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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:_____811-07090________________________

____BlackRock California Insured Municipal 2008 Term Trust, Inc.____
(Exact name of Registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE
19809
(Address of principal executive offices)
(Zip code)
   

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

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

Date of fiscal year end:
         December 31, 2006_________________________________

Date of reporting period:
     December 31, 2006_________________________________


Item 1. Reports to Stockholders.
The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED INCOME

 

LIQUIDITY

 

EQUITIES

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

BlackRock

(BLACKROCK LOGO)

 

Closed-End Funds

 

 

 

 

 

ANNUAL REPORT | DECEMBER 31, 2006

 

 

 

 

 

 

 


 

BlackRock Insured Municipal 2008 Term Trust (BRM)

 

BlackRock Insured Municipal Term Trust (BMT)

 

BlackRock Municipal 2018 Term Trust (BPK)

 

BlackRock Municipal 2020 Term Trust (BKK)

 

BlackRock Strategic Municipal Trust (BSD)

 

BlackRock California Insured Municipal 2008 Term Trust (BFC)

 

BlackRock California Municipal 2018 Term Trust (BJZ)

 

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 

BlackRock New York Municipal 2018 Term Trust (BLH)

 

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE



 

 

TABLE OF CONTENTS

 

 

 

Letter to Shareholders

1

 

 

Trusts’ Summaries

2

 

 

Financial Statements

 

 

 

Portfolios of Investments

14

 

 

Statements of Assets and Liabilities

49

 

 

Statements of Operations

51

 

 

Statements of Changes in Net Assets

53

 

 

Financial Highlights

57

 

 

Notes to Financial Statements

69

 

 

Report of Independent Registered Public Accounting Firm

77

 

 

Dividend Reinvestment Plans

78

 

 

Investment Management Agreements

79

 

 

Additional Information

84

 

 

Directors/Trustees Information

87


BlackRock Privacy Principles

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

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

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

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

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



LETTER TO SHAREHOLDERS

December 31, 2006

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 Trusts’ holdings.

          The portfolio management team continuously monitors the municipal bond market and adjusts the Trust investments 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, 2006.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Trust (Ticker)

 

Current
Yield1

 

Tax-
Equivalent
Yield2

 

Closing
Market
Price

 

NAV

 


BlackRock Insured Municipal 2008 Term Trust (BRM)

 

 

 

5.12

%

 

 

 

7.88

%

 

$

15.53

 

$

15.42

 



















BlackRock Insured Municipal Term Trust (BMT)

 

 

 

3.74

 

 

 

 

5.75

 

 

 

9.77

 

 

10.28

 



















BlackRock Municipal 2018 Term Trust (BPK)

 

 

 

5.33

 

 

 

 

8.19

 

 

 

17.01

 

 

15.97

 



















BlackRock Municipal 2020 Term Trust (BKK)

 

 

 

5.04

 

 

 

 

7.76

 

 

 

15.77

 

 

15.77

 



















BlackRock Strategic Municipal Trust (BSD)

 

 

 

5.88

 

 

 

 

9.05

 

 

 

18.69

 

 

15.64

 



















BlackRock California Insured Municipal 2008 Term Trust (BFC)

 

 

 

5.04

 

 

 

 

7.75

 

 

 

15.34

 

 

15.41

 



















BlackRock California Municipal 2018 Term Trust (BJZ)

 

 

 

4.61

 

 

 

 

7.09

 

 

 

15.94

 

 

15.26

 



















BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 

 

 

3.12

 

 

 

 

4.80

 

 

 

14.42

 

 

14.83

 



















BlackRock Florida Municipal 2020 Term Trust (BFO)

 

 

 

4.42

 

 

 

 

6.80

 

 

 

13.85

 

 

15.16

 



















BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 

 

 

3.67

 

 

 

 

5.65

 

 

 

14.90

 

 

15.42

 



















BlackRock New York Municipal 2018 Term Trust (BLH)

 

 

 

4.71

 

 

 

 

7.24

 

 

 

15.62

 

 

16.33

 



















BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 

 

 

5.20

 

 

 

 

8.00

 

 

 

17.43

 

 

15.01

 




















 

 

1

Yields are based on closing market price. These yields may increase/decrease due to an increase/decrease in the monthly distribution per common share. Past performance does not guarantee future results.

 

 

2

Tax-equivalent yield assumes the maximum Federal tax rate of 35%.

          On September 29, 2006, BlackRock, Inc. (“BlackRock”) and Merrill Lynch Investment Managers, L.P. united to form one of the largest asset management firms in the world. Now with more than $1 trillion in assets under management, over 4,500 employees in 18 countries and representation in key markets worldwide, BlackRock’s global presence means greater depth and scale to serve you.

          BlackRock, a world leader in asset management, has a proven commitment to the municipal bond market. As of December 31, 2006, BlackRock managed over $37 billion in municipal bonds, including 14 open-end and 68 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, LLC, and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, are wholly owned subsidiaries of BlackRock.

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

Sincerely,

 

 

-s- Laurence D. Fink

-s- Ralph L. Schlosstein

 

 

Laurence D. Fink

Ralph L. Schlosstein

Chief Executive Officer

President

BlackRock Advisors, LLC

BlackRock Advisors, LLC

1



TRUST SUMMARIES
DECEMBER 31, 2006

BlackRock Insured Municipal 2008 Term Trust (BRM)

 


Trust Information

 

 

 

 

 

 

 


Symbol on New York Stock Exchange:

 

BRM

 






Initial Offering Date:

 

September 18, 1992

 





Termination Date (on or about):

 

December 31, 2008

 


 

 

 

 

 

 

 

Closing Market Price as of 12/31/06:

 

 

$

15.53

 

 








Net Asset Value as of 12/31/06:

 

 

$

15.42

 

 








Yield on Closing Market Price as of 12/31/06 ($15.53):1

 

 

 

5.12

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.066250

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.795000

 

 








Leverage as of 12/31/06:3

 

 

 

16

%

 









 

 

1

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

 

 

2

The distribution is not constant and is subject to change.

