|
Credit Rating |
6/30/08 |
|
12/31/07 | ||
|
AAA/Aaa |
16 |
% |
|
30 |
% |
|
AA/Aa |
19 |
|
|
10 |
|
|
A |
15 |
|
|
12 |
|
|
BBB/Baa |
27 |
|
|
29 |
|
|
BB/Ba |
1 |
|
|
1 |
|
|
B |
4 |
|
|
6 |
|
|
CCC/Caa |
1 |
|
|
— |
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|
Not Rated6 |
17 |
|
|
12 |
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
6 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2008 and December 31, 2007, the market value of these securities was $2,865,569 representing 1% and $2,963,570 representing 1%, respectively, of the Trust’s long-term investments. |
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SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
7 |
|
Trust Summary as of June 30, 2008 |
BlackRock Strategic Municipal Trust |
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Investment Objective |
BlackRock Strategic Municipal Trust (BSD) (the “Trust”) seeks to provide high current income exempt from regular federal income tax, consistent with the preservation of capital.
|
Performance |
For the six months ended June 30, 2008, the Trust returned (3.75)% based on market price and (4.39)% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (3.00)% on a NAV basis. All returns reflect reinvestment of dividends. On the whole, portfolio positioning and credit exposure were the primary detractors from the Trust’s relative performance. Throughout the period, we remained focused on delivering a competitive dividend yield. While we were successful in this effort, the Trust’s exposure to lower-rated holdings proved detrimental as credit spreads widened considerably. In the interest of sustaining the Trust’s competitive yield, we do not anticipate any significant changes in portfolio composition in the near-term.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
Trust Information |
|
Symbol on New York Stock Exchange |
BSD |
|
Initial Offering Date |
August 25,1999 |
|
Yield on Closing Market Price as of June 30, 2008 ($13.02)1 |
5.76% |
|
Tax Equivalent Yield2 |
8.86% |
|
Current Monthly Distribution per Common Share3 |
$0.0625 |
|
Current Annualized Distribution per Common Share3 |
$0.750 |
|
Leverage as of June 30, 20084 |
39% |
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
|
2 |
Tax equivalent yield assumes the maximum Federal tax rate of 35%. |
|
|
3 |
The distribution is not constant and is subject to change. |
|
|
4 |
As a percentage of total managed assets, which is the total managed assets of the Trust (including any assets attributable to Preferred Shares and TOBs), minus the sum of accrued liabilities. |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
6/30/08 |
|
12/31/07 |
|
Change |
|
High |
|
Low |
| ||||
|
Market Price |
|
$ |
13.02 |
|
$ |
13.96 |
|
(6.73)% |
|
$ |
15.94 |
|
$ |
12.84 |
|
|
Net Asset Value |
|
$ |
13.22 |
|
$ |
14.27 |
|
(7.36)% |
|
$ |
14.62 |
|
$ |
12.61 |
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
Portfolio Composition |
|
Sector |
|
6/30/08 |
|
12/31/07 |
| ||
|
City, County & State |
|
23 |
% |
|
22 |
% |
|
|
Hospital |
|
22 |
|
|
22 |
|
|
|
Industrial & Pollution Control |
|
11 |
|
|
16 |
|
|
|
Power |
|
10 |
|
|
7 |
|
|
|
Housing |
|
9 |
|
|
9 |
|
|
|
Education |
|
8 |
|
|
5 |
|
|
|
Tax Revenue |
|
7 |
|
|
8 |
|
|
|
Transportation |
|
7 |
|
|
7 |
|
|
|
Water & Sewer |
|
2 |
|
|
2 |
|
|
|
Tobacco |
|
1 |
|
|
2 |
|
|
|
Credit Quality Allocations5 |
|
Credit Rating |
|
6/30/08 |
|
12/31/07 |
| ||
|
AAA/Aaa |
|
18 |
% |
|
43 |
% |
|
|
AA/Aa |
|
31 |
|
|
21 |
|
|
|
A |
|
15 |
|
|
8 |
|
|
|
BBB/Baa |
|
9 |
|
|
15 |
|
|
|
BB/Ba |
|
10 |
|
|
3 |
|
|
|
B |
|
3 |
|
|
4 |
|
|
|
CCC/Caa |
|
1 |
|
|
— |
|
|
|
Not Rated6 |
|
13 |
|
|
6 |
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
6 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2008 and December 31, 2007, the market value of these securities was $4,482,503 representing 3% and $4,358,336 representing 3%, respectively, of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
|
|
|
|
8 |
SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
|
|
Trust Summary as of June 30, 2008 |
BlackRock California Insured Municipal 2008 Term Trust |
|
Investment Objective |
BlackRock California Insured Municipal 2008 Term Trust (BFC) (the “Trust”) seeks to provide monthly income that is exempt from regular federal and California income taxes and to return $15 per share (the initial public offering price) to investors on or about December 31, 2008.
