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:           811-10501                                             

          BlackRock Municipal 2018 Term Trust          
(Exact name of Registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE
19809

(Address of principal executive offices)
(Zip code)


Robert S. Kapito, President
BlackRock Municipal 2018 Term Trust

40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)

Registrant's telephone number, including area code:      888-825-2257                                

Date of fiscal year end:
     December 31, 2005                                                                   

Date of reporting period:
     December 31, 2005                                                                               



Item 1. Reports to Shareholders.

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

 



 

 

 

 

 

 

 

 

 

FIXED INCOME

 

LIQUIDITY

 

EQUITIES

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

 

BlackRock

 

Closed-End Funds

 

Annual Report

 

 

 

DECEMBER 31, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Insured Municipal 2008 Term Trust [BRM]

 

 

 

BlackRock Insured Municipal Term Trust [BMT]

 

 

 

BlackRock Municipal 2018 Term Trust [BPK]

 

 

 

BlackRock Municipal 2020 Term Trust [BKK]

 

 

 

BlackRock Municipal Target Term Trust [BMN]

 

 

 

BlackRock Strategic Municipal Trust [BSD]

 

 

 

BlackRock California Insured Municipal 2008 Term Trust [BFC]

 

 

 

BlackRock California Municipal 2018 Term Trust [BJZ]

 

 

 

BlackRock Florida Insured Municipal 2008 Term Trust [BRF]

 

 

 

BlackRock Florida Municipal 2020 Term Trust [BFO]

 

 

 

BlackRock New York Insured Municipal 2008 Term Trust [BLN]

 

 

 

BlackRock New York Municipal 2018 Term Trust [BLH]

 

 

 

BlackRock Pennsylvania Strategic Municipal Trust [BPS]

 

 

 

 

 

 


 

 

 

(BLACKROCK LOGO)

NOT FDIC INSURED

 

MAY LOSE VALUE

 

NO BANK GUARANTEE

 




 

 

TABLE OF CONTENTS

 

 

 

Letter to Shareholders

1

 

 

Trusts’ Summaries

2

 

 

Portfolios of Investments

15

 

 

Financial Statements

 

 

 

Statements of Assets and Liabilities

58

 

 

Statements of Operations

60

 

 

Statements of Changes in Net Assets

62

 

 

Financial Highlights

67

 

 

Notes to Financial Statements

80

 

 

Report of Independent Registered Public Accounting Firm

86

 

 

Directors/Trustees Information

87

 

 

Dividend Reinvestment Plans

90

 

 

Additional Information

90


Privacy Principles of the Trusts

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

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

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



LETTER TO SHAREHOLDERS

December 31, 2005

Dear Shareholder:

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

          The portfolio management team continuously monitors the municipal bond market and adjusts the portfolios in order to gain exposure to various issuers, revenue sources and security types. This strategy enables the Trusts to move among different sectors, credits and coupons to capitalize on changing market conditions.

          The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of December 31, 2005.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

 

Tax-

 

Closing

 

 

 

 

 

 

Current

 

Equivalent

 

Market

 

 

 

Trust (Ticker)

 

Yield1

 

Yield1

 

Price

 

NAV

 











BlackRock Insured Municipal 2008 Term Trust (BRM)

 

 

 

5.20

%

 

 

 

8.00

%

 

 

$

15.30

 

 

 

$

15.89

 

 























BlackRock Insured Municipal Term Trust (BMT)

 

 

 

5.55

 

 

 

 

8.55

 

 

 

 

10.36

 

 

 

 

10.51

 

 























BlackRock Municipal 2018 Term Trust (BPK)

 

 

 

5.77

 

 

 

 

8.88

 

 

 

 

15.71

 

 

 

 

15.71

 

 























BlackRock Municipal 2020 Term Trust (BKK)

 

 

 

5.68

 

 

 

 

8.74

 

 

 

 

14.00

 

 

 

 

15.28

 

 























BlackRock Municipal Target Term Trust (BMN)

 

 

 

3.77

 

 

 

 

5.80

 

 

 

 

9.91

 

 

 

 

10.16

 

 























BlackRock Strategic Municipal Trust (BSD)

 

 

 

6.41

 

 

 

 

9.86

 

 

 

 

17.14

 

 

 

 

15.68

 

 























BlackRock California Insured Municipal 2008 Term Trust (BFC)

 

 

 

5.05

 

 

 

 

7.77

 

 

 

 

15.31

 

 

 

 

15.86

 

 























BlackRock California Municipal 2018 Term Trust (BJZ)

 

 

 

4.84

 

 

 

 

7.45

 

 

 

 

15.19

 

 

 

 

15.21

 

 























BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 

 

 

4.96

 

 

 

 

7.63

 

 

 

 

15.11

 

 

 

 

15.04

 

 























BlackRock Florida Municipal 2020 Term Trust (BFO)

 

 

 

5.00

 

 

 

 

7.69

 

 

 

 

13.35

 

 

 

 

14.90

 

 























BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 

 

 

4.90

 

 

 

 

7.54

 

 

 

 

15.30

 

 

 

 

15.73

 

 























BlackRock New York Municipal 2018 Term Trust (BLH)

 

 

 

4.85

 

 

 

 

7.46

 

 

 

 

15.15

 

 

 

 

16.11

 

 























BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 

 

 

5.72

 

 

 

 

8.80

 

 

 

 

15.85

 

 

 

 

15.27

 

 























 

 

1

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

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

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

Sincerely,

 

 

-s- Laurence D. Fink

-s- Ralph L. Schlosstein

Laurence D. Fink

Ralph L. Schlosstein

Chief Executive Officer

President

BlackRock Advisors, Inc.

BlackRock Advisors, Inc.

1


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Insured Municipal 2008 Term Trust (BRM)

 

Trust Information

 

 

 

 

 

 

 






Symbol on New York Stock Exchange:

 

BRM

 





Initial Offering Date:

 

September 18, 1992

 





Termination Date (on or about):

 

December 31, 2008

 





Closing Market Price as of 12/31/05:

 

 

$

15.30

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.89

 

 








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

 

 

 

5.20

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.066250

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.795000

 

 








Leverage as of 12/31/05:3

 

 

 

39

%

 








 

 

1

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

2

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

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

 

$

15.30

 

 

 

$

16.31

 

 

 

 

(6.19

)%

 

 

$

16.41

 

 

 

$

15.14

 

 




























NAV

 

 

$

15.89

 

 

 

$

16.75

 

 

 

 

(5.13

)%

 

 

$

16.77

 

 

 

$

15.84

 

 




























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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 









Sector

 

December 31, 2005

 

December 31, 2004

 







City, County & State

 

 

 

31

%

 

 

 

32

%

 













Power

 

 

 

24

 

 

 

 

22

 

 













Education

 

 

 

10

 

 

 

 

11

 

 













Industrial & Pollution Control

 

 

 

9

 

 

 

 

9

 

 













Lease Revenue

 

 

 

7

 

 

 

 

6

 

 













Transportation

 

 

 

6

 

 

 

 

8

 

 













Tax Revenue

 

 

 

6

 

 

 

 

5

 

 













Hospital

 

 

 

4

 

 

 

 

4

 

 













Water & Sewer

 

 

 

3

 

 

 

 

3

 

 













As of December 31, 2005 and 2004, all long-term investments had ratings of AAA/Aaa by Standard & Poor’s (“S&P”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch”).

2


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Insured Municipal Term Trust (BMT)

 

Trust Information

 

 

 

 

 

 

 






Symbol on New York Stock Exchange:

 

BMT

 





Initial Offering Date:

 

February 20, 1992

 





Termination Date (on or about):

 

December 31, 2010

 





Closing Market Price as of 12/31/05:

 

 

$

10.36

 

 








Net Asset Value as of 12/31/05:

 

 

$

10.51

 

 








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

 

 

 

5.55

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.047917

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.575004

 

 








Leverage as of 12/31/05:3

 

 

 

39

%

 








 

 

1

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

2

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

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
















 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

 

$

10.36

 

 

 

$

11.30

 

 

 

 

(8.32

)%

 

 

$

11.53

 

 

 

$

10.21

 

 




























NAV

 

 

$

10.51

 

 

 

$

11.05

 

 

 

 

(4.89

)%

 

 

$

11.11

 

 

 

$

10.44

 

 




























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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







City, County & State

 

 

 

32

%

 

 

 

32

%

 













Education

 

 

 

17

 

 

 

 

17

 

 













Water & Sewer

 

 

 

15

 

 

 

 

14

 

 













Power

 

 

 

13

 

 

 

 

12

 

 













Hospital

 

 

 

8

 

 

 

 

11

 

 













Transportation

 

 

 

7

 

 

 

 

6

 

 













Lease Revenue

 

 

 

6

 

 

 

 

6

 

 













Tax Revenue

 

 

 

2

 

 

 

 

2

 

 













As of December 31, 2005 all long-term investments had ratings of AAA/Aaa and as of December 31, 2004, 99.4% of all long-term investments had ratings of AAA/Aaa by S&P, Moody’s or Fitch and the remaining 0.6% was rated A+.

3


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Municipal 2018 Term Trust (BPK)

 

Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BPK

 






Initial Offering Date:

 

October 26, 2001

 








Termination Date (on or about):

 

December 31, 2018

 








Closing Market Price as of 12/31/05:

 

 

$

15.71

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.71

 

 








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

 

 

 

5.77

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0755

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.9060

 

 








Leverage as of 12/31/05:3

 

 

 

36

%

 








 

 

1

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

2

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

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

 

$

15.71

 

 

 

$

15.16

 

 

 

 

3.63

%

 

 

$

16.09

 

 

 

$

14.68

 

 




























NAV

 

 

$

15.71

 

 

 

$

15.81

 

 

 

 

(0.63

)%

 

 

$

16.18

 

 

 

$

15.49

 

 




























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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 









Sector

 

December 31, 2005

 

December 31, 2004

 







Hospital

 

 

 

24

%

 

 

 

21

%

 













Industrial & Pollution Control

 

 

 

22

 

 

 

 

23

 

 













City, County & State

 

 

 

22

 

 

 

 

19

 

 













Housing

 

 

 

12

 

 

 

 

12

 

 













Education

 

 

 

5

 

 

 

 

5

 

 













Transportation

 

 

 

5

 

 

 

 

4

 

 













Tax Revenue

 

 

 

4

 

 

 

 

4

 

 













Power

 

 

 

3

 

 

 

 

5

 

 













Lease Revenue

 

 

 

3

 

 

 

 

3

 

 













Other

 

 

 

 

 

 

 

4

 

 













Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 









Credit Rating

 

December 31, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

21

%

 

 

 

15

%

 













AA/Aa

 

 

 

5

 

 

 

 

4

 

 













A

 

 

 

25

 

 

 

 

26

 

 













BBB/Baa

 

 

 

28

 

 

 

 

33

 

 













BB/Ba

 

 

 

5

 

 

 

 

5

 

 













B

 

 

 

2

 

 

 

 

4

 

 













Not Rated5

 

 

 

14

 

 

 

 

13

 

 













 

 

4

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

5

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

4


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Municipal 2020 Term Trust (BKK)

 

Trust Information

 

 

 

 

 

 

 






Symbol on New York Stock Exchange:

 

BKK

 





Initial Offering Date:

 

September 30, 2003

 








Termination Date (on or about):

 

December 31, 2020

 








Closing Market Price as of 12/31/05:

 

 

$

14.00

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.28

 

 








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

 

 

 

5.68

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.066250

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.795000

 

 








Leverage as of 12/31/05:3

 

 

 

36

%

 








 

 

1

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

2

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

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

 

$

14.00

 

 

 

$

15.02

 

 

 

 

(6.79

)%

 

 

$

15.67

 

 

 

$

13.68

 

 




























NAV

 

 

$

15.28

 

 

 

$

14.85

 

 

 

 

2.90

%

 

 

$

15.58

 

 

 

$

14.89

 

 




























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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 









Sector

 

December 31, 2005

 

December 31, 2004

 







City, County & State

 

 

 

29

%

 

 

 

28

%

 













Hospitals

 

 

 

17

 

 

 

 

14

 

 













Industrial & Pollution Control

 

 

 

16

 

 

 

 

19

 

 













Housing

 

 

 

8

 

 

 

 

8

 

 













Education

 

 

 

6

 

 

 

 

4

 

 













Transportation

 

 

 

6

 

 

 

 

8

 

 













Tobacco

 

 

 

5

 

 

 

 

7

 

 













Lease Revenue

 

 

 

5

 

 

 

 

4

 

 













Tax Revenue

 

 

 

4

 

 

 

 

4

 

 













Power

 

 

 

4

 

 

 

 

4

 

 













Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 













Credit Rating

 

December 31, 2005

 

December 31, 2004

 













AAA/Aaa

 

 

 

19

%

 

 

 

10

%

 













AA/Aa

 

 

 

5

 

 

 

 

4

 

 













A

 

 

 

15

 

 

 

 

24

 

 













BBB/Baa

 

 

 

41

 

 

 

 

40

 

 













BB/Ba

 

 

 

1

 

 

 

 

3

 

 













B

 

 

 

4

 

 

 

 

4

 

 













CC

 

 

 

 

 

 

 

1

 

 













Not Rated

 

 

 

15

 

 

 

 

14

5

 













 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of December 31, 2004, the market value of these securities was $8,337,760 representing 1.8% of the Trust’s long-term investments.

5


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Municipal Target Term Trust (BMN)

 

Trust Information

 

 

 

 

 

 

 






Symbol on New York Stock Exchange:

 

BMN

 





Initial Offering Date:

 

September 27, 1991

 





Termination Date (on or about):

 

December 31, 2006

 





Closing Market Price as of 12/31/05:

 

 

$

9.91

 

 








Net Asset Value as of 12/31/05:

 

 

$

10.16

 

 








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

 

 

 

3.77

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.031125

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.373500

 

 








Leverage as of 12/31/05:3

 

 

 

24

%

 








 

 

1

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

2

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

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

 

$

9.91

 

 

 

$

10.49

 

 

 

 

(5.53

)%

 

 

$

10.51

 

 

 

$

9.87

 

 




























NAV

 

 

$

10.16

 

 

 

$

10.55

 

 

 

 

(3.70

)%

 

 

$

10.56

 

 

 

$

10.14

 

 




























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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 









Sector

 

December 31, 2005

 

December 31, 2004

 







City, County & State

 

 

 

40

%

 

 

 

38

%

 













Transportation

 

 

 

12

 

 

 

 

12

 

 













Power

 

 

 

11

 

 

 

 

14

 

 













Education

 

 

 

11

 

 

 

 

10

 

 













Lease Revenue

 

 

 

8

 

 

 

 

8

 

 













Water & Sewer

 

 

 

6

 

 

 

 

7

 

 













Housing

 

 

 

4

 

 

 

 

4

 

 













Tax Revenue

 

 

 

4

 

 

 

 

3

 

 













Hospital

 

 

 

3

 

 

 

 

3

 

 













Industrial & Pollution Control

 

 

 

1

 

 

 

 

1

 

 













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

6



 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Strategic Municipal Trust (BSD)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BSD

 





Initial Offering Date:

 

August 25, 1999

 





Closing Market Price as of 12/31/05:

 

 

$

17.14

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.68

 

 








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

 

 

 

6.41

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.091625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

1.099500

 

 








Leverage as of 12/31/05:3

 

 

 

35

%

 








 

 

1

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

2

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

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

17.14

 

$

14.52

 

18.04

%

 

$

17.14

 

$

13.79

 


















NAV

 

$

15.68

 

$

15.70

 

(0.13

)%

 

$

16.04

 

$

15.31

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







Industrial & Pollution Control

 

 

 

23

%

 

 

 

16

%

 













City, County & State

 

 

 

15

 

 

 

 

13

 

 













Hospital

 

 

 

14

 

 

 

 

20

 

 













Power

 

 

 

10

 

 

 

 

8

 

 













Education

 

 

 

9

 

 

 

 

8

 

 













Housing

 

 

 

7

 

 

 

 

5

 

 













Transportation

 

 

 

6

 

 

 

 

8

 

 













Tax Revenue

 

 

 

5

 

 

 

 

9

 

 













Water & Sewer

 

 

 

5

 

 

 

 

5

 

 













Lease Revenue

 

 

 

5

 

 

 

 

4

 

 













Other

 

 

 

1

 

 

 

 

4

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

December 31, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

48

%

 

 

 

49

%

 













AA/Aa

 

 

 

15

 

 

 

 

7

 

 













A

 

 

 

11

 

 

 

 

9

 

 













BBB/Baa

 

 

 

12

 

 

 

 

15

 

 













BB/Ba

 

 

 

4

 

 

 

 

6

 

 













B

 

 

 

5

 

 

 

 

8

 

 













CC

 

 

 

 

 

 

 

2

 

 













Not Rated

 

 

 

5

5

 

 

 

4

 

 













 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of December 31, 2005, the market value of these securities was $998,610 representing 0.6% of the Trust’s long-term investments.

7


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock California Insured Municipal 2008 Term Trust (BFC)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BFC

 





Initial Offering Date:

 

September 18, 1992

 





Termination Date (on or about):

 

December 31, 2008

 





Closing Market Price as of 12/31/05:

 

 

$

15.31

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.86

 

 








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

 

 

 

5.05

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.064375

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.772500

 

 








Leverage as of 12/31/05:3

 

 

 

39

%

 








 

 

1

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

2

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

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.31

 

$

16.25

 

(5.78

)%

 

$

16.55

 

$

15.15

 


















NAV

 

$

15.86

 

$

16.76

 

(5.37

)%

 

$

16.81

 

$

15.81

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







City, County & State

 

 

 

21

%

 

 

 

23

%

 













Lease Revenue

 

 

 

20

 

 

 

 

18

 

 













Power

 

 

 

19

 

 

 

 

19

 

 













Education

 

 

 

12

 

 

 

 

12

 

 













Water & Sewer

 

 

 

10

 

 

 

 

10

 

 













Tax Revenue

 

 

 

8

 

 

 

 

8

 

 













Resource Recovery

 

 

 

5

 

 

 

 

5

 

 













Transportation

 

 

 

4

 

 

 

 

4

 

 













Hospital

 

 

 

1

 

 

 

 

1

 

 













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

8


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock California Municipal 2018 Term Trust (BJZ)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BJZ

 





Initial Offering Date:

 

October 26, 2001

 





Termination Date (on or about):

 

December 31, 2018

 





Closing Market Price as of 12/31/05:

 

 

$

15.19

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.21

 

 








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

 

 

 

4.84

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.061250

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.735000

 

 








Leverage as of 12/31/05:3

 

 

 

36

%

 








 

 

1

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

2

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

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.19

 

$

13.89

 

9.36

%

 

$

15.49

 

$

13.80

 


















NAV

 

$

15.21

 

$

15.17

 

0.26

%

 

$

15.52

 

$

14.99

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







City, County & State

 

 

 

21

%

 

 

 

23

%

 













Transportation

 

 

 

19

 

 

 

 

19

 

 













Lease Revenue

 

 

 

15

 

 

 

 

15

 

 













Hospital

 

 

 

14

 

 

 

 

10

 

 













Education

 

 

 

8

 

 

 

 

8

 

 













Housing

 

 

 

7

 

 

 

 

 

 













Industrial & Pollution Control

 

 

 

7

 

 

 

 

4

 

 













Power

 

 

 

5

 

 

 

 

5

 

 













Water & Sewer

 

 

 

4

 

 

 

 

2

 

 













Tobacco

 

 

 

 

 

 

 

7

 

 













Other

 

 

 

 

 

 

 

7

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

December 31, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

37

%

 

 

 

31

%

 













AA/Aa

 

 

 

4

 

 

 

 

4

 

 













A

 

 

 

35

 

 

 

 

38

 

 













BBB/Baa

 

 

 

21

 

 

 

 

24

 

 













Not Rated

 

 

 

3

 

 

 

 

3

5

 













 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of December 31, 2004, the market value of these securities was $3,052,217 representing 2.2% of the Trust’s long-term investments.

9


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BRF

 





Initial Offering Date:

 

September 18, 1992

 





Termination Date (on or about):

 

December 31, 2008

 





Closing Market Price as of 12/31/05:

 

 

$

15.11

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.04

 

 








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

 

 

 

4.96

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.7500

 

 








Leverage as of 12/31/05:3

 

 

 

39

%

 








 

 

1

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

2

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

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.11

 

$

15.85

 

(4.67

)%

 

$

16.04

 

$

15.03

 


















NAV

 

$

15.04

 

$

15.91

 

(5.47

)%

 

$

15.95

 

$

14.99

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







Tax Revenue

 

 

 

36

%

 

 

 

34

%

 













Power

 

 

 

16

 

 

 

 

15

 

 













Lease Revenue

 

 

 

13

 

 

 

 

12

 

 













Education

 

 

 

12

 

 

 

 

12

 

 













City, County & State

 

 

 

10

 

 

 

 

11

 

 













Transportation

 

 

 

5

 

 

 

 

5

 

 













Water & Sewer

 

 

 

4

 

 

 

 

7

 

 













Resource Recovery

 

 

 

4

 

 

 

 

4

 

 













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

10


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Florida Municipal 2020 Term Trust (BFO)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BFO

 





Initial Offering Date:

 

September 30, 2003

 





Termination Date (on or about):

 

December 31, 2020

 





Closing Market Price as of 12/31/05:

 

 

$

13.35

 

 








Net Asset Value as of 12/31/05:

 

 

$

14.90

 

 








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

 

 

 

5.00

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.055625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.667500

 

 








Leverage as of 12/31/05:3

 

 

 

37

%

 








 

 

1

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

2

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

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

13.35

 

$

15.08

 

(11.47

)%

 

$

15.88

 

$

12.68

 


















NAV

 

$

14.90

 

$

14.63

 

1.85

%

 

$

15.15

 

$

14.64

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







City, County & State

 

 

 

26

%

 

 

 

32

%

 













Water & Sewer

 

 

 

18

 

 

 

 

17

 

 













Tobacco

 

 

 

10

 

 

 

 

9

 

 













Education

 

 

 

10

 

 

 

 

9

 

 













Power

 

 

 

10

 

 

 

 

9

 

 













Tax Revenue

 

 

 

7

 

 

 

 

5

 

 













Hospitals

 

 

 

6

 

 

 

 

6

 

 













Lease Revenue

 

 

 

5

 

 

 

 

5

 

 













Industrial & Pollution Control

 

 

 

5

 

 

 

 

5

 

 













Transportation

 

 

 

3

 

 

 

 

3

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

December 31, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

58

%

 

 

 

56

%

 













AA/Aa

 

 

 

1

 

 

 

 

1

 

 













A

 

 

 

4

 

 

 

 

4

 

 













BBB/Baa

 

 

 

17

 

 

 

 

18

 

 













BB/Ba

 

 

 

2

 

 

 

 

2

 

 













Not Rated5

 

 

 

18

 

 

 

 

19

 

 













 

 

4

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

5

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

11


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BLN

 





Initial Offering Date:

 

September 18, 1992

 





Termination Date (on or about):

 

December 31, 2008

 





Closing Market Price as of 12/31/05:

 

 

$

15.30

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.73

 

 








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

 

 

 

4.90

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.7500

 

 








Leverage as of 12/31/05:3

 

 

 

38

%

 








 

 

1

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

2

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

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.30

 

$

16.09

 

(4.91

)%

 

$

16.19

 

$

15.10

 


















NAV

 

$

15.73

 

$

16.56

 

(5.01

)%

 

$

16.58

 

$

15.68

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







Transportation

 

 

 

26

%

 

 

 

24

%

 













Education

 

 

 

20

 

 

 

 

20

 

 













City, County & State

 

 

 

17

 

 

 

 

17

 

 













Water & Sewer

 

 

 

11

 

 

 

 

11

 

 













Hospital

 

 

 

8

 

 

 

 

10

 

 













Tax Revenue

 

 

 

6

 

 

 

 

7

 

 













Power

 

 

 

6

 

 

 

 

5

 

 













Lease Revenue

 

 

 

3

 

 

 

 

3

 

 













Housing

 

 

 

3

 

 

 

 

3

 

 













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

12


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock New York Municipal 2018 Term Trust (BLH)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BLH

 





Initial Offering Date:

 

October 26, 2001

 





Termination Date (on or about):

 

December 31, 2018

 





Closing Market Price as of 12/31/05:

 

 

$

15.15

 

 








Net Asset Value as of 12/31/05:

 

 

$

16.11

 

 








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

 

 

 

4.85

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.061250

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.735000

 

 








Leverage as of 12/31/05:3

 

 

 

35

%

 








 

 

1

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

2

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

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.15

 

$

14.82

 

2.23

%

 

$

15.48

 

$

14.75

 


















NAV

 

$

16.11

 

$

15.77

 

2.16

%

 

$

16.32

 

$

15.80

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







Education

 

 

 

22

%

 

 

 

22

%

 













Hospital

 

 

 

17

 

 

 

 

17

 

 













City, County & State

 

 

 

11

 

 

 

 

11

 

 













Transportation

 

 

 

11

 

 

 

 

11

 

 













Lease Revenue

 

 

 

10

 

 

 

 

11

 

 













Tobacco

 

 

 

10

 

 

 

 

10

 

 













Industrial & Pollution Control

 

 

 

7

 

 

 

 

6

 

 













Tax Revenue

 

 

 

6

 

 

 

 

6

 

 













Housing

 

 

 

5

 

 

 

 

 

 













Power

 

 

 

1

 

 

 

 

1

 

 













Other

 

 

 

 

 

 

 

5

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

December 31, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

35

%

 

 

 

23

%

 













AA/Aa

 

 

 

26

 

 

 

 

37

 

 













A

 

 

 

21

 

 

 

 

21

 

 













BBB/Baa

 

 

 

13

 

 

 

 

16

 

 













B

 

 

 

1

 

 

 

 

 

 













CCC/Caa

 

 

 

3

 

 

 

 

3

 

 













Not Rated

 

 

 

1

 

 

 

 

 

 













 

 

4

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

13


 

TRUST SUMMARIES

DECEMBER 31, 2005

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 


Trust Information

 

 

 

 

 

 

 





Symbol on American Stock Exchange:

 

BPS

 





Initial Offering Date:

 

August 25, 1999

 





Closing Market Price as of 12/31/05:

 

 

$

15.85

 

 








Net Asset Value as of 12/31/05:

 

 

$

15.27

 

 








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

 

 

 

5.72

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0755

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.9060

 

 








Leverage as of 12/31/05:3

 

 

 

36

%

 








 

 

1

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

2

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

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

15.85

 

$

15.70

 

0.96

%

 

$

17.05

 

$

14.19

 


















NAV

 

$

15.27

 

$

15.81

 

(3.42

)%

 

$

15.87

 

$

15.22

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2005

 

December 31, 2004

 







Education

 

 

 

24

%

 

 

 

24

%

 













Transportation

 

 

 

23

 

 

 

 

19

 

 













Hospital

 

 

 

15

 

 

 

 

22

 

 













Housing

 

 

 

12

 

 

 

 

3

 

 













Water & Sewer

 

 

 

9

 

 

 

 

8

 

 













Lease Revenue

 

 

 

6

 

 

 

 

6

 

 













Industrial & Pollution Control

 

 

 

6

 

 

 

 

5

 

 













Power

 

 

 

3

 

 

 

 

 

 













City, County & State

 

 

 

2

 

 

 

 

2

 

 













Other

 

 

 

 

 

 

 

11

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

December 31, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

61

%

 

 

 

56

%

 













AA/Aa

 

 

 

7

 

 

 

 

7

 

 













A

 

 

 

21

 

 

 

 

19

 

 













BBB/Baa

 

 

 

8

 

 

 

 

12

 

 













B

 

 

 

 

 

 

 

6

 

 













Not Rated

 

 

 

3

5

 

 

 

 

 













 

 

4

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

5

The investment advisor has deemed all of the non-rated securities at December 31, 2005, to be of investment grade quality.

14


PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

 

 

BlackRock Insured Municipal 2008 Term Trust (BRM)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 












 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—132.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—2.1%

 

 

 

 

 

 

AAA

 

 

$

2,410

 

 

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

 

No Opt. Call

 

$

2,529,463

 

AAA

 

 

 

6,555

 

 

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

 

No Opt. Call

 

 

6,727,069

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,256,532

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Alaska—0.9%

 

 

 

 

 

 

AAA

 

 

 

4,000

 

 

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

 

No Opt. Call

 

 

4,044,360

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arizona—2.1%

 

 

 

 

 

 

AAA

 

 

 

4,000

 

 

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

 

No Opt. Call

 

 

3,661,000

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

1,028,730

 

AAA

 

 

 

4,200

 

 

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

 

07/08 @ 101

 

 

4,303,530

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,993,260

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—2.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

4,982,650

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,002,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,984,850

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—2.5%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

1,601,300

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

995,040

 

AAA

 

 

 

6,965

 

 

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

 

06/07 @ 101

 

 

7,194,566

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

996,410

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,787,316

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Delaware—0.2%

 

 

 

 

 

 

AAA

 

 

 

650

 

 

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

 

No Opt. Call

 

 

648,349

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

District of Columbia—3.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Dist. of Columbia, GO,

 

 

 

 

 

 

AAA

 

 

 

195

3

 

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

 

ETM

 

 

208,381

 

AAA

 

 

 

2,605

 

 

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

 

No Opt. Call

 

 

2,773,387

 

AAA

 

 

 

10,000

 

 

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

 

No Opt. Call

 

 

10,480,800

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

13,462,568

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—4.8%

 

 

 

 

 

 

AAA

 

 

 

2,280

 

 

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

 

No Opt. Call

 

 

2,335,700

 

AAA

 

 

 

13,890

 

 

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

 

No Opt. Call

 

 

14,629,365

 

AAA

 

 

 

1,300

 

 

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

 

No Opt. Call

 

 

1,361,646

 

AAA

 

 

 

2,080

 

 

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

 

No Opt. Call

 

 

2,198,789

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

20,525,500

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Georgia—5.9%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,358,700

 

AAA

 

 

 

20,000

 

 

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

 

No Opt. Call

 

 

20,322,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

25,680,900

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Hawaii—5.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hawaii, GO,

 

 

 

 

 

 

AAA

 

 

 

6,510

 

 

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

 

No Opt. Call

 

 

6,628,612

 

AAA

 

 

 

8,045

 

 

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

 

No Opt. Call

 

 

8,013,464

 

 

 

 

 

 

 

 

Honolulu City & Cnty.,

 

 

 

 

 

 

AAA

 

 

 

1,880

 

 

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

 

No Opt. Call

 

 

1,970,917

 

AAA

 

 

 

4,750

 

 

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

 

No Opt. Call

 

 

4,825,382

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

21,438,375

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—13.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

1,750

 

 

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

 

No Opt. Call

 

 

1,754,935

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

983,490

 

AAA

 

 

 

3,105

3

 

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

 

ETM

 

 

3,001,728

 

See Notes to Financial Statements.

15



 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cook Cnty. High Sch.,

 

 

 

 

 

 

AAA

 

 

$

2,000

 

 

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

 

No Opt. Call

 

$

2,060,320

 

AAA

 

 

 

1,175

3

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

FGIC

 

ETM

 

 

1,020,981

 

AAA

 

 

 

4,805

 

 

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

 

No Opt. Call

 

 

4,167,184

 

AAA

 

 

 

13,000

 

 

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

 

No Opt. Call

 

 

12,824,110

 

AAA

 

 

 

8,985

 

 

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

 

No Opt. Call

 

 

8,124,327

 

 

 

 

 

 

 

 

Illinois, GO,

 

 

 

 

 

 

AAA

 

 

 

6,750

 

 

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

 

No Opt. Call

 

 

6,777,203

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,057,100

 

AAA

 

 

 

1,455

 

 

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

 

No Opt. Call

 

 

1,469,346

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

8,385

3

 

Zero Coupon, 6/15/08, FGIC

 

ETM

 

 

7,706,821

 

AAA

 

 

 

215

 

 

Zero Coupon, 6/15/08, FGIC

 

No Opt. Call

 

 

197,374

 

AAA

 

 

 

1,570

3

 

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

 

ETM

 

 

1,443,019

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

56,587,938

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kansas—0.2%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

1,018,520

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—0.8%

 

 

 

 

 

 

AAA

 

 

 

3,890

 

 

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

 

No Opt. Call

 

 

3,491,392

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—1.3%

 

 

 

 

 

 

AAA

 

 

 

5,770

 

 

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

 

No Opt. Call

 

 

5,762,557

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—4.8%

 

 

 

 

 

 

AAA

 

 

 

6,315

 

 

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

 

No Opt. Call

 

 

6,452,793

 

AAA

 

 

 

1,665

3

 

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

 

ETM

 

 

1,671,527

 

AAA

 

 

 

3,000

 

 

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

 

No Opt. Call

 

 

3,066,870

 

AAA

 

 

 

2,535

 

 

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

 

No Opt. Call

 

 

2,588,996

 

AAA

 

 

 

2,695

 

 

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

 

No Opt. Call

 

 

2,711,736

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

2,096,020

 

AAA

 

 

 

2,160

 

 

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

 

No Opt. Call

 

 

2,250,374

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

20,838,316

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Mississippi—0.5%

 

 

 

 

 

 

AAA

 

 

 

2,175

 

 

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

 

No Opt. Call

 

 

2,168,671

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nevada—2.6%

 

 

 

 

 

 

AAA

 

 

 

6,270

 

 

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

 

No Opt. Call

 

 

6,399,977

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

2,085

 

 

Zero Coupon, 1/01/09, AMBAC

 

No Opt. Call

 

 

1,852,231

 

AAA

 

 

 

3,585

 

 

Zero Coupon, 1/01/10, AMBAC

 

No Opt. Call

 

 

3,052,735

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,304,943

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—1.2%

 

 

 

 

 

 

AAA

 

 

 

1,220

 

 

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

 

No Opt. Call

 

 

1,262,859

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

1,220

 

 

3.10%, 4/15/09, AMBAC

 

No Opt. Call

 

 

1,211,314

 

AAA

 

 

 

1,000

 

 

5.00%, 12/01/08, FSA

 

No Opt. Call

 

 

1,046,140

 

AAA

 

 

 

1,750

 

 

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

 

No Opt. Call

 

 

1,838,952

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,359,265

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Mexico—1.1%

 

 

 

 

 

 

AAA

 

 

 

2,030

 

 

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

 

No Opt. Call

 

 

2,039,541

 

AAA

 

 

 

2,600

 

 

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

 

No Opt. Call

 

 

2,627,352

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,666,893

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—13.0%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

2,062,300

 

 

 

 

 

 

 

 

New York,

 

 

 

 

 

 

AAA

 

 

 

1,450

3

 

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

 

ETM

 

 

1,473,650

 

AAA

 

 

 

3,550

 

 

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

 

No Opt. Call

 

 

3,610,527

 

AAA

 

 

 

4,250

 

 

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

 

No Opt. Call

 

 

4,262,325

 

 

 

 

 

 

 

 

New York City, GO,

 

 

 

 

 

 

AAA

 

 

 

15,500

 

 

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

 

No Opt. Call

 

 

16,185,100

 

AAA

 

 

 

5,000

4

 

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

 

N/A

 

 

5,083,650

 

See Notes to Financial Statements.

16



 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

New York—(cont’d)

 

 

 

 

 

 

AAA

 

 

$

15,915

 

 

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

 

09/08 @ 101

 

$

16,828,362

 

AAA

 

 

 

4,000

 

 

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

 

No Opt. Call

 

 

3,940,520

 

AAA

 

 

 

2,715

 

 

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

 

01/06 @ 101

 

 

2,745,354

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

56,191,788

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—8.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

13,500

 

 

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

 

No Opt. Call

 

 

14,557,050

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,357,300

 

AAA

 

 

 

14,675

4

 

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

 

N/A

 

 

15,243,069

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

35,157,419

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—0.5%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

2,103,540

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oregon—2.0%

 

 

 

 

 

 

AAA

 

 

 

2,905

 

 

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

 

No Opt. Call

 

 

3,037,700

 

AAA

 

 

 

2,255

 

 

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

 

No Opt. Call

 

 

2,242,891

 

AAA

 

 

 

1,285

 

 

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

 

No Opt. Call

 

 

1,269,387

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

2,021,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,571,378

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—11.6%

 

 

 

 

 

 

AAA

 

 

 

1,460

 

 

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

 

No Opt. Call

 

 

1,455,036

 

AAA

 

 

 

1,500

 

 

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

 

No Opt. Call

 

 

1,541,760

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

5,275

 

 

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

 

01/06 @ 100

 

 

5,283,598

 

AAA

 

 

 

2,725

3

 

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

 

ETM

 

 

2,825,607

 

 

 

 

 

 

 

 

Dept. of Gen. Svcs., COP,

 

 

 

 

 

 

AAA

 

 

 

2,075

 

 

4.50%, 5/01/08, FSA

 

No Opt. Call

 

 

2,130,610

 

AAA

 

 

 

2,120

 

 

4.50%, 11/01/08, FSA

 

No Opt. Call

 

 

2,188,518

 

AAA

 

 

 

2,165

 

 

4.50%, 5/01/09, FSA

 

No Opt. Call

 

 

2,246,036

 

AAA

 

 

 

2,220

 

 

4.50%, 11/01/09, FSA

 

No Opt. Call

 

 

2,310,776

 

AAA

 

 

 

3,500

 

 

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

 

No Opt. Call

 

 

3,538,115

 

AAA

 

 

 

16,250

 

 

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

 

No Opt. Call

 

 

16,177,850

 

AAA

 

 

 

3,175

 

 

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

 

No Opt. Call

 

 

3,240,659

 

AAA

 

 

 

3,125

 

 

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

 

No Opt. Call

 

 

3,121,500

 

AAA

 

 

 

3,955

 

 

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

 

07/07 @ 100

 

 

3,978,374

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

50,038,439

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

South Carolina—0.9%

 

 

 

 

 

 

AAA

 

 

 

2,020

 

 

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

 

No Opt. Call

 

 

2,019,960

 

AAA

 

 

 

1,705

 

 

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

 

No Opt. Call

 

 

1,717,634

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

3,737,594

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—0.2%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

1,028,970

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—24.2%

 

 

 

 

 

 

AAA

 

 

 

5,380

 

 

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

 

No Opt. Call

 

 

5,396,086

 

 

 

 

 

 

 

 

Austin Util. Sys.,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

6.625%, 11/15/08, AMBAC

 

No Opt. Call

 

 

5,430,150

 

AAA

 

 

 

11,515

 

 

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

 

No Opt. Call

 

 

10,391,712

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

4,338,400

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

4,338,400

 

 

 

 

 

 

 

 

Coppell Indpt. Sch. Dist.,

 

 

 

 

 

 

AAA

 

 

 

1,430

3

 

6.10%, 8/15/09, MBIA

 

ETM

 

 

1,553,509

 

AAA

 

 

 

620

 

 

6.10%, 8/15/09, MBIA

 

02/06 @ 100

 

 

621,866

 

AAA

 

 

 

2,500

 

 

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

 

No Opt. Call

 

 

2,511,325

 

AAA

 

 

 

4,390

 

 

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

 

No Opt. Call

 

 

3,847,001

 

 

 

 

 

 

 

 

Lower Colorado River Auth.,

 

 

 

 

 

 

AAA

 

 

 

2,010

 

 

3.50%, 5/15/09, MBIA

 

No Opt. Call

 

 

2,019,447

 

AAA

 

 

 

2,690

 

 

5.25%, 5/15/09, FSA

 

No Opt. Call

 

 

2,851,077

 

AAA

 

 

 

1,650

 

 

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

 

No Opt. Call

 

 

1,655,280

 

See Notes to Financial Statements.

17



 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

Texas—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Mun. Pwr. Agcy.,

 

 

 

 

 

 

AAA

 

 

$

1,075

3

 

Zero Coupon, 9/01/08, AMBAC

 

ETM

 

$

979,605

 

AAA

 

 

 

13,925

 

 

Zero Coupon, 9/01/08, AMBAC

 

No Opt. Call

 

 

12,695,979

 

AAA

 

 

 

1,155

3

 

Zero Coupon, 9/01/09, AMBAC

 

ETM

 

 

1,011,942

 

AAA

 

 

 

15,020

 

 

Zero Coupon, 9/01/09, AMBAC

 

No Opt. Call

 

 

13,183,354

 

AAA

 

 

 

1,500

 

 

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

 

No Opt. Call

 

 

1,569,825

 

 

 

 

 

 

 

 

Pub. Fin. Auth.,

 

 

 

 

 

 

AAA

 

 

 

2,270

 

 

3.50%, 2/01/09, FGIC

 

No Opt. Call

 

 

2,279,829

 

AAA

 

 

 

5,900

 

 

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

 

No Opt. Call

 

 

6,386,396

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

2,250

4

 

5.50%, 2/01/08, AMBAC

 

N/A

 

 

2,367,945

 

AAA

 

 

 

750

 

 

5.50%, 2/01/09, AMBAC

 

02/08 @ 101

 

 

788,385

 

AAA

 

 

 

6,000

3

 

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

 

ETM

 

 

5,141,820

 

AAA

 

 

 

9,050

 

 

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

 

No Opt. Call

 

 

9,090,092

 

AAA

 

 

 

1,825

 

 

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

 

No Opt. Call

 

 

1,910,994

 

AAA

 

 

 

2,275

 

 

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

 

No Opt. Call

 

 

2,069,431

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

104,429,850

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Utah—3.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermountain Pwr. Agcy. Sply.,

 

 

 

 

 

 

AAA

 

 

 

2,215

3

 

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

 

ETM

 

 

2,302,824

 

AAA

 

 

 

1,285

 

 

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

 

No Opt. Call

 

 

1,335,565

 

AAA

 

 

 

10,300

4

 

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

 

N/A

 

 

10,559,869

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

14,198,258

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—10.8%

 

 

 

 

 

 

AAA

 

 

 

1,250

 

 

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

 

No Opt. Call

 

 

1,308,188

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

1,010

 

 

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

 

No Opt. Call

 

 

1,061,490

 

AAA

 

 

 

1,000

 

 

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

 

06/10 @ 101

 

 

1,075,120

 

AAA

 

 

 

3,060

 

 

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

 

No Opt. Call

 

 

3,073,372

 

AAA

 

 

 

12,850

 

 

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

 

12/07 @ 102

 

 

13,623,184

 

AAA

 

 

 

2,045

 

 

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

 

No Opt. Call

 

 

2,083,691

 

 

 

 

 

 

 

 

Pub. Pwr. Sply.,

 

 

 

 

 

 

AAA

 

 

 

11,000

 

 

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

 

No Opt. Call

 

 

11,393,030

 

AAA

 

 

 

5,550

 

 

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

 

No Opt. Call

 

 

5,272,889

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

1,826,020

 

AAA

 

 

 

5,710

 

 

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

 

No Opt. Call

 

 

5,799,247

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

46,516,231

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

West Virginia—1.5%

 

 

 

 

 

 

AAA

 

 

 

1,550

 

 

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

 

No Opt. Call

 

 

1,582,302

 

 

 

 

 

 

 

 

Higher Ed. Policy Comm. Rev.,

 

 

 

 

 

 

AAA

 

 

 

2,455

 

 

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

 

No Opt. Call

 

 

2,578,241

 

AAA

 

 

 

2,135

 

 

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

 

No Opt. Call

 

 

2,242,177

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,402,720

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—1.4%

 

 

 

 

 

 

AAA

 

 

 

6,080

 

 

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

 

No Opt. Call

 

 

6,197,283

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wyoming—0.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Albany Cnty. Impvts. Statutory Trust, COP,

 

 

 

 

 

 

AAA

 

 

 

1,270

 

 

3.75%, 1/15/09, MBIA

 

No Opt. Call

 

 

1,284,504

 

AAA

 

 

 

1,395

 

 

3.75%, 7/15/09, MBIA

 

No Opt. Call

 

 

1,411,098

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,695,602

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

 

573,289,577

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—29.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Connecticut—1.5%

 

 

 

 

 

 

A-1+

 

 

 

6,700

5

 

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

 

N/A

 

 

6,700,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—2.1%

 

 

 

 

 

 

A-1+

 

 

 

9,155

5

 

Pinellas Cnty. Hlth. Fac. Auth., 3.46%, 1/05/06, AMBAC, FRWD

 

N/A

 

 

9,155,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—1.5%

 

 

 

 

 

 

A-1+

 

 

 

6,600

5

 

Joliet Regl. Port Dist. Marine Term. Rev., Exxon Corp. Proj., 2.46%, 1/05/06, FRWD

 

N/A

 

 

6,600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

18



 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

Kansas—0.8%

 

 

 

 

 

 

A-1+

 

 

$

3,455

5

 

Dept. Transp. Hwy., Ser. B-1, 2.48%, 1/05/06, FRWD

 

N/A

 

$

3,455,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—0.3%

 

 

 

 

 

 

A-1+

 

 

 

1,400

5

 

East Baton Rouge Parish Poll. Ctrl. Rev., Exxon Proj., 2.46%, 1/05/06, FRWD

 

N/A

 

 

1,400,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Maryland—0.5%

 

 

 

 

 

 

VMIG1

 

 

 

2,000

5

 

Cmnty. Dev. Admin. Multi-Fam. Hsg., Avalon Lea Apts. Proj., 3.37%, 1/04/06, FRWD

 

N/A

 

 

2,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Massachusetts—3.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hlth. & Edl. Facs. Auth. Rev., Harvard Univ. Proj.,

 

 

 

 

 

 

A-1+

 

 

 

12,000

5

 

Ser. BB, 3.35%, 1/05/06, FRWD

 

N/A

 

 

12,000,000

 

A-1+

 

 

 

3,950

5

 

Ser. R, 3.63%, 1/05/06, FRWD

 

N/A

 

 

3,950,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

15,950,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—0.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Detroit Swr. Disp. Rev.,

 

 

 

 

 

 

A-1+

 

 

 

995

5

 

Ser. A, 3.40%, 1/04/06, MBIA, FRWD

 

N/A

 

 

997,296

 

A-1+

 

 

 

490

5

 

Ser. C-1, 3.40%, 1/05/06, FSA, FRWD

 

N/A

 

 

490,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

1,487,296

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Missouri—3.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hlth. & Edl. Facs. Auth. Rev.,

 

 

 

 

 

 

A-1+

 

 

 

3,300

5

 

Med. Research Facs., Stowers Inst. Proj., 2.96%, 1/05/06, MBIA, FRWD

 

N/A

 

 

3,300,000

 

A-1+

 

 

 

10,000

5

 

SSM Hlth. Care, Ser. C-1, 3.68%, 1/05/06, FSA, FRWD

 

N/A

 

 

10,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

13,300,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—0.2%

 

 

 

 

 

 

A-1+

 

 

 

1,055

5

 

Edl. Facs. Auth., Princeton Univ. Proj., Ser. B, 3.70%, 1/05/06, FRWD

 

N/A

 

 

1,055,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—2.4%

 

 

 

 

 

 

A-1+

 

 

 

1,700

5

 

Jay Str. Dev. Corp. Ctrs. Facs. Lease Rev., Ser. A-2, 2.48%, 1/05/06, FRWD

 

N/A

 

 

1,700,000

 

A-1+

 

 

 

1,900

5

 

New York City Mun. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev., Ser. C, 2.50%, 1/05/06, FRWD

 

N/A

 

 

1,900,000

 

A-1+

 

 

 

7,000

5

 

New York City, GO, Ser. H-7, 3.65%, 1/05/06, FRWD

 

N/A

 

 

7,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—4.2%

 

 

 

 

 

 

A-1+

 

 

 

7,540

5

 

Buncombe Cnty. Met. Swr. Dist. Swr. Sys. Rev., 3.51%, 1/05/06, XLCA, FRWD

.