 

 

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

12/31/06

 

 

12/31/05

 

Change

 

 

High

 

 

Low

 


















Market Price

 

$

15.53

 

$

15.30

 

1.50

%

 

$

15.75

 

$

15.02

 


















NAV

 

$

15.42

 

$

15.89

 

(2.96

)%

 

$

15.92

 

$

15.41

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 









Sector

 

December 31, 2006

 

December 31, 2005

 


City, County & State

 

 

 

29

%

 

 

 

31

%

 













Power

 

 

 

29

 

 

 

 

24

 

 













Industrial & Pollution Control

 

 

 

11

 

 

 

 

9

 

 













Education

 

 

 

9

 

 

 

 

10

 

 













Transportation

 

 

 

8

 

 

 

 

6

 

 













Lease Revenue

 

 

 

7

 

 

 

 

7

 

 













Tax Revenue

 

 

 

3

 

 

 

 

6

 

 













Hospital

 

 

 

2

 

 

 

 

4

 

 













Water & Sewer

 

 

 

2

 

 

 

 

3

 

 













As of December 31, 2006 and 2005, 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, 2006

BlackRock Insured Municipal Term Trust (BMT)

 


Trust Information

 

 

 

 

 

 

 








Symbol on New York Stock Exchange:

 

BMT

 





Initial Offering Date:

 

February 20, 1992

 





Termination Date (on or about):

 

December 31, 2010

 





Closing Market Price as of 12/31/06:

 

 

$

9.77

 

 








Net Asset Value as of 12/31/06:

 

 

$

10.28

 

 





Yield on Closing Market Price as of 12/31/06 ($9.77):1

 

 

 

3.74

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.030417

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.365004

 

 








Leverage as of 12/31/06:3

 

 

 

39

%

 









 

 

1

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

 

 

2

The distribution is not constant and is subject to change.

 

 

3

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


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

12/31/06

 

12/31/05

 

Change

 

High

 

Low

 


















Market Price

 

$

9.77

 

$

10.36

 

(5.69

)%

 

$

10.89

 

$

9.25

 


















NAV

 

$

10.28

 

$

10.51

 

(2.19

)%

 

$

10.53

 

$

10.14

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 









Sector

 

December 31, 2006

 

December 31, 2005

 













City, County & State

 

 

 

33

%

 

 

 

32

%

 













Education

 

 

 

17

 

 

 

 

17

 

 













Water & Sewer

 

 

 

15

 

 

 

 

15

 

 













Power

 

 

 

13

 

 

 

 

13

 

 













Hospital

 

 

 

7

 

 

 

 

8

 

 













Transportation

 

 

 

7

 

 

 

 

7

 

 













Lease Revenue

 

 

 

6

 

 

 

 

6

 

 













Tax Revenue

 

 

 

2

 

 

 

 

2

 

 













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

3



TRUST SUMMARIES
DECEMBER 31, 2006

BlackRock Municipal 2018 Term Trust (BPK)

 


Trust Information

 

 

 

 

 

 

 






Symbol on New York Stock Exchange:

 

BPK

 






Initial Offering Date:

 

October 26, 2001

 






Termination Date (on or about):

 

December 31, 2018

 






Closing Market Price as of 12/31/06:

 

 

$

17.01

 

 








Net Asset Value as of 12/31/06:

 

 

$

15.97

 

 








Yield on Closing Market Price as of 12/31/06 ($17.01):1

 

 

 

5.33

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.07550

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.90600

 

 








Leverage as of 12/31/06:3

 

 

 

35

%

 









 

 

1

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

 

2

The distribution is not constant and is subject to change.

 

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/06

 

12/31/05

 

Change

 

High

 

Low

 













Market Price

 

 

$

17.01

 

 

 

$

15.71

 

 

8.27

%

 

 

$

17.50

 

 

 

$

15.10

 

 


























NAV

 

 

$

15.97

 

 

 

$

15.71

 

 

1.65

%

 

 

$

16.10

 

 

 

$

15.54

 

 


























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


Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2006

 

December 31, 2005

 







Hospital

 

 

 

23

%

 

 

 

24

%

 













Industrial & Pollution Control

 

 

 

23

 

 

 

 

22

 

 













City, County & State

 

 

 

21

 

 

 

 

22

 

 













Housing

 

 

 

11

 

 

 

 

12

 

 













Education

 

 

 

5

 

 

 

 

5

 

 













Transportation

 

 

 

5

 

 

 

 

5

 

 













Tax Revenue

 

 

 

4

 

 

 

 

4

 

 













Lease Revenue

 

 

 

3

 

 

 

 

3

 

 













Power

 

 

 

3

 

 

 

 

3

 

 













Tobacco

 

 

 

2

 

 

 

 

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 













Credit Rating

 

December 31, 2006

 

December 31, 2005

 







AAA/Aaa

 

 

 

24

%

 

 

 

21

%

 













AA/Aa

 

 

 

10

 

 

 

 

5

 

 













A

 

 

 

22

 

 

 

 

25

 

 













BBB/Baa

 

 

 

28

 

 

 

 

28

 

 













BB/Ba

 

 

 

1

 

 

 

 

5

 

 













B

 

 

 

5

 

 

 

 

2

 

 













Not Rated5

 

 

 

10

 

 

 

 

14

 

 














 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of December 31, 2006, and December 31, 2005, the market value of these securities was $5,742,150 representing 1.5% and $23,429,928 representing 6.4%, respectively, of the Trust’s long-term investments.

4



TRUST SUMMARIES
DECEMBER 31, 2006

BlackRock Municipal 2020 Term Trust (BKK)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BKK

 





Initial Offering Date:

 

September 30, 2003

 





Termination Date (on or about):

 

December 31, 2020

 





Closing Market Price as of 12/31/06:

 

 

$

15.77

 

 








Net Asset Value as of 12/31/06:

 

 

$

15.77

 

 








Yield on Closing Market Price as of 12/31/06 ($15.77):1

 

 

 

5.04

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.066250

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.795000

 

 








Leverage as of 12/31/06:3

 

 

 

36

%

 









 

 

1

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

 

2

The distribution is not constant and is subject to change.

 

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

















 

 

12/31/06

 

12/31/05

 

Change

 

High

 

Low

 













Market Price

 

 

$

15.77

 

 

 

$

14.00

 

 

 

12.64%

 

 

$

15.80

 

 

 

$

14.00

 

 


























NAV

 

 

$

15.77

 

 

 

$

15.28

 

 

 

  3.21%

 

 

$

15.91

 

 

 

$

15.09

 

 


























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


Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 









Sector

 

December 31, 2006

 

December 31, 2005

 







City, County & State

 

 

 

24

%

 

 

 

29

%

 













Hospital

 

 

 

17

 

 

 

 

17

 

 













Industrial & Pollution Control

 

 

 

17

 

 

 

 

16

 

 













Tobacco

 

 

 

11

 

 

 

 

5

 

 













Education

 

 

 

8

 

 

 

 

6

 

 













Housing

 

 

 

7

 

 

 

 

8

 

 













Power

 

 

 

6

 

 

 

 

4

 

 













Tax Revenue

 

 

 

5

 

 

 

 

4

 

 













Transportation

 

 

 

5

 

 

 

 

6

 

 













Lease Revenue

 

 

 

 

 

 

 

5

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 













Credit Rating

 

December 31, 2006

 

December 31, 2005

 







AAA/Aaa

 

 

 

21

%

 

 

 

19

%

 













AA/Aa

 

 

 

8

 

 

 

 

5

 

 













A

 

 

 

16

 

 

 

 

15

 

 













BBB/Baa

 

 

 

35

 

 

 

 

41

 

 













BB/Ba

 

 

 

1

 

 

 

 

1

 

 













B

 

 

 

5

 

 

 

 

4

 

 













Not Rated

 

 

 

14

 

 

 

 

15

 

 














 

 

4

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

5



TRUST SUMMARIES
DECEMBER 31, 2006

BlackRock Strategic Municipal Trust (BSD)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BSD

 





Initial Offering Date:

 

August 25, 1999

 





Closing Market Price as of 12/31/06:

 

 

$

18.69

 

 








Net Asset Value as of 12/31/06:

 

 

$

15.64

 

 








Yield on Closing Market Price as of 12/31/06 ($18.69):1

 

 

 

5.88

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.091625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

1.099500

 

 








Leverage as of 12/31/06:3

 

 

 

35

%

 









 

 

1

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

 

2

The distribution is not constant and is subject to change.