|
Performance |
For the six months ended June 30, 2008, the Trust returned 1.12% based on market price and 1.26% based on NAV. For the same period, the closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (2.38)% on a NAV basis. All returns reflect reinvestment of dividends. The portfolio is being managed to achieve the goal of returning $15 per share on 12/31/2008, and is invested primarily in short-term issues. This resulted in the Trust’s relative outperformance as long-term rates rose during the six months. Low short-term reinvestment rates detracted from performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
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 June 30, 2008 ($14.97)1 |
2.20% |
|
Tax Equivalent Yield2 |
3.38% |
|
Current Monthly Distribution per Common Share3 |
$0.0275 |
|
Current Annualized Distribution per Common Share3 |
$0.330 |
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
|
2 |
Tax equivalent yield assumes the maximum Federal tax rate of 35%. |
|
|
3 |
The distribution is not constant and is subject to change. |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
6/30/08 |
|
12/31/07 |
|
Change |
|
High |
|
Low |
|
||||
Market Price |
|
$ |
14.97 |
|
$ |
15.09 |
|
(0.80)% |
$ |
15.29 |
|
$ |
14.97 |
|
|
Net Asset Value |
|
$ |
15.18 |
|
$ |
15.28 |
|
(0.65)% |
$ |
15.38 |
|
$ |
15.17 |
|
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
Portfolio Composition |
|
Sector |
|
6/30/08 |
|
12/31/07 |
| ||
|
City, County & State |
|
20 |
% |
|
24 |
% |
|
|
U.S. Government Obligations |
|
18 |
|
|
— |
|
|
|
Power |
|
17 |
|
|
21 |
|
|
|
Tax Revenue |
|
13 |
|
|
11 |
|
|
|
Education |
|
10 |
|
|
12 |
|
|
|
Lease Revenue |
|
10 |
|
|
27 |
|
|
|
Transportation |
|
6 |
|
|
— |
|
|
|
Water & Sewer |
|
6 |
|
|
5 |
|
|
|
Credit Quality Allocations4 |
|
Credit Rating |
|
6/30/08 |
|
12/31/07 |
| ||
|
AAA/Aaa |
|
30 |
% |
|
100 |
% |
|
|
AA/Aa |
|
58 |
|
|
— |
|
|
|
A |
|
8 |
|
|
— |
|
|
|
Not Rated |
|
4 |
|
|
— |
|
|
|
|
4 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
9 |
Trust Summary as of June 30, 2008 |
BlackRock California Municipal 2018 Term Trust |
Investment Objective |
BlackRock California Municipal 2018 Term Trust (BJZ) (the “Trust”) seeks to provide monthly income that is exempt from regular federal and California income taxes and to return $15 per share (the initial public offering price) to investors on or about December 31, 2018.
|
Performance |
For the six months ended June 30, 2008, the Trust returned 0.04% based on market price and (1.23)% based on NAV. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of (2.42)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s intermediate duration bias was the primary contributor to relative outperformance during a period of rising long-term rates. The allocation to lower-rated issues detracted from performance as the market experienced spread widening.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
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 June 30, 2008 ($15.04)1 |
|
4.89% |
Tax Equivalent Yield2 |
|
7.52% |
Current Monthly Distribution per Common Share3 |
|
$0.06125 |
Current Annualized Distribution per Common Share3 |
|
$0.735 |
Leverage as of June 30, 20084 |
|
38% |
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
|
2 |
Tax equivalent yield assumes the maximum Federal tax rate of 35%. |
|
|
3 |
The distribution is not constant and is subject to change. |
|
|
4 |
As a percentage of total managed assets, which is the total managed assets of the Trust (including any assets attributable to Preferred Shares and TOBs), minus the sum of accrued liabilities. |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
6/30/08 |
|
12/31/07 |
|
Change |
|
High |
|
Low |
| ||||
Market Price |
|
$ |
15.04 |
|
$ |
15.40 |
|
(2.34)% |
|
$ |
16.05 |
|
$ |
14.68 |
|
|
Net Asset Value |
|
$ |
14.29 |
|
$ |
14.82 |
|
(3.58)% |
|
$ |
15.18 |
|
$ |
14.04 |
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
Portfolio Composition |
|
Sector |
|
6/30/08 |
|
12/31/07 |
| ||
|
City, County & State |
|
24 |
% |
|
23 |
% |
|
|
Transportation |
|
18 |
|
|
19 |
|
|
|
Hospital |
|
13 |
|
|
13 |
|
|
|
Lease Revenue |
|
11 |
|
|
14 |
|
|
|
Education |
|
9 |
|
|
8 |
|
|
|
Power |
|
7 |
|
|
5 |
|
|
|
Housing |
|
7 |
|
|
7 |
|
|
|
Industrial & Pollution Control |
|
7 |
|
|
7 |
|
|
|
Water & Sewer |
|
2 |
|
|
2 |
|
|
|
Resource Recovery |
|
2 |
|
|
2 |
|
|
|
Credit Quality Allocations5 |
|
Credit Rating |
|
6/30/08 |
|
12/31/07 |
| ||
|
AAA/Aaa |
|
18 |
% |
|
44 |
% |
|
|
AA/Aa |
|
24 |
|
|
— |
|
|
|
A |
|
22 |
|
|
26 |
|
|
|
BBB/Baa |
|
23 |
|
|
27 |
|
|
|
Not Rated |
|
13 |
|
|
3 |
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
10 |
SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
|
Trust Summary as of June 30, 2008 |
BlackRock Florida Insured Municipal 2008 Term Trust |
|
Investment Objective |
BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (the “Trust”) seeks to provide monthly income that is exempt from regular federal income tax and Florida intangible personal property taxes and to return $15 per share (the initial public offering price) to investors on or about December 31, 2008.
|
Performance |
For the six months ended June 30, 2008, the Trust returned 0.92% based on market price and 1.46% based on NAV. For the same period, the closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (2.38)% on a NAV basis. All returns reflect reinvestment of dividends. The portfolio is being managed to achieve a goal of returning $15 per share on 12/31/2008, and is invested primarily in short-term issues. This resulted in the relative outperformance as long-term rates rose during the six months. Low short-term reinvestment rates on maturing principal detracted from performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
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 June 30, 2008 ($14.72)1 |
|
0.41% |
|
Tax Equivalent Yield2 |
|
0.63% |
|
Current Monthly Distribution per Common Share3 |
|
$0.005 |
|
Current Annualized Distribution per Common Share3 |
|
$0.060 |
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
|
2 |
Tax equivalent yield assumes the maximum Federal tax rate of 35%. |
|
|
3 |
The distribution is not constant and is subject to change. |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
6/30/08 |
|
12/31/07 |
|
Change |
|
High |
|
Low |
|
||||
Market Price |
|
$ |
14.72 |
|
$ |
14.69 |
|
0.20% |
|
$ |
14.83 |
|
$ |
14.49 |
|
|
Net Asset Value |
|
$ |
14.99 |
|
$ |
14.88 |
|
0.74% |
|
$ |
15.02 |
|
$ |
14.88 |
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
Portfolio Composition |
|
Sector |
|
6/30/08 |
|
12/31/07 |
| ||
|
Tax Revenue |
|
35 |
% |
|
40 |
% |
|
|
Hospital |
|
16 |
|
|
1 |
|
|
|
Power |
|
15 |
|
|
13 |
|
|
|
Transportation |
|
14 |
|
|
12 |
|
|
|
City, County & State |
|
10 |
|
|
11 |
|
|
|
Education |
|
8 |
|
|
14 |
|
|
|
Water & Sewer |
|
2 |
|
|
4 |
|
|
|
Resource Recovery |
|
— |
|
|
5 |
|
|
|
Credit Quality Allocations4 |
|
Credit Rating |
|
6/30/08 |
|
12/31/07 |
| ||
|
AAA/Aaa |
|
19 |
% |
|
100 |
% |
|
|
AA/Aa |
|
75 |
|
|
— |
|
|
|
A |
|
6 |
|
|
— |
|
|
|
|
4 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
11 |
|
Trust Summary as of June 30, 2008 |
BlackRock Florida Municipal 2020 Term Trust |
|
Investment Objective |
BlackRock Florida Municipal 2020 Term Trust (BFO) (the “Trust”) seeks to provide current income that is exempt from regular federal income tax and Florida intangible personal property taxes and to return $15.00 per share (the initial public offering price) on or about December 31, 2020.