N/A

 

 

7,540,000

 

A-1+

 

 

 

10,550

5

 

Mecklenburg Cnty., Ser. C, 3.53%, 1/05/06, FRWD

 

N/A

 

 

10,550,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

18,090,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—4.2%

 

 

 

 

 

 

VMIG1

 

 

 

7,000

5

 

Hamilton Cnty. Hosp. Facs., Ser. A, 3.53%, 1/04/06, FRWD

 

N/A

 

 

7,000,000

 

A-1+

 

 

 

500

5

 

Kent St. Univ. Rev., 3.55%, 1/04/06, MBIA, FRWD

 

N/A

 

 

500,000

 

VMIG1

 

 

 

10,605

5

 

Univ. of Akron, 3.50%, 1/05/06, FGIC, FRWD

 

N/A

 

 

10,605,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

18,105,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—1.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Edl. Facs. Auth., St. Sys. Higher Edl. Proj.,

 

 

 

 

 

 

VMIG1

 

 

 

4,200

5

 

Ser. A, 3.38%, 1/05/06, MBIA, FRWD

 

N/A

 

 

4,200,000

 

VMIG1

 

 

 

3,995

5

 

Ser. A, 3.38%, 1/05/06, MBIA, FRWD

 

N/A

 

 

3,995,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,195,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—0.6%

 

 

 

 

 

 

A-1

 

 

 

2,500

5

 

Hwy. & Transp. Auth. Transp. Rev., Ser. A, 3.34%, 1/04/06, AMBAC, FRWD

 

N/A

 

 

2,500,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—0.1%

 

 

 

 

 

 

VMIG1

 

 

 

270

5

 

Clarksville Pub. Bldg. Auth., 3.75%, 1/05/06, FRWD

 

N/A

 

 

270,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—0.6%

 

 

 

 

 

 

A-1+

 

 

 

2,500

5

 

Snohomish Cnty. Pub. Util. Dist. No.1, Generation Sys. Rev., Ser. A-1, 3.49%, 1/04/06, FSA, FRWD

 

N/A

 

 

2,500,000

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

19


 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

Value

 










 

 

 

 

 

 

 

Money Market Funds—1.1%

 

 

 

 

 

 

 

 

 

4,550     

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

 

$

4,550,000

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $125,912,296)

 

 

 

125,912,296

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—161.7% (cost $682,859,8666)

 

 

$

699,201,873

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.0%

 

 

 

4,336,634

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(62.7)%

 

 

 

(271,132,670

)

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

$

432,405,837

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security is collateralized by U.S. Treasury obligations.

4

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

5

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

6

Cost for Federal income tax purposes is $682,476,063. The net unrealized appreciation on a tax basis is $16,725,810, consisting of $17,891,994 gross unrealized appreciation and $1,166,184 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 91.4% of the Trust’s managed assets. The Trust had the following insurance concentrations:

 

 

 

 

AMBAC

9.8

%

CAPMAC

3.2

%

FGIC

53.0

%

FSA

7.5

%

MBIA

15.2

%

RAA

1.0

%

XLCA

1.1

%

Other

0.6

%



 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

FSA

Financial Security Assurance

CAPMAC

Capital Markets Assurance Co.

GO

General Obligation

COP

Certificate of Participation

MBIA

Municipal Bond Insurance Assoc.

ETM

Escrowed to Maturity

PCR

Pollution Control Revenue

FGIC

Financial Guaranty Insurance Co.

RAA

Radian Asset Assurance

FRWD

Floating Rate Weekly Demand

XLCA

XL Capital Assurance



See Notes to Financial Statements.

20


 

PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

BlackRock Insured Municipal Term Trust (BMT)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—128.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—0.9%

 

 

 

 

 

 

AAA

 

 

$

1,000

 

 

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

 

No Opt. Call

 

$

1,038,800

 

AAA

 

 

 

1,410

 

 

Fed. Hwy. Fin. Auth. Grant Antic. Notes, Ser. A, 4.50%, 3/01/11, MBIA

 

No Opt. Call

 

 

1,471,194

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,509,994

 

 

 

 

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

Alaska—8.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Anchorage, GO,

 

 

 

 

 

 

AAA

 

 

 

14,345

 

 

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

 

No Opt. Call

 

 

14,716,966

 

AAA

 

 

 

6,000

 

 

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

 

No Opt. Call

 

 

6,280,680

 

AAA

 

 

 

1,260

 

 

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

 

No Opt. Call

 

 

1,274,150

 

 

 

 

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

 

 

 

 

22,271,796

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arizona—3.1%

 

 

 

 

 

 

AAA

 

 

 

1,030

 

 

Mesa, GO, Ser. A, 3.75%, 7/01/10, FGIC

 

No Opt. Call

 

 

1,042,741

 

AAA

 

 

 

6,340

 

 

Pima Cnty. Str. & Hwy., 4.25%, 7/01/11, FGIC

 

07/08 @ 101

 

 

6,486,517

 

AAA

 

 

 

1,000

 

 

St. Univ., 4.20%, 7/01/11, FGIC

 

No Opt. Call

 

 

1,032,660

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,561,918

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arkansas—0.2%

 

 

 

 

 

 

AAA

 

 

 

500

 

 

Little Rock Cap. Impvt., 4.00%, 4/01/11, FSA

 

No Opt. Call

 

 

510,170

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—6.8%

 

 

 

 

 

 

AAA

 

 

 

145

 

 

California, GO, 6.80%, 11/01/10, FGIC

 

05/06 @ 101

 

 

148,101

 

AAA

 

 

 

6,100

3

 

Contra Costa Trans. Auth. Sales Tax Rev., 6.50%, 3/01/09, FGIC

 

ETM

 

 

6,482,043

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,031,700

 

AAA

 

 

 

3,500

 

 

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

 

No Opt. Call

 

 

3,528,525

 

AAA

 

 

 

3,065

 

 

Los Angeles Cnty., Asset Leasing Corp. Proj., 6.05%, 12/01/10, AMBAC

 

No Opt. Call

 

 

3,423,176

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

18,613,545

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—1.2%

 

 

 

 

 

 

AAA

 

 

 

3,245

 

 

Weld Cnty. Sch. Dist. No. 6, 3.75%, 12/01/10, FSA

 

No Opt. Call

 

 

3,287,055

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Delaware—0.4%

 

 

 

 

 

 

AAA

 

 

 

1,015

 

 

Delaware River & Bay Auth., 3.75%, 1/01/11, MBIA

 

No Opt. Call

 

 

1,026,053

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

District of Columbia—4.0%

 

 

 

 

 

 

AAA

 

 

 

10,000

 

 

Dist. of Columbia, GO, Ser. B, 5.50%, 6/01/11, FSA

 

No Opt. Call

 

 

10,904,900

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—0.9%

 

 

 

 

 

 

AAA

 

 

 

2,320

 

 

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

 

No Opt. Call

 

 

2,526,155

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Hawaii—4.6%

 

 

 

 

 

 

AAA

 

 

 

11,080

4

 

Hawaii, GO, Ser. CN, 5.25%, 3/01/07, FGIC

 

N/A

 

 

11,542,368

 

AAA

 

 

 

1,000

 

 

Univ. of Hawaii, Univ. Sys., 3.875%, 7/15/10, FGIC

 

No Opt. Call

 

 

1,017,670

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

12,560,038

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—16.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Chicago Park Dist. Pkg. Rev., GO,

 

 

 

 

 

 

AAA

 

 

 

3,120

 

 

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

 

No Opt. Call

 

 

3,123,463

 

AAA

 

 

 

3,695

 

 

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

 

No Opt. Call

 

 

3,767,015

 

 

 

 

 

 

 

 

Chicago, GO,

 

 

 

 

 

 

AAA

 

 

 

4,000

 

 

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

 

No Opt. Call

 

 

4,145,960

 

AAA

 

 

 

1,790

 

 

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

 

No Opt. Call

 

 

1,906,028

 

AAA

 

 

 

1,000

 

 

Du Page & Cook Cntys. Sch. Dist., GO, 4.50%, 1/01/11, FGIC

 

No Opt. Call

 

 

1,042,150

 

AAA

 

 

 

1,750

 

 

Du Page & Will Cntys. Sch. Dist., GO, 4.25%, 12/30/10, FGIC

 

No Opt. Call

 

 

1,807,942

 

 

 

 

 

 

 

 

Du Page Cnty. Forest Presvtn. Dist.,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Zero Coupon, 11/01/10

 

No Opt. Call

 

 

4,164,050

 

AAA

 

 

 

11,965

 

 

Zero Coupon, 11/01/11

 

No Opt. Call

 

 

9,538,977

 

AAA

 

 

 

2,580

 

 

Edl. Fac. Auth., 5.70%, 7/01/13, FGIC

 

01/06 @ 100

 

 

2,606,497

 

 

 

 

 

 

 

 

Illinois, GO,

 

 

 

 

 

 

AAA

 

 

 

1,500

 

 

Ser. 1, 4.50%, 2/01/11, FGIC

 

No Opt. Call

 

 

1,566,990

 

AAA

 

 

 

2,000

 

 

Ser. 1, 4.50%, 4/01/11, FSA

 

No Opt. Call

 

 

2,090,000

 

AAA

 

 

 

4,000

 

 

Ser. 1, 5.25%, 2/01/11, FGIC

 

No Opt. Call

 

 

4,316,840

 

AAA

 

 

 

2,265

 

 

Kane & Du Page Cntys. Sch. Dist., GO, Ser. A, 4.00%, 1/01/11, FSA

 

No Opt. Call

 

 

2,309,145

 

See Notes to Financial Statements.

21


BlackRock Insured Municipal Term Trust (BMT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

AAA

 

 

$

1,025

 

 

Orland Park, GO, Ser. A, 3.50%, 12/01/10, FGIC

 

No Opt. Call

 

$

1,024,057

 

AAA

 

 

 

1,075

 

 

Rockford Sch. Dist., GO, 4.30%, 2/01/11, FGIC

 

No Opt. Call

 

 

1,108,572

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

44,517,686

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Indiana—4.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Indianapolis Local Pub. Impvt. Bond Bank Wtr. Wks. Proj.,

 

 

 

 

 

 

AAA

 

 

 

2,085

 

 

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

 

No Opt. Call

 

 

2,145,945

 

AAA

 

 

 

2,815

 

 

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

 

No Opt. Call

 

 

2,913,806

 

AAA

 

 

 

2,950

 

 

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

 

No Opt. Call

 

 

3,055,492

 

AAA

 

 

 

2,635

 

 

Mun. Pwr. Agcy. Pwr. Sply. Sys., Ser. A, 4.50%, 1/01/11, AMBAC

 

No Opt. Call

 

 

2,748,516

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,863,759

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kansas—0.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Dev. Fin. Auth. Pub. Wtr. Sply.,

 

 

 

 

 

 

AAA

 

 

 

1,025

 

 

4.125%, 4/01/10, AMBAC

 

No Opt. Call

 

 

1,050,799

 

AAA

 

 

 

1,000

 

 

4.25%, 4/01/11, AMBAC

 

No Opt. Call

 

 

1,031,220

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,082,019

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—3.9%

 

 

 

 

 

 

AAA

 

 

 

12,675

 

 

Econ. Dev. Fin. Sys. Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/10, MBIA

 

No Opt. Call

 

 

10,574,626

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—1.9%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Pub. Facs. Auth. Ochsner Clinic Fndtn. Proj., Ser. B, 4.00%, 5/15/11, MBIA

 

No Opt. Call

 

 

5,064,850

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—2.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Detroit, GO,

 

 

 

 

 

 

AAA

 

 

 

1,580

 

 

4.00%, 4/01/10, MBIA

 

No Opt. Call

 

 

1,617,067

 

AAA

 

 

 

1,955

 

 

4.00%, 4/01/11, MBIA

 

No Opt. Call

 

 

2,002,272

 

AAA

 

 

 

70

 

 

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

 

01/06 @ 100

 

 

70,146

 

AAA

 

 

 

2,810

 

 

Wyandotte City Sch. Dist. Bldg. & Site, 4.00%, 5/01/11, FSA

 

No Opt. Call

 

 

2,865,245

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,554,730

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Minnesota—1.9%

 

 

 

 

 

 

AAA

 

 

 

2,800

 

 

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

 

No Opt. Call

 

 

2,859,276

 

AAA

 

 

 

2,180

3

 

So. Minnesota Mun. Pwr. Agcy., Ser. B, 5.75%, 1/01/11

 

ETM

 

 

2,205,986

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,065,262

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nevada—1.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

3,795

 

 

Zero Coupon, 1/01/11, AMBAC

 

No Opt. Call

 

 

3,091,824

 

AAA

 

 

 

2,870

 

 

Zero Coupon, 1/01/12, AMBAC

 

No Opt. Call

 

 

2,232,315

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,324,139

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—0.4%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

996,170

 

 

 

 

 

 

 

 

New Mexico—3.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Fin. Auth. Pub. Proj.,

 

 

 

 

 

 

AAA

 

 

 

1,433

 

 

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

 

No Opt. Call

 

 

1,423,170

 

AAA

 

 

 

1,175

 

 

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

 

No Opt. Call

 

 

1,210,697

 

AAA

 

 

 

2,265

 

 

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

 

No Opt. Call

 

 

2,348,941

 

AAA

 

 

 

2,230

3

 

Hwy. Comm., Ser. B, 4.75%, 6/15/11, AMBAC

 

ETM

 

 

2,353,475

 

AAA

 

 

 

1,750

 

 

Las Cruces Sch. Dist. No. 2, GO, 5.25%, 8/01/11, FSA

 

08/09 @ 100

 

 

1,851,342

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,187,625

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—5.5%

 

 

 

 

 

 

AAA

 

 

 

8,950

 

 

Long Island Pwr. Auth. Elec. Sys. Rev., Ser. A, 5.50%, 12/01/10, AMBAC

 

No Opt. Call

 

 

9,750,130

 

AAA

 

 

 

5,000

 

 

Thruway Auth. Personal Income Tax Rev., Ser. A, 5.00%, 3/15/11, FSA

 

No Opt. Call

 

 

5,353,150

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

15,103,280

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—0.7%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

Akron, GO, 4.00%, 12/01/10, MBIA

 

No Opt. Call

 

 

1,025,510

 

AAA

 

 

 

1,015

 

 

Univ. of Cincinnati, Ser. G, 3.50%, 6/01/09, AMBAC

 

No Opt. Call

 

 

1,021,466

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,046,976

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

22


BlackRock Insured Municipal Term Trust (BMT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

Oregon—3.6%

 

 

 

 

 

 

AAA

 

 

$

1,995

 

 

Lane Cnty. Sch. Dist. No. 4, 3.75%, 1/01/11, FSA

 

No Opt. Call

 

$

2,018,561

 

 

 

 

 

 

 

 

Washington & Clackamas Cntys. Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

 

3,820

 

 

4.00%, 6/15/10, MBIA

 

No Opt. Call

 

 

3,913,743

 

AAA

 

 

 

3,720

 

 

4.00%, 6/15/11, MBIA

 

No Opt. Call

 

 

3,813,260

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,745,564

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—6.6%

 

 

 

 

 

 

AAA

 

 

 

2,430

 

 

Central York Sch. Dist., GO, 4.125%, 6/01/11, FGIC

 

No Opt. Call

 

 

2,505,355

 

AAA

 

 

 

2,725

3

 

Dauphin Cnty. Gen. Auth., HAPSCO-Western PA Hosp. Proj., Ser. B, 6.25%, 7/01/07, MBIA

 

ETM

 

 

2,825,607

 

AAA

 

 

 

7,500

 

 

Higher Edl. Facs. Auth. Univ. of PA Hlth. Svcs. Proj., Ser. A, 5.25%, 8/01/10, FSA

 

08/09 @ 101

 

 

7,959,000

 

AAA

 

 

 

2,100

 

 

Philadelphia Wtr. & Wst., 5.625%, 6/15/08, AMBAC

 

No Opt. Call

 

 

2,214,219

 

AAA

 

 

 

1,075

 

 

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

 

No Opt. Call

 

 

1,140,220

 

AAA

 

 

 

1,250

 

 

Wilson Sch. Dist., GO, 4.00%, 5/15/10, FSA

 

No Opt. Call

 

 

1,280,125

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

17,924,526

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Rhode Island—2.0%

 

 

 

 

 

 

AAA

 

 

 

235

 

 

Clean Wtr. Protection Fin. Agcy., PCR, Ser. A, 6.70%, 10/01/10, MBIA

 

04/06 @ 100

 

 

236,861

 

AAA

 

 

 

5,000

3

 

St. & Providence Plantations, GO, Ser. B, 4.20%, 6/01/10, FGIC

 

ETM

 

 

5,158,100

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,394,961

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—0.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Clarksville Wtr. Swr. & Gas,

 

 

 

 

 

 

AAA

 

 

 

1,005

 

 

4.45%, 2/01/10, FSA

 

No Opt. Call

 

 

1,044,788

 

AAA

 

 

 

1,100

 

 

4.65%, 2/01/11, FSA

 

No Opt. Call

 

 

1,158,817

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,203,605

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—15.5%

 

 

 

 

 

 

AAA

 

 

 

1,090

 

 

Addison, GO, 3.375%, 2/15/11, FGIC

 

No Opt. Call

 

 

1,081,629

 

 

 

 

 

 

 

 

Bexar Met. Wtr. Dist. Wtr. Wks. Sys.,

 

 

 

 

 

 

AAA

 

 

 

1,085

 

 

3.70%, 5/01/10, FSA

 

No Opt. Call

 

 

1,095,763

 

AAA

 

 

 

1,090

 

 

3.80%, 5/01/11, FSA

 

No Opt. Call

 

 

1,103,592

 

AAA

 

 

 

2,000

 

 

Dallas Rapid Transit, 4.30%, 12/01/10, AMBAC

 

No Opt. Call

 

 

2,073,320

 

 

 

 

 

 

 

 

Harris Cnty., GO,

 

 

 

 

 

 

AAA

 

 

 

1,500

 

 

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

 

No Opt. Call

 

 

1,594,695

 

AAA

 

 

 

330

3

 

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

 

ETM

 

 

301,184

 

AAA

 

 

 

2,255

 

 

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

 

No Opt. Call

 

 

2,053,876

 

AAA

 

 

 

2,490

 

 

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

 

No Opt. Call

 

 

2,601,652

 

AAA

 

 

 

10,440

 

 

Houston Wtr. & Swr. Sys., Ser. C, Zero Coupon, 12/01/10, AMBAC

 

No Opt. Call

 

 

8,696,416

 

 

 

 

 

 

 

 

Houston, GO,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Ser. A, 5.00%, 3/01/11, MBIA

 

No Opt. Call

 

 

5,328,900

 

AAA

 

 

 

2,000

 

 

Ser. A1, 5.00%, 3/01/11, MBIA

 

No Opt. Call

 

 

2,131,560

 

AAA

 

 

 

5,550

 

 

Katy Indpt. Sch. Dist., GO, Ser. A, Zero Coupon, 2/15/11

 

No Opt. Call

 

 

4,557,993

 

AAA

 

 

 

4,000

 

 

Mun. Pwr. Agcy., 5.50%, 9/01/10, MBIA

 

No Opt. Call

 

 

4,344,320

 

AAA

 

 

 

2,245

 

 

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

 

No Opt. Call

 

 

2,292,527

 

AAA

 

 

 

1,250

 

 

Texas Tech. Univ. Revs., Ser. 9, 5.00%, 2/15/11, AMBAC

 

No Opt. Call

 

 

1,334,600

 

AAA

 

 

 

1,500

 

 

Univ. of Houston, Ser. A, 4.00%, 2/15/10, FSA

 

No Opt. Call

 

 

1,531,320

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

42,123,347

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Utah—2.3%

 

 

 

 

 

 

AAA

 

 

 

3,470

 

 

Intermountain Pwr. Agcy. Sply., Ser. A, 5.25%, 7/01/11, MBIA

 

07/09 @ 101

 

 

3,697,354

 

AAA

 

 

 

3,175

 

 

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

 

No Opt. Call

 

 

2,640,267

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,337,621

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—12.8%

 

 

 

 

 

 

AAA

 

 

 

7,345

 

 

Benton Cnty. Sch. Dist. No. 17, GO, Kennewick Sch. Proj., 4.50%, 12/01/10, FSA

 

No Opt. Call

 

 

7,680,005

 

AAA

 

 

 

1,000

 

 

Chelan Cnty. Sch. Dist., GO, 4.50%, 12/01/10, FSA

 

No Opt. Call

 

 

1,045,610

 

AAA

 

 

 

3,000

 

 

Clark Cnty. Pub. Util. Dist. No. 1 Elec. Rev., 4.50%, 1/01/11, AMBAC

 

No Opt. Call

 

 

3,130,650

 

AAA

 

 

 

2,040

 

 

Clark Cnty. Sch. Dist. No. 114, GO, Evergreen Proj., 4.125%, 12/01/10, FSA

 

No Opt. Call

 

 

2,098,813

 

 

 

 

 

 

 

 

Pub. Pwr. Sply. Sys.,

 

 

 

 

 

 

AAA

 

 

 

1,300

 

 

Ser. B, 1.00%, 7/01/10, MBIA

 

No Opt. Call

 

 

1,097,408

 

AAA

 

 

 

9,160

3

 

Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/10, MBIA

 

ETM

 

 

7,763,192

 

AAA

 

 

 

3,745

 

 

Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/10, MBIA

 

No Opt. Call

 

 

3,161,379

 

See Notes to Financial Statements.

23


BlackRock Insured Municipal Term Trust (BMT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 














 

 

 

 

 

 

 

Washington—(cont’d)

 

 

 

 

 

 

AAA

 

 

$

1,010

 

 

Tacoma, GO, 4.625%, 12/01/10, FGIC

 

No Opt. Call

 

$

1,061,712

 

AAA

 

 

 

5,000

4

 

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

 

N/A

 

 

5,351,200

 

AAA

 

 

 

2,280

 

 

Whatcom Cnty. Sch. Dist. No. 503, GO, 4.50%, 12/01/10, FSA

 

No Opt. Call

 

 

2,383,991

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

34,773,960

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

West Virginia—3.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth. Correctional Juvenile & Pub.,

 

 

 

 

 

 

AAA

 

 

 

4,420

 

 

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

 

No Opt. Call

 

 

4,626,989

 

AAA

 

 

 

3,705

 

 

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

 

No Opt. Call

 

 

3,862,648

 

AAA

 

 

 

1,170

 

 

Sch. Bldg. Auth., 4.00%, 7/01/11, AMBAC

 

No Opt. Call

 

 

1,193,704

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,683,341

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—5.8%

 

 

 

 

 

 

AAA

 

 

 

1,045

 

 

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

 

No Opt. Call

 

 

1,084,585

 

 

 

 

 

 

 

 

Clean Wtr.,

 

 

 

 

 

 

AAA

 

 

 

4,640

 

 

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

 

No Opt. Call

 

 

4,743,379

 

AAA

 

 

 

9,850

 

 

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

 

No Opt. Call

 

 

10,070,837

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

15,898,801

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wyoming—2.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Albany Cnty. Impvts. Statutory Trust, COP,

 

 

 

 

 

 

AAA

 

 

 

1,325

 

 

4.00%, 1/15/10, MBIA

 

No Opt. Call

 

 

1,352,175

 

AAA

 

 

 

1,450

 

 

4.00%, 7/15/10, MBIA

 

No Opt. Call

 

 

1,481,320

 

AAA

 

 

 

1,480

 

 

4.00%, 1/15/11, MBIA

 

No Opt. Call

 

 

1,511,095

 

AAA

 

 

 

1,510

 

 

4.00%, 7/15/11, MBIA

 

No Opt. Call

 

 

1,540,774

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,885,364

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $334,780,242)

 

 

 

 

350,123,836

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—32.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—1.1%

 

 

 

 

 

 

A-1+

 

 

 

3,000

5

 

Infrastructure & Econ. Dev. Bank, 3.55%, 1/04/06, AMBAC, FRWD

 

N/A

 

 

3,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

District of Columbia—0.7%

 

 

 

 

 

 

SP-1+

 

 

 

2,000

5

 

District of Columbia, 3.48%, 1/04/06, FSA, FRWD

 

N/A

 

 

2,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Idaho—0.8%

 

 

 

 

 

 

A-1+

 

 

 

2,200

5

 

Hlth. Facs. Auth. Rev., 2.48%, 1/05/06, FSA, FRWD

 

N/A

 

 

2,200,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—1.7%

 

 

 

 

 

 

A-1+

 

 

 

2,000

5

 

Chicago Met. Wtr. Reclam. Dist., 3.50%, 1/04/06, FRWD

 

N/A

 

 

2,000,000

 

SP-1+

 

 

 

2,480

5

 

St. Toll Hwy. Auth., 3.48%, 1/04/06, MBIA, FRWD

 

N/A

 

 

2,480,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,480,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—0.2%

 

 

 

 

 

 

VMIG1

 

 

 

600

5

 

Breckinridge Cnty. Lease Rev., 2.80%, 1/04/06, FRWD

 

N/A

 

 

600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—1.1%

 

 

 

 

 

 

A-1+

 

 

 

3,000

5

 

East Baton Rouge Parish Poll. Ctrl. Rev., Exxon Proj., 2.46%, 1/05/06, FRWD

 

N/A

 

 

3,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Maryland—1.7%

 

 

 

 

 

 

A-1+

 

 

 

4,545

5

 

Hlth. & Higher Edl. Fac. Auth., 3.52%, 1/05/06, FRWD

 

N/A

 

 

4,545,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Massachusetts—7.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hlth. & Edl. Fac. Auth. Rev., Harvard Univ. Proj.,

 

 

 

 

 

 

A-1+

 

 

 

5,000

5

 

Ser. BB, 3.35%, 1/05/06, FRWD

 

N/A

 

 

5,000,000

 

A-1+

 

 

 

13,250

5

 

Ser. GG-1, 3.35%, 1/05/06, FRWD

 

N/A

 

 

13,250,000

 

A-1+

 

 

 

1,800

5

 

Ser. R, 3.63%, 1/05/06, FRWD

 

N/A

 

 

1,800,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

20,050,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—1.3%

 

 

 

 

 

 

A-1+

 

 

 

3,475

5

 

Sports & Expo. Auth., Ser. B 2, 3.42%, 1/04/06, MBIA, FRWD

 

N/A

 

 

3,475,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—2.6%

 

 

 

 

 

 

A-1+

 

 

 

7,000

5

 

Buncombe Cnty. Met. Swr. Dist. Swr. Sys. Rev., 3.51%, 1/05/06, XLCA, FRWD

 

N/A

 

 

7,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—7.0%

 

 

 

 

 

 

VMIG1

 

 

 

10,000

5

 

Columbus Regl. Arpt. Auth., Ser. A, 3.52%, 1/05/06, FRWD

 

N/A

 

 

10,000,000

 

VMIG1

 

 

 

9,000

5

 

Hamilton Cnty. Hosp. Facs., Ser. A, 3.53%, 1/04/06, FRWD

 

N/A

 

 

9,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

19,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

24


BlackRock Insured Municipal Term Trust (BMT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

Pennsylvania—1.7%

 

 

 

 

 

 

A-1+

 

 

$

1,500

5

 

Emmaus Gen. Auth., 3.52%, 1/04/06, FSA, FRWD

 

N/A

 

$

1,500,000

 

A-1+

 

 

 

2,000

5

 

Erie Wtr. Auth. Rev., 3.52%, 1/05/06, FSA, FRWD

 

N/A

 

 

2,000,000

 

VMIG1

 

 

 

1,145

5

 

Higher Ed. Facs. Auth. St. Sys. Higher Ed. Proj., Ser. A, 3.38%, 1/05/06, MBIA, FRWD

 

N/A

 

 

1,145,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,645,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—0.4%

 

 

 

 

 

 

A-1

 

 

 

1,000

5

 

Gov’t. Dev. Bank, 2.68%, 1/04/06, MBIA, FRWD

 

N/A

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—2.5%

 

 

 

 

 

 

VMIG1

 

 

 

6,860

5

 

Clarksville Pub. Bldg. Auth. Pooled Fin. Mun. Bond Fund, 3.75%, 1/05/06, FRWD

 

N/A

 

 

6,860,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—0.4%

 

 

 

 

 

 

A-1+

 

 

 

1,180

5

 

Wtr. Dev. Board Rev., 3.75%, 1/05/06, FRWD

 

N/A

 

 

1,180,000

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund—1.6%

 

 

 

 

 

 

 

 

 

 

4,400

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

4,400,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $87,435,000)

 

 

 

 

87,435,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—160.9% (cost $422,215,2426)

 

 

 

$

437,558,836

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.8%

 

 

 

 

4,965,683

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(62.7)%

 

 

 

 

(170,509,888

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

272,014,631

 

 

 

 

 

 

 

 

 

 

 

 



 



 

 

1

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

2

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

3

Security is collateralized by U.S. Treasury obligations.

4

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

5

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

6

Cost for Federal income tax purposes is $421,938,171. The net unrealized appreciation on a tax basis is $15,620,665, consisting of $15,667,420 gross unrealized appreciation and $46,755 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, represents approximately 89.6% of the Trust’s managed assets. The Trust had the following insurance concentrations:

 

 

 

AMBAC

48.1%

FGIC

12.3%

FSA

10.9%

MBIA

15.7%

XLCA

  1.6%

Other

  1.0%


KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

 

FSA

Financial Security Assurance

COP

Certificate of Participation

 

GO

General Obligation

ETM

Escrowed to Maturity

 

MBIA

Municipal Bond Insurance Assoc.

FGIC

Financial Guaranty Insurance Co.

 

PCR

Pollution Control Revenue

FRWD

Floating Rate Weekly Demand

 

XLCA

XL Capital Assurance

See Notes to Financial Statements.

25


PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

BlackRock Municipal 2018 Term Trust (BPK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Option Call

 

 

 

 

Rating1

 

Amount

 

 

 

Provisions2

 

 

 

 

(Unaudited)

 

(000)

 

Description

 

(Unaudited)

 

Value

 















 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—147.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—2.5%

 

 

 

 

 

 

A2

 

 

$

5,845

 

 

Huntsville Hlth. Care Auth., GO, Ser. A, 5.625%, 6/01/22

 

06/12 @ 101

 

$

6,227,614

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—8.5%

 

 

 

 

 

 

A

 

 

 

1,750

 

 

Agua Caliente Band of Cahuilla Indians, 5.60%, 7/01/13

 

No Opt. Call

 

 

1,824,077

 

AAA

 

 

 

5,425

 

 

Clovis Unified Sch. Dist., Cap. Apprec. Election 2004, Ser. A, Zero Coupon, 8/01/21, FGIC

 

No Opt. Call

 

 

2,663,838

 

NR

 

 

 

1,235

 

 

Lincoln Spec. Tax Rev. Cmny. Facs. Dist. 1, 5.90%, 9/01/24

 

09/13 @ 102

 

 

1,319,054

 

B-

 

 

 

3,460

 

 

Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines, Inc. Proj.,

 

 

 

 

 

 

 

 

 

 

 

 

 

Ser. C, 7.50%, 12/01/24

 

12/12 @ 102

 

 

3,564,250

 

BBB+

 

 

 

5,000

 

 

Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. Rev., Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23

 

No Opt. Call

 

 

5,290,450

 

BBB

 

 

 

6,500

 

 

Poll. Ctrl. Sld. Wst. Mgmt, Inc., Ser. C, 5.125%, 11/01/23

 

11/15 @ 101

 

 

6,676,605

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

21,338,274

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—4.3%

 

 

 

 

 

 

BBB

 

 

 

5,000

 

 

Hsg. & Fin. Auth. Sld. Wst. Rev., Wst. Mgmt. Proj., 5.70%, 7/01/18

 

No Opt. Call

 

 

5,404,350

 

Baa2

 

 

 

5,010

 

 

Park Creek Met. Dist. Rev., Sr. Ltd. Ppty. Tax, 5.25%, 12/01/20

 

12/15 @ 101

 

 

5,249,177

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,653,527

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Connecticut—1.6%

 

 

 

 

 

 

Baa3

 

 

 

3,750

3

 

Mashantucket Western Pequot Tribe Spec. Rev., Ser. B, 5.75%, 9/01/18

 

09/07 @ 102

 

 

3,915,488

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—11.4%

 

 

 

 

 

 

Baa2

 

 

 

1,585

4

 

Cap. Trust Agcy. Multi-Fam. Hsg., American Oppty. Proj., Ser. A, 5.75%, 6/01/23

 

N/A

 

 

1,548,545

 

NR

 

 

 

2,000

 

 

CFM Cmnty. Dev. Dist. Cap. Impvt., Ser. B, 5.875%, 5/01/14

 

No Opt. Call

 

 

2,060,540

 

NR

 

 

 

1,860

 

 

Live Oak Cmnty. Dev. Dist. Spl. Assmt. No. 1, Ser. B, 5.00%, 11/01/09

 

No Opt. Call

 

 

1,862,939

 

NR5

 

 

 

180

 

 

Live Oak Cmnty. Dev. Dist. Spl. Assmt. No. 2, Ser. B, 5.30%, 5/01/08

 

No Opt. Call

 

 

180,571

 

BB+

 

 

 

4,515

 

 

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

5,077,208

 

NR

 

 

 

1,595

 

 

Pine Islands Cmnty. Dev. Dist. Util. Sys. Rev., 5.30%, 11/01/10

 

No Opt. Call

 

 

1,591,555

 

NR

 

 

 

4,675

 

 

Stevens Plantation Cmnty. Dist. Spl. Assmt. Rev., Ser. B, 6.375%, 5/01/13

 

No Opt. Call

 

 

4,819,972

 

NR

 

 

 

840

 

 

Sumter Landing Cmnty. Dev. Dist., 6.25%, 5/01/13

 

No Opt. Call

 

 

894,390

 

NR5

 

 

 

5,410

 

 

Vlg. Ctr. Cmnty. Dev. Dist., Ser. B, 5.875%, 1/01/15

 

No Opt. Call

 

 

5,614,660

 

NR

 

 

 

3,130

 

 

Vlg. of Westport Cmnty. Dev. Dist. Cap. Impvt. Rev., Ser. A, 5.40%, 5/01/20

 

05/13 @ 100

 

 

3,133,192

 

NR

 

 

 

1,500

 

 

Westchester Cmnty. Dev. Dist. No. 1, Spl. Assmt., 6.00%, 5/01/23

 

05/13 @ 101

 

 

1,566,240

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

28,349,812

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—24.6%

 

 

 

 

 

 

NR

 

 

 

1,825

3

 

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

 

No Opt. Call

 

 

1,854,784

 

 

 

 

 

 

 

 

Chicago O’Hare Intl. Arpt., Ser. A,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

5.00%, 1/01/19, AMBAC

 

01/16 @ 100

 

 

5,319,400

 

AAA

 

 

 

8,000

 

 

5.00%, 1/01/20, AMBAC

 

01/16 @ 100

 

 

8,477,520

 

AAA

 

 

 

5,000

 

 

5.75%, 1/01/18, MBIA

 

01/12 @ 100

 

 

5,423,100

 

A+

 

 

 

12,500

4,6

 

Dev. Fin. Auth. Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.50%, 11/15/09

 

N/A

 

 

13,561,000

 

BBB

 

 

 

5,980

 

 

Edl. Facs. Auth., Student Hsg. Edl. Adv. Fund, Univ. Ctr. Proj., 6.00%, 5/01/22

 

05/12 @ 101

 

 

6,460,792

 

Baa2

 

 

 

2,750

 

 

Fin. Auth. Student Hsg., MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19

 

06/14 @ 100

 

 

2,902,130

 

A

 

 

 

5,000

 

 

Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care, 5.50%, 1/01/22

 

01/13 @ 100

 

 

5,263,300

 

 

 

 

 

 

 

 

Kane & Du Page Cntys. Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

 

4,625

4

 

Ser. B, Zero Coupon, 1/01/12, FSA

 

N/A

 

 

2,656,369

 

AAA

 

 

 

4,100

4

 

Ser. B, Zero Coupon, 1/01/12, FSA

 

N/A

 

 

2,208,834

 

AAA

 

 

 

2,950

4

 

Ser. B, Zero Coupon, 1/01/12, FSA

 

N/A

 

 

1,414,436

 

AAA

 

 

 

1,700

4

 

Ser. B, Zero Coupon, 1/01/12, FSA

 

N/A

 

 

761,073

 

 

 

 

 

 

 

 

Sports Facs. Auth. Ded. St. Tax Supported Rev.,

 

 

 

 

 

 

AAA

 

 

 

1,885

 

 

Zero Coupon, 6/15/19, AMBAC

 

06/15 @ 101

 

 

1,635,200

 

AAA

 

 

 

1,985

 

 

Zero Coupon, 6/15/20, AMBAC

 

06/15 @ 101

 

 

1,716,449

 

AAA

 

 

 

2,090

 

 

Zero Coupon, 6/15/21, AMBAC

 

06/15 @ 101

 

 

1,804,903

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

61,459,290

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Indiana—10.5%

 

 

 

 

 

 

AA

 

 

 

13,970

 

 

Hlth. Fac. Fin. Auth., Sisters of St. Francis Proj., 5.75%, 11/01/21

 

11/11 @ 101

 

 

15,059,241

 

BBB

 

 

 

2,500

 

 

Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17

 

No Opt. Call

 

 

2,583,075

 

BBB+

 

 

 

4,000

 

 

Petersburg, PCR, Pwr. & Lt. Conv., 5.75%, 8/01/21

 

08/11 @ 102

 

 

4,190,920

 

NR

 

 

 

4,350

 

 

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

 

01/09 @ 102

 

 

4,348,303

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

26,181,539

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

26



BlackRock Municipal 2018 Term Trust (BPK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Option Call

 

 

 

 

Rating1

 

Amount

 

 

 

Provisions2

 

 

 

 

(Unaudited)

 

(000)

 

Description

 

(Unaudited)

 

Value

 















 

 

 

 

 

 

 

Louisiana—1.5%

 

 

 

 

 

 

AAA

 

 

$

3,445

 

 

Pub. Facs. Auth. Dept. of Pub. Safety, 5.875%, 6/15/14, MBIA

 

06/10 @ 100

 

$

3,696,830

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Maryland—2.1%

 

 

 

 

 

 

NR

 

 

 

5,170

 

 

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

 

07/07 @ 102

 

 

5,264,508

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—3.0%

 

 

 

 

 

 

A1

 

 

 

5,450

 

 

Hosp. Fin. Auth., Henry Ford Hlth. Sys. Proj., Ser. A, 6.00%, 11/15/19

 

11/09 @ 101

 

 

5,826,323

 

A

 

 

 

700

 

 

Pontiac Tax Increment Fin. Auth. Dev. Area 2, 5.625%, 6/01/22, ACA

 

06/12 @ 101

 

 

734,265

 

A

 

 

 

1,000

 

 

Pontiac Tax Increment Fin. Auth. Dev. Area 3, 5.375%, 6/01/17, ACA

 

06/12 @ 101

 

 

1,039,860

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

7,600,448

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Mississippi—4.3%

 

 

 

 

 

 

BBB

 

 

 

9,000

 

 

Lowndes Cnty. Sld. Wst. Disp., PCR, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22

 

No Opt. Call

 

 

10,853,550

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Multi-State—10.4%

 

 

 

 

 

 

A3

 

 

 

14,000

3

 

Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/01/52

 

No Opt. Call

 

 

15,810,620

 

 

 

 

 

 

 

 

Munimae TE Bond Subsidiary LLC,

 

 

 

 

 

 

Baa1

 

 

 

6,000

3

 

Ser. B2, 5.20%, 6/30/49

 

09/14 @ 100

 

 

6,079,380

 

Baa3

 

 

 

4,000

3

 

Ser. D, 5.90%, 9/15/49

 

09/15 @ 101

 

 

4,040,760

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

25,930,760

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nevada—2.6%

 

 

 

 

 

 

BBB+

 

 

 

5,000

 

 

Dept. of Bus. & Ind. Republic Svc., Inc. Proj., 5.625%, 12/01/26

 

No Opt. Call

 

 

5,362,650

 

NR

 

 

 

1,100

 

 

Las Vegas Spec. Imp. Dist. 809, Summerlin Area Proj., 5.35%, 6/01/17

 

06/06 @ 103

 

 

1,126,114

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,488,764

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Hampshire—4.0%

 

 

 

 

 

 

AAA

 

 

 

7,000

 

 

Bus. Fin. Auth., PCR, Pub. Svc. Co. Proj., Ser. C, 5.45%, 5/01/21, MBIA

 

05/12 @ 101

 

 

7,653,100

 

A+

 

 

 

2,025

 

 

Hlth. & Ed. Facs. Auth. Exeter Hosp. Proj., 6.00%, 10/01/24

 

10/11 @ 101

 

 

2,232,603

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,885,703

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—12.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

BBB

 

 

 

8,500

 

 

Cigarette Tax, 5.50%, 6/15/24

 

06/12 @ 100

 

 

8,882,670

 

B

 

 

 

4,065

 

 

Continental Airlines, Inc. Proj., 7.00%, 11/15/30

 

11/10 @ 101

 

 

3,979,310

 

B

 

 

 

6,750

 

 

Continental Airlines, Inc. Proj., 7.20%, 11/15/30

 

11/10 @ 101

 

 

6,745,005

 

Baa3

 

 

 

8,410

 

 

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

 

No Opt. Call

 

 

8,940,166

 

NR

 

 

 

2,500

 

 

Middlesex Cnty. Impvt. Auth. Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25

 

01/15 @ 100

 

 

2,484,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

31,031,151

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—3.2%

 

 

 

 

 

 

A+

 

 

 

7,500

 

 

City of New York, 5.00%, 9/01/18

 

09/15 @ 100

 

 

7,941,300

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—1.7%

 

 

 

 

 

 

A-

 

 

 

4,000

 

 

Wake Cnty. Ind. Facs., PCR, Carolina Pwr. & Lt. Co. Proj., 5.375%, 2/01/17

 

02/12 @ 101

 

 

4,254,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—0.2%

 

 

 

 

 

 

NR

 

 

 

500

 

 

Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. Rev., Ser. A, 6.00%, 12/01/22

 

12/14 @ 101

 

 

521,895

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oklahoma—1.1%

 

 

 

 

 

 

B-

 

 

 

2,700

 

 

Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35

 

No Opt. Call

 

 

2,823,687

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—7.4%

 

 

 

 

 

 

NR

 

 

 

2,000

 

 

Montgomery Cnty. Indl. Dev. Auth., Whitemarsh Continuing Care Proj., 6.00%, 2/01/21

 

02/15 @ 100

 

 

2,113,920

 

 

 

 

 

 

 

 

Philadelphia Auth. for Ind. Dev.,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

10/11 @ 101

 

 

5,410,000

 

AAA

 

 

 

5,000

 

 

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

 

10/11 @ 101

 

 

5,399,350

 

 

 

 

 

 

 

 

West Cornwall Twnshp., Mun. Auth. Coll., Elizabethtown Coll. Proj.,

 

 

 

 

 

 

BBB+

 

 

 

2,500

4

 

5.90%, 12/15/18

 

N/A

 

 

2,706,425

 

BBB+

 

 

 

2,650

 

 

6.00%, 12/15/22

 

12/11 @ 100

 

 

2,891,282

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

18,520,977

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

South Carolina—3.4%

 

 

 

 

 

 

BBB+

 

 

 

5,000

 

 

Jobs Econ. Dev. Auth. Hosp. Fac. Rev., Palmetto Hlth. Alliance Proj., Ser. A, 6.125%, 8/01/23

 

08/13 @ 100

 

 

5,412,950

 

NR

 

 

 

3,023

 

 

Lancaster Cnty., Assmt. Rev., Edgewater Imp. Dist. Proj., Ser. B, 6.125%, 11/01/14

 

No Opt. Call

 

 

3,073,877

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,486,827

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—2.4%

 

 

 

 

 

 

AAA

 

 

 

12,000

 

 

Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Hosp. Facs. Rev., Ser. A, Zero Coupon, 1/01/19, FSA

 

01/13 @ 71.667

 

 

6,102,240

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

27



BlackRock Municipal 2018 Term Trust (BPK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Option Call

 

 

 

 

Rating1

 

Amount

 

 

 

Provisions2

 

 

 

 

(Unaudited)

 

(000)

 

Description

 

(Unaudited)

 

Value

 















 

 

 

 

 

 

 

Texas—11.2%

 

 

 

 

 

 

BBB

 

 

$

2,000

 

 

Alliance Arpt. Auth., Inc. Spec. Facs., Fed. Express Corp. Proj., 6.375%, 4/01/21

 

04/06 @ 102

 

$

2,054,200

 

 

 

 

 

 

 

 

Birdville Indpt. Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

 

1,615

 

 

Zero Coupon, 2/15/18

 

No Opt. Call

 

 

940,996

 

AAA

 

 

 

1,815

 

 

Zero Coupon, 2/15/19

 

No Opt. Call

 

 

1,004,947

 

AAA

 

 

 

2,625

 

 

Zero Coupon, 2/15/20

 

No Opt. Call

 

 

1,381,721

 

AAA

 

 

 

2,500

 

 

Zero Coupon, 2/15/21

 

No Opt. Call

 

 

1,250,000

 

BBB

 

 

 

10,010

 

 

Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 5.75%, 5/01/36

 

No Opt. Call

 

 

10,528,218

 

 

 

 

 

 

 

 

Dallas Ft. Worth Intl. Arpt. Fac. Impvt.,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

11/11 @ 100

 

 

5,460,600

 

AAA

 

 

 

5,000

 

 

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

 

11/11 @ 100

 

 

5,449,800

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

28,070,482

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Trust Territories—1.6%

 

 

 

 

 

 

A

 

 

 

4,000

3

 

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

 

12/13 @ 102

 

 

3,996,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—4.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Northwest Wind Proj.,

 

 

 

 

 

 

A-

 

 

 

5,000

4

 

Ser. A, 6.00%, 1/01/07

 

N/A

 

 

5,270,450

 

A-

 

 

 

6,175

4

 

Ser. B, 5.875%, 1/01/07

 

N/A

 

 

6,501,534

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,771,984

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—6.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hlth. & Edl. Facs. Auth.,

 

 

 

 

 

 

AA-

 

 

 

5,000

 

 

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

 

10/11 @ 101

 

 

5,216,100

 

A

 

 

 

10,000

 

 

Wheaton Franciscan Svcs. Proj., 6.25%, 8/15/22

 

02/12 @ 101

 

 

10,967,900

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

16,184,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $345,678,266)

 

 

 

 

367,550,850

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—6.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Delaware—1.6%

 

 

 

 

 

 

A-1

 

 

 

4,000

7

 

St. Econ. Dev. Auth. Rev. Adj. Rate Hosp., Ser. A, 2.98%, 1/04/06, AMBAC, FRWD

 

N/A

 

 

4,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—0.7%

 

 

 

 

 

 

VMIG1

 

 

 

1,320

7

 

Breckinridge Cnty. Lease Rev., 2.80%, 1//04/06, FRWD

 

N/A

 

 

1,320,000

 

A-1+

 

 

 

500

7

 

Econ. Dev. Fin. Auth. Hosp. Hlth. Alliance, Ser. C, 2.80%, 1/04/06, MBIA, FRWD

 

N/A

 

 

500,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

1,820,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—0.3%

 

 

 

 

 

 

VMIG1

 

 

 

500

7

 

Hamilton Cnty. Hosp. Facs. Proj., 3.50%, 1/05/06, FRWD

 

N/A

 

 

500,000

 

A-1+

 

 

 

200

7

 

Kent St. Univ. Rev., 3.55%, 1/04/06, MBIA, FRWD

 

N/A

 

 

200,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

700,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—3.7%

 

 

 

 

 

 

A-1+

 

 

 

5,200

7

 

Emmaus Gen. Auth., 3.52%, 1/04/06, FSA, FRWD

 

N/A

 

 

5,200,000

 

A-1

 

 

 

3,940

7

 

Higher Edl. Fac. Auth., 3.51%, 1/05/06, FRWD

 

N/A

 

 

3,940,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,140,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $15,660,000)

 

 

 

 

15,660,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—153.4% (cost $361,338,2668)

 

 

 

$

383,210,850

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.7%

 

 

 

 

4,310,465

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(55.1)%

 

 

 

 

(137,630,862

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

249,890,453

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of December 31, 2005, the Trust held 14.3% of its net assets, with a current market value of $35,697,232, in securities restricted as to resale.