 

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

















 

 

12/31/06

 

12/31/05

 

Change

 

High

 

Low

 













Market Price

 

 

$

18.69

 

 

 

$

17.14

 

 

 

9.04

%

 

 

 

$

19.95

 

 

 

$

15.75

 

 




























NAV

 

 

$

15.64

 

 

 

$

15.68

 

 

 

(0.26

)%

 

 

 

$

15.87

 

 

 

$

15.24

 

 




























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


Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 













Sector

 

December 31, 2006

 

December 31, 2005

 







City, County & State

 

 

 

24

%

 

 

 

15

%

 













Hospital

 

 

 

20

 

 

 

 

14

 

 













Industrial & Pollution Control

 

 

 

19

 

 

 

 

23

 

 













Power

 

 

 

8

 

 

 

 

10

 

 













Transportation

 

 

 

7

 

 

 

 

6

 

 













Education

 

 

 

6

 

 

 

 

9

 

 













Housing

 

 

 

6

 

 

 

 

7

 

 













Tax Revenue

 

 

 

6

 

 

 

 

5

 

 













Water & Sewer

 

 

 

4

 

 

 

 

5

 

 













Lease Revenue

 

 

 

 

 

 

 

5

 

 













Other

 

 

 

 

 

 

 

1

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

December 31, 2006

 

December 31, 2005

 







AAA/Aaa

 

 

 

47

%

 

 

 

48

%

 













AA/Aa

 

 

 

17

 

 

 

 

15

 

 













A

 

 

 

7

 

 

 

 

11

 

 













BBB/Baa

 

 

 

15

 

 

 

 

12

 

 













BB/Ba

 

 

 

3

 

 

 

 

4

 

 













B

 

 

 

4

 

 

 

 

5

 

 













Not Rated5

 

 

 

7

 

 

 

 

5

 

 














 

 

4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of December 31, 2006, and December 31, 2005, the market value of these securities was $1,007,720 representing 0.6% and $998,610 representing 0.6%, respectively, of the Trust’s long-term investments.

6



TRUST SUMMARIES
DECEMBER 31, 2006

BlackRock California Insured Municipal 2008 Term Trust (BFC)

 


Trust Information

 

 

 

 

 

 

 








Symbol on New York Stock Exchange:

 

BFC

 





Initial Offering Date:

 

September 18, 1992

 





Termination Date (on or about):

 

December 31, 2008

 





Closing Market Price as of 12/31/06:

 

 

$

15.34

 

 








Net Asset Value as of 12/31/06:

 

 

$

15.41

 

 








Yield on Closing Market Price as of 12/31/06 ($15.34):1

 

 

 

5.04

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.064375

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.772500

 

 









 

 

1

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

 

2

The distribution is not constant and is subject to change.

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

 

















 

 

12/31/06

 

12/31/05

 

Change

 

High

 

Low

 













Market Price

 

$

15.34

 

$

15.31

 

0.20

%

 

$

15.84

 

$

15.05

 


















NAV

 

$

15.41

 

$

15.86

 

(2.84

)%

 

$

15.92

 

$

15.36

 


















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


Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

December 31, 2006

 

December 31, 2005

 







Lease Revenue

 

 

 

26

%

 

 

 

20

%

 













City, County & State

 

 

 

22

 

 

 

 

21

 

 













Power

 

 

 

22

 

 

 

 

19

 

 













Tax Revenue

 

 

 

14

 

 

 

 

8

 

 













Education

 

 

 

10

 

 

 

 

12

 

 













Water & Sewer

 

 

 

5

 

 

 

 

10

 

 













Hospital

 

 

 

1

 

 

 

 

1

 

 













Resource Recovery

 

 

 

 

 

 

 

5

 

 













Transportation

 

 

 

 

 

 

 

4

 

 













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

7



TRUST SUMMARIES
DECEMBER 31, 2006

BlackRock California Municipal 2018 Term Trust (BJZ)

 


Trust Information

 

 

 

 

 

 

 








Symbol on New York Stock Exchange:

 

BJZ

 





Initial Offering Date:

 

October 26, 2001

 





Termination Date (on or about):

 

December 31, 2018

 





Closing Market Price as of 12/31/06:

 

 

$

15.94

 

 








Net Asset Value as of 12/31/06:

 

 

$

15.26

 

 








Yield on Closing Market Price as of 12/31/06 ($15.94):1

 

 

 

4.61

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.061250

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.735000

 

 








Leverage as of 12/31/06:3

 

 

 

36

%

 









 

 

1

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

 

2

The distribution is not constant and is subject to change.

 

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

















 

 

12/31/06

 

12/31/05

 

Change

 

High

 

Low

 













Market Price

 

$

15.94

 

$

15.19

 

4.94

%

 

$

15.98

 

$

14.90

 


















NAV

 

$

15.26

 

$

15.21

 

0.33

%

 

$

15.39

 

$

14.94

 


















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


Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 









Sector

 

December 31, 2006

 

December 31, 2005

 







City, County & State

 

 

 

21

%

 

 

 

21

%

 













Transportation

 

 

 

19

 

 

 

 

19

 

 













Hospital

 

 

 

14

 

 

 

 

14

 

 













Lease Revenue

 

 

 

14

 

 

 

 

15

 

 













Industrial & Pollution Control

 

 

 

9

 

 

 

 

7

 

 













Education

 

 

 

8

 

 

 

 

8

 

 













Housing

 

 

 

6

 

 

 

 

7

 

 













Power

 

 

 

5

 

 

 

 

5

 

 













Water & Sewer

 

 

 

4

 

 

 

 

4

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 









Credit Rating

 

December 31, 2006

 

December 31, 2005

 







AAA/Aaa

 

 

 

40

%

 

 

 

37

%

 













AA/Aa

 

 

 

3

 

 

 

 

4

 

 













A

 

 

 

29

 

 

 

 

35

 

 













BBB/Baa

 

 

 

25

 

 

 

 

21

 

 













Not Rated

 

 

 

3

 

 

 

 

3

 

 














 

 

4

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

8


TRUST SUMMARIES
DECEMBER 31, 2006

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

 


 

 

 

 

 

 

 

Trust Information





Symbol on New York Stock Exchange:

 

 

BRF

 

 





Initial Offering Date:

 

 

September 18, 1992

 

 





Termination Date (on or about):

 

 

December 31, 2008

 

 





Closing Market Price as of 12/31/06:

 

 

$

14.42

 

 








Net Asset Value as of 12/31/06:

 

 

$

14.83

 

 








Yield on Closing Market Price as of 12/31/06 ($14.42):1

 

 

 

3.12

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0375

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.4500

 

 









 

 

1

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

 

 

2

The distribution is not constant and is subject to change.