|
Performance |
For the six months ended June 30, 2008, the Trust returned (1.81)% based on market price and (1.23)% based on NAV. For the same period, the closed-end Lipper Florida Municipal Debt Funds category posted an average return of (2.48)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s intermediate duration bias was the primary driver of relative outperformance as long-term rates rose during the six months. Meanwhile, the allocation to lower-rated issues detracted from results as the market experienced spread widening during the period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
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 June 30, 2008 ($12.40)1 |
|
4.94% |
|
Tax Equivalent Yield2 |
|
7.60% |
|
Current Monthly Distribution per Common Share3 |
|
$0.051 |
|
Current Annualized Distribution per Common Share3 |
|
$0.612 |
|
Leverage as of June 30, 20084 |
|
38% |
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
|
2 |
Tax equivalent yield assumes the maximum Federal tax rate of 35%. |
|
|
3 |
The distribution is not constant and is subject to change. |
|
|
4 |
As a percentage of total managed assets, which is the total managed assets of the Trust (including any assets attributable to Preferred Shares and TOBs), minus the sum of accrued liabilities. |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
6/30/08 |
|
12/31/07 |
|
Change |
|
High |
|
Low |
| ||||
Market Price |
|
$ |
12.40 |
|
$ |
12.93 |
|
(4.10)% |
$ |
13.87 |
|
$ |
12.21 |
|
|
|
Net Asset Value |
|
$ |
14.20 |
|
$ |
14.72 |
|
(3.53)% |
$ |
15.11 |
|
$ |
13.72 |
| |
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
Portfolio Composition |
|
Sector |
|
6/30/08 |
|
12/31/07 |
| ||
|
City, County & State |
|
22 |
% |
|
22 |
% |
|
|
Water & Sewer |
|
15 |
|
|
18 |
|
|
|
Hospitals |
|
13 |
|
|
12 |
|
|
|
Tax Revenue |
|
11 |
|
|
12 |
|
|
|
Education |
|
10 |
|
|
10 |
|
|
|
Power |
|
9 |
|
|
9 |
|
|
|
Industrial & Pollution Control |
|
7 |
|
|
6 |
|
|
|
Lease Revenue |
|
6 |
|
|
4 |
|
|
|
Housing |
|
5 |
|
|
5 |
|
|
|
Transportation |
|
2 |
|
|
2 |
|
|
|
Credit Quality Allocations5 |
Credit Rating |
|
6/30/08 |
|
12/31/07 |
|
||
AAA/Aaa |
|
25 |
% |
|
59 |
% |
|
AA/Aa |
|
35 |
|
|
9 |
|
|
A |
|
8 |
|
|
2 |
|
|
BBB/Baa |
|
10 |
|
|
9 |
|
|
BB/Ba |
|
2 |
|
|
2 |
|
|
CCC/Caa |
|
— |
|
|
1 |
|
|
Not Rated6 |
|
20 |
|
|
18 |
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
6 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of June 30, 2008 and December 31, 2007, the market value of these securities was $11,804,478 representing 9% and $2,084,840 representing 2%, respectively, of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
|
|
|
|
12 |
SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
|
|
Trust Summary as of June 30, 2008 |
BlackRock New York Insured Municipal 2008 Term Trust |
|
Investment Objective |
BlackRock New York Insured Municipal 2008 Term Trust (BLN) (the “Trust”) seeks to provide monthly income that is exempt from regular federal, New York State and New York City income taxes and to return $15 per share (the initial public offering price) to investors on or about December 31, 2008.