4

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

5

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

6

Security, or a portion thereof, pledged as collateral with a value of $1,627,320 on 468 short U.S. Treasury Note futures contracts expiring March 2006 and 174 short U.S. Treasury Bond futures contracts expiring March 2006. The value of such contracts on December 31, 2005, was $71,070,750, with an unrealized loss of $609,102.

7

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

See Notes to Financial Statements.

28



BlackRock Municipal 2018 Term Trust (BPK) (continued)

 


 

 

8

Cost for Federal income tax purposes is $361,254,047. The net unrealized appreciation on a tax basis is $21,956,803, consisting of $21,997,542 gross unrealized appreciation and $40,739 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

 

 

 

 

 

 

ACA

American Capital Access

FSA

Financial Security Assurance

AMBAC

American Municipal Bond Assurance Corp.

GO

General Obligation

FGIC

Financial Guaranty Insurance Co.

MBIA

Municipal Bond Insurance Assoc.

FRWD

Floating Rate Weekly Demand

PCR

Pollution Control Revenue

 

 

 

 

 

 

 

See Notes to Financial Statements.

29



PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

BlackRock Municipal 2020 Term Trust (BKK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Option Call

 

 

 

 

Rating1

 

Amount

 

 

 

Provisions2

 

 

 

 

(Unaudited)

 

(000)

 

Description

 

(Unaudited)

 

Value

 















 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—155.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—25.8%

 

 

 

 

 

 

A

 

 

$

12,000

 

 

California, GO, 5.00%, 11/01/22

 

11/13 @ 100

 

$

12,536,040

 

BBB

 

 

 

10,000

 

 

Foothill/Eastern Trans. Corridor Agcy. Cap. Apprec., Zero Coupon, 1/15/22

 

01/10 @ 50.177

 

 

3,947,300

 

BBB

 

 

 

12,500

 

 

Foothill/Eastn. Transp. Corridor Agcy. Toll Rd. Rev., Zero Coupon, 1/15/21

 

01/10 @ 53.346

 

 

5,244,500

 

 

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp.,

 

 

 

 

 

 

BBB

 

 

 

3,000

 

 

Ser. A-1, 6.625%, 6/01/40

 

06/13 @ 100

 

 

3,322,110

 

BBB

 

 

 

12,010

 

 

Ser. A-1, 6.75%, 6/01/39

 

06/13 @ 100

 

 

13,431,504

 

BBB

 

 

 

975

 

 

Ser. A-3, 7.875%, 6/01/42

 

06/13 @ 100

 

 

1,172,886

 

BBB

 

 

 

1,470

 

 

Ser. A-5, 7.875%, 6/01/42

 

06/13 @ 100

 

 

1,768,351

 

AAA

 

 

 

20,000

3

 

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

 

N/A

 

 

21,543,400

 

B-

 

 

 

3,035

 

 

Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines, Inc. Proj.,

 

 

 

 

 

 

 

 

 

 

 

 

 

Ser. C, 7.50%, 12/01/24

 

12/12 @ 102

 

 

3,126,444

 

BBB+

 

 

 

7,000

 

 

Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. Rev., Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23

 

No Opt. Call

 

 

7,406,630

 

AAA

 

 

 

6,865

 

 

Riverside Cnty., Riverside Cnty. Hosp. Proj., Zero Coupon, 6/01/25, MBIA

 

No Opt. Call

 

 

2,642,888

 

BBB+

 

 

 

3,355

 

 

Statewide Cmnty., Daughters of Charity Hlth. Proj., 5.25%, 7/01/25

 

07/15 @ 100

 

 

3,471,553

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

79,613,606

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—1.7%

 

 

 

 

 

 

AAA

 

 

 

4,500

 

 

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

 

No Opt. Call

 

 

2,089,305

 

Baa2

 

 

 

3,000

 

 

Park Creek Met. Dist. Co., 5.25%, 12/01/25

 

12/15 @ 101

 

 

3,097,170

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,186,475

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

District of Columbia—5.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Friendship Pub. Charter Sch., Inc. Proj.,

 

 

 

 

 

 

A

 

 

 

3,320

 

 

5.00%, 6/01/23, ACA

 

06/14 @ 100

 

 

3,340,219

 

A

 

 

 

2,680

 

 

5.75%, 6/01/18, ACA

 

06/14 @ 100

 

 

2,871,486

 

AAA

 

 

 

5,000

4

 

Met. Washington Arpts. Auth. Arpt. Sys. Rev., Ser. C-2, 5.00%, 10/01/24, FSA

 

10/14 @ 100

 

 

5,175,000

 

BBB

 

 

 

4,215

 

 

Tobacco Settlement Fin. Corp., 6.50%, 5/15/33

 

No Opt. Call

 

 

4,788,998

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

16,175,703

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—15.5%

 

 

 

 

 

 

NR

 

 

 

4,860

 

 

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

 

05/14 @ 100

 

 

4,989,179

 

Baa2

 

 

 

1,500

3

 

Cap. Trust Agcy. Multi-Fam. Hsg., American Oppty. Proj., Ser. A, 5.75%, 6/01/23

 

N/A

 

 

1,465,500

 

NR

 

 

 

3,000

 

 

CFM Cmnty. Dev. Dist. Cap. Impvt., Ser. B, 5.875%, 5/01/14

 

No Opt. Call

 

 

3,090,810

 

NR

 

 

 

4,445

 

 

Grand Hampton Cmnty. Dev. Dist. Cap. Impvt., 6.10%, 5/01/24

 

05/13 @ 101

 

 

4,552,925

 

NR

 

 

 

4,140

 

 

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

 

05/14 @ 101

 

 

4,161,859

 

BB+

 

 

 

5,475

 

 

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

6,156,747

 

NR

 

 

 

4,690

 

 

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

 

05/13 @ 100

 

 

4,841,675

 

NR

 

 

 

1,000

 

 

Pine Islands Cmnty. Dev. Dist. Util. Sys. Rev., 5.30%, 11/01/10

 

No Opt. Call

 

 

997,840

 

NR

 

 

 

7,255

 

 

Stevens Plantation Cmnty. Dist. Spl. Assmt. Rev., Ser. B, 6.375%, 5/01/13

 

No Opt. Call

 

 

7,479,977

 

NR

 

 

 

3,625

 

 

Vlg. Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A, 6.00%, 5/01/22

 

05/13 @ 101

 

 

3,789,575

 

NR

 

 

 

6,000

 

 

Westchester Cmnty. Dev. Dist. No. 1 Spl. Assmt., 6.00%, 5/01/23

 

05/13 @ 101

 

 

6,264,960

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

47,791,047

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Georgia—1.6%

 

 

 

 

 

 

BBB

 

 

 

2,500

 

 

Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Fndtn. Proj.,

 

 

 

 

 

 

 

 

 

 

 

 

 

5.50%, 9/01/24

 

09/14 @ 101

 

 

2,634,750

 

BBB

 

 

 

2,350

 

 

Richmond Cnty. Dev. Auth. Env. Impvt., 5.75%, 11/01/27

 

11/13 @ 100

 

 

2,441,180

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,075,930

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—12.6%

 

 

 

 

 

 

NR

 

 

 

2,155

5

 

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

 

No Opt. Call

 

 

2,190,170

 

 

 

 

 

 

 

 

Chicago O’Hare Intl. Arpt. Revgen Arpt. Third Lien Ser. A,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

5.00%, 1/01/21, AMBAC

 

01/16 @ 100

 

 

5,277,600

 

AAA

 

 

 

7,000

 

 

5.00%, 1/01/22, AMBAC

 

01/16 @ 100

 

 

7,371,210

 

Baa1

 

 

 

5,000

 

 

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

 

10/14 @ 100

 

 

5,323,900

 

AA+

 

 

 

4,800

 

 

Edl. Fac. Auth., Northwestern Univ. Proj., 5.00%, 12/01/21

 

12/13 @ 100

 

 

5,059,152

 

 

 

 

 

 

 

 

Fin. Auth. Student Hsg., MJH Ed. Asst. Living Proj.,

 

 

 

 

 

 

Baa2

 

 

 

2,725

 

 

Ser. A, 5.00%, 6/01/24

 

06/14 @ 100

 

 

2,731,049

 

Baa2

 

 

 

3,250

 

 

Ser. A, 5.50%, 6/01/19

 

06/14 @ 100

 

 

3,429,790

 

Baa3

 

 

 

1,075

 

 

Ser. B, 5.00%, 6/01/24

 

06/14 @ 100

 

 

1,066,508

 

See Notes to Financial Statements.

30



BlackRock Municipal 2020 Term Trust (BKK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Option Call

 

 

 

 

Rating1

 

Amount

 

 

 

Provisions2

 

 

 

 

(Unaudited)

 

(000)

 

Description

 

(Unaudited)

 

 

Value

 















 

 

 

 

 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

AAA

 

 

$

13,455

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Ser. A, Zero Coupon, 6/15/22, MBIA

 

No Opt. Call

 

$

6,441,312

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

38,890,691

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Indiana—5.0%

 

 

 

 

 

 

BBB

 

 

 

10,000

 

 

Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17

 

No Opt. Call

 

 

10,332,300

 

NR

 

 

 

5,140

 

 

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

 

01/09 @ 102

 

 

5,137,995

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

15,470,295

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kansas—1.1%

 

 

 

 

 

 

AAA

 

 

 

6,440

 

 

Wyandotte Cnty. Unified Gov’t. Spl. Oblig., Intl. Speedway Proj., Zero Coupon, 12/01/20, MBIA

 

No Opt. Call

 

 

3,245,760

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—1.4%

 

 

 

 

 

 

BBB

 

 

 

3,750

 

 

Maysville Sld. Wst. Disp., Inland Container Corp. Proj., 6.90%, 9/01/22

 

09/13 @ 102

 

 

4,156,575

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—0.7%

 

 

 

 

 

 

BBB

 

 

 

2,000

 

 

De Soto Parish Env. Impvt. Rev., Ser. A, 5.85%, 11/01/27

 

11/13 @ 100

 

 

2,076,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Maryland—5.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Frederick Cnty., Urbana Cmnty. Dev. Auth. Proj.,

 

 

 

 

 

 

NR

 

 

 

3,000

 

 

6.625%, 7/01/25

 

07/07 @ 102

 

 

3,115,170

 

NR

 

 

 

5,171

 

 

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

 

07/07 @ 102

 

 

5,265,526

 

Baa1

 

 

 

8,500

 

 

Hlth. & Higher Edl. Facs. Auth. Medstar Hlth. Proj., 5.375%, 8/15/24

 

08/14 @ 100

 

 

8,920,410

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

17,301,106

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Massachusetts—3.3%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Bay Transp. Auth. Sales Tax Rev., Ser. A, 5.00%, 7/01/24

 

No Opt. Call

 

 

5,463,400

 

BBB

 

 

 

4,500

 

 

Dev. Fin. Agcy. Sld. Wst. Disp. Rev., Wst. Mgmt., Inc. Proj., 5.45%, 6/01/14

 

No Opt. Call

 

 

4,786,515

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,249,915

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Minnesota—0.4%

 

 

 

 

 

 

A2

 

 

 

1,250

 

 

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

 

10/14 @ 100

 

 

1,299,238

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Mississippi—1.0%

 

 

 

 

 

 

BBB

 

 

 

3,000

 

 

Warren Cnty. Env. Impvt., Intl. Paper Proj., Ser. A, 5.85%, 11/01/27

 

11/13 @ 100

 

 

3,081,090

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Missouri—3.6%

 

 

 

 

 

 

BBB+

 

 

 

5,000

 

 

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

 

06/14 @ 100

 

 

5,260,700

 

AA

 

 

 

5,500

 

 

Hlth. & Edu. Fac., BJC Hlth. Sys. Proj., Ser. A, 5.00%, 5/15/20

 

05/15 @ 100

 

 

5,793,865

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,054,565

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Multi-State—7.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

 

 

1,000

5

 

Ser. A, 5.75%, 10/31/15

 

No Opt. Call

 

 

1,062,220

 

A3

 

 

 

2,500

5

 

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

 

No Opt. Call

 

 

2,672,875

 

Baa1

 

 

 

4,000

5

 

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

 

No Opt. Call

 

 

4,197,480

 

Baa1

 

 

 

2,500

5

 

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

 

No Opt. Call

 

 

2,674,650

 

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary, LLC,

 

 

 

 

 

 

Baa2

 

 

 

5,000

5

 

Ser. C1, 5.40%, 6/30/49

 

09/14 @ 100

 

 

5,048,100

 

Baa2

 

 

 

5,000

5

 

Ser. C2, 5.80%, 6/30/49

 

09/19 @ 100

 

 

5,013,600

 

Baa3

 

 

 

2,000

5

 

Ser. D, 5.90%, 9/15/49

 

09/15 @ 101

 

 

2,020,380

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

22,689,305

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Hampshire—1.7%

 

 

 

 

 

 

A3

 

 

 

5,000

 

 

Hlth., Elliot Hosp. Proj., Ser. B, 5.60%, 10/01/22

 

10/13 @ 100

 

 

5,318,750

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—11.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

BBB

 

 

 

11,500

 

 

Cigarette Tax, 5.50%, 6/15/24

 

06/12 @ 100

 

 

12,017,730

 

B

 

 

 

5,000

 

 

Continental Airlines, Inc. Proj., 7.00%, 11/15/30

 

11/10 @ 101

 

 

4,894,600

 

B

 

 

 

1,500

 

 

Continental Airlines, Inc. Proj., 9.00%, 6/01/33

 

06/13 @ 101

 

 

1,593,090

 

BBB-

 

 

 

1,000

 

 

First Mtg. Winchester Proj., Ser. A, 4.80%, 11/01/13

 

No Opt. Call

 

 

1,013,080

 

Baa3

 

 

 

7,500

 

 

Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31

 

No Opt. Call

 

 

8,535,600

 

Baa1

 

 

 

4,000

 

 

Hlth. Care Fac. Fin. Auth., Cap. Hlth. Sys. Oblig. Grp. Proj., Ser. A, 5.75%, 7/01/23

 

07/13 @ 100

 

 

4,293,840

 

NR

 

 

 

2,500

 

 

Middlesex Cnty. Impvt. Auth. Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25

 

01/15 @ 100

 

 

2,484,000

 

Baa1

 

 

 

1,000

 

 

Middlesex Cnty. Impvt. Auth. Str. Student Hsg. Proj., Ser. A, 5.00%, 8/15/23

 

08/14 @ 100

 

 

1,017,780

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

35,849,720

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

31



 

 

BlackRock Municipal 2020 Term Trust (BKK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Option Call

 

 

 

 

Rating1

 

Amount

 

 

 

Provisions2

 

 

 

 

(Unaudited)

 

(000)

 

Description

 

(Unaudited)

 

Value

 















 

 

 

 

 

 

 

New York—4.4%

 

 

 

 

 

 

B-

 

 

$

5,000

 

 

New York City Indl. Dev. Agcy., 7.75%, 8/01/31

 

08/16 @ 101

 

$

5,166,000

 

AAA

 

 

 

8,500

 

 

New York St. Enrgy Resh & Dev. Brlyn Union Gas/ Keyspan, Ser. A, 4.70%, 2/01/24, FGIC

 

02/16 @ 100

 

 

8,553,975

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

13,719,975

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—5.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Cuyahoga Cnty. Cleveland Clinic Hlth. Sys. Proj.,

 

 

 

 

 

 

Aa3

 

 

 

3,000

 

 

6.00%, 1/01/19

 

07/13 @ 100

 

 

3,387,030

 

Aa3

 

 

 

10,000

 

 

6.00%, 1/01/20

 

07/13 @ 100

 

 

11,262,600

 

NR

 

 

 

1,100

 

 

Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. Rev., Ser. A, 6.00%, 12/01/22

 

12/14 @ 101

 

 

1,148,169

 

NR

 

 

 

1,215

 

 

Port of Greater Cincinnati Dev. Auth., Coop. Pub. Pkg. Infrastructure Proj., 6.30%, 2/15/24

 

02/14 @ 102

 

 

1,289,407

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

17,087,206

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oklahoma—1.1%

 

 

 

 

 

 

B-

 

 

 

3,350

 

 

Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35

 

No Opt. Call

 

 

3,503,463

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—6.2%

 

 

 

 

 

 

BBB+

 

 

 

6,680

 

 

Higher Edl. Fac., La Salle Univ. Proj., 5.50%, 5/01/26

 

05/13 @ 100

 

 

7,070,980

 

A

 

 

 

10,000

 

 

Lancaster Cnty. Hosp. Auth., Gen. Hosp. Proj., 5.75%, 3/15/20

 

09/13 @ 100

 

 

10,852,000

 

NR

 

 

 

1,275

 

 

Montgomery Cnty. Indl. Dev. Auth., Whitemarsh Continuing Care Proj., 6.00%, 2/01/21

 

02/15 @ 100

 

 

1,347,624

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

19,270,604

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—11.5%

 

 

 

 

 

 

A-

 

 

 

10,900

 

 

Elec. Pwr. Auth., Ser. NN, 5.125%, 7/01/24

 

07/13 @ 100

 

 

11,378,292

 

 

 

 

 

 

 

 

Pub. Impvt.,

 

 

 

 

 

 

BBB

 

 

 

5,000

 

 

Ser. A, 5.25%, 7/01/22

 

07/13 @ 100

 

 

5,220,000

 

BBB

 

 

 

11,000

 

 

Ser. A, 5.25%, 7/01/23

 

07/13 @ 100

 

 

11,576,620

 

BBB

 

 

 

7,000

 

 

Ser. A, 5.25%, 7/01/24

 

07/13 @ 100

 

 

7,353,290

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

35,528,202

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Rhode Island—1.5%

 

 

 

 

 

 

BBB

 

 

 

4,500

 

 

Hlth. & Edl. Bldg. Corp. Hosp. Fin., Ser. A, 5.875%, 9/15/23

 

09/08 @ 100

 

 

4,607,955

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—5.8%

 

 

 

 

 

 

BBB

 

 

 

1,100

 

 

Brazos River Auth., PCR, TXU Energy Co. LLC Proj., Ser. A, 6.75%, 4/01/38

 

No Opt. Call

 

 

1,223,453

 

BBB-

 

 

 

3,500

 

 

Port Corpus Christi Indl. Dev. Corp., Valero Proj., Ser. C, 5.40%, 4/01/18

 

04/08 @ 102

 

 

3,615,430

 

 

 

 

 

 

 

 

Tpke. Auth., Central Texas Tpke. Sys. Proj.,

 

 

 

 

 

 

AAA

 

 

 

7,990

 

 

Ser. A, Zero Coupon, 8/15/21, AMBAC

 

No Opt. Call

 

 

3,934,356

 

AAA

 

 

 

8,450

 

 

Ser. A, Zero Coupon, 8/15/24, AMBAC

 

No Opt. Call

 

 

3,578,744

 

 

 

 

 

 

 

 

Weatherford Indpt. Sch. Dist.,

 

 

 

 

 

 

AAA

 

 

 

6,945

 

 

Zero Coupon, 2/15/23, PSF-GTD

 

02/11 @ 50.236

 

 

2,805,641

 

AAA

 

 

 

6,945

 

 

Zero Coupon, 2/15/24, PSF-GTD

 

02/11 @ 47.435

 

 

2,643,892

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

17,801,516

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Trust Territories—1.3%

 

 

 

 

 

 

A

 

 

 

4,000

5

 

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

 

12/13 @ 102

 

 

3,996,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

U.S. Virgin Islands—0.3%

 

 

 

 

 

 

BBB

 

 

 

1,000

 

 

Pub. Fin. Auth. Sen. Lien Matching Fund Loan, Ser. A, 5.25%, 10/01/17

 

10/14 @ 100

 

 

1,059,560

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Virginia—7.7%

 

 

 

 

 

 

NR

 

 

 

5,000

 

 

Celebrate North Cmnty. Dev. Auth. Spl. Assmt. Rev., Ser. B, 6.60%, 3/01/25

 

03/14 @ 102

 

 

5,298,650

 

BBB

 

 

 

10,000

 

 

Charles City Cnty. Econ. Dev. Auth. Sld. Wst. Disp., 5.125%, 8/01/27

 

12/05 @ 100

 

 

10,208,900

 

A3

 

 

 

7,500

 

 

Mecklenburg Cnty. Ind. Dev. Auth., Exempt FAC-UAE LP Proj., 6.50%, 10/15/17

 

10/12 @ 100

 

 

8,307,225

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

23,814,775

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—2.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Washington,

 

 

 

 

 

 

AAA

 

 

 

10,000

 

 

Ser. S-5, Zero Coupon, 1/01/19, FGIC

 

No Opt. Call

 

 

5,574,600

 

AAA

 

 

 

4,630

 

 

Mtr. Veh. Proj., Ser. F, Zero Coupon, 12/01/21, MBIA

 

No Opt. Call

 

 

2,228,697

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

7,803,297

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—2.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hlth. & Ed. Fac. Auth., Wheaton Franciscan Svcs. Proj.,

 

 

 

 

 

 

A

 

 

 

2,880

 

 

5.50%, 8/15/17

 

08/13 @ 100

 

 

3,092,515

 

A

 

 

 

3,190

 

 

5.50%, 8/15/18

 

08/13 @ 100

 

 

3,410,461

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,502,976

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $455,396,954)

 

 

 

 

479,221,500

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

32



 

 

BlackRock Municipal 2020 Term Trust (BKK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Option Call

 

 

 

 

Rating1

 

Amount

 

 

 

Provisions2

 

 

 

 

(Unaudited)

 

(000)

 

Description

 

(Unaudited)

 

 

Value

 















 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—1.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Delaware—0.5%

 

 

 

 

 

 

A-1

 

 

$

1,600

6

 

St. Econ. Dev. Auth. Rev. Hosp., Ser. A, 2.98%, 1/04/06, AMBAC, FRWD

 

N/A

 

$

1,600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—0.4%

 

 

 

 

 

 

A-1+

 

 

 

1,000

6

 

Triborough Brdg. & Tunl. Auth., GO, 3.53%, 1/05/06, FRWD

 

N/A

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Dakota—0.2%

 

 

 

 

 

 

VMIG1

 

 

 

550

6

 

Grand Forks Hosp. Fac. Rev., United Hosp. Oblig. Grp. Proj., 2.52%, 1/05/06, FRWD

 

N/A

 

 

550,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $3,150,000)

 

 

 

 

3,150,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—156.1% (cost $458,546,9547)

 

 

 

$

482,371,500

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.4%

 

 

 

 

4,443,045

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(57.5)%

 

 

 

 

(177,668,192

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

309,146,353

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

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

4

Security, or a portion thereof, pledged as collateral with a value of $2,070,000 on 589 short U.S. Treasury Note futures contracts expiring March 2006 and 219 U.S. Treasury Bond futures contracts expiring March 2006. The value of such contracts on December 31, 2005, was $89,447,344, with an unrealized loss of $765,911.

5

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of December 31, 2005, the Trust held 9.3% of its net assets, with a current market value of $28,875,675, in securities restricted as to resale.

6

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

7

Cost for Federal income tax purposes is $458,527,904. The net unrealized appreciation on a tax basis is $23,843,596, consisting of $23,902,928 gross unrealized appreciation and $59,332 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

 

 

 

 

 

 

ACA

American Capital Access

FSA

Financial Security Assurance

AMBAC

American Municipal Bond Assurance Corp.

GO

General Obligation

FGIC

Financial Guaranty Insurance Co.

PCR

Pollution Control Revenue

FRWD

Floating Rate Weekly Demand

MBIA

Municipal Bond Insurance Assoc.

See Notes to Financial Statements.

33


 

PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

BlackRock Municipal Target Term Trust (BMN)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—127.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—2.3%

 

 

 

 

 

 

AAA

 

 

$

9,450

 

 

Fed. Hwy. Fin. Auth. Grant Antic., Ser. A, 4.125%, 3/01/07, MBIA

 

No Opt. Call

 

$

9,536,279

 

AAA

 

 

 

1,000

 

 

Mobile, GO, 4.00%, 2/15/07, AMBAC

 

No Opt. Call

 

 

1,007,770

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,544,049

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Alaska—2.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Anchorage, GO,

 

 

 

 

 

 

AAA

 

 

 

1,750

 

 

Ser. A, 4.125%, 6/01/06, FGIC

 

No Opt. Call

 

 

1,756,178

 

AAA

 

 

 

2,245

 

 

Ser. A, 4.25%, 6/01/07, FGIC

 

No Opt. Call

 

 

2,273,377

 

AAA

 

 

 

1,335

 

 

Ser. B, 3.20%, 7/01/07, MBIA

 

No Opt. Call

 

 

1,332,690

 

AAA

 

 

 

5,000

 

 

Ser. B, 3.25%, 7/01/07, MBIA

 

No Opt. Call

 

 

4,994,950

 

AAA

 

 

 

1,000

 

 

Ser. B, 4.25%, 7/01/07, FGIC

 

No Opt. Call

 

 

1,013,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,370,595

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arizona—2.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Cnty. Pub. Fin. Corp.,

 

 

 

 

 

 

Aaa

 

 

 

815

3

 

4.25%, 7/01/07, AMBAC

 

ETM

 

 

826,752

 

AAA

 

 

 

5,440

 

 

4.25%, 7/01/07, AMBAC

 

No Opt. Call

 

 

5,514,474

 

AAA

 

 

 

5,000

 

 

Trans. Brd. Grant Antic., 4.125%, 1/01/07, MBIA

 

No Opt. Call

 

 

5,042,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,383,426

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arkansas—1.1%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Univ. of Arkansas Athl. Fac. Rev., Razorback Stadium Proj., 3.55%, 12/01/21, FSA

 

12/06 @ 100

 

 

5,014,050

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—1.3%

 

 

 

 

 

 

AAA

 

 

 

6,000

 

 

California, GO, 6.30%, 9/01/06, AMBAC

 

No Opt. Call

 

 

6,122,160

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—8.9%

 

 

 

 

 

 

AAA

 

 

 

17,150

 

 

Denver City & Cnty., GO, Ser. B, 5.625%, 8/01/07, MBIA

 

No Opt. Call

 

 

17,755,567

 

AAA

 

 

 

1,015

 

 

El Paso Cnty. COP, Detention Fac. Proj., Ser. B, 2.50%, 12/01/06, AMBAC

 

No Opt. Call

 

 

1,006,819

 

AAA

 

 

 

9,700

 

 

Met. Football Stad. Dist. Sales Tax Rev., Ser. A, Zero Coupon, 1/01/07, MBIA

 

No Opt. Call

 

 

9,381,937

 

 

 

 

 

 

 

 

Regl. Transp. Dist., COP, Transp. Vehicle Proj.,

 

 

 

 

 

 

AAA

 

 

 

6,215

 

 

Ser. A, 5.00%, 6/01/06, MBIA

 

No Opt. Call

 

 

6,258,878

 

AAA

 

 

 

5,470

 

 

Ser. A, 5.00%, 6/01/07, MBIA

 

No Opt. Call

 

 

5,596,521

 

AAA

 

 

 

1,100

 

 

Thornton, COP, 2.50%, 12/01/06, AMBAC

 

No Opt. Call

 

 

1,090,683

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

41,090,405

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Delaware—0.2%

 

 

 

 

 

 

AAA

 

 

 

1,050

 

 

Delaware River & Bay Auth., 2.50%, 1/01/07, MBIA

 

No Opt. Call

 

 

1,039,112

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—1.6%

 

 

 

 

 

 

AAA

 

 

 

1,645

 

 

Mun. Loan Council, Ser. A, 4.00%, 5/01/07, MBIA

 

No Opt. Call

 

 

1,660,348

 

AAA

 

 

 

1,765

3

 

Orange Cnty. Tourist Dev. Tax Rev., Ser. A, 6.375%, 10/01/06, AMBAC

 

ETM

 

 

1,778,485

 

AAA

 

 

 

2,000

 

 

Sarasota Wtr. & Swr. Sys., 4.25%, 10/01/06, MBIA

 

No Opt. Call

 

 

2,014,980

 

AAA

 

 

 

1,865

 

 

Tampa Wtr. & Swr., 5.50%, 10/01/06, FSA

 

No Opt. Call

 

 

1,895,847

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

7,349,660

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Georgia—1.0%

 

 

 

 

 

 

AAA

 

 

 

4,805

 

 

Columbus Wtr. & Swr., 4.00%, 5/01/07, FSA

 

No Opt. Call

 

 

4,851,080

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Hawaii—4.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hawaii, GO,

 

 

 

 

 

 

AAA

 

 

 

5,675

 

 

Ser. CP, 5.50%, 10/01/06, FGIC

 

No Opt. Call

 

 

5,767,559

 

AAA

 

 

 

9,000

 

 

Ser. CS, 5.25%, 4/01/06, MBIA

 

No Opt. Call

 

 

9,042,570

 

AAA

 

 

 

1,265

 

 

Ser. CW, 3.60%, 8/01/06, FGIC

 

No Opt. Call

 

 

1,267,606

 

 

 

 

 

 

 

 

Honolulu City & Cnty., GO,

 

 

 

 

 

 

AAA

 

 

 

2,275

 

 

Ser. A, 4.00%, 9/01/06, FSA

 

No Opt. Call

 

 

2,286,193

 

AAA

 

 

 

3,500

 

 

Ser. A, 5.80%, 1/01/07, FGIC

 

No Opt. Call

 

 

3,584,770

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

21,948,698

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—18.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Campaign Cnty. Cmnty. #116,

 

 

 

 

 

 

AAA

 

 

 

385

3

 

Ser. C, Zero Coupon, 1/01/07, FGIC

 

ETM

 

 

372,195

 

AAA

 

 

 

680

 

 

Ser. C, Zero Coupon, 1/01/07, FGIC

 

No Opt. Call

 

 

657,444

 

AAA

 

 

 

995

3

 

Ser. C, Zero Coupon, 1/01/08, FGIC

 

ETM

 

 

929,011

 

See Notes to Financial Statements.

34



BlackRock Municipal Target Term Trust (BMN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

AAA

 

 

$

1,765

 

 

Ser. C, Zero Coupon, 1/01/08, FGIC

 

No Opt. Call

 

$

1,645,704

 

AAA

 

 

 

2,665

 

 

Chicago Park Dist. Pkg. Rev., GO, Ser. A, 3.00%, 1/01/07, FGIC

 

No Opt. Call

 

 

2,653,727

 

AAA

 

 

 

1,565

 

 

Chicago Wstwtr. Trans., Ser. A, 3.50%, 1/01/07, AMBAC

 

No Opt. Call

 

 

1,568,161

 

AAA

 

 

 

12,000

 

 

Chicago, GO, Ser. A, 4.25%, 1/01/07, MBIA

 

No Opt. Call

 

 

12,111,120

 

 

 

 

 

 

 

 

Cook Cnty. High Sch. Dist. Number 201 J. Sterling Morton Twnshp. Proj.,

 

 

 

 

 

 

AAA

 

 

 

6,790

3

 

Zero Coupon, 12/01/07, FGIC

 

ETM

 

 

6,361,551

 

AAA

 

 

 

430

 

 

Zero Coupon, 12/01/07, FGIC

 

No Opt. Call

 

 

402,489

 

 

 

 

 

 

 

 

Du Page Cnty. Trans. Rev.,

 

 

 

 

 

 

AAA

 

 

 

4,815

 

 

4.50%, 1/01/07, FSA

 

No Opt. Call

 

 

4,871,191

 

AAA

 

 

 

5,390

 

 

4.50%, 1/01/09, FSA

 

No Opt. Call

 

 

5,557,144

 

 

 

 

 

 

 

 

Illinois, GO,

 

 

 

 

 

 

AAA

 

 

 

15,080

 

 

Ser. I, 3.25%, 11/01/06, FGIC

 

No Opt. Call

 

 

15,080,754

 

AAA

 

 

 

4,000

 

 

Ser. I, 4.00%, 4/01/07, FSA

 

No Opt. Call

 

 

4,032,080

 

AAA

 

 

 

12,625

 

 

Ser. I, 4.25%, 4/01/07, MBIA

 

No Opt. Call

 

 

12,764,254

 

AAA

 

 

 

1,000

 

 

Kane Cnty., GO, 3.75%, 1/01/07, FGIC

 

No Opt. Call

 

 

1,004,440

 

 

 

 

 

 

 

 

Sales Tax,

 

 

 

 

 

 

AAA

 

 

 

5,900

 

 

Ser. O, Zero Coupon, 6/15/07

 

No Opt. Call

 

 

5,610,015

 

AAA

 

 

 

5,635

 

 

Ser. O, Zero Coupon, 6/15/08

 

No Opt. Call

 

 

5,145,769

 

AAA

 

 

 

2,000

 

 

Will Cnty. Cmnty. Sch. Dist., 7.05%, 12/01/08, AMBAC

 

No Opt. Call

 

 

2,200,260

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

82,967,309

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Indiana—3.0%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Bond Bank Sch. Fund, 4.00%, 2/01/07, AMBAC

 

No Opt. Call

 

 

5,037,000

 

AAA

 

 

 

9,000

 

 

Univ. Student Fee Rev., Zero Coupon, 8/01/06, AMBAC

 

No Opt. Call

 

 

8,831,520

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

13,868,520

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Iowa—0.9%

 

 

 

 

 

 

AAA

 

 

 

3,940

 

 

West Des Moines Cmnty. Sch. Dist., 4.00%, 6/01/07, AMBAC

 

No Opt. Call

 

 

3,974,790

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—4.2%

 

 

 

 

 

 

AAA

 

 

 

12,610

 

 

Econ. Dev. Fin. Sys. Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/07, MBIA

 

No Opt. Call

 

 

11,857,435

 

 

 

 

 

 

 

 

Ppty. & Bldgs. Auth., Proj. No. 69,

 

 

 

 

 

 

AAA

 

 

 

2,035

 

 

Ser. B, 4.00%, 8/01/06, FSA

 

No Opt. Call

 

 

2,043,547

 

AAA

 

 

 

5,560

 

 

Ser. C, 4.00%, 8/01/06, FSA

 

No Opt. Call

 

 

5,583,352

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

19,484,334

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—4.5%

 

 

 

 

 

 

AAA

 

 

 

7,530

 

 

MuniMae Trust, Ser. 7, Cl. A, 4.40%, 12/16/08

 

No Opt. Call

 

 

7,522,244

 

AAA

 

 

 

5,250

 

 

New Orleans, GO, Zero Coupon, 9/01/06, AMBAC

 

No Opt. Call

 

 

5,136,232

 

AAA

 

 

 

3,555

 

 

Off. Facs. Corp. Lease Cap. Complex Prog., 4.00%, 5/01/07, AMBAC

 

No Opt. Call

 

 

3,582,658

 

AAA

 

 

 

4,565

 

 

Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. A, 3.00%, 5/15/07, MBIA

 

No Opt. Call

 

 

4,523,276

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

20,764,410

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Massachusetts—2.7%

 

 

 

 

 

 

AAA

 

 

 

11,760

 

 

Massachusetts, GO, Ser. A, 5.25%, 1/01/09, FSA

 

No Opt. Call

 

 

12,397,274

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—3.2%

 

 

 

 

 

 

AAA

 

 

 

2,100

 

 

Grand Rapids Wtr. Sply., 4.00%, 1/01/07, FGIC

 

No Opt. Call

 

 

2,114,994

 

AAA

 

 

 

5,000

 

 

Mun. Bd. Auth., Zero Coupon, 5/15/06, MBIA

 

No Opt. Call

 

 

4,940,950

 

 

 

 

 

 

 

 

Pub. Pwr. Agcy., Belle River Proj.,

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

Ser. A, 2.70%, 1/01/07, MBIA

 

No Opt. Call

 

 

991,250

 

AAA

 

 

 

2,000

 

 

Ser. A, 5.00%, 1/01/07, MBIA

 

No Opt. Call

 

 

2,032,800

 

AAA

 

 

 

4,850

 

 

Trunk Line, Ser. A, 4.00%, 11/01/06, FSA

 

No Opt. Call

 

 

4,880,264

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

14,960,258

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Minnesota—1.4%

 

 

 

 

 

 

AAA

 

 

 

375

 

 

Hsg. Fin. Auth., Ser. D, 5.35%, 8/01/06, MBIA

 

02/06 @ 101

 

 

376,451

 

AAA

 

 

 

5,075

 

 

Met. Council Minneapolis-St. Paul, GO, 5.25%, 12/01/06

 

No Opt. Call

 

 

5,167,416

 

AAA

 

 

 

840

 

 

Minneapolis Spec. Sch. Dist. No. 1 COP, Ser. B, 3.25%, 2/01/07, FSA

 

No Opt. Call

 

 

840,160

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,384,027

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Mississippi—0.4%

 

 

 

 

 

 

AAA

 

 

 

1,935

 

 

Vicksburg, GO, 4.00%, 4/01/07, MBIA

 

No Opt. Call

 

 

1,950,519

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nebraska—0.8%

 

 

 

 

 

 

AAA

 

 

 

3,850

 

 

Douglas Cnty. Sch. Dist. No. 17 Millard, GO, 3.20%, 11/15/06, FSA

 

No Opt. Call

 

 

3,847,844

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

35



BlackRock Municipal Target Term Trust (BMN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 















 

 

 

 

 

 

 

Nevada—1.5%

 

 

 

 

 

 

AAA

 

 

$

2,975

 

 

Clark Cnty. Library Dist., GO, 4.00%, 2/01/07, FGIC

 

No Opt. Call

 

$

2,997,967

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

800

3

 

Zero Coupon, 1/01/07, AMBAC

 

ETM

 

 

773,696

 

AAA

 

 

 

1,295

 

 

Zero Coupon, 1/01/08, AMBAC

 

No Opt. Call

 

 

1,197,370

 

AAA

 

 

 

2,005

 

 

Las Vegas Pub. Safety Bonds, GO, 4.00%, 4/01/07, FSA

 

No Opt. Call

 

 

2,022,303

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,991,336

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—2.5%

 

 

 

 

 

 

AAA

 

 

 

70

 

 

Elizabeth, GO, 6.60%, 8/01/06, MBIA

 

02/06 @ 100

 

 

70,193

 

AAA

 

 

 

8,565

3

 

Hwy. Auth. Garden St. Pkwy., 5.00%, 1/01/07, FGIC

 

ETM

 

 

8,709,663

 

AAA

 

 

 

1,000

 

 

Monmouth Cnty. Impvt. Auth. Gov’t Loan, 2.34%, 12/01/06, FSA

 

No Opt. Call

 

 

989,380

 

AAA

 

 

 

375

3

 

N. Jersey Dist. Wtr. Sply. Wanaque So. Proj., 6.50%, 7/01/06, MBIA

 

ETM

 

 

380,918

 

AAA

 

 

 

1,250

 

 

Warren Cnty. Fin. Auth. PCR, 6.55%, 12/01/06, MBIA

 

02/06 @ 100

 

 

1,252,912

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,403,066

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Mexico—0.4%

 

 

 

 

 

 

AAA

 

 

 

1,855

 

 

Fin. Auth. Pub. Proj., Ser. A, 3.50%, 6/01/07, MBIA

 

No Opt. Call

 

 

1,860,769

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—9.1%

 

 

 

 

 

 

AAA

 

 

 

9,220

 

 

Hsg. Fin. Agcy. Hsg. Proj. Mtg., Ser. A, 5.50%, 11/01/06, FSA

 

05/06 @ 102

 

 

9,286,292

 

AAA

 

 

 

1,040

 

 

Malone Ctrl. Sch. Dist., GO, Ser. B, 2.875%, 1/15/07, FGIC

 

No Opt. Call

 

 

1,035,497

 

AAA

 

 

 

2,800

 

 

Nassau Cnty., GO, Ser. Y, 5.00%, 3/01/06, FGIC

 

No Opt. Call

 

 

2,807,840

 

 

 

 

 

 

 

 

New York,

 

 

 

 

 

 

AAA

 

 

 

2,895

 

 

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

 

ETM

 

 

2,942,217

 

AAA

 

 

 

7,105

 

 

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

 

No Opt. Call

 

 

7,226,140

 

AAA

 

 

 

2,000

 

 

New York City Hlth. & Hosp. Corp. Hlth. Sys. Svcs., Ser. A, 3.20%, 2/15/07, FSA

 

No Opt. Call

 

 

1,998,660

 

AAA

 

 

 

13,000

 

 

New York City, GO, Ser. A, 7.00%, 8/01/07, FSA

 

08/06 @ 101.5

 

 

13,455,260

 

 

 

 

 

 

 

 

Rochester,

 

 

 

 

 

 

AAA

 

 

 

1,805

3

 

Ser. B, 4.00%, 2/15/07, MBIA

 

ETM

 

 

1,820,595

 

AAA

 

 

 

1,465

 

 

Ser. B, 4.00%, 2/15/07, MBIA

 

No Opt. Call

 

 

1,478,288

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

42,050,789

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—1.3%

 

 

 

 

 

 

AAA

 

 

 

6,000

 

 

Eastn. Mun. Pwr. Agcy. Sys. Rev., Ser. B, 6.00%, 1/01/06

 

No Opt. Call

 

 

6,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—4.2%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

American Mun. Pwr., Inc., Omega JV2 Proj., 4.00%, 1/01/07, AMBAC

 

No Opt. Call

 

 

1,006,850

 

 

 

 

 

 

 

 

Bldg. Auth.,

 

 

 

 

 

 

AAA

 

 

 

4,585

 

 

Admin. Bldg. Fd., Ser. A, 5.00%, 10/01/06, FSA

 

No Opt. Call

 

 

4,643,871

 

AAA

 

 

 

10,000

 

 

Correction Facs., Ser. A, 5.00%, 10/01/06, FSA

 

No Opt. Call

 

 

10,127,000

 

AAA

 

 

 

2,170

 

 

Cincinnati City Sch. Dist. Sch. Impvt., GO, 4.00%, 12/01/06, MBIA

 

No Opt. Call

 

 

2,184,930

 

AAA

 

 

 

1,285

 

 

Milford Sch. Dist., GO, 3.25%, 12/01/06, FSA

 

No Opt. Call

 

 

1,285,321

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

19,247,972

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oklahoma—1.5%

 

 

 

 

 

 

AAA

 

 

 

6,660

 

 

Trans. Auth. Tpke. Sys. Rev., Ser. B, 5.00%, 1/01/07, AMBAC

 

No Opt. Call

 

 

6,773,819

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oregon—0.9%

 

 

 

 

 

 

AAA

 

 

 

2,020

 

 

Dept. of Admin. Svcs. COP, Ser. A, 5.00%, 11/01/06, FSA

 

No Opt. Call

 

 

2,048,522

 

AAA

 

 

 

2,000

 

 

Washington & Clackamas Cntys. Sch. Dist., GO, 3.125%, 6/15/07, MBIA

 

No Opt. Call

 

 

1,994,520

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,043,042

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—5.1%

 

 

 

 

 

 

AAA

 

 

 

1,500

 

 

Delaware Cnty. Regl. Wtr. Qual. Ctrl. Auth. Swr. Rev., 4.00%, 5/01/07, FGIC

 

No Opt. Call

 

 

1,513,035

 

AAA

 

 

 

1,900

 

 

Dept. of Gen. Svcs. COP, 4.25%, 5/01/06, FSA

 

No Opt. Call

 

 

1,906,156

 

AAA

 

 

 

1,345

 

 

Fleetwood Area Sch. Dist., GO, 4.00%, 4/01/07, FGIC

 

No Opt. Call

 

 

1,356,123

 

AAA

 

 

 

1,615

 

 

Oxford Area Sch. Dist., GO, Ser. A, 4.00%, 2/15/07, FGIC

 

No Opt. Call

 

 

1,627,710

 

AAA

 

 

 

2,950

 

 

Philadelphia Wtr. & Wst., 5.50%, 6/15/06, MBIA

 

No Opt. Call

 

 

2,979,471

 

 

 

 

 

 

 

 

Philadelphia, GO,

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

4.00%, 9/15/06, FSA

 

No Opt. Call

 

 

1,005,340

 

AAA

 

 

 

3,100

 

 

4.05%, 9/15/07, FSA

 

No Opt. Call

 

 

3,136,363

 

AAA

 

 

 

3,620

 

 

Pittsburgh Pub. Pkg. Auth. Pkg. Rev., 2.75%, 12/01/06, AMBAC

 

No Opt. Call

 

 

3,601,936

 

See Notes to Financial Statements.