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

 

 

 

 

 

 

 

 

 

 

 

 











 

 

12/31/06

 

12/31/05

 

Change

 

High

 

Low












 

 

 

 

 

 

 

 

 

 

 

Market Price

 

$14.42

 

$15.11

 

(4.57)%

 

$15.52

 

$13.75












NAV

 

$14.83

 

$15.04

 

(1.40)%

 

$15.07

 

$14.68












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

Sector Breakdown

 

 

 

 

 

 







Sector

 

December 31, 2006

 

December 31, 2005

 







Tax Revenue

 

41

%

 

36

%

 









City, County & State

 

17

 

 

10

 

 









Education

 

12

 

 

12

 

 









Power

 

12

 

 

16

 

 









Transportation

 

7

 

 

5

 

 









Resource Recovery

 

6

 

 

4

 

 









Water & Sewer

 

4

 

 

4

 

 









Other

 

1

 

 

 

 









Lease Revenue

 

 

 

13

 

 









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

9


TRUST SUMMARIES
DECEMBER 31, 2006

BlackRock Florida Municipal 2020 Term Trust (BFO)

 


Trust Information

 

 

 

 

 

 

 

 






Symbol on New York Stock Exchange:

 

 

 

BFO

 

 





Initial Offering Date:

 

 

 

September 30, 2003

 

 





Termination Date (on or about):

 

 

 

December 31, 2020

 

 





Closing Market Price as of 12/31/06:

 

 

$

13.85

 

 








Net Asset Value as of 12/31/06:

 

 

$

15.16

 

 








Yield on Closing Market Price as of 12/31/06 ($13.85):1

 

 

 

4.42

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0510

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.6120

 

 








Leverage as of 12/31/06:3

 

 

 

37

%

 









 

 

1

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

 

 

2

The distribution is not constant and is subject to change.

 

 

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 











 

 

12/31/06

 

12/31/05

 

Change

 

High

 

Low












Market Price

 

$13.85

 

$13.35

 

3.75%

 

$14.55

 

$12.92












NAV

 

$15.16

 

$14.90

 

1.74%

 

$15.25

 

$14.69












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

Sector Breakdown

 

 

 

 

 

 







Sector

 

December 31, 2006

 

December 31, 2005

 







City, County & State

 

25

%

 

26

%

 









Water & Sewer

 

18

 

 

18

 

 









Tobacco

 

11

 

 

10

 

 









Education

 

10

 

 

10

 

 









Power

 

10

 

 

10

 

 









Tax Revenue

 

8

 

 

7

 

 









Hospital

 

6

 

 

6

 

 









Industrial & Pollution Control

 

5

 

 

5

 

 









Lease Revenue

 

4

 

 

5

 

 









Transportation

 

3

 

 

3

 

 










Credit Breakdown4

 

 

 

 

 

 







Credit Rating

 

December 31, 2006

 

December 31, 2005

 







AAA/Aaa

 

59

%

 

58

%

 









AA/Aa

 

1

 

 

1

 

 









A

 

4

 

 

4

 

 









BBB/Baa

 

16

 

 

17

 

 









BB/Ba

 

2

 

 

2

 

 









Not Rated5

 

18

 

 

18

 

 










 

 

4

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

 

 

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of December 31, 2006, and December 31, 2005, the market value of these securities was $2,115,580 representing 1.7% and $2,124,960 representing 1.7%, respectively, of the Trust’s long-term investments.

10


TRUST SUMMARIES
DECEMBER 31, 2006

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

 

BLN

 

 





Initial Offering Date:

 

 

September 18, 1992

 

 





Termination Date (on or about):

 

 

December 31, 2008

 

 





Closing Market Price as of 12/31/06:

 

 

$

14.90

 

 








Net Asset Value as of 12/31/06:

 

 

$

15.42

 

 








Yield on Closing Market Price as of 12/31/06 ($14.90):1

 

 

 

3.67

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0456

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.5472

 

 









 

 

1

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

 

 

2

The distribution is not constant and is subject to change.

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

 

 

 

 

 

 

 

 

 

 

 

 











 

 

12/31/06

 

12/31/05

 

Change

 

High

 

Low












Market Price

 

$14.90

 

$15.30

 

(2.61)%

 

$15.60

 

$14.60












NAV

 

$15.42

 

$15.73

 

(1.97)%

 

$15.77

 

$15.31












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

Sector Breakdown

 

 

 

 

 

 







Sector

 

December 31, 2006

 

December 31, 2005

 







Transportation

 

25

%

 

26

%

 









Education

 

19

 

 

20

 

 









Water & Sewer

 

15

 

 

11

 

 









City, County & State

 

10

 

 

17

 

 









Hospital

 

9

 

 

8

 

 









Power

 

8

 

 

6

 

 









Tax Revenue

 

7

 

 

6

 

 









Lease Revenue

 

4

 

 

3

 

 









Housing

 

3

 

 

3

 

 









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

11


TRUST SUMMARIES
DECEMBER 31, 2006

BlackRock New York Municipal 2018 Term Trust (BLH)

 


Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

 

BLH

 

 





Initial Offering Date:

 

 

October 26, 2001

 

 





Termination Date (on or about):

 

 

December 31, 2018

 

 





Closing Market Price as of 12/31/06:

 

 

$

15.62

 

 








Net Asset Value as of 12/31/06:

 

 

$

16.33

 

 








Yield on Closing Market Price as of 12/31/06 ($15.62):1

 

 

 

4.71

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.061250

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.735000

 

 








Leverage as of 12/31/06:3

 

 

 

35

%

 









 

 

1

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

 

 

2

The distribution is not constant and is subject to change.