|
Performance |
For the six months ended June 30, 2008, the Trust returned 1.21% based on market price and 1.35% based on NAV. For the same period, the closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (2.38)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust is being managed to achieve a goal of returning $15 per share on 12/31/2008, and is invested primarily in short-term issues. This resulted in the relative outperformance as long-term rates rose during the six months. Meanwhile, low short-term reinvestment rates for maturing principal detracted from results.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
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 June 30, 2008 ($14.98)1 |
|
2.20% |
|
Tax Equivalent Yield2 |
|
3.38% |
|
Current Monthly Distribution per Common Share3 |
|
$0.0275 |
|
Current Annualized Distribution per Common Share3 |
|
$0.330 |
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
|
2 |
Tax equivalent yield assumes the maximum Federal tax rate of 35%. |
|
|
3 |
The distribution is not constant and is subject to change. |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
6/30/08 |
|
12/31/07 |
|
Change |
|
High |
|
Low |
|
||||
Market Price |
|
$ |
14.98 |
|
$ |
15.05 |
|
(0.47)% |
$ |
15.21 |
|
$ |
14.95 |
|
|
Net Asset Value |
|
$ |
15.16 |
|
$ |
15.21 |
|
(0.33)% |
$ |
15.28 |
|
$ |
15.15 |
|
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
Portfolio Composition |
|
Sector |
|
6/30/08 |
|
12/31/07 |
| ||
|
Transportation |
|
39 |
% |
|
25 |
% |
|
|
City, County & State |
|
21 |
|
|
10 |
|
|
|
Hospital |
|
16 |
|
|
9 |
|
|
|
Power |
|
7 |
|
|
8 |
|
|
|
Industrial & Pollution Control |
|
5 |
|
|
— |
|
|
|
Housing |
|
5 |
|
|
3 |
|
|
|
Tax Revenue |
|
4 |
|
|
7 |
|
|
|
Lease Revenue |
|
2 |
|
|
4 |
|
|
|
Education |
|
1 |
|
|
19 |
|
|
|
Water & Sewer |
|
— |
|
|
15 |
|
|
|
Credit Quality Allocations4 |
|
Credit Rating |
|
6/30/08 |
|
12/31/07 |
| ||
|
AAA/Aaa |
|
13 |
% |
|
100 |
% |
|
|
AA/Aa |
|
83 |
|
|
— |
|
|
|
A |
|
2 |
|
|
— |
|
|
|
BBB/Baa |
|
2 |
|
|
— |
|
|
|
|
4 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
13 |
|
Trust Summary as of June 30, 2008 |
BlackRock New York Municipal 2018 Term Trust |
|
Investment Objective |
BlackRock New York Municipal 2018 Term Trust (BLH) (the “Trust”) seeks to provide monthly income that is exempt from regular federal, New York State and New York City income taxes and to return $15 per share (the initial public offering price) to investors on or about December 31, 2018.
|
Performance |
For the six months ended June 30, 2008, the Trust returned (1.57)% based on market price and (0.47)% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of (1.66)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s intermediate duration bias during a period of rising long-term rates was the primary driver of its relative outperformance. Meanwhile, the allocation to lower-rated issues detracted from results as spreads widened during the period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
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 June 30, 2008 ($15.52)1 |
|
5.32% |
|
Tax Equivalent Yield2 |
|
8.18% |
|
Current Monthly Distribution per Common Share3 |
|
$0.06875 |
|
Current Annualized Distribution per Common Share3 |
|
$0.825 |
|
Leverage as of June 30, 20084 |
|
36% |
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
|
2 |
Tax equivalent yield assumes the maximum Federal tax rate of 35%. |
|
|
3 |
The distribution is not constant and is subject to change. |
|
|
4 |
As a percentage of total managed assets, which is the total managed assets of the Trust (including any assets attributable to Preferred Shares and TOBs), minus the sum of accrued liabilities. |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
6/30/08 |
|
12/31/07 |
|
Change |
|
High |
|
Low |
| ||||
Market Price |
|
$ |
15.52 |
|
$ |
16.18 |
|
(4.08)% |
|
$ |
16.95 |
|
$ |
15.03 |
|
|
Net Asset Value |
|
$ |
15.50 |
|
$ |
15.98 |
|
(3.00)% |
|
$ |
16.32 |
|
$ |
15.40 |
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
Portfolio Composition |
|
Sector |
|
6/30/08 |
|
12/31/07 |
|||
|
Education |
|
23 |
% |
22 |
% |
||
|
City, County & State |
|
13 |
|
11 |
|
||
|
Hospital |
|
12 |
|
15 |
|
||
|
Tobacco |
|
11 |
|
11 |
|
||
|
Transportation |
|
11 |
|
11 |
|
||
|
Industrial & Pollution Control |
|
7 |
|
7 |
|
||
|
Lease Revenue |
|
7 |
|
10 |
|
||
|
Housing |
|
6 |
|
6 |
|
||
|
Tax Revenue |
|
6 |
|
6 |
|
||
|
Power |
|
4 |
|
1 |
|
||
|
Credit Quality Allocations5 |
|
Credit Rating |
|
6/30/08 |
|
12/31/07 |
| ||
|
AAA/Aaa |
|
18 |
% |
|
44 |
% |
|
|
AA/Aa |
|
33 |
|
|
37 |
|
|
|
A |
|
29 |
|
|
5 |
|
|
|
BBB/Baa |
|
10 |
|
|
9 |
|
|
|
BB/Ba |
|
4 |
|
|
— |
|
|
|
B |
|
— |
|
|
4 |
|
|
|
Not Rated |
|
6 |
|
|
1 |
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
14 |
SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
|
|
Trust Summary as of June 30, 2008 |
BlackRock Pennsylvania Strategic Municipal Trust |
|
Investment Objective |
BlackRock Pennsylvania Strategic Municipal Trust (BPS) (the “Trust”) seeks to provide monthly income that is exempt from regular federal and Pennsylvania income taxes.