36



BlackRock Municipal Target Term Trust (BMN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 















 

 

 

 

 

 

 

Pennsylvania—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Pocono Mtn. Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

$

875

 

 

4.50%, 4/01/07, FSA

 

No Opt. Call

 

$

887,495

 

AAA

 

 

 

3,025

 

 

4.50%, 10/01/07, FSA

 

No Opt. Call

 

 

3,084,169

 

AAA

 

 

 

2,375

 

 

Tpke. Comm., Ser. A, 4.125%, 12/01/06, FGIC

 

No Opt. Call

 

 

2,393,976

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

23,491,774

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Rhode Island—1.1%

 

 

 

 

 

 

AAA

 

 

 

1,865

 

 

Providence GO, Ser. C, 3.75%, 1/15/07, FGIC

 

No Opt. Call

 

 

1,873,766

 

AAA

 

 

 

3,400

 

 

Rhode Island & Providence Plantations, GO, Ser. A, 4.00%, 12/01/06, FSA

 

No Opt. Call

 

 

3,423,086

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,296,852

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—15.3%

 

 

 

 

 

 

AAA

 

 

 

6,575

 

 

Austin Wtr. & Wstwtr. Sys., Ser. C, 3.75%, 11/15/06, FSA

 

No Opt. Call

 

 

6,603,075

 

AAA

 

 

 

1,095

 

 

Corpus Christi Bus. & Job Dev. Corp. Sales Tax Rev., 4.00%, 3/01/07, AMBAC

 

No Opt. Call

 

 

1,103,705

 

AAA

 

 

 

2,400

 

 

Corpus Christi Gen. Impvt., GO, Ser. A, 5.00%, 3/01/07, FSA

 

No Opt. Call

 

 

2,446,056

 

AAA

 

 

 

8,500

 

 

Cypress-Fairbanks Indpt. Sch. Dist., GO, Zero Coupon, 8/01/06, AMBAC

 

No Opt. Call

 

 

8,340,880

 

AAA

 

 

 

6,355

 

 

Dallas Rapid Transit, 3.70%, 12/01/06, AMBAC

 

No Opt. Call

 

 

6,380,738

 

AAA

 

 

 

2,280

 

 

Denton Util. Sys. Mult. Util. Impvt., 4.25%, 12/01/06, AMBAC

 

No Opt. Call

 

 

2,300,338

 

AAA

 

 

 

3,445

 

 

El Paso Cnty., GO, 4.00%, 2/15/07, FSA

 

No Opt. Call

 

 

3,472,112

 

AAA

 

 

 

1,000

 

 

Houston Area Wtr. Corp. Northeast Wtr. Purification Proj., 4.00%, 3/01/07, FGIC

 

No Opt. Call

 

 

1,007,950

 

AAA

 

 

 

15,000

 

 

Mun. Pwr. Agcy., Zero Coupon, 9/01/06, AMBAC

 

No Opt. Call

 

 

14,675,850

 

AAA

 

 

 

6,085

 

 

MuniMae Trust, Ser. 10, Cl. A, 4.40%, 7/25/08

 

No Opt. Call

 

 

6,075,568

 

AAA

 

 

 

2,915

 

 

Odessa Wtr. & Swr., 4.25%, 4/01/07, FSA

 

No Opt. Call

 

 

2,948,581

 

 

 

 

 

 

 

 

Round Rock Indpt. Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

 

2,465

 

 

Ser. A, 4.25%, 8/01/06

 

No Opt. Call

 

 

2,479,100

 

AAA

 

 

 

1,000

 

 

Ser. A, 4.25%, 8/01/07

 

No Opt. Call

 

 

1,013,960

 

AAA

 

 

 

8,115

3

 

San Antonio Elec. & Gas, Ser. B, Zero Coupon, 2/01/08,

 

 

 

 

 

 

 

 

 

 

 

 

 

FGIC

 

ETM

 

 

7,547,437

 

AAA

 

 

 

1,000

 

 

Sugar Land, GO, 2.50%, 2/15/07, FGIC

 

No Opt. Call

 

 

987,400

 

AAA

 

 

 

3,000

 

 

Tech. Univ., Ser. 6, 4.25%, 2/15/07, AMBAC

 

No Opt. Call

 

 

3,031,740

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

70,414,490

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Utah—5.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Utah, GO,

 

 

 

 

 

 

AAA

 

 

 

5,950

 

 

Ser. B, 4.50%, 7/01/06

 

No Opt. Call

 

 

5,987,782

 

AAA

 

 

 

20,000

 

 

Ser. B, 4.50%, 7/01/07

 

No Opt. Call

 

 

20,372,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

26,359,982

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—10.1%

 

 

 

 

 

 

AAA

 

 

 

1,325

 

 

Benton Cnty. Pub. Util. Dist. Elec. Rev., 3.75%, 11/01/06, FSA

 

No Opt. Call

 

 

1,330,075

 

AAA

 

 

 

3,000

 

 

Clark Cnty. Pub. Util., Dist. No. 1 Elec. Rev., 4.00%, 1/01/07, AMBAC

 

No Opt. Call

 

 

3,019,980

 

 

 

 

 

 

 

 

King Cnty.,

 

 

 

 

 

 

AAA

 

 

 

75

3

 

3.50%, 12/01/06, MBIA

 

ETM

 

 

75,185

 

AAA

 

 

 

2,015

 

 

3.50%, 12/01/06, MBIA

 

No Opt. Call

 

 

2,019,594

 

AAA

 

 

 

3,085

 

 

King Cnty. Swr. Rev., 3.50%, 1/01/07, FGIC

 

No Opt. Call

 

 

3,091,849

 

AAA

 

 

 

2,100

 

 

Kitsap Cnty., GO, Ser. B, 4.00%, 12/01/06, AMBAC

 

No Opt. Call

 

 

2,114,070

 

AAA

 

 

 

12,875

 

 

Pub. Pwr. Sply. Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/06, MBIA

 

No Opt. Call

 

 

12,666,940

 

 

 

 

 

 

 

 

Seattle, GO,

 

 

 

 

 

 

AAA

 

 

 

1,700

 

 

Ser. E, Zero Coupon, 12/15/07, MBIA

 

No Opt. Call

 

 

1,590,299

 

AAA

 

 

 

1,345

 

 

Ser. E, Zero Coupon, 12/15/08, MBIA

 

No Opt. Call

 

 

1,203,197

 

 

 

 

 

 

 

 

Snohomish Cnty. Pub. Util. Dist. Elec. Rev.,

 

 

 

 

 

 

AAA

 

 

 

5,620

 

 

4.125%, 12/01/06, FSA

 

No Opt. Call

 

 

5,662,375

 

AAA

 

 

 

1,250

3

 

6.55%, 1/01/07, FGIC

 

ETM

 

 

1,289,812

 

AAA

 

 

 

3,890

 

 

Tacoma Elec. Sys., Ser. A, 4.00%, 1/01/07, FSA

 

No Opt. Call

 

 

3,915,907

 

AAA

 

 

 

3,360

4

 

Thurston Cnty. Sch. Dist. No. 3, GO, 4.25%, 12/01/06, FSA

 

N/A

 

 

3,389,971

 

AAA

 

 

 

5,000

 

 

Washington, GO, Ser. B, 5.00%, 1/01/08, MBIA

 

No Opt. Call

 

 

5,158,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

46,527,654

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

West Virginia—1.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth. Correctional Juvenile & Pub. Proj.,

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

4.00%, 6/01/06, MBIA

 

No Opt. Call

 

 

1,002,950

 

AAA

 

 

 

1,500

 

 

4.00%, 6/01/07, MBIA

 

No Opt. Call

 

 

1,512,825

 

AAA

 

 

 

5,300

 

 

West Virginia, GO, 4.00%, 6/01/06, FSA

 

No Opt. Call

 

 

5,316,059

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

7,831,834

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

37



BlackRock Municipal Target Term Trust (BMN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 















 

 

 

 

 

 

 

Wisconsin—1.7%

 

 

 

 

 

 

AAA

 

 

$

1,380

 

 

Appleton Wtr. Wks., Ser. B, 4.00%, 1/01/07, FGIC

 

No Opt. Call

 

$

1,389,715

 

AAA

 

 

 

5,000

3

 

Kenosha, GO, Ser. B, Zero Coupon, 10/15/08, FSA

 

ETM

 

 

4,543,050

 

AAA

 

 

 

1,275

 

 

Milwaukee, GO, Ser. W, 4.00%, 3/15/07, FSA

 

No Opt. Call

 

 

1,285,468

 

AAA

 

 

 

880

 

 

Wisconsin COP, Ser. A, 3.75%, 3/01/07, FSA

 

No Opt. Call

 

 

884,224

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,102,457

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $581,082,680)

 

 

 

 

587,708,356

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—3.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alaska—2.2%

 

 

 

 

 

 

A-1+

 

 

 

10,000

5

 

Valdez Marine Term. Rev., 2.46%, 1/05/06, FRWD

 

N/A

 

 

10,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Georgia—0.9%

 

 

 

 

 

 

F1+

 

 

 

4,370

5

 

De Kalb County Hsg. Auth., 4.50%, 1/03/06, FRWD

 

N/A

 

 

4,370,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Money Market Fund—0.2%

 

 

 

 

 

 

 

 

 

 

900

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

900,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $15,270,000)

 

 

 

 

15,270,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—130.7% (cost $596,352,6806)

 

 

 

$

602,978,356

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.6%

 

 

 

 

7,486,393

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(32.3)%

 

 

 

 

(149,141,500

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

461,323,249

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security is collateralized by U.S. Treasury obligations.

4

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

5

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

6

Cost for Federal income tax purposes is $596,210,172. The net unrealized appreciation on a tax basis is $6,768,184, consisting of $7,055,552 gross unrealized appreciation and $287,368 gross unrealized depreciation.


 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

 

 

 

 

 

AMBAC

American Municipal Bond Assurance Corp.

FSA

Financial Security Assurance

COP

Certificate of Participation

GO

General Obligation

ETM

Escrowed to Maturity

MBIA

Municipal Bond Insurance Assoc.

FGIC

Financial Guaranty Insurance Co.

PCR

Pollution Control Revenue

FRWD

Floating Rate Weekly Demand

 

 

 

See Notes to Financial Statements.

38



 

PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

BlackRock Strategic Municipal Trust (BSD)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 















 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—143.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—9.5%

 

 

 

 

 

 

Baa3

 

 

$

3,000

 

 

Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., Ser. A, 6.70%, 11/01/29

 

11/09 @ 101

 

$

3,233,640

 

AA

 

 

 

7,000

 

 

Pub. Sch. & Coll. Auth. Cap. Impvt., Ser. C, 5.75%, 7/01/18

 

07/09 @ 101.5

 

 

7,598,850

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,832,490

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arizona—1.9%

 

 

 

 

 

 

AA

 

 

 

1,275

 

 

Salt River Proj. Agricultural Impvt. & Pwr. Dist., Ser. A, 5.00%, 1/01/35

 

01/16 @ 100

 

 

1,338,393

 

 

 

 

 

 

 

 

San. Luis Fac. Dev. Corp. Rev., Sr. Lien Proj. Regl. Detention Ctr.,

 

 

 

 

 

 

NR

 

 

 

210

 

 

6.25%, 5/01/15

 

05/10 @ 107

 

 

207,541

 

NR

 

 

 

210

 

 

7.00%, 5/01/20

 

05/10 @ 107

 

 

206,817

 

NR

 

 

 

420

 

 

7.25%, 5/01/27

 

05/10 @ 107

 

 

412,360

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,165,111

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—17.8%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

California St., GO, 5.00%, 3/01/33

 

03/15 @ 100

 

 

5,204,650

 

A-

 

 

 

7,570

 

 

Golden St. Tobacco Sec. Corp., Ser. A, 5.00%, 6/01/45

 

06/15 @ 100

 

 

7,616,707

 

 

 

 

 

 

 

 

Los Angeles Dept. of Wtr. & Pwr. Sys.,

 

 

 

 

 

 

AAA

 

 

 

2,055

 

 

5.00%, 7/01/31, FSA

 

07/15 @ 100

 

 

2,159,558

 

AAA

 

 

 

5,000

 

 

5.00%, 7/01/35, FSA

 

07/15 @ 100

 

 

5,250,450

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

20,231,365

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—3.0%

 

 

 

 

 

 

AAA

 

 

 

10,000

 

 

Northwest Pkwy. Pub. Hwy. Auth., Ser. B, Zero Coupon, 6/15/30, FSA

 

06/11 @ 31.387

 

 

2,449,100

 

Baa2

 

 

 

440

 

 

Park Creek Met. Dist. Rev., Sr. Ltd. Ppty. Tax, 5.50%, 12/01/37

 

12/15 @ 101

 

 

455,237

 

AAA

 

 

 

445

 

 

Springs Co. Utils. Rev. Sub., Ser. C, 5.00%, 11/15/45, FSA

 

11/15 @ 100

 

 

459,316

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

3,363,653

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Connecticut—8.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Mashantucket Western Pequot Tribe Spec. Rev.,

 

 

 

 

 

 

Baa3

 

 

 

1,500

 

 

Ser. A, 5.50%, 9/01/28

 

09/09 @ 101

 

 

1,548,345

 

Baa3

 

 

 

8,000

3

 

Ser. B, 5.75%, 9/01/27

 

09/07 @ 102

 

 

8,252,640

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,800,985

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—8.8%

 

 

 

 

 

 

NR

 

 

 

1,730

 

 

Arborwood Cmnty. Dev. Dist., Master Infrastructure Projs., Ser. B, 5.10%, 5/01/14

 

No Opt. Call

 

 

1,727,872

 

NR

 

 

 

3,300

 

 

Hillsborough Cnty. Ind. Dev. Auth., Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30

 

10/10 @ 101

 

 

3,618,846

 

BB+

 

 

 

2,045

 

 

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

2,299,644

 

AAA

 

 

 

645

 

 

Peace River/Manasota Regl. Wtr. Sply. Auth., 5.00%, 10/01/30, FSA

 

10/15 @ 100

 

 

677,953

 

AAA

 

 

 

1,630

 

 

Sumter Landing Cmnty. Dev. Dist., Ser B, 5.70%, 10/01/38

 

10/15 @ 100

 

 

1,639,095

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,963,410

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—9.1%

 

 

 

 

 

 

NR

 

 

 

850

3

 

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

 

No Opt. Call

 

 

863,872

 

AAA

 

 

 

520

4

 

Chicago Brd. of Ed. Sch. Reform, 5.75%, 12/01/07, AMBAC

 

N/A

 

 

553,597

 

AAA

 

 

 

1,755

 

 

Chicago O’Hare Intl. Arpt. Revgen Arpt. Third Lien Ser. A, 5.00%, 1/01/33, FGIC

 

01/16 @ 100

 

 

1,813,547

 

AA+

 

 

 

5,000

 

 

Edl. Fac. Auth. Rev., Northwestern Univ. Proj., 5.00%, 12/01/33

 

12/13 @ 100

 

 

5,171,300

 

BB+

 

 

 

295

 

 

Fin. Auth. Rev., Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37

 

02/15 @ 100

 

 

296,437

 

 

 

 

 

 

 

 

Fin. Auth. Student Hsg., MJH Ed. Asst. Living Proj.,

 

 

 

 

 

 

Baa2

 

 

 

375

 

 

Ser. A, 5.125%, 6/01/35

 

06/14 @ 100

 

 

374,426

 

Baa3

 

 

 

300

 

 

Ser. B, 5.375%, 6/01/35

 

06/14 @ 100

 

 

299,535

 

AAA

 

 

 

1,000

 

 

O’Hare Intl. Arpt., Ser. A, 5.00%, 1/01/30, MBIA

 

01/15 @ 100

 

 

1,034,380

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,407,094

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—11.8%

 

 

 

 

 

 

AAA

 

 

 

32,345

 

 

Econ. Dev. Fin. Sys., Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/24, MBIA

 

No Opt. Call

 

 

13,444,846

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—1.9%

 

 

 

 

 

 

AAA

 

 

 

2,000

4

 

Hosp. Fin. Auth., Mercy Hlth. Svcs., 5.75%, 8/15/09, MBIA

 

N/A

 

 

2,172,520

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Missouri—2.0%

 

 

 

 

 

 

A

 

 

 

2,000

4

 

Hlth. & Edl. Facs. Auth., Hlth. Facs. Rev., St. Anthony’s Med. Ctr. Proj., 6.125%, 12/01/10

 

N/A

 

 

2,249,640

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

39



BlackRock Strategic Municipal Trust (BSD) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 















 

 

 

 

 

 

 

Multi-State—5.8%

 

 

 

 

 

 

Baa1

 

 

$

2,000

3

 

Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/10

 

No Opt. Call

 

$

2,266,180

 

A3

 

 

 

4,000

3

 

MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49

 

06/09 @ 100

 

 

4,300,640

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,566,820

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—0.6%

 

 

 

 

 

 

NR

 

 

 

645

 

 

Middlesex Cnty. Imprt. Auth., Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37

 

01/15 @ 100

 

 

642,504

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—15.1%

 

 

 

 

 

 

AA-

 

 

 

6,845

 

 

Liberty Dev. Corp. Rev. Proj., 5.25%, 10/01/35

 

No Opt. Call

 

 

7,767,295

 

Aa1

 

 

 

2,500

 

 

Mtg. Agcy. Homeowner Mtg., Ser. 85, 5.70%, 10/01/17

 

09/09 @ 100

 

 

2,602,475

 

B-

 

 

 

6,000

 

 

New York City Indl. Dev. Agcy., 7.75%, 8/01/31

 

08/16 @ 101

 

 

6,199,200

 

BBB

 

 

 

3,805

 

 

New York Cntys. Tobacco Trust III, Zero Coupon, 6/01/38

 

06/15 @ 26.186

 

 

574,517

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

17,143,487

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—5.6%

 

 

 

 

 

 

AAA

 

 

 

6,265

 

 

Air Qual. Dev. Auth., 4.80%, 1/01/34, FGIC

 

07/15 @ 100

 

 

6,346,006

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oklahoma—1.1%

 

 

 

 

 

 

B-

 

 

 

1,225

 

 

Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35

 

No Opt. Call

 

 

1,281,117

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—13.9%

 

 

 

 

 

 

AAA

 

 

 

7,000

 

 

Allegheny Cnty. San. Swr. Auth., Ser. A, 5.00%, 12/01/30, MBIA

 

12/15 @ 100

 

 

7,357,000

 

BB-

 

 

 

3,555

 

 

Econ. Dev. Fin. Auth. Exempt Facs. Rev., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36

 

12/09 @ 103

 

 

3,800,508

 

 

 

 

 

 

 

 

Econ. Dev. Fin. Auth., Amtrak Proj.,

 

 

 

 

 

 

A3

 

 

 

700

 

 

Ser. A, 6.125%, 11/01/21

 

05/11 @ 101

 

 

746,795

 

A3

 

 

 

1,000

5

 

Ser. A, 6.25%, 11/01/31

 

05/11 @ 101

 

 

1,069,250

 

A3

 

 

 

1,000

 

 

Ser. A, 6.50%, 11/01/16

 

05/11 @ 101

 

 

1,096,560

 

NR6

 

 

 

1,000

 

 

Ser. G, 5.125%, 12/01/15

 

No Opt. Call

 

 

998,610

 

AAA

 

 

 

720

 

 

Washington Cnty. Auth., Cap. Fdg. & Equip. Proj., 6.15%, 12/01/29, AMBAC

 

No Opt. Call

 

 

774,763

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

15,843,486

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

South Carolina—2.6%

 

 

 

 

 

 

BBB+

 

 

 

2,500

 

 

Jobs Econ. Dev. Auth. Hosp. Facs. Rev., Palmetto Hlth. Alliance Proj., Ser. C, 7.00%, 8/01/30

 

08/13 @ 100

 

 

2,932,225

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—1.9%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC

 

03/10 @ 101

 

 

2,151,880

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—18.5%

 

 

 

 

 

 

AAA

 

 

 

4,750

 

 

Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA

 

11/30 @ 61.166

 

 

791,445

 

AAA

 

 

 

5,000

 

 

Humble Indpt. Sch. Dist. Sch. Bldg., Ser. B, 5.00%, 2/15/30, FGIC

 

02/15 @ 100

 

 

5,207,700

 

AAA

 

 

 

4,865

 

 

Katy Indpt. Sch. Dist., Ser. B, 5.00%, 2/15/32

 

02/15 @ 100

 

 

5,052,303

 

AAA

 

 

 

4,060

 

 

La Joya Indpt. Sch. Dist., 5.00%, 2/15/34

 

02/14 @ 100

 

 

4,182,571

 

AAA

 

 

 

1,500

 

 

Lower Colorado River Auth., Ser. A, 5.50%, 5/15/21, AMBAC

 

05/09 @ 101

 

 

1,600,245

 

AAA

 

 

 

15,000

 

 

Tpke. Auth. Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC

 

08/12 @ 32.807

 

 

3,625,800

 

AA+

 

 

 

500

 

 

Wtr. Fin. Asst., GO, 5.75%, 8/01/22

 

08/10 @ 100

 

 

543,175

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

21,003,239

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Utah—3.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermountain Pwr. Agcy.,

 

 

 

 

 

 

AAA

 

 

 

2,675

 

 

5.75%, 7/01/19, MBIA

 

07/07 @ 102

 

 

2,815,170

 

AAA

 

 

 

1,325

4

 

Ser. B, 5.75%, 7/01/07, MBIA

 

N/A

 

 

1,398,021

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,213,191

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—0.3%

 

 

 

 

 

 

AAA

 

 

 

365

 

 

Pub. Pwr., Inc. Sys., Ser. A, 5.00%, 7/01/37, AMBAC

 

07/15 @ 100

 

 

378,969

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $153,005,335)

 

 

 

 

163,134,038

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

40



BlackRock Strategic Municipal Trust (BSD) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 















 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—8.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Delaware—3.9%

 

 

 

 

 

 

A-1

 

 

$

4,400

7

 

St. Econ. Dev. Auth. Rev. Hosp., Ser. A, 2.98%, 1/04/06, AMBAC, FRWD

 

N/A

 

$

4,400,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—3.5%

 

 

 

 

 

 

A-1+

 

 

 

4,000

7

 

Triborough Brdg. & Tunl. Auth. Rev., Ser. B2, 2.95%, 1/05/06, FRWD

 

N/A

 

 

4,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Funds—1.0%

 

 

 

 

 

 

 

 

 

 

1,150

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

1,150,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $9,550,000)

 

 

 

 

9,550,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—151.9% (cost $162,555,3358)

 

 

 

$

172,684,038

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—2.7%

 

 

 

 

3,016,890

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(54.6)%

 

 

 

 

(62,017,068

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

113,683,860

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 


1

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

2

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

3

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of December 31, 2005, the Trust held 13.8% of its net assets, with a current market value of $15,683,332, in securities restricted as to resale.

4

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

5

Security, or a portion thereof, pledged as collateral with a value of $1,069,250 on 200 short U.S. Treasury Note futures contracts expiring March 2006 and 75 short U.S. Treasury Bond futures contracts expiring March 2006. The value of such contracts on December 31, 2005, was $30,445,313, with an unrealized loss of $261,052.

6

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

7

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

8

Cost for Federal income tax purposes is $162,517,062. The net unrealized appreciation on a tax basis is $10,166,976, consisting of $10,355,735 gross unrealized appreciation and $188,759 gross unrealized depreciation.


 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

 

 

 

 

 

AMBAC

American Municipal Bond Assurance Corp.

GO

General Obligation

FGIC

Financial Guaranty Insurance Co.

MBIA

Municipal Bond Insurance Assoc.

FRWD

Floating Rate Weekly Demand

PCR

Pollution Control Revenue

FSA

Financial Security Assurance

 

 

 


See Notes to Financial Statements.

41



 

 

PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

 

BlackRock California Insured Municipal 2008 Term Trust (BFC)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

 

Principal
Amount
(000)

 

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 













 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—154.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—142.4%

 

 

 

 

 

 

AAA

 

 

$

2,635

 

 

Alameda Cnty., COP, Ser. A, 3.80%, 12/01/08, MBIA

 

No Opt. Call

 

$

2,676,264

 

 

 

 

 

 

 

 

Anaheim Union High Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

 

1,060

 

 

Ser. A, 3.50%, 8/01/08, FSA

 

No Opt. Call

 

 

1,066,996

 

AAA

 

 

 

1,250

 

 

Ser. A, 4.00%, 8/01/09, FSA

 

No Opt. Call

 

 

1,278,813

 

AAA

 

 

 

1,000

 

 

Burbank Elec. Rev., 3.50%, 6/01/09, MBIA

 

No Opt. Call

 

 

1,007,010

 

 

 

 

 

 

 

 

California, GO,

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

5.00%, 6/01/09, MBIA

 

No Opt. Call

 

 

2,106,640

 

AAA

 

 

 

3,000

 

 

5.50%, 4/01/09, MBIA

 

No Opt. Call

 

 

3,204,810

 

AAA

 

 

 

3,000

 

 

5.50%, 2/01/10, MBIA

 

No Opt. Call

 

 

3,238,800

 

AAA

 

 

 

2,000

 

 

6.25%, 9/01/08, FGIC

 

No Opt. Call

 

 

2,147,140

 

AAA

 

 

 

15,000

 

 

6.30%, 9/01/08, MBIA

 

No Opt. Call

 

 

16,122,450

 

AAA

 

 

 

2,600

 

 

Castaic Lake Wtr. Agcy., COP, Wtr. Sys. Impvt.Proj., Ser. A, 7.25%, 8/01/10, MBIA

 

No Opt. Call

 

 

3,009,760

 

AAA

 

 

 

1,135

 

 

Chaffey Cmnty. Coll. Dist., GO, Ser. A, 3.75%, 7/01/09, FSA

 

No Opt. Call

 

 

1,152,445

 

 

 

 

 

 

 

 

Chula Vista, COP,

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

Police Fac. Proj., 4.00%, 8/01/08, MBIA

 

No Opt. Call

 

 

1,018,840

 

AAA

 

 

 

1,000

 

 

Police Fac. Proj., 4.00%, 8/01/09, MBIA

 

No Opt. Call

 

 

1,023,050

 

AAA

 

 

 

5,500

3

 

Clovis Unified Sch. Dist., Ser. B, Zero Coupon, 8/01/08, FGIC

 

ETM

 

 

5,045,700

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

10,000

 

 

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

 

No Opt. Call

 

 

9,965,300

 

AAA

 

 

 

10,000

 

 

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

 

No Opt. Call

 

 

10,004,400

 

AAA

 

 

 

1,000

 

 

Dept. of Wtr. Res. Wtr. Rev., Central Valley Proj., Ser. Z, 4.00%, 12/01/09, FGIC

 

No Opt. Call

 

 

1,025,060

 

AAA

 

 

 

1,855

 

 

El Paso De Robles, GO, Ser. A, Zero Coupon, 8/01/09, FGIC

 

No Opt. Call

 

 

1,638,188

 

AAA

 

 

 

4,025

 

 

Elsinore Valley Mun. Wtr. Dist., COP, Ser. A, 6.00%, 7/01/09, FGIC

 

No Opt. Call

 

 

4,369,299

 

AAA

 

 

 

1,055

 

 

Glendale Unified Sch. Dist., Ser. D, 3.50%, 9/01/09, MBIA

 

No Opt. Call

 

 

1,061,815

 

AAA

 

 

 

2,000

 

 

Hlth. Facs. Fin. Auth. Sutter Hlth. Care Sys. Proj., 5.70%, 8/15/09, MBIA

 

08/06 @ 102

 

 

2,068,060

 

 

 

 

 

 

 

 

Long Beach Bd. of Fin. Auth. Tax Alloc. Rev., Redev. Projs.,

 

 

 

 

 

 

AAA

 

 

 

1,245

 

 

3.50%, 8/01/08, AMBAC

 

No Opt. Call

 

 

1,250,154

 

AAA

 

 

 

1,120

 

 

3.75%, 8/01/09, AMBAC

 

No Opt. Call

 

 

1,132,678

 

AAA

 

 

 

4,405

 

 

Los Angeles Cnty. Met. Trans. Auth. Rev., Spl. Benefit Assmt. Dist A1, 3.75%, 9/01/08, AMBAC

 

No Opt. Call

 

 

4,462,705

 

AAA

 

 

 

9,835

 

 

Los Angeles Cnty. Sanitation Dists. Fin. Auth. Rev., Ser. A, 4.00%, 10/01/09, FSA

 

No Opt. Call

 

 

10,071,433

 

 

 

 

 

 

 

 

Los Angeles Cnty., Asset Leasing Corp. Rev.,

 

 

 

 

 

 

AAA

 

 

 

8,090

 

 

6.00%, 12/01/08, AMBAC

 

No Opt. Call

 

 

8,694,808

 

AAA

 

 

 

8,600

 

 

6.05%, 12/01/09, AMBAC

 

No Opt. Call

 

 

9,439,790

 

AAA

 

 

 

2,910

 

 

Los Angeles Cnty., Asset Leasing Corp. Rev. Proj., 5.95%, 12/01/07, AMBAC

 

No Opt. Call

 

 

3,053,929

 

AAA

 

 

 

6,000

 

 

Los Angeles Dept. of Arpts. Arpt. Rev., LA Intl. Arpt. Proj., Ser. B, 5.00%, 5/15/09, MBIA

 

No Opt. Call

 

 

6,319,800

 

AAA

 

 

 

3,860

 

 

Los Angeles Sanitation Equip., Ser. A, 3.625%, 2/01/09, FSA

 

No Opt. Call

 

 

3,900,800

 

 

 

 

 

 

 

 

Los Angeles Unified Sch. Dist.,

 

 

 

 

 

 

AAA

 

 

 

2,660

 

 

Ser. B, 3.00%, 10/01/08, FSA

 

No Opt. Call

 

 

2,631,405

 

AAA

 

 

 

7,500

 

 

Ser. F, 3.00%, 7/01/09, FSA

 

No Opt. Call

 

 

7,400,025

 

AAA

 

 

 

13,110

 

 

Los Angeles, GO, Ser. A, 3.50%, 9/01/09, MBIA

 

No Opt. Call

 

 

13,194,691

 

AAA

 

 

 

1,000

 

 

Mount Diablo Unified Sch. Dist., GO, 3.50%, 8/01/08, FSA

 

No Opt. Call

 

 

1,006,600

 

AAA

 

 

 

1,000

 

 

Orange Cnty. Local Trans. Auth. Sales Tax Rev., 6.00%, 2/15/09, MBIA

 

No Opt. Call

 

 

1,078,860

 

AAA

 

 

 

2,495

3

 

Pasadena Unified Sch. Dist., Ser. C, 3.50%, 11/01/08, FSA

 

ETM

 

 

2,514,960

 

AAA

 

 

 

2,100

 

 

Pub. Wks. Brd. Energy Efficiency Proj., Ser. A, 5.625%, 10/01/08, AMBAC

 

01/06 @ 102

 

 

2,149,896

 

AAA

 

 

 

3,345

3

 

Sacramento City Fin. Auth., City Hall & Redev. Projs., Ser. A, 3.50%, 12/01/08, FSA

 

ETM

 

 

3,372,563

 

AAA

 

 

 

1,000

 

 

Sacramento City Unified Sch. Dist., 3.50%, 7/01/09, FGIC

 

No Opt. Call

 

 

1,007,190

 

 

 

 

 

 

 

 

Sacramento Mun. Util. Dist. Elec. Rev.,

 

 

 

 

 

 

AAA

 

 

 

825

3

 

Ser. C, 5.75%, 11/15/07, MBIA

 

ETM

 

 

826,320

 

AAA

 

 

 

3,750

3

 

Ser. C, 5.75%, 11/15/08, FGIC

 

ETM

 

 

3,756,000

 

AAA

 

 

 

3,950

3

 

Ser. C, 5.75%, 11/15/09, MBIA

 

ETM

 

 

3,956,320

 

AAA

 

 

 

5,000

3

 

San Bernardino Cnty. Trans. Auth., Sales Tax Rev., 6.00%, 3/01/10, FGIC

 

ETM

 

 

5,311,200

 

 

 

 

 

 

 

 

San Diego Cnty. Regl. Trans. Comm. Sales Tax Rev.,

 

 

 

 

 

 

AAA

 

 

 

7,830

3

 

Ser. A, 6.00%, 4/01/08, MBIA

 

ETM

 

 

8,160,817

 

AAA

 

 

 

2,500

3

 

Ser. A, 6.00%, 4/01/08, FGIC

 

ETM

 

 

2,605,625

 

 

 

 

 

 

 

 

San Diego Cnty., COP,

 

 

 

 

 

 

AAA

 

 

 

2,360

 

 

5.00%, 2/01/09, AMBAC

 

No Opt. Call

 

 

2,475,546

 

AAA

 

 

 

11,000

 

 

5.625%, 9/01/12, AMBAC

 

No Opt. Call

 

 

11,893,750

 

See Notes to Financial Statements.

42


 

 

BlackRock California Insured Municipal 2008 Term Trust (BFC) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

 

Principal
Amount
(000)

 

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 













 

 

 

 

 

 

 

California—(cont’d)

 

 

 

 

 

 

AAA

 

 

$

12,725

 

 

San Diego Pub. Facs. Fin. Auth. Wtr. Rev., 3.00%, 8/01/09, MBIA

 

No Opt. Call

 

$

12,533,234

 

AAA

 

 

 

1,250

 

 

San Francisco City & Cnty., GO, 4.00%, 6/15/09, FSA

 

No Opt. Call

 

 

1,281,113

 

AAA

 

 

 

1,000

3

 

San Jose Redev. Agcy., 4.00%, 8/01/09, MBIA

 

ETM

 

 

1,025,080

 

AAA

 

 

 

1,000

 

 

San Mateo Cnty. Cmnty. Coll. Dist., GO, Ser. A, 3.30%, 9/01/08, FGIC

 

No Opt. Call

 

 

1,001,740

 

 

 

 

 

 

 

 

Santa Ana Unified Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

Ser. B, Zero Coupon, 8/01/08, FGIC

 

No Opt. Call

 

 

916,470

 

AAA

 

 

 

2,000

 

 

Ser. B, Zero Coupon, 8/01/09, FGIC

 

No Opt. Call

 

 

1,766,240

 

AAA

 

 

 

4,030

 

 

Santa Barbara Cnty. Local Transp. Auth. Sales Tax Rev., 3.00%, 3/15/09, FSA

 

No Opt. Call

 

 

3,983,736

 

AAA

 

 

 

4,620

 

 

Santa Clara Valley Wtr. Dist., COP, 4.00%, 2/01/09, FGIC

 

No Opt. Call

 

 

4,719,099

 

AAA

 

 

 

2,470

 

 

Santa Clara, COP, Ser. B, 3.50%, 2/01/09, AMBAC

 

No Opt. Call

 

 

2,487,142

 

AAA

 

 

 

4,665

 

 

So. Coast Air Qual. Mgmt. Dist. Bldg. Corp., 4.00%, 8/01/09, AMBAC

 

No Opt. Call

 

 

4,772,528

 

 

 

 

 

 

 

 

Univ. of California,

 

 

 

 

 

 

AAA

 

 

 

2,500

 

 

Ser. A, 5.00%, 5/15/09, AMBAC

 

No Opt. Call

 

 

2,637,325

 

AAA

 

 

 

2,000

4

 

Ser. F, 5.00%, 9/01/06, FGIC

 

N/A

 

 

2,043,720

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

235,066,132

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—12.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Elec. Pwr. Auth.,

 

 

 

 

 

 

AAA

 

 

 

5,280

 

 

Ser. DD, 5.00%, 7/01/09, FSA

 

07/08 @ 101.5

 

 

5,561,899

 

AAA

 

 

 

7,000

 

 

Ser. DD, 5.00%, 7/01/10, FSA

 

07/08 @ 101.5

 

 

7,356,510

 

AAA

 

 

 

3,000

 

 

Ser. KK, 4.50%, 7/01/09, XLCA

 

No Opt. Call

 

 

3,109,710

 

AAA

 

 

 

4,000

 

 

Mun. Fin. Agcy., Ser. A, 5.625%, 8/01/10, FSA

 

08/09 @ 101

 

 

4,328,120

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

20,356,239

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $248,891,931)

 

 

 

 

255,422,371

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—6.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—6.4%

 

 

 

 

 

 

A-1+

 

 

 

5,000

5

 

Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. B-2,

 

 

 

 

 

 

 

 

 

 

 

 

 

3.75%, 1/05/06, FRWD

 

N/A

 

 

5,000,000

 

A-1+

 

 

 

1,500

5

 

Orange Cnty. Sanitation Dist., COP, Ser. A,

 

 

 

 

 

 

 

 

 

 

 

 

 

3.62%, 1/05/06, FRWD

 

N/A

 

 

1,500,000

 

A-1+

 

 

 

4,100

5

 

Vacaville Multi-Fam. Mtg. Quail Run Proj., Ser. A, 3.34%, 1/04/06, FRWD

 

N/A

 

 

4,100,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund—0.1%

 

 

 

 

 

 

 

 

 

 

150

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

150,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $10,750,000)

 

 

 

 

10,750,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—161.2% (cost $259,641,9316)

 

 

 

$

266,172,371

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—2.2%

 

 

 

 

3,555,969

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(63.4)%

 

 

 

 

(104,631,271

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

165,097,069

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security is collateralized by U.S. Treasury obligations.

4

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

5

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

6

Cost for Federal income tax purposes is $258,920,210. The net unrealized appreciation on a tax basis is $7,252,161, consisting of $8,114,079 gross unrealized appreciation and $861,918 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 96.0% of the Trust’s managed assets. The Trust had the following insurance concentrations:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMBAC

 

 

 

 

20.4

%

 

MBIA

 

 

 

 

35.2

%

FGIC

 

 

 

 

14.0

%

 

XLCA

 

 

 

 

1.2

%

FSA

 

 

 

 

25.1

%

 

Other

 

 

 

 

0.1

%


 

 

 

 

 

 


KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

FSA

Financial Security Assurance

COP

Certificate of Participation

GO

General Obligation

ETM

Escrowed to Maturity

MBIA

Municipal Bond Insurance Assoc.

FGIC

Financial Guaranty Insurance Co.

XLCA

XL Capital Assurance

 

 

 

 

 

 

See Notes to Financial Statements.

43



PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

BlackRock California Municipal 2018 Term Trust (BJZ)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

 

Principal
Amount
(000)

 

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 















 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—141.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—111.4%

 

 

 

 

 

 

BBB+

 

 

$

2,100

 

 

ABAG Fin. Auth. for Nonprofit Corps., San Diego Hosp. Assoc. Proj., Ser. C, 5.375%, 3/01/21

 

03/14 @ 100

 

$

2,192,085

 

 

 

 

 

 

 

 

California, GO,

 

 

 

 

 

 

A

 

 

 

5,000

 

 

5.00%, 11/01/20

 

11/11 @ 100

 

 

5,217,550

 

AAA

 

 

 

6,500

 

 

Ser. BZ, 5.35%, 12/01/21, MBIA

 

06/07 @ 101

 

 

6,572,670

 

AAA

 

 

 

7,500

 

 

Clovis Unified Sch. Dist., Cap. Apprec. Election 2004, Ser. A, Zero Coupon, 8/01/21, FGIC

 

No Opt. Call

 

 

3,682,725

 

A

 

 

 

6,500

3,4

 

Dept. of Wtr. Res. Pwr. Sply. Rev., Ser. A, 5.125%, 5/01/12

 

N/A

 

 

7,123,025

 

AAA

 

 

 

3,395

 

 

Fontana Pub. Fin. Auth. Tax Alloc. Rev., Fontana Redev. Proj., Ser. A, 5.25%, 9/01/18, FSA

 

09/11 @ 101

 

 

3,661,677

 

BBB

 

 

 

20,000

 

 

Foothill/Eastn. Transp. Corridor Agcy. Toll Rd. Rev., Zero Coupon, 1/15/21

 

01/10 @ 53.346

 

 

8,391,200

 

 

 

 

 

 

 

 

Hlth. Fac. Fin. Auth., Adventist Hlth. Sys. Proj.,

 

 

 

 

 

 

A

 

 

 

1,075

 

 

Ser. A, 5.00%, 3/01/18

 

03/13 @ 100

 

 

1,123,558

 

A

 

 

 

1,000

 

 

Ser. A, 5.00%, 3/01/19

 

03/13 @ 100

 

 

1,040,170

 

A

 

 

 

2,060

 

 

Ser. A, 5.00%, 3/01/20

 

03/13 @ 100

 

 

2,132,491

 

A

 

 

 

1,355

 

 

Ser. A, 5.00%, 3/01/24

 

03/13 @ 100

 

 

1,390,975

 

 

 

 

 

 

 

 

Infrastructure & Econ. Dev.,

 

 

 

 

 

 

A

 

 

 

1,985

 

 

J. David Gladstone Inst. Proj., 5.50%, 10/01/20

 

10/11 @ 101

 

 

2,118,332

 

A+

 

 

 

6,500

 

 

Kaiser Hosp. Asst. LLC Proj., Ser. A, 5.55%, 8/01/31

 

08/11 @ 102

 

 

6,886,555

 

 

 

 

 

 

 

 

Lathrop Fin. Auth., Wtr. Sply. Proj.,

 

 

 

 

 

 

NR

 

 

 

995

 

 

5.80%, 6/01/21

 

06/13 @ 100

 

 

1,051,237

 

NR

 

 

 

1,040

 

 

5.85%, 6/01/22

 

06/13 @ 100

 

 

1,100,060

 

NR

 

 

 

1,000

 

 

5.90%, 6/01/23

 

06/13 @ 100

 

 

1,058,980

 

AAA

 

 

 

5,000

 

 

Long Beach Harbor Dept., Ser. A, 5.25%, 5/15/18, FGIC

 

05/10 @ 101

 

 

5,299,950

 

 

 

 

 

 

 

 

Los Angeles Cnty. Pub. Wks., Regl. Park Proj.,

 

 

 

 

 

 

AA

 

 

 

3,220

3

 

Ser. A, 5.00%, 10/01/07

 

N/A

 

 

3,350,378

 

AA

 

 

 

1,780

 

 

Ser. A, 5.00%, 10/01/19

 

10/07 @ 101

 

 

1,838,277

 

AAA

 

 

 

10,025

 

 

Los Angeles Habor Dept., Ser. B, 5.50%, 8/01/21, AMBAC

 

08/11 @ 100

 

 

10,732,966

 

 

 

 

 

 

 

 

Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. Rev., Republic Svcs., Inc. Proj.,

 

 

 

 

 

 

BBB+

 

 

 

2,500

 

 

Ser. B, 5.25%, 6/01/23

 

No Opt. Call

 

 

2,645,225

 

BBB+

 

 

 

2,500

 

 

Ser. C, 5.25%, 6/01/23

 

No Opt. Call

 

 

2,645,225

 

A2

 

 

 

3,100

 

 

Poll. Ctrl. Fin. Auth., PCR, San Diego Gas & Elec. Proj., Ser. A, 5.90%, 6/01/14

 

No Opt. Call

 

 

3,479,192

 

 

 

 

 

 

 

 

Pub. Wks. Brd.,

 

 

 

 

 

 

A-

 

 

 

2,020

 

 

California Cmnty. Coll. Proj., Ser. A, 5.00%, 12/01/17

 

12/08 @ 101

 

 

2,097,326

 

A2

 

 

 

2,415

 

 

California St. Univ. Proj., Ser. A, 5.00%, 10/01/17

 

10/08 @ 101

 

 

2,510,079

 

AAA

 

 

 

5,000

 

 

Riverside Unified Sch. Dist., Ser. A, 5.25%, 2/01/23, FGIC

 

02/12 @ 101

 

 

5,373,150

 

 

 

 

 

 

 

 

San Bernardino Cnty. Spl. Tax, Cmnty. Facs.,

 

 

 

 

 

 

NR

 

 

 

105

 

 

5.35%, 9/01/17

 

09/12 @ 102

 

 

109,538

 

NR

 

 

 

245

 

 

5.50%, 9/01/18

 

09/12 @ 102

 

 

257,287

 

NR

 

 

 

500

 

 

5.60%, 9/01/19

 

09/12 @ 102

 

 

526,775

 

NR

 

 

 

355

 

 

5.70%, 9/01/20

 

09/12 @ 102

 

 

375,210

 

AAA

 

 

 

2,980

 

 

San Diego Cnty., COP, 5.25%, 11/01/19, AMBAC

 

11/11 @ 100

 

 

3,195,573

 

AAA

 

 

 

2,135

3

 

Santa Clara Valley Transp. Auth. Sales Tax Rev., Ser. A, 5.00%, 6/01/11, MBIA

 

N/A

 

 

2,300,121

 

BBB+

 

 

 

5,000

 

 

Statewide Cmntys. Dev. Daughters of Charity Hlth. Proj., Ser. A, 5.25%, 7/01/24

 

07/15 @ 100

 

 

5,193,050

 

AAA

 

 

 

4,590

 

 

Stockton East Wtr. Dist., COP, Ser. B, 0.01%, 4/01/19, FGIC

 

04/12 @ 66.427

 

 

2,277,650

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

108,950,262

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Multi-State—9.9%

 

 

 

 

 

 

A3

 

 

 

4,000

5

 

Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49

 

06/09 @ 100

 

 

4,295,400

 

A3

 

 

 

5,000

5

 

MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49

 

06/09 @ 100

 

 

5,375,800

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,671,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—13.4%

 

 

 

 

 

 

BBB

 

 

 

4,410

 

 

Pub. Bldgs. Auth. Gov’t. Facs., Ser. C, 5.75%, 7/01/19

 

No Opt. Call

 

 

5,020,476

 

Aaa

 

 

 

7,500

3

 

Pub. Fin. Corp., Ser. E, 5.70%, 2/01/10

 

N/A

 

 

8,138,775

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

13,159,251

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

44


 

 

BlackRock California Municipal 2018 Term Trust (BJZ) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

 

Principal
Amount
(000)

 

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 















 

 

 

 

 

 

 

Trust Territories—4.1%

 

 

 

 

 

 

A

 

 

$

4,000

5

 

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

 

12/13 @ 102

 

$

3,996,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

U.S. Virgin Islands—3.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Pub. Fin. Auth.,

 

 

 

 

 

 

BBB

 

 

 

960

 

 

Sen. Lein Matching Fund Loan, Ser. A, 5.25%, 10/01/23

 

10/14 @ 100

 

 

1,003,008

 

BBB

 

 

 

360

 

 

Sen. Lien Matching Fund Loan, Ser. A, 5.25%, 10/01/17

 

10/14 @ 100

 

 

381,442

 

BBB

 

 

 

455

 

 

Sen. Lien Matching Fund Loan, Ser. A, 5.25%, 10/01/19

 

10/14 @ 100

 

 

480,748

 

BBB

 

 

 

460

 

 

Sen. Lien Matching Fund Loan, Ser. A, 5.25%, 10/01/21

 

10/14 @ 100

 

 

483,313

 

BBB

 

 

 

315

 

 

Sen. Lien Matching Fund Loan, Ser. A, 5.25%, 10/01/22

 

10/14 @ 100

 

 

330,035

 

BBB

 

 

 

300

 

 

Sen. Lien Matching Fund Loan, Ser. A, 5.25%, 10/01/24

 

10/14 @ 100

 

 

312,783

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,991,329

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $132,898,272)

 

 

 

 

138,768,242

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—14.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—10.8%

 

 

 

 

 

 

A-1+

 

 

 

4,000

6

 

California St. Econ., 3.70%, 1/05/06, FRWD

 

N/A

 

 

4,000,000

 

A-1+

 

 

 

1,700

6

 

Econ. Recovery, Ser. C-5, 2.45%, 1/05/06, FRWD

 

N/A

 

 

1,700,000

 

A-1+

 

 

 

2,350

6

 

Newport Beach Rev., Hoag Mem. Presbyterian Hosp. Proj., 2.45%, 1/05/06, FRWD

 

N/A

 

 

2,350,000

 

A-1

 

 

 

2,500

6

 

Riverside Unified Sch. Dist., 3.40%, 1/03/06, FRWD

 

N/A

 

 

2,500,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,550,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—1.7%

 

 

 

 

 

 

A-1+

 

 

 

1,700

6

 

Delaware Cnty. Poll. Ctrl Exelon Rmkt, 2.61%, 1/05/06, FRWD

 

N/A

 

 

1,700,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

 

 

(000)

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Funds—2.4%

 

 

 

 

 

 

 

 

 

 

2,300

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

2,300,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $14,550,000)

 

 

 

 

14,550,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—156.7% (cost $147,448,2727)

 

 

 

$

153,318,242

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—0.1%

 

 

 

 

55,370

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.8)%

 

 

 

 

(55,550,098

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

97,823,514

 

 

 

 

 

 

 

 

 

 

 

 



 



 

 

1

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

2

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

3

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

4

Security, or a portion thereof, pledged as collateral with a value of $767,095 on 169 short U.S. Treasury Note futures contracts expiring March 2006 and 63 short U.S. Treasury Bond futures contracts expiring March 2006. The value of such contracts on December 31, 2005, was $25,683,469, with an unrealized loss of $219,817.

5

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of December 31, 2005, the Trust held 14.0% of its net assets, with a current market value of $13,667,400, in securities restricted as to resale.

6

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

7

Cost for Federal income tax purposes is $147,447,420. The net unrealized appreciation on a tax basis is $5,870,822, consisting of $5,928,987 gross unrealized appreciation and $58,165 gross unrealized depreciation.


 

 

 

 

 

 


KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

FSA

Financial Security Assurance

COP

Certificate of Participation

GO

General Obligation

FGIC

Financial Guaranty Insurance Co.

MBIA

Municipal Bond Insurance Assoc.

FRDD

Floating Rate Daily Demand

PCR

Pollution Control Revenue

FRWD

Floating Rate Weekly Demand

 

 

 

 

 

 

 

 

 

See Notes to Financial Statements.