 

 

3

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

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

 











 

 

12/31/06

 

12/31/05

 

Change

 

High

 

Low












Market Price

 

$15.62

 

$15.15

 

3.10%

 

$15.94

 

$15.00












NAV

 

$16.33

 

$16.11

 

1.37%

 

$16.43

 

$15.98












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

Sector Breakdown

 

 

 

 

 

 







Sector

 

December 31, 2006

 

December 31, 2005

 







Education

 

22

%

 

22

%

 









Hospital

 

16

 

 

17

 

 









City, County & State

 

11

 

 

11

 

 









Tobacco

 

11

 

 

10

 

 









Transportation

 

11

 

 

11

 

 









Lease Revenue

 

10

 

 

10

 

 









Industrial & Pollution Control

 

7

 

 

7

 

 









Tax Revenue

 

6

 

 

6

 

 









Housing

 

5

 

 

5

 

 









Power

 

1

 

 

1

 

 










Credit Breakdown4

 

 

 

 

 

 







Credit Rating

 

December 31, 2006

 

December 31, 2005

 







AAA/Aaa

 

39

%

 

35

%

 









AA/Aa

 

37

 

 

26

 

 









A

 

9

 

 

21

 

 









BBB/Baa

 

10

 

 

13

 

 









B

 

2

 

 

1

 

 









CCC/Caa

 

3

 

 

3

 

 









Not Rated

 

 

 

1

 

 










 

 

4

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

12


TRUST SUMMARIES
DECEMBER 31, 2006

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 


Trust Information

 

 

 

 

 

 

 





Symbol on American Stock Exchange:

 

 

BPS

 

 





Initial Offering Date:

 

 

August 25, 1999

 

 





Closing Market Price as of 12/31/06:

 

 

$

17.43

 

 








Net Asset Value as of 12/31/06:

 

 

$

15.01

 

 








Yield on Closing Market Price as of 12/31/06 ($17.43):1

 

 

 

5.20

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0755

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.9060

 

 








Leverage as of 12/31/06:3

 

 

 

37

%

 









 

 

1

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

 

 

2

The distribution is not constant and is subject to change.

 

 

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 











 

 

12/31/06

 

12/31/05

 

Change

 

High

 

Low












Market Price

 

$17.43

 

$15.85

 

9.97%

 

$18.40

 

$15.15












NAV

 

$15.01

 

$15.27

 

(1.70)%

 

$15.30

 

$14.97












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

Sector Breakdown

 

 

 

 

 

 







Sector

 

December 31, 2006

 

December 31, 2005

 







Education

 

29

%

 

24

%

 









Water & Sewer

 

15

 

 

9

 

 









Transportation

 

15

 

 

23

 

 









Hospital

 

9

 

 

15

 

 









Housing

 

9

 

 

12

 

 









City, County & State

 

8

 

 

2

 

 









Lease Revenue

 

6

 

 

6

 

 









Industrial & Pollution Control

 

5

 

 

6

 

 









Other

 

2

 

 

 

 









Power

 

2

 

 

3

 

 










Credit Breakdown4

 

 

 

 

 

 







Credit Rating

 

December 31, 2006

 

December 31, 2005

 







AAA/Aaa

 

61

%

 

61

%

 









AA/Aa

 

11

 

 

7

 

 









A

 

17

 

 

21

 

 









BBB/Baa

 

8

 

 

8

 

 









Not Rated

 

3

5

 

3

 

 










 

 

4

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

 

 

5

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

13



PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2006

BlackRock Insured Municipal 2008 Term Trust (BRM)

 

(Percentage of Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

 

Value

 












 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—108.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—1.6%

 

 

 

 

 

 

AAA

 

 

$

6,555

 

 

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

 

No Opt. Call

 

$

6,632,939

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arizona—2.2%

 

 

 

 

 

 

AAA

 

 

 

4,000

 

 

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

 

No Opt. Call

 

 

3,785,760

 

AAA

 

 

 

1,000

 

 

City of Phoenix, Misc. Tax RB, Str. & Hwy. Proj., 4.25%, 7/01/09, FGIC

 

No Opt. Call

 

 

1,015,680

 

AAA

 

 

 

4,200

 

 

Pima Cnty., Hwy Impvt. Misc. RB, Str. & Hwy. Proj., 4.125%, 7/01/09, FGIC

 

07/08 @ 101

 

 

4,253,382

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,054,822

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—2.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

4,973,850

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

4,981,500

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,955,350

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—2.5%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

1,675,140

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

991,890

 

AAA

 

 

 

1,000

 

 

Cnty. of El Paso, Correctional Fac. Impvts. Lease Appropriation COP, Detention Fac. Proj.,

 

 

 

 

 

 

 

 

 

 

 

 

 

Ser. B, 3.20%, 12/01/08, AMBAC

 

No Opt. Call

 

 

990,930

 

AAA

 

 

 

6,965

 

 

Regl. Transp. Dist., Trans. Impvts. Lease Appropriation COP, Transp. Vehicles Proj.,

 

 

 

 

 

 

 

 

 

 

 

 

 

Ser. A, 5.00%, 6/01/08, MBIA

 

06/07 @ 101

 

 

7,071,982

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,729,942

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Delaware—0.1%

 

 

 

 

 

 

AAA

 

 

 

650

 

 

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

 

No Opt. Call

 

 

644,891

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

District of Columbia—3.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

195

3

 

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

 

ETM

 

 

203,652

 

AAA

 

 

 

2,605

 

 

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

 

No Opt. Call

 

 

2,714,436

 

AAA

 

 

 

10,000

 

 

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

 

No Opt. Call

 

 

10,255,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

13,173,288

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—1.4%

 

 

 

 

 

 

AAA

 

 

 

2,280

 

 

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

 

No Opt. Call

 

 

2,309,731

 

AAA

 

 

 

2,080

 

 

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

 

No Opt. Call

 

 

2,147,600

 

AAA

 

 

 

1,300

 

 

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

 

No Opt. Call

 

 

1,334,905

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,792,236

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Georgia—6.1%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,243,150

 

AAA

 

 

 

20,000

 

 

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

 

No Opt. Call

 

 

20,188,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

25,431,350

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Hawaii—2.7%

 

 

 

 

 

 

AAA

 

 

 

4,750

 

 

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

 

No Opt. Call

 

 

4,778,310

 

AAA

 

 

 

6,510

 

 

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

 

No Opt. Call

 

 

6,559,151

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,337,461

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—11.8%

 

 

 

 

 

 

AAA

 

 

 

3,105

3

 

Chicago Pub. Bldg. Comm., Sch. Impvt. Ad Valorem Ppty. Tax RB, Ser. A, Zero Coupon, 1/01/07, MBIA

 

ETM

 

 

3,104,379

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

2,033,100

 

 

 

 

 

 

 

 

Cook Cnty. High Sch. Dist. No. 201, Cash Flow Mgmt. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

AAA

 

 

 

1,175

3

 

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

 

ETM

 

 

1,055,326

 

AAA

 

 

 

4,805

 

 

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

 

No Opt. Call

 

 

4,309,412

 

AAA

 

 

 

8,985

 

 

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

 

No Opt. Call

 

 

8,400,256

 

AAA

 

 

 

13,000

 

 

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

 

No Opt. Call

 

 

12,898,080

 

AAA

 

 

 

6,750

 

 

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

 

No Opt. Call

 

 

6,741,158

 

See Notes to Financial Statements.