|
Performance |
For the six months ended June 30, 2008, the Trust returned (2.44)% based on market price and (2.74)% based on NAV. For the same period, the closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of (2.78)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s relatively neutral duration posture benefited performance during a period of municipal bond relative underperformance and rising interest rates. The incremental yield derived from the Trust’s lower-rated issues also positively impacted recent performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
Trust Information |
|
Symbol on American Stock Exchange |
|
BPS |
|
Initial Offering Date |
|
August 25, 1999 |
|
Yield on Closing Market Price as of June 30, 2008 ($12.89)1 |
|
4.19% |
|
Tax Equivalent Yield2 |
|
6.45% |
|
Current Monthly Distribution per Common Share3 |
|
$0.045 |
|
Current Annualized Distribution per Common Share3 |
|
$0.540 |
|
Leverage as of June 30, 20084 |
|
39% |
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
|
|
2 |
Tax equivalent yield assumes the maximum Federal tax rate of 35%. |
|
|
3 |
The distribution is not constant and is subject to change. |
|
|
4 |
As a percentage of total managed assets, which is the total managed assets of the Trust (including any assets attributable to Preferred Shares and TOBs), minus the sum of accrued liabilities. |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
6/30/08 |
|
12/31/07 |
|
Change |
|
High |
|
Low |
| ||||
Market Price |
|
$ |
12.89 |
|
$ |
13.55 |
|
(4.87)% |
|
$ |
15.85 |
|
$ |
12.25 |
|
|
Net Asset Value |
|
$ |
13.39 |
|
$ |
14.12 |
|
(5.17)% |
|
$ |
14.55 |
|
$ |
12.97 |
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
Portfolio Composition |
|
Sector |
|
6/30/08 |
|
12/31/07 |
| ||
|
City, County & State |
|
20 |
% |
|
15 |
% |
|
|
Education |
|
17 |
|
|
18 |
|
|
|
Housing |
|
17 |
|
|
16 |
|
|
|
Hospital |
|
12 |
|
|
11 |
|
|
|
Transportation |
|
11 |
|
|
10 |
|
|
|
Water & Sewer |
|
10 |
|
|
16 |
|
|
|
Industrial & Pollution Control |
|
5 |
|
|
5 |
|
|
|
Lease Revenue |
|
4 |
|
|
4 |
|
|
|
Power |
|
4 |
|
|
2 |
|
|
|
Tax Revenue |
|
— |
|
|
3 |
|
|
|
Credit Quality Allocations5 |
|
Credit Rating |
|
6/30/08 |
|
12/31/07 |
| ||
|
AAA/Aaa |
|
27 |
% |
|
45 |
% |
|
|
AA/Aa |
|
30 |
|
|
14 |
|
|
|
A |
|
22 |
|
|
21 |
|
|
|
BBB/Baa |
|
18 |
|
|
17 |
|
|
|
BB/Ba |
|
1 |
|
|
— |
|
|
|
B |
|
— |
|
|
1 |
|
|
|
Not Rated |
|
2 |
|
|
2 |
6 |
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
6 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of December 31, 2007, the market value of these securities was $971,150 representing 2% of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
15 |
The Trusts may utilize leverage to seek to enhance the yield and NAV of their Common Shares. However, these objectives cannot be achieved in all interest rate environments.
To leverage, the Trusts may issue Preferred Shares, which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. The interest earned on these investments is paid to Common Shareholders in the form of dividends, and the value of these Portfolios’ holdings is reflected in the per share NAV of the Trusts’ Common Shares. However, in order to benefit Common Shareholders, the yield curve must be positively sloped; that is, short-term interest rates must be lower than long-term interest rates. At the same time, a period of generally declining interest rates will benefit Common Shareholders. If either of these conditions change, then the risks of leveraging will begin to outweigh the benefits.
To illustrate these concepts, assume a trust’s Common Share capitalization of $100 million and the issuance of Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are approximately 3% and long-term interest rates are approximately 6%, then the yield curve has a strongly positive slope. The trust pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the trust’s total portfolio of $150 million earns income based on long-term interest rates.
In this case, the dividends paid to Preferred Shareholders are significantly lower than the income earned on the trust’s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental yield. However, if short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental yield pickup on the Common Shares will be reduced or eliminated completely. At the same time, the market value on the trust’s Common Shares (that is, its price as listed on the New York Stock Exchange or American Stock Exchange) may, as a result, decline. Furthermore, if long-term interest rates rise, the Common Shares’ NAV will reflect the full decline in the price of the portfolio’s investments, since the value of the trust’s Preferred Shares does not fluctuate. In addition to the decline in NAV, the market value of the trust’s Common Shares may also decline.
In addition, the Trusts may from time to time leverage their assets through the use of tender option bond (“TOB”) programs. In a typical TOB program, the Trust transfers one or more municipal bonds to a TOB trust, which issues short-term variable rate securities to third-party investors and a residual interest to the Trust. The cash received by the TOB trust from the issuance of the short-term securities (less transaction expenses) is paid to the Trust, which invests the cash in additional portfolio securities. The distribution rate on the short-term securities is reset periodically (typically every seven days) through a remarketing of the short-term securities. Any income earned on the bonds in the TOB trust, net of expenses incurred by the TOB trust, that is not paid to the holders of the short-term securities is paid to the Trust. In connection with managing the Trusts’ assets, the Trusts’ investment advisor may at any time retrieve the bonds out of the TOB trust typically within seven days. TOB investments generally will provide the Trust with economic benefits in periods of declining short-term interest rates, but expose the Trust to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Trust, as described above. Additionally, fluctuations in the market value of municipal securities deposited into the TOB trust may adversely affect the Funds’ NAVs per share. (See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOB trusts.).
Under the Investment Company Act of 1940, the Trusts are permitted to issue Preferred Shares in an amount up to 50% of their total managed assets at the time of issuance. Each Trust also anticipates that its total economic leverage from Preferred Shares and TOBs will not exceed 50% of its total managed assets. As of June 30, 2008, the Trusts had leverage from Preferred Shares and TOBs as a percentage of managed assets as follows:
|
|
Percent of |
|
Insured Municipal Term Trust |
|
16% |
|
Municipal 2018 Term Trust |
|
38% |
|
Municipal 2020 Term Trust |
|
39% |
|
Strategic Municipal Trust |
|
39% |
|
California Municipal 2018 Term Trust |
|
38% |
|
Florida Municipal 2020 Term Trust |
|
38% |
|
New York Municipal 2018 Term Trust |
|
36% |
|
Pennsylvania Strategic Municipal Trust |
|
39% |
|
The Trusts may invest in swap agreements, which are over-the-counter contracts in which one party agrees to make periodic payments based on the change in market value of a specified bond, basket of bonds or index in return for periodic payments based on a fixed or variable interest rate or the change in market value of a different bond, basket of bonds or index. Swap agreements may be used to obtain exposure to a bond or market without owning or taking physical custody of securities. Swap agreements involve the risk that the party with whom each Trust has entered into a swap will default on its obligation to pay the Trust and the risk that the Trust will not be able to meet its obligation to pay the other party to the agreement.