45


PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 














 

 

 

 

 

 

LONG-TERM INVESTMENTS—138.7%

 

 

 

 

 

 

 

 

 

 

 

 

Florida—120.5%

 

 

 

 

 

 

AAA

 

 

$

1,500

 

Alachua Cnty. Sch. Dist., GO, 4.25%, 1/01/09, FSA

 

No Opt. Call

 

$

1,539,375

 

AAA

 

 

 

4,190

 

Brd. of Ed. Lottery Rev., Ser. A, 5.00%, 7/01/08, FGIC

 

No Opt. Call

 

 

4,358,857

 

AAA

 

 

 

8,720

 

Brd. of Ed., GO, 3.50%, 1/01/09, FSA

 

No Opt. Call

 

 

8,764,297

 

AAA

 

 

 

1,765

 

Collier Cnty. Sch. Brd., COP, Ser. A, 3.50%, 2/15/09, FSA

 

No Opt. Call

 

 

1,767,541

 

 

 

 

 

 

 

Dade Cnty., GO,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

Ser. A, Zero Coupon, 2/01/08, MBIA

 

02/06 @ 92.852

 

 

4,630,950

 

AAA

 

 

 

905

3

Ser. B, Zero Coupon, 10/01/08, AMBAC

 

ETM

 

 

823,396

 

AAA

 

 

 

1,095

 

Ser. B, Zero Coupon, 10/01/08, AMBAC

 

No Opt. Call

 

 

991,720

 

AAA

 

 

 

1,515

 

Delray Beach, Decade of Excellence Prog. Proj., 3.50%, 2/01/09, FSA

 

No Opt. Call

 

 

1,522,878

 

 

 

 

 

 

 

Dept. of Env. Protection Presvtn.,

 

 

 

 

 

 

AAA

 

 

 

5,905

 

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

 

No Opt. Call

 

 

6,002,964

 

AAA

 

 

 

6,140

 

Ser. B, 4.00%, 7/01/09, FGIC

 

No Opt. Call

 

 

6,266,300

 

 

 

 

 

 

 

Div. of Bond Fin. Dept. Gen. Svc. Rev.,

 

 

 

 

 

 

AAA

 

 

 

8,000

 

Dept. of Env. Presvtn. Proj., Ser. B, 5.25%, 7/01/10, FSA

 

07/08 @ 101

 

 

8,427,840

 

AAA

 

 

 

2,000

 

Nat. Res. & Presvtn. Proj., Ser. A, 5.00%, 7/01/11, AMBAC

 

07/07 @ 101

 

 

2,065,680

 

 

 

 

 

 

 

Escambia Cnty. Util. Sys.,

 

 

 

 

 

 

AAA

 

 

 

1,595

 

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

 

No Opt. Call

 

 

1,672,964

 

AAA

 

 

 

5,235

 

Ser. B, 6.25%, 1/01/12, FGIC

 

No Opt. Call

 

 

5,952,195

 

AAA

 

 

 

5,060

 

Ser. B, 6.25%, 1/01/13, FGIC

 

No Opt. Call

 

 

5,831,397

 

AAA

 

 

 

6,000

 

Greater Orlando Aviation Auth., Orlando Arpt. Facs. Rev. Proj., Ser. C, 3.50%, 10/01/08, MBIA

 

No Opt. Call

 

 

6,023,160

 

AAA

 

 

 

3,000

 

Hillsborough Cnty. Sch. Dist. Sales Tax Rev., 4.00%, 10/01/09, AMBAC

 

No Opt. Call

 

 

3,065,760

 

AAA

 

 

 

10,000

 

Hillsborough Cnty. Util., 4.50%, 8/01/08, AMBAC

 

No Opt. Call

 

 

10,293,400

 

 

 

 

 

 

 

Indian River Cnty. Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

 

950

 

3.25%, 4/01/08, FSA

 

No Opt. Call

 

 

948,955

 

AAA

 

 

 

1,000

 

3.25%, 4/01/09, FSA

 

No Opt. Call

 

 

997,830

 

AAA

 

 

 

1,100

 

Jacksonville Beach Utils., 3.10%, 4/01/09, AMBAC

 

No Opt. Call

 

 

1,092,586

 

AAA

 

 

 

5,895

 

Jacksonville Excise Tax, 4.25%, 10/01/08, AMBAC

 

No Opt. Call

 

 

6,040,253

 

 

 

 

 

 

 

Jacksonville Sales Tax,

 

 

 

 

 

 

AAA

 

 

 

1,155

 

3.125%, 10/01/08, FGIC

 

No Opt. Call

 

 

1,149,710

 

AAA

 

 

 

1,000

 

3.375%, 10/01/09, FGIC

 

No Opt. Call

 

 

1,000,140

 

AAA

 

 

 

2,000

 

4.10%, 10/01/08, AMBAC

 

No Opt. Call

 

 

2,041,480

 

AAA

 

 

 

825

 

Lake Cnty. Sch. Brd., COP, 3.50%, 7/01/09, AMBAC

 

No Opt. Call

 

 

827,689

 

AAA

 

 

 

2,000

 

Lakeland Elec. & Wtr., 5.90%, 10/01/08, FSA

 

No Opt. Call

 

 

2,135,000

 

AAA

 

 

 

3,000

 

Lee Cnty. Arprt., 4.25%, 10/01/09, FSA

 

No Opt. Call

 

 

3,086,550

 

AAA

 

 

 

2,000

 

Miami Dade Cnty. Edl. Fac., Ser. A, 4.875%, 4/01/09, AMBAC

 

No Opt. Call

 

 

2,094,660

 

 

 

 

 

 

 

Miami Dade Cnty. Pub. Svc. Tax Rev. Pub. Impvt.,

 

 

 

 

 

 

AAA

 

 

 

1,535

 

3.40%, 4/01/08, AMBAC

 

No Opt. Call

 

 

1,538,239

 

AAA

 

 

 

1,595

 

3.625%, 4/01/09, AMBAC

 

No Opt. Call

 

 

1,609,770

 

AAA

 

 

 

4,775

 

Miami Dade Cnty. Sch. Brd., 5.25%, 8/01/11, FSA

 

08/08 @ 101

 

 

5,024,780

 

 

 

 

 

 

 

Miami, GO,

 

 

 

 

 

 

AAA

 

 

 

1,345

 

5.90%, 12/01/08, FGIC

 

No Opt. Call

 

 

1,441,087

 

AAA

 

 

 

1,000

 

6.00%, 12/01/09, FGIC

 

No Opt. Call

 

 

1,095,450

 

AAA

 

 

 

1,090

 

Mun. Loan Council, Ser. C, 3.50%, 11/01/08, MBIA

 

No Opt. Call

 

 

1,095,788

 

AAA

 

 

 

4,895

 

Orange Cnty. Sales Tax Rev., Ser. A, 3.25%, 1/01/09, FGIC

 

No Opt. Call

 

 

4,885,308

 

 

 

 

 

 

 

Orange Cnty. Tourist Dev. Tax Rev.,

 

 

 

 

 

 

AAA

 

 

 

5,340

 

Ser. A, 4.00%, 10/01/09, AMBAC

 

No Opt. Call

 

 

5,447,601

 

AAA

 

 

 

1,005

3

Ser. A, 5.85%, 10/01/08, MBIA

 

ETM

 

 

1,072,074

 

AAA

 

 

 

495

 

Ser. A, 5.85%, 10/01/08, MBIA

 

No Opt. Call

 

 

527,101

 

AAA

 

 

 

5,130

 

Orange Cnty. Tourist Dev. Tax. Rev., Ser. A, 4.00%, 10/01/08, AMBAC

 

No Opt. Call

 

 

5,216,338

 

 

 

 

 

 

 

Orlando Wstwtr. Sys.,

 

 

 

 

 

 

AAA

 

 

 

1,100

 

Ser. A, 3.25%, 10/01/08, AMBAC

 

No Opt. Call

 

 

1,098,537

 

AAA

 

 

 

1,280

 

Ser. A, 3.50%, 10/01/09, AMBAC

 

No Opt. Call

 

 

1,285,747

 

 

 

 

 

 

 

Osceola Cnty.,

 

 

 

 

 

 

AAA

 

 

 

1,810

 

3.75%, 10/01/08, AMBAC

 

No Opt. Call

 

 

1,831,086

 

AAA

 

 

 

1,535

 

3.875%, 10/01/09, AMBAC

 

No Opt. Call

 

 

1,561,955

 

See Notes to Financial Statements.

46


 

 

BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

 

Principal
Amount
(000)

 

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 















 

 

 

 

 

 

 

Florida—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Osceola Cnty. Gas Tax,

 

 

 

 

 

 

AAA

 

 

$

640

 

 

3.10%, 4/01/08, FGIC

 

No Opt. Call

 

$

637,242

 

AAA

 

 

 

535

 

 

3.30%, 4/01/09, FGIC

 

No Opt. Call

 

 

534,658

 

AAA

 

 

 

850

 

 

Palm Beach Cnty. Sch. Brd., COP, Ser. D, 3.30%, 8/01/09, FSA

 

No Opt. Call

 

 

847,152

 

AAA

 

 

 

7,085

 

 

Pasco Cnty. Sld. Wst. Disp. & Res. Rec. Sys., 6.00%, 4/01/09, FGIC

 

01/06 @ 100

 

 

7,105,688

 

 

 

 

 

 

 

 

Polk Cnty. Sch. Brd., COP,

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

Ser. A, 3.20%, 1/01/08, FSA

 

No Opt. Call

 

 

1,995,040

 

AAA

 

 

 

2,000

 

 

Ser. A, 3.375%, 1/01/09, FSA

 

No Opt. Call

 

 

2,001,400

 

AAA

 

 

 

1,020

 

 

Sebring Wtr. & Wstwtr., 3.625%, 1/01/09, FGIC

 

No Opt. Call

 

 

1,028,782

 

AAA

 

 

 

2,000

 

 

Seminole Cnty. Wtr. & Swr., 6.00%, 10/01/09, MBIA

 

No Opt. Call

 

 

2,183,200

 

AAA

 

 

 

1,000

 

 

So. Florida Wtr. Mgmt. Dist., 3.30%, 10/01/09, AMBAC

 

No Opt. Call

 

 

997,530

 

AAA

 

 

 

500

 

 

St. Petersburg Hlth. Facs. Auth., All Children’s Hosp. Proj., 3.10%, 11/15/08, AMBAC

 

No Opt. Call

 

 

494,350

 

AAA

 

 

 

1,370

 

 

Vlg. Ctr. Cmnty. Dev. Dist. Rec., Ser. A, 5.50%, 11/01/08, MBIA

 

No Opt. Call

 

 

1,450,515

 

AAA

 

 

 

2,370

 

 

Volusia Cnty. Sales Tax Rev., Ser. B, 4.00%, 10/01/08, MBIA

 

No Opt. Call

 

 

2,413,015

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

157,834,960

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—18.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Mun. Fin. Agcy.,

 

 

 

 

 

 

AAA

 

 

 

10,000

 

 

Ser. A, 3.50%, 8/01/08, FSA

 

No Opt. Call

 

 

10,046,300

 

AAA

 

 

 

12,000

 

 

Ser. A, 3.75%, 8/01/09, FSA

 

No Opt. Call

 

 

12,168,240

 

AAA

 

 

 

1,500

 

 

Ser. A, 5.625%, 8/01/10, FSA

 

08/09 @ 101

 

 

1,623,045

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

23,837,585

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $178,595,364)

 

 

 

 

181,672,545

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—23.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—16.8%

 

 

 

 

 

 

A-1+

 

 

 

6,000

4

 

Highlands Cnty. Hlth. Facs. Auth., Adventist Hlth. Sys. Proj., Ser. B,

 

 

 

 

 

 

 

 

 

 

 

 

 

3.55%, 1/05/06, FGIC, FRWD

 

N/A

 

 

6,000,000

 

A-1+

 

 

 

4,410

4

 

Jacksonville Hlth. Facs. Hosp., Variable Baptist Med. Ctr. Proj., 3.70%, 1/05/06, FRWD

 

N/A

 

 

4,410,000

 

VMIG1

 

 

 

1,655

4

 

Orange Cnty. Sch. Brd., COP, Ser. B, 3.70%, 1/05/06, AMBAC, FRWD

 

N/A

 

 

1,655,000

 

A-1

 

 

 

6,000

4

 

Orlando & Orange Cnty. Expwy. Auth. Rev., Ser. D, 3.33%, 1/05/06, FSA, FRWD

 

N/A

 

 

6,000,000

 

A-1+

 

 

 

2,900

4

 

Palm Beach Cnty. Sch. Brd., COP, Ser. B, 3.37%, 1/05/06, AMBAC, FRWD

 

N/A

 

 

2,900,000

 

A-1+

 

 

 

1,000

4

 

Pinellas Cnty. Hlth. Fac. Auth., 3.46%, 1/05/06, AMBAC, FRWD

 

N/A

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

21,965,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—5.4%

 

 

 

 

 

 

A-1

 

 

 

6,000

4

 

Gov’t. Dev. Bank, 2.68%, 1/04/06, MBIA, FRWD

 

N/A

 

 

6,000,000

 

A-1

 

 

 

1,000

4

 

Hwy. & Transp. Auth. Transp. Rev., Ser. A, 3.34%, 1/04/06, AMBAC, FRWD

 

N/A

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

7,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

 

 

(000)

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund—1.4%

 

 

 

 

 

 

 

 

 

 

1,850

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

1,850,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $30,815,000)

 

 

 

 

30,815,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—162.3% (cost $209,410,3645)

 

 

 

$

212,487,545

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—2.0%

 

 

 

 

2,641,731

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(64.3)%

 

 

 

 

(84,155,761

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

130,973,515

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security is collateralized by U.S. Treasury obligations.

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.

5

Cost for Federal income tax purposes is $209,382,226. The net unrealized appreciation on a tax basis is $3,105,319, consisting of $3,210,359 gross unrealized appreciation and $105,040 gross unrealized depreciation.

See Notes to Financial Statements.

47


 

 

BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (continued)

 

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 98.1% of the Trust’s managed assets. The Trust had the following insurance concentrations:

 

 

 

AMBAC

26.0%

FGIC

26.2%

FSA

33.1%

MBIA

11.9%

Other

0.9%


 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

FRWD

Floating Rate Weekly Demand

COP

Certificate of Participation

FSA

Financial Security Assurance

ETM

Escrowed to Maturity

GO

General Obligation

FGIC

Financial Guaranty Insurance Co.

MBIA

Municipal Bond Insurance Assoc.

 

 

 

 

 

 

See Notes to Financial Statements.

48



PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

BlackRock Florida Municipal 2020 Term Trust (BFO)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 


 

 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—147.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—125.4%

 

 

 

 

 

 

NR

 

 

$

380

 

 

Brandy Creek Cmnty. Dev. Dist. Spl. Assmt., Ser. B, 5.40%, 5/01/09

 

No Opt. Call

 

$

382,721

 

AAA

 

 

 

6,150

3

 

Brd. of Ed., GO, Ser. J, 5.00%, 6/01/24, AMBAC

 

06/13 @ 101

 

 

6,468,508

 

NR

 

 

 

4,785

 

 

Crossings at Fleming Island Cmnty. Dev. Dist., 6.75%, 10/01/25

 

10/09 @ 102

 

 

4,960,992

 

AAA

 

 

 

1,095

 

 

Deltona Util. Sys., 5.00%, 10/01/23, MBIA

 

10/13 @ 100

 

 

1,155,258

 

BBB

 

 

 

4,000

 

 

Escambia Cnty. Env. Impvt., 5.75%, 11/01/27

 

11/13 @ 100

 

 

4,082,920

 

AAA

 

 

 

566

 

 

Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC

 

No Opt. Call

 

 

609,789

 

BBB+

 

 

 

1,955

 

 

Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23

 

10/12 @ 100

 

 

2,048,899

 

AAA

 

 

 

1,000

 

 

Hillsborough Cnty. Sch. Brd., 5.00%, 7/01/27, MBIA

 

07/13 @ 100

 

 

1,043,110

 

AA

 

 

 

1,000

 

 

Lakeland Wtr. & Wstwtr., 5.00%, 10/01/27

 

10/12 @ 100

 

 

1,042,890

 

AAA

 

 

 

3,000

 

 

Lee Cnty. Transp. Fac., Ser. B, 5.00%, 10/01/22, AMBAC

 

10/14 @ 100

 

 

3,189,660

 

 

 

 

 

 

 

 

Marco Island Util. Sys.,

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

5.00%, 10/01/22, MBIA

 

10/13 @ 100

 

 

2,114,140

 

AAA

 

 

 

1,375

 

 

5.00%, 10/01/23, MBIA

 

10/13 @ 100

 

 

1,450,666

 

AAA

 

 

 

1,000

 

 

5.25%, 10/01/21, MBIA

 

10/13 @ 100

 

 

1,079,670

 

BB+

 

 

 

2,500

 

 

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

2,811,300

 

 

 

 

 

 

 

 

Miami Dade Cnty.,

 

 

 

 

 

 

AAA

 

 

 

10,000

 

 

Ser. A, Zero Coupon, 10/01/20, MBIA

 

04/08 @ 52.398

 

 

4,769,000

 

AAA

 

 

 

7,560

 

 

Ser. B, Zero Coupon, 10/01/32, MBIA

 

04/08 @ 26.494

 

 

1,783,026

 

AAA

 

 

 

4,695

 

 

Miami Dade Cnty. Edl. Facs. Auth. Rev., Univ. Miami Proj., Ser. A, 5.00%, 4/01/24, AMBAC

 

04/14 @ 100

 

 

4,954,023

 

AAA

 

 

 

5,365

 

 

Miami Dade Cnty., Spec. Oblig. Rev., Ser. A, Zero Coupon, 10/01/19, MBIA

 

04/08 @ 55.413

 

 

2,711,847

 

AAA

 

 

 

4,000

 

 

Mun. Loan Council, Ser. A, Zero Coupon, 4/01/20, MBIA

 

No Opt. Call

 

 

2,107,880

 

NR

 

 

 

3,740

 

 

No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., 6.10%, 8/01/21

 

08/11 @ 101

 

 

3,901,044

 

A+

 

 

 

4,450

 

 

Orange Cnty. Hlth. Facs. Auth., Hosp. Adventist Hlth. Sys. Proj., 5.625%, 11/15/32

 

11/12 @ 101

 

 

4,748,061

 

AAA

 

 

 

6,500

 

 

Palm Beach Cnty. Sch. Brd., COP, Ser. D, 5.00%, 8/01/28, FSA

 

08/12 @ 100

 

 

6,757,920

 

 

 

 

 

 

 

 

Palm Coast Util. Sys.,

 

 

 

 

 

 

AAA

 

 

 

1,770

 

 

5.00%, 10/01/22, MBIA

 

10/13 @ 100

 

 

1,871,014

 

AAA

 

 

 

1,485

 

 

5.00%, 10/01/23, MBIA

 

10/13 @ 100

 

 

1,566,720

 

AAA

 

 

 

1,500

 

 

5.00%, 10/01/24, MBIA

 

10/13 @ 100

 

 

1,581,540

 

AAA

 

 

 

2,760

 

 

Polk Cnty. Util. Sys., 5.00%, 10/01/23, FGIC

 

10/13 @ 100

 

 

2,911,883

 

NR

 

 

 

4,765

 

 

Sterling Hill Cmnty. Dev. Dist., 6.10%, 5/01/23

 

05/13 @ 101

 

 

4,931,870

 

NR

 

 

 

2,765

 

 

Stevens Plantation Impvt. Proj., 6.375%, 5/01/13

 

No Opt. Call

 

 

2,850,743

 

NR

 

 

 

1,220

 

 

Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC Proj., 6.80%, 10/01/32

 

10/09 @ 100

 

 

1,277,962

 

 

 

 

 

 

 

 

Tohopekaliga Wtr. Auth.,

 

 

 

 

 

 

AAA

 

 

 

3,630

 

 

Ser. A, 5.00%, 10/01/21, FSA

 

10/13 @ 100

 

 

3,839,633

 

AAA

 

 

 

3,810

 

 

Ser. A, 5.00%, 10/01/22, FSA

 

10/13 @ 100

 

 

4,022,255

 

AAA

 

 

 

2,000

 

 

Ser. A, 5.00%, 10/01/23, FSA

 

10/13 @ 100

 

 

2,110,060

 

AAA

 

 

 

1,975

 

 

Ser. B, 5.00%, 10/01/22, FSA

 

10/13 @ 100

 

 

2,085,027

 

AAA

 

 

 

1,180

 

 

Ser. B, 5.00%, 10/01/23, FSA

 

10/13 @ 100

 

 

1,244,935

 

NR

 

 

 

1,812

 

 

Vlg. Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A, 6.00%, 5/01/22

 

05/13 @ 101

 

 

1,894,265

 

 

 

 

 

 

 

 

Vlg. Ctr. Cmnty. Dev. Dist.,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

5.25%, 10/01/23, MBIA

 

10/13 @ 101

 

 

5,424,600

 

NR4

 

 

 

2,000

 

 

Ser. B, 6.35%, 1/01/18

 

01/14 @ 100

 

 

2,124,960

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

103,910,791

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—21.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Children’s Trust Fund Tobacco Settlement Rev.,

 

 

 

 

 

 

BBB

 

 

 

2,015

 

 

5.50%, 5/15/39

 

05/12 @ 100

 

 

2,043,633

 

BBB

 

 

 

10,500

 

 

5.625%, 5/15/43

 

05/12 @ 100

 

 

10,690,995

 

 

 

 

 

 

 

 

Pub. Fin. Corp.,

 

 

 

 

 

 

Aaa

 

 

 

3,740

5

 

Ser. E, 5.50%, 2/01/12

 

N/A

 

 

4,111,531

 

BBB-

 

 

 

1,260

 

 

Ser. E, 5.50%, 8/01/29

 

02/12 @ 100

 

 

1,318,754

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

18,164,913

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $116,721,825)

 

 

 

 

122,075,704

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—9.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—5.0%

 

 

 

 

 

 

A-1+

 

 

 

670

6

 

Jacksonville Hlth. Facs. Hosp., Variable Baptist Med. Ctr. Proj., 3.70%, 1/05/06, FRWD

 

N/A

 

 

670,000

 

A-1+

 

 

 

3,500

6

 

Pinellas Cnty. Hlth. Fac. Auth., 3.46%, 1/05/06, AMBAC, FRWD

 

N/A

 

 

3,500,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,170,000

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

49


 

 

BlackRock Florida Municipal 2020 Term Trust (BFO) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 


 

 

 

 

 

 

 

 

Puerto Rico—1.5%

 

 

 

 

 

 

A-1

 

 

$

300

6

 

Gov’t. Dev. Bank, 2.68%, 1/04/06, MBIA, FRWD

 

N/A

 

$

300,000

 

A-1

 

 

 

950

6

 

Hwy. & Transp. Auth. Transp. Rev., Ser. A, 3.34%, 1/04/06, AMBAC, FRWD

 

N/A

 

 

950,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

1,250,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Funds—3.4%

 

 

 

 

 

 

 

 

 

 

2,800

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

2,800,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $8,220,000)

 

 

 

 

8,220,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—157.2% (cost $124,941,8257)

 

 

 

$

130,295,704

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.8%

 

 

 

 

1,497,210

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(59.0)%

 

 

 

 

(48,917,423

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

82,875,491

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security, or a portion thereof, pledged as collateral with a value of $1,051,790 on 158 short U.S. Treasury Note futures contracts expiring March 2006 and 59 short U.S. Treasury Bond futures contracts expiring March 2006. The value of such contracts on December 31, 2005, was $24,023,250, with an unrealized loss of $205,934.

4

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

5

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.

6

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

7

Cost for Federal income tax purposes is $124,926,137. The net unrealized appreciation on a tax basis is $5,369,567, consisting of $5,375,808 gross unrealized appreciation and $6,241 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

 

FSA

Financial Security Assurance

COP

Certificate of Participation

 

GO

General Obligation

FGIC

Financial Guaranty Insurance Co.

 

MBIA

Municipal Bond Insurance Assoc.

FRWD

Floating Rate Weekly Demand

 

PCR

Pollution Control Revenue

See Notes to Financial Statements.

50



PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 


 

 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—134.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

New York—134.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Albany Cnty., GO,

 

 

 

 

 

 

AAA

 

 

$

1,515

 

 

3.50%, 6/01/08, FGIC

 

No Opt. Call

 

$

1,522,620

 

AAA

 

 

 

2,030

 

 

3.50%, 6/01/09, FGIC

 

No Opt. Call

 

 

2,039,033

 

AAA

 

 

 

1,000

 

 

Bath Central Sch. Dist., 4.00%, 6/15/08, FGIC

 

No Opt. Call

 

 

1,017,940

 

AAA

 

 

 

2,250

 

 

Central Square Central Sch. Dist., 3.75%, 5/15/09, FGIC

 

No Opt. Call

 

 

2,281,185

 

 

 

 

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

 

AAA

 

 

 

1,070

 

 

Hosp. Lutheran Medical Proj., 3.00%, 2/01/09, MBIA

 

No Opt. Call

 

 

1,051,874

 

AAA

 

 

 

1,625

 

 

Sch. Dist. Fin., Ser. C, 3.50%, 10/01/08, MBIA

 

No Opt. Call

 

 

1,632,540

 

AAA

 

 

 

2,970

 

 

Secured Hosp. Proj., 4.00%, 2/15/09, XLCA

 

No Opt. Call

 

 

3,022,094

 

AAA

 

 

 

3,500

 

 

Secured Hosp. Proj., 5.00%, 2/15/10, MBIA

 

02/08 @ 101.5

 

 

3,660,440

 

AAA

 

 

 

5,000

 

 

Secured Hosp. Proj., 5.125%, 2/15/09, ACA, FSA

 

02/08 @ 101.5

 

 

5,196,950

 

AAA

 

 

 

1,600

 

 

St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/07, FGIC

 

No Opt. Call

 

 

1,647,920

 

AAA

 

 

 

2,500

 

 

St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, AMBAC

 

No Opt. Call

 

 

2,622,675

 

AAA

 

 

 

5,000

 

 

St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, FGIC

 

No Opt. Call

 

 

5,245,350

 

AAA

 

 

 

6,000

 

 

St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, CONNIE LEE

 

No Opt. Call

 

 

6,294,420

 

AAA

 

 

 

5,000

 

 

St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/09, AMBAC

 

No Opt. Call

 

 

5,347,050

 

AAA

 

 

 

500

 

 

W.K. Nursing Home Proj., 5.65%, 8/01/09, FHA

 

08/06 @ 102

 

 

516,640

 

AAA

 

 

 

1,000

 

 

Winthrop Univ. Hosp. Assoc. Proj., Ser. A, 4.125%, 7/01/08, AMBAC

 

No Opt. Call

 

 

1,016,680

 

AAA

 

 

 

1,960

 

 

East Greenbush Central Sch. Dist., Ser. C, 4.00%, 6/15/09, FSA

 

No Opt. Call

 

 

2,003,649

 

 

 

 

 

 

 

 

Elmira City Sch. Dist.,

 

 

 

 

 

 

AAA

 

 

 

2,125

 

 

3.25%, 6/15/08, FGIC

 

No Opt. Call

 

 

2,125,956

 

AAA

 

 

 

1,500

 

 

3.25%, 6/15/09, FGIC

 

No Opt. Call

 

 

1,497,075

 

AAA

 

 

 

555

3

 

Erie Cnty., GO, Ser. B, 5.70%, 5/15/06, MBIA

 

N/A

 

 

559,862

 

 

 

 

 

 

 

 

Erie Cnty., Pub. Impvt., GO,

 

 

 

 

 

 

AAA

 

 

 

3,825

 

 

Ser. A, 3.25%, 9/01/09, FGIC

 

No Opt. Call

 

 

3,776,499

 

AAA

 

 

 

1,000

 

 

Ser. A, 3.75%, 10/01/08, FGIC

 

No Opt. Call

 

 

1,009,560

 

AAA

 

 

 

1,185

 

 

Evans & Brant Central Sch. Dist., Ser. C, 3.75%, 12/15/08, FGIC

 

No Opt. Call

 

 

1,200,488

 

 

 

 

 

 

 

 

Facs. Corp.,

 

 

 

 

 

 

AAA

 

 

 

1,630

 

 

Clean Wtr. & Drinking Proj., 3.875%, 4/15/10

 

No Opt. Call

 

 

1,663,774

 

AAA

 

 

 

6,000

 

 

Mun. Wtr. Proj., 4.00%, 6/15/09

 

No Opt. Call

 

 

6,145,440

 

 

 

 

 

 

 

 

Fayetteville-Manlius Central Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

 

1,125

 

 

3.75%, 6/15/09, FGIC

 

No Opt. Call

 

 

1,140,975

 

AAA

 

 

 

1,000

 

 

4.00%, 6/15/08, FGIC

 

No Opt. Call

 

 

1,017,940

 

AAA

 

 

 

1,500

 

 

Hempstead Twnshp., GO, Ser. B, 4.00%, 8/01/09, MBIA

 

No Opt. Call

 

 

1,534,575

 

 

 

 

 

 

 

 

Hsg. Fin. Agcy. Hsg. Mtg. Proj.,

 

 

 

 

 

 

AAA

 

 

 

1,345

 

 

Ser. A, 5.80%, 5/01/09, FSA

 

05/06 @ 102

 

 

1,378,867

 

AAA

 

 

 

4,585

 

 

Ser. A, 5.80%, 11/01/09, FSA

 

05/06 @ 102

 

 

4,737,543

 

AAA

 

 

 

685

 

 

Hsg. Fin. Agcy. Multi-Fam. Mtg. Hsg., Ser. C, 6.30%, 8/15/08

 

01/06 @ 100

 

 

685,418

 

AAA

 

 

 

12,500

 

 

Long Island Pwr. Auth. Elec. Sys., 5.00%, 4/01/08, MBIA

 

No Opt. Call

 

 

12,935,250

 

 

 

 

 

 

 

 

Lowville Central Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

 

1,255

 

 

3.30%, 6/15/08, FGIC

 

No Opt. Call

 

 

1,257,033

 

AAA

 

 

 

1,305

 

 

3.60%, 6/15/09, FGIC

 

No Opt. Call

 

 

1,317,202

 

 

 

 

 

 

 

 

Met. Transp. Auth.,

 

 

 

 

 

 

AAA

 

 

 

12,000

 

 

Ser. A, 3.50%, 11/15/09, FSA

 

No Opt. Call

 

 

12,064,320

 

AAA

 

 

 

26,075

4

 

Ser. K, 6.00%, 7/01/08, MBIA

 

ETM

 

 

27,788,910

 

AAA

 

 

 

2,500

4

 

Met. Transp. Auth. Commuter Fac. Rev., Ser. A, 6.10%, 7/01/08, MBIA

 

ETM

 

 

2,670,250

 

AAA

 

 

 

1,500

 

 

Middletown Sch. Dist., GO, Ser. A, 3.00%, 11/01/09, FSA

 

No Opt. Call

 

 

1,477,170

 

 

 

 

 

 

 

 

Monroe Cnty. Pub. Impvt., GO,

 

 

 

 

 

 

AAA

 

 

 

455

4

 

4.00%, 3/01/09, FGIC

 

ETM

 

 

464,864

 

AAA

 

 

 

770

 

 

4.00%, 3/01/09, FGIC

 

No Opt. Call

 

 

784,615

 

AAA

 

 

 

2,095

 

 

4.00%, 3/01/10, FGIC

 

No Opt. Call

 

 

2,135,098

 

 

 

 

 

 

 

 

Mt. Sinai Union Free Sch. Dist.,

 

 

 

 

 

 

AAA

 

 

 

935

 

 

6.00%, 2/15/08, AMBAC

 

No Opt. Call

 

 

987,799

 

AAA

 

 

 

930

 

 

6.10%, 2/15/09, AMBAC

 

No Opt. Call

 

 

1,006,074

 

AAA

 

 

 

1,075

 

 

6.10%, 2/15/10, AMBAC

 

No Opt. Call

 

 

1,185,446

 

See Notes to Financial Statements.

51


 

 

BlackRock New York Insured Municipal 2008 Term Trust (BLN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 


 

 

 

 

 

 

 

 

New York—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

New Paltz Central Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

$

500

 

 

3.125%, 6/01/08, FGIC

 

No Opt. Call

 

$

498,785

 

AAA

 

 

 

610

 

 

3.50%, 6/01/09, FGIC

 

No Opt. Call

 

 

613,691

 

AAA

 

 

 

2,455

3

 

New York City, 4.75%, 8/15/08, XLCA

 

N/A

 

 

2,570,213

 

 

 

 

 

 

 

 

New York City Hlth. & Hosp. Corp. Hlth. Sys.,

 

 

 

 

 

 

AAA

 

 

 

2,810

 

 

Ser. A, 3.75%, 2/15/09, FSA

 

No Opt. Call

 

 

2,838,718

 

AAA

 

 

 

2,000

 

 

Ser. A, 5.00%, 2/15/08, AMBAC

 

No Opt. Call

 

 

2,066,240

 

 

 

 

 

 

 

 

New York City Mun. Wtr. Fin. Auth.,

 

 

 

 

 

 

AAA

 

 

 

11,500

 

 

Ser. A, Zero Coupon, 6/15/09, MBIA

 

No Opt. Call

 

 

10,176,925

 

AAA

 

 

 

1,710

4

 

Ser. A, 6.00%, 6/15/08, FGIC

 

ETM

 

 

1,820,432

 

AAA

 

 

 

2,000

4

 

New York City Transl. Fin. Auth., Ser. C, 5.00%, 8/01/09, FSA

 

ETM

 

 

2,113,640

 

 

 

 

 

 

 

 

New York City Transl. Fut. Tax,

 

 

 

 

 

 

AAA

 

 

 

4,220

4

 

Ser. B, 5.25%, 5/01/11, MBIA

 

ETM

 

 

4,588,364

 

AAA

 

 

 

3,580

4

 

Ser. B, 5.25%, 5/01/11, MBIA

 

ETM

 

 

3,892,498

 

 

 

 

 

 

 

 

New York City, GO,

 

 

 

 

 

 

AAA

 

 

 

2,265

 

 

4.75%, 8/15/09, XLCA

 

08/08 @ 101

 

 

2,357,978

 

AAA

 

 

 

1,000

 

 

Ser. A, 5.20%, 8/01/10, FSA

 

08/08 @ 101

 

 

1,054,390

 

AAA

 

 

 

12,755

 

 

Ser. C, 5.00%, 8/01/08, FSA

 

No Opt. Call

 

 

13,259,588

 

AAA

 

 

 

45

 

 

Ser. C-1, 6.25%, 8/01/10, FSA

 

01/06 @ 100

 

 

45,113

 

AAA

 

 

 

50

 

 

Ser. C-1, 6.375%, 8/01/08, MBIA

 

01/06 @ 100

 

 

50,130

 

AAA

 

 

 

6,895

 

 

Ser. E, 6.20%, 8/01/08, MBIA

 

No Opt. Call

 

 

7,369,928

 

 

 

 

 

 

 

 

New York City Transl. Fin. Auth.,

 

 

 

 

 

 

AAA

 

 

 

2,605

4

 

4.00%, 5/01/09, MBIA

 

ETM

 

 

2,664,316

 

AAA

 

 

 

1,395

 

 

4.00%, 5/01/09, MBIA

 

No Opt. Call

 

 

1,425,439

 

AAA

 

 

 

1,040

 

 

Newfane Central Sch. Dist., GO, 3.00%, 6/01/08, FSA

 

No Opt. Call

 

 

1,031,961

 

AAA

 

 

 

250

4

 

Pwr. Auth., Ser. CC, 5.125%, 1/01/11, MBIA

 

ETM

 

 

269,160

 

 

 

 

 

 

 

 

So. Seneca Central Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

 

1,185

 

 

3.20%, 6/15/08, MBIA

 

No Opt. Call

 

 

1,184,159

 

AAA

 

 

 

1,045

 

 

3.375%, 6/15/09, MBIA

 

No Opt. Call

 

 

1,047,184

 

AAA

 

 

 

1,030

 

 

Sodus Central Sch. Dist., 4.00%, 6/15/09, FGIC

 

No Opt. Call

 

 

1,052,938

 

AAA

 

 

 

1,675

4

 

Suffold Cnty. Wtr. Auth., Ser. C, 5.75%, 6/01/08, AMBAC

 

ETM

 

 

1,769,889

 

AAA

 

 

 

5,000

 

 

Suffolk Cnty. Ind. Dev. Agcy., 6.00%, 2/01/08, FGIC

 

No Opt. Call

 

 

5,263,000

 

AAA

 

 

 

4,955

 

 

Thruway Auth., Ser. A, 3.75%, 3/15/09, MBIA

 

No Opt. Call

 

 

5,021,892

 

AAA

 

 

 

2,000

 

 

Hwy. & Brdg. Trust Fund, Ser. A, 3.90%, 4/01/09, FSA

 

No Opt. Call

 

 

2,036,500

 

AAA

 

 

 

2,000

 

 

Hwy. & Brdg. Trust Fund, Ser. B, 4.00%, 4/01/09, MBIA

 

No Opt. Call

 

 

2,042,600

 

AAA

 

 

 

2,900

 

 

Hwy. & Brdg. Trust Fund, Ser. B, 5.25%, 4/01/11, MBIA

 

No Opt. Call

 

 

3,140,845

 

AAA

 

 

 

3,410

 

 

Svc. Contract Rev., Local Hwy. & Brdg., Ser. A, 5.375%, 4/01/09, MBIA

 

04/08 @ 101

 

 

3,592,264

 

AAA

 

 

 

2,265

4

 

Triborough Brdg. & Tunl. Auth., Ser. A, 5.125%, 1/01/11, MBIA

 

ETM

 

 

2,402,938

 

 

 

 

 

 

 

 

Urban Dev. Corp. Correctional Facs.,

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

Ser. A, 5.50%, 1/01/09, AMBAC

 

No Opt. Call

 

 

2,124,260

 

AAA

 

 

 

5,140

 

 

Ser. B, 5.25%, 1/01/10, AMBAC

 

01/09 @ 101

 

 

5,443,980

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $229,566,073)

 

 

 

 

237,497,021

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—26.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alaska—3.3%

 

 

 

 

 

 

A-1+

 

 

 

5,800

5

 

Valdez Marine Term., Exxon Pipeline Co. Proj., Ser. A, 3.75%, 1/05/06, FRWD

 

N/A

 

 

5,800,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Delaware—0.3%

 

 

 

 

 

 

A-1

 

 

 

600

5

 

St. Econ. Dev. Auth. Rev. Hosp., Ser. A, 2.98%, 1/04/06, AMBAC, FRWD

 

N/A

 

 

600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Georgia—1.1%

 

 

 

 

 

 

A-1+

 

 

 

2,000

5

 

Mun. Elec. Auth. Proj. 1, Ser. C, 3.50%, 1/04/06, MBIA, FRWD

 

N/A

 

 

2,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—13.4%

 

 

 

 

 

 

A-1+

 

 

 

830

5

 

Local Gov’t Asst. Corp., 3.45%, 1/04/06, FRWD

 

N/A

 

 

830,000

 

A-1+

 

 

 

675

5

 

Nassau Cnty. Interim Fin. Auth., 3.33%, 1/04/06, FSA, FRWD

 

N/A

 

 

675,000

 

 

 

 

 

 

 

 

New York City Mun. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.,

 

 

 

 

 

 

A-1+

 

 

 

1,100

5

 

Ser. C, 2.50%, 1/05/06, FRWD

 

N/A

 

 

1,100,000

 

A-1+

 

 

 

100

5

 

Ser. G, 3.65%, 1/05/06, FGIC, FRWD

 

N/A

 

 

100,000

 

See Notes to Financial Statements.

52



 

 

BlackRock New York Insured Municipal 2008 Term Trust (BLN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

 

Value

 















 

 

 

 

 

 

 

New York—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

New York City, GO,

 

 

 

 

 

 

A-1+

 

 

$

4,700

5

 

Ser. A-7, 3.65%, 1/05/06, FRWD

 

N/A

 

$

4,700,000

 

A-1+

 

 

 

8,000

5

 

Ser. H-7, 3.65%, 1/05/06, FRWD

 

N/A

 

 

8,000,000

 

A-1+

 

 

 

8,350

5

 

New York St. Loc. Govt. Assist. Ser. 4v, 2.93%, 1/04/06, FSA,

 

 

 

 

 

 

 

 

 

 

 

 

 

FRWD

 

N/A

 

 

8,350,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

23,755,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—5.0%

 

 

 

 

 

 

VMIG1

 

 

 

3,200

5

 

Hamilton Cnty. Hosp. Facs. Proj., 3.50%, 1/05/06, FRWD

 

N/A

 

 

3,200,000

 

VMIG1

 

 

 

5,600

5

 

Univ. of Akron, 3.50%, 1/05/06, FGIC, FRWD

 

N/A

 

 

5,600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,800,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—2.4%

 

 

 

 

 

 

A-1

 

 

 

1,800

5

 

Gov’t. Dev. Bank, 2.68%, 1/04/06, MBIA, FRWD

 

N/A

 

 

1,800,000

 

A-1

 

 

 

2,500

5

 

Hwy. & Transp. Auth. Transp. Rev., Ser. A, 3.34%, 1/04/06, AMBAC, FRWD

 

N/A

 

 

2,500,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,300,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund—0.5%

 

 

 

 

 

 

 

 

 

 

850

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

850,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $46,105,000)

 

 

 

 

46,105,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—160.1% (cost $275,671,0736)

 

 

 

$

283,602,021

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.8%

 

 

 

 

3,126,993

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(61.9)%

 

 

 

 

(109,597,468

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

177,131,546

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

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

4

Security is collateralized by U.S. Treasury obligations.

5

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

6

Cost for Federal income tax purposes is $275,146,190. The net unrealized appreciation on a tax basis is $8,455,831, consisting of $8,624,300 gross unrealized appreciation and $168,469 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 87.1% of the Trust’s managed assets. The Trust had the following insurance concentrations:

 

 

 

 

ACA

1.8

%

AMBAC

13.9

%

CONNIE LEE

2.2

%

FGIC

11.0

%

FSA

15.3

%

MBIA

39.2

%

XLCA

3.4

%

Other

0.3

%


 

 

 

 

 

 

 


KEY TO ABBREVIATIONS

ACA

American Capital Access

 

FRWD

Floating Rate Weekly Demand

AMBAC

American Municipal Bond Assurance Corp.

 

FSA

Financial Security Assurance

CONNIE LEE

College Construction Loan Insurance Assoc.

 

GO

General Obligation

ETM

Escrowed to Maturity

 

MBIA

Municipal Bond Insurance Assoc.

FGIC

Financial Guaranty Insurance Co.

 

XLCA

XL Capital Assurance

See Notes to Financial Statements.

53



PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

BlackRock New York Municipal 2018 Term Trust (BLH)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

 

Value

 












 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—151.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-State—7.4%

 

 

 

 

 

 

A3

 

 

$

4,000

3

 

Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/09

 

No Opt. Call

 

$

4,295,400

 

 

 

 

 

 

 

 

New York—136.1%

 

 

 

 

 

 

NR

 

 

 

450

 

 

Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/25

 

05/15 @ 102

 

 

442,958

 

 

 

 

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

 

AA

 

 

 

1,000

 

 

Brooklyn Law Sch. Proj., Ser. A, 5.50%, 7/01/18, RAA

 

07/13 @ 100

 

 

1,086,130

 

AA-

 

 

 

1,800

4

 

City Univ. Proj., Ser. A, 5.125%, 7/01/11

 

N/A

 

 

1,947,708

 

AAA

 

 

 

3,455

4

 

Mental Hlth. Svcs. Proj., Ser. A, 5.00%, 2/15/08

 

N/A

 

 

3,643,297

 

AA-

 

 

 

295

 

 

Mental Hlth. Svcs. Proj., Ser. A, 5.00%, 2/15/18

 

02/08 @ 102

 

 

305,051

 

AAA

 

 

 

110

 

 

Mental Hlth. Svcs. Proj., Ser. A, 5.50%, 8/15/20, MBIA

 

08/11 @ 100

 

 

119,596

 

AAA

 

 

 

1,030

4

 

Mental Hlth. Svcs. Proj., Ser. B, 5.50%, 8/15/11, MBIA

 

N/A

 

 

1,135,740

 

AAA

 

 

 

1,480

4

 

Mental Hlth. Svcs. Proj., Ser. B, 5.50%, 8/15/11, MBIA

 

N/A

 

 

1,631,937

 

AA-

 

 

 

1,170

4

 

Upstate Cmnty. Proj., Ser. A, 5.00%, 7/01/09

 

N/A

 

 

1,245,477

 

AA-

 

 

 

2,060

 

 

Upstate Cmnty. Proj., Ser. A, 5.00%, 7/01/19

 

07/09 @ 101

 

 

2,138,939

 

AAA

 

 

 

1,000

 

 

Willow Towers Inc., Proj., 5.25%, 2/01/22

 

08/12 @ 101

 

 

1,069,710

 

Aaa

 

 

 

1,320

 

 

East Rochester Hsg. Auth., 5.20%, 12/20/24, FHA

 

12/11 @ 101

 

 

1,382,146

 

BBB

 

 

 

2,450

 

 

Jefferson Cnty. Ind. Dev. Agcy. Sld. Wst. Disp. Rev., 5.20%, 12/01/20

 

12/13 @ 100

 

 

2,459,335

 

AAA

 

 

 

1,900

 

 

Long Island Pwr. Auth. Elec. Sys. Rev., Zero Coupon, 6/01/18, FSA

 

No Opt. Call

 

 

1,131,773

 

AAA

 

 

 

5,000

 

 

Met. Transp. Auth., Ser. A, 5.125%, 11/15/21, FGIC

 

11/12 @ 100

 

 

5,318,950

 

A-

 

 

 

4,000

 

 

New York City Ind. Dev. Agcy. Civic Fac. Rev., YMCA of Greater New York Proj., 5.25%, 8/01/21

 

02/11 @ 100

 

 

4,158,440

 

B-

 

 

 

1,000

 

 

New York City Indl. Dev. Agcy., 7.50%, 8/01/16

 

No Opt. Call

 

 

1,018,030

 

 

 

 

 

 

 

 

New York City Transl. Fin. Auth.,

 

 

 

 

 

 

AAA

 

 

 

1,090

4

 

5.00%, 5/01/09

 

N/A

 

 

1,158,648

 

AAA

 

 

 

805

 

 

5.00%, 5/01/19

 

05/09 @ 101

 

 

840,919

 

AAA

 

 

 

3,000

 

 

Ser. B, 5.00%, 5/01/18

 

11/11 @ 101

 

 

3,194,190

 

 

 

 

 

 

 

 

New York City, GO,

 

 

 

 

 

 

A+

 

 

 

4,000

 

 

Ser. B, 5.375%, 12/01/20

 

12/11 @ 100

 

 

4,280,080

 

A+

 

 

 

5,000

 

 

Ser. G, 5.75%, 8/01/18

 

08/12 @ 100

 

 

5,531,550

 

AA-

 

 

 

3,500

 

 

New York Urban Dev. Corp. Correctional Facs., 5.00%, 1/01/19

 

01/08 @ 102

 

 

3,604,440

 

AA

 

 

 

4,180

 

 

Niagara Cnty. Ind. Dev. Agcy. Civic Fac. Rev., Niagara Univ. Proj., Ser. A, 5.35%, 11/01/23, RAA

 

11/11 @ 101

 

 

4,474,230

 

AA

 

 

 

4,130

 

 

Oneida Hlth. Care Corp. Residential Hlth. Care Proj., 5.30%, 2/01/21, RAA

 

02/11 @ 101

 

 

4,361,156

 

AA

 

 

 

3,875

 

 

Orange Cnty. Ind. Dev. Agcy. Civic Fac. Rev., St. Luke’s Hosp. Newburg Proj., Ser. A, 5.375%, 12/01/21, RAA

 

12/11 @ 101

 

 

4,143,189

 

AAA

 

 

 

3,885

5

 

Port Auth. of NY & NJ, Ser. 126, 5.00%, 11/15/18, FGIC

 

05/12 @ 101

 

 

4,053,337

 

Caa2

 

 

 

2,600

 

 

Port Auth. of NY & NJ, Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15

 

01/06 @ 100

 

 

2,632,266

 

BBB

 

 

 

4,000

 

 

Rockland Tobacco Asset Sec. Corp. Tobacco Settlement Rev., 5.625%, 8/15/35

 

08/12 @ 100

 

 

4,068,680

 

BBB

 

 

 

3,000

 

 

TSASC, Inc., Tobacco Settlement Rev., Ser. 1, 5.75%, 7/15/32

 

07/12 @ 100

 

 

3,076,530

 

AAA

 

 

 

3,710

 

 

Westchester Cnty. Ind. Dev. Agcy. Civic Fac. Rev., Ser. A, 5.125%, 12/01/22, AMBAC

 

12/11 @ 102

 

 

3,978,047

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

79,632,479

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—8.1%

 

 

 

 

 

 

BBB

 

 

 

2,000

 

 

Children’s Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43

 

05/12 @ 100

 

 

2,036,380

 

Aaa

 

 

 

2,500

4

 

Pub. Fin. Corp., Ser. E, 5.70%, 2/01/10

 

N/A

 

 

2,712,925

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,749,305

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $83,144,860)

 

 

 

 

88,677,184

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—151.6% (cost $83,144,8606)

 

 

 

$

88,677,184

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—2.1%

 

 

 

 

1,256,643

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(53.7)%

 

 

 

 

(31,408,435

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

58,525,392

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

54


 

 

BlackRock New York Municipal 2018 Term Trust (BLH) (continued)

 


 

 


1

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

2

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

3

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of December 31, 2005, the Trust held 7.3% of its net assets, with a current market value of $4,295,400, in securities restricted as to resale.

4

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

5

Security, or a portion thereof, pledged as collateral with a value of $417,332 on 95 short U.S. Treasury Note futures contracts expiring March 2006 and 36 short U.S. Treasury Bond futures contracts expiring March 2006. The value of such contracts on December 31, 2005, was $14,504,344, with an unrealized loss of $124,939.