14



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

 

(Percentage of Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

AAA

 

 

$

1,455

 

 

Kane & Du Page Cntys. Cmnty. Unit Sch. Dist. No. 303, Sch. Impvts. Ad Valorem Ppty.

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax GO, Ser. A, 3.75%, 1/01/09, FSA

 

No Opt. Call

 

$

1,458,347

 

 

 

 

 

 

 

 

Met. Pier & Expo. Auth.,

 

 

 

 

 

 

AAA

 

 

 

8,385

3

 

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

 

ETM

 

 

7,949,902

 

AAA

 

 

 

215

 

 

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

 

No Opt. Call

 

 

203,874

 

AAA

 

 

 

1,570

3

 

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

 

ETM

 

 

1,488,533

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

49,642,367

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kansas—0.2%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

Dev. Fin. Auth., Wtr. Util. Impvt. Wtr. RB, Pub. Wtr. Sply. Proj., 4.00%, 4/01/09, AMBAC

 

No Opt. Call

 

 

1,008,550

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—0.9%

 

 

 

 

 

 

AAA

 

 

 

3,890

 

 

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

 

No Opt. Call

 

 

3,611,554

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—4.1%

 

 

 

 

 

 

AAA

 

 

 

6,315

 

 

Detroit City Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Sch. Bldg. & Site Impvt. Proj.,

 

 

 

 

 

 

 

 

 

 

 

 

 

Ser. A, 4.00%, 5/01/09, FGIC

 

No Opt. Call

 

 

6,362,489

 

AAA

 

 

 

1,665

3

 

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

 

ETM

 

 

1,658,856

 

AAA

 

 

 

3,000

 

 

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

 

No Opt. Call

 

 

3,028,740

 

AAA

 

 

 

2,695

 

 

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

 

No Opt. Call

 

 

2,688,317

 

AAA

 

 

 

2,000

 

 

Western Twnshps. Util. Auth., Swr. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 1/01/09, FGIC

 

No Opt. Call

 

 

2,053,320

 

AAA

 

 

 

1,485

 

 

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

 

No Opt. Call

 

 

1,524,174

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

17,315,896

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Mississippi—0.5%

 

 

 

 

 

 

AAA

 

 

 

2,175

 

 

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

 

No Opt. Call

 

 

2,154,599

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nevada—1.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Director of the State of Nevada, Dept. of Bus. & Ind. Transit Impvts. RB, Las Vegas Monorail Proj.,

 

 

 

 

 

 

AAA

 

 

 

2,085

 

 

Zero Coupon, 1/01/09, AMBAC

 

No Opt. Call

 

 

1,934,901

 

AAA

 

 

 

3,585

 

 

Zero Coupon, 1/01/10, AMBAC

 

No Opt. Call

 

 

3,199,612

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,134,513

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—0.7%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

Monmouth Cnty. Impvt. Auth., Misc. RB, 5.00%, 12/01/08, FSA

 

No Opt. Call

 

 

1,026,310

 

AAA

 

 

 

1,750

 

 

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

 

No Opt. Call

 

 

1,804,513

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,830,823

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Mexico—0.6%

 

 

 

 

 

 

AAA

 

 

 

2,455

 

 

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

 

No Opt. Call

 

 

2,462,365

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—9.3%

 

 

 

 

 

 

AAA

 

 

 

15,500

 

 

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

 

No Opt. Call

 

 

15,732,810

 

AAA

 

 

 

15,915

 

 

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

 

09/08 @ 101

 

 

16,490,486

 

AAA

 

 

 

4,000

 

 

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

 

No Opt. Call

 

 

3,933,360

 

AAA

 

 

 

2,715

 

 

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

 

01/07 @ 100

 

 

2,718,937

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

38,875,593

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—8.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

13,500

 

 

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

 

No Opt. Call

 

 

14,137,875

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,162,400

 

AAA

 

 

 

14,675

 

 

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

 

No Opt. Call

 

 

14,677,788

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

33,978,063

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oregon—1.5%

 

 

 

 

 

 

AAA

 

 

 

2,905

 

 

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

 

No Opt. Call

 

 

2,975,562

 

AAA

 

 

 

1,285

 

 

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

 

No Opt. Call

 

 

1,265,057

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

2,005,060

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,245,679

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—10.0%

 

 

 

 

 

 

AAA

 

 

 

1,500

 

 

Bristol Twnshp. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 4.25%, 2/15/09, FGIC

 

No Opt. Call

 

 

1,519,440

 

AAA

 

 

 

3,175

 

 

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

 

No Opt. Call

 

 

3,200,464

 

See Notes to Financial Statements.

15



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

 

(Percentage of Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

Pennsylvania—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

$

3,570

 

 

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

 

01/07 @ 100

 

$

3,576,890

 

AAA

 

 

 

1,870

3

 

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

 

ETM

 

 

1,909,906

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

2,075

 

 

4.50%, 5/01/08, FSA

 

No Opt. Call

 

 

2,098,302

 

AAA

 

 

 

2,120

 

 

4.50%, 11/01/08, FSA

 

No Opt. Call

 

 

2,152,436

 

AAA

 

 

 

2,165

 

 

4.50%, 5/01/09, FSA

 

No Opt. Call

 

 

2,204,836

 

AAA

 

 

 

2,220

 

 

4.50%, 11/01/09, FSA

 

No Opt. Call

 

 

2,269,151

 

AAA

 

 

 

16,250

 

 

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

 

No Opt. Call

 

 

16,077,750

 

AAA

 

 

 

3,125

 

 

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

 

No Opt. Call

 

 

3,101,375

 

AAA

 

 

 

3,955

 

 

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

 

07/07 @ 100

 

 

3,955,593

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

42,066,143

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

South Carolina—0.5%

 

 

 

 

 

 

AAA

 

 

 

2,020

 

 

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

 

No Opt. Call

 

 

2,002,244

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—0.2%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

1,014,140

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—20.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

City of Austin,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,265,450

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

4,493,000

 

AAA

 

 

 

5,380

 

 

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

 

No Opt. Call

 

 

5,369,401

 

AAA

 

 

 

11,515

 

 

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

 

No Opt. Call

 

 

10,749,944

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

4,493,000

 

AAA

 

 

 

6,000

3

 

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

 

ETM

 

 

5,349,480

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

1,430

3

 

6.10%, 8/15/09, MBIA

 

ETM

 

 

1,519,203

 

AAA

 

 

 

620

 

 

6.10%, 8/15/09, MBIA

 

02/07 @ 100

 

 