|
|
|
|
|
|
|
|
|
|
|
|
16 |
SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
|
|
BlackRock Insured Municipal 2008 Term Trust (BRM) | |
|
|
(Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par |
|
Value |
|
||
Alabama—1.6% |
|
|
|
|
|
|
|
Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Refunding Bonds, Series A, 4.25%, 1/01/09 (a) |
|
$ |
6,555 |
|
$ |
6,636,020 |
|
Arizona—1.0% |
|
|
|
|
|
|
|
Chandler, Arizona, GO, CABS, Refunding, 6.50%, 7/01/08 (b)(c) |
|
|
4,000 |
|
|
3,999,720 |
|
California—7.0% |
|
|
|
|
|
|
|
East Bay Municipal Utility District, California, Water System Revenue Refunding Bonds, VRDN, Sub-Series B, 1.23%, 6/01/25 (a)(d) |
|
|
14,840 |
|
|
14,840,000 |
|
Southern California Public Power Authority, Revenue Refunding Bonds (Power Transmission Project), VRDN, Sub-Series B, 1.28%, 7/01/23 (d) |
|
|
13,985 |
|
|
13,985,000 |
|
|
|
|
|
|
|
28,825,000 |
|
Colorado—0.5% |
|
|
|
|
|
|
|
El Paso County, Colorado, COP (Detention Facilities Project), Series B, 3.20%, 12/01/08 (e) |
|
|
1,000 |
|
|
1,004,890 |
|
Thornton, Colorado, COP, 3.25%, 12/01/08 (e) |
|
|
1,000 |
|
|
1,004,340 |
|
|
|
|
|
|
|
2,009,230 |
|
Delaware—0.2% |
|
|
|
|
|
|
|
Delaware River and Bay Authority Revenue Bonds, 3.25%, 1/01/09 (f) |
|
|
650 |
|
|
653,653 |
|
District of Columbia—2.6% |
|
|
|
|
|
|
|
District of Columbia, GO, VRDN, Series D-1, 1.52%, 6/01/26 (a)(d) |
|
|
10,675 |
|
|
10,675,000 |
|
Florida—2.7% |
|
|
|
|
|
|
|
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando Regional Healthcare), VRDN: |
|
|
|
|
|
|
|
Series A-1, 3.50%, 10/01/41 (a)(d) |
|
|
1,500 |
|
|
1,500,000 |
|
Series A-2, 1.30%, 10/01/41 (a)(d) |
|
|
800 |
|
|
800,000 |
|
Palm Beach County, Florida, School Board, COP, VRDN, Series B, 1.51%, 8/01/27 (a)(d) |
|
|
5,400 |
|
|
5,400,000 |
|
Palm Beach, Florida, Revenue Refunding Bonds (Beach Restoration Project), Series A, 5%, 1/01/09 (a) |
|
|
1,300 |
|
|
1,320,930 |
|
Tampa, Florida, Water and Sewer Revenue Refunding Bonds, 5.50%, 10/01/08 (a) |
|
|
2,080 |
|
|
2,099,344 |
|
|
|
|
|
|
|
11,120,274 |
|
Georgia—4.9% |
|
|
|
|
|
|
|
Monroe County, Georgia, Development Authority, PCR, Refunding (Georgia Power Company—Scherer Plant Project), 4.20%, 1/01/12 (e) |
|
|
20,000 |
|
|
20,153,800 |
|
Hawaii—1.2% |
|
|
|
|
|
|
|
Honolulu, Hawaii, City and County GO, Refunding, Series E, 4%, 7/01/08 (b) |
|
|
4,750 |
|
|
4,750,285 |
|
Illinois—4.6% |
|
|
|
|
|
|
|
Cook County, Illinois, School District Number 025 (Arlington Heights), GO, Refunding, 4.50%, 12/01/08 (a) |
|
|
2,000 |
|
|
2,022,760 |
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Illinois—(concluded) |
|
|
|
|
|
|
|
Du Page County, Illinois, Forest Preserve District, GO, 5.90%, 11/01/08 (c) |
|
$ |
8,985 |
|
$ |
8,915,456 |
|
Illinois State, GO, First Series, 3.50%, 7/01/08 (f) |
|
|
6,750 |
|
|
6,750,337 |
|
Kane and Du Page Counties, Illinois, Community Unit School District 303 (Saint Charles), GO, Series A, 3.75%, 1/01/09 (a) |
|
|
1,455 |
|
|
1,469,361 |
|
|
|
|
|
|
|
19,157,914 |
|
Kentucky—0.9% |
|
|
|
|
|
|
|
Owensboro, Kentucky, Electric, Light and Power Revenue Bonds, Series B, 6.75%, 1/01/09 (c)(e) |
|
|
3,890 |
|
|
3,843,048 |
|
Michigan—0.9% |
|
|
|
|
|
|
|
Michigan State Trunk Line Revenue Bonds, Series A, 4.125%, 11/01/08 (a) |
|
|
3,000 |
|
|
3,023,580 |
|
Wyandotte, Michigan, Electric Revenue Refunding Bonds, 6.25%, 10/01/08 (f) |
|
|
765 |
|
|
772,443 |
|
|
|
|
|
|
|
3,796,023 |
|
New Jersey—0.7% |
|
|
|
|
|
|
|
Monmouth County, New Jersey, Improvement Authority, Governmental Loan Revenue Refunding Bonds, 5%, 12/01/08 (a) |
|
|
1,000 |
|
|
1,013,760 |
|
New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Refunding Bonds, Series C, 5.25%, 12/15/08 (e) |
|
|
1,750 |
|
|
1,776,127 |
|
|
|
|
|
|
|
2,789,887 |
|
New York—2.9% |
|
|
|
|
|
|
|
Metropolitan Transportation Authority, New York, Dedicated Tax Fund, Revenue Refunding Bonds, VRDN, Series B, 1.45%, 11/01/22 (a)(d) |
|
|
6,000 |
|
|
6,000,000 |
|
New York State Dormitory Authority, Mental Health Services Revenue Bonds, VRDN, Sub-Series D-2B, 1.25%, 2/15/31 (a)(d) |
|
|
2,000 |
|
|
2,000,000 |
|
Port Authority of New York and New Jersey, Consolidated Revenue Refunding Bonds, 129th Series, 2.875%, 11/01/08 (a) |
|
|
4,000 |
|
|
4,015,720 |
|
|
|
|
|
|
|
12,015,720 |
|
Oregon—1.0% |
|
|
|
|
|
|
|
Lane County, Oregon, School District Number 4J (Eugene), GO, Advance Refunding, 3%, 1/01/09 (a) |
|
|
1,285 |
|
|
1,293,006 |
|
Oregon State Department of Administrative Services, COP, Refunding, Series A, 5%, 11/01/08 (a) |
|
|
2,905 |
|
|
2,936,316 |
|
|
|
|
|
|
|
4,229,322 |
|
Pennsylvania—6.2% |
|
|
|
|
|
|
|
Dauphin County, Pennsylvania, General Authority, Hospital Revenue Refunding Bonds (Hapsco Group—Western Pennsylvania Hospital Project), Series B, 6.25%, 7/01/08 (f)(g) |
|
|
965 |
|
|
965,116 |
|
|
Portfolio Abbreviations |
To simplify the listings of portfolio holdings in the Schedule of Investments, the names of many of the securities have been abbreviated according to the list on the right.