6

Cost for Federal income tax purposes is $83,147,867. The net unrealized appreciation on a tax basis is $5,529,317, consisting of $5,529,317 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 


KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

 

GO

General Obligation

FGIC

Financial Guaranty Insurance Co.

 

MBIA

Municipal Bond Insurance Assoc.

FSA

Financial Security Assurance

 

RAA

Radian Asset Assurance

See Notes to Financial Statements.

55


PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

 

Value

 












 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—118.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-State—14.0%

 

 

 

 

 

 

A3

 

 

$

4,000

3

 

MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49

 

06/09 @ 100

 

$

4,300,640

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—94.2%

 

 

 

 

 

 

AAA

 

 

 

2,150

4,5

 

Allegheny Cnty. Port Auth., 6.125%, 3/01/09, MBIA

 

N/A

 

 

2,348,531

 

AAA

 

 

 

1,800

4

 

Allegheny Cnty. San. Auth., 5.375%, 12/01/07, MBIA

 

N/A

 

 

1,898,766

 

BBB+

 

 

 

1,400

 

 

Bucks Cnty. Ind. Dev. Auth. Pennswood Vlg. Proj., Ser. A, 6.00%, 10/01/34

 

10/12 @ 101

 

 

1,486,044

 

AAA

 

 

 

2,500

6

 

Delaware Cnty. Hlth. Facs. Auth., Mercy Hlth. Corp. Proj.,

 

 

 

 

 

 

 

 

 

 

 

 

 

6.00%, 12/15/26

 

ETM

 

 

2,597,550

 

AAA

 

 

 

1,250

 

 

Delaware Cnty. Ind. Dev. Auth. Wtr. Facs., 6.00%, 6/01/29, FGIC

 

06/09 @ 101

 

 

1,352,187

 

 

 

 

 

 

 

 

Econ. Dev. Fin. Auth., Amtrak Proj.,

 

 

 

 

 

 

A3

 

 

 

1,000

 

 

Ser. A, 6.25%, 11/01/31

 

05/11 @ 101

 

 

1,069,250

 

A3

 

 

 

1,000

 

 

Ser. A, 6.375%, 11/01/41

 

05/11 @ 101

 

 

1,072,610

 

NR7

 

 

 

1,000

 

 

Ser. G, 5.125%, 12/01/15

 

No Opt. Call

 

 

998,610

 

 

 

 

 

 

 

 

Higher Edl. Facs. Auth.,

 

 

 

 

 

 

AA-

 

 

 

1,250

 

 

Lafayette Coll. Proj., 6.00%, 5/01/30

 

05/10 @ 100

 

 

1,365,350

 

AA

 

 

 

140

 

 

Philadelphia Univ. Proj., 6.10%, 6/01/30, RAA

 

06/10 @ 100

 

 

152,116

 

AA+

 

 

 

150

 

 

Hsg. Fin. Agcy. Sngl. Fam. Mtg., GO, Ser. 60A, 5.85%, 10/01/27

 

04/07 @ 101.5

 

 

152,948

 

A-

 

 

 

1,250

 

 

Montgomery Cnty. Ind. Dev. Auth. Retirement Cmnty. Rev., 5.25%, 11/15/28

 

11/08 @ 101

 

 

1,263,800

 

AA

 

 

 

1,000

 

 

Pennsylvania St. Univ., 5.00%, 9/01/35

 

09/15 @ 100

 

 

1,046,730

 

AAA

 

 

 

1,250

 

 

Philadelphia Arpt. Sys., Ser. B, 5.40%, 6/15/27, FGIC

 

06/07 @ 102

 

 

1,290,325

 

AAA

 

 

 

1,250

 

 

Philadelphia Pkg. Auth. Pkg. Rev., 5.625%, 9/01/18, FSA

 

09/09 @ 101

 

 

1,340,213

 

 

 

 

 

 

 

 

Philadelphia Sch. Dist., GO,

 

 

 

 

 

 

AAA

 

 

 

2,800

4

 

Ser. C, 5.50%, 3/01/10, MBIA

 

N/A

 

 

3,021,452

 

AAA

 

 

 

3,050

4

 

Ser. C, 5.75%, 3/01/10, MBIA

 

N/A

 

 

3,320,504

 

AAA

 

 

 

2,250

 

 

Southeastern Trans. Auth., 5.375%, 3/01/17, FGIC

 

03/07 @ 102

 

 

2,344,950

 

AAA

 

 

 

840

 

 

Washington Cnty. Auth., Cap. Fdg. & Equip. Proj., 6.15%, 12/01/29, AMBAC

 

No Opt. Call

 

 

903,890

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

29,025,826

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—10.3%

 

 

 

 

 

 

BBB+

 

 

 

1,000

 

 

Hwy. & Trans. Auth., 5.00%, 7/01/40

 

07/15 @ 100

 

 

996,730

 

 

 

 

 

 

 

 

Pub. Fin. Corp.,

 

 

 

 

 

 

Aaa

 

 

 

1,495

4

 

Ser. E, 5.50%, 2/01/12

 

N/A

 

 

1,643,513

 

BBB-

 

 

 

505

 

 

Ser. E, 5.50%, 8/01/29

 

02/12 @ 100

 

 

528,548

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

3,168,791

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $33,926,497)

 

 

 

 

36,495,257

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—34.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania—31.6%

 

 

 

 

 

 

A-1+

 

 

 

2,000

8

 

Delaware Cnty. Ind. Dev. Auth. Arpt. Facs., 2.44%, 1/05/06,

 

 

 

 

 

 

 

 

 

 

 

 

 

FRWD

 

N/A

 

 

2,000,000

 

A-1+

 

 

 

1,400

8

 

Emmaus Gen. Auth., 3.52%, 1/04/06, FSA, FRWD

 

N/A

 

 

1,400,000

 

VMIG1

 

 

 

700

8

 

Higher Ed. Facs. Auth. St. Sys. Higher Ed. Proj., Ser. A, 3.38%,

 

 

 

 

 

 

 

 

 

 

 

 

 

1/05/06, MBIA, FRWD

 

N/A

 

 

700,000

 

 

 

 

 

 

 

 

Higher Edl. Asst. Agcy.,

 

 

 

 

 

 

VMIG1

 

 

 

500

8

 

3.43%, 1/04/06, AMBAC, FRWD

 

N/A

 

 

500,000

 

A-1+

 

 

 

1,400

8

 

Ser. A, 3.43%, 1/04/06, AMBAC, FRWD

 

N/A

 

 

1,400,000

 

VMIG1

 

 

 

1,200

8

 

Lehigh Cnty. Gen. Purp. Auth. Rev, Lehigh Valley Hosp. Proj.,

 

 

 

 

 

 

 

 

 

 

 

 

 

2.48%, 1/05/06, AMBAC, FRWD

 

N/A

 

 

1,200,000

 

A-1

 

 

 

1,200

8

 

South Fork Mun. Auth. Hosp. Rev., Conemaugh Hlth Sys.

 

 

 

 

 

 

 

 

 

 

 

 

 

Proj., Ser. A, 2.48%, 1/05/06, MBIA, FRWD

 

N/A

 

 

1,200,000

 

VMIG1

 

 

 

1,325

8

 

Upper Merion Mun. Util. Auth. Swr. Rev., 3.54%, 1/05/06,

 

 

 

 

 

 

 

 

 

 

 

 

 

FRWD

 

N/A

 

 

1,325,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,725,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund—2.9%

 

 

 

 

 

 

 

 

 

 

900

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

900,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $10,625,000)

 

 

 

 

10,625,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—153.0% (cost $44,551,4979)

 

 

 

$

47,120,257

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—3.8%

 

 

 

 

1,185,251

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.8)%

 

 

 

 

(17,504,962

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

30,800,546

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

56


BlackRock Pennsylvania Strategic Municipal Trust (BPS) (continued)

 


 

 


1

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

2

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

3

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of December 31, 2005, the Trust held 14.0% of its net assets, with a current market value of $4,300,640, in securities restricted as to resale.

4

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

5

Security, or a portion thereof, pledged as collateral with a value of $436,936 on 44 U.S. Treasury Note futures contracts expiring March 2006 and 17 U.S. Treasury Bond futures contracts expiring March 2006. The value of such contracts on December 31, 2005, was $6,755,063, with an unrealized loss of $57,984.

6

Security is collateralized by U.S. Treasury obligations.

7

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

8

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.

9

Cost for Federal income tax purposes is $44,499,267. The net unrealized appreciation on a tax basis is $2,620,990, consisting of $2,622,380 gross unrealized appreciation and $1,390 gross unrealized depreciation.


 

 

 

 

 

 

 


KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

 

FSA

Financial Security Assurance

ETM

Escrowed to Maturity

 

GO

General Obligation

FGIC

Financial Guaranty Insurance Co.

 

MBIA

Municipal Bond Insurance Assoc.

FRWD

Floating Rate Weekly Demand

 

RAA

Radian Asset Assurance

See Notes to Financial Statements.

57



 

STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2005



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insured
Municipal 2008
Term Trust
(BRM)

 

Insured
Municipal
Term Trust
(BMT)

 

Municipal 2018
Term Trust
(BPK)

 

Municipal 2020
Term Trust
(BKK)

 

Municipal
Target
Term Trust
(BMN)

 

 

 


 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value1

 

$

699,201,873

 

$

437,558,836

 

$

383,210,850

 

$

482,371,500

 

$

602,978,356

 

Cash

 

 

 

 

348,330

 

 

19,186

 

 

266,923

 

 

1,332,819

 

Investments in affiliates

 

 

159,253

 

 

114,697

 

 

43,263

 

 

28,283

 

 

137,209

 

Receivable from investments sold

 

 

5,000

 

 

961,246

 

 

130,000

 

 

150,000

 

 

 

Variation margin receivable

 

 

 

 

 

 

123,938

 

 

155,984

 

 

 

Interest receivable

 

 

7,641,850

 

 

4,002,774

 

 

4,337,489

 

 

5,534,304

 

 

6,706,347

 

Other assets

 

 

19,855

 

 

12,451

 

 

10,949

 

 

13,778

 

 

17,737

 

 

 



 



 



 



 



 

 

 

 

707,027,831

 

 

442,998,334

 

 

387,875,675

 

 

488,520,772

 

 

611,172,468

 

 

 



 



 



 



 



 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

2,797,371

 

 

 

 

 

 

 

 

 

Dividends payable — common shares

 

 

 

 

 

 

 

 

1,340,677

 

 

 

Investment advisory fee payable

 

 

209,049

 

 

131,375

 

 

130,872

 

 

205,503

 

 

181,475

 

Administration fee payable

 

 

59,728

 

 

37,536

 

 

 

 

 

 

83,593

 

Deferred Trustees’ fees

 

 

159,253

 

 

114,697

 

 

43,263

 

 

28,283

 

 

137,209

 

Payable to affiliates

 

 

47,273

 

 

39,501

 

 

25,001

 

 

21,091

 

 

55,307

 

Other accrued expenses

 

 

216,650

 

 

150,706

 

 

155,224

 

 

110,673

 

 

250,135

 

 

 



 



 



 



 



 

 

 

 

3,489,324

 

 

473,815

 

 

354,360

 

 

1,706,227

 

 

707,719

 

 

 



 



 



 



 



 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$25,000 liquidation value per share, including dividends payable2,3

 

 

271,132,670

 

 

170,509,888

 

 

137,630,862

 

 

177,668,192

 

 

149,141,500

 

 

 



 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

$

432,405,837

 

$

272,014,631

 

$

249,890,453

 

$

309,146,353

 

$

461,323,249

 

 

 



 



 



 



 



 

Composition of Net Assets Applicable to Common Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value

 

$

272,071

 

$

258,856

 

$

15,908

 

$

20,237

 

$

454,106

 

Paid-in capital in excess of par

 

 

377,589,494

 

 

239,251,319

 

 

225,641,716

 

 

287,166,281

 

 

420,179,598

 

Undistributed net investment income

 

 

38,497,045

 

 

17,141,959

 

 

17,930,493

 

 

1,594,255

 

 

34,079,048

 

Accumulated net realized gain (loss)

 

 

(294,780

)

 

18,903

 

 

(14,961,148

)

 

(2,693,055

)

 

(15,179

)

Net unrealized appreciation

 

 

16,342,007

 

 

15,343,594

 

 

21,263,484

 

 

23,058,635

 

 

6,625,676

 

 

 



 



 



 



 



 

Net assets applicable to common shareholders, December 31, 2005

 

$

432,405,837

 

$

272,014,631

 

$

249,890,453

 

$

309,146,353

 

$

461,323,249

 

 

 



 



 



 



 



 

Net asset value per common share4

 

$

15.89

 

$

10.51

 

$

15.71

 

$

15.28

 

$

10.16

 

 

 



 



 



 



 



 

1Investments at cost

 

$

682,859,866

 

$

422,215,242

 

$

361,338,266

 

$

458,546,954

 

$

596,352,680

 

2Preferred shares outstanding

 

 

10,840

 

 

6,816

 

 

5,504

 

 

7,104

 

 

5,964

 

3Par value per preferred shares

 

 

0.01

 

 

0.01

 

 

0.001

 

 

0.001

 

 

0.01

 

4Common shares outstanding

 

 

27,207,093

 

 

25,885,639

 

 

15,908,028

 

 

20,236,628

 

 

45,410,639

 

See Notes to Financial Statements.

58


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



















 

 

Strategic
Municipal
Trust
(BSD)

 

California
Insured
Municipal 2008
Term Trust
(BFC)

 

California
Municipal 2018
Term Trust
(BJZ)

 

Florida Insured
Municipal 2008
Term Trust
(BRF)

 

Florida
Municipal 2020
Term Trust
(BFO)

 

New York
Insured
Municipal 2008
Term Trust
(BLN)

 

New York
Municipal 2018
Term Trust
(BLH)

 

Pennsylvania
Strategic
Municipal
Trust
(BPS)

 

 

 


 


 


 


 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value1

 

$

172,684,038

 

$

266,172,371

 

$

153,318,242

 

$

212,487,545

 

$

130,295,704

 

$

283,602,021

 

$

88,677,184

 

$

47,120,257

 

Cash

 

 

546,167

 

 

516,993

 

 

 

 

489,248

 

 

505,007

 

 

 

 

311,567

 

 

909,133

 

Investments in affiliates

 

 

31,386

 

 

54,261

 

 

11,993

 

 

43,188

 

 

5,759

 

 

63,562

 

 

10,853

 

 

17,820

 

Receivable from investments sold

 

 

1,345,476

 

 

 

 

 

 

 

 

 

 

215,000

 

 

 

 

 

Variation margin receivable

 

 

53,125

 

 

 

 

44,797

 

 

 

 

41,906

 

 

 

 

25,329

 

 

11,813

 

Interest receivable

 

 

1,872,769

 

 

3,254,651

 

 

1,754,887

 

 

2,876,081

 

 

1,401,334

 

 

3,328,789

 

 

1,238,963

 

 

487,252

 

Other assets

 

 

13,055

 

 

7,625

 

 

4,340

 

 

6,070

 

 

3,730

 

 

8,087

 

 

2,551

 

 

9,444

 

 

 



 



 



 



 



 



 



 



 

 

 

 

176,546,016

 

 

270,005,901

 

 

155,134,259

 

 

215,902,132

 

 

132,253,440

 

 

287,217,459

 

 

90,266,447

 

 

48,555,719

 

 

 



 



 



 



 



 



 



 



 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

 

 

 

 

1,194,305

 

 

 

 

 

 

191,337

 

 

 

 

 

Dividends payable — common shares

 

 

664,337

 

 

 

 

394,023

 

 

544,193

 

 

309,393

 

 

 

 

222,523

 

 

152,256

 

Investment advisory fee payable

 

 

59,224

 

 

80,146

 

 

51,955

 

 

63,936

 

 

55,788

 

 

85,178

 

 

30,460

 

 

16,100

 

Administration fee payable

 

 

 

 

22,899

 

 

 

 

18,269

 

 

 

 

24,337

 

 

 

 

 

Deferred Trustees’ fees

 

 

31,386

 

 

54,261

 

 

11,993

 

 

43,188

 

 

5,759

 

 

63,562

 

 

10,853

 

 

17,820

 

Payable to affiliates

 

 

9,813

 

 

23,438

 

 

10,871

 

 

17,495

 

 

7,110

 

 

26,350

 

 

5,845

 

 

2,195

 

Other accrued expenses

 

 

80,328

 

 

96,817

 

 

97,500

 

 

85,775

 

 

82,476

 

 

97,681

 

 

62,939

 

 

61,840

 

 

 



 



 



 



 



 



 



 



 

 

 

 

845,088

 

 

277,561

 

 

1,760,647

 

 

772,856

 

 

460,526

 

 

488,445

 

 

332,620

 

 

250,211

 

 

 



 



 



 



 



 



 



 



 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$25,000 liquidation value per share, including dividends payable2,3

 

 

62,017,068

 

 

104,631,271

 

 

55,550,098

 

 

84,155,761

 

 

48,917,423

 

 

109,597,468

 

 

31,408,435

 

 

17,504,962

 

 

 



 



 



 



 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

$

113,683,860

 

$

165,097,069

 

$

97,823,514

 

$

130,973,515

 

$

82,875,491

 

$

177,131,546

 

$

58,525,392

 

$

30,800,546

 

 

 



 



 



 



 



 



 



 



 

Composition of Net Assets Applicable to Common Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value

 

$

7,251

 

$

104,071

 

$

6,433

 

$

87,071

 

$

5,562

 

$

112,571

 

$

3,633

 

$

2,017

 

Paid-in capital in excess of par

 

 

102,726,190

 

 

144,174,166

 

 

91,213,865

 

 

120,583,337

 

 

78,885,738

 

 

155,947,555

 

 

51,482,732

 

 

28,380,445

 

Undistributed net investment income

 

 

4,973,558

 

 

14,288,392

 

 

4,409,153

 

 

7,205,925

 

 

(70,554

)

 

13,112,870

 

 

3,080,070

 

 

810,116

 

Accumulated net realized gain (loss)

 

 

(3,890,792

)

 

 

 

(3,456,091

)

 

20,001

 

 

(1,093,200

)

 

27,602

 

 

(1,448,429

)

 

(902,808

)

Net unrealized appreciation

 

 

9,867,653

 

 

6,530,440

 

 

5,650,154

 

 

3,077,181

 

 

5,147,945

 

 

7,930,948

 

 

5,407,386

 

 

2,510,776

 

 

 



 



 



 



 



 



 



 



 

Net assets applicable to common shareholders, December 31, 2005

 

$

113,683,860

 

$

165,097,069

 

$

97,823,514

 

$

130,973,515

 

$

82,875,491

 

$

177,131,546

 

$

58,525,392

 

$

30,800,546

 

 

 



 



 



 



 



 



 



 



 

Net asset value per common share4

 

$

15.68

 

$

15.86

 

$

15.21

 

$

15.04

 

$

14.90

 

$

15.73

 

$

16.11

 

$

15.27

 

 

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Investments at cost

 

$

162,555,335

 

$

259,641,931

 

$

147,448,272

 

$

209,410,364

 

$

124,941,825

 

$

275,671,073

 

$

83,144,860

 

$

44,551,497

 

2Preferred shares outstanding

 

 

2,480

 

 

4,182

 

 

2,221

 

 

3,366

 

 

1,956

 

 

4,382

 

 

1,256

 

 

700

 

3Par value per preferred shares

 

 

0.001

 

 

0.01

 

 

0.001

 

 

0.01

 

 

0.001

 

 

0.01

 

 

0.001

 

 

0.001

 

4Common shares outstanding

 

 

7,250,606

 

 

10,407,093

 

 

6,433,028

 

 

8,707,093

 

 

5,562,128

 

 

11,257,093

 

 

3,633,028

 

 

2,016,632

 

59



 

STATEMENTS OF OPERATIONS

For the year ended December 31, 2005



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insured
Municipal 2008
Term Trust
(BRM)

 

Insured
Municipal
Term Trust
(BMT)

 

Municipal
2018 Term
Trust
(BPK)

 

Municipal
2020 Term
Trust
(BKK)

 

Municipal
Target
Term Trust
(BMN)

 

 

 


 


 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

$

29,174,044

 

 

$

18,173,293

 

$

21,254,453

 

$

25,697,664

 

$

28,765,851

 

Income from affiliates

 

 

 

11,924

 

 

 

8,429

 

 

3,567

 

 

1,855

 

 

13,020

 

 

 

 



 

 



 



 



 



 

Total investment income

 

 

 

29,185,968

 

 

 

18,181,722

 

 

21,258,020

 

 

25,699,519

 

 

28,778,871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

 

2,494,876

 

 

 

1,571,121

 

 

1,558,452

 

 

2,425,434

 

 

2,436,502

 

Administration

 

 

 

712,822

 

 

 

448,892

 

 

 

 

 

 

487,300

 

Transfer agent

 

 

 

23,101

 

 

 

24,709

 

 

14,965

 

 

16,060

 

 

25,915

 

Custodian

 

 

 

146,713

 

 

 

114,513

 

 

111,316

 

 

95,607

 

 

152,113

 

Reports to shareholders

 

 

 

106,292

 

 

 

69,416

 

 

54,750

 

 

73,512

 

 

113,183

 

Directors/Trustees

 

 

 

73,040

 

 

 

39,658

 

 

33,215

 

 

40,150

 

 

67,653

 

Registration

 

 

 

21,508

 

 

 

21,250

 

 

21,250

 

 

21,250

 

 

35,897

 

Independent accountants

 

 

 

43,734

 

 

 

43,274

 

 

36,135

 

 

37,726

 

 

52,381

 

Legal

 

 

 

91,063

 

 

 

47,257

 

 

42,028

 

 

83,589

 

 

81,274

 

Insurance

 

 

 

45,360

 

 

 

28,697

 

 

24,710

 

 

31,061

 

 

44,723

 

Deferred Trustees’ fees

 

 

 

11,924

 

 

 

8,429

 

 

3,567

 

 

1,855

 

 

13,020

 

Auction agent

 

 

 

704,716

 

 

 

439,653

 

 

357,835

 

 

464,053

 

 

585,633

 

Miscellaneous

 

 

 

83,173

 

 

 

70,557

 

 

45,876

 

 

51,564

 

 

109,704

 

 

 

 



 

 



 



 



 



 

Total expenses

 

 

 

4,558,322

 

 

 

2,927,426

 

 

2,304,099

 

 

3,341,861

 

 

4,205,298

 

Less fees waived by Advisor

 

 

 

 

 

 

 

 

 

 

 

 

 

Less fees paid indirectly

 

 

 

(14,215

)

 

 

(19,701

)

 

(17,262

)

 

(12,021

)

 

(52,676

)

 

 

 



 

 



 



 



 



 

Net expenses

 

 

 

4,544,107

 

 

 

2,907,725

 

 

2,286,837

 

 

3,329,840

 

 

4,152,622

 

 

 

 



 

 



 



 



 



 

Net investment income

 

 

 

24,641,861

 

 

 

15,273,997

 

 

18,971,183

 

 

22,369,679

 

 

24,626,249

 

 

 

 



 

 



 



 



 



 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

(2,400

)

 

 

226,726

 

 

(7,067,737

)

 

(803,879

)

 

(15,190

)

Futures

 

 

 

 

 

 

 

 

829,367

 

 

1,038,830

 

 

 

 

 

 



 

 



 



 



 



 

 

 

 

 

(2,400

)

 

 

226,726

 

 

(6,238,370

)

 

234,951

 

 

(15,190

)

 

 

 



 

 



 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

(20,407,431

)

 

 

(10,475,635

)

 

2,424,432

 

 

7,945,855

 

 

(18,090,760

)

Futures

 

 

 

 

 

 

 

 

(218,963

)

 

(275,016

)

 

 

 

 

 



 

 



 



 



 



 

 

 

 

 

(20,407,431

)

 

 

(10,475,635

)

 

2,205,469

 

 

7,670,839

 

 

(18,090,760

)

 

 

 



 

 



 



 



 



 

Net gain (loss)

 

 

 

(20,409,831

)

 

 

(10,248,909

)

 

(4,032,901

)

 

7,905,790

 

 

(18,105,950

)

 

 

 



 

 



 



 



 



 

Dividends and Distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(5,856,777

)

 

 

(3,769,757

)

 

(3,197,120

)

 

(4,116,677

)

 

(4,805,518

)

Net realized gains

 

 

 

 

 

 

(94,031

)

 

 

 

 

 

(9,199

)

 

 

 



 

 



 



 



 



 

Total dividends and distributions

 

 

 

(5,856,777

)

 

 

(3,863,788

)

 

(3,197,120

)

 

(4,116,677

)

 

(4,814,717

)

 

 

 



 

 



 



 



 



 

Net Increase (Decrease) in Net Assets Applicaple to Common Shareholders Resulting from Operations

 

 

$

(1,624,747

)

 

$

1,161,300

 

$

11,741,162

 

$

26,158,792

 

$

1,705,582

 

 

 

 



 

 



 



 



 



 

See Notes to Financial Statements.

60


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Strategic
Municipal
Trust
(BSD)

 

California Insured
Municipal 2008
Term Trust
(BFC)

 

California
Municipal 2018
Term Trust
(BJZ)

 

Florida Insured
Municipal 2008
Term Trust
(BRF)

 

Florida
Municipal 2020
Term Trust
(BFO)

 

New York Insured
Municipal 2008
Term Trust
(BLN)

 

New York
Municipal 2018
Term Trust
(BLH)

 

Pennsylvania
Strategic
Municipal Trust
(BPS)

 

 

 


 


 


 


 


 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

9,339,887

 

$

11,217,786

 

$

7,220,449

 

$

8,267,255

 

$

6,459,937

 

$

12,066,271

 

$

4,548,776

 

$

2,314,858

 

Income from affiliates

 

 

2,838

 

 

4,602

 

 

801

 

 

3,294

 

 

345

 

 

6,262

 

 

665

 

 

1,540

 

 

 



 



 



 



 



 



 



 



 

Total investment income

 

 

9,342,725

 

 

11,222,388

 

 

7,221,250

 

 

8,270,549

 

 

6,460,282

 

 

12,072,533

 

 

4,549,441

 

 

2,316,398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

1,055,159

 

 

959,400

 

 

613,574

 

 

763,890

 

 

658,495

 

 

1,016,492

 

 

359,334

 

 

292,698

 

Administration

 

 

 

 

274,114

 

 

 

 

218,254

 

 

 

 

290,426

 

 

 

 

 

Transfer agent

 

 

14,965

 

 

17,155

 

 

14,965

 

 

17,553

 

 

15,695

 

 

17,885

 

 

14,965

 

 

14,965

 

Custodian

 

 

67,817

 

 

74,609

 

 

56,323

 

 

60,639

 

 

32,368

 

 

68,203

 

 

40,419

 

 

39,115

 

Reports to shareholders

 

 

29,080

 

 

40,665

 

 

22,630

 

 

33,803

 

 

25,550

 

 

44,366

 

 

16,104

 

 

10,811

 

Directors/Trustees

 

 

15,330

 

 

25,915

 

 

13,505

 

 

20,805

 

 

13,140

 

 

27,740

 

 

12,775

 

 

12,410

 

Registration

 

 

21,250

 

 

21,250

 

 

21,250

 

 

21,250

 

 

21,250

 

 

21,250

 

 

21,250

 

 

1,205

 

Independent accountants

 

 

32,850

 

 

33,033

 

 

36,431

 

 

30,718

 

 

35,478

 

 

33,215

 

 

35,920

 

 

25,805

 

Legal

 

 

34,104

 

 

40,273

 

 

20,071

 

 

33,342

 

 

68,848

 

 

40,155

 

 

11,569

 

 

4,349

 

Insurance

 

 

11,189

 

 

17,475

 

 

9,772

 

 

13,909

 

 

8,389

 

 

18,501

 

 

5,717

 

 

3,095

 

Deferred Trustees’fees

 

 

2,838

 

 

4,602

 

 

801

 

 

3,294

 

 

345

 

 

6,262

 

 

665

 

 

1,540

 

Auction agent

 

 

162,681

 

 

274,970

 

 

145,971

 

 

219,049

 

 

129,300

 

 

286,953

 

 

85,585

 

 

51,305

 

Miscellaneous

 

 

25,780

 

 

43,179

 

 

33,353

 

 

38,042

 

 

30,694

 

 

45,983

 

 

28,973

 

 

19,250

 

 

 



 



 



 



 



 



 



 



 

Total expenses

 

 

1,473,043

 

 

1,826,640

 

 

988,646

 

 

1,474,548

 

 

1,039,552

 

 

1,917,431

 

 

633,276

 

 

476,548

 

Less fees waived by Advisor

 

 

(351,720

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(97,566

)

Less fees paid indirectly

 

 

(12,947

)

 

(14,983

)

 

(17,116

)

 

(13,156

)

 

(15,896

)

 

(12,950

)

 

(14,002

)

 

(26,985

)

 

 



 



 



 



 



 



 



 



 

Net expenses

 

 

1,108,376

 

 

1,811,657

 

 

971,530

 

 

1,461,392

 

 

1,023,656

 

 

1,904,481

 

 

619,274

 

 

351,997

 

 

 



 



 



 



 



 



 



 



 

Net investment income

 

 

8,234,349

 

 

9,410,731

 

 

6,249,720

 

 

6,809,157

 

 

5,436,626

 

 

10,168,052

 

 

3,930,167

 

 

1,964,401

 

 

 



 



 



 



 



 



 



 



 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

2,236,836

 

 

 

 

(504,440

)

 

88,503

 

 

(226,724

)

 

27,602

 

 

(8,125

)

 

134,013

 

Futures

 

 

362,186

 

 

 

 

308,148

 

 

 

 

282,814

 

 

 

 

179,397

 

 

62,350

 

 

 



 



 



 



 



 



 



 



 

 

 

 

2,599,022

 

 

 

 

(196,292

)

 

88,503

 

 

56,090

 

 

27,602

 

 

171,272

 

 

196,363

 

 

 



 



 



 



 



 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(1,994,746

)

 

(8,530,659

)

 

132,191

 

 

(5,953,913

)

 

1,705,128

 

 

(8,711,114

)

 

456,654

 

 

(1,024,965

)

Futures

 

 

(95,935

)

 

 

 

(80,994

)

 

 

 

(75,135

)

 

 

 

(46,244

)

 

(22,126

)

 

 



 



 



 



 



 



 



 



 

 

 

 

(2,090,681

)

 

(8,530,659

)

 

51,197

 

 

(5,953,913

)

 

1,629,993

 

 

(8,711,114

)

 

410,410

 

 

(1,047,091

)

 

 



 



 



 



 



 



 



 



 

Net gain (loss)

 

 

508,341

 

 

(8,530,659

)

 

(145,095

)

 

(5,865,410

)

 

1,686,083

 

 

(8,683,512

)

 

581,682

 

 

(850,728

)

 

 



 



 



 



 



 



 



 



 

Dividends and Distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1,435,533

)

 

(2,084,590

)

 

(1,142,679

)

 

(1,908,083

)

 

(1,090,002

)

 

(2,262,552

)

 

(619,624

)

 

(380,143

)

Net realized gains

 

 

 

 

(12,763

)

 

 

 

(16,356

)

 

(35,017

)

 

(14,078

)

 

 

 

 

 

 



 



 



 



 



 



 



 



 

Total dividends and distributions

 

 

(1,435,533

)

 

(2,097,353

)

 

(1,142,679

)

 

(1,924,439

)

 

(1,125,019

)

 

(2,276,630

)

 

(619,624

)

 

(380,143

)

 

 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets Applicaple to Common Shareholders Resulting from Operations

 

$

7,307,157

 

$

(1,217,281

)

$

4,961,946

 

$

(980,692

)

$

5,997,690

 

$

(792,090

)

$

3,892,225

 

$

733,530

 

 

 



 



 



 



 



 



 



 



 

61


 

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended December 31, 2005 and 2004



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insured
Municipal 2008 Term Trust
(BRM)

 

Insured
Municipal Term Trust
(BMT)

 

 

 


 


 

 

 

2005

 

2004

 

2005

 

2004

 

 

 


 


 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

24,641,861

 

$

26,254,309

 

$

15,273,997

 

$

17,456,383

 

Net realized gain (loss)

 

 

(2,400

)

 

1,815,872

 

 

226,726

 

 

1,087,089

 

Net change in unrealized appreciation/depreciation

 

 

(20,407,431

)

 

(16,680,739

)

 

(10,475,635

)

 

(9,591,433

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(5,856,777

)

 

(2,658,791

)

 

(3,769,757

)

 

(1,907,505

)

Net realized gains

 

 

 

 

(352,783

)

 

(94,031

)

 

(87,694

)

 

 



 



 



 



 

Net increase (decrease) in net assets resulting from operations

 

 

(1,624,747

)

 

8,377,868

 

 

1,161,300

 

 

6,956,840

 

 

 



 



 



 



 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends from net investment income

 

 

(21,629,646

)

 

(23,950,409

)

 

(14,884,351

)

 

(15,130,266

)

Net realized gain

 

 

 

 

(1,551,757

)

 

(391,780

)

 

(724,798

)

 

 



 



 



 



 

Total dividends and distributions

 

 

(21,629,646

)

 

(25,502,166

)

 

(15,276,131

)

 

(15,855,064

)

 

 



 



 



 



 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

Net proceeds from capital share transactions

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

Total increase (decrease)

 

 

(23,254,393

)

 

(17,124,298

)

 

(14,114,831

)

 

(8,898,224

)

 

 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

455,660,230

 

 

472,784,528

 

 

286,129,462

 

 

295,027,686

 

 

 



 



 



 



 

End of year

 

$

432,405,837

 

$

455,660,230

 

$

272,014,631

 

$

286,129,462

 

 

 



 



 



 



 

End of period undistributed net investment income

 

$

38,497,045

 

$

41,343,080

 

$

17,141,959

 

$

20,524,627

 

See Notes to Financial Statements.

62


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal
2018 Term Trust
(BPK)

 

Municipal
2020 Term Trust
(BKK)

 

Municipal
Target Term Trust
(BMN)

 

Strategic
Municipal Trust
(BSD)

 

 

 


 


 


 


 

 

 

2005

 

2004

 

2005

 

2004

 

2005

 

2004

 

2005

 

2004

 

 

 


 


 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

18,971,183

 

$

19,298,459

 

$

22,369,679

 

$

22,268,728

 

$

24,626,249

 

$

25,844,764

 

$

8,234,349

 

$

9,030,020

 

Net realized gain (loss)

 

 

(6,238,370

)

 

(6,681,398

)

 

234,951

 

 

(2,458,295

)

 

(15,190

)

 

487,949

 

 

2,599,022

 

 

(1,123,930

)

Net change in unrealized appreciation/depreciation

 

 

2,205,469

 

 

5,895,387

 

 

7,670,839

 

 

8,164,006

 

 

(18,090,760

)

 

(19,313,537

)

 

(2,090,681

)

 

(1,854,063

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(3,197,120

)

 

(1,576,219

)

 

(4,116,677

)

 

(2,082,967

)

 

(4,805,518

)

 

(3,210,573

)

 

(1,435,533

)

 

(695,537

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

(9,199

)

 

(64,286

)

 

 

 

 

 

 



 



 



 



 



 



 



 



 

Net increase (decrease) in net assets resulting from operations

 

 

11,741,162

 

 

16,936,229

 

 

26,158,792

 

 

25,891,472

 

 

1,705,582

 

 

3,744,317

 

 

7,307,157

 

 

5,356,490

 

 

 



 



 



 



 



 



 



 



 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends from net investment income

 

 

(13,410,468

)

 

(12,408,262

)

 

(17,529,979

)

 

(18,971,839

)

 

(19,378,995

)

 

(22,516,121

)

 

(7,442,211

)

 

(6,916,504

)

Net realized gain

 

 

 

 

 

 

 

 

 

 

(44,957

)

 

(469,591

)

 

 

 

 

 

 



 



 



 



 



 



 



 



 

Total dividends and distributions

 

 

(13,410,468

)

 

(12,408,262

)

 

(17,529,979

)

 

(18,971,839

)

 

(19,423,952

)

 

(22,985,712

)

 

(7,442,211

)

 

(6,916,504

)

 

 



 



 



 



 



 



 



 



 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

132,779

 

 

 

 

 



 



 



 



 



 



 



 



 

Net proceeds from capital share transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

132,779

 

 

 

 

 



 



 



 



 



 



 



 



 

Total increase (decrease)

 

 

(1,669,306

)

 

4,527,967

 

 

8,628,813

 

 

6,919,633

 

 

(17,718,370

)

 

(19,241,395

)

 

(2,275

)

 

(1,560,014

)

 

 



 



 



 



 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

251,559,759

 

 

247,031,792

 

 

300,517,540

 

 

293,597,907

 

 

479,041,619

 

 

498,283,014

 

 

113,686,135

 

 

115,246,149

 

 

 



 



 



 



 



 



 



 



 

End of year

 

$

249,890,453

 

$

251,559,759

 

$

309,146,353

 

$

300,517,540

 

$

461,323,249

 

$

479,041,619

 

$

113,683,860

 

$

113,686,135

 

 

 



 



 



 



 



 



 



 



 

End of period undistributed net investment income

 

$

17,930,493

 

$

15,562,976

 

$

1,594,255

 

$

880,513

 

$

34,079,048

 

$

33,637,384

 

$

4,973,558

 

$

5,715,973

 

63


 

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended December 31, 2005 and 2004



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California Insured
Municipal 2008 Term Trust
(BFC)

 

California
Municipal 2018 Term Trust
(BJZ)

 

 

 


 


 

 

 

2005

 

2004

 

2005

 

2004

 

 

 


 


 


 


 

Increase (Decrease) in Net Assets
Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

9,410,731

 

$

9,440,369

 

$

6,249,720

 

$

6,441,824

 

Net realized gain (loss)

 

 

 

 

395,193

 

 

(196,292

)

 

(1,773,203

)

Net change in unrealized appreciation/depreciation

 

 

(8,530,659

)

 

(4,904,625

)

 

51,197

 

 

3,138,128

 

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(2,084,590

)

 

(1,012,468

)

 

(1,142,679

)

 

(535,429

)

Net realized gains

 

 

(12,763

)

 

(34,878

)

 

 

 

 

 

 



 



 



 



 

Net increase (decrease) in net assets resulting from operations

 

 

(1,217,281

)

 

3,883,591

 

 

4,961,946

 

 

7,271,320

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(8,039,481

)

 

(8,039,482

)

 

(4,728,276

)

 

(4,728,276

)

Net realized gain

 

 

(54,533

)

 

(289,317

)

 

 

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(8,094,014

)

 

(8,328,799

)

 

(4,728,276

)

 

(4,728,276

)

 

 



 



 



 



 

Total increase (decrease)

 

 

(9,311,295

)

 

(4,445,208

)

 

233,670

 

 

2,543,044

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

174,408,364

 

 

178,853,572

 

 

97,589,844

 

 

95,046,800

 

 

 



 



 



 



 

End of year

 

$

165,097,069

 

$

174,408,364

 

$

97,823,514

 

$

97,589,844

 

 

 



 



 



 



 

End of period undistributed (distributions in excess of) net investment income

 

$

14,288,392

 

$

15,001,691

 

$

4,409,153

 

$

4,030,388

 

See Notes to Financial Statements.

64


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 








 

 

 

Florida Insured
Municipal 2008
Term Trust
(BRF)

 

Florida Municipal
2020 Term Trust
(BFO)

 

New York Insured
Municipal 2008
Term Trust
(BLN)

 

New York
Municipal 2018 Term Trust
(BLH)

 

 

 


 


 


 


 

 

 

2005

 

2004

 

2005

 

2004

 

2005

 

2004

 

2005

 

2004

 

 

 


 


 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

6,809,157

 

$

7,050,079

 

$

5,436,626

 

$

5,531,138

 

$

10,168,052

 

$

10,428,588

 

$

3,930,167

 

$

3,886,296

 

Net realized gain (loss)

 

 

88,503

 

 

561,418

 

 

56,090

 

 

(793,308

)

 

27,602

 

 

663,356

 

 

171,272

 

 

(511,787

)

Net change in unrealized appreciation/depreciation

 

 

(5,953,913

)

 

(4,141,764

)

 

1,629,993

 

 

1,550,777

 

 

(8,711,114

)

 

(6,508,843

)

 

410,410

 

 

503,951

 

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1,908,083

)

 

(779,042

)

 

(1,090,002

)

 

(546,138

)

 

(2,262,552

)

 

(1,092,221

)

 

(619,624

)

 

(320,057

)

Net realized gains

 

 

(16,356

)

 

(79,831

)

 

(35,017

)

 

 

 

(14,078

)

 

(86,126

)

 

 

 

 

 

 



 



 



 



 



 



 



 



 

Net increase (decrease) in net assets resulting from operations

 

 

(980,692

)

 

2,610,860

 

 

5,997,690

 

 

5,742,469

 

 

(792,090

)

 

3,404,754

 

 

3,892,225

 

 

3,558,403

 

 

 



 



 



 



 



 



 



 



 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(6,530,321

)

 

(6,530,321

)

 

(4,192,475

)

 

(5,005,915

)

 

(8,442,822

)

 

(9,170,031

)

 

(2,670,276

)

 

(2,670,276

)

Net realized gain

 

 

(57,876

)

 

(620,381

)

 

(320,969

)

 

 

 

(57,749

)

 

(611,616

)

 

 

 

 

 

 



 



 



 



 



 



 



 



 

Total dividends and distributions

 

 

(6,588,197

)

 

(7,150,702

)

 

(4,513,444

)

 

(5,005,915

)

 

(8,500,571

)

 

(9,781,647

)

 

(2,670,276

)

 

(2,670,276

)

 

 



 



 



 



 



 



 



 



 

Total increase (decrease)

 

 

(7,568,889

)

 

(4,539,842

)

 

1,484,246

 

 

736,554

 

 

(9,292,661

)

 

(6,376,893

)

 

1,221,949

 

 

888,127

 

 

 



 



 



 



 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

138,542,404

 

 

143,082,246

 

 

81,391,245

 

 

80,654,691

 

 

186,424,207

 

 

192,801,100

 

 

57,303,443

 

 

56,415,316

 

 

 



 



 



 



 



 



 



 



 

End of year

 

$

130,973,515

 

$

138,542,404

 

$

82,875,491

 

$

81,391,245

 

$

177,131,546

 

$

186,424,207

 

$

58,525,392

 

$

57,303,443

 

 

 



 



 



 



 



 



 



 



 

End of period undistributed (distributions in excess of) net investment income

 

$

7,205,925

 

$

8,840,902

 

$

(70,554

)

$

(224,679

)

$

13,112,870

 

$

13,650,140

 

$

3,080,070

 

$

2,439,803

 

65



 

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended December 31, 2005 and 2004



 

 

 

 

 

 

 

 

 

 

Pennsylvania
Strategic Municipal Trust
(BPS)

 

 

 


 

 

 

2005

 

2004

 

 

 


 


 

Decrease in Net Assets
Applicable to Common Shareholders

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

Net investment income

 

$

1,964,401

 

$

2,156,602

 

Net realized gain (loss)

 

 

196,363

 

 

(632,942

)

Net change in unrealized appreciation/depreciation

 

 

(1,047,091

)

 

(125,255

)

Dividends to preferred shareholders from net investment income

 

 

(380,143

)

 

(187,388

)

 

 



 



 

Net increase in net assets resulting from operations

 

 

733,530

 

 

1,211,017

 

 

 



 



 

Dividends to Common Shareholders from:

 

 

 

 

 

 

 

Net investment income

 

 

(1,807,728

)

 

(1,788,911

)

 

 



 



 

Capital Share Transactions:

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

17,613

 

 

 

 

 



 



 

Net proceeds from capital share transaction

 

 

17,613

 

 

 

 

 



 



 

Total decrease

 

 

(1,056,585

)

 

(577,894

)

 

 



 



 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

Beginning of year

 

 

31,857,131

 

 

32,435,025

 

 

 



 



 

End of year

 

$

30,800,546

 

$

31,857,131

 

 

 



 



 

End of period undistributed net investment income

 

$

810,116

 

$

1,058,418

 

See Notes to Financial Statements.

66


 

 

FINANCIAL HIGHLIGHTS

 

BlackRock Insured Municipal 2008 Term Trust (BRM)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 


 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

16.75

 

$

17.38

 

$

17.62

 

$

16.80

 

$

16.62

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.91

 

 

0.97

 

 

1.07

 

 

1.26

 

 

1.33

 

Net realized and unrealized gain (loss)

 

 

(0.75

)

 

(0.55

)

 

(0.07

)

 

0.53

 

 

(0.08

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.22

)

 

(0.10

)

 

(0.08

)

 

(0.13

)

 

(0.27

)

Net realized gain on investments

 

 

 

 

(0.01

)

 

(0.01

)

 

(0.01

)

 

 

 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

(0.06

)

 

0.31

 

 

0.91

 

 

1.65

 

 

0.98

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.80

)

 

(0.88

)

 

(1.02

)

 

(0.79

)

 

(0.80

)

Net realized gain

 

 

 

 

(0.06

)

 

(0.13

)

 

(0.04

)

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.80

)

 

(0.94

)

 

(1.15

)

 

(0.83

)

 

(0.80

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

15.89

 

$

16.75

 

$

17.38

 

$

17.62

 

$

16.80

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market price, end of year

 

$

15.30

 

$

16.31

 

$

17.27

 

$

16.58

 

$

15.70

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

(1.41

)%  

 

(0.09

)%  

 

11.29

%  

 

11.15

%  

 

11.06

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.03

%

 

0.99

%

 

0.98

%

 

0.98

%

 

1.01

%

Expenses after fees waived and before fees paid indirectly

 

 

1.03

%

 

1.00

%

 

0.98

%

 

0.98

%

 

1.02

%

Expenses before fees waived and paid indirectly

 

 

1.03

%

 

1.00

%

 

0.98

%

 

0.98

%

 

1.02

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

5.58

%

 

5.66

%

 

6.03

%

 

7.34

%

 

7.87

%

Preferred share dividends

 

 

1.33

%

 

0.57

%

 

0.47

%

 

0.73

%

 

1.60

%

Net investment income available to common shareholders

 

 

4.25

%

 

5.09

%

 

5.56

%

 

6.61

%

 

6.27

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

441,822

 

$

464,135

 

$

480,887

 

$

468,417

 

$

460,153

 

Portfolio turnover

 

 

3

%

 

4

%

 

18

%

 

23

%

 

3

%

Net assets of common shareholders, end of year (000)

 

$

432,406

 

$

455,660

 

$

472,785

 

$

479,390

 

$

457,070

 

Preferred shares outstanding (000)

 

$

271,000

 

$

271,000

 

$

271,000

 

$

271,000

 

$

271,000

 

Asset coverage per preferred share, end of year

 

$

64,902

 

$

67,041

 

$

68,622

 

$

69,235

 

$

67,178

 


 

 

1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each year reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

67


 

 

FINANCIAL HIGHLIGHTS

 

BlackRock Insured Municipal Term Trust (BMT)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 


 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

11.05

 

$

11.40

 

$

11.29

 

$

10.85

 

$

10.85

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.59

 

 

0.67

 

 

0.73

 

 

0.81

 

 

0.89

 

Net realized and unrealized gain (loss)

 

 

(0.38

)

 

(0.34

)

 

0.10

 

 

0.41

 

 

(0.12

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.15

)

 

(0.07

)

 

(0.06

)

 

(0.08

)

 

(0.18

)

Net realized gain on investments

 

 

3

 

 

 

 

 

 

(0.02

)

 

(0.01

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

0.06

 

 

0.26

 

 

0.77

 

 

1.12

 

 

0.58

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.58

)

 

(0.58

)

 

(0.64

)

 

(0.58

)

 

(0.57

)

Net realized gain

 

 

(0.02

)

 

(0.03

)

 

(0.02

)

 

(0.10

)

 

(0.02

)

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.60

)

 

(0.61

)

 

(0.66

)

 

(0.68

)

 

(0.59

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

0.01

 

 

 



 



 



 



 



 

Net asset value, end of year

 

$

10.51

 

$

11.05

 

$

11.40

 

$

11.29

 

$

10.85

 

 

 



 



 



 



 



 

Market price, end of year

 

$

10.36

 

$

11.30

 

$

11.06

 

$

10.94

 

$

10.63

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

(3.26

)%

 

7.92

%

 

7.28

%

 

9.51

%

 

7.73

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.04

%

 

1.02

%

 

1.02

%

 

1.05

%

 

1.06

%

Expenses after fees waived and before fees paid indirectly

 

 

1.05

%

 

1.02

%

 

1.02

%

 

1.06

%

 

1.06

%

Expenses before fees waived and paid indirectly

 

 

1.05

%

 

1.02

%

 

1.02

%

 

1.06

%

 

1.06

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

5.48

%

 

6.04

%

 

6.36

%

 

7.32

%

 

8.12

%

Preferred share dividends

 

 

1.35

%

 

0.66

%

 

0.50

%

 

0.70

%

 

1.68

%

Net investment income available to common shareholders

 

 

4.13

%

 

5.38

%

 

5.86

%

 

6.62

%

 

6.44

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

278,492

 

$

289,091

 

$

293,334

 

$

287,692

 

$

284,390

 

Portfolio turnover

 

 

 

 

1

%

 

11

%

 

36

%

 

7

%

Net assets of common shareholders, end of year (000)

 

$

272,015

 

$

286,129

 

$

295,028

 

$

292,371

 

$

280,743

 

Preferred shares outstanding (000)

 

$

170,400

 

$

170,400

 

$

170,400

 

$

170,400

 

$

170,400

 

Asset coverage per preferred share, end of year

 

$

64,924

 

$

66,987

 

$

68,288

 

$

67,895

 

$

66,195

 


 

 

1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each year reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.