621,792

 

AAA

 

 

 

4,390

 

 

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

 

No Opt. Call

 

 

3,981,686

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

1,075

3

 

Zero Coupon, 9/01/08, AMBAC

 

ETM

 

 

1,011,403

 

AAA

 

 

 

13,925

 

 

Zero Coupon, 9/01/08, AMBAC

 

No Opt. Call

 

 

13,101,893

 

AAA

 

 

 

1,155

3

 

Zero Coupon, 9/01/09, AMBAC

 

ETM

 

 

1,046,938

 

AAA

 

 

 

15,020

 

 

Zero Coupon, 9/01/09, AMBAC

 

No Opt. Call

 

 

13,604,065

 

AAA

 

 

 

1,500

 

 

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

 

No Opt. Call

 

 

1,538,820

 

 

 

 

 

 

 

 

Pub. Fin. Auth.,

 

 

 

 

 

 

AAA

 

 

 

5,900

 

 

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

 

No Opt. Call

 

 

6,201,962

 

AAA

 

 

 

2,250

4

 

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

 

N/A

 

 

2,318,040

 

AAA

 

 

 

750

 

 

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

 

02/08 @ 101

 

 

771,540

 

AAA

 

 

 

2,270

 

 

Misc. RB, 3.50%, 2/01/09, FGIC

 

No Opt. Call

 

 

2,263,621

 

AAA

 

 

 

2,275

 

 

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

 

No Opt. Call

 

 

2,143,710

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

85,844,948

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Utah—3.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

2,215

3

 

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

 

ETM

 

 

2,241,624

 

AAA

 

 

 

1,285

 

 

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

 

No Opt. Call

 

 

1,300,176

 

AAA

 

 

 

10,300

4

 

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

 

N/A

 

 

10,373,645

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

13,915,445

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—10.5%

 

 

 

 

 

 

AAA

 

 

 

5,710

 

 

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

 

No Opt. Call

 

 

5,742,319

 

AAA

 

 

 

1,250

 

 

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

 

No Opt. Call

 

 

1,282,837

 

 

 

 

 

 

 

 

Cnty. of King,

 

 

 

 

 

 

AAA

 

 

 

3,060

 

 

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

 

No Opt. Call

 

 

3,054,308

 

AAA

 

 

 

12,850

 

 

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

 

12/07 @ 102

 

 

13,296,409

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

1,010

 

 

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

 

No Opt. Call

 

 

1,040,068

 

AAA

 

 

 

1,000

 

 

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

 

06/10 @ 101

 

 

1,058,580

 

See Notes to Financial Statements.

16



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

 

(Percentage of Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 











 

 

 

 

 

 

 

Washington—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Pub. Pwr. Sply. Sys., Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

AAA

 

 

$

11,000

 

 

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

 

No Opt. Call

 

$

11,119,570

 

AAA

 

 

 

5,550

 

 

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

 

No Opt. Call

 

 

5,449,989

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

1,892,320

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

43,936,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

West Virginia—0.4%

 

 

 

 

 

 

AAA

 

 

 

1,550

 

 

Econ. Dev. Auth., Correctional Fac. Impvts. Lease Appropriation RB, Correctional Juvenile Proj.,

 

 

 

 

 

 

 

 

 

 

 

 

 

Ser. A, 4.25%, 6/01/08, MBIA

 

No Opt. Call

 

 

1,564,167

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—1.5%

 

 

 

 

 

 

AAA

 

 

 

6,080

 

 

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

 

No Opt. Call

 

 

6,131,133

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wyoming—0.3%

 

 

 

 

 

 

AAA

 

 

 

1,270

 

 

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

 

No Opt. Call

 

 

1,271,219

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $444,796,381)

 

 

 

 

453,758,120

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—10.4%

 

 

 

 

 

 

NR

 

 

 

43,471

 

 

AIM Tax Free Cash Reserve Portfolio— Institutional Class (cost $43,471,173)

 

N/A

 

 

43,471,173

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—118.5% (cost $488,267,5545)

 

 

 

$

497,229,293

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—0.8%

 

 

 

 

3,461,328

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(19.3)%

 

 

 

 

(81,059,180

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

419,631,441

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

 

 

2

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

 

 

3

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

 

 

4

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

 

 

5

Cost for federal income tax purposes is $487,802,646. The net unrealized appreciation on a tax basis is $9,426,647, consisting of $10,452,022 gross unrealized appreciation and $1,025,375 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 95.5% of the Trust’s managed assets.


 

 

 

 

AMBAC

25.7

%

CAPMAC

4.1

%

FGIC

12.8

%

FSA

17.5

%

MBIA

26.3

%

PSF

0.4

%

Other

8.7

%


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

 

GO

General Obligation

CAPMAC

Capital Markets Assurance Co.

 

MBIA

Municipal Bond Insurance Assoc.

COP

Certificate of Participation

 

PCRB

Pollution Control Revenue Bond

ETM

Escrowed to Maturity

 

PSF

Public School Fund Guaranteed

FGIC

Financial Guaranty Insurance Co.

 

RB

Revenue Bond

FSA

Financial Security Assurance

 

ST

Special Tax

See Notes to Financial Statements.

17


PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2006

BlackRock Insured Municipal Term Trust (BMT)

 

(Percentage of Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount (000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 















 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—128.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—0.9%

 

 

 

 

 

 

AAA

 

 

$

1,000

 

 

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

 

No Opt. Call

 

$

1,025,290

 

AAA

 

 

 

1,410

 

 

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

 

No Opt. Call

 

 

1,453,555

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,478,845

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Alaska—8.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

City of Anchorage, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

AAA

 

 

 

14,345

 

 

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

 

No Opt. Call

 

 

14,607,801

 

AAA

 

 

 

6,000

 

 

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

 

No Opt. Call

 

 

6,190,860

 

AAA

 

 

 

1,260

 

 

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

 

No Opt. Call

 

 

1,264,334

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

22,062,995

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arizona—3.2%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

1,022,660

 

AAA

 

 

 

1,030

 

 

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

 

No Opt. Call

 

 

1,033,358

 

AAA

 

 

 

6,340

 

 

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

 

07/08 @ 101

 

 

6,430,281

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,486,299

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arkansas—0.2%

 

 

 

 

 

 

AAA

 

 

 

500

 

 

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

 

No Opt. Call

 

 

505,145

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—6.9%

 

 

 

 

 

 

AAA

 

 

 

145

 

 

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

 

05/07 @ 100

 

 

146,524

 

AAA

 

 

 

6,100

3

 

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

 

ETM

 

 

6,345,220

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,005,000

 

AAA

 

 

 

3,500

 

 

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

 

No Opt. Call

 

 

3,514,945

 

AAA

 

 

 

3,065

 

 