|
AMT |
|
Alternative Minimum Tax (subject to) |
|
CABS |
|
Capital Appreciation Bonds |
|
COP |
|
Certificates of Participation |
|
EDA |
|
Economic Development Authority |
|
EDR |
|
Economic Development Revenue Bonds |
|
GAN |
|
Grant Anticipation Notes |
|
GO |
|
General Obligation Bonds |
|
HDA |
|
Housing Development Authority |
|
HFA |
|
Housing Finance Agency |
|
IDA |
|
Industrial Development Authority |
|
IDB |
|
Industrial Development Board |
|
M/F |
|
Multi-Family |
|
PCR |
|
Pollution Control Revenue Bonds |
|
S/F |
|
Single-Family |
|
TFABS |
|
Tobacco Flexible Amortization Bonds |
|
VRDN |
|
Variable Rate Demand Notes |
See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
17 |
|
Schedule of Investments (concluded) |
BlackRock Insured Municipal 2008 Term Trust (BRM) |
|
|
(Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par |
|
|
Value |
|
Pennsylvania—(concluded) |
|
|
|
|
|
|
Lehigh County, Pennsylvania, IDA, PCR, Refunding (Pennsylvania Power and Light Utilities Corporation Project), 3.125%, 11/01/08 (e) |
$ |
16,250 |
|
$ |
16,284,288 |
|
Pennsylvania State Department of General Services, COP, Refunding, 4.50%, 11/01/08 (a) |
|
2,120 |
|
|
2,138,020 |
|
Philadelphia, Pennsylvania, GO, Series 2001, 4.10%, 9/15/08 (a) |
|
3,175 |
|
|
3,189,351 |
|
Pittsburgh, Pennsylvania, Public Parking Authority, Parking Revenue Refunding Bonds, 3.25%, 12/01/08 (e) |
|
3,125 |
|
|
3,136,875 |
|
|
|
|
|
|
25,713,650 |
|
Texas—9.9% |
|
|
|
|
|
|
Austin, Texas, Combined Utility System, Revenue Refunding Bonds: |
|
|
|
|
|
|
6.625%, 11/15/08 (e) |
|
5,000 |
|
|
5,079,100 |
|
CABS, Series A, 6.85%, 11/15/08 (c)(f) |
|
11,515 |
|
|
11,412,286 |
|
Austin, Texas, GO, 3.50%, 9/01/08 (a) |
|
5,380 |
|
|
5,395,710 |
|
North Texas Tollway Authority, Dallas North Tollway System, Revenue Refunding Bonds, Series C, 5%, 1/01/09 (a)(g) |
|
1,500 |
|
|
1,524,150 |
|
Texas Municipal Power Agency, Revenue Refunding Bonds (c)(e): |
|
|
|
|
|
|
6.798%, 9/01/08 (g) |
|
1,115 |
|
|
1,110,785 |
|
6.80%, 9/01/08 |
|
13,885 |
|
|
13,828,349 |
|
Ysleta, Texas, Independent School District, GO, CABS, Refunding, 6.70%, 8/15/08 (c) |
|
2,275 |
|
|
2,268,425 |
|
|
|
|
|
|
40,618,805 |
|
Washington—6.4% |
|
|
|
|
|
|
Clark County, Washington, Public Utility District Number 001, Electric Revenue Refunding Bonds, 5%, 1/01/09 (f) |
|
1,250 |
|
|
1,267,912 |
|
King County, Washington, GO, Series D, 5.55%, 12/01/08 (f) |
|
12,850 |
|
|
13,039,795 |
|
King County, Washington, Public Transportation Sales Tax, GO, Refunding, 3.50%, 12/01/08 (a) |
|
3,060 |
|
|
3,082,093 |
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Washington—(concluded) |
|
|
|
|
|
|
|
Seattle, Washington, GO, Series F, 5.125%, 12/15/08 |
|
$ |
250 |
|
$ |
253,868 |
|
Seattle, Washington, Limited Tax, GO, Refunding, 4%, 7/01/08 (a)(h) |
|
|
5,710 |
|
|
5,710,343 |
|
Washington State Health Care Facilities Authority Revenue Bonds (Catholic Health Initiatives), Series A, 5.30%, |
|
|
1,010 |
|
|
1,023,100 |
|
Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear Project Number 3), CABS, Series A, 6.49%, 7/01/08 (c)(f) |
|
|
2,000 |
|
|
1,999,860 |
|
|
|
|
|
|
|
26,376,971 |
|
Total Municipal Bonds (Cost—$225,988,201)—55.2% |
|
|
|
|
|
227,364,322 |
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
U.S. Government Obligations (i) |
|
|
|
|
|
|
|
Fannie Mae Discount Notes |
|
|
|
|
|
|
|
3.04%, 10/20/08 |
|
|
57,835 |
|
|
57,300,026 |
|
3.05%, 11/03/08 |
|
|
41,500 |
|
|
41,067,708 |
|
Freddie Mac Discount Notes, 3.20%, 10/27/08 |
|
|
66,697 |
|
|
66,006,167 |
|
U.S. Treasury Notes, 4.875%, 10/31/08 |
|
|
19,364 |
|
|
19,547,048 |
|
Total Short-Term Securities (Cost—$183,912,059)—44.6% |
|
|
|
|
|
183,920,949 |
|
Total Investments (Cost—$409,900,260*)—99.8% |
|
|
|
|
|
411,285,271 |
|
Other Assets Less Liabilities—0.2% |
|
|
|
|
|
771,169 |
|
Net Assets Applicable to Common Stock—100.0% |
|
|
|
|
$ |
412,056,440 |
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of June 30, 2008, as computed for federal income tax purposes, were as follows: |