3

Amounted to less than $0.01 per common share outstanding.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

68


 

 

FINANCIAL HIGHLIGHTS

 

BlackRock Municipal 2018 Term Trust (BPK)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
October 30, 20011
through
December 31, 20012

 

 

 

Year Ended December 31,

 

 

 

 


 

 

 

 

2005

 

2004

 

2003

 

2002

 

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.81

 

$

15.53

 

$

14.66

 

$

13.66

 

 

$

14.33

3

 

 

 



 



 



 



 

 



 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.19

 

 

1.21

 

 

1.21

 

 

1.17

 

 

 

0.10

 

 

Net realized and unrealized gain (loss)

 

 

(0.25

)

 

(0.05

)

 

0.52

 

 

0.73

 

 

 

(0.55

)

 

Dividends to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.20

)

 

(0.10

)

 

(0.08

)

 

(0.12

)

 

 

(0.01

)

 

 

 



 



 



 



 

 



 

 

Net increase (decrease) from investment operations

 

 

0.74

 

 

1.06

 

 

1.65

 

 

1.78

 

 

 

(0.46

)

 

 

 



 



 



 



 

 



 

 

Dividends to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.84

)

 

(0.78

)

 

(0.78

)

 

(0.78

)

 

 

(0.07

)

 

 

 



 



 



 



 

 



 

 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

 

 



 



 



 



 

 



 

 

Total capital charges

 

 

 

 

 

 

 

 

 

 

 

(0.14

)

 

 

 



 



 



 



 

 



 

 

Net asset value, end of period

 

$

15.71

 

$

15.81

 

$

15.53

 

$

14.66

 

 

$

13.66

 

 

 

 



 



 



 



 

 



 

 

Market price, end of period

 

$

15.71

 

$

15.16

 

$

14.36

 

$

13.43

 

 

$

13.06

 

 

 

 



 



 



 



 

 



 

 

TOTAL INVESTMENT RETURN4

 

 

9.35

%

 

11.27

%

 

12.92

%

 

8.84

%

 

 

(12.51

)%

 

 

 



 



 



 



 

 



 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.91

%

 

0.91

%

 

0.93

%

 

0.92

%

 

 

0.93

%6

 

Expenses after fees waived and before fees paid indirectly

 

 

0.91

%

 

0.91

%

 

0.94

%

 

0.94

%

 

 

0.93

%6

 

Expenses before fees waived and paid indirectly

 

 

0.91

%

 

0.91

%

 

0.94

%

 

0.94

%

 

 

0.93

%6

 

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.53

%

 

7.83

%

 

8.21

%

 

8.14

%

 

 

4.39

%6

 

Preferred share dividends

 

 

1.27

%

 

0.64

%

 

0.57

%

 

0.84

%

 

 

0.28

%6

 

Net investment income available to common shareholders

 

 

6.26

%

 

7.19

%

 

7.64

%

 

7.30

%

 

 

4.11

%6

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

252,013

 

$

246,602

 

$

235,575

 

$

227,674

 

 

$

206,486

 

 

Portfolio turnover

 

 

15

%  

 

31

%  

 

15

%  

 

53

%  

 

 

0

%

 

Net assets of common shareholders, end of period (000)

 

$

249,890

 

$

251,560

 

$

247,032

 

$

233,233

 

 

$

217,229

 

 

Preferred shares outstanding (000)

 

$

137,600

 

$

137,600

 

$

137,600

 

$

137,600

 

 

$

137,600

 

 

Asset coverage per preferred share, end of period

 

$

70,407

 

$

70,736

 

$

69,887

 

$

67,381

 

 

$

64,485

 

 


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Calculated using the average shares outstanding method.

3

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

4

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

6

Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

69



 

FINANCIAL HIGHLIGHTS

BlackRock Municipal 2020 Term Trust (BKK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period

 

 

 

Year Ended December 31,

 

September 30, 20031

 

 

 


 

through

 

 

 

2005

 

2004

 

December 31, 2003

 

 

 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.85

 

$

14.51

 

 

$

14.33

2

 

 

 



 



 

 



 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.11

 

 

1.10

 

 

 

0.15

 

 

Net realized and unrealized gain

 

 

0.39

 

 

0.28

 

 

 

0.25

 

 

Dividends to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.20

)

 

(0.10

)

 

 

(0.01

)

 

 

 



 



 

 



 

 

Net increase from investment operations

 

 

1.30

 

 

1.28

 

 

 

0.39

 

 

 

 



 



 

 



 

 

Dividends to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.87

)

 

(0.94

)

 

 

(0.16

)

 

 

 



 



 

 



 

 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

(0.03

)

 

Preferred shares

 

 

 

 

 

 

 

(0.02

)

 

 

 



 



 

 



 

 

Total capital charges

 

 

 

 

 

 

 

(0.05

)

 

 

 



 



 

 



 

 

Net asset value, end of period

 

$

15.28

 

$

14.85

 

 

$

14.51

 

 

 

 



 



 

 



 

 

Market price, end of period

 

$

14.00

 

$

15.02

 

 

$

15.00

 

 

 

 



 



 

 



 

 

TOTAL INVESTMENT RETURN3

 

 

(1.28

)%

 

6.63

%

 

 

1.05

%

 

 

 



 



 

 



 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:4

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.08

%

 

1.09

%

 

 

0.85

%5

 

Expenses after fees waived and before fees paid indirectly

 

 

1.09

%

 

1.09

%

 

 

0.87

%5

 

Expenses before fees waived and paid indirectly

 

 

1.09

%

 

1.09

%

 

 

0.87

%5

 

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.27

%

 

7.67

%

 

 

4.25

%5

 

Preferred share dividends

 

 

1.34

%

 

0.72

%

 

 

0.30

%5

 

Net investment income available to common shareholders

 

 

5.93

%

 

6.95

%

 

 

3.95

%5

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

307,487

 

$

290,212

 

 

$

279,827

 

 

Portfolio turnover

 

 

14

%

 

51

%

 

 

17

%

 

Net assets of common shareholders, end of period (000)

 

$

309,146

 

$

300,518

 

 

$

293,598

 

 

Preferred shares outstanding (000)

 

$

177,600

 

$

177,600

 

 

$

177,600

 

 

Asset coverage per preferred share, end of period

 

$

68,527

 

$

67,307

 

 

$

66,332

 

 


 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

5

Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

70


 

FINANCIAL HIGHLIGHTS

BlackRock Municipal Target Term Trust (BMN)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 


 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

10.55

 

$

10.97

 

$

11.16

 

$

10.57

 

$

10.67

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.54

 

 

0.57

 

 

0.62

 

 

0.70

 

 

0.83

 

Net realized and unrealized gain (loss)

 

 

(0.39

)

 

(0.41

)

 

(0.16

)

 

0.62

 

 

(0.10

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.11

)

 

(0.07

)

 

(0.06

)

 

(0.08

)

 

(0.17

)

Net realized gain

 

 

3

 

 

 

 

 

(0.01

)

 

(0.02

)

 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

0.04

 

 

0.09

 

 

0.40

 

 

1.23

 

 

0.54

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.43

)

 

(0.50

)

 

(0.57

)

 

(0.60

)

 

(0.58

)

Net realized gain

 

 

3

 

(0.01

)

 

(0.02

)

 

(0.04

)

 

(0.06

)

 

 



 



 



 



 



 

Total dividends and distributions

 

 

 

 

(0.51

)

 

(0.59

)

 

(0.64

)

 

(0.64

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

10.16

 

$

10.55

 

$

10.97

 

$

11.16

 

$

10.57

 

 

 



 



 



 



 



 

Market price, end of year

 

$

9.91

 

$

10.49

 

$

10.95

 

$

11.01

 

$

10.40

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

(1.49

)%

 

0.39

%

 

4.99

%

 

12.28

%

 

11.16

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.89

%

 

0.96

%

 

0.96

%

 

0.97

%

 

0.96

%

Expenses after fees waived and before fees paid indirectly

 

 

0.90

%

 

0.97

%

 

0.96

%

 

0.97

%

 

0.98

%

Expenses before fees waived and paid indirectly

 

 

0.90

%

 

0.97

%

 

0.96

%

 

0.97

%

 

0.98

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

5.26

%

 

5.29

%

 

5.60

%

 

6.44

%

 

7.73

%

Preferred share dividends

 

 

1.03

%

 

0.66

%

 

0.54

%

 

0.75

%

 

1.57

%

Net investment income available to common shareholders

 

 

4.23

%

 

4.63

%

 

5.06

%

 

5.69

%

 

6.16

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

467,934

 

$

488,873

 

$

504,660

 

$

494,694

 

$

489,251

 

Portfolio turnover

 

 

4

%

 

2

%

 

4

%

 

18

%

 

42

%

Net assets of common shareholders, end of year (000)

 

$

461,328

 

$

479,042

 

$

498,283

 

$

506,952

 

$

480,172

 

Preferred shares outstanding (000)

 

$

149,100

 

$

299,100

 

$

299,100

 

$

299,100

 

$

299,100

 

Asset coverage per preferred share, end of year

 

$

102,359

 

$

65,048

 

$

66,654

 

$

67,379

 

$

65,141

 


 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each year reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

3

Amounted to less than $0.01 per common share outstanding.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data, for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

71


 

FINANCIAL HIGHLIGHTS

BlackRock Strategic Municipal Trust (BSD)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 


 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.70

 

$

15.91

 

$

15.01

 

$

14.33

 

$

14.75

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.14

 

 

1.26

 

 

1.23

 

 

1.26

 

 

1.25

 

Net realized and unrealized gain (loss)

 

 

0.07

 

 

(0.41

)

 

0.68

 

 

0.42

 

 

(0.58

)

Dividends to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.20

)

 

(0.10

)

 

(0.08

)

 

(0.12

)

 

(0.23

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

1.01

 

 

0.75

 

 

1.83

 

 

1.56

 

 

0.44

 

 

 



 



 



 



 



 

Dividends to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1.03

)

 

(0.96

)

 

(0.93

)

 

(0.88

)

 

(0.86

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

15.68

 

$

15.70

 

$

15.91

 

$

15.01

 

$

14.33

 

 

 



 



 



 



 



 

Market price, end of year

 

$

17.14

 

$

14.52

 

$

14.69

 

$

13.78

 

$

13.58

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

26.08

%

 

5.59

%

 

13.75

%

 

8.03

%

 

5.32

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.97

%

 

0.89

%

 

0.91

%

 

0.98

%

 

0.91

%

Expenses after fees waived and before fees paid indirectly

 

 

0.98

%

 

0.90

%

 

0.91

%

 

0.99

%

 

0.92

%

Expenses before fees waived and paid indirectly

 

 

1.29

%

 

1.28

%

 

1.30

%

 

1.39

%

 

1.31

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.23

%

 

8.04

%

 

8.09

%

 

8.54

%

 

8.40

%

Preferred share dividends

 

 

1.26

%

 

0.62

%

 

0.54

%

 

0.78

%

 

1.58

%

Net investment income available to common shareholders

 

 

5.97

%

 

7.42

%

 

7.55

%

 

7.76

%

 

6.82

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

113,860

 

$

112,298

 

$

110,385

 

$

106,807

 

$

107,381

 

Portfolio turnover

 

 

96

%

 

23

%

 

8

%

 

13

%

 

4

%

Net assets of common shareholders, end of year (000)

 

$

113,684

 

$

113,686

 

$

115,246

 

$

108,721

 

$

103,783

 

Preferred shares outstanding (000)

 

$

62,000

 

$

62,000

 

$

62,000

 

$

62,000

 

$

62,000

 

Asset coverage per preferred share, end of year

 

$

70,847

 

$

70,844

 

$

71,476

 

$

68,844

 

$

66,855

 


 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each year reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

72


 

FINANCIAL HIGHLIGHTS

BlackRock California Insured Municipal 2008 Term Trust (BFC)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 


 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

16.76

 

$

17.19

 

$

17.34

 

$

16.77

 

$

16.72

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.90

 

 

0.91

 

 

0.96

 

 

1.18

 

 

1.27

 

Net realized and unrealized gain (loss)

 

 

(0.82

)

 

(0.44

)

 

0.06

 

 

0.48

 

 

(0.19

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.20

)

 

(0.10

)

 

(0.07

)

 

(0.11

)

 

(0.24

)

Net realized gain

 

 

3

 

 

 

(0.01

)

 

(0.03

)

 

(0.01

)

 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

(0.12

)

 

0.37

 

 

0.94

 

 

1.52

 

 

0.83

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.77

)

 

(0.77

)

 

(1.00

)

 

(0.81

)

 

(0.77

)

Net realized gain

 

 

(0.01

)

 

(0.03

)

 

(0.09

)

 

(0.14

)

 

(0.02

)

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.78

)

 

(0.80

)

 

(1.09

)

 

(0.95

)

 

(0.79

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

0.01

 

 

 



 



 



 



 



 

Net asset value, end of year

 

$

15.86

 

$

16.76

 

$

17.19

 

$

17.34

 

$

16.77

 

 

 



 



 



 



 



 

Market price, end of year

 

$

15.31

 

$

16.25

 

$

17.09

 

$

16.44

 

$

15.90

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

(1.08

)%

 

(0.20

)%

 

10.90

%

 

9.56

%

 

7.06

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.07

%

 

1.05

%

 

1.04

%

 

1.05

%

 

1.08

%

Expenses after fees waived and before fees paid indirectly

 

 

1.08

%

 

1.05

%

 

1.04

%

 

1.06

%

 

1.09

%

Expenses before fees waived and paid indirectly

 

 

1.08

%

 

1.05

%

 

1.04

%

 

1.06

%

 

1.09

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

5.55

%

 

5.37

%

 

5.51

%

 

6.91

%

 

7.57

%

Preferred share dividends

 

 

1.23

%

 

0.58

%

 

0.38

%

 

0.64

%

 

1.45

%

Net investment income available to common shareholders

 

 

4.32

%

 

4.79

%

 

5.13

%

 

6.27

%

 

6.12

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

169,564

 

$

175,711

 

$

180,408

 

$

177,861

 

$

176,424

 

Portfolio turnover

 

 

0

%

 

0

%

 

15

%

 

33

%

 

5

%

Net assets of common shareholders, end of year (000)

 

$

165,097

 

$

174,408

 

$

178,854

 

$

180,498

 

$

174,487

 

Preferred shares outstanding (000)

 

$

104,550

 

$

104,550

 

$

104,550

 

$

104,550

 

$

104,550

 

Asset coverage per preferred share, end of year

 

$

64,497

 

$

66,714

 

$

67,776

 

$

68,161

 

$

66,735

 


 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each year reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.

3

Amounted to less than $0.01 per common share outstanding.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

73


 

FINANCIAL HIGHLIGHTS

BlackRock California Municipal 2018 Term Trust (BJZ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period

 

 

 

Year Ended December 31,

 

October 30, 20011

 

 

 


 

through

 

 

 

2005

 

2004

 

2003

 

2002

 

December 31, 20012

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.17

 

$

14.77

 

$

14.59

 

$

13.63

 

 

$

14.33

3

 

 

 



 



 



 



 

 



 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.97

 

 

1.00

 

 

1.04

 

 

1.03

 

 

 

0.09

 

 

Net realized and unrealized gain (loss)

 

 

(0.01

)

 

0.21

 

 

(0.06

)

 

0.78

 

 

 

(0.57

)

 

Dividends to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.18

)

 

(0.08

)

 

(0.07

)

 

(0.11

)

 

 

(0.01

)

 

 

 



 



 



 



 

 



 

 

Net increase (decrease) from investment operations

 

 

0.78

 

 

1.13

 

 

0.91

 

 

1.70

 

 

 

(0.49

)

 

 

 



 



 



 



 

 



 

 

Dividends to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.74

)

 

(0.73

)

 

(0.73

)

 

(0.74

)

 

 

(0.06

)

 

 

 



 



 



 



 

 



 

 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

 

(0.12

)

 

 

 



 



 



 



 

 



 

 

Total capital charges

 

 

 

 

 

 

 

 

 

 

 

(0.15

)

 

 

 



 



 



 



 

 



 

 

Net asset value, end of period

 

$

15.21

 

$

15.17

 

$

14.77

 

$

14.59

 

 

$

13.63

 

 

 

 



 



 



 



 

 



 

 

Market price, end of period

 

$

15.19

 

$

13.89

 

$

13.42

 

$

13.40

 

 

$

12.85

 

 

 

 



 



 



 



 

 



 

 

TOTAL INVESTMENT RETURN4

 

 

14.85

%

 

9.04

%

 

5.67

%

 

10.04

%

 

 

(13.94

)%

 

 

 



 



 



 



 

 



 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.99

%

 

1.01

%

 

1.03

%

 

0.99

%

 

 

1.07

%6

 

Expenses after fees waived and before fees paid indirectly

 

 

1.01

%

 

1.02

%

 

1.03

%

 

1.03

%

 

 

1.07

%

 

Expenses before fees waived and paid indirectly

 

 

1.01

%

 

1.02

%

 

1.03

%

 

1.03

%

 

 

1.07

%6

 

Net investment income after fees waived and paid indirectly before preferred share dividends

 

 

6.39

%

 

6.77

%

 

7.29

%

 

7.33

%

 

 

3.78

%6

 

Preferred share dividends

 

 

1.17

%

 

0.56

%

 

0.51

%

 

0.81

%

 

 

0.27

%6

 

Net investment income available to common shareholders

 

 

5.22

%

 

6.21

%

 

6.78

%

 

6.52

%

 

 

3.51

%6

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

97,869

 

$

95,091

 

$

92,324

 

$

90,721

 

 

$

82,906

 

 

Portfolio turnover

 

 

9

%

 

9

%

 

9

%

 

42

%

 

 

0

%

 

Net assets of common shareholders,end of period (000)

 

$

97,824

 

$

97,590

 

$

95,047

 

$

93,844

 

 

$

87,664

 

 

Preferred shares outstanding (000)

 

$

55,525

 

$

55,525

 

$

55,528

 

$

55,525

 

 

$

55,525

 

 

Asset coverage per preferred share, end of period

 

$

69,056

 

$

68,945

 

$

67,796

 

$

67,254

 

 

$

64,488

 

 


 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Calculated using the average shares outstanding method.

3

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

4

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

6

Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

74


 

FINANCIAL HIGHLIGHTS

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 


 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.91

 

$

16.43

 

$

16.41

 

$

16.01

 

$

15.84

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.78

 

 

0.81

 

 

0.88

 

 

1.12

 

 

1.25

 

Net realized and unrealized gain (loss)

 

 

(0.67

)

 

(0.41

)

 

0.13

 

 

0.36

 

 

(0.04

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.22

)

 

(0.09

)

 

(0.06

)

 

(0.11

)

 

(0.25

)

Net realized gain

 

 

3

 

(0.01

)

 

(0.02

)

 

(0.04

)

 

(0.01

)

 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

(0.11

)

 

0.30

 

 

0.93

 

 

1.33

 

 

0.95

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.75

)

 

(0.75

)

 

(0.81

)

 

(0.75

)

 

(0.75

)

Net realized gain

 

 

(0.01

)

 

(0.07

)

 

(0.10

)

 

(0.18

)

 

(0.04

)

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.76

)

 

(0.82

)

 

(0.91

)

 

(0.93

)

 

(0.79

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

0.01

 

 

 



 



 



 



 



 

Net asset value, end of year

 

$

15.04

 

$

15.91

 

$

16.43

 

$

16.41

 

$

16.01

 

 

 



 



 



 



 



 

Market price, end of year

 

$

15.11

 

$

15.85

 

$

16.19

 

$

15.91

 

$

15.40

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

0.10

%

 

3.05

%

 

7.64

%

 

9.61

%

 

15.90

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.09

%

 

1.07

%

 

1.05

%

 

1.05

%

 

1.10

%

Expenses after fees waived and before fees paid indirectly

 

 

1.10

%

 

1.07

%

 

1.05

%

 

1.05

%

 

1.10

%

Expenses before fees waived and paid indirectly

 

 

1.10

%

 

1.07

%

 

1.05

%

 

1.06

%

 

1.12

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

5.08

%

 

5.03

%

 

5.34

%

 

6.90

%

 

7.75

%

Preferred share dividends

 

 

1.42

%

 

0.56

%

 

0.39

%

 

0.70

%

 

1.55

%

Net investment income available to common shareholders

 

 

3.66

%

 

4.47

%

 

4.95

%

 

6.20

%

 

6.20

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

134,104

 

$

140,140

 

$

144,071

 

$

141,064

 

$

140,004

 

Portfolio turnover

 

 

0

%

 

0

%

 

6

%

 

52

%

 

7

%

Net assets of common shareholders, end of year (000)

 

$

130,974

 

$

138,542

 

$

143,082

 

$

142,920

 

$

139,367

 

Preferred shares outstanding (000)

 

$

84,150

 

$

84,150

 

$

84,169

 

$

84,150

 

$

84,150

 

Asset coverage per preferred share, end of year

 

$

63,912

 

$

66,159

 

$

67,514

 

$

67,460

 

$

66,406

 


 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each year reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.

3

Amounted to less than $0.01 per common share outstanding.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

75



FINANCIAL HIGHLIGHTS

BlackRock Florida Municipal 2020 Term Trust (BFO)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period

 

 

 

Year Ended December 31,

 

September 30, 20031

 

 

 


 

through

 

 

 

2005

 

2004

 

December 31, 2003

 

 

 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.63

 

$

14.50

 

 

$

14.33

2

 

 

 



 



 

 



 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.98

 

 

0.99

 

 

 

0.12

 

 

Net realized and unrealized gain

 

 

0.31

 

 

0.14

 

 

 

0.26

 

 

Dividends to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.20

)

 

(0.10

)

 

 

(0.01

)

 

Net realized gains

 

 

(0.01

)

 

 

 

 

 

 

 

 



 



 

 



 

 

Net increase from investment operations

 

 

1.08

 

 

1.03

 

 

 

0.37

 

 

 

 



 



 

 



 

 

Dividends to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.75

)

 

(0.90

)

 

 

(0.15

)

 

Net realized gains

 

 

(0.06

)

 

 

 

 

 

 

 

 



 



 

 



 

 

Total dividends and distributions

 

 

(0.81

)

 

(0.90

)

 

 

(0.15

)

 

 

 



 



 

 



 

 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

(0.03

)

 

Preferred shares

 

 

 

 

 

 

 

(0.02

)

 

 

 



 



 

 



 

 

Total capital charges

 

 

 

 

 

 

 

(0.05

)

 

 

 



 



 

 



 

 

Net asset value, end of period

 

$

14.90

 

$

14.63

 

 

$

14.50

 

 

 

 



 



 

 



 

 

Market price, end of period

 

$

13.35

 

$

15.08

 

 

$

15.39

 

 

 

 



 



 

 



 

 

TOTAL INVESTMENT RETURN3

 

 

(6.76

)%

 

4.10

%

 

 

3.60

%

 

 

 



 



 

 



 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:4

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.24

%

 

1.21

%

 

 

1.02

%5

 

Expenses after fees waived and before fees paid indirectly

 

 

1.26

%

 

1.21

%

 

 

1.02

%5

 

Expenses before fees waived and paid indirectly

 

 

1.26

%

 

1.25

%

 

 

1.05

%5

 

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

6.57

%

 

6.93

%

 

 

3.45

%5

 

Preferred share dividends

 

 

1.32

%

 

0.68

%

 

 

0.30

%5

 

Net investment income available to common shareholders

 

 

5.25

%

 

6.25

%

 

 

3.15

%5

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

82,799

 

$

79,810

 

 

$

76,698

 

 

Portfolio turnover

 

 

0

%

 

9

%

 

 

0

%

 

Net assets of common shareholders, end of period (000)

 

$

82,875

 

$

81,391

 

 

$

80,655

 

 

Preferred shares outstanding (000)

 

$

48,900

 

$

48,900

 

 

$

48,900

 

 

Asset coverage per preferred share, end of period

 

$

67,379

 

$

66,617

 

 

$

66,237

 

 


 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

5

Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

76


FINANCIAL HIGHLIGHTS

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 


 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

16.56

 

$

17.13

 

$

17.09

 

$

16.22

 

$

16.17

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.90

 

 

0.93

 

 

1.01

 

 

1.13

 

 

1.25

 

Net realized and unrealized gain (loss)

 

 

(0.77

)

 

(0.53

)

 

(0.05

)

 

0.75

 

 

(0.17

)

Dividends and distributions to preferred
shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.20

)

 

(0.10

)

 

(0.08

)

 

(0.11

)

 

(0.26

)

Net realized gain

 

 

3

 

 

(0.01

)

 

(0.01

)

 

(0.03

)

 

(0.01

)

 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

(0.07

)

 

0.29

 

 

0.87

 

 

1.74

 

 

0.81

 

 

 



 



 



 



 



 

Dividends and distributions to common
shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.75

)

 

(0.81

)

 

(0.79

)

 

(0.75

)

 

(0.75

)

Net realized gain

 

 

(0.01

)

 

(0.05

)

 

(0.04

)

 

(0.12

)

 

(0.02

)

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.76

)

 

(0.86

)

 

(0.83

)

 

(0.87

)

 

(0.77

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

0.01

 

 

 



 



 



 



 



 

Net asset value, end of year

 

$

15.73

 

$

16.56

 

$

17.13

 

$

17.09

 

$

16.22

 

 

 



 



 



 



 



 

Market price, end of year

 

$

15.30

 

$

16.09

 

$

16.96

 

$

16.22

 

$

15.50

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

(0.23

)%

 

0.03

%

 

9.88

%

 

10.47

%

 

10.48

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.05

%

 

1.03

%

 

1.03

%

 

1.04

%

 

1.10

%

Expenses after fees waived and before fees paid indirectly

 

 

1.06

%

 

1.03

%

 

1.03

%

 

1.05

%

 

1.10

%

Expenses before fees waived and paid indirectly

 

 

1.06

%

 

1.03

%

 

1.03

%

 

1.05

%

 

1.10

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

5.62

%

 

5.51

%

 

5.85

%

 

6.75

%

 

7.59

%

Preferred share dividends

 

 

1.25

%

 

0.58

%

 

0.48

%

 

0.68

%

 

1.56

%

Net investment income available to common shareholders

 

 

4.37

%

 

4.93

%

 

5.37

%

 

6.07

%

 

6.03

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

180,876

 

$

189,322

 

$

192,958

 

$

187,970

 

$

184,600

 

Portfolio turnover

 

 

7

%

 

0

%

 

7

%

 

31

%

 

9

%

Net assets of common shareholders, end of year (000)

 

$

177,132

 

$

186,424

 

$

192,801

 

$

192,337

 

$

182,611

 

Preferred shares outstanding (000)

 

$

109,550

 

$

109,550

 

$

109,550

 

$

109,550

 

$

109,550

 

Asset coverage per preferred share, end of year

 

$

65,433

 

$

67,549

 

$

69,000

 

$

68,893

 

$

66,674

 


 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each year reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.

3

Amounted to less than $0.01 per common share outstanding.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

77


FINANCIAL HIGHLIGHTS

BlackRock New York Municipal 2018 Term Trust (BLH)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period

 

 

 

Year Ended December 31,

 

October 30, 20011

 

 

 


 

through

 

 

 

2005

 

2004

 

2003

 

2002

 

December 31, 20012

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.77

 

$

15.53

 

$

15.11

 

$

13.58

 

$

14.33

3

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.08

 

 

1.07

 

 

1.06

 

 

1.01

 

 

0.09

 

Net realized and unrealized gain (loss)

 

 

0.17

 

 

 

 

0.18

 

 

1.37

 

 

(0.61

)

Dividends to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.17

)

 

(0.09

)

 

(0.08

)

 

(0.11

)

 

(0.01

)

 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

1.08

 

 

0.98

 

 

1.16

 

 

2.27

 

 

(0.53

)

 

 



 



 



 



 



 

Dividends to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.74

)

 

(0.74

)

 

(0.74

)

 

(0.74

)

 

(0.06

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.13

)

 

 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.16

)

 

 



 



 



 



 



 

Net asset value, end of period

 

$

16.11

 

$

15.77

 

$

15.53

 

$

15.11

 

$

13.58

 

 

 



 



 



 



 



 

Market price, end of period

 

$

15.15

 

$

14.82

 

$

14.70

 

$

13.46

 

$

13.15

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN4

 

 

7.28

%

 

5.94

%

 

14.94

%

 

7.96

%

 

(11.94

)%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.06

%

 

1.11

%

 

1.12

%

 

1.13

%

 

1.15

%6

Expenses after fees waived and before fees paid indirectly

 

 

1.08

%

 

1.12

%

 

1.14

%

 

1.17

%

 

1.15

%

Expenses before fees waived and paid indirectly

 

 

1.08

%

 

1.12

%

 

1.14

%

 

1.17

%

 

1.15

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

6.73

%

 

6.91

%

 

7.03

%

 

7.03

%

 

3.73

%6

Preferred share dividends

 

 

1.06

%

 

0.57

%

 

0.53

%

 

0.80

%

 

0.26

%6

Net investment income available to common shareholders

 

 

5.67

%

 

6.34

%

 

6.50

%

 

6.23

%

 

3.47

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

58,434

 

$

56,270

 

$

54,510

 

$

52,265

 

$

47,959

 

Portfolio turnover

 

 

12

%

 

0

%

 

11

%

 

41

%

 

1

%

Net assets of common shareholders, end of
period (000)

 

$

58,525

 

$

57,303

 

$

56,415

 

$

54,881

 

$

49,353

 

Preferred shares outstanding (000)

 

$

31,400

 

$

31,400

 

$

31,400

 

$

31,400

 

$

31,400

 

Asset coverage per preferred share, end of period

 

$

71,603

 

$

70,626

 

$

69,917

 

$

68,702

 

$

64,311

 


 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Calculated using the average shares outstanding method.

3

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

4

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

6

Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

78


FINANCIAL HIGHLIGHTS

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 


 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.81

 

$

16.09

 

$

15.61

 

$

14.65

 

$

14.62

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.97

 

 

1.07

 

 

1.12

 

 

1.17

 

 

1.17

 

Net realized and unrealized gain (loss)

 

 

(0.42

)

 

(0.37

)

 

0.30

 

 

0.73

 

 

(0.08

)

Dividends to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.19

)

 

(0.09

)

 

(0.07

)

 

(0.11

)

 

(0.24

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

0.36

 

 

0.61

 

 

1.35

 

 

1.79

 

 

0.85

 

 

 



 



 



 



 



 

Dividends to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.90

)

 

(0.89

)

 

(0.87

)

 

(0.83

)

 

(0.82

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

15.27

 

$

15.81

 

$

16.09

 

$

15.61

 

$

14.65

 

 

 



 



 



 



 



 

Market price, end of year

 

$

15.85

 

$

15.70

 

$

15.12

 

$

14.33

 

$

14.03

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

7.02

%

 

10.12

%

 

11.91

%

 

8.19

%

 

13.12

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.13

%

 

1.03

%

 

1.12

%

 

1.34

%

 

1.11

%

Expenses after fees waived and before fees paid indirectly

 

 

1.21

%

 

1.08

%

 

1.15

%

 

1.36

%

 

1.16

%

Expenses before fees waived and paid indirectly

 

 

1.52

%

 

1.47

%

 

1.54

%

 

1.75

%

 

1.55

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

6.28

%

 

6.74

%

 

7.09

%

 

7.69

%

 

7.86

%

Preferred share dividends

 

 

1.22

%

 

0.59

%

 

0.46

%

 

0.71

%

 

1.63

%

Net investment income available to common shareholders

 

 

5.06

%

 

6.15

%

 

6.63

%

 

6.98

%

 

6.23

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

31,283

 

$

31,989

 

$

31,892

 

$

30,545

 

$

30,122

 

Portfolio turnover

 

 

8

%

 

5

%

 

0

%

 

7

%

 

16

%

Net assets of common shareholders, end of year (000)

 

$

30,801

 

$

31,857

 

$

32,435

 

$

31,454

 

$

29,531

 

Preferred shares outstanding (000)

 

$

17,500

 

$

17,500

 

$

17,500

 

$

17,500

 

$

17,500

 

Asset coverage per preferred share, end of year

 

$

69,008

 

$

70,513

 

$

71,341

 

$

69,939

 

$

67,194

 


 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each year reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

79


 

NOTES TO FINANCIAL STATEMENTS


Note 1. Organization & Accounting Policies

          The BlackRock Insured Municipal 2008 Term Trust Inc. (“Municipal Insured 2008”), The BlackRock Insured Municipal Term Trust Inc. (“Insured Municipal”), The BlackRock Municipal Target Term Trust Inc. (“Municipal Target”), The BlackRock California Insured Municipal 2008 Term Trust Inc. (“California Insured 2008”) and The BlackRock New York Insured Municipal 2008 Term Trust Inc. (“New York Insured 2008”) were organized as Maryland corporations. BlackRock Municipal 2018 Term Trust (“Municipal 2018”), BlackRock Municipal 2020 Term Trust (“Municipal 2020”), The BlackRock Strategic Municipal Trust (“Municipal Strategic”), BlackRock California Municipal 2018 Term Trust (“California 2018”), BlackRock Florida Municipal 2020 Term Trust (“Florida 2020”), BlackRock New York Municipal 2018 Term Trust (“New York 2018”) and The BlackRock Pennsylvania Strategic Municipal Trust (“Pennsylvania Strategic”) were organized as Delaware statutory trusts. The BlackRock Florida Insured Municipal 2008 Term Trust (“Florida Insured 2008”) was organized as a Massachusetts business trust. Municipal Insured 2008, Insured Municipal, Municipal 2018, Municipal 2020, Municipal Target and Municipal Strategic are registered as diversified closed-end management investment companies under the Investment Company Act of 1940, as amended. California Insured 2008, California 2018, Florida Insured 2008, Florida 2020, New York Insured 2008, New York 2018 and Pennsylvania Strategic are registered as non-diversified closed-end management investment companies under the Investment Company Act of 1940, as amended. Municipal Insured 2008, California Insured 2008, Florida Insured 2008 and New York Insured 2008 are herein referred to as the 2008 Trusts. Municipal 2018, California 2018 and New York 2018 are herein referred to as the 2018 Trusts. Municipal 2020 and Florida 2020 are herein referred to as the 2020 Trusts. Municipal Strategic and Pennsylvania Strategic are herein referred to as the Strategic Trusts.

          The following is a summary of significant accounting policies followed by the Trusts.

Investments Valuation: Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees or Board of Directors, as the case may be (each, a “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from bond dealers, market transactions in comparable investments and various relationships between investments. A futures contract is valued at the last sale price as of the close of the commodities exchange on which it trades. Short-term securities may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value. Any investments or other assets for which such current market quotations are not readily available are valued at fair value (“Fair Value Assets”) as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust’s Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations. The pricing of all Fair Value Assets shall be subsequently reported to the Board.

          When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant.

Investment Transactions and Investment Income: Investment transactions are recorded on trade date. The cost of investments sold and the related gain or loss is determined by use of the specific identification method, generally first-in, first-out, for both financial reporting and Federal income tax purposes. Each Trust also records interest income on an accrual basis and amortizes premium and/or accretes discount on securities purchased using the interest method.

Financial Futures Contracts: A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract.

          Financial futures contracts, when used by the Trusts, help in maintaining a targeted duration. Futures contracts can be sold to effectively shorten an otherwise longer duration portfolio. In the same sense, futures contracts can be purchased to lengthen a portfolio that is shorter than its duration target. Thus, by buying or selling futures contracts, the Trusts may attempt to manage the duration of positions so that changes in interest rates do not change the duration of the portfolio unexpectedly.

Segregation: In cases in which the Investment Company Act of 1940 (the “1940 Act”), as amended, and the interpretive positions of the Securities and Exchange Commission (the “Commission”) require that each Trust segregate assets in connection with certain investments (e.g., when-issued securities, reverse repurchase agreements or futures contracts), each Trust will, consistent with certain interpretive letters issued by the Commission, designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient net income and net realized capital gains, if any, to shareholders. For this reason no Federal income tax or excise tax provisions are required.

Dividends and Distributions: Each Trust declares and pays dividends and distributions to common shareholders monthly from net investment income, net realized short-term capital gains and other sources, if necessary. Net long-term capital gains, if any, in excess of loss car-ryforwards may be distributed in accordance with the 1940 Act. Dividends and distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. Dividends and distributions to preferred shareholders are accrued and determined as described in Note 5.

80



Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees/Directors (“Trustees”) are required to defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock closed-end trusts selected by the Trustees, these amounts are shown on the Statement of Assets and Liabilities as Investments in Affiliates. This has the same economic effect for the Trustees as if the Trustees had invested the deferred amounts in such Trusts.

          The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of those Trusts selected by the Trustees in order to match its deferred compensation obligations.

Note 2. Agreements Each Trust has an Investment Management Agreement with BlackRock Advisors, Inc. (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc., a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to the 2018 Trusts and 2020 Trusts. BlackRock, Inc. is an indirect majority owned subsidiary of The PNC Financial Services Group, Inc. The Investment Management Agreements for the 2018 Trusts, 2020 Trusts and Strategic Trusts cover both investment advisory and administration services. Each 2008 Trust, Insured Municipal Trust and Municipal Target Trust has an Administration Agreement with the Advisor.

          Each Trust’s investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate, 0.35% for the 2008 Trusts, Insured Municipal Trust and Municipal Target Trust, 0.40% for the 2018 Trusts, 0.50% for the 2020 Trusts and 0.60% for the Strategic Trusts, of the Trust’s average weekly managed assets. “Managed assets” means the total assets of a Trust (including any assets attributable to any preferred shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). The Advisor has voluntarily agreed to waive a portion of the investment advisory fee or other expenses on the Strategic Trusts as a percentage of managed assets as follows: 0.25% for the first five years of each of the Trust’s operations, 0.20% in year six, 0.15% in year seven, 0.10% in year eight and 0.05% in year nine.

          The administration fee paid to the Advisor by the 2008 Trusts, Insured Municipal Trust and Municipal Target Trust is computed weekly and payable monthly based on an annual rate of 0.10% for each 2008 Trust and Insured Municipal Trust and 0.07% for Municipal Target Trust, of the Trusts’ average weekly managed assets.

          Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which include reimbursements to the Advisor for costs of employees that provide pricing, secondary market support and compliance services to each Trust. For the year ended December 31, 2005, the Trusts reimbursed the Advisor the following amounts:

 

 

 

 

 

 

 

 

Trust

Amount

 

Trust

Amount

 


 


 


 


 

Municipal Insured 2008

$

29,930

 

California 2018

$

6,997

 

Insured Municipal

 

19,057

 

Florida Insured 2008

 

9,366

 

Municipal 2018

 

15,118

 

Florida 2020

 

5,110

 

Municipal 2020

 

16,502

 

New York Insured 2008

 

12,563

 

Municipal Target

 

35,040

 

New York 2018

 

3,553

 

Municipal Strategic

 

6,979

 

Pennsylvania Strategic

 

2,373

 

California Insured 2008

 

11,713

 

 

 

 

 

          Pursuant to the terms of the custody agreement, each Trust received earning credits from its custodian for positive cash balances maintained, which are used to offset custody fees.

81


Note 3. Portfolio Investments Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the year ended December 31, 2005, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Trust

Purchases

 

Sales

 

Trust

Purchases

 

Sales

 


 


 


 


 


 


 

Municipal Insured 2008

$

15,319,486

 

$

55,484,196

 

California 2018

$

12,853,604

 

$

14,287,929

 

Insured Municipal

 

 

 

31,422,089

 

Florida Insured 2008

 

 

 

13,225,640

 

Municipal 2018

 

54,416,605

 

 

66,928,842

 

Florida 2020

 

 

 

6,506,088

 

Municipal 2020

 

64,323,101

 

 

66,240,736

 

New York Insured 2008

 

17,056,899

 

 

32,302,889

 

Municipal Target

 

23,551,057

 

 

116,654,564

 

New York 2018

 

12,358,441

 

 

10,940,876

 

Municipal Strategic

 

164,288,590

 

 

175,463,068

 

Pennsylvania Strategic

 

3,018,790

 

 

5,645,515

 

California Insured 2008

 

 

 

 

 

 

 

 

 

 

 

          There were no purchases or sales of U.S. government securities for the year ended December 31, 2005.

Note 4. Income Tax Information The tax character of distributions paid, to both common and preferred shareholders, during the year ended December 31, 2005, and the period ended December 31, 2004, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2005

 

 

 


 

Distributions Paid From:

 

Tax-exempt
Income

 

Ordinary
Income

 

Long-term
Capital Gains

 

Total
Distributions

 


 



 



 



 




Municipal Insured 2008

 

$

27,486,421

 

$

 

$

 

$

27,486,421

 

Insured Municipal

 

 

18,654,095

 

 

 

 

485,824

 

 

19,139,919

 

Municipal 2018

 

 

16,607,588

 

 

 

 

 

 

16,607,588

 

Municipal 2020

 

 

21,646,656

 

 

 

 

 

 

21,646,656

 

Municipal Target

 

 

24,184,574

 

 

 

 

54,095

 

 

24,238,669

 

Municipal Strategic

 

 

8,877,744

 

 

 

 

 

 

8,877,744

 

California Insured 2008

 

 

10,124,030

 

 

 

 

67,337

 

 

10,191,367

 

California 2018

 

 

5,870,955

 

 

 

 

 

 

5,870,955

 

Florida Insured 2008

 

 

8,438,402

 

 

 

 

74,234

 

 

8,512,636

 

Florida 2020

 

 

5,282,477

 

 

183,445

 

 

172,541

 

 

5,638,463

 

New York Insured 2008

 

 

10,705,322

 

 

 

 

71,879

 

 

10,777,201

 

New York 2018

 

 

3,289,900

 

 

 

 

 

 

3,289,900

 

Pennsylvania Strategic

 

 

2,187,871

 

 

 

 

 

 

2,187,871

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2004

 

 

 


 

Municipal Insured 2008

 

 

26,619,425

 

 

 

 

1,894,315

 

 

28,513,740

 

Insured Municipal

 

 

17,037,771

 

 

 

 

812,492

 

 

17,850,263

 

Municipal 2018

 

 

13,984,481

 

 

 

 

 

 

13,984,481

 

Municipal 2020

 

 

21,054,806

 

 

 

 

 

 

21,054,806

 

Municipal Target

 

 

25,726,694

 

 

 

 

533,877

 

 

26,260,571

 

Municipal Strategic

 

 

7,612,041

 

 

 

 

 

 

7,612,041

 

California Insured 2008

 

 

9,051,950

 

 

 

 

324,195

 

 

9,376,145

 

California 2018

 

 

5,263,705

 

 

 

 

 

 

5,263,705

 

Florida Insured 2008

 

 

7,309,322

 

 

 

 

700,253

 

 

8,009,575

 

Florida 2020

 

 

5,552,053

 

 

 

 

 

 

5,552,053

 

New York Insured 2008

 

 

10,262,252

 

 

 

 

697,742

 

 

10,959,994

 

New York 2018

 

 

2,990,333

 

 

 

 

 

 

2,990,333

 

Pennsylvania Strategic

 

 

1,976,299

 

 

 

 

 

 

1,976,299

 

          As of December 31, 2005, the components of distributable earnings on a tax basis were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Undistributed
Tax-exempt
Income

 

Undistributed
Ordinary
Income

 

Undistributed
Long-term
Gains

 

Unrealized
Net
Appreciation

 


 


 


 


 


 

Municipal Insured 2008

 

$

22,045,891

 

$

 

$

365,323

 

$

32,133,059

 

Insured Municipal

 

 

13,103,090

 

 

 

 

92,133

 

 

19,309,233

 

Municipal 2018

 

 

17,633,490

 

 

 

 

 

 

13,232,434

 

Municipal 2020

 

 

1,594,697

 

 

 

 

 

 

20,710,176

 

Municipal Target

 

 

22,858,518

 

 

 

 

 

 

17,846,206

 

Municipal Strategic

 

 

4,965,526

 

 

 

 

 

 

8,644,408

 

California Insured 2008

 

 

8,001,451

 

 

 

 

 

 

12,817,381

 

California 2018

 

 

4,419,611

 

 

 

 

 

 

5,504,153

 

Florida Insured 2008

 

 

4,623,461

 

 

 

 

20,001

 

 

5,659,645

 

Florida 2020

 

 

 

 

 

 

 

 

5,031,134

 

New York Insured 2008

 

 

9,125,677

 

 

 

 

27,602

 

 

11,918,141

 

New York 2018

 

 

3,085,642

 

 

 

 

 

 

5,309,027

 

Pennsylvania Strategic

 

 

775,456

 

 

 

 

 

 

2,580,127

 

82


          For Federal income tax purposes, the following Trusts had capital loss carryforwards at December 31, 2005, the Trusts’ last tax year-end (other than the 2020 Trusts and Strategic Trusts, each of which has a tax year-end of June 30th). These amounts may be used to offset future realized capital gains, if any:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Capital Loss
Carryforward Amount

 

Expires

 

Trust

 

Capital Loss
Carryforward Amount

 

Expires

 


 


 


 


 


 


 

Municipal 2018

 

 

$

6,633,095

 

 

2012

 

 

California 2018

 

 

$

1,287,186

 

 

2010

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal 2020

 

 

$

273,311

 

 

2012

 

 

 

 

 

 

1,444,501

 

 

2012

 

 

 

 

 

 

4,327,082

 

 

2013

 

 

 

 

 

 

588,861

 

 

2013

 

 

 

 

 



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

$

4,600,393

 

 

 

 

 

 

 

 

$

3,320,548

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

 

 

 

 

Municipal Target

 

 

$

15,179

 

 

2013

 

 

Florida 2020

 

 

$

1,569,623

 

 

2013

 

 

 

 

 



 

 

 

 

 

 

 

 



 

 

 

 

 

Municipal Strategic

 

 

$

78,019

 

 

2008

 

 

New York 2018

 

 

$

333,794

 

 

2010

 

 

 

 

 

 

1,802,842

 

 

2009

 

 

 

 

 

 

431,368

 

 

2011

 

 

 

 

 

 

760,288

 

 

2010

 

 

 

 

 

 

590,480

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,477,786

 

 

2012

 

 

 

 

 

$

1,355,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

1,056,584

 

 

2013

 

 

Pennsylvania Strategic

 

 

$

87,565

 

 

2009

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

6,175,519

 

 

 

 

 

 

 

 

 

408,700

 

 

2010

 

 

 

 

 



 

 

 

 

 

 

 

 

 

747,259

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,243,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

          Accordingly, no capital gain distributions are expected to be paid to shareholders of a Trust until that Trust has net realized capital gains in excess of its capital loss carryforward amounts.