Los Angeles Cnty. Cap. Asset Leasing Corp., Lease Abatement RB, 6.051%, 12/01/10, AMBAC

 

No Opt. Call

 

 

3,333,310

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

18,344,999

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—1.2%

 

 

 

 

 

 

AAA

 

 

 

3,245

 

 

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

 

No Opt. Call

 

 

3,260,219

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Delaware—0.4%

 

 

 

 

 

 

AAA

 

 

 

1,015

 

 

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

 

No Opt. Call

 

 

1,019,121

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

District of Columbia—4.0%

 

 

 

 

 

 

AAA

 

 

 

10,000

 

 

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

 

No Opt. Call

 

 

10,716,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—0.9%

 

 

 

 

 

 

AAA

 

 

 

2,320

 

 

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

 

No Opt. Call

 

 

2,469,640

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Hawaii—4.6%

 

 

 

 

 

 

AAA

 

 

 

11,080

4

 

Hawaii, Pub. Impvts. Misc. Tax GO, Ser. CN, 5.25%, 3/01/07, FGIC

 

N/A

 

 

11,330,186

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

1,007,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

12,337,586

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—15.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

3,120

 

 

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

 

No Opt. Call

 

 

3,105,024

 

AAA

 

 

 

3,695

 

 

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

 

No Opt. Call

 

 

3,735,904

 

 

 

 

 

 

 

 

City of Chicago, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

AAA

 

 

 

4,000

 

 

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

 

No Opt. Call

 

 

4,099,640

 

AAA

 

 

 

1,790

 

 

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

 

No Opt. Call

 

 

1,875,884

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Aaa

 

 

 

3153

 

 

4.50%, 1/01/11, FGIC

 

ETM

 

 

324,774

 

AAA

 

 

 

685

 

 

4.50%, 1/01/11, FGIC

 

No Opt. Call

 

 

705,228

 

AAA

 

 

 

1,750

 

 

Du Page & Will Cntys. Cmnty. Sch. Dist. No. 204, Sch. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

 

 

 

 

 

 

Indian Proj., 4.25%, 12/30/10, FGIC

 

No Opt. Call

 

 

1,788,780

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

Zero Coupon, 11/01/10

 

No Opt. Call

 

 

4,327,250

 

AAA

 

 

 

11,965

 

 

Zero Coupon, 11/01/11

 

No Opt. Call

 

 

9,958,350

 

See Notes to Financial Statements.

18



BlackRock Insured Municipal Term Trust (BMT) (continued)

 

(Percentage of Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 















 

 

 

 

 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Illinois,

 

 

 

 

 

 

AAA

 

 

$

1,500

 

 

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

 

No Opt. Call

 

$

1,546,140

 

AAA

 

 

 

4,000

 

 

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

 

No Opt. Call

 

 

4,235,920

 

AAA

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

2,063,560

 

AAA

 

 

 

2,265

 

 

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

 

No Opt. Call

 

 

2,290,074

 

AAA

 

 

 

1,025

 

 

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

 

No Opt. Call

 

 

1,018,296

 

AAA

 

 

 

1,075

 

 

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

 

No Opt. Call

 

 

1,099,155

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

42,173,979

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Indiana—4.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Indianapolis Loc. Pub. Impvt. Bond Bank, Wtr. Util. Impvts. Wtr. RB,

 

 

 

 

 

 

AAA

 

 

 

2,085

 

 

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

 

No Opt. Call

 

 

2,125,803

 

AAA

 

 

 

2,815

 

 

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

 

No Opt. Call

 

 

2,888,303

 

AAA

 

 

 

2,950

 

 

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

 

No Opt. Call

 

 

3,034,399

 

AAA

 

 

 

2,635

 

 

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

 

No Opt. Call

 

 

2,713,787

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,762,292

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kansas—0.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

1,025

 

 

4.125%, 4/01/10, AMBAC

 

No Opt. Call

 

 

1,040,560

 

AAA

 

 

 

1,000

 

 

4.25%, 4/01/11, AMBAC

 

No Opt. Call

 

 

1,023,600

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,064,160

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—3.5%

 

 

 

 

 

 

AAA

 

 

 

10,890

 

 

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

 

No Opt. Call

 

 

9,343,620

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—1.9%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,004,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—2.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

1,580

 

 

4.00%, 4/01/10, MBIA

 

No Opt. Call

 

 

1,593,130

 

AAA

 

 

 

1,955

 

 

4.00%, 4/01/11, MBIA

 

No Opt. Call

 

 

1,972,810

 

AAA

 

 

 

35

 

 

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

 

01/07 @ 100

 

 

35,078

 

AAA

 

 

 

2,810

 

 

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

 

No Opt. Call

 

 

2,845,996

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,447,014

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Minnesota—1.9%

 

 

 

 

 

 

AAA

 

 

 

2,800

 

 

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

 

No Opt. Call

 

 

2,838,752

 

A+

 

 

 

2,180

3

 

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

 

ETM

 

 

2,271,996

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,110,748

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nevada—2.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Director of the State of Nevada Dept. of Bus. & Ind., Transit Impvts. RB, Las Vegas Monorail Proj.,

 

 

 

 

 

 

AAA

 

 

 

3,795

 

 

Zero Coupon, 1/01/11, AMBAC

 

No Opt. Call

 

 

3,257,438

 

AAA

 

 

 

2,870

 

 

Zero Coupon, 1/01/12, AMBAC

 

No Opt. Call

 

 

2,366,631

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,624,069

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—0.4%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

988,500

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Mexico—3.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Fin. Auth., Pub. Impvt. Misc. RB,

 

 

 

 

 

 

AAA

 

 

 

1,304

 

 

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

 

No Opt. Call

 

 

1,287,726

 

AAA

 

 

 

1,020

 

 

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

 

No Opt. Call

 

 

1,038,268

 

AAA

 

 

 

1,590

 

 

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

 

No Opt. Call

 

 

1,630,641

 

AAA

 

 

 

1,750

 

 

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

 

08/09 @ 100

 

 

1,816,325

 

AAA

 

 

 

2,230

3

 

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

 

ETM

 

 

2,323,593

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,096,553

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

19



BlackRock Insured Municipal Term Trust (BMT) (continued)

 

(Percentage of Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(Unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(Unaudited)

 

Value

 















 

 

 

 

 

 

 

New York—5.6%

 

 

 

 

 

 

AAA

 

 

$

8,950

 

 

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

 

No Opt. Call

 

$

9,543,654

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,263,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

14,806,654

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—0.8%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

No Opt. Call

 

 

1,011,560

 

AAA

 

 

 

1,015

 

 

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

 

No Opt. Call

 

 

1,011,945

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,023,505

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oregon—3.6%

 

 

 

 

 

 

AAA

 

 

 

1,995

 

 

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

 

No Opt. Call

 

 

2,003,100

 

 

 

 

 

 

 

 

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