|
Aggregate cost |
|
$ |
410,191,472 |
|
|
Gross unrealized appreciation |
|
$ |
1,098,216 |
|
|
Gross unrealized depreciation |
|
|
(4,417 |
) |
|
Net unrealized appreciation |
|
$ |
1,093,799 |
|
|
(a) |
FSA Insured. |
|
(b) |
FGIC Insured. |
|
(c) |
Represents a zero-coupon bond. Rate shown reflects the effective yield at time of purchase. |
|
(d) |
Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date. |
|
(e) |
AMBAC Insured. |
(f) |
MBIA Insured. |
|
(g) |
Security is collateralized by Municipal or U.S. Treasury Obligations. |
|
(h) |
U.S. Government securities, held in escrow, are used to pay interest on this security as well as to retire the bond, in full, at the date indicated, typically at a premium to par. |
|
(i) |
The interest rates shown reflect the discount rates at the time of purchase. |
|
• |
Effective January 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
• |
Level 1—price quotations in active markets/exchanges for identical securities |
|
|
• |
Level 2—other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs) |
|
|
• |
Level 3—unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
||
The following table summarizes the inputs used as of June 30, 2008 in determining the fair valuation of the Trust’s investments: |
||
|
Valuation |
|
Investments in |
| |
|
Level 1 |
|
|
— |
|
|
Level 2 |
|
$ |
411,285,271 |
|
|
Level 3 |
|
|
— |
|
|
Total |
|
$ |
411,285,271 |
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
18 |
SEMI-ANNUAL REPORT |
JUNE 30, 2008 |
|
|
Schedule of Investments June 30, 2008 (Unaudited) |
BlackRock Insured Municipal Term Trust (BMT) |
|
(Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par |
|
Value |
|
||
Alabama—0.9% |
|
|
|
|
|
|
|
Alabama State, Federal Highway Authority Revenue Bonds, GAN, Series A, 4.50%, 3/01/11 (a) |
|
$ |
1,410 |
|
$ |
1,449,381 |
|
|
Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Refunding Bonds, Series A, 4.375%, 1/01/11 (b) |
|
|
1,000 |
|
|
1,031,450 |
|
|
|
|
|
|
|
2,480,831 |
|
Alaska—6.4% |
|
|
|
|
|
|
|
Anchorage, Alaska, GO, Refunding, Series B: |
|
|
|
|
|
|
|
4.625%, 7/01/10 (c) |
|
|
6,000 |
|
|
6,198,780 |
|
4.125%, 7/01/11 (a) |
|
|
9,295 |
|
|
9,541,968 |
|
University of Alaska, Revenue Refunding Bonds, Series K, 3.75%, 10/01/10 (c) |
|
|
1,260 |
|
|
1,274,490 |
|
|
|
|
|
|
|
17,015,238 |
|
Arizona—0.4% |
|
|
|
|
|
|
|
Mesa, Arizona, GO, Refunding, Series A, 3.75%, 7/01/10 (c) |
|
|
1,030 |
|
|
1,042,102 |
|
Arkansas—0.2% |
|
|
|
|
|
|
|
Little Rock, Arkansas, Capital Improvement, GO, 4%, 4/01/11 (b) |
|
|
500 |
|
|
511,900 |
|
California—5.7% |
|
|
|
|
|
|
|
California State Department of Water Resources, Power Supply Revenue Bonds, Series A: |
|
|
|
|
|
|
|
3.60%, 5/01/10 (d) |
|
|
5,000 |
|
|
5,061,450 |
|
3.70%, 5/01/11 (a) |
|
|
3,500 |
|
|
3,540,320 |
|
California State, GO, 6.80%, 11/01/10 (c) |
|
|
145 |
|
|
147,010 |
|
Contra Costa, California, Transportation Authority, Sales Tax Revenue Bonds, Series A, 6.50%, 3/01/09 (c)(e) |
|
|
3,145 |
|
|
3,226,078 |
|
Los Angeles County, California, Capital Asset Leasing Corporation, Leasehold Revenue Refunding Bonds, 6.05%, 12/01/10 (d) |
|
|
3,065 |
|
|
3,244,118 |
|
|
|
|
|
|
|
15,218,976 |
|
Colorado—1.2% |
|
|
|
|
|
|
|
Weld County, Colorado, Greeley School District Number 006 (Greeley), GO, Refunding, 3.75%, 12/01/10 (b) |
|
|
3,245 |
|
|
3,315,060 |
|
Delaware—0.4% |
|
|
|
|
|
|
|
Delaware River and Bay Authority Revenue Bonds, 3.75%, 1/01/11 (a) |
|
|
1,015 |
|
|
1,023,942 |
|
District of Columbia—4.0% |
|
|
|
|
|
|
|
District of Columbia, GO, Refunding, Series B, 5.50%, 6/01/11 (b) |
|
|
10,000 |
|
|
10,610,100 |
|
Florida—1.4% |
|
|
|
|
|
|
|
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando Regional Healthcare), VRDN (b)(f): |
|
|
|
|
|
|
|
Series A-1, 3.50%, 10/01/41 |
|
|
1,000 |
|
|
1,000,000 |
|
Series A-2, 1.50%, 10/01/41 |
|
|
400 |
|
|
400,000 |
|
Tampa, Florida, Water and Sewer Revenue Refunding Bonds, 5.50%, 10/01/10 (b) |
|
|
2,320 |
|
|
2,454,421 |
|
|
|
|
|
|
|
3,854,421 |
|
Georgia—0.1% |
|||||||