Reclassification of Capital Accounts: In order to present undistributed (distribution in excess of) net investment income (“UNII”) and accumulated net realized gain (“Accumulated Gain”) more closely to its tax character, the following accounts for each Trust were increased (decreased):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

UNII

 

Accumulated
Gain

 

Trust

 

UNII

 

Accumulated
Gain

 


 



 



 


 



 



 

Municipal Insured 2008

 

$

(1,475

)

 

$

1,475

 

 

California 2018

 

$

 

 

$

 

 

Insured Municipal

 

 

(2,557

)

 

 

2,557

 

 

Florida Insured 2008

 

 

(5,730

)

 

 

5,730

 

 

Municipal 2018

 

 

3,922

 

 

 

(3,922

)

 

Florida 2020

 

 

(24

)

 

 

24

 

 

Municipal 2020

 

 

(9,281

)

 

 

9,281

 

 

New York Insured 2008

 

 

52

 

 

 

(52

)

 

Municipal Target

 

 

(72

)

 

 

72

 

 

New York 2018

 

 

 

 

 

 

 

Municipal Strategic

 

 

(99,020

)

 

 

99,020

 

 

Pennsylvania Strategic

 

 

(24,832

)

 

 

24,832

 

 

California Insured 2008

 

 

41

 

 

 

(41

)

 

 

 

 

 

 

 

 

 

 

 

Note 5. Capital There are 200 million of $0.01 par value common shares authorized for each of the 2008 Trusts, Insured Municipal and Municipal Target. There are an unlimited number of $0.001 par value common shares authorized for each of the 2018 Trusts, 2020 Trusts and Strategic Trusts. Each Trust may classify or reclassify any unissued common shares into one or more series of preferred shares. At December 31, 2005, the common shares outstanding and the shares owned by affiliates of the Advisor of each Trust were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Common
Shares
Outstanding

 

Common
Shares
Owned

 

Trust

 

Common
Shares
Outstanding

 

Common
Shares
Owned


 


 


 


 


 


Municipal Insured 2008

 

27,707,093

 

 

 

 

California 2018

 

6,433,028

 

 

 

Insured Municipal

 

25,885,639

 

 

 

 

Florida Insured 2008

 

8,707,093

 

 

 

Municipal 2018

 

15,908,028

 

 

 

 

Florida 2020

 

5,562,128

 

 

8,028

 

Municipal 2020

 

20,236,628

 

 

8,028

 

 

New York Insured 2008

 

11,257,093

 

 

 

Municipal Target

 

45,410,639

 

 

 

 

New York 2018

 

3,633,028

 

 

 

Municipal Strategic

 

7,250,606

 

 

 

 

Pennsylvania Strategic

 

2,016,632

 

 

 

California Insured 2008

 

10,407,093

 

 

 

 

 

 

 

 

 

 

 

          During the year ended December 31, 2005, Municipal Strategic and Pennsylvania Strategic issued additional shares under their dividend reinvestment plans of 8,345 and 1,140, respectively. There were no transactions in common shares of beneficial interest for the year ended December 31, 2004.

83


          As of December 31, 2005, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.

 

 

 

 

 

 

Trust

Series

Shares

Trust

Series

Shares







Municipal Insured 2008

T7

4,660

Municipal Strategic

W7

2,480

 

R7

2,060

California Insured 2008

W7

2,622

 

T28

2,060

 

W28

1,560

 

R28

2,060

California 2018

M7

2,221

Insured Municipal

M7

4,216

Florida Insured 2008

R7

3,366

 

M28

2,600

Florida 2020

F7

1,956

Municipal 2018

W7

2,752

New York Insured 2008

F7

2,672

 

R7

2,752

 

F28

1,710

Municipal 2020

M7

2,368

New York 2018

T7

1,256

 

W7

2,368

Pennsylvania Strategic

W7

700

 

F7

2,368

 

 

 

Municipal Target

W7

5,964

 

 

 

          Dividends on 7-day preferred shares are cumulative at a rate which is reset every seven days based on the results of an auction. Dividends on 28-day preferred shares are cumulative at a rate which is reset every 28 days based on the results of an auction. The dividend ranges on the preferred shares for each of the Trusts for the year ended December 31, 2005, were as follows:

 

 

 

 

 

 

 

 

 

 

Trust

Series

Low

High

Average

Trust

Series

Low

High

Average











Municipal Insured 2008

T7

   0.70%

   3.40%

   2.12%

Municipal Strategic

W7

   1.50%

   3.35%

   2.31%

 

R7

1.00

2.78

2.07

California Insured 2008

W7

1.10

3.28

1.99

 

T28

1.60

2.89

2.37

 

W28

1.39

2.48

2.09

 

R28

1.79

3.06

2.31

California 2018

M7

1.00

3.60

2.10

Insured Municipal

M7

1.30

3.45

2.30

Florida Insured 2008

R7

1.00

3.25

2.31

 

M28

1.69

3.12

2.39

Florida 2020

F7

1.60

3.30

2.37

Municipal 2018

W7

1.40

3.09

2.31

New York Insured 2008

F7

1.00

3.55

2.07

 

R7

1.65

3.55

2.37

 

F28

1.54

2.95

2.23

Municipal 2020

M7

1.60

3.30

2.38

New York 2018

T7

0.99

2.80

1.99

 

W7

1.50

3.35

2.32

Pennsylvania Strategic

W7

1.00

3.45

2.19

 

F7

1.60

3.20

2.34

 

 

 

 

 

Municipal Target

W7

1.25

3.35

2.21

 

 

 

 

 

          A Trust may not declare dividends or make other distributions on common shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding preferred shares would be less than 200%.

          The preferred shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated or unpaid dividends whether or not declared. The preferred shares are also subject to mandatory redemption at $25,000 per share plus any accumulated or unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of a Trust, as set forth in each Trust’s Declaration of Trust/Articles Supplementary, are not satisfied.

          The holders of preferred shares have voting rights equal to the holders of common shares (one vote per share) and will vote together with holders of common shares as a single class. However, holders of preferred shares, voting as a separate class, are also entitled to elect two Directors/Trustees for each Trust. In addition, the 1940 Act, as amended, requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding preferred shares, voting separately as a class, would be required to (a) adopt any plan of reorganization that would adversely affect the preferred shares, (b) change a Trust’s sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.

          On February 7, 2005, Municipal Target Trust’s Board approved the redemption of all of the 3,000 W28 preferred shares outstanding in preparation for its termination on or about December 31, 2006. The shares were redeemed at a price of $25,000 per share (an aggregate price of $75,000,000) plus any accrued and unpaid dividends through the redemption date on March 10, 2005. On October 6, 2005, the Board approved the redemption of all of the 3,000 F7 preferred shares outstanding in preparation for its termination on or about December 31, 2006. The shares were redeemed at a price of $25,000 per share (an aggregate price of $75,000,000) plus any accrued and unpaid dividends through the redemption date on November 7, 2005. Management believes that the redemption of the W28 and F7 preferred shares will not affect the Municipal Target Trust’s ability to satisfy the terms of the remaining preferred shares outstanding.

84


Note 6. Dividends Subsequent to December 31, 2005, the Board of each Trust declared dividends from undistributed earnings per common share payable February 1, 2006, to shareholders of record on January 4, 2006. The per share common dividends declared were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Common Dividend
Per Share

 

 

 

 

Trust

 

 

Common Dividend
Per Share

 


 


 

 

 

 


 

 


 

Municipal Insured 2008

 

$

0.066250

 

 

 

 

California 2018

 

 

$

0.061250

 

Insured Municipal

 

 

0.047917

 

 

 

 

Florida Insured 2008

 

 

 

0.062500

 

Municipal 2018

 

 

0.075500

 

 

 

 

Florida 2020

 

 

 

0.055625

 

Municipal 2020

 

 

0.066250

 

 

 

 

New York Insured 2008

 

 

 

0.062500

 

Municipal Target

 

 

0.031125

 

 

 

 

New York 2018

 

 

 

0.061250

 

Municipal Strategic

 

 

0.091625

 

 

 

 

Pennsylvania Strategic

 

 

 

0.075500

 

California Insured 2008

 

 

0.064375

 

 

 

 

 

 

 

 

 

 

          The dividends declared on preferred shares for the period January 1, 2006 to January 31, 2006, for each of the Trusts were as follows:

 

 

 

 

 

 

Trust

Series

Dividends
Declared

Trust

Series

Dividends
Declared







Municipal Insured 2008

T7

261,379

California Insured 2008

W7

147,461

 

T28

114,165

 

W28

74,194

 

R7

103,227

California 2018

M7

161,866

 

R28

120,881

Florida Insured 2008

R7

158,438

Insured Municipal

M7

305,618

Florida 2020

F7

134,749

 

M28

144,612

New York Insured 2008

F7

191,288

Municipal 2018

W7

159,809

 

F28

93,281

 

R7

164,680

New York 2018

T7

62,046

Municipal 2020

M7

176,748

Pennsylvania Strategic

W7

41,580

 

W7

136,518

 

 

 

 

F7

167,962

 

 

 

Municipal Target

W7

335,992

 

 

 

Municipal Strategic

W7

146,122

 

 

 

Note 7. Subsequent Event On January 3, 2006, Municipal Target Trust’s Board approved the redemption of all of the 5,964 W7 preferred shares outstanding in preparation for its termination on or about December 31, 2006. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on February 2, 2006 (an aggregate price of $149,180,037). Management believes that the redemption of the W7 preferred shares will not affect the Municipal Target Trust’s ability to satisfy the terms of the remaining preferred shares outstanding.

Note 8. Concentration Risk The Trusts concentrate their investments in securities issued by state agencies, other governmental entities and U.S. Territories. The Trusts are more susceptible to adverse financial, social, environmental, economic, regulatory and political factors that may affect these states, which could seriously affect the ability of these states and their municipal subdivisions to meet continuing obligations for principle and interest payments, than if the Trusts were not concentrated in securities issued by state agencies, other governmental entities and U.S. Territories.

          Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that market value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. These securities have been identified in the Portfolios of Investments.

85



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of:

BlackRock Insured Municipal 2008 Term Trust
BlackRock Insured Municipal Term Trust
BlackRock Municipal 2018 Term Trust
BlackRock Municipal 2020 Term Trust
BlackRock Municipal Target Term Trust
BlackRock Strategic Target Term Trust
BlackRock California Insured Municipal 2008 Term Trust
BlackRock California Municipal 2018 Term Trust
BlackRock Florida Insured Municipal 2008 Term Trust
BlackRock Florida Municipal 2020 Term Trust
BlackRock New York Insured Municipal 2008 Term Trust
BlackRock New York Municipal 2018 Term Trust
BlackRock Pennsylvania Strategic Municipal Trust
(Collectively the “Trusts”)

          We have audited the accompanying statements of assets and liabilities of the Trusts, including the portfolios of investments, as of December 31, 2005, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trustsí management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

          We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2005, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

          In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Trusts as of December 31, 2005, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

(DELOITTE & TOUCHE LLP)

February 27, 2006

86



 

DIRECTORS/TRUSTEES INFORMATION (Unaudited)


 

 

 

 

 

 

 


Name, address, age

Current positions
held with the Trusts

Term of office
and length of time
served

Principal occupations
during the past five years

Number of
portfolios over-
seen within the
fund complex1

Other Directorships
held outside the
fund complex

Events or transactions by
reason of which the Trustee
is an interested person as
defined in Section 2(a)
(19) of the 1940 Act


Interested Trustees2


Ralph L.
Schlosstein
BlackRock, Inc.
40 East 52nd Street
New York, NY
10022
Age: 54

Chairman of the Board3

3 years4 / since inception

Director since 1999 and President of BlackRock, Inc. since its formation in 1998 and of BlackRock, Inc.’s predecessor entities since 1988. Member of the Management Committee and Investment Strategy Group of BlackRock, Inc. Formerly, Managing Director of Lehman Brothers, Inc. and Co-head of its Mortgage and Savings Institutions Group. Chairman and President of the BlackRock Liquidity Funds and Director of several of BlackRock’s alternative investment vehicles.

65

Member of the Visiting Board of Overseers of the John F. Kennedy School of Government at Harvard University, a member of the board of the Financial Institutions Center of The Wharton School of the University of Pennsylvania, a trustee of the American Museum of Natural History, a trustee of Trinity School in New York City, a member of the Board of Advisors of Marujupu LLC, and a trustee of New Visions for Public Education, The Public Theater in New York City and the James Beard Foundation. Formerly, a director of Pulte Corporation, the nation’s largest home- builder, a Trustee of Denison University and a member of Fannie Mae’s Advisory Council.

Director and President of the Advisor.


Robert S. Kapito
BlackRock Inc.
40 East 52nd Street
New York, NY
10022
Age: 48

President and Trustee

3 years4/ since
August 22,
2002

Vice Chairman of BlackRock, Inc. Head of the Portfolio Management Group. Also a member of the Management Committee, the Investment Strategy Group, the Fixed Income and Global Operating Committees and the Equity Investment Strategy Group. Responsible for the portfolio management of the Fixed Income, Domestic Equity and International Equity, Liquidity, and Alternative Investment Groups of BlackRock.

55

Chairman of the Hope and Heroes Children’s Cancer Fund. President of the Board of Directors of the Periwinkle National Theatre for Young Audiences.

Director and Vice Chairman of the Advisor.


87


 

DIRECTORS/TRUSTEES INFORMATION (Unaudited) (Continued)



 

 

 

 

 

 


Name, address, age

Current positions held
with the Trusts

Term of office and
length of time served

Principal occupations
during the past five years

Number of
portfolios overseen
within the fund
complex1

Other Directorships held
outside the fund complex


Independent Trustees


Andrew F. Brimmer
P.O. Box 4546
New York, NY
10163-4546
Age: 79

Lead Trustee Audit Committee Chairman5

3 years4 / since inception

President of Brimmer & Company, Inc., a Washington, D.C.-based economic and financial consulting firm, also Wilmer D. Barrett Professor of Economics, University of Massachusetts – Amherst. Formerly member of the Board of Governors of the Federal Reserve System. Former Chairman, District of Columbia Financial Control Board.

55

Director of CarrAmerica Realty Corporation and Borg-Warner Automotive. Formerly Director of Airborne Express, BankAmerica Corporation (Bank of America), BellSouth Corporation, College Retirement Equities Fund (Trustee), Commodity Exchange, Inc. (Public Governor), Connecticut Mutual Life Insurance Company, E.I. du Pont de Nemours & Company, Equitable Life Assurance Society of the United States, Gannett Company, Mercedes-Benz of North America, MNC Financial Corporation (American Security Bank), NCM Capital Management, Navistar International Corporation, PHH Corp. and UAL Corporation (United Airlines).


Richard E. Cavanagh
P.O. Box 4546
New York, NY
10163-4546
Age: 59

Trustee Audit Committee Member

3 years4 / since inception6

President and Chief Executive Officer of The Conference Board, Inc., a leading global business research organization, from 1995-present. Former Executive Dean of the John F. Kennedy School of Government at Harvard University from 1988-1995. Acting Director, Harvard Center for Business and Government (1991-1993). Formerly Partner (principal) of McKinsey & Company, Inc. (1980-1988). Former Executive Director of Federal Cash Management, White House Office of Management and Budget (1977-1979). Co-author, THE WINNING PERFORMANCE (best selling management book published in 13 national editions).

55

Trustee of Aircraft Finance Trust (AFT) and Chairman of Educational Testing Service (ETS). Director, Arch Chemicals, Fremont Group and The Guardian Life Insurance Company of America.


Kent Dixon
P.O. Box 4546
New York, NY
10163-4546
Age: 68

Trustee Audit Committee Member5

3 years4 / since inception

Consultant/Investor. Former President and Chief Executive Officer of Empire Federal Savings Bank of America and Banc PLUS Savings Association, former Chairman of the Board, President and Chief Executive Officer of Northeast Savings.

55

Former Director of ISFA (the owner of INVEST, a national securities broker- age service designed for banks and thrift institutions).


Frank J. Fabozzi
P.O. Box 4546
New York, NY
10163-4546
Age: 57

Trustee Audit Committee Member5

3 years4 / since inception

Consultant. Editor of THE JOURNAL OF PORTFOLIO MANAGEMENT and Adjunct Professor of Finance and Becton Fellow at the School of Management at Yale University. Author and editor of several books on fixed income portfolio management. Visiting Professor of Finance and Accounting at the Sloan School of Management, Massachusetts Institute of Technology from 1986 to August 1992.

55

Director, Guardian Mutual Funds Group (18 portfolios).


88


 

DIRECTORS/TRUSTEES INFORMATION (Unaudited) (Continued)



 

 

 

 

 

 


Name, address, age

Current positions held
with the Trusts

Term of office and
length of time served

Principal occupations
during the past five years

Number of
portfolios overseen
within the fund
complex1

Other Directorships held
outside the fund complex


Independent Trustees (continued)


Kathleen F. Feldstein
P.O. Box 4546
New York, NY
10163-4546
Age: 63

Trustee

3 years4 / since January 19, 20057

President of Economics Studies, Inc., a Belmont, MA-based private economic consulting firm, since 1987; Chair, Board of Trustees, McLean Hospital in Belmont, MA.

55

Director of BellSouth Inc. and Knight Ridder, Inc.; Trustee of the Museum of Fine Arts, Boston, Committee for Economic Development and Partners HealthCare Inc., Corporation Member of Sherrill House, Inc.; Member of the Visiting Committee of the Harvard University Art Museums and of the Advisory Board to the International School of Business at Brandeis University.


R. Glenn Hubbard
P.O. Box 4546
New York, NY
10163-4547
Age: 47

Trustee

3 years4 / since November 16, 2004

Dean of Columbia Business School since July 1, 2004. Columbia faculty member since 1988. Co-director of Columbia Business School’s Entrepreneurship Program 1994-1997. Visiting professor at the John F. Kennedy School of Government at Harvard and the Harvard Business School, as well as the University of Chicago. Visiting scholar at the American Enterprise Institute in Washington and member of International Advisory Board of the MBA Program of Ben-Gurion University. Deputy assistant secretary of the U.S. Treasury Department for Tax Policy 1991-1993. Chairman of the U.S. Council of Economic Advisers under the President of the United States 2001–2003.

55

Director of ADP, Dex Media, Duke Realty, KKR Financial Corporation, and Ripplewood Holdings. Advisory boards of the Congressional Budget Office, the Council on Competitiveness, the American Council on Capital Formation, the Tax Foundation and the Center for Addiction and Substance Abuse. Trustee of Fifth Avenue Presbyterian Church of New York.


James Clayburn
La Force, Jr.
P.O. Box 4546
New York, NY
10163-4546
Age: 76

Trustee8

3 years4 / since inception

Dean Emeritus of the John E. Anderson Graduate School of Management, University of California since July 1, 1993. Acting Dean of the School of Business, Hong Kong University of Science and Technology 1990-1993. From 1978 to September 1993, Dean of the John E. Anderson Graduate School of Management, University of California.

55

Former director of First Nationwide Bank, Eli Lilly & Company, National Intergroup, Rockwell International, Cyprus Mines, Getty Oil Company, The Timken Company, Jacobs Engineering Group, and Motor Cargo Industries.


Walter F. Mondale
P.O. Box 4546
New York, NY
10163-4546
Age: 77

Trustee8

3 years4 / since inception9

Senior Counsel, Dorsey & Whitney, LLP, a law firm (January 2004-present); Partner, Dorsey & Whitney, LLP, (December 1996-December 2003, September 1987-August 1993). Formerly U.S. Ambassador to Japan (1993-1996). Formerly Vice President of the United States, U.S. Senator and Attorney General of the State of Minnesota. 1984 Democratic Nominee for President of the United States.

55

Chairman of Panasonic Foundation’s Board of Directors and Director of United Health Foundation. Member of the Hubert H. Humphrey Institute of Public Affairs Advisory Board, The Mike and Maureen Mansfield Foundation and the Dean’s Board of Visitors of the Medical School at the University of Minnesota.



 

 

1

The Fund Complex means two or more registered investment companies that: (1) hold themselves out to investors as related companies for purposes of investment and investor services; or (2) have a common investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies.

2

Interested Director/Trustee as defined by Section 2(a)(19) of the Investment Company Act of 1940.

3

Director/Trustee since inception; appointed Chairman of the Board on August 22, 2002.

4

The Board is classified into three classes of which one class is elected annually. Each Trustee serves a three-year term concurrent with the class from which they are elected.

5

The Board of each Trust has determined that each Trust has three Audit Committee financial experts serving on its Audit Committee, Dr. Brimmer, Mr. Dixon and Mr. Fabozzi, each of whom are independent for the purpose of the definition of Audit Committee financial expert as applicable to the Trusts.

6

For the 2008 Trusts, Insured Municipal Trust and Municipal Target Trust appointed Trustee on August 11, 1994.

7

Advisory Board Member until elected Trustee on May 26, 2005.

8

Mr. LaForce and Mr. Mondale retired from the Board on February 23, 2006.

9

Except during the periods August 12, 1993 through April 15, 1997 and October 31, 2002 through November 11, 2002 for all of the Trusts.

89



 

DIVIDEND REINVESTMENT PLANS


          Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common shareholders of the 2008 Trusts, Insured Municipal and Municipal Target may elect, while the common shareholders of the 2018 Trusts, 2020 Trusts and Strategic Trusts are automatically enrolled, to have all distributions of dividends and capital gains reinvested by Computershare Trust Company, N.A. (the “Plan Agent”) in the respective Trust’s shares pursuant to the Plan. Shareholders who do not participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, which serves as agent for the shareholders in administering the Plan.

          After a 2008 Trust, Insured Municipal, 2018 Trust, 2020 Trust and/or Municipal Target declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, by the purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open market purchases”). These Trusts will not issue any new shares under the Plan.

          After a Strategic Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by open market purchases. If, on the dividend payment date, the NAV is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open market purchases.

          Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

          The Plan Agent’s fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any Federal income tax that may be payable on such dividends or distributions.

          Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, each Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at 250 Royall Street, Canton, MA 02021, or by calling (800) 699-1BFM.

 

ADDITIONAL INFORMATION


          The Joint Annual Meeting of Shareholders was held on May 26, 2005, to elect a certain number of Directors/Trustees for each of the following Trusts to three-year terms, unless otherwise indicated, expiring in 2008:

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Insured 2008

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class I Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

R. Glenn Hubbard1

 

 

 

25,134,043

 

 

 

 

950,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

25,127,028

 

 

 

 

957,517

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class III Directors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Andrew F. Brimmer

 

 

 

25,125,347

 

 

 

 

959,198

 

 

Kent Dixon

 

 

 

25,151,329

 

 

 

 

933,216

 

 

Robert S. Kapito

 

 

 

25,151,737

 

 

 

 

932,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insured Municipal

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class I Directors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Richard E. Cavanagh2

 

 

 

6,279

 

 

 

 

14

 

 

R. Glenn Hubbard

 

 

 

24,505,715

 

 

 

 

322,870

 

 

James Clayburn La Force, Jr.

 

 

 

24,490,729

 

 

 

 

337,856

 

 


90



 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

24,491,783

 

 

 

 

336,802

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal 2018

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class I Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Richard E. Cavanagh2

 

 

 

5,165

 

 

 

 

176

 

 

R. Glenn Hubbard

 

 

 

15,565,463

 

 

 

 

205,676

 

 

James Clayburn La Force, Jr.

 

 

 

15,559,484

 

 

 

 

211,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustee as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

15,548,699

 

 

 

 

222,440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal 2020

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Frank J. Fabozzi2

 

 

 

6,951

 

 

 

 

13

 

 

Kathleen F. Feldstein

 

 

 

19,748,832

 

 

 

 

357,782

 

 

Walter F. Mondale

 

 

 

19,714,249

 

 

 

 

392,365

 

 

Ralph L. Schlosstein

 

 

 

19,750,067

 

 

 

 

356,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municpal Target

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class I Directors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Richard E. Cavanagh2

 

 

 

11,303

 

 

 

 

25

 

 

R. Glenn Hubbard

 

 

 

42,403,512

 

 

 

 

794,365

 

 

James Clayburn La Force, Jr.

 

 

 

42,357,139

 

 

 

 

840,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

42,376,847

 

 

 

 

821,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Strategic

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Frank J. Fabozzi2

 

 

 

2,244

 

 

 

 

1

 

 

Kathleen F. Feldstein

 

 

 

6,830,641

 

 

 

 

94,495

 

 

Walter F. Mondale

 

 

 

6,821,510

 

 

 

 

103,626

 

 

Ralph L. Schlosstein

 

 

 

6,845,647

 

 

 

 

79,489

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California Insured 2008

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class I Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

R. Glenn Hubbard1

 

 

 

10,059,947

 

 

 

 

95,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

10,060,327

 

 

 

 

95,457

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class III Directors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Andrew F. Brimmer

 

 

 

10,060,039

 

 

 

 

95,745

 

 

Kent Dixon

 

 

 

10,061,382

 

 

 

 

94,402

 

 

Robert S. Kapito

 

 

 

10,061,147

 

 

 

 

94,637

 

 


91


 

 

 

 

 

 

 

 

 

 

 

 

California 2018

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class I Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Richard E. Cavanagh2

 

 

 

2,209

 

 

 

 

 

 

R. Glenn Hubbard

 

 

 

6,384,551

 

 

 

 

28,322

 

 

James Clayburn La Force, Jr.

 

 

 

6,387,185

 

 

 

 

25,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustee as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

6,385,099

 

 

 

 

27,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida Insured 2008

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class III Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Andrew F. Brimmer

 

 

 

8,346,838

 

 

 

 

139,035

 

 

Kent Dixon

 

 

 

8,388,849

 

 

 

 

97,024

 

 

Robert S. Kapito

 

 

 

8,336,725

 

 

 

 

149,148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida 2020

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Frank J. Fabozzi2

 

 

 

1,956

 

 

 

 

 

 

Kathleen F. Feldstein

 

 

 

5,379,180

 

 

 

 

53,584

 

 

Walter F. Mondale

 

 

 

5,374,513

 

 

 

 

58,251

 

 

Ralph L. Schlosstein

 

 

 

5,382,180

 

 

 

 

50,584

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York Insured 2008

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class I Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

R. Glenn Hubbard1

 

 

 

9,579,899

 

 

 

 

662,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

9,586,065

 

 

 

 

656,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class III Directors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Andrew F. Brimmer

 

 

 

9,587,623

 

 

 

 

655,256

 

 

Kent Dixon

 

 

 

9,589,440

 

 

 

 

653,439

 

 

Robert S. Kapito

 

 

 

9,595,362

 

 

 

 

647,517

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York 2018

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class I Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Richard E. Cavanagh2

 

 

 

1,248

 

 

 

 

8

 

 

R. Glenn Hubbard

 

 

 

3,441,271

 

 

 

 

35,120

 

 

James Clayburn La Force, Jr.

 

 

 

3,441,271

 

 

 

 

35,120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustee as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Kathleen F. Feldstein1

 

 

 

3,436,717

 

 

 

 

39,674

 

 


92



 

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania Strategic

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

 

Votes For

 

 

 

Votes Withheld

 


 

 

 


 

 

 


 

Frank J. Fabozzi2

 

 

 

545

 

 

 

 

8

 

 

Kathleen F. Feldstein

 

 

 

1,922,351

 

 

 

 

20,480

 

 

Walter F. Mondale

 

 

 

1,915,862

 

 

 

 

26,969

 

 

Ralph L. Schlosstein

 

 

 

1,926,187

 

 

 

 

16,644

 

 


 

 

1

Mr. Hubbard and Ms. Feldstein will serve until the end of the term for the Class of Directors/Trustees to which they were elected, if such class was not standing for election at the May 26, 2005, Annual Shareholder Meeting.

2

Voted on by the holders of preferred shares only.

          The following Trusts had an additional proposal (Proposal #2A) to amend its respective Declaration of Trust in order to change the maximum number of permitted Trustees allowed on its respective Board to 11:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

 

 

Votes Against

 

 

 

Votes Withheld

 

 

 

 

 


 

 

 


 

 

 


 

Municipal 2018

 

 

 

15,175,519

 

 

 

 

341,201

 

 

 

 

254,418

 

 

Municipal 2020

 

 

 

19,317,546

 

 

 

 

506,803

 

 

 

 

282,264

 

 

California 2018

 

 

 

6,322,300

 

 

 

 

52,424

 

 

 

 

38,149

 

 

Florida 2020

 

 

 

5,292,795

 

 

 

 

96,583

 

 

 

 

43,386

 

 

New York 2018

 

 

 

3,406,203

 

 

 

 

42,537

 

 

 

 

27,651

 

 

          The following Trust had an additional proposal (Proposal #2B) to amend its Declaration of Trust in order to reduce the maximum number of permitted Trustees allowed on its Board from 15 to 11:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

 

 

Votes Against

 

 

 

Votes Withheld

 

 

 

 

 


 

 

 


 

 

 


 

Florida Insured 2008

 

 

 

8,324,731

 

 

 

 

97,491

 

 

 

 

63,651

 

 

          BlackRock, Inc. and Merrill Lynch & Co., Inc. (“Merrill Lynch”) announced on February 15, 2006 that they had reached an agreement to merge Merrill Lynch’s investment management business, Merrill Lynch Investment Managers, with BlackRock, Inc. to create a new independent company. Merrill Lynch will have a 49.8% economic interest and a 45% voting interest in the combined company and The PNC Financial Services Group, Inc. (“PNC”), which currently holds a majority interest in BlackRock, Inc., will have approximately a 34% economic and voting interest. The new company will operate under the BlackRock name and be governed by a board of directors with a majority of independent members. Each of Merrill Lynch and PNC has agreed that it will vote all of its shares on all matters in accordance with the recommendation of BlackRock’s board in order to assure its independence. Completion of the transaction is subject to various regulatory approvals, client consents, approval by BlackRock, Inc. shareholders and customary conditions. In the event it is determined that the transaction would constitute an assignment of the investment management agreement between the Trusts and BlackRock Advisors, Inc. and the sub-investment advisory agreement by and among the Trusts, BlackRock Advisors, Inc. and BlackRock Financial Management, Inc., the agreements would automatically terminate upon closing of the merger and new agreements would need to be approved by the board of trustees and shareholders of the Trusts. BlackRock, Inc. believes and is discussing its views with the staff of the Securities and Exchange Commission that completion of the transaction should not cause an assignment of these agreements.

          Each Trust listed for trading on the New York Stock Exchange (NYSE) has filed with the NYSE its annual chief executive officer certification regarding compliance with the NYSE’s listing standards and each Trust listed for trading on the American Stock Exchange (AMEX) has filed with the AMEX its corporate governance certification regarding compliance with the AMEX’s listing standards. All of the Trusts have filed with the Securities and Exchange Commission the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

          The Trusts do not make available copies of their respective Statements of Additional Information because the Trusts’ share are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of such Trust’s offering and the information contained in each Trust’s Statement of Additional Information may have become outdated.

          During the period, there were no material changes in the Trusts’ investment objectives or policies or to their charters or by-laws that have not been approved by the shareholders or in the principle risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolio.

          Quarterly performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/indiv/products/closedendfunds/funds.html. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.

          Certain of the officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or Sub-Advisor. They serve in the following capacities for the Advisor or Sub-Advisor: Robert S. Kapito—Director and Vice Chairman of the Advisor and the Sub-Advisor, Kevin M. Klingert—Director of the Advisor and Managing Director of the Advisor and the Sub-Advisor, Henry Gabbay, Anne Ackerley and Bartholomew Battista—Managing Directors of the Advisor and the Sub-Advisor, James Kong and Vincent Tritto—Managing Directors of the Sub-Advisor, and Brian P. Kindelan—Managing Director of the Advisor.

93


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BlackRock Closed-End Funds

 

 

 

Directors/Trustees
     Ralph L. Schlosstein, Chairman
     Andrew F. Brimmer
     Richard E. Cavanagh
     Kent Dixon
     Frank J. Fabozzi
     Kathleen F. Feldstein
     R. Glenn Hubbard
     Robert S. Kapito
     James Clayburn La Force, Jr.
     Walter F. Mondale

Officers
     Robert S. Kapito, President
     Henry Gabbay, Treasurer
     Bartholomew Battista, Chief Compliance
        Officer
     Anne Ackerley, Vice President
     Kevin M. Klingert, Vice President
     James Kong, Assistant Treasurer
     Vincent B. Tritto, Secretary
     Brian P. Kindelan, Assistant Secretary

Investment Advisor
     BlackRock Advisors, Inc.
     100 Bellevue Parkway
     Wilmington, DE 19809
     (800) 227-7BFM

Sub-Advisor1
     BlackRock Financial Management, Inc.
     40 East 52nd Street
     New York, NY 10022

Accounting Agent and Custodian
     State Street Bank and Trust Company
     2 Avenue De Lafayette
     Boston, MA 02111

 

Transfer Agent
     Computershare Trust Company, N.A.
     250 Royall Street
     Canton, MA 02021
      (800) 699-1BFM

Auction Agent1
     Bank of New York
     101 Barclay Street, 7 West
     New York, NY 10286

Auction Agent2
     Deutsche Bank Trust Company Americas
     60 Wall Street, 27th Floor
     New York, NY 10005

Independent Registered Public Accounting Firm
     Deloitte & Touche LLP
     200 Berkeley Street
     Boston, MA 02116

Legal Counsel
     Skadden, Arps, Slate, Meagher & Flom LLP
     4 Times Square
     New York, NY 10036

Legal Counsel – Independent Trustees
     Debevoise & Plimpton LLP
     919 Third Avenue
     New York, NY 10022

     This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.

BlackRock Closed-End Funds
c/o BlackRock Advisors, Inc.
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM


 

 


1

For the 2018 Trusts and 2020 Trusts.

2

For the Trusts, except the 2018 Trusts and 2020 Trusts.

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800) 699-1BFM.

The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor’s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies and procedures, without charge, by calling (800) 699-1BFM. These policies and procedures are also available on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trusts’ voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available without charge, upon request, by calling (800) 699-1BFM or on the website of the Commission at http://www.sec.gov.

The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust’s Form N-Q will be available on the Commission’s website at http://www.sec.gov. Each Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Form N-Q may also be obtained upon request, without charge, by calling (800) 699-1BFM.



 

 

This report is for shareholder information. This is not a prospectus intended for
use in the purchase or sale of Trust shares. Statements and other information
contained in this report are as dated and are subject to change.

(BLACKROCK LOGO)

 

 

CEF-ANN-4

 




Item 2. Code of Ethics.

(a)      The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b)      Not applicable.

(c)      The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d)      The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e)      Not applicable.

(f)      The Registrant's Code of Ethics is attached as Exhibit 99.CODEETH hereto.

Item 3. Audit Committee Financial Expert.

The Registrant's Board of Trustees has determined that it has three audit committee financial experts serving on its audit committee, each of whom is an "independent" Trustee: Dr. Andrew F. Brimmer, Kent Dixon and Frank Fabozzi. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

(a)      Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $27,500 for the fiscal year ended December 31, 2005 and $27,500 for the fiscal year ended December 31, 2004.

(b)      Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported above in Item 4(a) were $2,200 for the fiscal year ended December 31, 2005 and $2,400 for the fiscal year ended December 31, 2004. The nature of these services was attest services not required by statute or regulation, overhead and out-of-pocket expenses.



(c)      Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $7,700 for the fiscal year ended December 31, 2005 and $7,300 for the fiscal year ended December 31, 2004. The nature of these services was federal, state and local income and excise tax return preparation and related advice and planning and miscellaneous tax advice.

(d)      All Other Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant were $1,700 for the fiscal year ended December 31, 2005 and $0 for the fiscal year ended December 31, 2004. The nature of these fees were the Registrant and the Advisor, BlackRock, Inc., hired the principal accountant to conduct a complete review of the Registrant’s and the Advisor’s compliance procedures and provide an attestation regarding such review.

(e)      Audit Committee Pre-Approval Policies and Procedures.

          (1) The Registrant has polices and procedures (the "Policy") for the pre-approval by the Registrant's Audit Committee of Audit, Audit-Related, Tax and Other Services (as each is defined in the Policy) provided by the Registrant’s independent auditor (the "Independent Auditor") to the Registrant and other "Covered Entities" (as defined below). The term of any such pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The amount of any such pre-approval is set forth in the appendices to the Policy (the "Service Pre-Approval Documents"). At its first meeting of each calendar year, the Audit Committee will approve or re-approve the Service Pre-Approval Documents for that year, together with any changes deemed necessary or desirable by the Audit Committee. The Audit Committee may, from time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved or both.

          For the purposes of the Policy, "Covered Services" means (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Registrant and (B) all engagements for non-audit services that directly impacted the operations and financial reporting or the Registrant to be provided by the Independent Auditor to any Covered Entity. "Covered Entities" means (1) BlackRock Advisors, Inc. (the “Advisor”) or (2) any entity controlling, controlled by or under common control with the Advisor that provides ongoing services to the Registrant.

          In the intervals between the scheduled meetings of the Audit Committee, the Audit Committee delegates pre-approval authority under this Policy to the Chairman of the Audit Committee (the "Chairman"). The Chairman shall report any pre-approval decisions under this Policy to the Audit Committee at its next scheduled meeting. At each scheduled meeting, the Audit Committee will review with the Independent Auditor the Covered Services pre-approved by the Chairman pursuant to delegated authority, if any, and the fees related thereto. Based on these reviews, the Audit Committee can modify, at its discretion, the pre-approval originally granted by the Chairman pursuant to delegated authority. This modification can be to the nature of services pre-approved, the aggregate level of fees approved, or both. Audit Committee may modify or withdraw this delegated authority at any time the Audit Committee determines that it is appropriate to do so.



          Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the Audit Committee and set forth in the Service Pre-Approval Documents. Any increase in pre-approved fee levels will require specific pre-approval by the Audit Committee (or the Chairman pursuant to delegated authority).

          The terms and fees of the annual Audit services engagement for the Registrant are subject to the specific pre-approval of the Audit Committee. The Audit Committee (or the Chairman pursuant to delegated authority) will approve, if necessary, any changes in terms, conditions or fees resulting from changes in audit scope, Registrant structure or other matters.

          In addition to the annual Audit services engagement specifically approved by the Audit Committee, any other Audit services for the Registrant not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

          Audit-Related services are assurance and related services that are not required for the audit, but are reasonably related to the performance of the audit or review of the financial statements of the Registrant and, to the extent they are Covered Services, the other Covered Entities or that are traditionally performed by the Independent Auditor. Audit-Related services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

          The Audit Committee believes that the Independent Auditor can provide Tax services to the Registrant and Covered Entities such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the Independent Auditor in connection with a transaction, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. Tax services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

          All Other services that are covered and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

          Requests or applications to provide Covered Services that require approval by the Audit Committee (or the Chairman pursuant to delegated authority) must be submitted to the Audit Committee or the Chairman, as the case may be, by both the Independent Auditor and the Chief Financial Officer of the Registrant or the respective Covered Entity, and must include a joint statement as to whether, in their view, (a) the request or application is consistent with the rules of the Securities and Exchange Commission ("SEC") on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request or application submitted to the Chairman between scheduled meetings of the Audit Committee should include a discussion as to why approval is being sought prior to the next regularly scheduled meeting of the Audit Committee.



          (2) None of the services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)      Not applicable.

(g)      The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, the Advisor (except for any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant for each of the last two fiscal years were $8,700 for the fiscal year ended December 31, 2005 and $9,700 for the fiscal year ended December 31, 2004.

(h)      The Registrant's Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The Audit Committee of the Registrant is comprised of: Dr. Andrew F. Brimmer; Richard E. Cavanagh; Kent Dixon and Frank J. Fabozzi.

Item 6. Schedule of Investments.

The Registrant’s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The Registrant has delegated the voting of proxies relating to its voting securities to its investment Advisor and its sub-advisor, BlackRock Financial Management, Inc. (the "Sub-Advisor"). The Proxy Voting Policies and Procedures of the Advisor and Sub-Advisor (the "Proxy Voting Policies") are attached as an Exhibit 99.PROXYPOL hereto.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

(a)(1) BlackRock’s municipal bond team involved with the Registrant includes three portfolio managers with an average experience of 23 years and six credit research analysts with an average experience of 15 years. Kevin M. Klingert, senior portfolio manager and head of municipal bonds at BlackRock, leads the team, a position he has held since joining BlackRock in 1991. A Managing Director since 1996, Mr. Klingert has over 20 years of experience in the municipal market.

      The portfolio management team also includes James McGinley and F. Howard Downs. Mr. McGinley has been a portfolio manager and a member of the Investment Strategy Group at BlackRock since 1999. F. Howard Downs has been a portfolio manager since joining BlackRock in 1999.


(a)(2) As of December 31, 2005, Kevin Klingert managed or was a member of the management team for the following client accounts:

         
            Number of     
            Accounts     
            Subject to    Assets Subject 
    Number    Assets    a Performance    to a 
Type of Account    of Accounts    of Accounts    Fee    Performance Fee 
Registered                 
Investment                 
Companies    45    $10,686 million    0    $- 
 
Pooled Investment                 
Vehicles Other Than                 
Registered Investment                 
Companies    1    $175 million    1    $175 million 
 
Other Accounts    137    $18,815 million    1    $13 million

     As of December 31, 2005, Jim McGinley managed or was a member of the management team for the following client accounts:

            Number of     
            Accounts     
            Subject to    Assets Subject 
    Number    Assets    a Performance    to a 
Type of Account    of Accounts    of Accounts    Fee    Performance Fee 
Registered                 
Investment                 
Companies    35    $8,995 million    0    $- 
 
Pooled Investment                 
Vehicles Other Than                 
Registered Investment                 
Companies    1    $175 million    1    $175 million 
 
Other Accounts    41    $4,701 million    1    $13 million 

     As of December 31, 2005, F. Howard Downs managed or was a member of the management team for the following client accounts:

            Number of     
            Accounts     
            Subject to    Assets Subject 
    Number    Assets    a Performance    to a 
Type of Account    of Accounts    of Accounts    Fee    Performance Fee 
Registered                 
Investment                 
Companies    14    $4,033 million    0    $- 
 
Pooled Investment                 
Vehicles Other Than                 
Registered Investment                 
Companies    0    $-    0    $- 
 
Other Accounts    30    $747 million    0    $- 


     BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Registrant, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Registrant. In addition, BlackRock, its affiliates and any officer, director, stockholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Registrant. BlackRock, or any of its affiliates, or any officer, director, stockholder, employee or any member of their families may take different actions than those recommended to the Registrant by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock’s (or its affiliates’) officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Each portfolio manager also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for the Registrant. In this connection, it should be noted that Mr. Klingert and Mr. McGinley manage certain accounts that are subject to performance fees. In addition, Mr. Klingert and Mr. McGinley assist in managing certain hedge funds and may be entitled to receive a portion of any incentive fees earned on such funds and a portion of such incentive fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the future manage other such accounts or funds and may be entitled to receive incentive fees.

     As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted a policy that is intended to ensure that investment opportunities are allocated fairly and equitably among client accounts over time. This policy also seeks to achieve reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base.

(a)(3) BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock such as its Long-Term Retention and Incentive Plan and Restricted Stock Program.

Base compensation. Generally, portfolio managers receive base compensation based on their seniority and/or their position with the firm.

Discretionary compensation. In addition to base compensation, portfolio managers may receive discretionary compensation, which can be a substantial portion of total compensation. Discretionary compensation can include a discretionary cash bonus as well as one or more of the following:


     Long-Term Retention and Incentive Plan (LTIP) —The LTIP is a long-term incentive plan that seeks to reward certain key employees. The plan provides for the grant of awards that are expressed as an amount of cash that, if properly vested and subject to the attainment of certain performance goals, will be settled in cash and/or in BlackRock, Inc. common stock. Mr. Klingert, Mr. McGinley and Mr. Downs have received awards under the LTIP.

     Deferred Compensation Program —A portion of the compensation paid to each portfolio manager may be voluntarily deferred by the portfolio manager into an account that tracks the performance of certain of the firm’s investment products. Each portfolio manager is permitted to allocate his deferred amounts among various options, including to certain of the firm’s hedge funds and other unregistered products. In addition, prior to 2005, a portion of the annual compensation of certain senior managers, including Mr. Klingert and Mr. McGinley, was mandatorily deferred in a similar manner for a number of years. Beginning in 2005, a portion of the annual compensation of certain senior managers, including Mr. Klingert, Mr. McGinley and Mr. Downs, is paid in the form of BlackRock, Inc. restricted stock units which vest ratably over a number of years.

     Options and Restricted Stock Awards —While incentive stock options are not currently being awarded to BlackRock employees, BlackRock, Inc. previously granted stock options to key employees, including certain portfolio managers who may still hold unexercised or unvested options. BlackRock, Inc. also has a restricted stock award program designed to reward certain key employees as an incentive to contribute to the long-term success of BlackRock. These awards vest over a period of years. Mr. Klingert, Mr. McGinley and Mr. Downs have been granted stock options in prior years, and Mr. Klingert participates in BlackRock’s restricted stock program.

     Incentive Savings Plans —The PNC Financial Services Group, Inc., which owns approximately 71% of BlackRock, Inc.’s common stock, has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including an Employee Stock Purchase Plan (ESPP) and a 401(k) plan. The 401(k) plan may involve a company match of the employee’s contribution of up to 6% of the employee’s salary. The company match is made using BlackRock, Inc. common stock. The firm’s 401(k) plan offers a range of investment options, including registered investment companies managed by the firm. Each portfolio manager is eligible to participate in these plans.

     Annual incentive compensation for each portfolio manager is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns and income generation, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s teamwork and contribution to the overall performance of these portfolios and BlackRock. Unlike many other firms, portfolio managers at BlackRock compete against benchmarks rather than each other. In most cases, including for the portfolio managers of the Registrant, these benchmarks are the same as the benchmark or benchmarks against which the investment performance, including risk-adjusted returns and income generation, of the Registrant or other accounts are measured. A group of BlackRock, Inc.’s officers determines the benchmarks against which to compare the performance of funds and other accounts managed by each portfolio manager. With respect to the Registrant, such benchmarks include the Lehman Brothers 15-Year Municipal Index, the 10-Year United States Treasury Note and certain customized indices and fund industry peer groups.


     The group of BlackRock, Inc.’s officers then makes a subjective determination with respect to the portfolio manager’s compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks. This determination may take into consideration the fact that a benchmark may not perfectly correlate to the way the Registrant or other accounts are managed, even if it is the benchmark that is most appropriate for the Registrant or other accounts. For example, a benchmark’s return may be based on the total return of the securities comprising the benchmark, but the Registrant or other account may be managed to maximize income and not total return. Senior portfolio managers who perform additional management functions within BlackRock may receive additional compensation for serving in these other capacities.

(a)(4) As of December 31, 2005, the end of the Registrant’s most recently completed fiscal year, the dollar range of securities beneficially owned by each portfolio manager in the Registrant is shown below:

  Kevin Klingert: None
James McGinley: $10,001 - $50,000
F. Howard Downs: None
(b) Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Registrant’s Nominating Committee will consider nominees to the Board of Trustees recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and sets forth the qualifications of the proposed nominee to the Registrant’s Secretary. There have been no material changes to these procedures.

Item 11. Controls and Procedures.

(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported within the required time periods and that information required to be disclosed by the Registrant in this Form N-CSR was accumulated and communicated to the Registrant’s management, including its principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the Registrant's fourth fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Code of Ethics attached as EX-99.CODE ETH.

(a) (2) Certifications of Principal Executive and Financial Officers pursuant to Rule 30a-2(a) under the 1940 Act attached as EX-99.CERT.

(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.906CERT.

Proxy Voting Policies attached as EX-99.PROXYPOL.



SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)     BlackRock Municipal 2018 Term Trust          

By:     /s/ Henry Gabbay                                 
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: April 27, 2006

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:     /s/ Robert S. Kapito                             
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: April 27, 2006

By:     /s/ Henry Gabbay                                 
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: April 27, 2006